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Interest-bearing Financial Liabilities | 12 Months Ended
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Dec. 31, 2023
Disclosure of detailed information about borrowings [abstract] |
Interest-bearing Financial Liabilities | 20. Interest-bearing Financial Liabilities As at December 31, 2023 and 2022, this account consists of the following:
|  | 2023 |  |  | 2022 |
|  | (in million pesos) |
Long-term portion of interest-bearing financial liabilities: |  |  |  |  |  |
Long-term debt (Notes 27 and 28) |  |  | 243,152 |  |  |  | 217,288 |
Current portion of interest-bearing financial liabilities: |  |  |  |  |  |
Long-term and short-term debt maturing within one year (Notes 27 and 28) |  |  | 11,646 |  |  |  | 32,292 |
|  |  | 254,798 |  |  |  | 249,580 |
Unamortized debt discount, representing debt premium, debt issuance costs and any difference between the fair value of consideration given or received at initial recognition, included in our financial liabilities amounted to Php 2,129 million and Php 2,279 million as at December 31, 2023 and 2022, respectively. See Note 27 – Financial Assets and Liabilities. The following table describes all changes to unamortized debt discount for the years ended December 31, 2023 and 2022:
|  | 2023 |  |  | 2022 |
|  | (in million pesos) |
Unamortized debt discount at beginning of the year |  |  | 2,279 |  |  |  | 2,857 |
Additions during the year |  |  | 214 |  |  |  | (243 | )
Revaluations during the year |  |  | (2 | ) |  |  | 20 |
Accretion during the year included as part of financing costs – net (Note 5) |  |  | (362 | ) |  |  | (355 | )
Unamortized debt discount at end of the year |  |  | 2,129 |  |  |  | 2,279 |
The scheduled maturities of our consolidated outstanding long-term and short-term debt at nominal values as at December 31, 2023 are as follows:
|  | U.S. Dollar Debt |  |  | Php Debt |  |  | Total |
Year |  | U.S. Dollar |  |  | Php |  |  | Php |  |  | Php |
|  | (in millions) |
2024 |  |  | 39 |  |  |  | 2,161 |  |  |  | 9,845 |  |  |  | 12,006 |
2025 |  |  | 14 |  |  |  | 776 |  |  |  | 22,400 |  |  |  | 23,176 |
2026 |  |  | 14 |  |  |  | 776 |  |  |  | 14,585 |  |  |  | 15,361 |
2027 |  |  | 14 |  |  |  | 776 |  |  |  | 26,205 |  |  |  | 26,981 |
2028 |  |  | 28 |  |  |  | 1,552 |  |  |  | 19,115 |  |  |  | 20,667 |
2029 and onwards |  |  | 614 |  |  |  | 34,026 |  |  |  | 124,710 |  |  |  | 158,736 |
Total long-term debt (Note 27) |  |  | 723 |  |  |  | 40,067 |  |  |  | 216,860 |  |  |  | 256,927 |
Long-term Debt As at December 31, 2023 and 2022, long-term debt consists of:
|  |  |  | 2023 |  |  | 2022 |
Description |  | Interest Rates |  | U.S. Dollar |  |  | Php |  |  | U.S. Dollar |  |  | Php |
|  |  |  | (in millions) |
U.S. Dollar Debts: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed Rate Notes |  | 2.5000% to 3.4500% in 2023 and 2022 |  |  | 590 |  |  |  | 32,691 |  |  |  | 589 |  |  |  | 32,892 |
Term Loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Others (1) |  | SOFR + 1.31161% to 1.47826% and US$ LIBOR +1.0500% in 2023 and US$ LIBOR + 0.7900% to 1.0500% in 2022 |  |  | 122 |  |  |  | 6,788 |  |  |  | 161 |  |  |  | 9,002 |
|  |  |  |  | 712 |  |  |  | 39,479 |  |  |  | 750 |  |  |  | 41,894 |
Philippine Peso Debts: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed Rate Retail Bonds |  | 5.2813% in 2023 and 2022 |  |  |  |  |  | 2,599 |  |  |  |  |  |  | 2,596 |
Term Loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unsecured Term Loans |  | 3.9500% to 5.3500%; PHP BVAL + 0.5000% to 1.0000% (floor rate 4.5000% to 4.6250%) in 2023 and 3.9000% to 5.5660%; PHP BVAL + 0.5000% to 0.9000% (floor rate 3.9000% to 4.6250%) and TDF + 0.2500% in 2022 |  |  |  |  |  | 212,720 |  |  |  |  |  |  | 195,090 |
|  |  |  |  |  |  |  | 215,319 |  |  |  |  |  |  | 197,686 |
Total long-term debt (Notes 27 and 28) |  |  |  |  |  |  |  | 254,798 |  |  |  |  |  |  | 239,580 |
Less portion maturing within one year (Note 27) |  |  |  |  |  |  |  | 11,646 |  |  |  |  |  |  | 22,292 |
Noncurrent portion of long-term debt (Note 27) |  |  |  |  |  |  |  | 243,152 |  |  |  |  |  |  | 217,288 |
(1) Effective September 2023, the benchmark rate of our U.S. Dollar-denominated debts was changed from LIBOR to SOFR.
|  |  |  |  |  |  |  | Outstanding Amounts |  |
|  |  |  | Repurchase Amount |  |  |  | 2023 |  |  | 2022 |  |
Loan Amount | Issuance Date | Trustee | Terms | Php |  | Dates |  | Paid in full on |  | U.S. Dollar |  |  | Php |  |  | U.S. Dollar |  |  | Php |  |
|  |  |  | (in millions) |  |  |  |  |  | (in millions) |  |
Fixed Rate Notes(1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
PLDT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
US$300 M | June 23, 2020 | The Bank of New York Mellon, London Branch | Non-amortizing, payable in full upon maturity on January 23, 2031 |  | — |  |  | — |  |  | — |  |  | 296 |  | (2) |  | 16,400 |  | (2) |  | 295 |  | (2) |  | 16,490 |  | (2)
PLDT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
US$300 M | June 23, 2020 | The Bank of New York Mellon, London Branch | Non-amortizing, payable in full upon maturity on June 23, 2050 |  | — |  |  | — |  |  | — |  |  | 294 |  | (2) |  | 16,291 |  | (2) |  | 294 |  | (2) |  | 16,402 |  | (2)
|  |  |  |  |  |  |  |  |  |  | 590 |  |  |  | 32,691 |  |  |  | 589 |  |  |  | 32,892 |  |
(1) The purpose of this loan is to refinance the existing loan obligations, prepay outstanding loans and partially finance capital expenditures. (2) Amounts are net of unamortized debt discount/premium and/or debt issuance cost.
|  |  |  |  | Drawn |  | Cancelled Undrawn |  |  |  | Outstanding Amounts |  |
|  |  |  |  | Amount |  | Amount |  |  |  | 2023 |  |  | 2022 |  |
Loan Amount | Date of Loan Agreement | Lender(s) | Terms | Dates Drawn | U.S. Dollar |  | Paid in full on |  | U.S. Dollar |  |  | Php |  |  | U.S. Dollar |  |  | Php |  |
|  |  |  |  | (in millions) |  |  |  | (in millions) |  |
U.S. Dollar Debts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other Term Loans(1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
PLDT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
US$200 M Tranche A: US$150 M; Tranche B: US$50 M | February 26, 2015 | MUFG Bank, Ltd. | Commencing 36 months after loan date, with semi-annual amortization of 23.75% of the loan amount on the first and second repayment dates and seven semi-annual amortizations of 7.5% starting on the third repayment date, with final installment on February 25, 2022 | Various dates in 2015 |  | 200 |  |  | — |  | February 24, 2022 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |
Smart |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
US$100 M | December 7, 2015 | Mizuho Bank Ltd. | 13 equal semi-annual installments commencing on the date which falls 12 months after the loan date, with final installment on December 7, 2022 | Various dates in 2016 | 100 |  |  | — |  | December 7, 2022 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |
PLDT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
US$25 M | March 22, 2016 | NTT TC Leasing Co., Ltd., or NTT TC Leasing | Non-amortizing, payable upon maturity on March 30, 2023 | March 30, 2016 |  | 25 |  |  | — |  | March 30, 2023 |  |  | — |  |  |  | — |  |  |  | 25 |  | (2) |  | 1,395 |  | (2)
PLDT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
US$25 M | January 31, 2017 | NTT TC Leasing | Non-amortizing, payable upon maturity on March 27, 2024 | March 30, 2017 |  | 25 |  |  | — |  |  | — |  |  | 25 |  | (2) |  | 1,385 |  | (2) |  | 25 |  | (2) |  | 1,393 |  | (2)
Smart |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
US$140 M | March 4, 2020 | PNB | Quarterly amortization rates equivalent to: (a) 2.5% of the total amount drawn payable on the first interest payment date up to the 28th interest payment date; (b) 5% of the total amount drawn payable on the 29th interest payment date up to the 32nd interest payment date; and (3) 2.5% of the total amount drawn payable on the 37th interest payment date up to maturity on December 13, 2030 | December 14, 2020 |  | 140 |  |  | — |  |  | — |  |  | 97 |  | (2) |  | 5,403 |  | (2) |  | 111 |  | (2) |  | 6,214 |  | (2)
|  |  |  |  |  |  |  |  |  |  |  | 122 |  |  |  | 6,788 |  |  |  | 161 |  |  |  | 9,002 |  |
(1) The purpose of this loan is to finance the capital expenditures and/or to refinance existing loan obligations which were utilized for network expansion and improvement programs. (2) Amounts are net of unamortized debt discount/premium and/or debt issuance cost.
|  |  |  | Date of | Payments |  | Outstanding Amounts |  |
|  |  |  | Issuance/ | Amount |  |  |  | 2023 |  |  | 2022 |  |
Loan Amount | Agreement | Paying Agent | Terms | Drawdown | Php |  | Date |  | Php |  |  | Php |  |
|  |  |  |  | (in millions) |  |  |  | (in millions) |  |
Fixed Rate Retail Bonds(1) |  |  |  |  |  |  |  |  |  |  |  |
PLDT |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php 15,000 M | January 22, 2014 | Philippine Depositary Trust Corp. | Php12.4B – non-amortizing, payable in full upon maturity on February 6, 2021; Php2.6B – non-amortizing payable in full on February 6, 2024 | February 6, 2014 |  | 12,400 |  | February 8, 2021 |  |  | 2,599 |  | (2) |  | 2,596 |  | (2)
(1) The purpose of this loan is to finance the capital expenditures and/or to refinance existing loan obligations which were utilized for network expansion and improvement programs. (2) Amounts are net of unamortized debt discount/premium and/or debt issuance cost.
|  |  |  |  | Drawn |  | Cancelled Undrawn |  |  |  | Outstanding Amounts |  |
| Date of Loan |  |  |  | Amount |  | Amount |  | Paid in |  | 2023 |  |  | 2022 |  |
Loan Amount | Agreement | Lender(s) | Terms | Dates Drawn | Php |  | Php |  | full on |  | Php |  |  | Php |  |
|  |  |  |  | (in millions) |  |  |  | (in millions) |  |
Term Loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unsecured Term Loans(1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
PLDT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php 2,000 M | March 20, 2012 | RCBC | Annual amortization rate of 1% on the fifth-year up to the ninth-year from the initial drawdown date and the balance payable upon maturity on April 12, 2022 | April 12, 2012 |  | 2,000 |  |  | — |  | January 12, 2022 |  |  | — |  |  |  | — |  |
PLDT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php 1,500 M | April 2, 2014 | AIA Life | Payable in full upon maturity on April 4, 2024 | April 4, 2014 |  | 1,500 |  |  | — |  | January 31, 2022 |  |  | — |  |  |  | — |  |
PLDT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php 1,000 M | May 23, 2014 | AIA Life | Payable in full upon maturity on May 28, 2024 | May 28, 2014 |  | 1,000 |  |  | — |  | February 28, 2022 |  |  | — |  |  |  | — |  |
PLDT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php 1,000 M | June 9, 2014 | LBP | Annual amortization rate of 1% on the first-year up to the ninth-year from initial drawdown date and the balance payable upon maturity on June 13, 2024 | June 13, 2014 |  | 1,000 |  |  | — |  | June 13, 2022 |  |  | — |  |  |  | — |  |
PLDT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php 1,500 M | July 28, 2014 | Union Bank | Annual amortization rate of 1% on the first-year up to the ninth-year from initial drawdown date and the balance payable upon maturity on July 31, 2024 | July 31, 2014 |  | 1,500 |  |  | — |  |  | — |  |  | 1,365 |  |  |  | 1,380 |  |
PLDT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php 2,000 M | February 25, 2015 | BPI | Annual amortization rate of 1% on the first-year up to the ninth-year from initial drawdown date and the balance payable upon maturity on March 24, 2025 | March 24, 2015 |  | 2,000 |  |  | — |  |  | — |  |  | 1,812 |  | (2) |  | 1,811 |  | (2)
PLDT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php 3,000 M | June 26, 2015 | BPI | Annual amortization rate of 1% on the first-year up to the ninth-year from initial drawdown date and the balance payable upon maturity on June 30, 2025 | June 30, 2015 |  | 3,000 |  |  | — |  |  | — |  |  | 2,760 |  |  |  | 2,790 |  |
PLDT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php 5,000 M | August 3, 2015 | Metrobank | Annual amortization rate of 1% on the first-year up to the ninth-year from initial drawdown date and the balance payable upon maturity on September 23, 2025 | Various dates in 2015 |  | 5,000 |  |  | — |  |  | — |  |  | 4,600 |  |  |  | 4,650 |  |
|  |  |  |  |  |  |  |  |  |  |  | 10,537 |  |  |  | 10,631 |  |
(1) The purpose of this loan is to finance the capital expenditures and/or to refinance existing loan obligations which were utilized for network expansion and improvement programs. (2) Amounts are net of unamortized debt discount/premium and/or debt issuance cost.
|  |  |  |  | Drawn |  | Cancelled Undrawn |  |  |  | Outstanding Amounts |  |
| Date of Loan |  |  |  | Amount |  | Amount |  | Paid in |  | 2023 |  |  | 2022 |  |
Loan Amount | Agreement | Lender(s) | Terms | Dates Drawn | Php |  | Php |  | full on |  | Php |  |  | Php |  |
|  |  |  |  | (in millions) |  |  |  | (in millions) |  |
Smart |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php 5,000 M | August 11, 2015 | Metrobank | Annual amortization rate of 1% of the principal amount on the first-year up to the ninth-year commencing on the first-year anniversary of the initial drawdown date and the balance payable upon maturity on September 1, 2025 | September 1, 2015 |  | 5,000 |  |  | — |  |  | — |  |  | 4,595 |  | (2) |  | 4,642 |  | (2)
Smart |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php 5,000 M | December 11, 2015 | BPI | Annual amortization rate of 1% of the principal amount on the first-year up to the ninth-year commencing on the first-year anniversary of the initial drawdown date and the balance payable upon maturity on December 21, 2025 | December 21, 2015 |  | 5,000 |  |  | — |  |  | — |  |  | 4,594 |  | (2) |  | 4,642 |  | (2)
Smart |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php 5,000 M | December 16, 2015 | Metrobank | Annual amortization rate of 1% of the principal amount up to the tenth-year commencing on the first-year anniversary of the initial drawdown and the balance payable upon maturity on June 29, 2026 | December 28, 2015 |  | 5,000 |  |  | — |  |  | — |  |  | 4,593 |  | (2) |  | 4,641 |  | (2)
Smart |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php 7,000 M(3) | December 18, 2015 | China Banking Corporation, or CBC | Annual amortization rate of 1% of the principal amount on the third-year up to the sixth-year from the initial drawdown date, with balance payable upon maturity on December 28, 2022 | December 28, 2015 and February 24, 2016 |  | 7,000 |  |  | — |  | June 28, 2022 |  |  | — |  |  |  | — |  |
PLDT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php 3,000 M | July 1, 2016 | Metrobank | Annual amortization rate of 1% on the first-year up to the ninth-year from initial drawdown date and the balance payable upon maturity on February 22, 2027 | February 20, 2017 |  | 3,000 |  |  | — |  |  | — |  |  | 2,815 |  | (2) |  | 2,843 |  | (2)
PLDT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php 6,000 M | July 1, 2016 | Metrobank | Annual amortization rate of 1% on the first-year up to the sixth-year from initial drawdown date and the balance payable upon maturity on August 30, 2023 | August 30, 2016 and November 10, 2016 |  | 6,000 |  |  | — |  | August 30, 2023 |  |  | — |  |  |  | 5,637 |  | (2)
PLDT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php 8,000 M | July 14, 2016 | Security Bank | Annual amortization rate of 1% of the total amount drawn payable semi-annually starting from the end of the first-year after the initial drawdown date until the ninth-year and the balance payable on maturity on March 1, 2027 | February 27, 2017 |  | 8,000 |  |  | — |  |  | — |  |  | 7,027 |  | (2) |  | 7,182 |  | (2)
PLDT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php 6,500 M | September 20, 2016 | BPI | Annual amortization rate of 1% on the first- year up to the sixth-year from initial drawdown date and the balance payable upon maturity on November 2, 2023 | November 2, 2016 and December 19, 2016 |  | 6,500 |  |  | — |  | November 3, 2023 |  |  | — |  |  |  | 6,105 |  | (2)
Smart |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php 3,000 M | September 28, 2016 | BDO | Annual amortization rate of 1% of the principal amount on the first-year up to the ninth-year commencing on the first-year anniversary of the initial drawdown date and the balance payable upon maturity on October 5, 2026 | October 5, 2016 |  | 3,000 |  |  | — |  |  | — |  |  | 2,790 |  |  |  | 2,820 |  |
Smart |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php 5,400 M | September 28, 2016 | Union Bank | Annual amortization rate of 1% of the principal amount on the first-year up to the sixth-year commencing on the first-year anniversary of the initial drawdown date and the balance payable upon maturity on October 24, 2023 | October 24, 2016 and November 21, 2016 |  | 5,400 |  |  | — |  | October 24, 2023 |  |  | — |  |  |  | 5,074 |  | (2)
PLDT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php 5,300 M (4) | October 14, 2016 | BPI | Annual amortization rate of 1% on the first-year up to the sixth-year from initial drawdown date and the balance payable upon maturity on December 19, 2023 | December 19, 2016 |  | 5,300 |  |  | — |  | December 19, 2023 |  |  | — |  |  |  | 981 |  | (2)
|  |  |  |  |  |  |  |  |  |  |  | 26,414 |  |  |  | 44,567 |  |
(2) Amounts are net of unamortized debt discount/premium and/or debt issuance cost. (3) The outstanding amount of Php4,200 million was prepaid on June 28, 2022. (4) The amounts of Php1,500 million and Php2,500 million were prepaid on September 19, 2022 and December 19, 2022, respectively.
|  |  |  |  | Drawn |  | Cancelled Undrawn |  |  |  | Outstanding Amounts |  |
| Date of Loan |  |  |  | Amount |  | Amount |  | Paid in |  | 2023 |  |  | 2022 |  |
Loan Amount | Agreement | Lender(s) | Terms | Dates Drawn | Php |  | Php |  | full on |  | Php |  |  | Php |  |
|  |  |  |  | (in millions) |  |  |  | (in millions) |  |
Smart |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php 2,500 M | October 27, 2016 | China Banking Corporation or CBC | Annual amortization rate of 1% of the amount drawn starting on the third year up to the sixth year, with balance payable upon maturity on December 8, 2023 | December 8, 2016 |  | 2,500 |  |  | — |  | December 9, 2022 |  |  | — |  |  |  | — |  |
Smart |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php 4,000 M | October 28, 2016 | Security Bank | Semi-annual amortization rate of 1% of the total amount drawn from first-year up to the ninth-year and the balance payable upon maturity on April 5, 2027 | April 5, 2017 |  | 4,000 |  |  | — |  |  | — |  |  | 1,863 |  | (2) |  | 1,881 |  | (2)
Smart |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php 1,000 M | December 16, 2016 | PNB | Annual amortization rate of 1% of the amount drawn starting on the first anniversary of the advance up to the ninth anniversary of the advance and the balance payable upon maturity on December 7, 2027 | December 7, 2017 |  | 1,000 |  |  | — |  |  | — |  |  | 915 |  | (2) |  | 920 |  | (2)
Smart |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php 2,000 M | December 22, 2016 | LBP | Annual amortization rate of 1% of the amount drawn starting on the first anniversary of the advance up to the ninth anniversary of the advance and the balance payable upon maturity on January 21, 2028 | January 22, 2018 |  | 2,000 |  |  | — |  |  | — |  |  | 1,866 |  | (2) |  | 1,878 |  | (2)
PLDT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php 3,500 M | December 23, 2016 | LBP | Annual amortization rate of 1% on the first-year up to the ninth-year after the drawdown date and the balance payable upon maturity on April 5, 2027 | April 5, 2017 |  | 3,500 |  |  | — |  |  | — |  |  | 3,283 |  | (2) |  | 3,317 |  | (2)
Smart |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php 1,500 M | April 18, 2017 | PNB | Annual amortization rate of 1% of the amount drawn starting on the first anniversary of the advance up to the sixth-year anniversary of the advance and the balance payable upon maturity on January 3, 2025 | January 3, 2018 |  | 1,500 |  |  | — |  |  | — |  |  | 1,414 |  | (2) |  | 1,418 |  | (2)
PLDT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php 2,000 M | May 24, 2017 | Security Bank | Semi-annual amortization rate of Php10 million starting on October 5, 2017 and every six months thereafter with the balance payable upon maturity on April 5, 2027 | May 29, 2017 |  | 2,000 |  |  | — |  |  | — |  |  | 1,870 |  |  |  | 1,890 |  |
PLDT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php 3,500 M | July 5, 2017 | LBP | Annual amortization rate of 1% on the first- year up to the ninth-year after the drawdown date and the balance payable upon maturity on July 12, 2027 | July 10, 2017 |  | 3,500 |  |  | — |  |  | — |  |  | 3,290 |  |  |  | 3,325 |  |
PLDT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php 1,500 M | August 29, 2017 | LBP | Annual amortization rate equivalent to 1% of the total loan payable on the first-year up to the ninth-year after the drawdown date and the balance payable upon maturity on April 3, 2028 | April 2, 2018 |  | 1,500 |  |  | — |  |  | — |  |  | 1,427 |  | (2) |  | 1,443 |  | (2)
PLDT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php 2,000 M | April 19, 2018 | LBP | Annual amortization rate equivalent to 1% of the total loan payable on the first-year up to the ninth-year after the drawdown date and the balance payable upon maturity on April 25, 2028 | April 25, 2018 |  | 2,000 |  |  | — |  |  | — |  |  | 1,775 |  | (2) |  | 1,770 |  | (2)
PLDT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php 1,000 M | April 20, 2018 | LBP | Annual amortization rate equivalent to 1% of the total loan payable on the first-year up to the ninth-year after the drawdown date and the balance payable upon maturity on May 3, 2028 | May 3, 2018 |  | 1,000 |  |  | — |  |  | — |  |  | 881 |  | (2) |  | 879 |  | (2)
PLDT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php 2,000 M | May 9, 2018 | BPI | Annual amortization rate equivalent to 1% of the amount drawn starting on the first- year anniversary of the advance up to the ninth-year anniversary of the advance and the balance payable upon maturity on May 10, 2028 | May 10, 2018 |  | 2,000 |  |  | — |  |  | — |  |  | 1,775 |  | (2) |  | 1,773 |  | (2)
Smart |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php 2,000 M | May 25, 2018 | BPI | Annual amortization rate equivalent to 1% of the amount drawn starting on the first- year anniversary of the advance up to the fifth-year anniversary of the advance and the balance payable upon maturity on May 28, 2024 | May 28, 2018 |  | 2,000 |  |  | — |  |  | — |  |  | 1,899 |  | (2) |  | 1,916 |  | (2)
|  |  |  |  |  |  |  |  |  |  |  | 22,258 |  |  |  | 22,410 |  |
(2) Amounts are net of unamortized debt discount/premium and/or debt issuance cost.
|  |  |  |  | Drawn |  | Cancelled Undrawn |  |  |  | Outstanding Amounts |  |
| Date of Loan |  |  |  | Amount |  | Amount |  | Paid in |  | 2023 |  |  | 2022 |  |
Loan Amount | Agreement | Lender(s) | Terms | Dates Drawn | Php |  | Php |  | full on |  | Php |  |  | Php |  |
|  |  |  |  | (in millions) |  |  |  | (in millions) |  |
Smart |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php 1,500 M | June 27, 2018 | Development Bank of the Philippines, or DBP | Annual amortization rate equivalent to 1% of the amount drawn starting on the third- year anniversary of the advance up to the fifth-year anniversary of the advance and the balance payable upon maturity on June 28, 2024 | June 28, 2018 |  | 1,500 |  |  | — |  | September 28, 2022 |  |  | — |  |  |  | — |  |
Smart |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php 3,000 M | July 31, 2018 | BPI | Annual amortization rate equivalent to 1% of the amount drawn starting on the first-year anniversary of the advance up to the ninth-year anniversary of the advance and the balance payable upon maturity on May 10, 2028 | August 10, 2018 |  | 3,000 |  |  | — |  |  | — |  |  | 2,839 |  | (2) |  | 2,867 |  | (2)
Smart |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php 5,000 M | January 11, 2019 | DBP | Annual amortization rate equivalent to 1% of the amount drawn starting on the third-year anniversary of the advance up to the ninth-year anniversary of the advance and the balance payable upon maturity on May 6, 2029 | May 6, 2019 September 2, 2019 | 2,000 3,000 |  |  | — |  |  | — |  |  | 4,796 |  | (2) |  | 4,830 |  | (2)
PLDT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php 8,000 M | February 18, 2019 | Union Bank | Annual amortization rate equivalent to 1% of the amount drawn starting on the first-year anniversary up to the ninth-year anniversary of the initial drawdown date and the balance payable upon maturity on July 11, 2029 | July 11, 2019 September 6, 2019 October 1, 2019 November 5, 2019 | 3,000 2,000 1,000 2,000 |  |  | — |  |  | — |  |  | 7,933 |  | (2) |  | 8,053 |  | (2)
Smart |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php 4,000 M | February 21, 2019 | PNB | Annual amortization rate equivalent to 1% of the amount drawn starting on the first-year anniversary up to the seventh-year anniversary of the initial drawdown date and the balance payable upon maturity on March 11, 2027 | March 11, 2019 |  | 4,000 |  |  | — |  |  | — |  |  | 3,703 |  | (2) |  | 3,704 |  | (2)
PLDT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php 2,000 M | April 11, 2019 | Bank of China (Hong Kong) Limited, Manila Branch | Annual amortization rate equivalent to 1% of the amount of loan payable on the first-year anniversary up to the sixth-year anniversary of the initial drawdown date and the balance payable upon maturity on September 7, 2026 | September 6, 2019 |  | 2,000 |  |  | — |  |  | — |  |  | 1,914 |  | (2) |  | 1,931 |  | (2)
PLDT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php 2,000 M | July 1, 2019 | PNB | Annual amortization rate equivalent to 1% of the total amount drawn from the facility on the first-year anniversary up to the sixth-year anniversary of the initial drawdown date and the balance payable upon maturity on September 7, 2026 | September 6, 2019 |  | 2,000 |  |  | — |  |  | — |  |  | 1,914 |  | (2) |  | 1,931 |  | (2)
Smart |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php 8,000 M | September 25, 2019 | CBC | Annual amortization rate equivalent to 10% of the total amount drawn starting on the third-year anniversary up to the ninth-year anniversary of the initial drawdown date and the balance payable upon maturity on October 2, 2029 | October 2, 2019 |  | 8,000 |  |  | — |  |  | — |  |  | 6,163 |  | (2) |  | 6,901 |  | (2)
Smart |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php 4,000 M | December 9, 2019 | DBP | Annual amortization rate equivalent to 1% of the total amount drawn starting on the third-year anniversary up to the ninth-year anniversary of the initial drawdown date and the balance payable upon maturity on December 12, 2029 | December 12, 2019 |  | 4,000 |  |  | — |  |  | — |  |  | 3,901 |  | (2) |  | 3,938 |  | (2)
PLDT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php 4,500 M | December 12, 2019 | BPI | Annual amortization rate equivalent to 1% of the advance on the first year up to the ninth-year anniversary of the drawdown date and the balance payable upon maturity on December 18, 2029 | December 18, 2019 |  | 4,500 |  |  | — |  |  | — |  |  | 4,298 |  | (2) |  | 4,340 |  | (2)
|  |  |  |  |  |  |  |  |  |  |  | 37,461 |  |  |  | 38,495 |  |
(2) Amounts are net of unamortized debt discount/premium and/or debt issuance cost.
|  |  |  |  | Drawn |  | Cancelled Undrawn |  |  |  | Outstanding Amounts |  |
| Date of Loan |  |  |  | Amount |  | Amount |  | Paid in |  | 2023 |  |  | 2022 |  |
Loan Amount | Agreement | Lender(s) | Terms | Dates Drawn | Php |  | Php |  | full on |  | Php |  |  | Php |  |
|  |  |  |  | (in millions) |  |  |  | (in millions) |  |
Smart |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php 3,000 M | January 20, 2020 | BDO | Annual amortization rate equivalent to 1% of the total amount drawn starting on the first-year anniversary up to the ninth-year anniversary of the drawdown date and the balance payable upon maturity on January 24, 2030 | January 24, 2020 |  | 3,000 |  |  | — |  |  | — |  |  | 2,849 |  | (2) |  | 2,871 |  | (2)
PLDT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php 5,000 M | January 29, 2020 | BDO | Annual amortization rate equivalent to 1% of the total amount drawn starting on the first-year anniversary up to the ninth-year anniversary of the drawdown date and the balance payable upon maturity on January 31, 2030 | January 31, 2020 |  | 5,000 |  |  | — |  |  | — |  |  | 4,775 |  | (2) |  | 4,814 |  | (2)
PLDT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php 4,000 M | March 24, 2020 | RCBC | Annual amortization rate equivalent to 1% of the advance starting on the first-year anniversary of the drawdown date and the balance payable upon maturity on March 27, 2028 | March 26, 2020 |  | 4,000 |  |  | — |  |  | — |  |  | 3,776 |  | (2) |  | 3,800 |  | (2)
PLDT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php 2,500 M | March 30, 2020 | MUFG Bank, Ltd. | Amortization rate equivalent to: (1) 20% of the amount drawn payable on the 30 th, 48 th, 54 th and 72 nd month from the drawdown date; (2) 0.50% of the amount drawn payable on the 36 th, 42 nd, 60 th and 66 th month from the drawdown date; and (3) 18% of the amount drawn payable upon maturity on October 2, 2026 | April 2, 2020 |  | 2,500 |  |  | — |  |  | — |  |  | 1,970 |  | (2) |  | 1,992 |  | (2)
PLDT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php 3,000 M | May 20, 2020 | LBP | Annual amortization rate equivalent to 1% of the advance starting on the first-year up to the ninth-year anniversary of the drawdown date and the balance payable upon maturity on May 28, 2030 | May 28, 2020 |  | 3,000 |  |  | — |  |  | — |  |  | 2,895 |  | (2) |  | 2,923 |  | (2)
Smart |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php 4,000 M | May 20, 2020 | LBP | Annual amortization rate equivalent to 1% of principal amount of the loan starting on the first-year up to the ninth-year anniversary of the initial advance and the balance payable upon maturity on November 20, 2030 | November 20, 2020 |  | 4,000 |  |  | — |  |  | — |  |  | 3,858 |  | (2) |  | 3,895 |  | (2)
PLDT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php 3,000 M | May 21, 2020 | LBP | Annual amortization rate equivalent to 1% of the advance starting on the first-year up to the ninth-year anniversary of the drawdown date and the balance payable upon maturity on December 18, 2030 | December 18, 2020 |  | 3,000 |  |  | — |  |  | — |  |  | 2,894 |  | (2) |  | 2,921 |  | (2)
|  |  |  |  |  |  |  |  |  |  |  | 23,017 |  |  |  | 23,216 |  |
(2) Amounts are net of unamortized debt discount/premium and/or debt issuance cost.
|  |  |  |  | Drawn |  | Cancelled Undrawn |  |  |  | Outstanding Amounts |  |
| Date of Loan |  |  |  | Amount |  | Amount |  | Paid in |  | 2023 |  |  | 2022 |  |
Loan Amount | Agreement | Lender(s) | Terms | Dates Drawn | Php |  | Php |  | full on |  | Php |  |  | Php |  |
|  |  |  |  | (in millions) |  |  |  |  |  | (in millions) |  |  |  |  |
PLDT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php 5,000 M | February 9, 2021 | BPI | Annual amortization rate equivalent to 1% of the advance starting on the first-year up to the tenth-year anniversary of the drawdown date and the balance payable upon maturity on February 16, 2032 | February 15, 2021 |  | 5,000 |  |  | — |  |  | — |  |  | 4,871 |  | (2) |  | 4,918 |  | (2)
Smart |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php 3,000 M | March 4, 2021 | LBP | Annual amortization rate equivalent to 1% of the advance starting on the first-year up to the ninth-year anniversary of the drawdown date and the balance payable upon maturity on March 9, 2031 | March 9, 2021 |  | 3,000 |  |  | — |  |  | — |  |  | 2,923 |  | (2) |  | 2,951 |  | (2)
Smart |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php 3,000 M | March 5, 2021 | LBP | Annual amortization rate equivalent to 1% of the advance starting on the first-year up to the ninth-year anniversary of the drawdown date and the balance payable upon maturity on May 25, 2031 | May 25, 2021 |  | 3,000 |  |  | — |  |  | — |  |  | 2,923 |  | (2) |  | 2,951 |  | (2)
Smart |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php 4,000 M | March 8, 2021 | LBP | Annual amortization rate equivalent to 1% of the advance starting on the first-year up to the ninth-year anniversary of the drawdown date and the balance payable upon maturity on March 30, 2031 | March 30, 2021 |  | 4,000 |  |  | — |  |  | — |  |  | 3,898 |  | (2) |  | 3,935 |  | (2)
PLDT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php 3,000 M | March 31, 2021 | BPI | Annual amortization rate equivalent to 1% of the advance starting on the first-year up to the tenth-year anniversary of the drawdown date and the balance payable upon maturity on April 14, 2032 | April 14, 2021 |  | 3,000 |  |  | — |  |  | — |  |  | 2,922 |  | (2) |  | 2,950 |  | (2)
PLDT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php 2,000 M | March 31, 2021 | BPI | Annual amortization rate equivalent to 1% of the advance starting on the first-year up to the tenth-year anniversary of the drawdown date and the balance payable upon maturity on April 29, 2032 | April 29, 2021 |  | 2,000 |  |  | — |  |  | — |  |  | 1,960 |  |  |  | 1,980 |  |
Smart |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php 4,000 M | April 14, 2021 | Metrobank | Annual amortization rate equivalent to 1% of the advance starting on the second-year up to the tenth-year anniversary of the drawdown date and the balance payable upon maturity on June 8, 2032 | June 8, 2021 |  | 4,000 |  |  | — |  |  | — |  |  | 3,936 |  | (2) |  | 3,974 |  | (2)
Smart |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php 3,000 M | April 15, 2021 | Metrobank | Annual amortization rate equivalent to 1% of the advance starting on the second-year up to the tenth-year anniversary of the drawdown date and the balance payable upon maturity on September 1, 2032 | September 1, 2021 |  | 3,000 |  |  | — |  |  | — |  |  | 2,952 |  | (2) |  | 2,980 |  | (2)
PLDT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php 3,000 M | April 30, 2021 | Metrobank | Annual amortization rate equivalent to 1% of the advance starting on the second-year up to the tenth-year from drawdown date and the balance of 91% payable upon maturity on June 21, 2032 | June 21, 2021 |  | 3,000 |  |  | — |  |  | — |  |  | 2,952 |  | (2) |  | 2,980 |  | (2)
|  |  |  |  |  |  |  |  |  |  |  | 29,337 |  |  |  | 29,619 |  |
(2) Amounts are net of unamortized debt discount/premium and/or debt issuance cost.
|  |  |  |  | Drawn |  | Cancelled Undrawn |  |  |  | Outstanding Amounts |  |
| Date of Loan |  |  |  | Amount |  | Amount |  | Paid in |  | 2023 |  |  | 2022 |  |
Loan Amount | Agreement | Lender(s) | Terms | Dates Drawn | Php |  | Php |  | full on |  | Php |  |  | Php |  |
|  |  |  |  | (in millions) |  |  |  | (in millions) |  |
PLDT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php 3,000 M | June 14, 2021 | RCBC | Annual amortization rate equivalent to 1% of the advance starting on the first-year up to the eighth-year and tenth-year from drawdown date and equal amortization equivalent to 45.5% of the advance on the ninth-year and upon maturity on July 15, 2032 | July 15, 2021 |  | 3,000 |  |  | — |  |  | — |  |  | 2,923 |  | (2) |  | 2,951 |  | (2)
PLDT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php 4,000 M | June 14, 2021 | RCBC | Annual amortization rate equivalent to 1% of the advance starting on the first-year up to the eighth-year and tenth-year from drawdown date and equal amortization equivalent to 45.5% of the advance on the ninth-year and upon maturity on September 1, 2032 | September 1, 2021 |  | 4,000 |  |  | — |  |  | — |  |  | 3,896 |  | (2) |  | 3,934 |  | (2)
Smart |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php 1,000 M | September 28, 2021 | BDO | Annual amortization rate equivalent to 1% of the advance starting on the first-year up to the ninth-year from the drawdown date and the balance of 91% payable upon maturity on October 15, 2031 | October 15, 2021 |  | 1,000 |  |  | — |  |  | — |  |  | 980 |  |  |  | 990 |  |
Smart |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php 3,000 M | November 17, 2021 | BDO | Annual amortization rate equivalent to 1% of the advance starting on the first-year up to the sixth-year from the drawdown date and the balance of 94% payable upon maturity on November 22, 2028 | November 22, 2021 |  | 3,000 |  |  | — |  |  | — |  |  | 2,924 |  | (2) |  | 2,951 |  | (2)
PLDT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php 1,000 M | November 24, 2021 | BPI | Annual amortization rate equivalent to 1% of the advance starting on the first-year up to the tenth-year anniversary of the drawdown date and the balance payable upon maturity on March 1, 2033 | December 1, 2021 |  | 1,000 |  |  | — |  |  | — |  |  | 980 |  |  |  | 990 |  |
PLDT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php 3,000 M | November 24, 2021 | BPI | Annual amortization rate equivalent to 1% of the advance starting on the first-year up to the tenth-year anniversary of the drawdown date and the balance payable upon maturity on March 17, 2033 | December 17, 2021 |  | 3,000 |  |  | — |  |  | — |  |  | 2,921 |  | (2) |  | 2,949 |  | (2)
PLDT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php 4,000 M | November 24, 2021 | BPI | Annual amortization rate equivalent to 1% of the advance starting on the first-year up to the tenth-year anniversary of the drawdown date and the balance payable upon maturity on March 17, 2033 | December 17, 2021 |  | 4,000 |  |  | — |  |  | — |  |  | 3,895 |  | (2) |  | 3,932 |  | (2)
PLDT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php 2,500 M | December 10, 2021 | LBP | Annual amortization rate equivalent to 1% of the advance starting on the first-year up to the ninth-year anniversary of the drawdown date and the balance payable upon maturity on December 17, 2031 | December 17, 2021 |  | 2,500 |  |  | — |  |  | — |  |  | 2,450 |  |  |  | 2,475 |  |
Smart |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php 3,000 M | December 14, 2021 | DBP | Annual amortization rate equivalent to 1% of the advance starting on the first-year up to the seventh-year from the drawdown date and the balance of 93% payable upon maturity on January 21, 2030 | January 20, 2022 |  | 3,000 |  |  | — |  |  | — |  |  | 2,952 |  | (2) |  | 2,980 |  | (2)
Smart |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php 2,000 M | December 14, 2021 | DBP | Annual amortization rate equivalent to 1% of the advance starting on the first-year up to the eight-year from the drawdown date and the balance of 92% payable upon maturity on January 20, 2031 | January 20, 2022 |  | 2,000 |  |  | — |  |  | — |  |  | 1,980 |  |  |  | 2,000 |  |
|  |  |  |  |  |  |  |  |  |  |  | 25,901 |  |  |  | 26,152 |  |
(2) Amounts are net of unamortized debt discount/premium and/or debt issuance cost.
|  |  |  |  |  | Drawn |  | Cancelled Undrawn |  |  |  | Outstanding Amounts |  |
| Date of Loan |  |  |  |  | Amount |  | Amount |  | Paid in |  | 2023 |  |  | 2022 |  |
Loan Amount | Agreement | Lender(s) | Terms | Dates Drawn |  | Php |  | Php |  | full on |  | Php |  |  | Php |  |
|  |  |  |  |  | (in millions) |  |  |  | (in millions) |  |
PLDT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php 10,000 M | January 31, 2023 | BPI | Annual amortization rate equivalent to 1% of the advance starting on the first-year up to the ninth-year anniversary of the initial drawdown date and the balance payable upon maturity on April 19, 2033 | April 19, 2023 May 26, 2023 |  | 7,500 2,500 |  |  | — |  |  | — |  |  | 9,946 |  | (2) |  | — |  |
PLDT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php 5,500 M | February 27, 2023 | LBP | Annual amortization rate equivalent to 1% of the advance starting on the first-year up to the ninth-year anniversary of the drawdown date and the balance payable upon maturity on April 19, 2033 | April 19, 2023 |  |  | 5,500 |  |  | — |  |  | — |  |  | 5,461 |  | (2) |  | — |  |
ePLDT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php 8,000 M | March 10, 2023 | BPI | Semi-annual amortizations equivalent to 1% of the advance starting on the 1st year up to 5th year after drawdown date, 5% of the advance on the 6th to 9th year after drawdown date, and the balance of 75% payable on maturity date on March 24, 2033 | March 24, 2023 October 27, 2023 |  | 3,000 2,000 |  |  | — |  |  | — |  |  | 4,964 |  | (2) |  | — |  |
PLDT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php 2,000 M | March 22, 2023 | BPI | Annual amortization rate equivalent to 1% of the advance starting on the first-year up to the ninth-year anniversary of the drawdown date and the balance payable upon maturity on August 24, 2033 | August 24, 2023 |  |  | 2,000 |  |  | — |  |  | — |  |  | 2,000 |  |  |  | — |  |
PLDT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php 4,000 M | April 14, 2023 | RCBC | Annual amortization rate equivalent to 1% of the advance starting on the first-year up to the ninth-year anniversary of the drawdown date and the balance payable upon maturity on August 24, 2033 | August 24, 2023 |  |  | 4,000 |  |  | — |  |  | — |  |  | 3,971 |  | (2) |  | — |  |
Smart |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php 10,500 M | May 8, 2023 | CBC | Annual amortization rate equivalent to 1% of the advance starting on the first-year up to the ninth-year anniversary from the initial drawdown date and the balance of 91% payable upon maturity on May 11, 2033 | May 11, 2023 June 2, 2023 June 5, 2023 August 24, 2023 |  | 3,000 2,000 2,000 3,500 |  |  | — |  |  | — |  |  | 10,453 |  | (2) |  | — |  |
PLDT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php 1,000 M | December 13, 2023 | Bank of Commerce | Annual amortization rate equivalent to 1% of the advance starting on the first-year up to the eighth-year anniversary of the drawdown date and the balance payable upon maturity on December 20, 2032 | December 19, 2023 |  |  | 1,000 |  |  | — |  |  | — |  |  | 1,000 |  |  |  | — |  |
PLDT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php 7,500 M | December 21, 2023 | BDO | Annual amortization rate equivalent to 1% of the advance starting on the first-year up to the ninth-year anniversary of the drawdown date and the balance payable upon maturity |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  | — |  |
PLDT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php 2,800 M | February 8, 2024 | Bank of Commerce | Annual amortization rate equivalent to 1% of the advance starting on the first-year up to the ninth-year anniversary of the drawdown date and the balance payable upon maturity |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  | — |  |
Smart |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php 8,500 M | February 27, 2024 | Metrobank | Annual amortization rate equivalent to 1% of the advance starting on the first-year up to the ninth-year anniversary of the drawdown date and the balance payable upon maturity on March 1, 2034 | March 1, 2024 |  |  | 4,000 |  |  | — |  |  | — |  |  | — |  |  |  | — |  |
PLDT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Php 1,000 M | March 6, 2024 | HSBC | Annual amortization rate equivalent to 5% of the advance starting on the first-year up to the fourth-year anniversary of the drawdown date and the balance payable upon maturity |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  | — |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 37,795 |  |  |  | — |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 212,720 |  |  |  | 195,090 |  |
(2) Amounts are net of unamortized debt discount/premium and/or debt issuance cost. U.S. Dollar Fixed Rate Notes PLDT issued on June 30, 2020 a US$300 million 10-year and US$300 million 30-year senior unsecured fixed-rate notes with coupon of 2.50% and 3.45%, respectively. Proceeds from the issuance of these notes have been used to refinance maturing debt obligations, prepay outstanding loans and partially finance capital expenditures. Short-term Debt In March and April 2022, PLDT and Smart availed unsecured short-term debt from various banks amounting to Php 6,000 million and Php 4,000 million, respectively, with an interest rate of 2.60%. In July 2022, PLDT prepaid its outstanding short-term debt amounting to Php 2,000 million. In October 2022, Smart paid its outstanding short-term debt amounting to Php 4,000 million. In November 2022, PLDT and Smart availed unsecured short-term debt amounting to Php 4,000 million and Php 2,000 million, respectively, with an interest rate of 5.16%. In March 2023, PLDT paid its outstanding short-term debt amounting to Php 4,000 million. In October 2023, PLDT and Smart paid their remaining outstanding short-term debt amounting to Php 4,000 million and Php 2,000 million, respectively. As at December 31, 2023 and 2022, PLDT and Smart have an outstanding short-term debt amounting to nil and Php 10,000 million, respectively. Compliance with Debt Covenants PLDT’s debt instruments contain restrictive covenants, including covenants that require us to comply with specified financial ratios tests, such as total debt to EBITDA and interest cover ratio, at relevant measurement dates, principally at the end of each quarterly period. We have complied with all of our maintenance financial ratios as required under our loan covenants and other debt instruments. The principal factors that could negatively affect our ability to comply with these financial ratio covenants and other financial tests are poor operating performance of PLDT and its subsidiaries, depreciation of the Philippine Peso relative to the U.S. Dollar, impairment or similar charges in respect of investments or other long-lived assets that may be recognized by PLDT and its subsidiaries, and increases in our interest expense. Interest expense may increase as a result of various factors including issuance of new debt, the refinancing of lower cost indebtedness by higher cost indebtedness, depreciation of the Philippine Peso relative to the U.S. Dollar, the lowering of PLDT’s credit ratings or the credit ratings of the Philippines, increase in reference interest rates, and general market conditions. Of our total consolidated debts (net of consolidated debt discount), approximately 15% and 17% were denominated in U.S. Dollars as at December 31, 2023 and 2022, respectively. Considering our consolidated outstanding hedges, the unhedged portion of the PLDT’s net debt amounts was approximately 5% (or 5%, net of our consolidated U.S. Dollar cash balances allocated for debt) as at December 31, 2023 and 7% (or 5%, net of our consolidated U.S. Dollar cash balances allocated for debt) as at December 31, 2022. Therefore, the financial ratio and other tests are expected to be negatively affected by any weakening of the Philippine Peso relative to the U.S. Dollar. See Note 27 – Financial Assets and Liabilities – Foreign Currency Exchange Risk. PLDT’s debt instruments contain a number of other negative covenants that, subject to certain exceptions and qualifications, restrict PLDT’s ability to take certain actions without lenders’ approval, including: (a) making or permitting any material change in the character of its business; (b) selling, leasing, transferring or disposing of all or substantially all of its assets or any significant portion thereof other than in the ordinary course of business; (c) creating any lien or security interest; (d) permitting set-off against amounts owed to PLDT; (e) merging or consolidating with any other company; and (f) making or permitting any preference or priority in respect of any other relevant indebtedness of PLDT. PLDT’s debt instruments also contain customary and other default provisions that permit the lender to accelerate amounts due or terminate their commitments to extend additional funds under the debt instruments. These default provisions include: (a) cross-defaults that will be triggered only if the principal amount of the defaulted indebtedness exceeds a threshold amount specified in these debt instruments; (b) failure by PLDT to meet certain financial ratio covenants referred to above; (c) the occurrence of any material adverse change in circumstances that a lender reasonably believes materially impairs PLDT’s ability to perform its obligations under its debt instrument with the lender; (d) the revocation, termination or amendment of any of the permits or franchises of PLDT in any manner unacceptable to the lender; (e) the nationalization or sustained discontinuance of all or a substantial portion of PLDT’s business; and (f) other typical events of default, including the commencement of bankruptcy, insolvency, liquidation or winding up proceedings by PLDT. Smart’s debt instruments contain certain restrictive covenants that require Smart to comply with specified financial ratios and other financial tests at semi-annual measurement dates. Smart’s loan agreements include compliance with financial tests such as Smart’s consolidated debt to consolidated EBITDA and interest coverage ratio. The agreements also contain customary and other default provisions that permit the lender to accelerate amounts due under the loans or terminate their commitments to extend additional funds under the loans. These default provisions include: (a) cross-defaults and cross-accelerations that permit a lender to declare a default if Smart is in default under another loan agreement. These cross-default provisions are triggered upon a payment or other default permitting the acceleration of Smart debt, whether or not the defaulted debt is accelerated; (b) failure by Smart to comply with certain financial ratio covenants; and (c) the occurrence of any material adverse change in circumstances that the lender reasonably believes materially impairs Smart’s ability to perform its obligations or impair the guarantors’ ability to perform their obligations under its loan agreements. The loan agreements with banks (foreign and local alike) and other financial institutions provide for certain restrictions and requirements with respect to, among others, maintenance of percentage of ownership of specific shareholders, incurrence of additional long-term indebtedness or guarantees and creation of property encumbrances. As at December 31, 2023 and 2022, we were in compliance with all of our debt covenants. See Note 27 – Financial Assets and Liabilities – Derivative Financial Instruments.

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