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Financial Assets and Liabilities (Tables) | 12 Months Ended
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Dec. 31, 2023
Disclosure Of Financial Assets And Liabilities [Line Items] |
Summary of Consolidated Financial Assets and Financial Liabilities | The following table sets forth our consolidated financial assets and financial liabilities as at December 31, 2023 and 2022:
|  | Financial instruments at amortized cost |  |  | Financial instruments at FVPL |  |  | Total financial instruments |
|  | (in million pesos) |
Assets as at December 31, 2023 |  |  |  |  |  |  |  |  |
Noncurrent: |  |  |  |  |  |  |  |  |
Financial assets at fair value through profit or loss |  |  | — |  |  |  | 578 |  |  |  | 578 |
Debt instruments at amortized cost – net of current portion |  |  | 395 |  |  |  | — |  |  |  | 395 |
Derivative financial assets – net of current portion |  |  | — |  |  |  | 96 |  |  |  | 96 |
Other financial assets – net of current portion |  |  | 3,481 |  | (1) |  | — |  |  |  | 3,481 |
Current: |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  | 16,177 |  |  |  | — |  |  |  | 16,177 |
Short-term investments |  |  | 122 |  |  |  | 269 |  | (2) |  | 391 |
Trade and other receivables |  |  | 26,086 |  |  |  | — |  |  |  | 26,086 |
Current portion of debt instruments at amortized cost |  |  | 200 |  |  |  | — |  |  |  | 200 |
Current portion of other financial assets |  |  | 320 |  | (1) |  | — |  | (3) |  | 320 |
Total assets |  |  | 46,781 |  |  |  | 943 |  |  |  | 47,724 |
Liabilities as at December 31, 2023 |  |  |  |  |  |  |  |  |
Noncurrent: |  |  |  |  |  |  |  |  |
Interest-bearing financial liabilities – net of current portion |  |  | 243,152 |  |  |  | — |  |  |  | 243,152 |
Lease liabilities – net of current portion |  |  | 41,625 |  |  |  | — |  |  |  | 41,625 |
Derivative financial liabilities – net of current portion |  |  | — |  |  |  | 12 |  |  |  | 12 |
Customers' deposits |  |  | 2,238 |  |  |  | — |  |  |  | 2,238 |
Deferred credits and other noncurrent liabilities |  |  | 229 |  |  |  | — |  |  |  | 229 |
Current: |  |  |  |  |  |  |  |  |
Accounts payable |  |  | 77,050 |  |  |  | — |  |  |  | 77,050 |
Accrued expenses and other current liabilities |  |  | 71,756 |  |  |  | — |  |  |  | 71,756 |
Current portion of interest-bearing financial liabilities |  |  | 11,646 |  |  |  | — |  |  |  | 11,646 |
Current portion of lease liabilities |  |  | 5,921 |  |  |  | — |  |  |  | 5,921 |
Dividends payable |  |  | 1,912 |  |  |  | — |  |  |  | 1,912 |
Current portion of derivative financial liabilities |  |  | — |  |  |  | 1,021 |  |  |  | 1,021 |
Liabilities associated with assets classified as held-for-sale |  |  | 1,779 |  |  |  | — |  |  |  | 1,779 |
Total liabilities |  |  | 457,308 |  |  |  | 1,033 |  |  |  | 458,341 |
Net liabilities |  |  | (410,527 | ) |  |  | (90 | ) |  |  | (410,617 | )
(1) Includes refundable deposits and notes receivables. (2) Includes investments in the funds of Credit Suisse and Julius Baer. In 2021, PLDT withdrew US$6.6 million from the Supply Chain Finance fund of Credit Suisse and impaired the remaining fund value of US$3.4 million. In November 2021, Smart invested US$5.0 million in the Focus Fixed Income Asia Defensive fund of Julius Baer. As at December 31, 2023, the fund’s value amounted to US$4.85 million. (3) Includes RCBC Redemption Trust Account. See Note 19 – Equity – Redemption of Preferred Stock.
|  | Financial instruments at amortized cost |  |  | Financial instruments at FVPL |  |  | Total financial instruments |
|  | (in million pesos) |
Assets as at December 31, 2022 |  |  |  |  |  |  |  |  |
Noncurrent: |  |  |  |  |  |  |  |  |
Financial assets at fair value through profit or loss |  |  | — |  |  |  | 432 |  |  |  | 432 |
Debt instruments at amortized cost – net of current portion |  |  | 596 |  |  |  | — |  |  |  | 596 |
Derivative financial assets – net of current portion |  |  | — |  |  |  | 81 |  |  |  | 81 |
Other financial assets – net of current portion |  |  | 3,489 |  | (1) |  | — |  |  |  | 3,489 |
Current: |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  | 25,211 |  |  |  | — |  |  |  | 25,211 |
Short-term investments |  |  | 129 |  |  |  | 254 |  | (2) |  | 383 |
Trade and other receivables |  |  | 26,255 |  |  |  | — |  |  |  | 26,255 |
Current portion of other financial assets |  |  | 206 |  | (1) |  | — |  | (3) |  | 206 |
Total assets |  |  | 55,886 |  |  |  | 767 |  |  |  | 56,653 |
Liabilities as at December 31, 2022 |  |  |  |  |  |  |  |  |
Noncurrent: |  |  |  |  |  |  |  |  |
Interest-bearing financial liabilities – net of current portion |  |  | 217,288 |  |  |  | — |  |  |  | 217,288 |
Lease liabilities – net of current portion |  |  | 31,958 |  |  |  | — |  |  |  | 31,958 |
Derivative financial liabilities – net of current portion |  |  | — |  |  |  | 190 |  |  |  | 190 |
Customers' deposits |  |  | 2,313 |  |  |  | — |  |  |  | 2,313 |
Deferred credits and other noncurrent liabilities |  |  | 363 |  |  |  | — |  |  |  | 363 |
Current: |  |  |  |  |  |  |  |  |
Accounts payable |  |  | 101,135 |  |  |  | — |  |  |  | 101,135 |
Accrued expenses and other current liabilities |  |  | 74,227 |  |  |  | — |  |  |  | 74,227 |
Current portion of interest-bearing financial liabilities |  |  | 32,292 |  |  |  | — |  |  |  | 32,292 |
Current portion of lease liabilities |  |  | 10,477 |  |  |  | — |  |  |  | 10,477 |
Dividends payable |  |  | 1,821 |  |  |  | — |  |  |  | 1,821 |
Current portion of derivative financial liabilities |  |  | — |  |  |  | 960 |  |  |  | 960 |
Liabilities associated with assets classified as held-for-sale |  |  | 1,738 |  |  |  | — |  |  |  | 1,738 |
Total liabilities |  |  | 473,612 |  |  |  | 1,150 |  |  |  | 474,762 |
Net liabilities |  |  | (417,726 | ) |  |  | (383 | ) |  |  | (418,109 | )
(1) Includes refundable deposits and notes receivables. (2) Includes investments in the funds of Credit Suisse and Julius Baer. PLDT withdrew US$6.6 million from the Supply Chain Finance fund of Credit Suisse in 2021. As at December 31, 2021, the fund’s value is US$3.4 million which was fully impaired as at year-end. In November 2021, Smart invested US$5.0 million in the Focus Fixed Income Asia Defensive fund of Julius Baer. As at December 31, 2022, the fund’s value is US$4.5 million. (3) Includes RCBC Redemption Trust Account. See Note 19 – Equity – Redemption of Preferred Stock.
Summary of Consolidated Offsetting of Financial Assets and Liabilities | The following table sets forth our consolidated offsetting of financial assets and liabilities recognized as at December 31, 2023 and 2022:
|  | Gross amounts of recognized financial assets and liabilities |  |  | Gross amounts of recognized financial assets and liabilities set-off in the consolidated statements of financial position |  |  | Net amount presented in the consolidated statements of financial position |
|  | (in million pesos) |
December 31, 2023 |  |  |  |  |  |  |  |  |
Current Financial Assets |  |  |  |  |  |  |  |  |
Trade and other receivables |  |  |  |  |  |  |  |  |
Foreign administrations |  |  | 4,606 |  |  |  | 3,480 |  |  |  | 1,126 |
Domestic carriers |  |  | 332 |  |  |  | 145 |  |  |  | 187 |
Total |  |  | 4,938 |  |  |  | 3,625 |  |  |  | 1,313 |
Current Financial Liabilities |  |  |  |  |  |  |  |  |
Accounts payable |  |  |  |  |  |  |  |  |
Suppliers and contractors |  |  | 74,542 |  |  |  | 24 |  |  |  | 74,518 |
Carriers and others |  |  | 4,713 |  |  |  | 2,351 |  |  |  | 2,362 |
Total |  |  | 79,255 |  |  |  | 2,375 |  |  |  | 76,880 |
December 31, 2022 |  |  |  |  |  |  |  |  |
Current Financial Assets |  |  |  |  |  |  |  |  |
Trade and other receivables |  |  |  |  |  |  |  |  |
Foreign administrations |  |  | 5,160 |  |  |  | 4,236 |  |  |  | 924 |
Domestic carriers |  |  | 492 |  |  |  | 197 |  |  |  | 295 |
Total |  |  | 5,652 |  |  |  | 4,433 |  |  |  | 1,219 |
Current Financial Liabilities |  |  |  |  |  |  |  |  |
Accounts payable |  |  |  |  |  |  |  |  |
Suppliers and contractors |  |  | 98,700 |  |  |  | 44 |  |  |  | 98,656 |
Carriers and others |  |  | 4,757 |  |  |  | 2,548 |  |  |  | 2,209 |
Total |  |  | 103,457 |  |  |  | 2,592 |  |  |  | 100,865 |
Disclosure Of Carrying Amount And Fair Value Of Financial Instruments Explanatory | The following table sets forth our consolidated carrying values and estimated fair values of our financial assets and liabilities recognized as at December 31, 2023 and 2022 other than those whose carrying amounts are reasonable approximations of fair values:
|  | Carrying Value |  |  | Fair Value |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
|  | (in million pesos) |
Noncurrent Financial Assets |  |  |  |  |  |  |  |  |  |  |  |
Debt instruments at amortized cost |  |  | 395 |  |  |  | 596 |  |  |  | 387 |  |  |  | 573 |
Other financial assets – net of current portion |  |  | 3,481 |  |  |  | 3,489 |  |  |  | 3,184 |  |  |  | 3,278 |
Total |  |  | 3,876 |  |  |  | 4,085 |  |  |  | 3,571 |  |  |  | 3,851 |
Noncurrent Financial Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Interest-bearing financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Long-term debt – net of current portion |  |  | 243,152 |  |  |  | 217,288 |  |  |  | 232,195 |  |  |  | 201,703 |
Customers' deposits |  |  | 2,238 |  |  |  | 2,313 |  |  |  | 1,425 |  |  |  | 1,449 |
Deferred credits and other noncurrent liabilities |  |  | 229 |  |  |  | 363 |  |  |  | 225 |  |  |  | 307 |
Total |  |  | 245,619 |  |  |  | 219,964 |  |  |  | 233,845 |  |  |  | 203,459 |
Summary of Consolidated Financial Assets and Liabilities Carried at Fair Value | Below is the list of our consolidated financial assets and liabilities carried at fair value that are classified using a fair value hierarchy as required for our complete sets of consolidated financial statements as at December 31, 2023 and 2022. This classification provides a reasonable basis to illustrate the nature and extent of risks associated with those financial statements.
|  | 2023 |  |  | 2022 |
|  | Level 1(1) |  |  | Level 2(2) |  |  | Level 3(3) |  |  | Total |  |  | Level 1(1) |  |  | Level 2(2) |  |  | Level 3(3) |  |  | Total |
|  | (in million pesos) |
Noncurrent Financial Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial assets at FVPL |  |  | — |  |  |  | 575 |  |  |  | 3 |  |  |  | 578 |  |  |  | — |  |  |  | 407 |  |  |  | 25 |  |  |  | 432 |
Derivative financial assets – net of current portion |  |  | — |  |  |  | 96 |  |  |  | — |  |  |  | 96 |  |  |  | — |  |  |  | 81 |  |  |  | — |  |  |  | 81 |
Current Financial Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Short-term investments |  |  | — |  |  |  | 269 |  |  |  | — |  |  |  | 269 |  |  |  | — |  |  |  | 254 |  |  |  | — |  |  |  | 254 |
Current portion of derivative financial assets |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | - |
Current portion of other financial assets |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total |  |  | — |  |  |  | 940 |  |  |  | 3 |  |  |  | 943 |  |  |  | — |  |  |  | 742 |  |  |  | 25 |  |  |  | 767 |
Noncurrent Financial Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative financial liabilities – net of current portion |  |  | — |  |  |  | 12 |  |  |  | — |  |  |  | 12 |  |  |  | — |  |  |  | 190 |  |  |  | — |  |  |  | 190 |
Current Financial Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current portion of derivative financial liabilities |  |  | — |  |  |  | 1,021 |  |  |  | — |  |  |  | 1,021 |  |  |  | — |  |  |  | 960 |  |  |  | — |  |  |  | 960 |
Total |  |  | — |  |  |  | 1,033 |  |  |  | — |  |  |  | 1,033 |  |  |  | — |  |  |  | 1,150 |  |  |  | — |  |  |  | 1,150 |
(1) Fair values determined using observable market inputs that reflect quoted prices in active markets for identical assets or liabilities. (2) Fair values determined using inputs other than quoted market prices that are either directly or indirectly observable for the assets or liabilities. (3) Fair values determined using discounted values of future cash flows for the assets or liabilities.
Summary of Derivative Financial Instruments | The table below sets out the information about our consolidated derivative financial instruments as at December 31, 2023 and 2022:
|  |  |  |  |  |  |  |  | 2023 |  |  | 2022 |
| Original Notional Amount | Trade Date | Underlying Transaction in U.S. Dollar | Termination Date | Weighted Average Hedge Cost |  | Weighted Average Foreign Exchange Rate |  | Notional Amount |  | Net Mark-to- market Gains (Losses) in Php |  |  | Notional Amount |  | Net Mark-to- market Gains (Losses) in Php |
| (in millions) |  | (in millions) |  |  |  |  |  | (in millions) |
Transactions not designated as hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
PLDT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Forward foreign exchange contracts | US$396 | Various dates in October to December 2023 | U.S. Dollar Liabilities | Various dates in January to June 2024 |  | — |  | Php 56.557 |  | US$396 |  |  | (448 | ) |  | US$257 |  |  | (353 | )
| US$206 | Various dates in October to December 2023 | U.S. Dollar Liabilities | Various dates in January to June 2024 |  | — |  | Php 56.432 |  |  | — |  |  | — |  |  |  | — |  |  | — |
Forward exchange options capped forward | US$6 | Various dates in October 2021 | U.S. Dollar Liabilities | Various dates in April and May 2022 |  | — |  | Php 50.08 |  |  | — |  |  | — |  |  |  | — |  |  | — |
Foreign exchange options seagull(a) | US$7 | June 10, 2022 | U.S. Dollar Liabilities | January 9, 2023 |  | — |  | Php 52.64 |  |  | — |  |  | — |  |  |  | 7 |  |  | (7 | )
|  |  |  |  |  | — |  | Php 52.96 |  |  | — |  |  | — |  |  |  | — |  |  | — |
|  |  |  |  |  | — |  | Php 54.00 |  |  | — |  |  | — |  |  |  | — |  |  | — |
|  |  |  |  |  |  |  |  |  |  |  | (448 | ) |  |  |  |  | (360 | )
Smart |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Forward foreign exchange contracts | US$449 | Various dates in June 2023 to December 2023 | U.S. Dollar Liabilities | Various dates in January to October 2024 |  | — |  | Php 56.549 |  | US$449 |  |  | (493 | ) |  |  | — |  |  | — |
| US$94 | Various dates in June 2023 to December 2023 | U.S. Dollar Liabilities | Various dates in October 2023 to February 2024 |  | — |  | Php 56.838 |  |  | — |  |  | — |  |  |  | — |  |  | — |
| US$369 | Various dates in July to December 2022 | U.S. Dollar Liabilities | Various dates in January to June 2023 |  | — |  | Php 57.08 |  |  | — |  |  | — |  |  | US$369 |  |  | (481 | )
| US$157 | Various dates in January and February 2023 | U.S. Dollar Liabilitie s | Various dates in February to July 2023 |  | — |  | Php 54.93 |  |  | — |  |  | — |  |  |  | — |  |  | — |
Subsidized forwards(b) | US$52 | Various dates in November 2021 | U.S. Dollar Liabilities | Various dates in April and May 2022 |  | — |  | Php 50.38 Php 51.65 |  |  | — |  |  | — |  |  |  | — |  |  | — |
Foreign exchange options seagull(c) | US$15 | Various dates in June 2023 | U.S. Dollar Liabilities | Various dates in February 2024 |  | — |  | Php 55.94 |  | US$15 |  |  | (1 | ) |  |  | — |  |  | — |
| US$71 | Various dates in June 2022 | U.S. Dollar Liabilities | Various dates in October 2022 to February 2023 |  | — |  | Php 52.82 Php 53.37 Php 54.46 |  |  | — |  |  | — |  |  | US$37 |  |  | (40 | )
|  |  |  |  |  |  |  |  |  |  |  | (494 | ) |  |  |  |  | (521 | )
|  |  |  |  |  |  |  |  |  |  |  | (942 | ) |  |  |  |  | (881 | )
Transactions designated as hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
PLDT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps(d) | US$150 | April and June 2015 | 200 Term Loan | February 25, 2022 | 2.70% |  |  | — |  |  | — |  |  | — |  |  |  | — |  |  | — |
Long-term currency swaps(e) | US$27 | November 2018 to August 2020 | 200 MUFG Bank, Ltd. | February 25, 2022 | 2.15% |  |  | — |  |  | — |  |  | — |  |  |  | — |  |  | — |
Long-term foreign currency options(f) | US$290 | Various dates in July 2020 and February to March 2021 | 300M Notes 2031 | January 23, 2031 | 1.20% |  | Php 49.61 Php 55.28 |  | US$290 |  |  | (87 | ) |  | US$290 |  |  | (265 | )
|  |  |  |  |  |  |  |  |  |  |  | (87 | ) |  |  |  |  | (265 | )
Smart |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-term currency swaps(g) | US$6 | August 2020 | 100 Mizuho | December 7, 2022 | 1.99% |  |  | — |  |  | — |  |  | — |  |  |  | — |  |  | — |
Long-term foreign currency options(h) | US$109 | February to April 2021 | 140 PNB | December 13, 2030 | 1.63% |  | Php 48.00 Php 53.34 |  | US$77 |  |  | 92 |  |  | US$88 |  |  | 77 |
|  |  |  |  |  |  |  |  |  |  |  | 92 |  |  |  |  |  | 77 |
|  |  |  |  |  |  |  |  |  |  |  | 5 |  |  |  |  |  | (188 | )
|  |  |  |  |  |  |  |  |  |  |  | (937 | ) |  |  |  |  | (1,069 | )
If the Philippine Peso to U.S. dollar spot exchange rate on fixing date settles between Php 52.96 to Php 54.00, PLDT will purchase the U.S. Dollar for Php 52.96. However, if on maturity, the exchange rate settles above Php 54.00, PLDT will purchase the U.S. Dollar for Php52.96 plus the excess above Php 54.00, and if the exchange rate is lower than Php 52.96, PLDT will purchase the U.S. Dollar at the prevailing Philippine peso to U.S. Dollar spot exchange rate, subject to a floor of Php 52.64 (b) If the Philippine Peso to U.S. Dollar spot exchange rate on fixing date settles above Php 51.65, Smart will purchase the U.S. Dollar for Php50.38 plus the excess above Php 51.65, and if the exchange rate is at or lower than Php 51.65, Smart will purchase the U.S. Dollar at Php 50.38. (c) If the Philippine Peso to U.S. Dollar spot exchange rate on fixing date settles between Php 55.85 to Php 56.87, Smart will purchase the U.S. Dollar for Php 55.85. However, if on maturity, the exchange rate settles above Php 56.87, Smart will purchase the U.S. Dollar for Php55.85 plus the excess above Php 56.87, and if the exchange rate is lower than Php 55.85, Smart will purchase the U.S. Dollar at the prevailing Philippine Peso to U.S. Dollar spot exchange rate, subject to a floor of Php 55.17. (d) PLDT’s interest rate swap agreements, which matured on February 25, 2022, were designated as cash flow hedges, wherein the effective portion of the movements in fair value is recognized in our consolidated statements of other comprehensive income, while any ineffective portion is recognized immediately in our consolidated income statements. There were no ineffective portion in the fair value recognized in our consolidated income statements for the years ended December 31, 2021. (e) PLDT’s long-term principal only-currency swap agreements, which matured on February 25, 2022, were designated as cash flow hedges, wherein effective portion of the movements in the fair value is recognized in our consolidated statements of other comprehensive income, while any ineffective portion is recognized immediately in our consolidated income statements. The amounts recognized as other comprehensive income are transferred to profit or loss when the hedged loan is revalued for changes in the foreign exchange rate. The hedge cost portion of the movements in the fair value amounting Php 0.5 million was recognized in our consolidated income statements for the year ended December 31, 2021. (f) PLDT’s long-term foreign currency option agreements outstanding as at December 31, 2023 and 2022 were designated as cash flow hedges, wherein the effective portion of the movements in fair value is recognized in our consolidated statements of other comprehensive income, while any ineffective portion is recognized immediately in our consolidated income statements. Settlement of the foreign currency option agreements will depend on the spot exchange rate on the fixing date. If the Philippine peso to U.S. dollar spot exchange rate on fixing date is between Php 49.61 and Php 55.28, PLDT will purchase the U.S. dollar at Php 49.61. However, if on fixing date, the exchange rate is beyond Php 55.28, PLDT will purchase the U.S. dollar at the prevailing Philippine peso to U.S. dollar spot exchange rate minus a subsidy of Php 5.67, and if the exchange rate is lower than Php 49.61, PLDT will purchase the U.S. dollar at the prevailing Philippine peso to U.S. dollar spot exchange rate. The mark-to-market losses amounting to Php 119 million and Php 190 million were recognized in our consolidated statement of other comprehensive income as at December 31, 2023 and 2022, respectively. Hedge cost accrual on the long-term foreign currency option agreements amounting to Php 32 million and Php 75 million was recognized as at December 31, 2023 and 2022, respectively. The intrinsic value of the long-term foreign currency options recognized as other comprehensive income are transferred to profit or loss when the hedged loan is revalued for changes in the foreign exchange rate. The hedge cost portion of the movements in the fair value amounting to Php 39 million, Php 4 million and Php 89 million were recognized in our consolidated income statements for the years ended December 31, 2023, 2022 and 2021, respectively. (g) Smart’s long-term principal only-currency swap agreements, which matured on December 7, 2022, were designated as cash flow hedges, wherein the effective portion of the movements in fair value is recognized in our consolidated statements of other comprehensive income, while any ineffective portion is recognized immediately in our consolidated income statements. The amounts recognized as other comprehensive income are transferred to profit or loss when the hedged loan is revalued for changes in the foreign exchange rate. The hedge cost portions of the movements in the fair value amounting to Php 309 thousand was recognized in our consolidated income statements for the year ended December 31, 2021. (h) Smart’s long-term foreign currency option agreements outstanding as at December 31, 2023 and 2022 were designated as cash flow hedges, wherein the effective portion of the movements in fair value is recognized in our consolidated statements of other comprehensive income, while any ineffective portion is recognized immediately in our consolidated income statements. Settlement of the foreign currency option agreements will depend on the spot exchange rate on the fixing date. If the Philippine Peso to U.S. Dollar spot exchange rate on fixing date is between Php 48.00 and Php 53.34, Smart will purchase the U.S. Dollar at Php 48.00. However, if on fixing date the exchange rate is beyond Php 53.34, Smart will purchase the U.S. Dollar at the prevailing Philippine Peso to U.S. Dollar spot exchange rate minus a subsidy of Php 5.34, and if the exchange rate is lower than Php 48.00, Smart will purchase the U.S. Dollar at the prevailing Philippine Peso to U.S. Dollar spot exchange rate. The mark-to-market gains amounting to Php 96 million and Php 81 million were recognized in our consolidated statement of other comprehensive income as at December 31, 2023 and 2022, respectively. Hedge cost accrual on the long-term foreign currency option agreements amounting to Php 3 million each was recognized as at December 31, 2023 and 2022. The intrinsic value of the long-term foreign currency options recognized as other comprehensive income are transferred to profit or loss when the hedged loan is revalued for changes in the foreign exchange rate. The hedge cost portion of the movements in the fair value amounting to Php 12 million and Php 5 million were recognized in our consolidated income statements for the years ended December 31, 2023 and 2022, respectively.
Summary of Derivative Financial Instruments by Classification | Our derivative financial instruments as at December 31, 2023 and 2022 are presented in the statements of financial position as follows:
|  | 2023 |  |  | 2022 |
|  | (in million pesos) |
Noncurrent assets |  |  | 96 |  |  |  | 81 |
Noncurrent liabilities (Note 28) |  |  | (12 | ) |  |  | (190 | )
Current liabilities (Note 28) |  |  | (1,021 | ) |  |  | (960 | )
Net liabilities |  |  | (937 | ) |  |  | (1,069 | )
Summary of Movements of Consolidated Mark-to-Market Losses | Movements of our consolidated mark-to-market gains (losses) for the years ended December 31, 2023 and 2022 are summarized as follows:
|  | 2023 |  |  | 2022 |
|  | (in million pesos) |
Net mark-to-market losses at beginning of the year |  |  | (1,069 | ) |  |  | (74 | )
Gains on derivative financial instruments (Note 4) |  |  | 1,436 |  |  |  | 2,572 |
Settlements and interest expense |  |  | 607 |  |  |  | 1,135 |
Effective portion recognized in the profit or loss for the cash flow hedges |  |  | (66 | ) |  |  | (77 | )
Net fair value losses on cash flow hedges charged to other comprehensive income |  |  | (1,674 | ) |  |  | (3,228 | )
Others |  |  | (171 | ) |  |  | (1,397 | )
Net mark-to-market losses at end of the year |  |  | (937 | ) |  |  | (1,069 | )
Disclosure Of Gains (Losses) On Derivative Financial Instruments Explanatory | Our consolidated analysis of gains on derivative financial instruments for the years ended December 31, 2023, 2022 and 2021 are as follows:
|  | 2023 |  |  | 2022 |  |  | 2021 |
|  |  |  | (in million pesos) |  |
Gains (losses) on derivative financial instruments (Note 4) |  |  | 1,436 |  |  |  | 2,572 |  |  |  | 1,651 |
Hedge costs |  |  | (238 | ) |  |  | (250 | ) |  |  | (251 | )
Net gains (losses) on derivative financial instruments (Notes 4 and 5) |  |  | 1,198 |  |  |  | 2,322 |  |  |  | 1,400 |
Summary of Maturity Profile of Financial Assets Based on Consolidated Undiscounted Claims Outstanding | The following table summarizes the maturity profile of our financial assets based on our consolidated undiscounted claims outstanding as at December 31, 2023 and 2022:
|  | Total |  |  | Less than 1 year |  |  | 1-3 years |  |  | 3-5 years |  |  | More than 5 years |
|  | (in million pesos) |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial instruments at amortized cost: |  |  | 54,271 |  |  |  | 50,127 |  |  |  | 3,530 |  |  |  | 412 |  |  |  | 202 |
Debt instruments at amortized cost |  |  | 595 |  |  |  | 200 |  |  |  | 45 |  |  |  | 340 |  |  |  | 10 |
Other financial assets |  |  | 4,069 |  |  |  | 320 |  |  |  | 3,485 |  |  |  | 72 |  |  |  | 192 |
Temporary cash investments |  |  | 6,184 |  |  |  | 6,184 |  |  |  | — |  |  |  | — |  |  |  | — |
Short-term investments |  |  | 122 |  |  |  | 122 |  |  |  | — |  |  |  | — |  |  |  | — |
Retail subscribers |  |  | 19,894 |  |  |  | 19,894 |  |  |  | — |  |  |  | — |  |  |  | — |
Corporate subscribers |  |  | 15,934 |  |  |  | 15,934 |  |  |  | — |  |  |  | — |  |  |  | — |
Foreign administrations |  |  | 1,250 |  |  |  | 1,250 |  |  |  | — |  |  |  | — |  |  |  | — |
Domestic carriers |  |  | 188 |  |  |  | 188 |  |  |  | — |  |  |  | — |  |  |  | — |
Dealers, agents and others |  |  | 6,035 |  |  |  | 6,035 |  |  |  | — |  |  |  | — |  |  |  | — |
Financial instruments at FVPL: |  |  | 1,021 |  |  |  | 443 |  |  |  | — |  |  |  | — |  |  |  | 578 |
Financial assets at fair value through profit or loss |  |  | 578 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 578 |
Short-term investments |  |  | 443 |  |  |  | 443 |  |  |  | — |  |  |  | — |  |  |  | — |
Total |  |  | 55,292 |  |  |  | 50,570 |  |  |  | 3,530 |  |  |  | 412 |  |  |  | 780 |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial instruments at amortized cost: |  |  | 53,604 |  |  |  | 48,929 |  |  |  | 3,740 |  |  |  | 852 |  |  |  | 83 |
Debt instruments at amortized cost |  |  | 596 |  |  |  | — |  |  |  | 225 |  |  |  | 361 |  |  |  | 10 |
Other financial assets |  |  | 4,285 |  |  |  | 206 |  |  |  | 3,515 |  |  |  | 491 |  |  |  | 73 |
Temporary cash investments |  |  | 8,678 |  |  |  | 8,678 |  |  |  | — |  |  |  | — |  |  |  | — |
Short-term investments |  |  | 129 |  |  |  | 129 |  |  |  | — |  |  |  | — |  |  |  | — |
Retail subscribers |  |  | 17,216 |  |  |  | 17,216 |  |  |  | — |  |  |  | — |  |  |  | — |
Corporate subscribers |  |  | 15,151 |  |  |  | 15,151 |  |  |  | — |  |  |  | — |  |  |  | — |
Foreign administrations |  |  | 1,058 |  |  |  | 1,058 |  |  |  | — |  |  |  | — |  |  |  | — |
Domestic carriers |  |  | 296 |  |  |  | 296 |  |  |  | — |  |  |  | — |  |  |  | — |
Dealers, agents and others |  |  | 6,195 |  |  |  | 6,195 |  |  |  | — |  |  |  | — |  |  |  | — |
Financial instruments at FVPL: |  |  | 860 |  |  |  | 428 |  |  |  | — |  |  |  | — |  |  |  | 432 |
Financial assets at fair value through profit or loss |  |  | 432 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 432 |
Short-term investments |  |  | 428 |  |  |  | 428 |  |  |  | — |  |  |  | — |  |  |  | — |
Total |  |  | 54,464 |  |  |  | 49,357 |  |  |  | 3,740 |  |  |  | 852 |  |  |  | 515 |
Summary of Maturity Profile of Financial Liabilities Based on Consolidated Contractual Undiscounted Obligations Outstanding | The following table summarizes the maturity profile of our financial liabilities based on our consolidated contractual undiscounted obligations outstanding as at December 31, 2023 and 2022:
|  | Payments Due by Period |
|  | Total |  |  | Less than 1 year |  |  | 1-3 years |  |  | 3-5 years |  |  | More than 5 years |
|  | (in million pesos) |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt(1): |  |  | 341,848 |  |  |  | 7,430 |  |  |  | 77,131 |  |  |  | 65,342 |  |  |  | 191,945 |
Principal |  |  | 256,927 |  |  |  | 7,250 |  |  |  | 43,292 |  |  |  | 47,648 |  |  |  | 158,737 |
Interest |  |  | 84,921 |  |  |  | 180 |  |  |  | 33,839 |  |  |  | 17,694 |  |  |  | 33,208 |
Lease obligations |  |  | 151,905 |  |  |  | 36,287 |  |  |  | 49,856 |  |  |  | 36,924 |  |  |  | 28,838 |
Various trade and other obligations: |  |  | 151,062 |  |  |  | 148,560 |  |  |  | 427 |  |  |  | 28 |  |  |  | 2,047 |
Suppliers and contractors |  |  | 74,716 |  |  |  | 74,518 |  |  |  | 194 |  |  |  | 4 |  |  |  | — |
Utilities and related expenses |  |  | 61,079 |  |  |  | 61,044 |  |  |  | 35 |  |  |  | — |  |  |  | — |
Carriers and others |  |  | 2,362 |  |  |  | 2,362 |  |  |  | — |  |  |  | — |  |  |  | — |
Employee benefits |  |  | 5,510 |  |  |  | 5,510 |  |  |  | — |  |  |  | — |  |  |  | — |
Customer deposits |  |  | 2,238 |  |  |  | — |  |  |  | 167 |  |  |  | 24 |  |  |  | 2,047 |
Dividends |  |  | 1,912 |  |  |  | 1,912 |  |  |  | — |  |  |  | — |  |  |  | — |
Others |  |  | 3,245 |  |  |  | 3,214 |  |  |  | 31 |  |  |  | — |  |  |  | — |
Total contractual obligations |  |  | 644,815 |  |  |  | 192,277 |  |  |  | 127,414 |  |  |  | 102,294 |  |  |  | 222,830 |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt(1): |  |  | 320,907 |  |  |  | 30,001 |  |  |  | 65,159 |  |  |  | 55,632 |  |  |  | 170,115 |
Principal |  |  | 251,859 |  |  |  | 29,203 |  |  |  | 37,885 |  |  |  | 41,593 |  |  |  | 143,178 |
Interest |  |  | 69,048 |  |  |  | 798 |  |  |  | 27,274 |  |  |  | 14,039 |  |  |  | 26,937 |
Lease obligations |  |  | 62,216 |  |  |  | 14,658 |  |  |  | 13,504 |  |  |  | 10,591 |  |  |  | 23,463 |
Various trade and other obligations: |  |  | 178,246 |  |  |  | 175,566 |  |  |  | 610 |  |  |  | 38 |  |  |  | 2,032 |
Suppliers and contractors |  |  | 98,972 |  |  |  | 98,656 |  |  |  | 307 |  |  |  | 9 |  |  |  | — |
Utilities and related expenses |  |  | 63,613 |  |  |  | 63,609 |  |  |  | 4 |  |  |  | — |  |  |  | — |
Carriers and others |  |  | 2,209 |  |  |  | 2,209 |  |  |  | — |  |  |  | — |  |  |  | — |
Customers’ deposits |  |  | 2,313 |  |  |  | — |  |  |  | 252 |  |  |  | 29 |  |  |  | 2,032 |
Employee benefits |  |  | 6,615 |  |  |  | 6,615 |  |  |  | — |  |  |  | — |  |  |  | — |
Dividends |  |  | 1,821 |  |  |  | 1,821 |  |  |  | — |  |  |  | — |  |  |  | — |
Others |  |  | 2,703 |  |  |  | 2,656 |  |  |  | 47 |  |  |  | — |  |  |  | — |
Total contractual obligations |  |  | 561,369 |  |  |  | 220,225 |  |  |  | 79,273 |  |  |  | 66,261 |  |  |  | 195,610 |
(1) Consists of long-term and short-term debts, including current portion, gross of unamortized debt discount/premium and debt issuance costs.
Summary of Future Minimum Lease Commitments Payable with Non-cancellable Operating Leases | Our consolidated future minimum lease commitments payable with non-cancellable leases as at December 31, 2023 and 2022 are as follows:
|  | 2023 |  |  | 2022 |
|  | (in million pesos) |
Within one year |  |  | 36,287 |  |  |  | 14,658 |
After one year but not more than five years |  |  | 86,780 |  |  |  | 24,095 |
More than five years |  |  | 28,838 |  |  |  | 23,463 |
Total |  |  | 151,905 |  |  |  | 62,216 |
Summary of Impact of Hedging Instruments | The impact of the hedging instruments on our consolidated statements of financial position as at December 31, 2023 and 2022 are as follows:
|  | Notional Amount |  |  | Carrying Amount |  |  | Line item in our Consolidated Statements
|  | (U.S. Dollar) |  |  | (Php) |  |  | of Financial Position
|  | (in million pesos) |  |  |
December 31, 2023 |  |  |  |  |  |  |  |
Long-term foreign currency options |  |  | 367 |  |  |  | 96 |  |  | Derivative financial assets – net of current portion
|  |  | — |  |  |  | (12 | ) |  | Derivative financial liabilities – net of current portion
|  |  | 367 |  |  |  | 84 |  |  |
December 31, 2022 |  |  |  |  |  |  |  |
Long-term foreign currency options |  |  | 378 |  |  |  | 81 |  |  | Derivative financial assets – net of current portion
|  |  | — |  |  |  | (190 | ) |  | Derivative financial liabilities – net of current portion
|  |  | 378 |  |  |  | (109 | ) |  |
Summary of Impact of Hedging Items on Consolidated Statements of Financial Position | The impact of the hedged items on our consolidated statements of financial position as at December 31, 2023 and 2022 are as follows:
|  | 2023 |  |  | 2022 |
|  | Cash flow hedge reserve |  |  | Cost of hedging reserve |  |  | Cash flow hedge reserve |  |  | Cost of hedging reserve |
| (in million pesos) |
PLDT: |  |  |  |  |  |  |  |  |  |  |  |
US$300M Notes 2031 |  |  | (4,546 | ) |  |  | 75 |  |  |  | (3,288 | ) |  |  | 75 |
|  |  | (4,546 | ) |  |  | 75 |  |  |  | (3,288 | ) |  |  | 75 |
Smart: |  |  |  |  |  |  |  |  |  |  |  |
US$140M PNB |  |  | (1,599 | ) |  |  | 3 |  |  |  | (1,182 | ) |  |  | 3 |
|  |  | (1,599 | ) |  |  | 3 |  |  |  | (1,182 | ) |  |  | 3 |
Summary of Effect of the Cash Flow Hedge in Consolidated Statements of Financial Position and Statements of Other Comprehensive Income | The effect of the cash flow hedge on our consolidated statements of financial position as at December 31, 2023 and 2022 are as follows:
|  | Total hedging loss recognized in OCI |  |  | Line item in our Consolidated Statements of Financial Position
|  | (in million pesos) |  |  |
December 31, 2023 |  |  |  |  |
Long-term foreign currency options |  |  | (6,145 | ) |  | Other comprehensive loss
|  |  | (6,145 | ) |  |
December 31, 2022 |  |  |  |  |
Long-term foreign currency options |  |  | (4,470 | ) |  | Other comprehensive loss
|  |  | (4,470 | ) |  |
Summary of Market Risk | The following table shows our consolidated foreign currency-denominated monetary financial assets and liabilities and their Philippine Peso equivalents as at December 31, 2023 and 2022:
|  | 2023 |  |  | 2022 |
|  | U.S. Dollar |  |  | Php(1) |  |  | U.S. Dollar |  |  | Php(2) |
|  | (in millions) |
Noncurrent Financial Assets |  |  |  |  |  |  |  |  |  |  |  |
Derivative financial assets – net of current portion |  |  | 2 |  |  |  | 96 |  |  |  | 1 |  |  |  | 81 |
Other financial assets – net of current portion |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1 |
Total noncurrent financial assets |  |  | 2 |  |  |  | 96 |  |  |  | 1 |  |  |  | 82 |
Current Financial Assets |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  | 76 |  |  |  | 4,232 |  |  |  | 287 |  |  |  | 16,002 |
Short-term investments |  |  | 5 |  |  |  | 269 |  |  |  | 5 |  |  |  | 254 |
Trade and other receivables – net |  |  | 115 |  |  |  | 6,411 |  |  |  | 132 |  |  |  | 7,385 |
Current portion of other financial assets |  |  | — |  |  |  | 12 |  |  |  | — |  |  |  | 12 |
Total current financial assets |  |  | 196 |  |  |  | 10,924 |  |  |  | 424 |  |  |  | 23,653 |
Total Financial Assets |  |  | 198 |  |  |  | 11,020 |  |  |  | 425 |  |  |  | 23,735 |
Noncurrent Financial Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Interest-bearing financial liabilities – net of current portion |  |  | 681 |  |  |  | 37,719 |  |  |  | 719 |  |  |  | 40,153 |
Derivative financial liabilities – net of current portion |  |  | — |  |  |  | 12 |  |  |  | 3 |  |  |  | 190 |
Other noncurrent liabilities |  |  | — |  |  |  | 27 |  |  |  | — |  |  |  | 27 |
Total noncurrent financial liabilities |  |  | 681 |  |  |  | 37,758 |  |  |  | 722 |  |  |  | 40,370 |
Current Financial Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable |  |  | 1,314 |  |  |  | 72,797 |  |  |  | 1,339 |  |  |  | 74,720 |
Accrued expenses and other current liabilities |  |  | 207 |  |  |  | 11,481 |  |  |  | 218 |  |  |  | 12,184 |
Current portion of interest-bearing financial liabilities |  |  | 39 |  |  |  | 2,149 |  |  |  | 39 |  |  |  | 2,165 |
Current portion of derivative financial liabilities |  |  | 18 |  |  |  | 1,021 |  |  |  | 17 |  |  |  | 960 |
Total current financial liabilities |  |  | 1,578 |  |  |  | 87,448 |  |  |  | 1,613 |  |  |  | 90,029 |
Total Financial Liabilities |  |  | 2,259 |  |  |  | 125,206 |  |  |  | 2,335 |  |  |  | 130,399 |
(1) The exchange rate used to convert the U.S. Dollar amounts into Philippine Peso was Php 55.42 to US$1.00, the Philippine Peso-U.S. Dollar exchange rate as quoted through the Bankers Association of the Philippines, or BAP, as at December 31, 2023. (2) The exchange rate used to convert the U.S. Dollar amounts into Philippine Peso was Php 55.82 to US$1.00, the Philippine Peso-U.S. Dollar exchange rate as quoted through the BAP as at December 31, 2022.
Summary of Trade and Other Receivables | As at December 31, 2023 and 2022, this account consists of receivables from:
|  | 2023 |  |  | 2022 |
|  | (in million pesos) |
Retail subscribers (Note 27) |  |  | 19,894 |  |  |  | 17,216 |
Corporate subscribers (Note 27) |  |  | 15,934 |  |  |  | 15,151 |
Foreign administrations (Note 27) |  |  | 1,250 |  |  |  | 1,058 |
Domestic carriers (Note 27) |  |  | 188 |  |  |  | 296 |
Dealers, agents and others (Note 27) |  |  | 6,035 |  |  |  | 6,195 |
|  |  | 43,301 |  |  |  | 39,916 |
Less: Allowance for expected credit losses |  |  | 17,215 |  |  |  | 13,661 |
|  |  | 26,086 |  |  |  | 26,255 |
The gross carrying amount of financial assets not subject to impairment also represents our maximum exposure to credit risk as at December 31, 2023 and 2022 are as follows:
|  | 2023 |  |  | 2022 |
|  | (in million pesos) |
Financial assets at fair value through profit or loss |  |  | 578 |  |  |  | 432 |
Derivative financial assets – net of current portion |  |  | 96 |  |  |  | 81 |
Short-term investments |  |  | 269 |  |  |  | 254 |
Total |  |  | 943 |  |  |  | 767 |
Summary of Maximum Exposure to Credit Risk of Financial Assets Subject to Impairment | For financial assets recognized on our consolidated statements of financial position as at December 31, 2023 and 2022, the gross exposure to credit risk equal their carrying amount. For financial guarantees granted, the maximum exposure to credit risk is the maximum amount that we would have to pay if the guarantees are called upon. For loan commitments and other credit related commitments that are irrevocable over the life of the respective facilities, the maximum exposure to credit risk is the full amount of the committed facilities.
|  | December 31, 2023 |
|  | Stage 1 12-Month ECL |  |  | Stage 2 Lifetime ECL |  |  | Stage 3 Lifetime ECL |  |  | Total |
|  | (in million pesos) |
High grade |  |  | 20,424 |  |  |  | 11,070 |  |  |  | — |  |  |  | 31,494 |
Standard grade |  |  | 271 |  |  |  | 3,683 |  |  |  | — |  |  |  | 3,954 |
Substandard grade |  |  | — |  |  |  | 11,333 |  |  |  | — |  |  |  | 11,333 |
Default |  |  | 442 |  |  |  | 4,190 |  |  |  | 13,025 |  |  |  | 17,657 |
Gross carrying amount |  |  | 21,137 |  |  |  | 30,276 |  |  |  | 13,025 |  |  |  | 64,438 |
Less allowance |  |  | 442 |  |  |  | 4,190 |  |  |  | 13,025 |  |  |  | 17,657 |
Carrying amount |  |  | 20,695 |  |  |  | 26,086 |  |  |  | — |  |  |  | 46,781 |
|  | December 31, 2022 |
|  | Stage 1 12-Month ECL |  |  | Stage 2 Lifetime ECL |  |  | Stage 3 Lifetime ECL |  |  | Total |
|  | (in million pesos) |
High grade |  |  | 29,328 |  |  |  | 12,380 |  |  |  | — |  |  |  | 41,708 |
Standard grade |  |  | 303 |  |  |  | 4,445 |  |  |  | — |  |  |  | 4,748 |
Substandard grade |  |  | — |  |  |  | 9,430 |  |  |  | — |  |  |  | 9,430 |
Default |  |  | 764 |  |  |  | 4,236 |  |  |  | 9,425 |  |  |  | 14,425 |
Gross carrying amount |  |  | 30,395 |  |  |  | 30,491 |  |  |  | 9,425 |  |  |  | 70,311 |
Less allowance |  |  | 764 |  |  |  | 4,236 |  |  |  | 9,425 |  |  |  | 14,425 |
Carrying amount |  |  | 29,631 |  |  |  | 26,255 |  |  |  | — |  |  |  | 55,886 |
Summary of Maximum Exposure to Credit Risk | An analysis of the maximum exposure to credit risk for the components of our consolidated statements of financial position, including derivative financial instruments as at December 31, 2023 and 2022:
|  | 2023 |
|  | Gross Maximum Exposure |  |  | Collateral and Other Credit Enhancements* |  |  | Net Maximum Exposure |
|  | (in million pesos) |
Financial instruments at amortized cost: |  |  | 46,781 |  |  |  | 521 |  |  |  | 46,260 |
Debt instruments at amortized cost |  |  | 595 |  |  |  | — |  |  |  | 595 |
Other financial assets |  |  | 3,801 |  |  |  | — |  |  |  | 3,801 |
Cash and cash equivalents |  |  | 16,177 |  |  |  | 146 |  |  |  | 16,031 |
Short-term investments |  |  | 122 |  |  |  | — |  |  |  | 122 |
Corporate subscribers |  |  | 9,988 |  |  |  | 338 |  |  |  | 9,650 |
Retail subscribers |  |  | 10,196 |  |  |  | 37 |  |  |  | 10,159 |
Foreign administrations |  |  | 1,126 |  |  |  | — |  |  |  | 1,126 |
Domestic carriers |  |  | 187 |  |  |  | — |  |  |  | 187 |
Dealers, agents and others |  |  | 4,589 |  |  |  | — |  |  |  | 4,589 |
Financial instruments at FVPL: |  |  | 943 |  |  |  | — |  |  |  | 943 |
Financial assets at FVPL |  |  | 578 |  |  |  | — |  |  |  | 578 |
Long-term foreign currency options |  |  | 96 |  |  |  | — |  |  |  | 96 |
Short-term investments |  |  | 269 |  |  |  | — |  |  |  | 269 |
Total |  |  | 47,724 |  |  |  | 521 |  |  |  | 47,203 |
* Includes bank insurance, security deposits and customer deposits. We have no collateral held as at December 31, 2023.
|  | 2022 |
|  | Gross Maximum Exposure |  |  | Collateral and Other Credit Enhancements* |  |  | Net Maximum Exposure |
|  | (in million pesos) |
Financial instruments at amortized cost: |  |  | 55,886 |  |  |  | 505 |  |  |  | 55,381 |
Debt instruments at amortized cost |  |  | 596 |  |  |  | — |  |  |  | 596 |
Other financial assets |  |  | 3,695 |  |  |  | — |  |  |  | 3,695 |
Cash and cash equivalents |  |  | 25,211 |  |  |  | 105 |  |  |  | 25,106 |
Short-term investments |  |  | 129 |  |  |  | — |  |  |  | 129 |
Retail subscribers |  |  | 10,327 |  |  |  | 46 |  |  |  | 10,281 |
Corporate subscribers |  |  | 10,052 |  |  |  | 354 |  |  |  | 9,698 |
Foreign administrations |  |  | 924 |  |  |  | — |  |  |  | 924 |
Domestic carriers |  |  | 295 |  |  |  | — |  |  |  | 295 |
Dealers, agents and others |  |  | 4,657 |  |  |  | — |  |  |  | 4,657 |
Financial instruments at FVPL: |  |  | 767 |  |  |  | — |  |  |  | 767 |
Financial assets at FVPL |  |  | 432 |  |  |  | — |  |  |  | 432 |
Long-term foreign currency options |  |  | 81 |  |  |  | — |  |  |  | 81 |
Short-term investments |  |  | 254 |  |  |  | — |  |  |  | 254 |
Total |  |  | 56,653 |  |  |  | 505 |  |  |  | 56,148 |
* Includes bank insurance, security deposits and customer deposits. We have no collateral held as at December 31, 2022.
Summary of Information Regarding Credit Quality by Class of Financial Assets | The table below provides information regarding the credit quality by class of our financial assets according to our credit ratings of counterparties as at December 31, 2023 and 2022:
|  |  |  |  | Neither past due nor credit impaired |  |  | Past due but not |  |  |  |
|  | Total |  |  | Class A(1) |  |  | Class B(2) |  |  | credit impaired |  |  | Impaired |
|  | (in million pesos) |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial instruments at amortized cost: |  |  | 64,264 |  |  |  | 31,494 |  |  |  | 3,954 |  |  |  | 11,333 |  |  |  | 17,483 |
Debt instruments at amortized cost |  |  | 595 |  |  |  | 595 |  |  |  | — |  |  |  | — |  |  |  | — |
Other financial assets |  |  | 4,069 |  |  |  | 3,800 |  |  |  | 1 |  |  |  | — |  |  |  | 268 |
Cash and cash equivalents |  |  | 16,177 |  |  |  | 15,907 |  |  |  | 270 |  |  |  | — |  |  |  | — |
Short-term investments |  |  | 122 |  |  |  | 122 |  |  |  | — |  |  |  | — |  |  |  | — |
Retail subscribers |  |  | 19,894 |  |  |  | 8,083 |  |  |  | 266 |  |  |  | 1,847 |  |  |  | 9,698 |
Corporate subscribers |  |  | 15,934 |  |  |  | 2,341 |  |  |  | 1,390 |  |  |  | 6,257 |  |  |  | 5,946 |
Foreign administrations |  |  | 1,250 |  |  |  | 90 |  |  |  | 529 |  |  |  | 507 |  |  |  | 124 |
Domestic carriers |  |  | 188 |  |  |  | 1 |  |  |  | 92 |  |  |  | 94 |  |  |  | 1 |
Dealers, agents and others |  |  | 6,035 |  |  |  | 555 |  |  |  | 1,406 |  |  |  | 2,628 |  |  |  | 1,446 |
Financial instruments at FVPL: |  |  | 1,117 |  |  |  | 701 |  |  |  | 242 |  |  |  | — |  |  |  | 174 |
Financial assets at FVPL |  |  | 578 |  |  |  | 336 |  |  |  | 242 |  |  |  | — |  |  |  | — |
Long-term foreign currency options |  |  | 96 |  |  |  | 96 |  |  |  | — |  |  |  | — |  |  |  | — |
Short-term investments |  |  | 443 |  |  |  | 269 |  |  |  | — |  |  |  | — |  |  |  | 174 |
Total |  |  | 65,381 |  |  |  | 32,195 |  |  |  | 4,196 |  |  |  | 11,333 |  |  |  | 17,657 |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial instruments at amortized cost: |  |  | 70,137 |  |  |  | 41,708 |  |  |  | 4,748 |  |  |  | 9,430 |  |  |  | 14,251 |
Debt instruments at amortized cost |  |  | 596 |  |  |  | 596 |  |  |  | — |  |  |  | — |  |  |  | — |
Other financial assets |  |  | 4,285 |  |  |  | 3,694 |  |  |  | 1 |  |  |  | — |  |  |  | 590 |
Cash and cash equivalents |  |  | 25,211 |  |  |  | 24,909 |  |  |  | 302 |  |  |  | — |  |  |  | — |
Short-term investments |  |  | 129 |  |  |  | 129 |  |  |  | — |  |  |  | — |  |  |  | — |
Retail subscribers |  |  | 17,216 |  |  |  | 7,782 |  |  |  | 458 |  |  |  | 2,087 |  |  |  | 6,889 |
Corporate subscribers |  |  | 15,151 |  |  |  | 3,959 |  |  |  | 1,543 |  |  |  | 4,550 |  |  |  | 5,099 |
Foreign administrations |  |  | 1,058 |  |  |  | 289 |  |  |  | 210 |  |  |  | 425 |  |  |  | 134 |
Domestic carriers |  |  | 296 |  |  |  | 111 |  |  |  | 30 |  |  |  | 154 |  |  |  | 1 |
Dealers, agents and others |  |  | 6,195 |  |  |  | 239 |  |  |  | 2,204 |  |  |  | 2,214 |  |  |  | 1,538 |
Financial instruments at FVPL: |  |  | 941 |  |  |  | 604 |  |  |  | 163 |  |  |  | — |  |  |  | 174 |
Financial assets at FVPL |  |  | 432 |  |  |  | 269 |  |  |  | 163 |  |  |  | — |  |  |  | — |
Long-term foreign currency options |  |  | 81 |  |  |  | 81 |  |  |  | — |  |  |  | — |  |  |  | — |
Short-term investments |  |  | 428 |  |  |  | 254 |  |  |  | — |  |  |  | — |  |  |  | 174 |
Total |  |  | 71,078 |  |  |  | 42,312 |  |  |  | 4,911 |  |  |  | 9,430 |  |  |  | 14,425 |
(1) This includes low risk and good paying customer accounts with no history of account treatment for a defined period and no overdue accounts as at report date; and deposits or placements to counterparties with good credit rating or bank standing financial review. (2) This includes medium risk and average paying customer accounts with no overdue accounts as at report date, and new customer accounts for which sufficient credit history has not been established; and deposits or placements to counterparties not classified as Class A.
Summary of Aging Analysis of Past Due But not Impaired Class of Financial Assets | The aging analysis of past due but not impaired class of financial assets as at December 31, 2023 and 2022 are as follows:
|  |  |  |  |  |  |  | Past due but not credit impaired |  |  |  |
|  | Total |  |  | Neither past due nor credit impaired |  |  | 1-60 days |  |  | 61-90 days |  |  | Over 91 days |  |  | Impaired |
|  | (in million pesos) |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial instruments at amortized cost: |  |  | 64,264 |  |  |  | 35,448 |  |  |  | 3,505 |  |  |  | 618 |  |  |  | 7,210 |  |  |  | 17,483 |
Debt instruments at amortized cost |  |  | 595 |  |  |  | 595 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Other financial assets |  |  | 4,069 |  |  |  | 3,801 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 268 |
Cash and cash equivalents |  |  | 16,177 |  |  |  | 16,177 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Short-term investments |  |  | 122 |  |  |  | 122 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Retail subscribers |  |  | 19,894 |  |  |  | 8,349 |  |  |  | 1,603 |  |  |  | 223 |  |  |  | 21 |  |  |  | 9,698 |
Corporate subscribers |  |  | 15,934 |  |  |  | 3,731 |  |  |  | 1,500 |  |  |  | 248 |  |  |  | 4,509 |  |  |  | 5,946 |
Foreign administrations |  |  | 1,250 |  |  |  | 619 |  |  |  | 164 |  |  |  | 87 |  |  |  | 256 |  |  |  | 124 |
Domestic carriers |  |  | 188 |  |  |  | 93 |  |  |  | 39 |  |  |  | 20 |  |  |  | 35 |  |  |  | 1 |
Dealers, agents and others |  |  | 6,035 |  |  |  | 1,961 |  |  |  | 199 |  |  |  | 40 |  |  |  | 2,389 |  |  |  | 1,446 |
Financial instruments at FVPL: |  |  | 1,117 |  |  |  | 943 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 174 |
Financial assets at FVPL |  |  | 578 |  |  |  | 578 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Long-term foreign currency options |  |  | 96 |  |  |  | 96 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Short-term investments |  |  | 443 |  |  |  | 269 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 174 |
Total |  |  | 65,381 |  |  |  | 36,391 |  |  |  | 3,505 |  |  |  | 618 |  |  |  | 7,210 |  |  |  | 17,657 |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial instruments at amortized cost: |  |  | 70,137 |  |  |  | 46,456 |  |  |  | 3,289 |  |  |  | 1,709 |  |  |  | 4,432 |  |  |  | 14,251 |
Debt instruments at amortized cost |  |  | 596 |  |  |  | 596 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Other financial assets |  |  | 4,285 |  |  |  | 3,695 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 590 |
Cash and cash equivalents |  |  | 25,211 |  |  |  | 25,211 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Short-term investments |  |  | 129 |  |  |  | 129 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Retail subscribers |  |  | 17,216 |  |  |  | 8,240 |  |  |  | 1,439 |  |  |  | 372 |  |  |  | 276 |  |  |  | 6,889 |
Corporate subscribers |  |  | 15,151 |  |  |  | 5,502 |  |  |  | 1,615 |  |  |  | 1,214 |  |  |  | 1,721 |  |  |  | 5,099 |
Foreign administrations |  |  | 1,058 |  |  |  | 499 |  |  |  | 37 |  |  |  | 14 |  |  |  | 374 |  |  |  | 134 |
Domestic carriers |  |  | 296 |  |  |  | 141 |  |  |  | 72 |  |  |  | 26 |  |  |  | 56 |  |  |  | 1 |
Dealers, agents and others |  |  | 6,195 |  |  |  | 2,443 |  |  |  | 126 |  |  |  | 83 |  |  |  | 2,005 |  |  |  | 1,538 |
Financial instruments at FVPL: |  |  | 941 |  |  |  | 767 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 174 |
Financial assets at FVPL |  |  | 432 |  |  |  | 432 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Long-term foreign currency options |  |  | 81 |  |  |  | 81 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Short-term investments |  |  | 428 |  |  |  | 254 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 174 |
Total |  |  | 71,078 |  |  |  | 47,223 |  |  |  | 3,289 |  |  |  | 1,709 |  |  |  | 4,432 |  |  |  | 14,425 |
Interest rate risk [member] |
Disclosure Of Financial Assets And Liabilities [Line Items] |
Summary of Market Risk | The following tables set out the carrying amounts, by maturity, of our financial instruments that are expected to have exposure on interest rate risk as at December 31, 2023 and 2022. Financial instruments that are not subject to interest rate risk were not included in the table. As at December 31, 2023
| In U.S. Dollars |  |  |  |  |  |  |  |  | Fair Value |
| Below 1 year |  | 1-2 years |  | 2-3 years |  | 3-5 years |  | Over 5 years |  | Total |  | In Php |  | Discount/ Debt Issuance Cost In Php |  | Carrying Value In Php |  |  | In U.S. Dollar |  | In Php |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  | (in millions) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt Instruments at Amortized Cost |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Philippine Peso |  | 4 |  |  | — |  |  | — |  |  | 6 |  |  | — |  |  | 10 |  |  | 595 |  |  | — |  |  | 595 |  |  |  | 10 |  |  | 587 |
Interest rate | 2.3750% to 2.9000% |  | 4.2500% to 4.2500% |  | 6.2500% to 6.2500% |  | 4.6250% to 4.8750% |  |  | 6.5000 | % |  | — |  |  | — |  |  | — |  |  | — |  |  |  | — |  |  | — |
Cash in Bank |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Dollar |  | 15 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 15 |  |  | 850 |  |  | — |  |  | 850 |  |  |  | 15 |  |  | 850 |
Interest rate | 0.0500% to 0.5000% |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  | — |  |  | — |
Philippine Peso |  | 128 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 128 |  |  | 7,082 |  |  | — |  |  | 7,082 |  |  |  | 128 |  |  | 7,082 |
Interest rate | 0.0500% to 1.5000% |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  | — |  |  | — |
Temporary Cash Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Dollar |  | 35 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 35 |  |  | 1,933 |  |  | — |  |  | 1,933 |  |  |  | 35 |  |  | 1,933 |
Interest rate | 4.9000% to 5.1250% |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  | — |  |  | — |
Philippine Peso |  | 77 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 77 |  |  | 4,251 |  |  | — |  |  | 4,251 |  |  |  | 77 |  |  | 4,251 |
Interest rate | 0.2500% to 6.2500% |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  | — |  |  | — |
Short-term Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Philippine Peso |  | 2 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2 |  |  | 122 |  |  | — |  |  | 122 |  |  |  | 2 |  |  | 122 |
Interest rate | 0.5000% to 6.1000% |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  | — |  |  | — |
|  | 261 |  |  | — |  |  | — |  |  | 6 |  |  | — |  |  | 267 |  |  | 14,833 |  |  | — |  |  | 14,833 |  |  |  | 267 |  |  | 14,825 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-term Debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed Rate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Dollar Notes |  | — |  |  | — |  |  | — |  |  | — |  |  | 600 |  |  | 600 |  |  | 33,251 |  |  | 560 |  |  | 32,691 |  |  |  | 466 |  |  | 25,845 |
Interest rate |  | — |  |  | — |  |  | — |  |  | — |  | 2.5000% to 3.4500% |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  | — |  |  | — |
Philippine Peso |  | 72 |  |  | 377 |  |  | 227 |  |  | 564 |  |  | 334 |  |  | 1,574 |  |  | 87,225 |  |  | 748 |  |  | 86,477 |  |  |  | 1,471 |  |  | 81,545 |
Interest rate | 5.1021% to 5.2813% |  | 4.0000% to 5.3500% |  | 4.0000% to 5.3500% |  | 4.0000% to 5.2000% |  | 4.0000% to 5.1560% |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  | — |  |  | — |
Variable Rate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Dollar Loans |  | 25 |  |  | 28 |  |  | 14 |  |  | 42 |  |  | 14 |  |  | 123 |  |  | 6,816 |  |  | 28 |  |  | 6,788 |  |  |  | 123 |  |  | 6,816 |
Interest rate | SOFR + 1.47826% |  | SOFR + 1.31161% |  | SOFR + 1.31161% |  | SOFR + 1.31161% |  | SOFR + 1.31161% |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  | — |  |  | — |
Philippine Peso |  | 33 |  |  | 99 |  |  | 36 |  |  | 254 |  |  | 1,916 |  |  | 2,338 |  |  | 129,635 |  |  | 793 |  |  | 128,842 |  |  |  | 2,339 |  |  | 129,635 |
Interest rate | 0.5000% over PHP BVAL |  | 0.6000% to 1.0000% over PHP BVAL (floor rate 4.5000% to 4.6250%) |  | 0.6000% to 1.0000% over PHP BVAL (floor rate 4.5000% to 4.6250%) |  | 0.6000% to 1.0000% over PHP BVAL (floor rate 4.5000% to 4.6250%) |  | 0.6000% to 0.9000% over PHP BVAL (floor rate 4.5000% to 4.6250%) |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  | — |  |  | — |
Short-term Debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Notes Payable |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | 130 |  |  | 504 |  |  | 277 |  |  | 860 |  |  | 2,864 |  |  | 4,635 |  |  | 256,927 |  |  | 2,129 |  |  | 254,798 |  |  |  | 4,399 |  |  | 243,841 |
As at December 31, 2022
| In U.S. Dollars |  |  |  |  |  |  |  | Fair Value |
| Below 1 year |  | 1-2 years |  | 2-3 years |  | 3-5 years |  | Over 5 years |  | Total |  | In Php |  | Discount/ Debt Issuance Cost In Php |  | Carrying Value In Php |  | In U.S. Dollar |  | In Php |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  | (in millions) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt Instruments at Amortized Cost |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Philippine Peso |  | — |  |  | 4 |  |  | 1 |  |  | 6 |  |  | — |  |  | 11 |  |  | 596 |  |  | — |  |  | 596 |  |  | 10 |  |  | 573 |
Interest rate |  | — |  | 2.3750% to 2.9000% |  |  | 4.2500 | % | 4.6250% to 6.2500% |  |  | 6.5000 | % |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Cash in Bank |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Dollar |  | 23 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 23 |  |  | 1,264 |  |  | — |  |  | 1,264 |  |  | 23 |  |  | 1,264 |
Interest rate | 0.0500% to 1.0000% |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  |
Philippine Peso |  | 123 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 123 |  |  | 6,863 |  |  | — |  |  | 6,863 |  |  | 123 |  |  | 6,863 |
Interest rate | 0.0500% to 1.5000% |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Temporary Cash Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Dollar |  | 127 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 127 |  |  | 7,092 |  |  | — |  |  | 7,092 |  |  | 127 |  |  | 7,092 |
Interest rate | 3.5000% to 4.7500% |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  |
Philippine Peso |  | 28 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 28 |  |  | 1,586 |  |  | — |  |  | 1,586 |  |  | 28 |  |  | 1,586 |
Interest rate | 2.8000% to 5.0000% |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Short-term Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Philippine Peso |  | 2 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2 |  |  | 129 |  |  | — |  |  | 129 |  |  | 2 |  |  | 129 |
Interest rate | 0.5000% to 2.0000% |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  |
|  | 303 |  |  | 4 |  |  | 1 |  |  | 6 |  |  | — |  |  | 314 |  |  | 17,530 |  |  | — |  |  | 17,530 |  |  | 313 |  |  | 17,507 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-term Debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed Rate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Dollar Notes |  | — |  |  | — |  |  | — |  |  | — |  |  | 600 |  |  | 600 |  |  | 33,489 |  |  | 597 |  |  | 32,892 |  |  | 435 |  |  | 24,316 |
Interest rate |  | — |  |  | — |  |  | — |  |  | — |  | 2.5000% to 3.4500% |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Philippine Peso |  | 319 |  |  | 124 |  |  | 340 |  |  | 576 |  |  | 540 |  |  | 1,899 |  |  | 106,018 |  |  | 919 |  |  | 105,099 |  |  | 1,744 |  |  | 97,327 |
Interest rate | 3.9500% to 4.0000% |  | 3.9500% to 5.1560% |  | 4.0000% to 5.3500% |  | 4.0000% to 5.3500% |  | 4.0000% to 5.2000% |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Variable Rate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Dollar Loans |  | 25 |  |  | 53 |  |  | 14 |  |  | 28 |  |  | 42 |  |  | 162 |  |  | 9,042 |  |  | 40 |  |  | 9,002 |  |  | 162 |  |  | 9,042 |
Interest rate | LIBOR + 1.0500% |  | LIBOR + 1.0500% |  | LIBOR + 1.0500% |  | LIBOR + 1.0500% |  | LIBOR + 1.0500% |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Philippine Peso |  | 34 |  |  | 93 |  |  | 55 |  |  | 141 |  |  | 1,383 |  |  | 1,706 |  |  | 93,310 |  |  | 723 |  |  | 92,587 |  |  | 1,672 |  |  | 93,310 |
Interest rate |  | — |  | 0.5000% to 1.0000% over PHP BVAL (floor rate 4.5000% to 4.6250%) |  | 0.6000% to 1.0000% over PHP BVAL (floor rate 4.5000% to 4.6250%) |  | 0.6000% to 1.0000% over PHP BVAL (floor rate 4.5000% to 4.6250%) |  | 0.6000% to 1.0000% over PHP BVAL (floor rate 4.5000% to 4.6250%) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Short-term Debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Notes Payable |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Philippine Peso |  | 179 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 179 |  |  | 10,000 |  |  | — |  |  | 10,000 |  |  | 179 |  |  | 10,000 |
Interest rate | 2.6000 to 5.1600% |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | 557 |  |  | 270 |  |  | 409 |  |  | 745 |  |  | 2,565 |  |  | 4,546 |  |  | 251,859 |  |  | 2,279 |  |  | 249,580 |  |  | 4,192 |  |  | 233,995 |

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