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Interest-bearing Financial Liabilities (Tables) | 12 Months Ended
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Dec. 31, 2024
Disclosure of detailed information about borrowings [abstract] |
Summary of 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 |
Summary of Changes to Unamortized Debt Discount | 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 |
Summary of 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.
Summary of Scheduled Maturities of Consolidated Outstanding Long-term and Short-term Debt at Nominal Values | 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 |
Disclosure of Loans Explanatory |
|  |  |  |  |  |  |  | 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. 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.

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