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Income and Expenses (Tables) | 12 Months Ended
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Dec. 31, 2023
Analysis of income and expense [abstract] |
Summary of Revenues from Contracts with Customers | Set out is the disaggregation of PLDT Group’s revenues from contracts with customers for the years ended December 31, 2023, 2022 and 2021:
Revenue Streams |  | Wireless |  |  | Fixed Line |  |  | Others |  |  | Inter- segment Transactions |  |  | Consolidated |
|  | (in million pesos) |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Type of good or service |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Service revenue |  |  | 95,677 |  |  |  | 120,336 |  |  |  | — |  |  |  | (14,181 | ) |  |  | 201,832 |
Non-service revenue |  |  | 8,724 |  |  |  | 398 |  |  |  | — |  |  |  | (1 | ) |  |  | 9,121 |
Total revenues from contracts with customers |  |  | 104,401 |  |  |  | 120,734 |  |  |  | — |  |  |  | (14,182 | ) |  |  | 210,953 |
Timing of revenue recognition |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Transferred over time |  |  | 95,677 |  |  |  | 120,336 |  |  |  | — |  |  |  | (14,181 | ) |  |  | 201,832 |
Transferred at a point time |  |  | 8,724 |  |  |  | 398 |  |  |  | — |  |  |  | (1 | ) |  |  | 9,121 |
Total revenues from contracts with customers |  |  | 104,401 |  |  |  | 120,734 |  |  |  | — |  |  |  | (14,182 | ) |  |  | 210,953 |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Type of good or service |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Service revenue |  |  | 95,852 |  |  |  | 127,214 |  |  |  | — |  |  |  | (27,722 | ) |  |  | 195,344 |
Non-service revenue |  |  | 8,422 |  |  |  | 596 |  |  |  | — |  |  |  | — |  |  |  | 9,018 |
Total revenues from contracts with customers |  |  | 104,274 |  |  |  | 127,810 |  |  |  | — |  |  |  | (27,722 | ) |  |  | 204,362 |
Timing of revenue recognition |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Transferred over time |  |  | 95,852 |  |  |  | 127,214 |  |  |  | — |  |  |  | (27,722 | ) |  |  | 195,344 |
Transferred at a point time |  |  | 8,422 |  |  |  | 596 |  |  |  | — |  |  |  | — |  |  |  | 9,018 |
Total revenues from contracts with customers |  |  | 104,274 |  |  |  | 127,810 |  |  |  | — |  |  |  | (27,722 | ) |  |  | 204,362 |
December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Type of good or service |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Service revenue |  |  | 99,639 |  |  |  | 115,458 |  |  |  | — |  |  |  | (30,417 | ) |  |  | 184,680 |
Non-service revenue |  |  | 6,980 |  |  |  | 534 |  |  |  | — |  |  |  | (8 | ) |  |  | 7,506 |
Total revenues from contracts with customers |  |  | 106,619 |  |  |  | 115,992 |  |  |  | — |  |  |  | (30,425 | ) |  |  | 192,186 |
Timing of revenue recognition |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Transferred over time |  |  | 99,639 |  |  |  | 115,458 |  |  |  | — |  |  |  | (30,417 | ) |  |  | 184,680 |
Transferred at a point time |  |  | 6,980 |  |  |  | 534 |  |  |  | — |  |  |  | (8 | ) |  |  | 7,506 |
Total revenues from contracts with customers |  |  | 106,619 |  |  |  | 115,992 |  |  |  | — |  |  |  | (30,425 | ) |  |  | 192,186 |
Remaining performance obligations are associated with our wireless and fixed line subscription contracts. As at December 31, 2023, excluding the performance obligations for contracts with original expected duration of less than one year, the aggregate amount of the transaction price allocated to remaining performance obligations was Php 40,487 million, of which we expect to recognize approximately 56% in 2024 and 44% in 2025 and onwards. As at December 31, 2022, excluding the performance obligations for contracts with original expected duration of less than one year, the aggregate amount of the transaction price allocated to remaining performance obligations was Php 47,049 million, of which we recognized approximately 55% in 2023 and expect to recognize 45% in 2024 and onwards.
Summary of Contract Balances | Contract balances as at December 31, 2023 and 2022 consists of the following:
|  | 2023 |  |  | 2022 |
|  |  |  | (in million pesos) |
Trade and other receivables (Note 16) |  |  | 43,301 |  |  |  | 39,916 |
Contract assets |  |  | 1,960 |  |  |  | 2,278 |
Contract liabilities and unearned revenues (Notes 21 and 23) |  |  | 18,895 |  |  |  | 17,114 |
Summary of Movement in Allowance for Expected Credit Losses of Contracts Assets | Set out below is the movement in the allowance for expected credit losses of contracts assets for the years ended December 31, 2023, 2022 and 2021.
|  | 2023 |  |  | 2022 |  |  | 2021 |
|  |  |  | (in million pesos) |  |
Balances at beginning of the year |  |  | 45 |  |  |  | 55 |  |  |  | 92 |
Provisions |  |  | (3 | ) |  |  | 4 |  |  |  | 32 |
Reclassification |  |  | — |  |  |  | (14 | ) |  |  | (69 | )
Balances at end of the year |  |  | 42 |  |  |  | 45 |  |  |  | 55 |
Summary of Changes in Contract Liabilities and Unearned Revenues Accounts | Changes in the contract liabilities and unearned revenues accounts for the years ended December 31, 2023, 2022 and 2021 are as follows:
|  | 2023 |  |  | 2022 |  |  | 2021 |
|  |  |  | (in million pesos) |  |
Balances at beginning of the year |  |  | 17,114 |  |  |  | 13,621 |  |  |  | 9,571 |
Deferred during the year |  |  | 135,982 |  |  |  | 123,218 |  |  |  | 138,346 |
Recognized as revenue during the year |  |  | (134,201 | ) |  |  | (119,725 | ) |  |  | (134,296 | )
Balances at end of the year |  |  | 18,895 |  |  |  | 17,114 |  |  |  | 13,621 |
Summary of Contract Liabilities and Unearned Revenues Account | The contract liabilities and unearned revenues accounts as at December 31, 2023 and 2022 are as follows:
|  | 2023 |  |  | 2022 |
|  |  |  | (in million pesos) |
Unearned revenues from prepaid contracts |  |  | 6,864 |  |  |  | 5,842 |
Leased facilities |  |  | 4,851 |  |  |  | 4,938 |
Short-term advances for installation services |  |  | 5,004 |  |  |  | 4,180 |
Advance monthly service fees |  |  | 2,152 |  |  |  | 2,136 |
Long-term advances from equipment |  |  | 24 |  |  |  | 18 |
Total contract liabilities and unearned revenues |  |  | 18,895 |  |  |  | 17,114 |
Contract liabilities: |  |  |  |  |  |
Noncurrent (Note 21) |  |  | 300 |  |  |  | 204 |
Current (Note 23) |  |  | 16 |  |  |  | 5 |
Unearned revenues: |  |  |  |  |  |
Noncurrent (Note 21) |  |  | 7,906 |  |  |  | 7,411 |
Current (Note 23) |  |  | 10,673 |  |  |  | 9,494 |
Summary of Selling, General and Administrative Expenses | Selling, general and administrative expenses for the years ended December 31, 2023, 2022 and 2021 consist of the following:
|  | 2023 |  |  | 2022 |  |  | 2021 |
|  |  |  | (in million pesos) |  |
Repairs and maintenance (Notes 13, 17 and 24) |  |  | 30,186 |  |  |  | 28,923 |  |  |  | 24,569 |
Compensation and employee benefits |  |  | 24,644 |  |  |  | 29,256 |  |  |  | 24,884 |
Professional and other contracted services (Note 24) |  |  | 9,077 |  |  |  | 8,828 |  |  |  | 8,352 |
Selling and promotions (Notes 18 and 24) |  |  | 8,037 |  |  |  | 6,558 |  |  |  | 6,704 |
Taxes and licenses |  |  | 5,215 |  |  |  | 4,044 |  |  |  | 4,314 |
Rent (Notes 10 and 24) |  |  | 1,372 |  |  |  | 2,031 |  |  |  | 2,240 |
Insurance and security services (Note 24) |  |  | 1,344 |  |  |  | 1,576 |  |  |  | 1,730 |
Communication, training and travel (Note 24) |  |  | 1,229 |  |  |  | 1,467 |  |  |  | 963 |
Amortization of intangible assets (Note 14) |  |  | 221 |  |  |  | 228 |  |  |  | 2,822 |
Other expenses |  |  | 551 |  |  |  | 1,565 |  |  |  | 1,108 |
Total selling, general and administrative expenses |  |  | 81,876 |  |  |  | 84,476 |  |  |  | 77,686 |
Summary of Compensation and Employee Benefits | Compensation and employee benefits for the years ended December 31, 2023, 2022 and 2021 consist of the following:
|  | 2023 |  |  | 2022 |  |  | 2021 |
|  |  |  | (in million pesos) |  |
Salaries and other employee benefits |  |  | 20,358 |  |  |  | 21,213 |  |  |  | 21,216 |
MRP |  |  | 2,021 |  |  |  | 5,028 |  |  |  | 269 |
Pension benefit costs (Note 25) |  |  | 1,426 |  |  |  | 1,743 |  |  |  | 2,213 |
Incentive plan (Note 25) |  |  | 839 |  |  |  | 1,272 |  |  |  | 1,186 |
Total compensation and employee benefits |  |  | 24,644 |  |  |  | 29,256 |  |  |  | 24,884 |
Summary of Cost of Sales and Services | Cost of sales and services for the years ended December 31, 2023, 2022 and 2021 consist of the following:
|  | 2023 |  |  | 2022 |  |  | 2021 |
|  |  |  | (in million pesos) |  |
Cost of mobile handsets, broadband data modems and devices |  |  | 10,509 |  |  |  | 9,775 |  |  |  | 8,286 |
Cost of services |  |  | 4,144 |  |  |  | 3,143 |  |  |  | 3,068 |
Cost of point-product-sales |  |  | 439 |  |  |  | 1,254 |  |  |  | 1,563 |
Total cost of sales and services |  |  | 15,092 |  |  |  | 14,172 |  |  |  | 12,917 |
Summary of Asset Impairment | Asset impairment for the years ended December 31, 2023, 2022 and 2021 consist of the following:
|  | 2023 |  |  | 2022 |  |  | 2021 |
|  |  |  | (in million pesos) |  |
Trade and other receivables (Note 16) |  |  | 4,119 |  |  |  | 5,126 |  |  |  | 3,694 |
Contract assets |  |  | 224 |  |  |  | 227 |  |  |  | 253 |
Inventories and supplies (Note 17) |  |  | 89 |  |  |  | 408 |  |  |  | 847 |
Property and equipment (Note 9) |  |  | — |  |  |  | 282 |  |  |  | 148 |
Prepayments and other nonfinancial assets |  |  | — |  |  |  | 1 |  |  |  | — |
Total asset impairment |  |  | 4,432 |  |  |  | 6,044 |  |  |  | 4,942 |
Summary of Other Income (Expenses) - Net | Other income (expenses) – net for the years ended December 31, 2023, 2022 and 2021 consist of the following:
|  | 2023 |  |  | 2022 |  |  | 2021 |
|  |  |  | (in million pesos) |  |
Gain on sale and leaseback of telecom towers – gross of expenses (Note 9) |  |  | 7,777 |  |  |  | 25,852 |  |  |  | — |
Gains on derivative financial instruments – net (Note 27) |  |  | 1,198 |  |  |  | 2,322 |  |  |  | 1,400 |
Foreign exchange gains (losses) – net |  |  | 1,149 |  |  |  | (4,687 | ) |  |  | (3,899 | )
Interest income |  |  | 1,016 |  |  |  | 653 |  |  |  | 655 |
Gain on sale of property and equipment |  |  | 468 |  |  |  | 148 |  |  |  | 884 |
Income from prescription of preferred shares redemption liability (Note 19) |  |  | — |  |  |  | 7,839 |  |  |  | — |
Gain on dilution of shares in MIH (Note 11) |  |  | — |  |  |  | 660 |  |  |  | 826 |
Loss on debt modification(1) |  |  | — |  |  |  | 295 |  |  |  | 1,372 |
Reversal of prior-year provisions |  |  | — |  |  |  | — |  |  |  | 2,594 |
Gain on change in fair value of Phunware, Inc., or Phunware |  |  | — |  |  |  | — |  |  |  | 306 |
Gain on sale of Phunware |  |  | — |  |  |  | — |  |  |  | 115 |
Equity share in net losses of associates and joint ventures (Note 11) |  |  | (2,806 | ) |  |  | (3,304 | ) |  |  | (1,101 | )
Financing costs – net |  |  | (13,755 | ) |  |  | (11,759 | ) |  |  | (10,402 | )
Others – net |  |  | 736 |  |  |  | 1,078 |  |  |  | 635 |
Total other income (expenses) – net |  |  | (4,217 | ) |  |  | 19,097 |  |  |  | (6,615 | )
(1) PLDT and Smart re-negotiated terms of selected outstanding Philippine Peso loans in 2022 and 2021. Under IFRS 9, the difference of the current carrying value and the present value of the modified cash flows of the loan should be recognized as a gain or loss on debt modification.
Summary of Interest Income | Interest income for the years ended December 31, 2023, 2022 and 2021 consist of the following:
|  | 2023 |  |  | 2022 |  |  | 2021 |
|  |  |  | (in million pesos) |  |
Interest income on cash and cash equivalents - continuing operation (Note 15) |  |  | 469 |  |  |  | 255 |  |  |  | 268 |
Interest income arising from revenue contracts with customers |  |  | 467 |  |  |  | 294 |  |  |  | 299 |
Interest income on financial instruments at amortized cost (Note 12) |  |  | 54 |  |  |  | 59 |  |  |  | 13 |
Interest income on financial instruments at FVPL |  |  | 12 |  |  |  | 12 |  |  |  | 23 |
Interest income on financial instruments at FVOCI |  |  | — |  |  |  | — |  |  |  | 2 |
Interest income – others |  |  | 14 |  |  |  | 33 |  |  |  | 50 |
Total interest income |  |  | 1,016 |  |  |  | 653 |  |  |  | 655 |
Summary of Financing Costs - Net | Financing costs – net for the years ended December 31, 2023, 2022 and 2021 consist of the following:
|  | 2023 |  |  | 2022 |  |  | 2021 |
|  |  |  | (in million pesos) |  |
Interest on loans and other related items (Notes 20 and 27) |  |  | 12,159 |  |  |  | 10,860 |  |  |  | 10,482 |
Accretion on lease liabilities (Note 10) |  |  | 3,266 |  |  |  | 2,057 |  |  |  | 1,158 |
Accretion on financial liabilities |  |  | 409 |  |  |  | 375 |  |  |  | 239 |
Financing charges |  |  | 90 |  |  |  | 215 |  |  |  | 105 |
Capitalized interest (Notes 9 and 28) |  |  | (2,169 | ) |  |  | (1,748 | ) |  |  | (1,582 | )
Total financing costs – net |  |  | 13,755 |  |  |  | 11,759 |  |  |  | 10,402 |

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