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Summary of Material Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2023
Disclosure Of Significant Accounting Policies [Abstract] |
Summary of Subsidiaries | Our consolidated financial statements include the financial statements of PLDT and the following subsidiaries (collectively, the “PLDT Group”) as at December 31, 2023 and 2022:
|  |  |  |  |  | 2023 |  |  | 2022 |
|  | Place of |  |  |  | Percentage of Ownership |
Name of Subsidiary |  | Incorporation |  | Principal Business Activity |  | Direct |  |  | Indirect |  |  | Direct |  |  | Indirect |
Wireless |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Smart: |  | Philippines |  | Cellular mobile services |  |  | 100.0 |  |  |  | — |  |  |  | 100.0 |  |  |  | — |
Smart Broadband, Inc., or SBI, and Subsidiary |  | Philippines |  | Internet broadband distribution services |  |  | — |  |  |  | 100.0 |  |  |  | — |  |  |  | 100.0 |
Primeworld Digital Systems, Inc., or PDSI |  | Philippines |  | Internet broadband distribution services |  |  | — |  |  |  | 100.0 |  |  |  | — |  |  |  | 100.0 |
I-Contacts Corporation |  | Philippines |  | Operations support servicing business |  |  | — |  |  |  | 100.0 |  |  |  | — |  |  |  | 100.0 |
Far East Capital Limited, or FECL(a) |  | Cayman Islands |  | Cost effective offshore financing and risk management activities for Smart |  |  | — |  |  |  | 100.0 |  |  |  | — |  |  |  | 100.0 |
PH Communications Holdings Corporation |  | Philippines |  | Investment company |  |  | — |  |  |  | 100.0 |  |  |  | — |  |  |  | 100.0 |
Connectivity Unlimited Resource Enterprise, Inc. |  | Philippines |  | Cellular mobile services |  |  | — |  |  |  | 100.0 |  |  |  | — |  |  |  | 100.0 |
Francom Holdings, Inc. |  | Philippines |  | Investment company |  |  | — |  |  |  | 100.0 |  |  |  | — |  |  |  | 100.0 |
Chikka Holdings Limited, or Chikka, and Subsidiaries, or Chikka Group(a) |  | British Virgin Islands |  | Content provider, mobile applications development and services |  |  | — |  |  |  | 100.0 |  |  |  | — |  |  |  | 100.0 |
Wifun, Inc. |  | Philippines |  | Software developer and selling of WiFi access equipment |  |  | — |  |  |  | 100.0 |  |  |  | — |  |  |  | 100.0 |
PLDT Global, Inc. |  | Philippines |  | Cross-border digital platforms and other allied services |  |  | 100.0 |  |  |  | — |  |  |  | 100.0 |  |  |  | — |
ACeS Philippines Cellular Satellite Corporation, or ACeS Philippines(a) |  | Philippines |  | Satellite information and messaging services |  |  | 88.5 |  |  |  | 11.5 |  |  |  | 88.5 |  |  |  | 11.5 |
Digitel Mobile Philippines, Inc., or DMPI, (a wholly-owned subsidiary of Digitel) |  | Philippines |  | Cellular mobile services |  |  | — |  |  |  | 99.6 |  |  |  | — |  |  |  | 99.6 |
Fixed Line |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
PLDT Clark Telecom, Inc., or ClarkTel |  | Philippines |  | Telecommunications services |  |  | 100.0 |  |  |  | — |  |  |  | 100.0 |  |  |  | — |
PLDT Subic Telecom, Inc., or SubicTel |  | Philippines |  | Telecommunications services |  |  | 100.0 |  |  |  | — |  |  |  | 100.0 |  |  |  | — |
PLDT Global Corporation, or PLDT Global, and Subsidiaries |  | British Virgin Islands |  | Telecommunications services |  |  | 100.0 |  |  |  | — |  |  |  | 100.0 |  |  |  | — |
Smart-NTT Multimedia, Inc.(a) |  | Philippines |  | Data and network services |  |  | 100.0 |  |  |  | — |  |  |  | 100.0 |  |  |  | — |
PLDT-Philcom, Inc., or Philcom, and Subsidiaries, or Philcom Group |  | Philippines |  | Telecommunications services |  |  | 100.0 |  |  |  | — |  |  |  | 100.0 |  |  |  | — |
Talas Data Intelligence, Inc. |  | Philippines |  | Business infrastructure and solutions; intelligent data processing and implementation services and data analytics insight generation |  |  | 100.0 |  |  |  | — |  |  |  | 100.0 |  |  |  | — |
Multisys Technologies Corporation, or Multisys(b) |  | Philippines |  | Software development and IT solutions services |  |  | — |  |  |  | 50.7 |  |  |  | — |  |  |  | 50.7 |
(a) Ceased commercial operations. (b) On July 29, 2022, PLDT Global Investments Holdings, Inc., or PGIH, acquired additional 227 common shares of Multisys Technologies Corporation, or Multisys, thereby increasing its ownership from 45.73% to 50.72%.
|  |  |  |  |  | 2023 |  |  | 2022 |
|  | Place of |  |  |  | Percentage of Ownership |
Name of Subsidiary |  | Incorporation |  | Principal Business Activity |  | Direct |  |  | Indirect |  |  | Direct |  |  | Indirect |
ePLDT, Inc., or ePLDT: |  | Philippines |  | Information and communications infrastructure for internet-based services, e-commerce, customer relationship management and IT related services |  |  | 100.0 |  |  |  | — |  |  |  | 100.0 |  |  |  | — |
IP Converge Data Services, Inc., or IPCDSI, and Subsidiary, or IPCDSI Group |  | Philippines |  | Information and communications infrastructure for internet-based services, e-commerce, customer relationship management and IT related services |  |  | — |  |  |  | 100.0 |  |  |  | — |  |  |  | 100.0 |
Curo Teknika, Inc., or Curo |  | Philippines |  | Managed IT outsourcing |  |  | — |  |  |  | 100.0 |  |  |  | — |  |  |  | 100.0 |
ABM Global Solutions, Inc., or AGS, and Subsidiaries, or AGS Group(a) |  | Philippines |  | Internet-based purchasing, IT consulting and professional services |  |  | — |  |  |  | 100.0 |  |  |  | — |  |  |  | 100.0 |
ePDS, Inc., or ePDS(a) |  | Philippines |  | Bills printing and other related value-added services, or VAS |  |  | — |  |  |  | 100.0 |  |  |  | — |  |  |  | 100.0 |
netGames, Inc.(a) |  | Philippines |  | Gaming support services |  |  | — |  |  |  | 57.5 |  |  |  | — |  |  |  | 57.5 |
MVP Rewards Loyalty Solutions, Inc., or MRSI(a) |  | Philippines |  | Full-services customer rewards and loyalty programs |  |  | — |  |  |  | 100.0 |  |  |  | — |  |  |  | 100.0 |
VITRO, Inc., or Vitro(c) |  | Philippines |  | Information and communications infrastructure for internet-based services, e-commerce, customer relationship management and IT related services |  |  | — |  |  |  | 100.0 |  |  |  | — |  |  |  | 100 |
Digitel |  | Philippines |  | Telecommunications services |  |  | 99.6 |  |  |  | — |  |  |  | 99.6 |  |  |  | — |
Digitel Information Technology Services, Inc.(a) |  | Philippines |  | Internet services |  |  | — |  |  |  | 99.6 |  |  |  | — |  |  |  | 99.6 |
PLDT-Maratel, Inc., or Maratel |  | Philippines |  | Telecommunications services |  |  | 98.0 |  |  |  | — |  |  |  | 98.0 |  |  |  | — |
Bonifacio Communications Corporation, or BCC |  | Philippines |  | Telecommunications, infrastructure and related VAS |  |  | 75.0 |  |  |  | — |  |  |  | 75.0 |  |  |  | — |
Pilipinas Global Network Limited, or PGNL, and Subsidiaries |  | British Virgin Islands |  | International distributor of Filipino channels and content |  |  | 64.6 |  |  |  | — |  |  |  | 64.6 |  |  |  | — |
Others |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
PGIH |  | Philippines |  | Investment company |  |  | 100.0 |  |  |  | — |  |  |  | 100.0 |  |  |  | — |
PLDT Digital Investments Pte. Ltd., or PLDT Digital, and Subsidiaries |  | Singapore |  | Investment company |  |  | 100.0 |  |  |  | — |  |  |  | 100.0 |  |  |  | — |
Mabuhay Investments Corporation, or MIC(d) |  | Philippines |  | Investment company |  |  | 67.0 |  |  |  | — |  |  |  | 67.0 |  |  |  | — |
PLDT Communications and Energy Ventures, Inc., or PCEV |  | Philippines |  | Investment company |  |  | — |  |  |  | 99.9 |  |  |  | — |  |  |  | 99.9 |
(a) Ceased commercial operations. (c) On February 2, 2022, the Philippine SEC approved the incorporation of Vitro, a wholly-owned subsidiary of ePLDT. (d) Ceased commercial operations. On August 9, 2022, the Philippine SEC approved MIC’s application for amendment of its Articles of Incorporation to shorten its corporate term until September 30, 2023.
Disclosure of Results of Operations on Discontinued ePLDT Subsidiaries, Net of Intercompany Transactions | The results of the operations of the discontinued ePLDT subsidiaries, net of intercompany transactions, for the years ended December 31, 2023, 2022 and 2021 are as follows:
|  | 2023 |  |  | 2022 |  |  | 2021 |
|  | (in million pesos) |
Revenues |  |  | 107 |  |  |  | 883 |  |  |  | 1,071 |
Expenses: |  |  |  |  |  |  |  |  |
Compensation and employee benefits |  |  | 128 |  |  |  | 556 |  |  |  | 460 |
Depreciation and amortization (Notes 3, 9 and 10) |  |  | 21 |  |  |  | 83 |  |  |  | 97 |
Taxes and licenses |  |  | 19 |  |  |  | 15 |  |  |  | 17 |
Repairs and maintenance |  |  | 13 |  |  |  | 58 |  |  |  | 84 |
Professional and other contracted services |  |  | 6 |  |  |  | 17 |  |  |  | 19 |
Cost of services |  |  | 3 |  |  |  | 345 |  |  |  | 424 |
Insurance and security services |  |  | 2 |  |  |  | 12 |  |  |  | 9 |
Communication, training and travel |  |  | 2 |  |  |  | 12 |  |  |  | 14 |
Selling and promotions |  |  | — |  |  |  | 2 |  |  |  | 12 |
Others |  |  | (2 | ) |  |  | 219 |  |  |  | 45 |
|  |  | 192 |  |  |  | 1,319 |  |  |  | 1,181 |
Net operating loss |  |  | (85 | ) |  |  | (436 | ) |  |  | (110 | )
Other income (expenses): |  |  |  |  |  |  |  |  |
Foreign exchange gains – net |  |  | 4 |  |  |  | 2 |  |  |  | 9 |
Interest income |  |  | 1 |  |  |  | — |  |  |  | 1 |
Financing costs |  |  | (2 | ) |  |  | (7 | ) |  |  | (12 | )
Others |  |  | 41 |  |  |  | (82 | ) |  |  | 10 |
|  |  | 44 |  |  |  | (87 | ) |  |  | 8 |
Loss before income tax from discontinued operations |  |  | (41 | ) |  |  | (523 | ) |  |  | (102 | )
Provision for income tax (Notes 3 and 7) |  |  | — |  |  |  | 77 |  |  |  | 19 |
Loss after tax from discontinued operations (Note 8) |  |  | (41 | ) |  |  | (600 | ) |  |  | (121 | )
Loss per share (Note 8): |  |  |  |  |  |  |  |  |
Basic – Loss from discontinued operations |  |  | (0.19 | ) |  |  | (2.77 | ) |  |  | (0.56 | )
Diluted – Loss from discontinued operations |  |  | (0.19 | ) |  |  | (2.77 | ) |  |  | (0.56 | )
As at December 31, 2023 and 2022, below are the assets and liabilities of the discontinued ePLDT subsidiaries, net of intercompany transactions, which are included in our consolidated statements of financial position:
|  | 2023 |  |  | 2022 |
|  | (in million pesos) |
Assets: |  |  |  |  |  |
Cash and cash equivalents |  |  | 109 |  |  |  | 240 |
Other financial assets |  |  | 10 |  |  |  | 15 |
Short-term investments |  |  | 9 |  |  |  | 9 |
Property and equipment (Notes 3 and 10) |  |  | — |  |  |  | 11 |
Right-of-use assets (Notes 3 and 10) |  |  | — |  |  |  | 77 |
Deferred income tax assets – net (Note 7) |  |  | — |  |  |  | 1 |
Other assets |  |  | 226 |  |  |  | 382 |
|  |  | 354 |  |  |  | 735 |
Liabilities: |  |  |  |  |  |
Accrued expenses and other current liabilities |  |  | 224 |  |  |  | 498 |
Income tax payable |  |  | 3 |  |  |  | 4 |
Accounts payable |  |  | 2 |  |  |  | 108 |
Lease liabilities |  |  | — |  |  |  | 110 |
Other liabilities |  |  | 10 |  |  |  | 24 |
|  |  | 239 |  |  |  | 744 |
Net assets (liabilities) directly associated with disposal group |  |  | 115 |  |  |  | (9 | )
The net cash flows generated by (used in) the discontinued ePLDT subsidiaries, net of intercompany transactions, for the years ended December 31, 2023 and 2022 are as follows:
|  | 2023 |  |  | 2022 |
|  | (in million pesos) |
Operating activities |  |  | (120 | ) |  |  | (20 | )
Investing activities |  |  | 31 |  |  |  | 4 |
Financing activities |  |  | (50 | ) |  |  | (80 | )
Net effect of foreign exchange rate changes on cash and cash equivalents |  |  | 8 |  |  |  | — |
Net cash outflows |  |  | (131 | ) |  |  | (96 | )
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