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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Taxes [Abstract] |
Summary of Major Components of Consolidated Net Deferred Income Tax Assets and Liabilities | The major components of consolidated net deferred income tax assets and liabilities recognized in our consolidated statements of financial position as at December 31, 2024 and 2023 are as follows:
|  | 2024 |  |  | 2023 |
|  | (in million pesos) |
Net deferred income tax assets |  |  | 14,643 |  |  |  | 18,172 |
Net deferred income tax liabilities |  |  | 60 |  |  |  | 165 |
Summary of Components of Net Deferred Income Tax Assets and Liabilities | The components of our consolidated net deferred income tax assets and liabilities as at December 31, 2024 and 2023 are as follows:
|  | 2024 |  |  | 2023 |
|  | (in million pesos) |
Net deferred income tax assets: |  |  |  |  |  |
Unearned revenues |  |  | 3,914 |  |  |  | 5,192 |
Accumulated provision for expected credit losses |  |  | 3,618 |  |  |  | 3,667 |
Lease liability over ROU assets under IFRS 16(1) |  |  | 3,240 |  |  |  | 3,448 |
Pension and other employee benefits |  |  | 2,607 |  |  |  | 2,224 |
Fixed asset impairment/depreciation due to shortened life of property and equipment |  |  | 2,480 |  |  |  | 2,875 |
Unamortized past service pension costs |  |  | 1,908 |  |  |  | 2,629 |
Unrealized foreign exchange losses |  |  | 1,404 |  |  |  | 1,157 |
Accumulated write-down of inventories to net realizable values |  |  | 371 |  |  |  | 393 |
NOLCO |  |  | 266 |  |  |  | 199 |
Excess MCIT over RCIT |  |  | 13 |  |  |  | — |
Taxes and duties capitalized |  |  | (167 | ) |  |  | (147 | )
Derivative financial instruments |  |  | (203 | ) |  |  | 215 |
Customer list and trademark |  |  | (361 | ) |  |  | (272 | )
Capitalized charges and others |  |  | (4,447 | ) |  |  | (3,408 | )
Total deferred income tax assets – net |  |  | 14,643 |  |  |  | 18,172 |
Net deferred income tax liabilities: |  |  |  |  |  |
Investment property |  |  | 389 |  |  |  | 240 |
Unrealized foreign exchange gains |  |  | 22 |  |  |  | 21 |
Others |  |  | (351 | ) |  |  | (96 | )
Total deferred income tax liabilities |  |  | 60 |  |  |  | 165 |
(1) As at December 31, 2024 and 2023, the deferred tax asset on lease liability amounted to Php13,234 million and Php11,909 million, respectively while the deferred tax liability on right of use asset amounted to Php9,994 million and Php8,461 million, respectively.
Summary of Changes in Consolidated Net Deferred Income Tax Assets (Liabilities) | Changes in our consolidated net deferred income tax assets (liabilities) as at December 31, 2024 and 2023 are as follows:
|  | 2024 |  |  | 2023 |
|  | (in million pesos) |
Net deferred income tax assets – balances at beginning of the year |  |  | 18,172 |  |  |  | 17,636 |
Net deferred income tax liabilities – balances at beginning of the year |  |  | (165 | ) |  |  | (204 | )
Net balances at beginning of the year |  |  | 18,007 |  |  |  | 17,432 |
Movement charged directly to other comprehensive income (loss) |  |  | 597 |  |  |  | 2,226 |
Provision for deferred income tax |  |  | (3,938 | ) |  |  | (1,648 | )
Others |  |  | (83 | ) |  |  | (3 | )
Net balances at end of the year |  |  | 14,583 |  |  |  | 18,007 |
Net deferred income tax assets – balances at end of the year |  |  | 14,643 |  |  |  | 18,172 |
Net deferred income tax liabilities – balances at end of the year |  |  | (60 | ) |  |  | (165 | )
Summary of Analysis of Net Deferred Income Tax Assets | The analysis of our consolidated net deferred income tax assets as at December 31, 2024 and 2023 are as follows:
|  | 2024 |  |  | 2023 |
|  | (in million pesos) |
Deferred income tax assets: |  |  |  |  |  |
Deferred income tax assets to be recovered after 12 months |  |  | 11,449 |  |  |  | 15,423 |
Deferred income tax assets to be recovered within 12 months |  |  | 3,194 |  |  |  | 2,749 |
Net deferred income tax assets |  |  | 14,643 |  |  |  | 18,172 |
Summary of Analysis of Net Deferred Income Tax Liabilities | The analysis of our consolidated net deferred income tax liabilities as at December 31, 2024 and 2023 are as follows:
|  | 2024 |  |  | 2023 |
|  | (in million pesos) |
Deferred income tax liabilities: |  |  |  |  |  |
Deferred income tax liabilities to be settled after 12 months |  |  | 106 |  |  |  | 165 |
Deferred income tax liabilities to be settled within 12 months |  |  | (46 | ) |  |  | — |
Net deferred income tax liabilities |  |  | 60 |  |  |  | 165 |
Summary of Provision for (Benefit from) Income Tax | Provision for (benefit from) income tax for the years ended December 31, 2024, 2023 and 2022 consist of:
|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | (in million pesos) |
Current |  |  | 6,200 |  |  |  | 7,964 |  |  |  | 6,949 |
Deferred (Note 3) |  |  | 3,938 |  |  |  | 1,648 |  |  |  | (4,175 | )
|  |  | 10,138 |  |  |  | 9,612 |  |  |  | 2,774 |
Summary of Reconciliation Between the Provision for Income Tax at the Applicable Statutory Tax Rate and the Actual Provision for Corporate Income Tax | The reconciliation between the provision for income tax at the applicable statutory tax rate and the actual provision for corporate income tax for the years ended December 31, 2024, 2023 and 2022 are as follows:
|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | (in million pesos) |
Provision for income tax at the applicable statutory tax rate |  |  | 10,673 |  |  |  | 9,109 |  |  |  | 3,377 |
Tax effects of: |  |  |  |  |  |  |  |  |
Equity share in net losses of associates and joint ventures |  |  | 207 |  |  |  | 701 |  |  |  | 427 |
Loss (income) not subject to income tax |  |  | 57 |  |  |  | (97 | ) |  |  | 16 |
Nondeductible expenses |  |  | 12 |  |  |  | 326 |  |  |  | 145 |
NOLCO/MCIT expiration |  |  | 1 |  |  |  | 25 |  |  |  | 3 |
Net movement in unrecognized deferred income tax assets and other adjustments |  |  | (127 | ) |  |  | 338 |  |  |  | (103 | )
Income subject to final tax |  |  | (172 | ) |  |  | (251 | ) |  |  | (185 | )
Special deductible items and income subject to lower tax rate |  |  | (210 | ) |  |  | (163 | ) |  |  | (141 | )
Difference between Optional Standard Deduction (OSD) and itemized deductions |  |  | (303 | ) |  |  | (376 | ) |  |  | (765 | )
Actual provision for income tax |  |  | 10,138 |  |  |  | 9,612 |  |  |  | 2,774 |
Summary of Amount of Unrecognized Deferred Income Tax Assets | The breakdown of our consolidated deductible temporary differences, carryforward benefits of unused tax credits from excess of MCIT over RCIT, and NOLCO (excluding those not recognized due to the adoption of the OSD method) for which no deferred income tax assets were recognized and the equivalent amount of unrecognized deferred income tax assets as at December 31, 2024 and 2023 are as follows:
|  | 2024 |  |  | 2023 |
|  | (in million pesos) |
Accumulated provision for expected credit losses |  |  | 1,266 |  |  |  | 1,294 |
NOLCO |  |  | 1,208 |  |  |  | 1,541 |
Customer list and trademark |  |  | 428 |  |  |  | 49 |
Fixed asset impairment |  |  | 169 |  |  |  | 192 |
Unrealized foreign exchange losses |  |  | 50 |  |  |  | 37 |
Derivative financial instruments |  |  | 35 |  |  |  | 44 |
Provisions |  |  | 25 |  |  |  | 72 |
Accumulated write-down of inventories to net realizable values |  |  | 15 |  |  |  | 22 |
Unearned revenues |  |  | 9 |  |  |  | 9 |
Lease liability over ROU assets under IFRS 16 |  |  | 3 |  |  |  | 1 |
Excess MCIT over RCIT |  |  | 2 |  |  |  | 2 |
Pension and other employee benefits |  |  | (5 | ) |  |  | (3 | )
|  |  | 3,205 |  |  |  | 3,260 |
Unrecognized deferred income tax assets |  |  | 803 |  |  |  | 817 |
Summary of Breakdown of Consolidated Excess MCIT and NOLCO | The breakdown of our consolidated excess MCIT and NOLCO as at December 31, 2024 are as follows:
Date Incurred |  | Expiry Date |  | MCIT |  |  | NOLCO |
|  |  |  | (in million pesos) |
December 31, 2021(1) |  | December 31, 2026 |  |  | — |  |  |  | 53 |
December 31, 2022 |  | December 31, 2025 |  |  | — |  |  |  | 687 |
December 30, 2023 |  | December 31, 2026 |  |  | 1 |  |  |  | 1,113 |
December 31, 2024 |  | December 31, 2026 |  |  | 22 |  |  |  | 466 |
|  |  |  |  | 23 |  |  |  | 2,319 |
Consolidated tax benefits |  |  |  |  | 23 |  |  |  | 580 |
Consolidated unrecognized deferred income tax assets |  |  |  |  | (2 | ) |  |  | (314 | )
Consolidated recognized deferred income tax assets |  |  |  |  | 21 |  |  |  | 266 |
(1) Under R.A. 11494.

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