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Investments in Associates and Joint Ventures (Tables) | 12 Months Ended
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Dec. 31, 2023
Investment In Associates And Joint Ventures [Line Items] |
Disclosure of Detailed Information of Investments in Associates and Joint Ventures | As at December 31, 2023 and 2022, this account consists of:
|  | 2023 |  |  | 2022 |
|  | (in million pesos) |
Carrying value of investments in associates: |  |  |  |  |  |
MediaQuest PDRs |  |  | 9,260 |  |  |  | 9,855 |
MIH |  |  | 7,250 |  |  |  | 7,959 |
Appcard, Inc., or Appcard |  |  | 108 |  |  |  | 108 |
PG1 |  |  | — |  |  |  | — |
Asia Outsourcing Beta Limited, or Beta |  |  | — |  |  |  | — |
AF Payments, Inc., or AFPI |  |  | — |  |  |  | — |
|  |  | 16,618 |  |  |  | 17,922 |
Carrying value of investments in joint ventures: |  |  |  |  |  |
VTI, Bow Arken and Brightshare |  |  | 33,649 |  |  |  | 33,584 |
Telecommunications Connectivity, Inc., or TCI |  |  | 41 |  |  |  | 40 |
PFC |  |  | — |  |  |  | — |
VFC |  |  | — |  |  |  | — |
|  |  | 33,690 |  |  |  | 33,624 |
Total carrying value of investments in associates and joint ventures |  |  | 50,308 |  |  |  | 51,546 |
Changes in the cost of investments for the years ended December 31, 2023 and 2022 are as follows:
|  | 2023 |  |  | 2022 |
|  | (in million pesos) |
Balances at beginning of the year |  |  | 63,020 |  |  |  | 61,986 |
Additions during the year |  |  | 1,636 |  |  |  | 3,514 |
Disposals |  |  | — |  |  |  | (2,421 | )
Translation and other adjustments |  |  | 2 |  |  |  | (59 | )
Balances at end of the year |  |  | 64,658 |  |  |  | 63,020 |
Changes in the accumulated impairment losses for the years ended December 31, 2023 and 2022 are as follows:
|  | 2023 |  |  | 2022 |
|  | (in million pesos) |
Balances at beginning of the year |  |  | 2,805 |  |  |  | 2,755 |
Additions during the year (Note 4) |  |  | 70 |  |  |  | 50 |
Balances at end of the year |  |  | 2,875 |  |  |  | 2,805 |
Disclosure Of Changes In Accumulated Equity Share In Net Earnings Of Associates And Joint Ventures Explanatory | Changes in the accumulated equity share in net earnings (losses) of associates and joint ventures as at December 31, 2023 and 2022 are as follows:
|  | 2023 |  |  | 2022 |
|  | (in million pesos) |
Balances at beginning of the year |  |  | (8,669 | ) |  |  | (5,867 | )
Share in the other comprehensive loss of associates and joint ventures accounted for using the equity method |  |  | — |  |  |  | (6 | )
Disposals |  |  | — |  |  |  | (37 | )
Equity share in net earnings (losses) of associates and joint ventures: |  |  | (2,806 | ) |  |  | (3,304 | )
VTI, Bow Arken and Brightshare |  |  | 66 |  |  |  | 74 |
Appcard |  |  | — |  |  |  | (2 | )
PG1 |  |  | — |  |  |  | (124 | )
TCI |  |  | — |  |  |  | 1 |
Multisys |  |  | — |  |  |  | (95 | )
VFC |  |  | (2 | ) |  |  | (1 | )
PFC |  |  | (2 | ) |  |  | (2 | )
MediaQuest PDRs |  |  | (595 | ) |  |  | (129 | )
MIH |  |  | (2,273 | ) |  |  | (3,026 | )
Translation and other adjustments |  |  | — |  |  |  | 545 |
Balances at end of the year |  |  | (11,475 | ) |  |  | (8,669 | )
Summary of Subscription Agreements | The following summarizes the subscription agreements entered into by PCEV with MIH:
Date |  | Number of Shares Sold |  | Number of Shares |  |  | Total Consideration |  |  | PCEV's Equity Interest |
|  |  |  | (in millions) |  |  |  |
March 14, 2018 |  | Acquisition of Ordinary Shares |  |  | 53.4 |  |  |  | 465 |  |  |  | 100 | %
March 14, 2018 |  | Subscription of Ordinary Shares |  |  | 95.9 |  |  |  | 3,806 |  |  |  | 100 | %
December 31, 2020 |  | Conversion of notes to Class A2 preference shares |  |  | 7.9 |  |  |  | 544 |  |  |  | 44 | %
March 12, 2021 |  | Exercise of warrants to subscribe Class A2 preference shares |  |  | 6.7 |  |  |  | 447 |  |  |  | 42 | %
June 11, 2021 |  | Subscription to Class B convertible preferred shares |  |  | 15.6 |  |  |  | 1,218 |  |  |  | 38 | %
April 7, 2022 |  | Subscription to Class C convertible preferred shares |  |  | 27.2 |  |  |  | 3,252 |  |  |  | 37 | %
December 13, 2023 |  | Subscription to Class C2 convertible preferred shares |  |  | 19.0 |  |  |  | 2,412 |  |  |  | 37 | %
Summary of Identifiable Assets and Liabilities at Date of Acquisition | The fair values of the identifiable assets and liabilities of Multisys at the date of acquisition are as follows:
|  |  | Fair Values Recognized on Acquisition |
|  |  | (in million pesos) |
Assets: |  |  |  |  |
Property and equipment – net |  |  |  |  | 100 |
Right-of-use assets – net |  |  |  |  | 57 |
Intangible assets – net |  |  |  |  |
Technologies |  |  |  |  | 449 |
Customer contracts and relationships |  |  |  |  | 220 |
Deferred tax assets – net |  |  |  |  | 217 |
Work-in-progress |  |  |  |  | 77 |
Other current assets |  |  |  |  | 248 |
Cash and cash equivalents |  |  |  |  | 55 |
Trade and other receivables – net |  |  |  |  | 261 |
Total assets |  |  |  |  | 1,684 |
Liabilities: |  |  |  |  |
Trade and other payables |  |  |  |  | 242 |
Deferred tax liability |  |  |  |  | 96 |
Lease liability |  |  |  |  | 46 |
Retirement benefit obligation |  |  |  |  | 7 |
Total liabilities |  |  |  |  | 391 |
|  |  |  |  | 1,293 |
Goodwill from the acquisition (Note 14) |  |  |  |  | 1,565 |
Total identifiable assets acquired |  |  |  |  | 2,858 |
Non-controlling interest |  |  |  |  | 633 |
Purchase consideration transferred |  |  |  |  | 2,225 |
Cash paid |  |  |  |  | 248 |
Fair value of previous interest |  |  |  |  | 1,977 |
|  |  |  |  | 2,225 |
Summary of Common B Shares Subscription | Below is the summary of common B shares subscription at Php 0.10 per share, representing 60% voting rights and 1.48% economic interest in the Bank HoldCos:
Date |  | Number of Shares Acquired
|  | (in millions)
September 24, 2021 |  | 8.9
January 20, 2022 |  | 6.2
July 29, 2022 |  | 2.7
February 17, 2023 |  | 8.0
May 30, 2023 |  | 2.7
August 28, 2023 |  | 7.1
December 21, 2023 |  | 1.8
On February 15, 2024, PCEV entered into another subscription agreements with VFC and PFC to subscribe to 5.3 million Common B Shares each at a subscription price of Php 0.10 per share, representing 60% voting rights and 1.48% economic interest in the Bank HoldCos.
PG1 [Member] |
Investment In Associates And Joint Ventures [Line Items] |
Summarized Financial Information of PG1 | The summarized financial information of PG1 as at and for the years ended December 31, 2023 and 2022 is shown below:
|  | 2023 |  |  | 2022 |
|  | (in million pesos) |
Statement of Financial Position: |  |  |  |  |  |
Noncurrent assets |  |  | 3,103 |  |  |  | 3,283 |
Current assets |  |  | 155 |  |  |  | 123 |
Noncurrent liabilities |  |  | 3,152 |  |  |  | 3,146 |
Current liabilities |  |  | 1,210 |  |  |  | 847 |
Deficit |  |  | 1,104 |  |  |  | 587 |
Income Statement: |  |  |  |  |  |
Revenues |  |  | 53 |  |  |  | 50 |
Depreciation and amortization |  |  | 227 |  |  |  | 107 |
Net loss / Total comprehensive loss |  |  | (491 | ) |  |  | (117 | )
Equity share in net losses of PG1 |  |  | (235 | ) |  |  | (56 | )
VTI, Bow Arken and Brightshare [Member] |
Investment In Associates And Joint Ventures [Line Items] |
Summarized Financial Information of VTI Bow Arken and Brightshare | The table below presents the summarized financial information of VTI, Bow Arken and Brightshare as at December 31, 2023 and 2022, and for the years ended December 31, 2023, 2022 and 2021:
|  | 2023 |  |  | 2022 |
|  | (in million pesos) |
Statements of Financial Position: |  |  |  |  |  |
Noncurrent assets |  |  | 78,046 |  |  |  | 77,543 |
Current assets |  |  | 4,375 |  |  |  | 4,617 |
Noncurrent liabilities |  |  | 9,186 |  |  |  | 9,264 |
Current liabilities |  |  | 2,174 |  |  |  | 2,260 |
Equity |  |  | 71,061 |  |  |  | 70,636 |
Carrying amount of assets in VTI, Bow Arken and Brightshare |  |  | 33,649 |  |  |  | 33,584 |
Additional Information: |  |  |  |  |  |
Cash and cash equivalents |  |  | 2,387 |  |  |  | 2,733 |
Current financial liabilities (1) |  |  | 72 |  |  |  | 142 |
(1) Excluding trade, other payables and provisions.
|  | 2023 |  |  | 2022 |  |  | 2021 |
|  |  |  | (in million pesos) |  |
Income Statements: |  |  |  |  |  |  |  |  |
Revenues |  |  | 4,344 |  |  |  | 4,033 |  |  |  | 3,772 |
Depreciation and amortization |  |  | 1,685 |  |  |  | 1,569 |  |  |  | 1,490 |
Interest income |  |  | 111 |  |  |  | 45 |  |  |  | 16 |
Provision for income tax |  |  | 186 |  |  |  | 178 |  |  |  | 174 |
Net income / Total comprehensive income |  |  | 132 |  |  |  | 148 |  |  |  | 157 |
PLDT's share |  |  | 66 |  |  |  | 74 |  |  |  | 79 |
CREATE adjustment |  |  | — |  |  |  | — |  |  |  | 892 |
Equity share in net income of VTI, Bow Arken and Brightshare |  |  | 66 |  |  |  | 74 |  |  |  | 971 |
Carrying Value of Investments | The carrying value of PLDT’s investment in VTI, Bow Arken and Brightshare as at December 31, 2023 and 2022 are as follows:
|  | 2023 |  |  | 2022 |
|  | (in million pesos) |
VTI, Bow Arken and Brightshare equity |  |  | 71,061 |  |  |  | 70,636 |
PLDT's share |  |  | 50 | % |  |  | 50 | %
Share in net assets of VTI, Bow Arken and Brightshare |  |  | 35,530 |  |  |  | 35,318 |
Share in adjustment based on liability and ETPI net cash balance |  |  | 442 |  |  |  | 442 |
Reimbursements |  |  | (239 | ) |  |  | (230 | )
Share in SMC's advances in VTI, Bow Arken and Brightshare |  |  | (840 | ) |  |  | (840 | )
Non-controlling interests |  |  | (1,055 | ) |  |  | (952 | )
Others |  |  | (189 | ) |  |  | (154 | )
Carrying amount of interest in VTI, Bow Arken and Brightshare |  |  | 33,649 |  |  |  | 33,584 |
Satventures, Inc. [Member] |
Investment In Associates And Joint Ventures [Line Items] |
Summarized Financial Information of Associates | The table below presents the summarized financial information of Satventures and subsidiaries as at December 31, 2023 and 2022, and for the years ended December 31, 2023, 2022 and 2021:
|  | 2023 |  |  | 2022 |
|  | (in million pesos) |
Statements of Financial Position: |  |  |  |  |  |
Noncurrent assets |  |  | 22,153 |  |  |  | 21,910 |
Current assets |  |  | 7,974 |  |  |  | 8,612 |
Noncurrent liabilities |  |  | 1,682 |  |  |  | 2,418 |
Current liabilities |  |  | 12,976 |  |  |  | 11,706 |
Equity |  |  | 15,469 |  |  |  | 16,398 |
Carrying amount of interest in Satventures |  |  | 9,260 |  |  |  | 9,855 |
Additional Information: |  |  |  |  |  |
Cash and cash equivalents |  |  | 797 |  |  |  | 688 |
Current financial liabilities(1) |  |  | 2,635 |  |  |  | 986 |
Noncurrent financial liabilities(1) |  |  | 469 |  |  |  | 1,148 |
(1) Excluding trade, other payables and provisions.
|  | 2023 |  |  | 2022 |  |  | 2021 |
|  |  |  | (in million pesos) |  |
Income Statements: |  |  |  |  |  |  |  |  |
Revenues |  |  | 8,637 |  |  |  | 11,189 |  |  |  | 11,467 |
Depreciation and amortization |  |  | 1,304 |  |  |  | 1,424 |  |  |  | 1,268 |
Interest income |  |  | (46 | ) |  |  | (3 | ) |  |  | 2 |
Interest expense |  |  | 281 |  |  |  | 212 |  |  |  | 219 |
Provision for income tax |  |  | (334 | ) |  |  | 16 |  |  |  | 200 |
Net income (loss) / Total comprehensive income (loss) |  |  | (929 | ) |  |  | (203 | ) |  |  | 110 |
Equity share in net earnings (losses) of Satventures |  |  | (595 | ) |  |  | (130 | ) |  |  | 70 |
MIH [Member] |
Investment In Associates And Joint Ventures [Line Items] |
Summarized Financial Information of Associates | The summarized financial information of MIH as at December 31, 2023 and 2022, and for the years ended December 31, 2023, 2022 and 2021 is shown below:
|  | 2023 |  |  | 2022 |
|  | (in million pesos) |
Statements of Financial Position: |  |  |  |  |  |
Noncurrent assets |  |  | 4,309 |  |  |  | 3,514 |
Current assets |  |  | 17,942 |  |  |  | 18,599 |
Noncurrent liabilities |  |  | 190 |  |  |  | 252 |
Current liabilities |  |  | 13,446 |  |  |  | 10,850 |
Equity |  |  | 8,615 |  |  |  | 11,011 |
Carrying amount of interest in MIH |  |  | 7,250 |  |  |  | 7,959 |
Additional Information: |  |  |  |  |  |
Cash and cash equivalents |  |  | 6,682 |  |  |  | 6,410 |
Current financial liabilities(1) |  |  | 13,317 |  |  |  | 10,740 |
(1) Excluding statutory payables and accrued taxes.
|  | 2023 |  |  | 2022 |  |  | 2021 |
|  |  |  | (in million pesos) |  |
Income Statements: |  |  |  |  |  |  |  |  |
Revenues |  |  | 8,553 |  |  |  | 7,683 |  |  |  | 5,336 |
Depreciation and amortization |  |  | 348 |  |  |  | 182 |  |  |  | 218 |
Interest income |  |  | 112 |  |  |  | 133 |  |  |  | 9 |
Provision for income tax |  |  | 32 |  |  |  | 2 |  |  |  | 2 |
Net loss |  |  | (6,153 | ) |  |  | (8,155 | ) |  |  | (5,541 | )
Other comprehensive income |  |  | — |  |  |  | — |  |  |  | 30 |
Total comprehensive losses |  |  | (6,153 | ) |  |  | (8,155 | ) |  |  | (5,511 | )
Equity share in net losses of MIH (1) |  |  | (2,273 | ) |  |  | (3,026 | ) |  |  | (2,237 | )
(1) 2023 and 2022 amounts include impact of 2022 and 2021 audit adjusting entries, respectively.
Carrying Value of Investments | The carrying value of PCEV’s investment in MIH as at December 31, 2023 and 2022 are as follows.
|  | 2023 |  |  | 2022 |
|  | (in million pesos) |
MIH Equity(1) |  |  | 6,895 |  |  |  | 9,714 |
PCEV's noncontrolling interests |  |  | 36.97 | % |  |  | 36.63 | %
Share in net assets of MIH |  |  | 2,549 |  |  |  | 3,558 |
Goodwill arising from acquisition |  |  | 4,701 |  |  |  | 4,401 |
Carrying amount of interest in MIH |  |  | 7,250 |  |  |  | 7,959 |
(1) MIH Equity is net of Php 1,720 million and Php 1,297 million Stock Option in 2023 and 2022, respectively.
AF Payments, Inc. [Member] |
Investment In Associates And Joint Ventures [Line Items] |
Summary of investment | The summary of Smart's investments in AFPI as at December 31, 2023 and 2022 is shown below:
|  | 2023 |  |  | 2022 |
|  | (in million pesos) |
Common shares |  | 625.7 |  |  | 625.7 |
Preferred shares |  |  | 434.2 |  |  |  | 364.2 |

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