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Related Party Transactions (Tables) | 12 Months Ended
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Dec. 31, 2023
Disclosure of transactions between related parties [abstract] |
Summary of Outstanding Balances and Transactions with Related Parties | The following table provides the summary of outstanding balances as at December 31, 2023 and 2022, and transactions for the years ended December 31, 2023, 2022 and 2021 that have been entered into with related parties:
|  |  |  |  |  |  |  | Statement of Financial |  |  |  |  |  |  |  | Income Statement |  |  |  |  |  |  |  |  |
Company Name |  | Particulars |  | Terms |  | Conditions |  | Position Classification |  | 2023 |  |  | 2022 |  |  | Classification |  | 2023 |  |  | 2022 |  |  | 2021 |
|  |  |  |  |  |  |  |  |  | (in million pesos) |  |  |  |  | (in million pesos) |
Indirect investment in joint ventures through PCEV: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Manila Electric Company, or Meralco |  | Electricity services to PLDT and certain subsidiaries’ offices within Meralco's franchise area |  | Immediately upon receipt of invoice |  | Unsecured |  | Accounts payable and accrued expenses and other current liabilities (Notes 22 and 23) |  |  | 603 |  |  |  | 527 |  |  | Repairs and maintenance |  |  | 2,928 |  |  |  | 3,219 |  |  |  | 2,519 |
|  | Pole attachment contracts, wherein Meralco leases its pole spaces to accommodate PLDT and Smart’s cable network facilities |  | 45 days upon receipt of billings |  | Unsecured |  | Accrued expenses and other current liabilities (Notes 23 and 24) |  |  | — |  |  |  | — |  |  | Rent |  |  | — |  |  |  | 40 |  |  |  | 40 |
|  |  |  | Upon depreciation or expiration of lease |  | Unsecured |  | ROU assets (Note 10) |  |  | 598 |  |  |  | 2,775 |  |  | Depreciation and amortization |  |  | 603 |  |  |  | 665 |  |  |  | 486 |
|  |  |  | 2023 – due after December 31, 2023; 2022 – due after December 31, 2022 |  | Unsecured |  | Lease liabilities - net of current portion (Note 10) |  |  | 2 |  |  |  | 727 |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  | 2023– due on or before December 31, 2023; 2022 – due on or before December 31, 2022 |  | Unsecured |  | Current portion of lease liabilities (Note 10) |  |  | 1 |  |  |  | 642 |  |  |  |  |  |  |  |  |  |  |  |
Meralco Industrial Engineering Services Corporation, or MIESCOR |  | Customer line installation, repair, rehabilitation and maintenance activities |  | 30 days upon receipt of invoice |  | Unsecured |  | Accrued expenses and other current liabilities (Note 23) |  |  | 3 |  |  |  | 5 |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  | Statement of Financial |  |  |  |  |  |  |  | Income Statement |  |  |  |  |  |  |  |  |
Company Name |  | Particulars |  | Terms | Conditions |  | Position Classification |  | 2023 |  |  | 2022 |  |  | Classification |  | 2023 |  |  | 2022 |  |  | 2021 |
|  |  |  |  |  |  |  |  | (in million pesos) |  |  |  |  | (in million pesos) |
Transactions with major stockholders, directors and officers: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
NTT TC Leasing |  | PLDT signed a US$25 million term loan facility agreement on March 22, 2016 |  | Non-amortizing, payable upon maturity on March 30, 2023 | Unsecured |  | Interest-bearing financial liabilities (Note 20) |  |  | — |  |  |  | 1,395 |  |  | Financing costs – net |  |  | 19 |  |  |  | 46 |  |  |  | 17 |
|  | PLDT signed a US$25 million term loan facility agreement on January 31, 2017 |  | Non-amortizing, payable upon maturity on March 27, 2024 | Unsecured |  | Interest-bearing financial liabilities (Note 20) |  |  | 1,385 |  |  |  | 1,393 |  |  | Financing costs – net |  |  | 96 |  |  |  | 46 |  |  |  | 18 |
NTT World Engineering Marine Corporation |  | On February 1, 2008, PLDT entered into a service agreement, wherein NTT World Engineering Marine Corporation provides offshore submarine cable repair and other allied services for the maintenance of PLDT’s domestic fiber optic network submerged plant. |  | 1st month of each quarter; noninterest-bearing | Unsecured |  | Accounts payable and accrued expenses and other current liabilities (Notes 22 and 23) |  |  | 261 |  |  |  | 318 |  |  | Repairs and maintenance |  |  | 92 |  |  |  | 80 |  |  |  | 97 |
NTT Communications |  | On March 24, 2000, PLDT entered into an advisory service agreement (as amended on March 31, 2003, March 31, 2005 and June 16, 2006), under which NTT Communications provides PLDT with technical, marketing and other consulting services for various business areas of PLDT starting April 1, 2000. |  | 30 days upon receipt of invoice; noninterest-bearing | Unsecured |  | Accrued expenses and other current liabilities (Note 23) |  |  | 104 |  |  |  | 18 |  |  | Professional and other contracted services |  |  | 110 |  |  |  | 87 |  |  |  | 68 |
|  | On March 24, 2000, PLDT entered into an agreement with NTT Communications under which PLDT and NTT Communications agreed to cooperative arrangements for conventional international telecommunications services to enhance their respective international businesses. |  | 30 days upon receipt of invoice; noninterest-bearing | Unsecured |  | Accounts payable (Note 22) |  |  | 3 |  |  |  | 3 |  |  |  |  |  |  |  |  |  |  |  |
NTT Worldwide Telecommunications Corporation |  | On March 24, 2000, PLDT entered into an agreement under which PLDT markets, and manages data and other services under NTT Communications’ “Arcstar” brand to its corporate customers in the Philippines. PLDT also entered into a Trade Name and Trademark Agreement with NTT Communications under which PLDT has been given the right to use the trade name “Arcstar” and its related trademark, logo and symbols, solely for the purpose of PLDT’s marketing, promotional and sales activities for the Arcstar services within the Philippines. |  | 30 days upon receipt of invoice; noninterest-bearing | Unsecured |  | Accounts payable (Note 22) |  |  | 6 |  |  |  | 6 |  |  | Selling and promotions |  |  | 1 |  |  |  | 2 |  |  |  | 2 |
|  |  |  |  |  |  | Statement of Financial |  |  |  |  |  |  |  | Income Statement |  |  |  |  |  |  |  |  |
Company Name |  | Particulars | Terms |  | Conditions |  | Position Classification |  | 2023 |  |  | 2022 |  |  | Classification |  | 2023 |  |  | 2022 |  |  | 2021 |
|  |  |  |  |  |  |  |  | (in million pesos) |  |  |  |  | (in million pesos) |
Transactions with major stockholders, directors and officers: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
NTT DOCOMO |  | On June 5, 2006, in accordance with the Cooperation Agreement dated January 31, 2006, an Advisory Services Agreement was entered into by NTT DOCOMO and PLDT. Pursuant to the Advisory Services Agreement, NTT DOCOMO will provide the services of certain key personnel in connection with certain aspects of the business of PLDT and Smart. Also, this agreement governs the terms and conditions of the appointments of such key personnel and the corresponding fees related thereto. | 30 days upon receipt of invoice; noninterest-bearing |  | Unsecured |  | Accrued expenses and other current liabilities (Note 23) |  |  | 103 |  |  |  | 14 |  |  | Professional and other contracted services |  |  | 105 |  |  |  | 105 |  |  |  | 80 |
JGSHI and Subsidiaries |  | PLDT and certain of its subsidiaries have existing agreements with Universal Robina Corporation and Robinsons Land Corporation for office and business office rental. | 1st month of each quarter; 30 days upon receipt of invoice; noninterest-bearing |  | Unsecured |  | Accounts payable and accrued expenses and other current liabilities (Notes 22 and 23) |  |  | 81 |  |  |  | 17 |  |  | Rent |  |  | 246 |  |  |  | 269 |  |  |  | 232 |
|  |  | Upon depreciation or expiration of lease |  | Unsecured |  | ROU assets (Note 10) |  |  | 4 |  |  |  | 59 |  |  | Depreciation and amortization |  |  | — |  |  |  | 44 |  |  |  | 29 |
|  |  | 2023 – due after December 31, 2023; 2022 – due after December 31, 2022 |  | Unsecured |  | Lease liabilities - net of current portion (Note 10) |  |  | 78 |  |  |  | 35 |  |  |  |  |  |  |  |  |  |  |  |
|  |  | 2023 – due after December 31, 2023; 2022 – due after December 31, 2022 |  | Unsecured |  | Current portion of lease liabilities (Note 10) |  |  | — |  |  |  | 28 |  |  | Professional and other contracted services |  |  |  |  |  |  |  |  |
|  | PLDT group's other transactions with JGSHI and subsidiaries | 30 days upon receipt of invoice; noninterest-bearing |  | Unsecured |  | Accrued expenses and other current liabilities (Note 22 and 23) |  |  | 44 |  |  |  | 45 |  |  | Repairs and maintenance |  |  | 48 |  |  |  | 23 |  |  |  | 25 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  | Financing costs – net |  |  | — |  |  |  | — |  |  |  | 5 |
|  |  |  |  |  |  |  |  | Statement of Financial |  |  |  |  |  |  |  | Income Statement |  |  |  |  |  |  |  |  |
Company Name |  | Particulars |  | Terms |  |  | Conditions |  | Position Classification |  | 2023 |  |  | 2022 |  |  | Classification |  | 2023 |  |  | 2022 |  |  | 2021 |
|  |  |  |  |  |  |  |  |  |  | (in million pesos) |  |  |  |  | (in million pesos) |
Transactions with major stockholders, directors and officers: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Malayan Insurance Co., Inc., or Malayan |  | PLDT and certain of its subsidiaries have insurance policies with Malayan covering directors, officers, liability to employees and material damages for buildings, building improvements, equipment and motor vehicles. The premiums are directly paid to Malayan. |  | Immediately upon receipt of invoice |  |  | Unsecured |  | Accounts payable and accrued expenses and other current liabilities (Notes 22 and 23) |  |  | 8 |  |  |  | 10 |  |  | Insurance and security services |  |  | 261 |  |  |  | 229 |  |  |  | 196 |
|  |  |  | Immediately upon receipt of invoice |  |  | Unsecured |  | Prepayments and other nonfinancial assets (Note 18) |  |  | 152 |  |  |  | 27 |  |  |  |  |  |  |  |  |  |  |  |
Gotuaco del Rosario and Associates, or Gotuaco |  | Gotuaco acts as the broker for certain insurance companies to cover certain insurable properties of the PLDT Group. Insurance premiums are remitted to Gotuaco and the broker’s fees are settled between Gotuaco and the insurance companies. |  | Immediately upon receipt of invoice |  |  | Unsecured |  | Accounts payable and accrued expenses and other current liabilities (Notes 22 and 23) |  |  | — |  |  |  | — |  |  | Insurance and security services |  |  | 142 |  |  |  | 144 |  |  |  | 179 |
First Pacific Investment Management Limited, or FPIML |  | 'On March 1, 2018, Smart entered into an Advisory Services Agreement with FPIML effective for a period of one-year subject to a 12-month automatic renewal unless either party notifies the other party of its intent not to renew the agreement. FPIML provides advisory and related services in connection with the operation of Smart’s business of providing mobile communications services, high-speed internet connectivity, and access to digital services and content. The agreement provides that Smart shall pay monthly service fee of US$250 thousand and any additional fee shall be mutually agreed upon by both parties on a monthly basis. On March 26, 2020, Smart and FPIML mutually agreed to reduce the monthly service fee to US$100 thousand in consideration of the services provided under this agreement, effective April 1, 2020. Starting April 2021, the fee has been increased to $220 thousand per month. Smart prepaid the fees for the period April to October 2021 (US$1.54 million). |  |  | — |  |  | Unsecured |  | Prepayments and other nonfinancial assets (Note 18) |  |  | — |  |  |  | — |  |  | Professional and other contracted services |  |  | 149 |  |  |  | 133 |  |  |  | 111 |
|  |  |  |  |  |  | Statement of Financial |  |  |  |  |  |  |  | Income Statement |  |  |  |  |  |  |  |  |
Company Name |  | Particulars | Terms |  | Conditions |  | Position Classification |  | 2023 |  |  | 2022 |  |  | Classification |  | 2023 |  |  | 2022 |  |  | 2021 |
|  |  |  |  |  |  |  |  | (in million pesos) |  |  |  |  | (in million pesos) |
Other related parties: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Various |  | PLDT and certain of its subsidiaries provide telephone, data communication and other services to various related parties. | 30 days upon receipt of invoice |  | Unsecured |  | Trade and other receivables (Note 16) |  |  | 5,193 |  |  |  | 3,155 |  |  | Revenues |  |  | 2,510 |  |  |  | 2,518 |  |  |  | 2,368 |
|  |  | 2023 – due after December 31, 2023; 2022 – due after December 31, 2022 |  | Unsecured |  | Lease liabilities - net of current portion (Note 10) |  |  | 66 |  |  |  | 384 |  |  | Expenses |  |  | 4,433 |  |  |  | 5,687 |  |  |  | 2,386 |
|  |  | 2023 – due after December 31, 2023; 2022 – due after December 31, 2022 |  | Unsecured |  | Current portion of lease liabilities (Note 10) |  |  | 42 |  |  |  | 229 |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Upon depreciation or expiration of lease |  | Unsecured |  | ROU assets (Note 10) |  |  | 148 |  |  |  | 1,404 |  |  |  |  |  |  |  |  |  |  |  |
|  |  | 30 days upon receipt of billing; noninterest-bearing |  | Unsecured |  | Accounts payable (Note 22) |  |  | 666 |  |  |  | 947 |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Immediately upon receipt of billing |  | Unsecured |  | Accrued expenses and other current liabilities (Note 23) |  |  | 603 |  |  |  | 57 |  |  |  |  |  |  |  |  |  |  |  |
Summary of Compensation of Key Officers by Benefit Type | The compensation of key officers of the PLDT Group by benefit type for the years ended December 31, 2023, 2022 and 2021 are as follows:
|  | 2023 |  |  | 2022 |  |  | 2021 |
|  |  |  | (in million pesos) |  |
Short-term employee benefits |  |  | 530 |  |  |  | 358 |  |  |  | 311 |
Other long-term employee benefits (Note 25) |  |  | 121 |  |  |  | 480 |  |  |  | 115 |
Post-employment benefits (Note 25) |  |  | 26 |  |  |  | 22 |  |  |  | 21 |
Total compensation paid to key officers of the PLDT Group |  |  | 677 |  |  |  | 860 |  |  |  | 447 |

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