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Interest-bearing Financial Liabilities | 12 Months Ended
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Dec. 31, 2024
Disclosure of detailed information about borrowings [abstract] |
Interest-bearing Financial Liabilities | 20. Interest-bearing Financial Liabilities As at December 31, 2024 and 2023, this account consists of the following:
|  | 2024 |  |  | 2023 |
|  | (in million pesos) |
Long-term portion of interest-bearing financial liabilities: |  |  |  |  |  |
Long-term debt (Notes 27 and 28) |  |  | 258,246 |  |  |  | 243,152 |
Current portion of interest-bearing financial liabilities: |  |  |  |  |  |
Long-term debt maturing within one year (Notes 27 and 28) |  |  | 23,340 |  |  |  | 11,646 |
|  |  | 281,586 |  |  |  | 254,798 |
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 Php1,989 million and Php2,129 million as at December 31, 2024 and 2023, respectively. The following table describes all changes to unamortized debt discount for the years ended December 31, 2024 and 2023:
|  | 2024 |  |  | 2023 |
|  | (in million pesos) |
Unamortized debt discount at beginning of the year |  |  | 2,129 |  |  |  | 2,279 |
Additions |  |  | 219 |  |  |  | 214 |
Revaluations |  |  | 9 |  |  |  | (2 | )
Accretion included as part of financing costs – net |  |  | (368 | ) |  |  | (362 | )
Unamortized debt discount at end of the year |  |  | 1,989 |  |  |  | 2,129 |
The scheduled maturities of our consolidated outstanding long-term and short-term debt at nominal values as at December 31, 2024 are as follows:
|  | U.S. Dollar Debt |  |  | Php Debt |  |  | Total |
Year |  | U.S. Dollar |  |  | Php |  |  | Php |  |  | Php |
|  | (in millions) |
2025 |  |  | 14 |  |  |  | 810 |  |  |  | 22,890 |  |  |  | 23,700 |
2026 |  |  | 14 |  |  |  | 810 |  |  |  | 15,075 |  |  |  | 15,885 |
2027 |  |  | 14 |  |  |  | 810 |  |  |  | 26,695 |  |  |  | 27,505 |
2028 |  |  | 28 |  |  |  | 1,620 |  |  |  | 19,653 |  |  |  | 21,273 |
2029 |  |  | — |  |  |  | — |  |  |  | 26,288 |  |  |  | 26,288 |
2030 and onwards |  |  | 614 |  |  |  | 35,518 |  |  |  | 133,406 |  |  |  | 168,924 |
Total long-term debt (Note 27) |  |  | 684 |  |  |  | 39,568 |  |  |  | 244,007 |  |  |  | 283,575 |
Long-term Debt As at December 31, 2024 and 2023, long-term debt consists of:
|  |  |  | December 31, 2024 |  |  | December 31, 2023 |
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 2024 and 2023 |  |  | 591 |  |  |  | 34,177 |  |  |  | 590 |  |  |  | 32,691 |
Term Loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Others (1) |  | SOFR + 1.31161 % to 1.47826% in 2024 and SOFR + 1.31161 % to 1.47826% & US$LIBOR +1.0500% in 2023 |  |  | 84 |  |  |  | 4,838 |  |  |  | 122 |  |  |  | 6,788 |
|  |  |  |  | 675 |  |  |  | 39,015 |  |  |  | 712 |  |  |  | 39,479 |
Philippine Peso Debts: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed Rate Retail Bonds |  | 5.2813% in 2024 and 2023 |  |  |  |  |  | — |  |  |  |  |  |  | 2,599 |
Term Loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unsecured Term Loans |  | 4.0000% to 5.3500%; PHP BVAL + 0.5000% to 1.0000% (floor rate 4.5000% to 4.6250%) in 2024 and 3.9500% to 5.3500%; PHP BVAL + 0.5000% to 1.0000% (floor rate 4.5000% to 4.6250%) in 2023 |  |  |  |  |  | 242,571 |  |  |  |  |  |  | 212,720 |
|  |  |  |  |  |  |  | 242,571 |  |  |  |  |  |  | 215,319 |
Total long-term debt (Notes 27 and 28) |  |  |  |  |  |  |  | 281,586 |  |  |  |  |  |  | 254,798 |
Less portion maturing within one year (Note 27) |  |  |  |  |  |  |  | 23,340 |  |  |  |  |  |  | 11,646 |
Noncurrent portion of long-term debt (Note 27) |  |  |  |  |  |  |  | 258,246 |  |  |  |  |  |  | 243,152 |
(1) Effective September 2023, the benchmark rate of our U.S. Dollar-denominated debts was changed from LIBOR to SOFR.
|  |  |  |  |  |  |  | Outstanding Amounts |  |
|  |  |  | Repurchase Amount |  |  |  | December 31, 2024 |  |  | December 31, 2023 |  |
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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
US$600M | June 23, 2020 | The Bank of New York Mellon, London Branch | Non-amortizing, payable in full upon maturity on January 23, 2031 and June 23, 2050 |  | — |  |  | — |  |  | — |  |  | 591 |  | (2) |  | 34,177 |  | (2) |  | 590 |  | (2) |  | 32,691 |  | (2)
|  |  |  |  |  |  |  |  |  |  | 591 |  |  |  | 34,177 |  |  |  | 590 |  |  |  | 32,691 |  |
(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 |  |
|  |  |  |  |  |  |  |  |  |  | December 31, 2024 |  |  | December 31, 2023 |  |
|  |  |  |  | Amount |  | Amount |  |  |  |  |  |  |  |  |
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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
US$50M | 2016 and 2017 | NTT TC Leasing | Non-amortizing, payable upon maturity on March 30, 2023 and March 27, 2024 | 2016 and 2017 |  | 50 |  |  | — |  | March 30, 2023 and March 27, 2024 |  |  | — |  |  |  | — |  |  |  | 25 |  | (2) |  | 1,385 |  | (2)
US$140M | 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 |  |  | — |  |  | — |  |  | 84 |  | (2) |  | 4,838 |  | (2) |  | 97 |  | (2) |  | 5,403 |  | (2)
|  |  |  |  |  |  |  |  |  |  |  | 84 |  |  |  | 4,838 |  |  |  | 122 |  |  |  | 6,788 |  |
(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.
|  |  |  |  |  |  | Outstanding Amounts |  |
|  |  |  | Date of | Payments |  | December 31, 2024 |  |  | December 31, 2023 |  |
|  |  |  | Issuance/ | Amount |  |  |  |  |  |  |  |
Loan Amount | Agreement | Paying Agent | Terms | Drawdown | Php | Date |  | Php |  |  | Php |  |
|  |  |  |  | (in millions) |  |  | (in millions) |  |
Fixed Rate Retail Bonds(1) |  |  |  |  |  |  |  |  |  |  |
PLDT |  |  |  |  |  |  |  |  |  |  |  |  |
Php15,000M | 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 2,600 | February 8, 2021 February 6, 2024 |  |  | — |  |  |  | 2,599 |  | (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.
|  |  |  |  |  |  | Outstanding Amounts |  |
|  |  |  |  | Drawn |  | December 31, 2024 |  |  | December 31, 2023 |  |
| Date of Loan |  |  |  | Amount |  |  |  |  |  |  |
Loan Amount | Agreement | Lender(s) | Terms | Dates Drawn | Php |  | Php |  |  | Php |  |
|  |  |  |  | (in millions) |  | (in millions) |  |
Term Loans |  |  |  |  |  |  |  |  |  |  |  |
Unsecured Term Loans(1) |  |  |  |  |  |  |  |  |  |  |
Php14,900M | Various dates in 2014, 2016 and 2019 | Union Bank of the Philippines | With annual amortization up to 7 and 10 years | Various dates in 2014, 2016 and 2019 |  | 14,900 |  |  | 7,811 |  | (2) |  | 9,298 |  | (2)
Php71,300M | Various dates in 2015 to 2023 | Bank of the Philippine Islands | With annual amortization up to 6, 7, 10 and 11 years | Various dates in 2015 to 2024 |  | 71,000 |  |  | 54,738 |  | (2) |  | 54,436 |  | (2)
Php46,500M | Various date in 2015 to 2024 | Metropolitan Bank and Trust Company(3) | With annual amortization up to 7, 10 and 11 years | Various date in 2015 to 2024 |  | 46,500 |  |  | 38,618 |  | (2) |  | 26,443 |  | (2)
Php18,500M | Various dates in 2019 and 2023 | China Banking Corporation | With annual amortization up to 10 years | Various dates in 2019 and 2023 |  | 18,500 |  |  | 15,770 |  | (2) |  | 16,616 |  | (2)
Php14,000M | Various dates in 2016 and 2017 | Security Bank | With semi-annual amortization up to 10 years | Various dates in 2017 |  | 14,000 |  |  | 10,566 |  | (2) |  | 10,760 |  | (2)
Php31,970M | Various dates in 2016, 2020, 2021, 2023 and 2024 | Banco de Oro | With annual amortization up to 7 and 10 years | Various dates in 2016, 2020, 2021 and 2024 |  | 30,470 |  |  | 29,564 |  | (2) |  | 14,318 |  | (2)
Php8,500M | Various dates in 2016, 2017 and 2019 | Philippine National Bank | With annual amortization up to 7, 8 and 10 years | Various dates in 2017, 2018 and 2019 |  | 8,500 |  |  | 7,920 |  | (2) |  | 7,946 |  | (2)
Php41,500M | Various dates in 2016 to 2023 | Landbank of the Philippines | With annual amortization up to 10 years | Various dates in 2016 to 2023 |  | 41,500 |  |  | 39,475 |  | (2) |  | 39,824 |  | (2)
Php14,000M | Various dates in 2019 to 2021 | Development Bank of the Philippines | With annual amortization up to 8, 9 and 10 years | Various dates in 2019 to 2022 |  | 14,000 |  |  | 13,513 |  | (2) |  | 13,629 |  | (2)
Php2,000M | September 6, 2019 | Bank of China (Hong Kong) Limited, Manila Branch | With annual amortization up to 7 years | September 6, 2019 |  | 2,000 |  |  | 1,896 |  | (2) |  | 1,914 |  | (2)
Php15,000M | Various dates in 2020, 2021 and 2023 | Rizal Commercial Banking Corporation | With annual amortization up to 8, 10 and 11 years | Various dates in 2020, 2021 and 2023 |  | 15,000 |  |  | 14,443 |  | (2) |  | 14,566 |  | (2)
Php2,500M | April 2, 2020 | MUFG Bank, Ltd. | With semi-annual amortization up to 6 years | April 2, 2020 |  | 2,500 |  |  | 972 |  | (2) |  | 1,970 |  | (2)
Php3,800M | Various dates in 2023 and 2024 | Bank of Commerce | With annual amortization up to 9 and 10 years | Various dates in 2023 and 2024 |  | 3,800 |  |  | 3,769 |  | (2) |  | 1,000 |  | (2)
Php3,000M | Various dates in 2024 | Hongkong and Shanghai Banking Corporation(3) | With annual amortization up to 5 years | Various dates in 2024 |  | 3,000 |  |  | 2,986 |  | (2) |  | — |  | (2)
Php530M | September 30, 2024 | Philippine Veterans Bank | With annual amortization up to 7 years | October 30, 2024 |  | 530 |  |  | 530 |  | (2) |  | — |  | (2)
|  |  |  |  |  |  |  | 242,571 |  |  |  | 212,720 |  |
(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. (3) Includes Green Loan and Social Loan. Green Loan and Social Loan Facilities On March 6 and May 7, 2024, PLDT secured Php1 billion and Php4 billion Green Loan Facilities from HSBC Philippines and Metropolitan Bank & Trust Company, respectively, to partially fund the company’s ongoing nationwide modernization and expansion of its fiber network. The upgrade of the network to fiber and the resultant energy-efficient operations support the PLDT Group decarbonization roadmap, which aims to reduce its Scope 1 and Scope 2 greenhouse gas emissions by 40% by 2030, from a 2019 baseline. On October 23, 2024, PLDT secured a Php2 billion Social Loan Facility from HSBC Philippines to partially fund the company’s network fiber expansion to reach the country's fourth to sixth class municipalities. This initiative aligns with the government’s focus on enhancing connectivity in Geographically Isolated and Disadvantaged Areas (GIDAs). Short-term Debt PLDT and Smart availed unsecured short-term debt from various banks amounting to Php6,000 million and Php4,000 million, respectively, with an interest rate of 2.60% in March and April 2022. In July 2022, PLDT prepaid its outstanding short-term debt amounting to Php2,000 million. In October 2022, Smart paid its outstanding short-term debt amounting to Php4,000 million. In November 2022, PLDT and Smart availed unsecured short-term debt amounting to Php4,000 million and Php2,000 million, respectively, with an interest rate of 5.16%. In March 2023, PLDT paid its outstanding short-term debt amounting to Php4,000 million. In October 2023, PLDT and Smart paid their remaining outstanding short-term debt amounting to Php4,000 million and Php2,000 million, respectively. As at December 31, 2024 and 2023, PLDT and Smart has no outstanding balance of short-term debt. Below are the interest-bearing financial liabilities drawn after December 31, 2024:
| Date of Loan |  |  |  | Drawn Amount |
Loan Amount | Agreement | Lender(s) | Terms | Dates Drawn | Php |
|  |  |  |  | (in millions) |
Long-term Loans |  |  |  |  |  |
Unsecured Term Loans(1) |  |  |  |  |
PLDT |  |  |  |  |  |
Php11,000M | December 13, 2024 | BPI | With annual amortization up to 10 years |  |  |
Smart |  |  |  |  |  |
Php13,000M | December 19, 2024 | MBTC | With annual amortization up to 10 years | January 2, 2025 |  | 1,500 |
|  |  |  | February 3, 2025 |  | 700 |
Short-term Loans |  |  |  |  |  |
Unsecured Term Loans(1) |  |  |  |  |
PLDT |  |  |  |  |  |
Php787M |  | BPI | 77-day promissory note | January 3, 2025 |  | 787 |
Smart |  |  |  |  |  |
Php235M |  | BPI | 77-day promissory note | January 3, 2025 |  | 235 |
(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. 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. PLDT’s debt instruments also 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. 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. ePLDT’s debt instruments contain certain restrictive covenants that require ePLDT to comply with specified financial ratios and other financial tests at quarterly measurement dates. ePLDT’s loan agreement includes compliance with financial tests such as total debt to equity and interest coverage ratio. The agreement also contains 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. ePLDT’s debt instruments also contain a number of other negative covenants that, subject to certain exceptions and qualifications, restrict ePLDT’s ability to take certain actions without lenders’ approval. 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 14% and 15% were denominated in U.S. Dollars as at December 31, 2024 and 2023, respectively. Considering our consolidated outstanding hedges, the unhedged portion of the PLDT’s net debt amounts was approximately 6% (or 5%, net of our consolidated U.S. Dollar cash balances allocated for debt) as at December 31, 2024 and 5% (or 5%, net of our consolidated U.S. Dollar cash balances allocated for debt) as at December 31, 2023. 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. 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, 2024 and 2023, we were in compliance with all of our debt covenants. See Note 27 – Financial Assets and Liabilities – Derivative Financial Instruments.

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