XML 69 R58.htm IDEA: XBRL DOCUMENT
v3.24.1

Pension and Other Employee Benefits (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Defined Benefit Pension Plans [Member] |
Disclosure Of Defined Benefit Plans [Line Items] |
Summary of Changes in Present Value of Defined Benefit Obligations, Fair Value of Plan Assets and Components of Net Periodic Benefit Costs | PLDT and certain of its subsidiaries actuarial valuation is performed every year-end. There is no significant change in the fair value of plan assets from December 31, 2022 to December 31, 2023. Based on the latest actuarial valuation, the actual present value of accrued (prepaid) benefit costs as at December 31, 2023 and 2022, and net periodic benefit costs and average assumptions used in developing the valuation as at and for the years ended December 31, 2023, 2022 and 2021 are as follows:
|  | 2023 |  |  | 2022 |  |  | 2021 |
|  |  |  | (in million pesos) |  |
Changes in the present value of defined benefit obligations: |  |  |  |  |  |  |  |  |
Present value of defined benefit obligations at beginning of the year |  |  | 15,883 |  |  |  | 22,298 |  |  |  | 28,197 |
Service costs |  |  | 1,016 |  |  |  | 1,093 |  |  |  | 1,614 |
Interest costs on benefit obligation |  |  | 1,065 |  |  |  | 1,173 |  |  |  | 922 |
Actuarial losses on obligations – experience |  |  | 154 |  |  |  | 78 |  |  |  | 538 |
Actuarial losses on obligations – economic assumptions |  |  | 2,303 |  |  |  | (3,972 | ) |  |  | (5,502 | )
Actual benefits paid/settlements |  |  | (2,848 | ) |  |  | (102 | ) |  |  | (3,471 | )
Curtailment and others |  |  | 391 |  |  |  | (4,685 | ) |  |  | — |
Present value of defined benefit obligations at end of the year |  |  | 17,964 |  |  |  | 15,883 |  |  |  | 22,298 |
Changes in fair value of plan assets: |  |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of the year |  |  | 16,291 |  |  |  | 14,683 |  |  |  | 15,000 |
Actual contributions |  |  | 4,507 |  |  |  | 6,359 |  |  |  | 3,614 |
Interest income on plan assets |  |  | 1,138 |  |  |  | 983 |  |  |  | 605 |
Actual benefits paid/settlements |  |  | (2,510 | ) |  |  | (5,313 | ) |  |  | (3,471 | )
Return on plan assets (excluding amount included in net interest) |  |  | (4,904 | ) |  |  | (421 | ) |  |  | (1,065 | )
Fair value of plan assets at end of the year |  |  | 14,522 |  |  |  | 16,291 |  |  |  | 14,683 |
Overfunded (unfunded) status – net |  |  | (3,442 | ) |  |  | 408 |  |  |  | (7,615 | )
Accrued benefit costs |  |  | 3,541 |  |  |  | 482 |  |  |  | 7,760 |
Prepaid benefit costs (Note 18) |  |  | 99 |  |  |  | 890 |  |  |  | 145 |
Components of net periodic benefit costs: |  |  |  |  |  |  |  |  |
Service costs |  |  | 1,016 |  |  |  | 1,093 |  |  |  | 1,614 |
Interest costs - net |  |  | (73 | ) |  |  | 190 |  |  |  | 317 |
Curtailment/settlement gains and other adjustments |  |  | 272 |  |  |  | 261 |  |  |  | — |
Net periodic benefit costs (Note 5) |  |  | 1,215 |  |  |  | 1,544 |  |  |  | 1,931 |
Summary of Expected Future Settlements | The following table sets forth the expected future settlements by the Plan of maturing defined benefit obligation as at December 31, 2023:
|  | (in million pesos) |
2024 |  |  | 238 |
2025 |  |  | 344 |
2026 |  |  | 538 |
2027 |  |  | 593 |
2028 |  |  | 1,284 |
2029 to 2032 |  |  | 12,214 |
Summary of Weighted Average Assumptions Used to Determine Pension Benefits | The weighted average assumptions used to determine pension benefits for the years ended December 31, 2023, 2022 and 2021 are as follows:
|  | 2023 |  |  | 2022 |  |  | 2021 |
|  | (in percentage) |
Rate of increase in compensation |  |  | 5.7 |  |  |  | 5.7 |  |  |  | 5.7 |
Discount rate |  |  | 6.0 |  |  |  | 7.3 |  |  |  | 5.3 |
Summary of Sensitivity Analysis on Defined Benefit Obligation | The sensitivity analysis below has been determined based on reasonably possible changes of each significant assumption on the defined benefit obligation as at December 31, 2023 and 2022, assuming if all other assumptions were held constant:
|  | Increase (Decrease) |
|  | (in percentage) |  |  | (in million pesos) |
Discount rate |  |  | 1 |  |  |  | 15,762 |
|  |  | (1 | ) |  |  | (19,838 | )
Future salary increases |  |  | 1 |  |  |  | 19,903 |
|  |  | (1 | ) |  |  | (15,732 | )
Summary of Plan Assets | The following table sets forth the fair values, which are equal to the carrying values, of PLDT’s plan assets recognized as at December 31, 2023 and 2022:
|  | 2023 |  |  | 2022 |
|  | (in million pesos) |
Noncurrent Financial Assets |  |  |  |  |  |
Investments in: |  |  |  |  |  |
Unquoted equity investments |  |  | 9,439 |  |  |  | 13,509 |
Shares of stock |  |  | 2,017 |  |  |  | 1,913 |
Corporate bonds and loans receivable |  |  | 2,287 |  |  |  | 318 |
Mutual funds |  |  | 225 |  |  |  | 7 |
Government securities |  |  | 10 |  |  |  | 129 |
Total noncurrent financial assets |  |  | 13,978 |  |  |  | 15,876 |
Current Financial Assets |  |  |  |  |  |
Cash and cash equivalents |  |  | 399 |  |  |  | 410 |
Receivables |  |  | 42 |  |  |  | 8 |
Total current financial assets |  |  | 441 |  |  |  | 418 |
Total PLDT’s Plan Assets |  |  | 14,419 |  |  |  | 16,294 |
Subsidiaries Plan Assets |  |  | 103 |  |  |  | (3 | )
Total Plan Assets of Defined Benefit Pension Plans |  |  | 14,522 |  |  |  | 16,291 |
Defined Benefit Pension Plans [Member] | Shares of Stocks [Member] |
Disclosure Of Defined Benefit Plans [Line Items] |
Summary of Plan Assets | As at December 31, 2023 and 2022, this account consists of:
|  | 2023 |  |  | 2022 |
|  | (in million pesos) |
Common shares |  |  |  |  |  |
PSE |  |  | 1,134 |  |  |  | 1,054 |
PLDT |  |  | 34 |  |  |  | 35 |
Others |  |  | 489 |  |  |  | 464 |
Preferred shares |  |  | 360 |  |  |  | 360 |
|  |  | 2,017 |  |  |  | 1,913 |
Defined Benefit Pension Plans [Member] | Unlisted Equity Investments [Member] |
Disclosure Of Defined Benefit Plans [Line Items] |
Summary of Plan Assets | Unquoted Equity Investments As at December 31, 2023 and 2022, this account consists of:
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
|  | (Percentage of Ownership) |  |  | (in million pesos) |
MediaQuest |  |  | 100 |  |  |  | 100 |  |  |  | 8,507 |  |  |  | 12,634 |
Tahanan Mutual Building and Loan Association, Inc., or TMBLA, (net of subscriptions payable of Php 32 million) |  |  | 100 |  |  |  | 100 |  |  |  | 672 |  |  |  | 625 |
BTFHI |  |  | 100 |  |  |  | 100 |  |  |  | 260 |  |  |  | 250 |
|  |  |  |  |  |  |  |  | 9,439 |  |  |  | 13,509 |
Defined Benefit Pension Plans [Member] | Investment Property [Member] |
Disclosure Of Defined Benefit Plans [Line Items] |
Summary of Allocation of Fair Value of Plan Assets | The allocation of the fair value of the assets for the PLDT pension plan as at December 31, 2023 and 2022 are as follows:
|  | 2023 |  |  | 2022 |
|  | (in percentage) |
Investments in listed and unlisted equity securities |  | 79 |  |  | 95 |
Temporary cash investments |  |  | 3 |  |  |  | 2 |
Debt and fixed income securities |  | 16 |  |  | 2 |
Mutual funds |  |  | 2 |  |  |  | 1 |
|  |  | 100 |  |  |  | 100 |
Corporate Bonds and Loans Receivable Investment in corporate bonds includes various long-term peso and dollar denominated bonds with maturities ranging from June 2024 to June 2030 and fixed interest rates from 4.38% to 6.80% per annum. On August 16, 2023, September 19, 2023, November 24, 2023 and December 20, 2023, the Board of Trustees of the PLDT Beneficial Trust Fund entered into 10-year loan agreements with TV5 Network Inc. with an aggregate amount of Php 2,050 million. The total amount was fully drawn by TV5 Network Inc. on the respective loan agreement dates. The applicable interest rates for the loans shall be based on the average of the One Year PHP BVAL for the three consecutive business days immediately prior to and including the interest rate setting date plus a credit margin of 125 bps per annum. Government Securities Investments in government securities include Retail Treasury Bonds and FXTN bearing interest rates ranging from 3.9% to 4.8% per annum. These securities are fully guaranteed by the government of the Republic of the Philippines.
Defined Contribution Plans [Member] |
Disclosure Of Defined Benefit Plans [Line Items] |
Summary of Changes in Present Value of Defined Benefit Obligations, Fair Value of Plan Assets and Components of Net Periodic Benefit Costs | Smart’s and certain of its subsidiaries’ actuarial valuation is performed every year-end. There is no significant change in the fair value of plan assets from December 31, 2022 to December 31, 2023. Based on the latest actuarial valuation, the actual present value of prepaid benefit costs, net periodic benefit costs and average assumptions used in developing the valuation as at and for the years ended December 31, 2023, 2022 and 2021 are as follows:
|  | 2023 |  |  | 2022 |  |  | 2021 |
|  |  |  | (in million pesos) |  |
Changes in the present value of defined benefit obligations: |  |  |  |  |  |  |  |  |
Present value of defined benefit obligations at beginning of the year |  |  | 2,777 |  |  |  | 3,264 |  |  |  | 2,775 |
Service costs |  |  | 262 |  |  |  | 262 |  |  |  | 313 |
Interest costs on benefit obligation |  |  | 210 |  |  |  | 156 |  |  |  | 101 |
Actuarial gains (losses) – economic assumptions |  |  | 8 |  |  |  | (20 | ) |  |  | (40 | )
Actuarial (losses) – experience |  |  | (98 | ) |  |  | (216 | ) |  |  | 12 |
Actual benefits paid/settlements |  |  | (344 | ) |  |  | (396 | ) |  |  | — |
Curtailment and others |  |  | (15 | ) |  |  | (273 | ) |  |  | 103 |
Present value of defined benefit obligations at end of the year |  |  | 2,800 |  |  |  | 2,777 |  |  |  | 3,264 |
Changes in fair value of plan assets: |  |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of the year |  |  | 3,485 |  |  |  | 4,137 |  |  |  | 3,651 |
Actual contributions |  |  | 248 |  |  |  | 299 |  |  |  | 306 |
Interest income on plan assets |  |  | 261 |  |  |  | 213 |  |  |  | 132 |
Return on plan assets (excluding amount included in net interest) |  |  | (4 | ) |  |  | (322 | ) |  |  | (18 | )
Actual benefits paid/settlements |  |  | (372 | ) |  |  | (842 | ) |  |  | — |
Others |  |  | — |  |  |  | — |  |  |  | 66 |
Fair value of plan assets at end of the year |  |  | 3,618 |  |  |  | 3,485 |  |  |  | 4,137 |
Funded status – net |  |  | 818 |  |  |  | 708 |  |  |  | 873 |
Prepaid benefit costs (Note 18) |  |  | 818 |  |  |  | 708 |  |  |  | 873 |
Components of net periodic benefit costs: |  |  |  |  |  |  |  |  |
Service costs |  |  | 262 |  |  |  | 262 |  |  |  | 313 |
Interest costs - net |  |  | (51 | ) |  |  | (57 | ) |  |  | (31 | )
Net periodic benefit costs |  |  | 211 |  |  |  | 205 |  |  |  | 282 |
Summary of Expected Future Settlements | The following table sets forth the expected future settlements by the Plan of maturing defined benefit obligation as at December 31, 2023:
|  | (in million pesos) |
2024 |  |  | 85 |
2025 |  |  | 144 |
2026 |  |  | 140 |
2027 |  |  | 186 |
2028 |  |  | 254 |
2029 to 2033 |  |  | 2,069 |
Summary of Weighted Average Assumptions Used to Determine Pension Benefits | The weighted average assumptions used to determine pension benefits for the years ended December 31, 2023, 2022 and 2021 are as follows:
|  | 2023 |  |  | 2022 |  |  | 2021 |
|  | (in percentage) |
Rate of increase in compensation |  |  | 5.0 |  |  |  | 5.0 |  |  |  | 5.0 |
Discount rate |  |  | 7.3 |  |  |  | 7.3 |  |  |  | 5.0 |
Summary of Sensitivity Analysis on Defined Benefit Obligation | The sensitivity analysis below has been determined based on reasonably possible changes of each significant assumption on the defined benefit obligation as at December 31, 2023 and 2022, assuming if all other assumptions were held constant:
|  | Increase (Decrease) |
|  | (in percentage) |  |  | (in million pesos) |
Discount rate |  |  | 1 |  |  |  | 28 |
|  |  | (1 | ) |  |  | (28 | )
Future salary increases |  |  | (1 | ) |  |  | (28 | )
|  |  | 1 |  |  |  | 28 |
Summary of Plan Assets | The following table sets forth the fair values, which are equal to the carrying values, of Smart’s plan assets recognized as at December 31, 2023 and 2022:
|  | 2023 |  |  | 2022 |
|  | (in million pesos) |
Noncurrent Financial Assets |  |  |  |  |  |
Investments in: |  |  |  |  |  |
Domestic fixed income |  |  | 2,471 |  |  |  | 2,152 |
International equities |  |  | 723 |  |  |  | — |
Philippine foreign currency bonds |  |  | 670 |  |  |  | 220 |
Domestic equities |  |  | 613 |  |  |  | 676 |
International fixed income |  |  | 259 |  |  |  | 222 |
Total noncurrent financial assets |  |  | 4,736 |  |  |  | 3,270 |
Current Financial Assets |  |  |  |  |  |
Cash and cash equivalents |  |  | 217 |  |  |  | 1,411 |
Total current financial assets |  |  | 217 |  |  |  | 1,411 |
Total plan assets |  |  | 4,953 |  |  |  | 4,681 |
Less: Employee’s share, forfeitures and mandatory reserve account |  |  | 1,342 |  |  |  | 1,196 |
Total Plan Assets of Defined Contribution Plans |  |  | 3,611 |  |  |  | 3,485 |
Summary of Allocation of Fair Value of Plan Assets | The allocation of the fair value of Smart and certain of its subsidiaries pension plan assets as at December 31, 2023 and 2022 are as follows:
|  | 2023 |  |  | 2022 |
|  | (in percentage) |
Investments in debt and fixed income securities and others |  |  | 73 |  |  |  | 86 |
Investments in listed and unlisted equity securities |  |  | 27 |  |  |  | 14 |
|  |  | 100 |  |  |  | 100 |

X
- Definition The disclosure of defined benefit plans. [Refer: Defined benefit plans [member]] + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 19 -IssueDate 2023-01-01 -Paragraph 138 -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=19&code=ifrs-tx-2023-en-r&anchor=para_138&doctype=Standard -URIDate 2023-03-23 + Details
Name: | ifrs-full_DisclosureOfDefinedBenefitPlansExplanatory
Namespace Prefix: | ifrs-full_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table. + References No definition available. + Details
Name: | ifrs-full_DisclosureOfDefinedBenefitPlansLineItems
Namespace Prefix: | ifrs-full_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The disclosure of the fair value of defined benefit plan assets. [Refer: Plan assets [member]; Defined benefit plans [member]] + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 19 -IssueDate 2023-01-01 -Paragraph 142 -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=19&code=ifrs-tx-2023-en-r&anchor=para_142&doctype=Standard -URIDate 2023-03-23 + Details
Name: | ifrs-full_DisclosureOfFairValueOfPlanAssetsExplanatory
Namespace Prefix: | ifrs-full_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition The disclosure of information about the maturity profile of a defined benefit obligation. This will include the weighted average duration of the defined benefit obligation and may include other information about the distribution of the timing of benefit payments, such as a maturity analysis of the benefit payments. [Refer: Defined benefit obligation, at present value] + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 19 -IssueDate 2023-01-01 -Paragraph 147 -Subparagraph c -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=19&code=ifrs-tx-2023-en-r&anchor=para_147_c&doctype=Standard -URIDate 2023-03-23 + Details
Name: | ifrs-full_DisclosureOfInformationAboutMaturityProfileOfDefinedBenefitObligationExplanatory
Namespace Prefix: | ifrs-full_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition The disclosure of a sensitivity analysis for significant actuarial assumptions used to determine the present value of a defined benefit obligation. [Refer: Actuarial assumptions [member]; Defined benefit obligation, at present value] + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 19 -IssueDate 2023-01-01 -Paragraph 145 -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=19&code=ifrs-tx-2023-en-r&anchor=para_145&doctype=Standard -URIDate 2023-03-23 + Details
Name: | ifrs-full_DisclosureOfSensitivityAnalysisForActuarialAssumptionsExplanatory
Namespace Prefix: | ifrs-full_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Disclosure of allocation of fair value of pension plan assets. + References No definition available. + Details
Name: | phi_DisclosureOfAllocationOfFairValueOfPensionPlanAssetsExplanatory
Namespace Prefix: | phi_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Disclosure of Defined Benefit Plan Actuarial Assumptions [Text Block] + References No definition available. + Details
Name: | phi_DisclosureOfDefinedBenefitPlanActuarialAssumptionsExplanatory
Namespace Prefix: | phi_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | ifrs-full_DefinedBenefitPlansAxis=phi_DefinedBenefitPensionPlansMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | ifrs-full_InvestmentsInEquityInstrumentsMeasuredAtFairValueThroughOtherComprehensiveIncomeAxis=phi_StockMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | ifrs-full_ClassesOfAssetsAxis=phi_UnlistedEquityInvestmentsMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | ifrs-full_ClassesOfAssetsAxis=ifrs-full_InvestmentPropertyMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | ifrs-full_DefinedBenefitPlansAxis=phi_DefinedContributionPlansMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |