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a

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 20-F

☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 – For the fiscal year ended December 31, 2024

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 – For the transition period from _________ to _________

OR

☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 — Date of event requiring this shell company report __________

Commission file number 1-03006

PLDT Inc.

(Exact name of Registrant as specified in its charter)

Republic of the Philippines

(Jurisdiction of incorporation or organization)

Ramon Cojuangco Building

Makati Avenue

Makati City, Philippines

(Address of principal executive offices)

Atty. Marilyn A. Victorio-Aquino, telephone: +(632) 82500254; mvaquino@pldt.com.ph;

Ramon Cojuangco Bldg., Makati Avenue, Makati City, Philippines 1200

(Name, telephone, e-mail and/or facsimile number and address of Company contact person)

Securities registered or to be registered pursuant to Section 12(b) of the Act.

Title of each class |  | Trading Symbol |  | Name of each exchange on which registered
Common Capital Stock, Par Value Five Philippine Pesos Per Share |  |  |  | New York Stock Exchange*
American Depositary Shares, evidenced by American Depositary Receipts, each representing one share of Common Capital Stock |  | PHI |  | New York Stock Exchange

* Registered on the New York Stock Exchange not for trading but only in connection with the registration of American Depositary Shares, or ADSs, pursuant to the requirements of such stock exchange.

Securities registered or to be registered pursuant to Section 12(g) of the Act.

None

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act.

None

Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as at the close of the period covered by the annual report.

As at December 31, 2024:
216,055,775 shares of Common Capital Stock, Par Value Five Philippine Pesos Per Share
300,000,000 shares of Non-voting Preferred Stock, Par Value Ten Philippine Pesos Per Share
150,000,000 shares of Voting Preferred Stock, Par Value One Philippine Peso Per Share

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act: Yes ☒ No ☐

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934: Yes ☐ No ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days: Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☒ Accelerated filer ☐ Non-accelerated filer ☐ Emerging growth company ☐

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

U.S. GAAP ☐ International Financial Reporting Standards as issued by the International Accounting Standards Board ☒ Other ☐

If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow. Item 17 ☐ Item 18 ☐

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

PCAOB ID: 0 1755 Auditor Name: SyCip Gorres Velayo & Co. Auditor Location: Makati City, Philippines

Page 2 of 2

TABLE OF CONTENTS

CERTAIN CONVENTIONS AND TERMS USED IN THIS REPORT |  | 3
FORWARD-LOOKING STATEMENTS |  | 5
PRESENTATION OF FINANCIAL INFORMATION |  | 6
PART I |  |  |  | 7
Item 1. |  | Identity of Directors, Senior Management and Advisors |  | 7
Item 2. |  | Offer Statistics and Expected Timetable |  | 7
Item 3. |  | Key Information |  | 7
|  | Performance Indicators |  | 7
|  | Capital Stock |  | 8
|  | Dividends Declared |  | 8
|  | Dividends Paid |  | 9
|  | Capitalization and Indebtedness |  | 9
|  | Reasons for the Offer and Use of Proceeds |  | 9
|  | Risk Factors |  | 9
Item 3A. |  | [Reserved] |  | 22
Item 4. |  | Information on the Company |  | 22
|  | Overview |  | 22
|  | Historical Background and Development |  | 23
|  | Recent Developments |  | 23
|  | Strengths |  | 24
|  | Strategy |  | 25
|  | Business Overview |  | 26
|  | Capital Expenditures and Divestitures |  | 35
|  | Organization |  | 35
|  | Infrastructure |  | 36
|  | Interconnection Agreements |  | 37
|  | Licenses and Regulations |  | 37
|  | Material Effects of Regulation on our Business |  | 38
|  | Competition |  | 40
|  | Environmental Matters |  | 41
|  | Intellectual Property Rights |  | 43
|  | Properties |  | 43
Item 4A. |  | Unresolved Staff Comments |  | 44
Item 5. |  | Operating and Financial Review and Prospects |  | 44
|  | Overview |  | 44
|  | Management’s Financial Review |  | 45
|  | Results of Operations |  | 48
|  | Capital Expenditure Plans |  | 72
|  | Liquidity and Capital Resources |  | 73
Item 5E. |  | Critical Accounting Estimates |  | 78
|  | New and Amended Accounting Standards and Interpretations to Existing Standards Effective Subsequent to December 31, 2023 |  | 90
Item 6. |  | Directors, Senior Management and Employees |  | 90
|  | Directors and Executive Officers |  | 90
|  | Terms of Office |  | 98
|  | Family Relationships |  | 98
|  | Compensation of Key Management Personnel |  | 98
|  | Share Ownership |  | 99
|  | Board Practices |  | 99
|  | Audit; Governance, Nomination and Sustainability; Executive Compensation; Technology Strategy; Risk; and Data Privacy and Information Security Committees |  | 99
|  | Employees and Labor Relations |  | 102
|  | Pension and Retirement Benefits |  | 103
Item 7. |  | Major Shareholders and Related Party Transactions |  | 103

|  | Related Party Transactions |  | 105
Item 8. |  | Financial Information |  | 105
|  | Consolidated Financial Statements and Other Financial Information |  | 105
|  | Legal Proceedings |  | 105
|  | Dividend Distribution Policy |  | 108

i

Page 2 of 2

Item 9. |  | The Offer and Listing |  | 108
|  | Common Capital Stock and American Depositary Shares |  | 108
Item 10. |  | Additional Information |  | 108
|  | Share Capital |  | 108
|  | Amended Articles of Incorporation and By-Laws |  | 108
|  | Issuance and Redemption of Preferred Stock |  | 109
|  | Material Contracts |  | 109
|  | Exchange Controls and Other Limitations Affecting Securities Holders |  | 109
|  | Taxation |  | 110
|  | Documents on Display |  | 115
Item 11. |  | Quantitative and Qualitative Disclosures About Market Risks |  | 115
Item 12 |  | Description of Securities Other than Equity Securities |  | 116
PART II |  |  |  | 117
Item 13. |  | Defaults, Dividend Arrearages and Delinquencies |  | 117
Item 14. |  | Material Modifications to the Rights of Security Holders and Use of Proceeds |  | 117
Item 15. |  | Controls and Procedures |  | 117
Item 16A. |  | Audit Committee Financial Expert |  | 117
Item 16B. |  | Code of Business Conduct and Ethics |  | 118
Item 16C. |  | Principal Accountant Fees and Services |  | 118
Item 16D. |  | Exemption from the Listing Standards for Audit Committees |  | 119
Item 16E. |  | Purchases of Equity Securities by the Issuer and Affiliated Purchaser |  | 119
Item 16F. |  | Change in Registrant’s Certifying Accountant |  | 119
Item 16G. |  | Corporate Governance |  | 119
Item 16H. |  | Mine Safety Disclosure |  | 120
Item 16I. |  | Disclosure Regarding Foreign Jurisdictions that Prevent Inspections |  | 120
Item 16J. |  | Insider Trading Policies |  | 120
Item 16K. |  | Cybersecurity |  | 120
PART III |  |  |  | 125
Item 17. |  | Financial Statements |  | 125
Item 18. |  | Financial Statements |  | 126
Item 19. |  | Exhibits |  | 127
|  | Exhibit Index |  | 127

ii

CERTAIN CONVENTIONS AND TERMS USED IN THIS REPORT

Unless the context indicates or otherwise requires, references to “we,” “us,” “our” or “PLDT Group” mean PLDT Inc. (formerly Philippine Long Distance Telephone Company) and its consolidated subsidiaries, and references to “PLDT” or “the Company” mean PLDT Inc., excluding its consolidated subsidiaries (see Note 2 – Summary of Material Accounting Policies to the accompanying audited consolidated financial statements in Item 18. “Financial Statements” for a list of these subsidiaries, including a description of their respective principal business activities).

Unless the context indicates or otherwise requires, “Board of Directors” or the “Board” refer to the board of directors of PLDT.

Any discrepancies in any table between totals and the sums of the amounts listed are due to rounding.

All references to the “Philippines” contained in this report mean the Republic of the Philippines and all references to the “U.S.” or the “United States” are to the United States of America.

In this report, unless otherwise specified or the context otherwise requires, all references to “pesos,” “Philippine pesos” or “Php” are to the lawful currency of the Philippines, all references to “dollars,” “U.S. dollars” or “US$” are to the lawful currency of the United States and all references to “Japanese yen,” “JP¥” or “¥” are to the lawful currency of Japan. Unless otherwise indicated, conversion of peso amounts into U.S. dollars in this report were made based on the volume weighted average exchange rate quoted through the Bankers Association of the Philippines, or BAP, which was Php57.85 to US$1.00 on December 31, 2024. On February 26, 2025, the volume weighted average exchange rate quoted was Php57.88 to US$1.00.

In this annual report, each reference to:

•
ADS means American Depositary Shares;
•
ARPU means average revenue per user;
•
BIR means Bureau of Internal Revenue;
•
BSP means Bangko Sentral ng Pilipinas;
•
CMTS means cellular mobile telephone system;
•
CPCN means Certificate of Public Convenience and Necessity;
•
DFON means domestic fiber optic network;
•
DICT means Department of Information and Communications Technology of the Philippines;
•
Digitel means Digital Telecommunications Phils., Inc.;
•
DMPI means Digitel Mobile Philippines, Inc.;
•
DSL means digital subscriber line;
•
First Pacific means First Pacific Company Limited;
•
First Pacific Group means First Pacific and its Philippine affiliates;
•
FP Parties means First Pacific and certain Philippine affiliates and wholly-owned non-Philippine subsidiary;
•
FTTH means Fiber-to-the-HOME;
•
GAAP means Generally Accepted Accounting Principles;
•
GSM means global system for mobile communications;
•
HSPA means high-speed packet access;
•
IAS means International Accounting Standards;
•
ICT means Information and Communication Technology;
•
IFRS means International Financial Reporting Standards, as issued by the International Accounting Standards Board;
•
IGF means international gateway facility;
•
IP means internet protocol;
•
IT means information technology;

3

•
LEC means local exchange carrier;
•
LTE means long-term evolution;
•
NTC means the National Telecommunications Commission of the Philippines;
•
NTT means Nippon Telegraph and Telephone Corporation;
•
NTT Communications means NTT Communications Corporation, a wholly-owned subsidiary of NTT;
•
NTT DOCOMO means NTT DOCOMO, Inc., a majority-owned and publicly traded subsidiary of NTT;
•
NYSE means New York Stock Exchange;
•
PAPTELCO means Philippine Association of Private Telephone Companies, Inc.;
•
PCEV means PLDT Communications and Energy Ventures, Inc.;
•
PDRs means Philippine Depositary Receipts;
•
Philippine SEC means the Philippine Securities and Exchange Commission;
•
PLDT Beneficial Trust Fund means the beneficial trust fund created by PLDT to pay the benefits under the PLDT Employees’ Benefit Plan;
•
PSE means the Philippine Stock Exchange, Inc.;
•
R.A. means Republic Act of the Philippines;
•
SIM means Subscriber Identification Module;
•
Smart means Smart Communications, Inc.;
•
U.S. SEC means the United States Securities and Exchange Commission;
•
VAS means Value-Added Service;
•
VoIP means Voice over Internet Protocol;
•
VPN means virtual private network;
•
W-CDMA means Wideband-Code Division Multiple Access; and
•
WiFi means a wireless network technology that uses radio waves to provide high-speed internet and network connections.

4

FORWARD-LOOKING STATEMENTS AND RISK FACTOR SUMMARY

Some information in this report may contain forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. We have based these forward-looking statements on our current beliefs, expectations and intentions as to facts, actions and events that will or may occur in the future. Such statements are generally identified by forward-looking words such as “believe,” “plan,” “anticipate,” “continue,” “estimate,” “expect,” “may,” “will” or other similar words.

A forward-looking statement may include a statement of the assumptions or bases underlying the forward-looking statement. We have chosen these assumptions or bases in good faith. These forward-looking statements are subject to risks, uncertainties and assumptions, some of which are beyond our control. In addition, these forward-looking statements reflect our current views with respect to future events and are not a guarantee of future performance. Actual results may differ materially from information contained in the forward-looking statements as a result of a number of factors, including, without limitation, the risk factors set forth in Item 3. “Key Information – Risk Factors.” When considering forward-looking statements, you should keep in mind the description of risks and other cautionary statements in this report.

You should also keep in mind that any forward-looking statement made by us in this report or elsewhere speaks only as at the date on which we made it. New risks and uncertainties come up from time to time, and it is impossible for us to predict these events or how they may affect us. We have no duty to, and do not intend to, update or revise the statements in this report after the date hereof. In light of these risks and uncertainties, you should keep in mind that actual results may differ materially from any forward-looking statement made in this report or elsewhere.

Forward‑looking statements involve inherent risks and uncertainties. The forward‑looking statements included in this report reflect our current views with respect to future events and are not a guarantee of future performance. A number of important factors could cause actual results or outcomes to differ materially from those expressed in any forward‑looking statement. These factors include, but are not limited to, the following:

•
increased competition and potential changes in the competitive and regulatory landscape of the telecommunications industry in the Philippines;
•
our ability to keep pace with disruptive innovations and new and emerging technologies;
•
our ability to maintain and enhance our brands;
•
our reliance on outsourcing and strategic sourcing arrangements, technology vendor contracts and other partnerships and/or joint ventures;
•
growth of the mobile telecommunications industry in the Philippines;
•
our ability to maintain our licenses, franchises and regulatory approvals;
•
applicable laws and regulations;
•
changes in regulations or user concerns regarding the privacy and protection of user data;
•
limitations in the amount of frequency spectrum or facilities made available to us;
•
the success of our acquisitions of, and investments in, other companies and businesses, and our ability to fully implement our business strategy;
•
fluctuations in the market values of our investments;
•
our ability to install and maintain telecommunications facilities and equipment in a timely manner;
•
any cyber-attacks on our network infrastructure and computer systems;
•
climate change;
•
our ability to finance our business;
•
foreign exchange rate fluctuations;
•
our indebtedness and limitations imposed by our debt covenants;
•
loss of key personnel or failure to attract and retain highly qualified personnel;
•
pending or future litigation, internal or external investigations and/or disputes;
•
fraud relating to device financing, credit cards, dealers or subscriptions; and
•
damage to our infrastructure;

5

•
international geopolitical conflicts; and
•
other factors described under “Risk Factors.”

PRESENTATION OF FINANCIAL INFORMATION

Our consolidated financial statements as at December 31, 2024 and 2023 and for the three years ended December 31, 2024, 2023 and 2022 included in Item 18. “Financial Statements” of this annual report on Form 20-F have been prepared in conformity with IFRS Accounting Standards.

As at December 31, 2024, our business activities were categorized into three business units: Wireless, Fixed Line and Others.

6

PART I

Item 1. Identity of Directors, Senior Management and Advisors

Not applicable.

Item 2. Offer Statistics and Expected Timetable

Not applicable.

Item 3. Key Information

Performance Indicators

We use a number of non-GAAP performance indicators to monitor financial performance. These are summarized below and discussed later in this report.

Adjusted EBITDA

Adjusted EBITDA is measured as net income excluding depreciation and amortization, amortization of intangible assets, asset impairment on noncurrent assets, financing costs – net, interest income, equity share in net earnings (losses) of associates and joint ventures, foreign exchange gains (losses) – net, gains (losses) on derivative financial instruments – net, provision for (benefit from) income tax, other income (expense) – net, manpower rightsizing program and non-recurring income (expenses). Adjusted EBITDA is monitored by management for each business unit separately for purposes of making decisions about resource allocation and performance assessment. Adjusted EBITDA is presented because our management believes that it is widely used by investors in their analysis of the performance of PLDT and can assist them in their comparison of PLDT’s performance with those of other companies in the technology, media and telecommunications sector. Companies in the technology, media and telecommunications sector have historically reported Adjusted EBITDA as a supplement to financial measures in accordance with IFRS Accounting Standards. Adjusted EBITDA should not be considered as alternative to net income as an indicator of our performance, nor should Adjusted EBITDA be considered as an alternative to cash flows from operating activities, as a measure of liquidity or as an alternative to any other measure determined in accordance with IFRS Accounting Standards. Unlike net income, Adjusted EBITDA does not include depreciation and amortization, or financing costs and, therefore, does not reflect current or future capital expenditures or the cost of capital. We compensate for these limitations by using Adjusted EBITDA as only one of several comparative tools, together with IFRS Accounting Standards-based measurements, to assist in the evaluation of operating performance. Such IFRS Accounting Standards-based measurements include income before income tax, net income, and operating, investing and financing cash flows. We have significant uses of cash flows, including capital expenditures, interest payments, debt principal repayments, taxes and other non-recurring charges, which are not reflected in Adjusted EBITDA. Our calculation of Adjusted EBITDA may be different from the calculation methods used by other companies and, therefore, comparability may be limited. A reconciliation of our consolidated net income to our consolidated Adjusted EBITDA for the years ended December 31, 2024, 2023 and 2022 is presented in Item 5. “Operating and Financial Review and Prospects –– Management’s Financial Review”.

Core Income and Telco Core Income

Core income is measured as net income attributable to equity holders of PLDT (net income less net income attributable to noncontrolling interests), excluding foreign exchange gains (losses) – net, gains (losses) on derivative financial instruments – net (excluding hedge costs), asset impairment on noncurrent assets, non-recurring gains (losses), net of tax effect of aforementioned adjustments, as applicable, and similar adjustments to equity share in net earnings (losses) of associates and joint ventures. Core income results are monitored by management for each business unit separately for purposes of making decisions about resource allocation and performance assessment.

Meanwhile, telco core income is measured as net income attributable to equity holders of PLDT (net income less net income attributable to noncontrolling interests), excluding foreign exchange gains (losses) – net, gains (losses) on derivative financial instruments – net (excluding hedge costs), asset impairment on noncurrent assets, non-recurring gains (losses), net of tax effect of aforementioned adjustments, as applicable, and similar adjustments to equity share in net earnings (losses) of associates and joint ventures, adjusted for the effect of the share in Maya Innovations Holdings, Pte. Ltd. (MIH) (formerly Voyager Innovations Holdings, Pte. Ltd.) and Kayana Solutions, Inc. (Kayana) (formerly Limitless Growth Ventures, Inc.) losses, asset sales, and depreciation due to change in accounting estimate. Telco core income is used by the management as a basis for determining the level of dividend payouts to shareholders and one of the bases for granting incentives to employees.

7

Core income and telco core income should not be considered as alternatives to income before income tax or net income determined in accordance with IFRS Accounting Standards as an indicator of our performance. Unlike net income, core income and telco core income do not include certain items, among others, foreign exchange gains and losses, gains and losses on derivative financial instruments, impairment on non-current assets and non-recurring gains and losses. We compensate for these limitations by using core income and telco core income as a few of several comparative tools, together with IFRS Accounting Standards-based measurements, to assist in the evaluation of operating performance. Such IFRS Accounting Standards-based measurements include income before income tax and net income. Our calculation of core income may be different from the calculation methods used by other companies and, therefore, comparability may be limited. A reconciliation of our consolidated net income to our consolidated core income and consolidated telco core income for the years ended December 31, 2024, 2023 and 2022 is presented in Item 5. “Operating and Financial Review and Prospects – Management’s Financial Review”.

Capital Stock

The following table summarizes PLDT’s capital stock issued and outstanding as at December 31, 2020, 2021, 2022, 2023 and 2024:

|  | No. of shares |  |  | December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |  |  | 2021 |  |  | 2020 |  |  | 2024 |  |  | 2023 |  |  | 2022 |  |  | 2021 |  |  | 2020 |
|  | (in millions) |  |  | (amounts in million Php) |
Non-Voting Preferred Stock |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
10% Cumulative Convertible Redeemable Preferred Stock Series JJ* |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Series IV Cumulative Non-convertible Redeemable Preferred Stock** |  |  | 300 |  |  |  | 300 |  |  |  | 300 |  |  |  | 300 |  |  |  | 300 |  |  |  | 360 |  |  |  | 360 |  |  |  | 360 |  |  |  | 360 |  |  |  | 360 |
Voting Preferred Stock |  |  | 150 |  |  |  | 150 |  |  |  | 150 |  |  |  | 150 |  |  |  | 150 |  |  |  | 150 |  |  |  | 150 |  |  |  | 150 |  |  |  | 150 |  |  |  | 150 |
|  |  | 450 |  |  |  | 450 |  |  |  | 450 |  |  |  | 450 |  |  |  | 450 |  |  |  | 510 |  |  |  | 510 |  |  |  | 510 |  |  |  | 510 |  |  |  | 510 |
Common Stock |  |  | 216 |  |  |  | 216 |  |  |  | 216 |  |  |  | 216 |  |  |  | 216 |  |  |  | 1,093 |  |  |  | 1,093 |  |  |  | 1,093 |  |  |  | 1,093 |  |  |  | 1,093 |
Total |  |  | 666 |  |  |  | 666 |  |  |  | 666 |  |  |  | 666 |  |  |  | 666 |  |  |  | 1,603 |  |  |  | 1,603 |  |  |  | 1,603 |  |  |  | 1,603 |  |  |  | 1,603 |

* On January 28, 2020 the Board of Directors authorized and approved the redemption and retirement of PLDT’s Series JJ 10% Cumulative Convertible Preferred Stock which were issued in the year 2014, effective May 12, 2020.

** Includes 300,000,000 shares subscribed for Php3,000,000,000, of which Php360,000,000 has been paid.

Dividends Declared

The following table shows the dividends declared to common shareholders from the earnings for the years ended December 31, 2020, 2021, 2022, 2023 and 2024:

|  | Date |  | Amount |
Earnings |  | Approved |  | Record |  | Payable |  | Per share |  |  | Total Declared |
|  |  |  |  |  |  |  | (in Php) |  |  | (amounts in million Php) |
2020 |  | August 6, 2020 |  | August 20, 2020 |  | September 4, 2020 |  |  | 38 |  |  |  | 8,210 |
2020 |  | March 4, 2021 |  | March 18, 2021 |  | April 6, 2021 |  |  | 40 |  |  |  | 8,642 |
|  |  |  |  |  |  |  |  | 78 |  |  |  | 16,852 |
2021 |  | August 5, 2021 |  | August 19, 2021 |  | September 3, 2021 |  |  | 42 |  |  |  | 9,075 |
2021 |  | March 3, 2022 |  | March 17, 2022 |  | April 4, 2022 |  |  | 42 |  |  |  | 9,075 |
|  |  |  |  |  |  |  |  | 84 |  |  |  | 18,150 |
2022 |  | August 4, 2022 |  | August 18, 2022 |  | September 5, 2022 |  |  | 47 |  |  |  | 10,155 |
2022 |  | August 4, 2022 |  | August 18, 2022 |  | September 5, 2022 |  |  | 28 |  |  |  | 6,049 |
2022 |  | March 23, 2023 |  | April 11, 2023 |  | April 24, 2023 |  |  | 45 |  |  |  | 9,722 |
2022 |  | March 23, 2023 |  | April 11, 2023 |  | April 24, 2023 |  |  | 14 |  |  |  | 3,025 |
|  |  |  |  |  |  |  |  | 134 |  |  |  | 28,951 |
2023 |  | August 3, 2023 |  | August 17, 2023 |  | September 4, 2023 |  |  | 49 |  |  |  | 10,587 |
2023 |  | March 7, 2024 |  | March 21, 2024 |  | April 5, 2024 |  |  | 46 |  |  |  | 9,938 |
|  |  |  |  |  |  |  |  | 95 |  |  |  | 20,525 |
2024 |  | August 13, 2024 |  | August 27, 2024 |  | September 11, 2024 |  |  | 50 |  |  |  | 10,803 |
2024 |  | February 27, 2025 |  | March 13, 2025 |  | April 3, 2025 |  | 47 |  |  |  | 10,155 |
|  |  |  |  |  |  |  | 97 |  |  |  | 20,958 |

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Dividends Paid

The following table shows a summary of dividends paid per share of PLDT's common stock stated in both Philippine peso and U.S. dollars:

|  | In Philippine Peso |  |  | In U.S. Dollars |
2020 |  |  | 77.00 |  |  |  | 1.55 |
Regular Dividend – April 3, 2020 |  |  | 39.00 |  |  |  | 0.77 |
Regular Dividend – September 4, 2020 |  |  | 38.00 |  |  |  | 0.78 |
2021 |  |  | 82.00 |  |  |  | 1.66 |
Regular Dividend – April 6, 2021 |  |  | 40.00 |  |  |  | 0.82 |
Regular Dividend – September 3, 2021 |  |  | 42.00 |  |  |  | 0.84 |
2022 |  |  | 117.00 |  |  |  | 2.14 |
Regular Dividend – April 4, 2022 |  |  | 42.00 |  |  |  | 0.82 |
Regular Dividend – September 5, 2022 |  |  | 47.00 |  |  |  | 0.83 |
Special Dividend – September 5, 2022 |  |  | 28.00 |  |  |  | 0.49 |
2023 |  |  | 108.00 |  |  |  | 1.94 |
Regular Dividend – April 24, 2023 |  |  | 45.00 |  |  |  | 0.81 |
Regular Dividend – September 4, 2023 |  |  | 49.00 |  |  |  | 0.88 |
Special Dividend – April 24, 2023 |  |  | 14.00 |  |  |  | 0.25 |
2024 |  |  | 96.00 |  |  |  | 1.70 |
Regular Dividend – April 5, 2024 |  |  | 46.00 |  |  |  | 0.81 |
Regular Dividend – September 11, 2024 |  |  | 50.00 |  |  |  | 0.89 |

Dividends on PLDT’s common stock were declared and paid in Philippine pesos. For the convenience of the reader, the Philippine peso dividends have been converted into U.S. dollars based on exchange rates quoted through the BAP for 2020 to 2024 dividend payments. See Note 19 – Equity to the accompanying audited consolidated financial statements in Item 18. “Financial Statements” for further information on our dividend payments.

Capitalization and Indebtedness

Not applicable.

Reasons for the Offer and Use of Proceeds

Not applicable.

RISK FACTORS

You should carefully consider all of the information in this annual report, including the risks and uncertainties described below. If any of these risks materialize, they could have a material adverse effect on our business, financial condition or results of operations and may cause the trading price of our ADSs to decline, potentially resulting in the loss of all or part of your investment.

Risks Relating to Us

Increased competition in the telecommunications sector may diminish our market share and profitability, while changes in the competitive and regulatory landscape could further exacerbate adverse effects on our business.

Increasing competition among telecommunications services providers, including new operators, could significantly impact our business and prospects by, among other factors, necessitating tariff reductions, hindering growth of our customer base and reducing usage of our services. Competition is intense for both mobile and fixed line services, with factors such as network coverage, service quality, product offerings, and price as considerations for subscriber preference, potentially requiring increased capital expenditures for capacity and coverage expansion.

The mobile telecommunications industry has experienced intense price competition as operators have attempted to expand market share, especially in light of a maturing voice and SMS market. Competition has now pivoted to data services, prioritizing customer experience over pricing. Our competitors in fixed line broadband, Globe Telecom, Inc. (Globe), and Converge ICT Solutions, Inc. (Converge), a pure fiber broadband provider, are heavily investing in expanding their respective fiber presence. Meanwhile, DITO Telecommunity Corporation (DITO) is aggressively expanding its footprint.

Developments in law, regulations and/or Government initiatives may increase competition and cause us to lose customers. In 2022, the amendment to the Public Service Act was approved which effectively removed the 40% foreign ownership restriction on telecommunication companies which could result in increased competition. Prior to this, as part of its push to encourage

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competition within the telecommunications industry, the Philippine Government introduced various measures to facilitate and enable the operations of new players, including a tower sharing policy, Mobile Number Portability (MNP), and removal of mobile interconnect charges. We cannot guarantee you that in the future, there will not be similar changes in law, regulations or Government initiatives that may adversely affect our competitiveness.

Our ability to compete depends on factors like network coverage and capacity, service quality, pricing, product innovation, sales channels, and financial resources. To uphold our competitive stance, our success hinges on our ability to anticipate and respond to industry shifts, including technological advancements, evolving consumer preferences, and economic trends. Failure to identify and respond to these challenges could adversely impact our business. In addressing the intense competition, we may need to adjust our pricing strategies and allocate resources to network upgrades, which could lead to lower revenues and higher costs. Moreover, the potential entry of new competitors and customer churn may require increasing marketing and capital expenditures, thereby impacting our overall profitability. We cannot assure you that the number of providers of telecommunications services will not increase in the future or that competition for customers will not result in the loss of customers, including due to our mobile and fixed line subscribers switching to other operators. Any of the foregoing events could result in a reduction in our profitability.

The rapid advancement of disruptive innovations by new and emerging technologies may outpace our ability to compete and/or manage the risk appropriately, resulting in a possible decline in demand for our services, significant changes to our business model and a material adverse effect on our business, results of operations, financial condition and prospects.

The growing use of mobile data in the Philippines, along with the widespread adoption of over-the-top (OTT) services and video conferencing applications, have negatively impacted our traditional revenue sources such as SMS and domestic calling services in recent years. We also face growing competition from providers utilizing alternative wireless technologies and IP-based networks, including the Philippine Government's initiatives to roll-out its free WiFi services in select areas within various municipalities. Moreover, net settlement payments between PLDT and other foreign telecommunications carriers for origination and termination of international call traffic between the Philippines and other countries, which have been our predominant source of foreign currency revenues, have been declining in recent years and contributing less to our total service revenues.

While increasing mobile data usage positively impacted our data revenues and is expected to continue driving growth, there is no guarantee that such increase will fully offset the decline in revenues from our traditional services. We may not be able to maintain and attract customers more effectively than our competitors. We must also invest in additional capacity, infrastructure, cybersecurity, systems and personnel to provide high quality services that accommodate increasing mobile data usage. As a result, our capital costs could increase as we phase out outdated and unprofitable technologies and invest in new ones.

We may not be able to accurately predict further technological trends or successfully adopt or implement new technologies in our business. Some of our competitors may be more successful than us in the development and implementation of new technologies, including services and platforms based on artificial intelligence, to address customer demand or improve operations. If we are unable to adequately advance our capabilities in these areas, or do so at a slower pace than others in our industry, we may be at a competitive disadvantage. In addition, there could be legal or regulatory restraints on our introduction of new services. If our services fail to gain acceptance in the marketplace, or if costs associated with implementation and completion of the introduction of these services materially increase, our ability to retain and attract customers could be adversely affected.

Developments in artificial intelligence (AI) technologies, and its governing legal and regulatory frameworks, are rapidly evolving, and could significantly disrupt the telecommunications industry and subject us to increased competition, legal and regulatory risks and compliance costs, which could have a material adverse effect on our business, financial condition and results of operations. The full extent of risks related thereto is difficult to predict. We are actively integrating AI into our operations, starting with a smart voice AI solution to enhance payment collections. Additionally, leveraging AI to improve employee productivity by assisting with document creation, email and communication management, collaborative work, presentation development, and data analysis. As we continue assessing its capabilities, we are working towards embedding AI across our infrastructure, processes, and strategic workflows to drive efficiency and innovation. We also aim to leverage AI-driven analytics to generate deeper business insights, drive and offer hyper-personalized customer service and promotions using machine learning models. AI-powered initiatives will also be instrumental in unlocking wireless growth, particularly in 5G monetization strategies. Market demand, and acceptance of AI technologies are uncertain. Potential litigation or government regulation related to AI may also increase the burden and cost of research and development in this area, subjecting us to reputational harm, competitive harm or legal liability. Among other pitfalls, such tools may inadvertently generate or reveal confidential information, or may produce responses that are erroneous, biased, inaccurate, illegal or unethical. Failure to address perceived or actual technical, legal, compliance, privacy, security, ethical or other issues relating to the use of AI technologies could adversely affect our business and operating results.

Regulations relating to AI technologies may also impose on us certain obligations and costs related to monitoring and compliance. There is uncertainty around the regulation of AI technologies as the Philippine government is in the process of defining its own laws and policies amidst the creation of new AI-related laws in other jurisdictions. The Department of Trade and Industry has developed the National AI Strategy for the Philippines. A bill has been filed in Congress (HB No. 7396 “An Act Promoting the

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Development and Regulation of Artificial Intelligence in the Philippines”) proposing the creation of an Artificial Intelligence Development Authority and is pending with the Committee on Information and Communications Technology.

The success of our business depends on our ability to maintain and enhance our brands.

We believe that our reputation and brands in the industry are crucial to the success of our business. To maintain and enhance our reputation and brands, we must continue providing relevant products and services, combined with the best customer experience, such that we not only maintain our current customer base but also attract new subscribers as well. If we are unsuccessful in maintaining our reputation and improving our brands, our business, financial position and results of operations may be negatively affected.

Our reliance on arrangements with technology vendors, other partnerships and/or joint ventures, and any disruptions to such arrangements may result in disruption to our business operations and adversely affect our supply of equipment and results of operations, financial condition, reputation and business prospects.

As part of our extensive capital expenditures program to enhance our fixed and wireless networks infrastructure and IT systems to fully support business requirements, we have entered into agreements with vendors, to upgrade and modernize significant portions of our IT infrastructure. However, we cannot guarantee that these initiatives will be completed on schedule, or at all, or as intended. Furthermore, we cannot guarantee that such initiatives will not result in service disruptions, network outages or other issues that may detrimentally affect our service delivery and consumer experience. This may adversely affect our business, financial condition and results of operations.

Due to our reliance on third party vendors, our business operations may be negatively impacted by global geopolitical and public health developments (such as COVID-19), which can disrupt supply chains, delay network construction, and impact service delivery. Any adverse changes in import policies, including increases in import duties and tariffs, or any embargo on imports from countries from which our vendors supply or countries supplying our vendors, may also adversely impact our business, prospects, results of operations and cash flows. Trade tensions between the United States and major trading partners continue to escalate following the introduction of a series of tariff measures by the United States and/or its trading partners. Economic and trade sanctions have been threatened and/or imposed by the U.S. government on a number of People’s Republic of China (PRC)-based technology companies, including Huawei Technologies Co., Ltd. (Huawei), a key vendor for our telecommunications equipment and software licenses, and with whom we have partnered with to develop and offer outcome-based cloud solutions. The United States has also in certain circumstances imposed and threatened to impose further sanctions, trade embargoes and other heightened regulatory requirements on the PRC and PRC-based technology companies. The United States government has brought enforcement actions against Huawei and companies who engaged in unauthorized transactions with Huawei. While our partnership with Huawei is not currently subject to such sanctions or trade embargoes, there is no assurance that the United States or other jurisdictions will not impose similar or more expansive restrictions that may materially and adversely affect or restrict our relationships or collaborations with our vendors, including Huawei and its designated entities, thereby adversely affecting our reputation, competitiveness and business operations.

Some of our third party vendors may encounter financial difficulties or consolidate with other vendors. This may result in a shrinking of the already limited pool of qualified vendors which may in turn, materially impact the third party vendors’ ability to fulfill their obligations and thereby impact our operations. The limited number of available vendors may also result in our dependence on a single vendor to provide critical services.

Our ability to generate revenues could be disrupted if our suppliers are no longer able or willing to supply us. In the event that any of our suppliers cannot or will not provide us with the required products, we may be forced to find alternative suppliers. There is no guarantee that we will be able to obtain our products or products of a similar quality from alternate suppliers, in part or at all. Failure to find alternative suppliers will disrupt our operations and hinder our ability to generate revenues.

Our vendors/suppliers may be affected by the effects of climate change and extreme weather conditions which could affect their ability to fulfill their commitments to us. This, in turn may disrupt our operations and business continuity.

The mobile telecommunications industry in the Philippines may not continue to grow.

The majority of our total revenues are derived from mobile services provided to customers in the Philippines, making us highly dependent on the continued development and growth of the local mobile telecommunications industry. We believe the country's mobile penetration rate reached approximately 123% as at December 31, 2024, based on the number of SIM cards issued. Given this penetration level, the market for SMS and domestic voice may be considered mature.

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Data has emerged as the key driver for revenues. While data traffic on our network has increased, further market expansion depends on many factors beyond our control, including the continued introduction of new and enhanced mobile devices, the price levels of mobile handsets, consumer tastes and preferences, alternative means of access, and the amount of disposable income of existing and potential subscribers. Any economic, technological or other developments resulting in a reduction in demand for mobile services or otherwise causing the Philippine mobile telecommunications industry to stop growing or slow down its growth, could materially harm our business, results of operations, financial condition and prospects.

The franchises, licenses and regulatory approvals, upon which PLDT relies, may be subject to revocation or delay, which could result in the suspension of our services or abandonment of any planned expansions and could thereby have a material adverse effect on our business, results of operations, financial condition and prospects.

Amendment to the Public Service Act

On March 21, 2022, Republic Act No. 11659 or “An Act Amending Commonwealth Act No. 146, otherwise known as the Public Service Act, as amended” (Amendment to the Public Service Act), was signed into law by the President. Under the amendments, telecommunication companies are no longer considered “public utilities” but as “public service with critical infrastructure”. As such, they are no longer subject to the 40% foreign ownership restriction under the Constitution, subject to certain reciprocity rules and with provisions limiting/disallowing state-owned enterprises to invest in telecommunication companies. While the amendment increases our access to foreign capital, it may also allow foreign nationals to make significant investments in other telecommunications companies/operators that can compete with us. The Amendment to the Public Service Act was published in the Official Gazette on March 28, 2022 and took effect on April 12, 2022. On March 20, 2023, the National Economic and Development Authority (NEDA) released its Implementing Rules and Regulations (IRR). The IRR took effect on April 4, 2023.

While we believe that PLDT is still in compliance with the requirements of the Constitution as at the date of this report, we cannot assure you that any subsequent changes in the law will not result in a different conclusion.

Failure to renew franchise and CPCNs

We operate our businesses under separate franchises, each of which has a fixed term and is subject to amendment, termination or repeal by the Philippine Congress.

We also hold various provisional authorities and CPCNs, which have been granted by the NTC and will expire between now and 2028. Some of our CPCNs and provisional authorities have already expired, but applications for the renewal of these CPCNs and provisional authorities were filed prior to their expiry. Under Executive Order No. 292, otherwise known as the Philippine Revised Administrative Code of 1987 (Administrative Code), and Republic Act No. 11032, otherwise known as the Ease of Doing Business and Efficient Government Service Delivery Act of 2018 (Ease of Doing Business Act), CPCNs and provisional authorities for which renewal applications have been filed prior to expiry are deemed effective until the applications for renewal are finally decided upon by the regulator. Although we have filed applications for the extension of these CPCNs and provisional authorities, we cannot assure you that the NTC will grant the applications for renewal.

Failure to renew CPCNs can materially and adversely affect our ability to conduct the essential functions of our business, and therefore adversely affect our financial condition and results of operations. See Item 4. “Information on the Company – Franchises, Licenses and Regulations” for more information.

Failure to comply with public ownership requirements under Republic Act No. 7925 or the Public Telecommunications Policy Act of the Philippines

In order to diversify the ownership base of public utilities, Republic Act No. 7925, otherwise known as the “Public Telecommunications Policy of the Philippines” (R.A. 7925), requires a telecommunications entity with regulated types of services to make a bona fide public offering through the stock exchange of its shares representing at least 30% of its aggregate common shares within five years from: (a) the date the law became effective; or (b) the entity’s commencement of commercial operations, whichever date is later.

Republic Act No. 10926 provides an exemption from the public listing requirement if the grantee is wholly-owned by a company that has publicly listed at least 30% of its authorized capital stock.

PLDT is a publicly listed company and therefore in compliance with this requirement. Meanwhile, Smart, as a wholly-owned subsidiary of PLDT, a publicly listed company, is not required to offer any of its shares to the public.

Meanwhile, DMPI takes the position that it has satisfied the public offering requirement under R.A. 7925 and Republic Act No. 9180 (R.A. 9180), or the legislative franchise of DMPI (DMPI’s Franchise), by virtue of the fact that PLDT, a publicly listed company, holds a 99.6% equity interest in DMPI’s parent company, Digitel Telecommunications Philippines, Inc. (DTPI), which

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in turn, holds a 100% equity interest in DMPI. However, there can be no assurance that the Philippine Congress will agree with this position. If DMPI is found to be in violation of the public offering requirement under R.A. 7925 and R.A. 9180, DMPI’s Franchise could be revoked by Congress, or a quo warranto case may be filed against it by the Office of the Solicitor General of the Philippines.

We cannot assure you that there will be no adverse changes in applicable public ownership requirements or interpretations or that none of our franchises, permits or licenses will be revoked in the future nor that any such changes or revocations would not have a material adverse effect on our business, financial conditions or prospects.

Our business is subject to extensive laws and regulations, including regulations in respect of our service rates, taxes and antitrust laws.

Our business is subject to extensive laws and regulations, including regulations in respect of our service rates, taxes and antitrust laws. Any adverse changes in applicable laws and regulations can have an adverse impact on our business, results of operations, financial condition and prospects.

The NTC regulates the rates we are permitted to charge for services that have not been deregulated, such as local exchange services, and is responsible for granting a long-term license called a CPCN. PLDT has obtained CPCNs for its international gateway facilities, local exchange carriers, and interexchange carrier services. While CPCNs are typically co-terminus with the term of a public utility’s franchise, the NTC may amend certain terms of a CPCN, or revoke a CPCN for cause, subject to due process procedures. The exercise of regulatory power by regulators, may be subject to review by the courts upon the filing of appropriate actions by the affected parties.

We cannot guarantee that the NTC will not impose additional obligations on us that, if unmet, could lead to the revocation of our licenses and/or a reduction in our total revenues or profitability. The NTC could amend applicable regulations or implement additional guidelines governing our interconnection with other telecommunications companies or the rates and terms upon which we provide services to our customers. In addition, any future expansions in our services, particularly in our mobile services, could subject us to additional conditions in the granting of our provisional authorities by the NTC and to increased regulatory scrutiny, which could have a material adverse effect on our growth and prospects. The occurrence of any of the foregoing could impose substantial costs on us, cause interruptions or considerable delays in the provision, development or expansion of our services, or materially reduce our revenues and profitability. There is no assurance that the regulatory environment will support increases in our business and financial activity.

We are subject to various national and local taxes, and regulatory fees imposed by LGUs through their respective ordinances. We cannot assure you that we will not be subject to new, increased and/or additional taxes or that we would be able to pass on such additional expenses to our customers. See Note 26 – Provisions and Contingencies to the accompanying audited consolidated financial statements in Item 18. “Financial Statements” for further discussion.

Moreover, we are subject to antitrust laws and regulations. Republic Act No. 10667, otherwise known as the Philippine Competition Act (Philippine Competition Act), came into effect on August 8, 2015, and prohibits practices that restrict market competition through anti-competitive agreements or the abuse of dominant position. The Philippine Competition Act also requires parties to provide notification and obtain clearance for certain mergers and acquisitions. Violators may be subject to administrative and criminal penalties. While our business practices have not in the past been found to have violated any antitrust laws and regulations, we cannot assure you that any new or existing governmental regulators will not, in the future, take the position that our current or past business practices have an anti-competitive effect on the Philippine telecommunications industry.

Smart received a subpoena duces tecum dated December 7, 2022, from the PCC Competition Enforcement Office in relation to an ongoing full administrative investigation involving the telecommunications industry. In compliance with the subpoena, Smart submitted its corporate documents, documents and information pertaining to its operations as a PTE and its relationship with other PTCs, and documents and information on ISR to the PCC. As of the date of this report, Smart has not received any other notices from the PCC with regard to this investigation. See Note 26 – Provisions and Contingencies to the accompanying audited consolidated financial statements in Item 18. “Financial Statements” for further discussion.

In 2022, the amendment to the Public Service Act was approved, effectively removing the 40% foreign ownership restriction on telecommunication companies and thereby increasing competition, including from foreign investors and telecommunications companies.

In 2023, House Bill 9021, otherwise known as the Refund for Internet and Telecommunications Services Outages and Disruptions Act, was transmitted by Congress to the Senate. It requires public telecommunications entities (PTEs), including internet service providers (ISPs), to issue a refund or adjust a customer's bill if they experience a cumulative internet service outage or interruption lasting twenty-four (24) hours or more within a month. However, the bill provides exemptions in the case of scheduled maintenance (with a 48-hour advance notice and not exceeding 48 hours per month), fortuitous events, or acts of third parties or subscribers. The implementation of House Bill 9021 would require PLDT Group to rigorously monitor service quality on a

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per-customer basis. This may necessitate substantial adjustments to the operations, processes, and network infrastructure of the PLDT Group, which could require us to incur significant costs. We may not be able to effectively implement such adjustments within the transition period provided by the relevant government agencies, or may incur additional costs in ensuring compliance within the set timeframe.

Congress approved House Bill 10289 on its third reading in July 2024 and pending with the Senate, mandates and institutionalizes a roll-over data allocation scheme for internet service providers and imposes penalties for non-compliance. This bill requires that unused data allocations be carried over to the next billing cycle, posing additional challenges for ISPs. Compliance with House Bill 10289 could necessitate significant adjustments to data management, billing systems, and related processes, leading to substantial capital expenditure and operating expenditure. Failure to comply with this regulation could result in penalties that may adversely affect the financial condition and profitability of the PLDT Group. Unlike House Bill 9021, which focuses on service outage refunds and customer billing adjustments, House Bill 10289 emphasizes improving customer benefits through data roll-over while imposing stricter penalties, thereby creating distinct but complementary compliance requirements for the telecommunications industry.

Senate Bill No. 2699, otherwise known as Konektadong Pinoy Act ("KP Act"), was approved by the Philippine Senate on its third and final reading on February 5, 2025. The KP Act will be referred to the Bicameral Conference Committee for further deliberations. The bill introduces key regulatory changes aimed at liberalizing the telecommunications and data transmission sectors, including the removal of the legislative franchise and CPCN requirements for data transmission industry participants. If enacted, the KP Act will liberalize the industry by removing the requirement for a legislative franchise and CPCN for data transmission service providers. This change will simplify the regulatory process for new entrants, making it easier for additional players to establish and operate businesses in the sector. As a result, competition is expected to intensify, potentially reshaping market dynamics, pricing structures, and investment strategies for existing providers. This legislative development complements the amendments to the Public Service Act (PSA) enacted in 2022, which eased foreign ownership restrictions in key sectors, including telecommunications. While these reforms are expected to drive increased investment, foster innovation, and expand connectivity across the country, they may also introduce operational and strategic challenges for incumbent players like us.

Regulators have been increasingly focused on online and mobile payment services, and other developments could reduce the convenience or utility of our payment services for users. Governmental regulation of certain aspects of mobile payment systems which PLDT utilizes could result in obligations or restrictions with respect to the types of products that we may offer to consumers, the payment card systems that link to our mobile payments systems, the jurisdictions in which our payment services or apps may be used, and higher costs, such as fees charged by banks to process funds through our mobile payments systems. Such obligations and restrictions could be further increased as more jurisdictions regulate payment systems. Moreover, if this regulation is used to provide resources or preferential treatment or protection to selected payments and processing providers, we could be displaced, prevented or substantially restricted from participating in particular geographies.

Changes in regulations or user concerns regarding the privacy and protection of user data, or any failure to comply with such laws, could adversely affect our business.

Legislation, such as Republic Act No. 10173, otherwise known as the Data Privacy Act of 2012 (the “Data Privacy Act”), and its IRR regulate data privacy matters and impose penalties for any violations of the Data Privacy Act. The rules apply to the processing of personal data in the public and private sectors, as well as within or outside the Philippines. Pursuant to Republic Act No. 11934, otherwise known as the SIM Registration Act (the “SIM Registration Act”), we are required to maintain a SIM register of all our end users, exposing us to heightened risks of data breaches and cybersecurity attacks. Any failure, or perceived failure, by us to comply with any privacy, data-retention or data-protection-related laws, regulations, orders or industry self-regulatory principles, including the Data Privacy Act, could result in proceedings or actions against us by governmental entities or affected parties, loss of user confidence, damage to the PLDT brands and reputation, or the loss of users or advertising partners, any of which could potentially have a material adverse effect on our business. Amendments to the Data Privacy Act have been filed with the Philippine Congress, generally geared toward further empowering regulatory enforcement. Such proposed amendments to the Data Privacy Act, if signed into law, could increase our compliance costs and impact business innovation. In addition, various foreign legislative or regulatory bodies continue to enact new or additional laws and regulations concerning privacy, data retention and data protection issues, including laws or regulations mandating disclosure to domestic or international law enforcement bodies, which could adversely impact our results of operations, businesses, brand or reputation with users.

Transfers of personal data across jurisdictions may subject us to regulation by foreign authorities, which may require us to incur additional costs in complying with such regulations. The interpretation and application of privacy, data protection and data retention laws and regulations in each jurisdiction may be subject to change and such laws and regulations may be interpreted and applied inconsistently from country to country, complicating long-term business planning decisions. If our current policies and practices are found to be incompatible with privacy, data protection or data retention laws, we may be fined or ordered to change our business practices in a manner that adversely impacts our operating results. Complying with these varying international requirements could cause us to incur substantial costs or require us to change our business practices or operating platforms in a manner adverse to our business. While the PLDT Group periodically conducts compliance audits and regularly holds privacy and information security training and awareness campaigns, it cannot guarantee that personal data breaches resulting from failure of

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our personnel to comply with PLDT policies will not occur. Furthermore, while PLDT periodically releases public advisories to remind our customers of safe online behavior, there is no guarantee that our customers will not be victims of data breaches. Such breaches could result in litigation and/or regulatory actions and penalties against us, and adversely impact on our business operations and financial conditions.

Limitations in the amount of frequency spectrum or facilities made available to us could negatively affect our ability to maintain and improve our service quality and level of customer satisfaction, increase our costs and reduce our competitiveness.

The available radio frequency spectrum is one of the principal limitations on a wireless network’s capacity, and there are limitations in the spectrum and facilities available to us to provide our services. The NTC grants provisional authority to mobile network operators (MNO), which specify the period, service area and essential frequencies for delivering the telecommunications service assigned to the MNO, and charges spectrum users’ fees for use of the allocated spectrum Our future growth in wireless services will increasingly depend on our ability to deliver relevant content and data services and a wireless network that has sufficient spectrum and capacity to support such services. Improvements in our service depend on many factors, including continued access to and deployment of adequate spectrum.

Our competitiveness may decline if we cannot obtain the necessary or optimal allocation of spectrum from the Philippine Government. If the Philippine Government does not fairly allocate spectrums to wireless providers in general or amends regulations with respect to spectrum allocation, revokes the spectrum previously granted to us, or if we fail to acquire the necessary amount of spectrum or deploy the services that customers desire on a timely basis without burdensome conditions or at adequate cost while maintaining network quality levels, then our ability to attract and retain customers, and therefore maintain and improve our operating margins, could be materially and adversely affected.

We may not be successful in our acquisitions of, and investments in, other companies and businesses, and may therefore be unable to fully implement our business strategy.

We have in the past made certain acquisitions of, and investments in, various businesses. See “Recent Developments” for more details. As our traditional fixed line and mobile businesses mature, and as part of our strategy to grow other business segments, we may continue to make acquisitions and investments in companies or businesses to enter new businesses or defend our existing markets. The success of our acquisitions and investments depends on a number of factors, such as:

o
our ability to identify suitable opportunities for investment or acquisition;
o
our ability to reach an acquisition or investment agreement on terms that are satisfactory to us or at all;
o
the extent to which we are able to influence or exercise control over the acquired or investee company;
o
the compatibility of the economic, business or other strategic objectives and goals of the acquired or investee company with those of the PLDT Group, as well as the ability to execute the identified strategies in order to generate fair returns on the investment;
o
our ability to successfully integrate the acquired company or business with our existing businesses; and
o
economic and competitive conditions in which the business operates.

Any of our contemplated acquisitions and investments may not be consummated due to reasons or factors beyond our control. Even if any contemplated acquisitions and investments are consummated, we may not be able to realize any or all of the anticipated benefits of such acquisitions and investments and we cannot assure you that the consummation of such acquisitions and investments will not result in losses for a prolonged period of time. Moreover, if we are unsuccessful in our contemplated acquisitions and investments, we may not be able to fully implement our business strategy to maintain or grow certain of our businesses and our results of operations and financial position could be materially and adversely affected.

We are exposed to the fluctuations in the market values of our investments.

Given the nature of our business and our foray into the digital business, we have made investments in various start-up companies which may take several years to become profitable or may not achieve profitability. For example, we hold an investment in MIH, an important player in the financial technology space and an integral part of our digital payments ecosystem. In accordance with IAS 28, Investments in Associates and Joint Ventures, we account for our investment in MIH using the equity method, whereby we recognize our proportionate share of MIH’s losses, which amounted to Php935 million and Php2,277 million for the years ended December 31, 2024 and 2023, respectively. Credit ratings and the value of this investment and similar investments can be negatively impacted by liquidity, credit deterioration or losses, financial results, foreign exchange rates, or other factors. As a result, our investments could decline and result in a material impairment, which could have a material adverse effect on our financial condition and operating results.

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If we are unable to install and maintain telecommunications facilities and equipment in a timely manner, we may not be able to maintain our current market share and the quality of our services, which could have a material adverse effect on our results of operations and financial condition.

Our business requires the regular installation of new telecommunications facilities and equipment, and the regular maintenance of such facilities and equipment, which are continually being undertaken. The installation and maintenance of these facilities and equipment are subject to a number of risks and uncertainties, such as:

o
shortages of equipment, materials and labor;
o
delays in the issuance of national and local government building permits;
o
theft of telecommunication cables and equipment;
o
work stoppages and labor disputes;
o
interruptions resulting from man-made events (e.g., sabotage), outbreak of epidemics, pandemics or other public health crises, severe weather conditions and other natural disasters;
o
rapid technological obsolescence;
o
inability of vendors and/or suppliers to deliver on commitments;
o
unforeseen engineering, environmental/climate-related and geological problems; and
o
unanticipated cost increases including those resulting from foreign exchange movements.

Any of these factors could give rise to delays or cost overruns in the installation of new facilities or equipment or prevent us from deploying our networks and properly maintaining the equipment used in our networks, and hence affect our ability to maintain existing services and roll-out new services, for example, which could have a material adverse effect on our results of operations and financial condition.

Our business relies on secure network infrastructure and computer systems, and any successful cyber attacks against them, or the perception of such attacks, may materially adversely affect our operations, financial condition, results of operations and reputation.

We need to constantly upgrade our cybersecurity capabilities to support our business needs and keep up with the rapidly changing cyber threat environment. As we rely on information and digital services to run our business and deliver value, we face the following challenges in an era of connectivity, digital identity, decentralized decisions, information monetization, transparency, and variable trust:

•
An increase in the variety of products and services that we provide to our customers (e.g. customer premise equipment, systems, devices, IoT, data and their dynamic relationships) exposes relevance issues, as well as scalability issues in our existing security control solutions;
•
Our existing deterrence measures against cybersecurity breaches may become less effective. For instance, defensible gates and impermeable walls that are designed to secure our service and information infrastructure may have become less effective. While such tools and measures make it difficult to breach our system, these tools may not stop breaches altogether;
•
The infrastructure underpinning the digitalization of consumer and enterprise services has become more complex;
•
The consequences of a cybersecurity breach could be severe. Breaches resulting in leakage of our Company’s and/or our customers' confidential commercial and/or personal information may result in irreparable damage to our reputation and brand. Moreover, leakage of sensitive personal customer information could, in some cases, result in a threat to personal safety, as well as legal and/or regulatory liability;
•
Perpetrators are adopting more sophisticated technologies (e.g. Artificial Intelligence) in their attempts to breach our defensive security measures; and
•
While encrypted internet traffic protects private information, it inadvertently hampers cyber protection efforts. Perpetrators could abuse encrypted communication tools and use them in their efforts to breach into our systems, with less risk of such efforts being discovered by cybersecurity measures.

Our Cybersecurity Operations Group (CSOG) is responsible for managing cyber threats and attacks. While the Company has been able to contain the effects of past cybersecurity attacks on its network and system performance, and such cybersecurity attacks did not have any material financial, legal, reputational or regulatory repercussions for the Company, there is no assurance that we will

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be able to successfully safeguard our systems against all cyber attacks, particularly as cyber attacks have become more sophisticated and prevalent. Any successful attack on our infrastructure could result in legal and/or regulatory liabilities, disruptions to our business operations, damage to our reputation, and financial losses. See Item 16K. "CyberSecurity" for a detailed discussion of our cybersecurity measures.

Climate change could increase the impact of natural disasters and environmental legislation and regulations on our operations.

Climate change poses a number of potential risks for telecommunications operators like us, from both a physical and regulatory perspective. Climate change may exacerbate the severity and frequency of natural disasters, such as typhoons and consequently, flooding and global warming. In addition to the adverse impact from these, earthquakes could increase the likelihood of damages to our infrastructure and failures of our wired and wireless networks caused by such natural disasters. Should severe natural disasters occur in quick succession, we may not have sufficient resources to repair and restore our infrastructure in a timely and cost-effective manner. Furthermore, climate change and severe weather conditions could also affect and disrupt our supply chain, resulting in delays in the delivery of our supplies. The increase in the likelihood of damages to our infrastructure and disruptions in our supply chain as a result of natural disasters could have a material adverse impact on our operations.

Climate change and the consequent impact to communities resulting from more severe and frequent natural disasters may affect the ability of our customers to afford our services.

In light of heightened awareness on climate change globally, the Philippine Government could introduce new and more stringent environmental legislation and regulations. If such legislation or regulations are enacted, we could incur increased energy, environmental and other costs and capital expenditures to comply. We cannot guarantee that we will at all times be in compliance with any new environmental legislation and regulations. The failure to comply with new environmental legislation and regulations could have a material adverse impact on our operations and financial conditions.

Our businesses require substantial capital investment, which we may not be able to finance.

Our projects under development and the continued maintenance and improvement of our networks and services, including Smart’s projects, networks, platforms and services, require substantial and sustained capital investment. Our consolidated capital expenditures, net of additions subject to sale and leaseback from tower companies, totaled Php78,246 million, Php85,083 million and Php96,810 million for the years ended December 31, 2024, 2023 and 2022, respectively. In 2025, we will prioritize projects that support the growing demand from our customers, enhance our ability to deliver superior customer experiences, and enable our corporate clients to grow their businesses.

Adverse changes in global financial markets could limit our ability to access capital or increase the cost of capital needed to fund our business operations. We have obtained and may seek external financing for a portion of our future capital expenditures. There can be no assurance that financing for new projects will be available on terms acceptable to us, or at all. If we cannot complete our development programs or other capital projects due to our failure to obtain the required financing, our growth, results of operations, financial condition and prospects could be materially and adversely affected. Furthermore, if we are unable to monetize our investments and generate the expected revenues, our cash flows and gearing may be negatively impacted.

If we face difficulties in funding our capital expenditures or if our capital expenditure commitments exceed our budget, we may opt to postpone our projects which may limit our ability to serve our customers or require us to negotiate with our vendors on revised payment arrangements. Any cancellations or amendments of agreements with vendors may cause us to incur penalties and adversely affect our business, reputation and share prices. See Item 5. “Operating and Financial Review and Prospects".

Our results of operations and our financial position could be materially and adversely affected if the Philippine peso significantly fluctuates against the U.S. dollar.

A substantial portion of our capital expenditures, a portion of our indebtedness and related interest expense and a portion of our operating expenses are denominated in U.S. dollars and other foreign currencies, whereas most of our revenues are denominated in Philippine pesos, with 15% of revenues denominated in U. S. dollars. Of our total consolidated debts, approximately 14% was denominated in U.S. dollars as at December 31, 2024.

A depreciation of the Philippine peso against the U.S. dollar would increase the amount of our U.S. dollar-denominated debt obligations, capital expenditures, and operating and interest expenses in Philippine peso terms. In the event that the Philippine peso depreciates against the U.S. dollar, we may be unable to generate enough funds through operations and other means to offset the resulting increase in our obligations in Philippine peso terms. Moreover, a depreciation of the Philippine peso against the U.S. dollar may result in our recognition of significant foreign exchange losses, which could materially and adversely affect our results of operations. A depreciation of the Philippine peso could also cause us to be non-compliant with the financial covenants imposed

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on us by our lenders under certain loan agreements and other indebtedness. Further, fluctuations in the Philippine peso value and of interest rates impact the mark-to-market gains/losses of certain of our financial debt instruments, which were designated as non-hedged items. While we have entered into hedging arrangements to hedge our exposure to foreign exchange fluctuations, such arrangements may not adequately protect us against a peso depreciation.

The Philippine peso may be subject to fluctuations due to a range of factors, including:

o
political and economic developments affecting the Philippines, including the level of remittances from overseas Filipino workers;
o
global economic, political and financial conditions;
o
the volatility of emerging market currencies;
o
any interest rate increases by the Federal Reserve Bank of the United States and/or the BSP; and
o
higher demand for U.S. dollars by both banks and domestic businesses to service their maturing U.S. dollar obligations or foreign exchange traders including banks covering their short U.S. dollar positions, among others.

Our debt instruments contain restrictive covenants which require us to maintain certain financial tests and our indebtedness could impair our ability to fulfill our financial obligations and service our other debt.

Our existing debt instruments contain covenants which, among other things, require PLDT to maintain certain financial ratios and other financial tests, calculated on the basis of IFRS Accounting Standards at relevant measurement dates, principally at the end of each quarter period. In addition, PLDT’s bonds contain covenants that limit our ability to take certain actions.

Our indebtedness and the requirements and limitations imposed by our debt covenants could have important consequences. For example, we may be required to dedicate a substantial portion of our cash flow to payments on our indebtedness, which could reduce the availability of our cash flow to fund working capital, capital expenditures and other general corporate requirements.

The principal factors that could negatively affect our ability to comply with these financial ratio covenants and other financial tests are the poor operating performance of PLDT and its subsidiaries, the depreciation of the Philippine peso relative to the U.S. dollar, the 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 the issuance of new debt, the refinancing of lower cost indebtedness by higher cost indebtedness, the 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, the increase in reference interest rates, and general market conditions.

If we are unable to meet our debt service obligations or comply with our debt covenants, we may need to restructure or refinance our indebtedness, seek additional equity capital or sell assets. An inability to implement these measures successfully could result in a declaration of default and an acceleration of maturities of some or all of our indebtedness, which could have a material adverse effect on our business, results of operations and financial condition.

Our subsidiaries could be limited in their ability to pay dividends to us due to internal cash requirements and their creditors having superior claims over their assets and cash flows, which could materially and adversely affect our financial condition.

A significant part of our total revenues and cash flows from operating activities are derived from our subsidiaries, particularly Smart. Smart has significant internal cash requirements for debt service, capital expenditures and operating expenses and as a result, may be financially unable to pay any dividends to PLDT. Although Smart has been making dividend payments to PLDT regularly since December 2002, there can be no assurance that PLDT will continue to receive these dividends or other distributions, or otherwise be able to derive liquidity from Smart or any other subsidiary or investee in the future.

Creditors of our subsidiaries generally have priority claims over our subsidiaries’ assets and cash flows. We and our creditors will effectively be subordinated to the existing and future indebtedness and other liabilities, including trade payables, of our subsidiaries, except that we may be recognized as a creditor with respect to loans we have made to subsidiaries. If we are recognized as a creditor of a subsidiary, our claim will still be subordinated to any indebtedness secured by assets of the subsidiary and any indebtedness of the subsidiary otherwise deemed superior to the indebtedness we hold.

We may have difficulty meeting our debt payment obligations if we do not continue to receive cash dividends from our subsidiaries and our financial condition could be materially and adversely affected as a result.

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A significant number of shares of PLDT’s voting stock are held by four shareholders, which may not act in the interests of other shareholders or stakeholders in PLDT.

As at December 31, 2024, the First Pacific and its Philippine affiliates (together, the “FP Parties”), NTT Communications and NTT DOCOMO and the JG Summit Group, collectively, beneficially own 57.18% in PLDT’s outstanding common stock (representing 33.75% of our overall voting stock).

Additionally, all of PLDT’s shares of voting preferred stock, which represent 40.98% of PLDT’s total outstanding shares of voting stock as at December 31, 2024, are owned by a single stockholder, BTF Holdings, Inc. (BTFHI).

The FP Parties, NTT Communications, NTT DOCOMO, JG Summit Group and/or BTFHI may exercise their respective voting rights over certain decisions and transactions in a manner that could be contrary to the interests of other shareholders or stakeholders in PLDT. See Note 3 – Key Information to the accompanying audited consolidated financial statements in Item 18. “Financial Statements” for further discussion.

We are unionized and are vulnerable to work stoppages, slowdowns or increased labor costs.

As at December 31, 2024, PLDT has three employee unions, representing in the aggregate 7,702 employees, or 52%, of the employees of the PLDT Group. This unionized workforce could result in demands that may increase our operating expenses and adversely affect our profitability. Each of our different employee groups require separate collective bargaining agreements. If PLDT and any of its unions are unable to reach an agreement on the terms of their collective bargaining agreement or if PLDT were to experience widespread employee dissatisfaction, PLDT could be subject to collective bargaining deadlocks, strikes, work slowdowns or stoppages. Any of these events would be disruptive to our operations and could have a material adverse effect on our business.

Additionally, on July 3, 2017, PLDT received a Compliance Order from the Department of Labor and Employment (DOLE), in connection with the non-payment of statutorily required monetary benefits, including the 13th month pay by certain PLDT contractors to their employees, as well as the regularization of 7,344 contractor employees. On July 31, 2018, the CA promulgated a decision granting PLDT’s request for an injunction against the Compliance Order and remanded the case back to the DOLE for further proceedings regarding the computation of the monetary awards, which amounted to Php51.8 million according to the regularization orders, and the determination of employees engaged in installation, repair and maintenance work who must be regularized. On April 5, 2019, PLDT filed a petition for review with the Supreme Court.

The Supreme Court resolved the consolidated Petitions in a Decision promulgated on February 14, 2024. The Decision affirmed the Court of Appeals in setting aside the Secretary of Labor's orders for PLDT to regularize the 7,344 workers of its contractors, except those workers performing "installation, repair and maintenance" services, whose regularization is subject to a remand of proceedings before the Regional Director of the DOLE. In setting aside the Secretary of Labor's orders, the Supreme Court ruled that the exercise of the Secretary's visitorial and enforcement powers is subject to the "basic tenets of appreciating evidence," and that it was improper to rely on the anecdotal evidence that was used as basis in the Secretary's orders because such evidence is "malleable and may be tailored to suit any narrative or conclusion." The remand will require the Regional Director of DOLE to determine the appropriateness of regularization of employees of contractors engaged in installation, repair, and maintenance, by undertaking the following: (a) to review and properly determine the effects of the regularization of the workers performing installation, repair, and maintenance services; (b) to review, compute, and properly determine, the monetary award on the labor standards violation, to which PLDT, and the concerned contractors are solidarily liable; and (c) to conduct further appropriate proceedings, consistent with this Decision. Motions for Reconsideration may be filed by the parties, subject to their receipt of the Supreme Court decision by official service. See Item 8. “Financial Information – Legal Proceedings” and Note 26 – Provisions and Contingencies to the accompanying audited consolidated financial statements in Item 18. “Financial Statements” for further discussion.

We cannot guarantee that PLDT or its subsidiaries will not be subject to similar proceedings or other labor-related regulatory activities, the results of which may have an adverse reputational and/or financial impact. While we believe that PLDT has a strong legal position in its pending labor cases, we note that labor tribunals are mandated to resolve cases in favor of employees in the case of any doubt.

The loss of key personnel or the failure to attract and retain highly qualified personnel could compromise our ability to effectively manage our business and pursue our growth strategy.

Our future performance depends on our ability to attract and retain highly qualified key technical, marketing, sales, and management personnel. The loss of key employees could result in significant disruptions to our business, and the integration of replacement personnel could be costly and time consuming, cause additional disruptions to our business and be unsuccessful. We cannot guarantee the continued employment of any of the members of our senior leadership team, who may depart our Company for any number of reasons, such as other business opportunities, differing views on our strategic direction or other personal

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reasons. Any inability to attract, retain or motivate our personnel could have a material adverse effect on our results of operations and prospects.

Adverse results of any pending or future litigation, internal or external investigations and/or disputes may impact PLDT’s cash flows, results of operations and financial condition.

We are currently involved in various legal proceedings. Our estimate of the probable costs for the resolution of these claims have been developed in consultation with our counsel and is based upon our analysis of potential results. See Item 8. “Financial Information – Legal Proceedings” and Note 26 – Provisions and Contingencies to the accompanying audited consolidated financial statements in Item 18. “Financial Statements” for further discussion. While PLDT believes that the positions it has taken in these cases have strong legal bases, the final outcome of these cases may prove to be different from its expectations. In addition, we cannot assure you that PLDT will not be involved in future litigation or other disputes, the results of which may materially and adversely impact its business and financial conditions. We have and may continue to incur significant expenses defending such suits or government charges and may be required to pay amounts or otherwise change our operations in ways that could materially adversely affect our operations or financial results.

Our financial condition and operating results will be impaired if we experience high fraud rates related to device financing, credit cards, dealers, or subscriptions.

Our operating costs could increase substantially as a result of fraud, including device financing, customer credit card, subscription or dealer fraud. If our fraud detection strategies and processes are not successful in detecting and controlling fraud, whether directly or by way of the systems, processes, and operations of third parties such as customers, national retailers, dealers, and others, the resulting loss of revenue or increased expenses could have a material adverse effect on our financial condition and operating results.

RISKS RELATING TO THE PHILIPPINES

Political and social instability in the Philippines may have a negative effect on the general economic conditions in the Philippines which could have a material adverse impact on our results of operations and financial condition.

The Philippines has, from time to time, experienced political and military instability, including acts of political violence. In the last two decades, there has been political instability in the Philippines, including extra-judicial killings, alleged electoral fraud, impeachment proceedings against two former presidents and the chief justice of the Supreme Court of the Philippines, nullification of the appointment of another chief justice, hearings on graft and corruption issues against various government officials and public and military protests arising from alleged misconduct by the previous and current administrations. There can be no assurance that acts of election-related or other political violence will not occur in the future, and any such events could negatively impact the Philippine economy.

We may be affected by political and social developments in the Philippines and changes in the political leadership and/or government policies in the Philippines. Any major deviation from the policies of the previous administration or fundamental change of direction, including a change in the form of government, may lead to an increase in political or social uncertainty and instability. Such political or regulatory changes may include (but are not limited to) the introduction of new laws and regulations that could impact our business.

We cannot assure you that the political environment in the Philippines will be stable or that the current or future administration will adopt economic policies that are conducive to sustained economic growth or which do not materially and adversely impact the current regulatory environment for the telecommunications and other companies. An unstable political or social environment in the Philippines could negatively affect the general economic conditions and business environment in the Philippines which, in turn, could have a material and adverse impact on our business, financial position and financial performance.

Natural disasters, terrorist acts or acts of war could cause damage to our infrastructure and/or result in significant disruptions to our operations and financial condition.

Our business operations are subject to interruption by natural disasters such as flooding, typhoons, pandemics and epidemics, terrorist or other hostile acts, and other events beyond our control. The Philippines is particularly susceptible to natural hazards, including tropical cyclones, earthquakes and volcanic risks. Any of the aforementioned events could cause significant damage to our infrastructure upon which our business operations rely, resulting in degradation or disruption of service to our customers. While we maintain insurance coverage for most of these events, the potential impact of damage or loss of assets to our financial condition as well as liabilities associated with these events could exceed the insurance coverage we maintain. Our system redundancy may be ineffective or inadequate, and our disaster recovery planning may be insufficient for all eventualities. These events could also damage the infrastructure of the suppliers that provide us with the equipment and services that we need to

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operate our business and provide products to our customers. A natural disaster or other event causing significant physical damage could cause us to experience substantial losses resulting in significant recovery time and additional expenditures to resume operations. In addition, these occurrences could result in lost revenues from business interruption as well as damage to our reputation.

The Philippines has been subject to a number of terrorist attacks in the past several years. The Philippine army has been in conflict with the Abu Sayyaf organization which has been identified as being responsible for kidnapping and terrorist activities in the Philippines, and is also alleged to have ties to the Al-Qaeda terrorist network and, along with certain other organizations, has been identified as being responsible for certain kidnapping incidents and other terrorist activities particularly in the southern part of the Philippines. Furthermore, the Government and the Armed Forces of the Philippines (AFP) have been in conflict with members of several separatist groups seeking greater autonomy, including the Moro Islamic Liberation Front (MILF), the Moro National Liberation Front (MNLF) and the New People’s Army (NPA). There have been numerous bombing incidents in Mindanao and elsewhere in the Philippines, which have resulted in death and injury to the civilian population as well as military and security personnel. An increase in the frequency, severity or geographic reach of these terrorist acts, violent crimes, bombings and similar events could have a material adverse effect on investment and confidence in, and the performance of, the Philippine economy. Any such destabilization could cause interruption to our business and materially and adversely affect our business, financial condition, and results of operations. These continued conflicts between the Government and separatist groups could lead to further injuries or deaths by civilians and members of the AFP, which could destabilize parts of the Philippines and adversely affect the Philippine economy. There can be no assurance that the Philippines will not be subject to further acts of terrorism or violent crimes in the future, which could have a material adverse effect on our business, financial condition, and results of operations.

Territorial disputes with China and a number of Southeast Asian countries may disrupt the Philippine economy and business environment.

The Philippines, China and several Southeast Asian nations have been engaged in a series of longstanding territorial disputes over certain areas in the West Philippine Sea, also known as the South China Sea. The Philippines maintains that its claim over the disputed territories is supported by recognized principles of international law consistent with the United Nations Convention on the Law of the Sea (UNCLOS). Despite efforts to reach a compromise, a dispute arose between the Philippines and China over a group of small islands and reefs known as the Scarborough Shoal. Actions taken by both sides have threatened to disrupt trade and other ties between the two countries, including temporary bans by China on Philippine banana imports, a temporary suspension of tours to the Philippines by Chinese travel agencies and the rejection by China of the Philippines’ request for arbitral proceedings administered in accordance with the UNCLOS to resolve the disputes.

Should territorial disputes between the Philippines and other countries in the region continue or escalate further, the Philippines and its economy may be disrupted and our operations could be adversely affected as a result. Such conflicts may impact the supply and prices of energy, food and other critical commodities, possibly resulting in delays in the delivery of supplies from our vendors, as well as the capital and financial markets, foreign currencies exchange, investments, and governmental or regulatory orders, which in turn, may impact our business. In particular, further disputes between the Philippines and China may lead both countries to impose trade restrictions on the other’s imports.

There is no guarantee that tensions will not escalate further or that the territorial disputes among the Philippines and its neighboring countries, especially China, will cease. In an event of escalation, the Philippine economy may be disrupted and our business and financial standing may be adversely affected. Any such impact from these disputes could adversely affect the Philippine economy, and materially and adversely affect our business, financial condition, and results of operations.

If foreign exchange controls were to be imposed, our ability to meet our foreign currency payment obligations could be adversely affected.

In general, Philippine residents may freely dispose of their foreign exchange receipts and foreign exchange may be freely sold and purchased outside the Philippine banking system. However, the Monetary Board of the BSP has statutory authority, with the approval of the President of the Philippines, during a foreign exchange crisis or in times of national emergency, to:

o
suspend temporarily or restrict sales of foreign exchange;
o
require licensing of foreign exchange transactions; or
o
require the delivery of foreign exchange to the BSP or its designee banks for the issuance and guarantee of foreign currency-denominated borrowings.

The Philippine Government has, in the past, instituted restrictions on the conversion of the Philippine peso into foreign currencies and the use of foreign exchange received by Philippine companies to pay foreign currency-denominated obligations.

We cannot assure you that foreign exchange controls will not be imposed in the future. If imposed, these restrictions could materially and adversely affect our ability to obtain foreign currency to service our foreign currency obligations.

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The credit ratings of the Philippines may restrict the access to capital of Philippine companies, including PLDT.

Historically, the Philippines’ sovereign debt has been rated non-investment grade by international credit rating agencies. The Philippines has the following investment grade ratings of Moody’s (Baa2) and S&P Global (BBB).

The Philippine Government’s credit ratings directly affect companies domiciled in the Philippines as international credit rating agencies issue credit ratings by reference to that of the sovereign. No assurance can be given that Moody’s, S&P Global, or any other international credit rating agency will not downgrade the credit ratings of the Philippine Government in the future and, therefore, Philippine companies, including PLDT. Any such downgrade could have a material adverse impact on the liquidity in the Philippine financial markets, on the ability of the Philippine Government and Philippine companies, including PLDT, to raise additional financing, and on the interest rates and other commercial terms at which such additional financing is available.

Developments outside of the Philippines, including U.S. policies related to global trade and tariffs could adversely affect our business, financial condition and results of operations.

The current international political environment, including existing and potential changes to U.S. policies related to global trade and tariffs, have resulted in some uncertainty surrounding the future state of the global economy. Since 2018, the U.S. began to increase or impose tariffs on many products, particularly from China, among other jurisdictions, including, but not limited to, solar panels, steel and aluminum products, consumer electronics, and industrial chemicals. In response, the European Union, China and other affected jurisdictions have introduced tariffs on U.S. goods. An escalating trade war may have material adverse effects on the power industry and our business may be impacted by these tariffs. Any further expansion in the types or levels of tariffs implemented has the potential to negatively impact our business, financial condition and results of operations. Additionally, there is a risk that the U.S. tariffs on imports are met with tariffs on U.S. produced exports and that a broader trade conflict could ensue, which has the potential to significantly impact global trade and economic conditions. Potential costs and any attendant impact on pricing arising from these tariffs and any further expansion in the types or levels of tariffs implemented could adversely affect our business, financial condition and results of operations. While there are ongoing discussions between the U.S. and China to reduce tariffs in phases, there is no certainty as to the timing and scale of the reduction in tariffs, and overall impact on global markets. Thus, economic disruption in other countries, even in countries in which we do not currently conduct business or have operations, could also adversely affect our businesses and results.

Item 3A. [Reserved]

Item 4. Information on the Company

OVERVIEW

We are one of the leading telecommunications and digital services providers in the Philippines, serving the fixed line, wireless and broadband markets. Through our three principal business segments, Wireless, Fixed Line and Others, we offer a wide range of telecommunications and digital services across our extensive fiber optic backbone and wireless and fixed line networks.

As at December 31, 2024, we served 66.6 million users through the provision of mobile, fixed line and data services.

Our common shares are listed and traded on the PSE and our ADSs are listed and traded on the NYSE in the United States.

Our three business units are as follows:

Wireless. Our wireless business focuses on driving growth in our data services while managing our legacy business of voice and SMS. We generate data revenues across all segments of our wireless business, whether through the access of mobile internet via smartphones, mobile broadband using pocket WiFi or home WiFi using fixed wireless broadband devices. We provide the following mobile telecommunications services through our wireless business: (i) mobile services, (ii) fixed wireless broadband services, and (iii) other services.

Fixed Line. We are the leading provider of fixed line telecommunications services throughout the Philippines, servicing retail, corporate and small and medium-sized enterprise (SME) clients. Our fixed line business group offers data, voice, data center, cloud, cybersecurity services, managed information technology (IT) and others.

Others. Our other business consists primarily of our interests in digital platforms and other technologies, including our interests in MIH and Kayana.

We had a market capitalization of approximately Php279,792 million, or US$4,837 million, as at December 31, 2024. We had total revenues of Php216,833 million, or U$$3,748 million, and net income attributable to equity holders of PLDT of Php32,307 million, or US$558 million, for the year ended December 31, 2024.

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HISTORICAL BACKGROUND AND DEVELOPMENT

PLDT was incorporated in the Philippines under the old Corporation Law of the Philippines (Act 1459, as amended) on November 28, 1928 as Philippine Long Distance Telephone Company, following the merger of four telephone companies under common U.S. ownership. Pursuant to Section 11 of the Revised Corporation Code, which states that corporations shall have perpetual existence unless the corporation elects to retain the specific corporate term indicated in its Articles of Incorporation, PLDT has a perpetual corporate term.

PLDT’s original franchise was granted in 1928 and was last amended in 1991, extending its term until 2028 and broadening its franchise to permit it to provide virtually every type of telecommunications service. PLDT’s franchise covers the business of providing basic and enhanced telecommunications services in and between the provinces, cities and municipalities in the Philippines and between the Philippines and other countries and territories including mobile, wired or wireless telecommunications systems, fiber optics, multi-channel transmission distribution system, VAS (including, but not limited to, the transmission of voice, data, audio and video), information services bureau and all other telecommunications systems technologies available. Our subsidiaries, including Smart and DMPI, also maintain their own franchises with a different range of services and periods of legal effectiveness for their licenses.

Our principal executive offices are located at the Ramon Cojuangco Building, Makati Avenue, Makati City, Philippines and our telephone number is +(632) 8250-0254. Our website address is www.pldt.com. The contents of our website are not a part of this annual report. The SEC maintains an internet site that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC at https://www.sec.gov.

RECENT DEVELOPMENTS

Green Loan and Social Loan Facilities

On March 6 and May 7, 2024, PLDT secured Php1.0 billion and Php4.0 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 Php2.0 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.

Investment in Kayana

In March 2024, PLDT invested in Kayana to serve as a digital entity designed to harness the data assets of the MVP Group of Companies (“MVP Group”) and provide a platform for Group-wide digitalization initiatives. This collaboration marks the first step in a collective effort aimed at creating new growth opportunities and value within the MVP Group.

Kayana will leverage a technology platform capable of enabling its shareholders to scale operations and achieve seamless integration of services and capabilities. Additionally, payments and rewards systems are expected to play a pivotal role in enhancing the overall user experience.

As of September 27, 2024, PLDT has invested Php840 million in Kayana representing 840 million common shares, or 60% equity interest, including subscription payable of Php288 million.

On September 30, 2024, Kayana entered into share subscription agreements with its shareholders, wherein PLDT subscribed to additional shares valued at Php46.5 million and the remaining shareholders subscribed to additional shares valued at Php523.5 million. As a result, PLDT’s equity ownership in Kayana was reduced to 45%, leading PLDT to account for its remaining interest as an investment in associate.

Investment in Radius Telecom, Inc. (“Radius”)

On April 30, 2024, PLDT Inc. invested Php2,116 million in 2,491,516 common shares, or 34.9% equity interest in Radius. This strategic investment aims to enhance PLDT’s market share through an integrated alignment of solution capabilities and expanded market coverage.

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Investment in Class C2 Convertible Preference Shares in MIH

On April 5, 2024, PCEV paid the subsequent consideration of US$15.3 million or Php857 million for 6.7 million MIH Class C2 convertible preferred shares and received warrants for 2.7 million MIH Class C2 convertible preferred shares valued at Php152 million, resulting in an increase of PCEV’s ownership in MIH from 36.97% to 37.66%.

Sale of Interest in Multisys

On January 5, 2024, Philippine Global Investment Holdings, Inc. (“PGIH”) entered into a Share Purchase Agreement for the sale of 227 common shares of Multisys, representing a 4.99% equity interest, for a total consideration of Php270 million. The sale transaction was completed and fully paid on January 12, 2024. Following this sale, PGIH retained ownership of 2,080 common shares representing 45.73% equity interest in Multisys. Pursuant to the Third Restated Shareholders’ and related Amendment Agreement signed on January 30, 2024 and March 1, 2024, respectively, PGIH remains entitled to nominate three out of the five directors in Multisys who manage and control the operations of Multisys. Consequently, the results of operations and financial position of Multisys will continue to be consolidated with the PLDT Group.

Other Matters

For updates on matters relating to the (1) Sale and Leaseback of Telecom Towers, see Note 9 – Property and Equipment and Note 10 –Leases to the accompanying audited consolidated financial statements in Item 18. “Financial Statements”; (2) Class Action Suit against PLDT; (3) DOLE Compliance Order Issued Against PLDT; (4) Notice of Material Breach and Demand for Payment on DITO; and (5) Attys. Baquiran and Tecson vs. NTC, et al., see Item 8. Financial Information – Legal Proceedings and Note 26 – Provisions and Contingencies to the accompanying audited consolidated financial statements in Item 18. “Financial Statements”; and (6) Petition against the PCC, see Item 8. Financial Information – Legal Proceedings and Note 11 – Investment in Associates and Joint Ventures, to the accompanying audited consolidated financial statements in Item 18. “Financial Statements”.

STRENGTHS AND STRATEGIES

Strengths

We believe our business is characterized by the following competitive strengths:

•
Exposure to Large and Attractive Markets. Our mobile data and home broadband services are well positioned to serve markets with continuing growth potential. As data adoption continues to grow in a market largely comprised of a young, digitally savvy population, combined with greater smartphone ownership, the increasing utility of data for everyday activities, and with around 70% of our mobile subscribers being active data users as at December 31, 2024, we believe that demand for mobile data will continue to grow meaningfully. Meanwhile, we believe there is still room to grow in the home broadband market. After the opening of the economy and increased mobility after the pandemic lockdowns, PLDT continues to significantly serve the market demand for connectivity and home broadband services which allow our customers to work, study, conduct business and enjoy entertainment.
•
Superior Integrated Networks. With our extensive fixed and integrated telecommunications networks in the Philippines, we are able to offer a wide array of communications services. As part of our capital expenditure program, we continue to invest in expanding the reach and capability of our transmission and FTTH network and increasing our international bandwidth capacity. We also continue to invest in capacity and coverage of our mobile network to serve the unabated growth in mobile data traffic and provide our customers with faster, more reliable services and a superior data experience. To supplement our current LTE network and to prepare our network for the future, we continue to rollout 5G base stations. Our network architecture and investments also increase the resiliency and robustness of the network to enable minimum disruption to network services. PLDT’s domestic and international fiber optic networks connect to VITRO’s network of data centers which enables the seamless transfer and secured hosting of massive data flowing in and out of the country.
•
Recognized Brands. PLDT has a strong and diverse portfolio of brands, including PLDT Home, Smart, TNT, and PLDT Enterprise, among others, which are widely recognized brand names in the Philippines.
•
Diversified Revenue Sources. We have a diverse portfolio of business lines across our wireless and fixed line business segments, serving a wide spectrum of customer segments, including individuals, households and enterprises. Revenue sources of our wireless business include mobile (mobile data, voice, SMS, and inbound roaming and other mobile services), wireless home broadband, and other services. The revenues from data services, particularly mobile data services, have increased steadily over the past several years and account for 89% of the wireless consumer segment revenues as at December 31, 2024. Our fixed line business derives service revenues from consumer data/broadband, with 92% of service revenues in 2024 attributable to fiber, voice (local exchange, international and domestic services) and miscellaneous services. The fixed line business revenues also include contribution from our enterprise business, which mainly comprises corporate data and ICT services such as data

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center, cloud and cybersecurity solutions which are considered as an emerging growth driver because of the country’s rapid digital adoption.
•
Innovative Products and Services. We launched consumer products that answer the needs for Connectivity, Entertainment, and E-Games such as the Smart App, our customer management app, Smart Live Stream, our video player app which houses the PBA and FIBA. To allow subscribers easy access to healthcare products and services, Smart has partnered with mWell for convenient access to online doctor consultations and other services via the mWell app, the Philippines’ first fully integrated health app. Smart also partnered with Metro Pacific Tollways Corporation to introduce a simpler and easier way of reloading the Easytrip RFID using the country’s first toll top-up via mobile load service. To support businesses in their journey towards digitalization and cloud, PLDT Enterprise offers a fully-managed Software-Defined Wide Area Networking (SD-WAN) solution which enables customers to securely connect their multiple offices and branches and Smart Internet of Things (IoT) and obtain full control, transparency, visibility, and self-management of their Smart IoT SIMs.

We also create and launch platforms, services and solutions for emerging markets in the area of digital financial services through our associated companies MIH, Maya Philippines, Inc. and Maya Bank, which was awarded the sixth and last digital banking license in 2021.

•
Strong and Experienced Management Team and Key Strategic Relationships. Our senior management combines decades of deep expertise in the telecommunications industry with diverse backgrounds in various industries, including banking, utilities, infrastructure and venture capital. We continue to refresh our talent pool with new hires who have either regional experience or digital expertise, among others. In addition, we have important strategic relationships with our institutional investors, namely, First Pacific, NTT DOCOMO and NTT Communications. We believe the technological support, international experience, and management expertise made available to us through these strategic relationships will enable us to enhance our market leadership and provide/cross-sell a wider range of products and services.

Strategies

The key elements of our business strategy are:

•
Focus on the customer and improving customer experience. One of the key pillars of PLDT’s strategy is a greater focus on customer-centricity through the delivery of an improved customer experience. The critical enabler of this is a network that serves our customers’ data and communication needs. In addition to investments in our network, we have also invested in platforms that support after-sales customer support, including call center capability, and data analytics. Our capabilities in the latter also allow us to better understand our customers and design products and plans that are tailored to their specific preferences.
•
Build on Our Strong Positions in the Fixed Line and Wireless Businesses. We continue to leverage on our strong brand equity in the market to help grow and expand our fixed and wireless businesses. In addition, having an expanded on-ground distribution network of retailers, complemented by our store presence nationwide, allows us to reach existing and potential customers. With the growing adoption of e-commerce, we are expanding our distribution network to include digital channels. We will continue to leverage our unique position of being an integrated network operator to further extract operational efficiencies and economies of scale.
•
Capitalize on Our Strength as a Fully Integrated Telecommunications Service Provider. We are committed to investing in our integrated fixed and wireless networks in the Philippines as we believe this is key to our ability to continue providing a differentiated experience and value proposition to our customers. We will primarily focus on improving our network capacity, coverage and reliability, areas in which we are market leaders, based on third party surveys. We intend to further enhance our leading position through strategic and synergetic investments in the network and IT platforms.

We offer a broad range of telecommunications and ICT services. We plan to capitalize on this position to maximize revenue opportunities by cross-selling our products and services, and by developing convergent products that feature the combined benefits of voice and data, broadband, wireless, data center, cloud, managed services, and other products and services, such as our content portfolio which includes videos, streaming services, entertainment, music, shopping channels, and games.

•
Maintain a Strong Financial Position. We are focused on growing profitability by complementing revenue growth with more effective cost management and operating efficiencies. We have a well spread out debt maturity profile, with 68% of debt maturing after 2028. We are focused on sequentially reducing our capital expenditure investments and capital intensity as we aim to attain positive free cash flow and maintain a leverage ratio of 2.0x net debt to EBITDA. We also have in place a dividend payout policy of 60% of core telecommunications income and regularly assess the return of capital to investors vis-à-vis the need to invest to grow the business.

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•
Identifying new areas for growth. As the digital space continues to evolve, PLDT continues to identify trends and evaluate business opportunities as possible sources of new growth, whether in the existing telco space or in adjacent businesses such as fintech, among others.
•
Commitment to sustainability. PLDT recognizes that in order to ensure long-term profitability, it must do business responsibly. As such, PLDT is committed to embedding sustainability in the business, and aims to be a leading ESG telecommunications operator in the region. It recognizes its responsibility to identify risks and opportunities in the environmental, social and governance space, including the impact of climate change to the business, and implements the appropriate strategies in response. PLDT has a decarbonization roadmap that aims to reduce Scope 1 and 2 greenhouse gas emissions by 40% by 2030 against a 2019 baseline. It has also included sustainability targets in the organizational scorecard, including that of the CEO.

BUSINESS OVERVIEW

As at December 31, 2024, our business activities were categorized into three business units: Wireless, Fixed Line and Others.

We monitor the operating results of each business unit separately for purposes of making decisions about resource allocation and performance assessment. See Note 4 – Operating Segment Information to the accompanying audited consolidated financial statements in Item 18. “Financial Statements”.

Wireless

Our wireless business focuses on driving growth in our data services while managing our legacy business of voice and SMS. We generate data revenues across all segments of our wireless business, whether through the access of mobile internet using smartphones, mobile broadband using pocket WiFi or home WiFi using fixed wireless broadband devices.

We provide (i) mobile services, (ii) fixed wireless broadband services, and (iii) other services, through our wireless business, with mobile services contributing 98% of our 2024 wireless service revenues, and fixed wireless broadband and other services contributing the remaining 2% of our 2024 wireless service revenues. Mobile data usage has surged in the past several years and now accounts for 81% of our mobile service revenues. Wireless revenues, gross of intersegment transactions, contributed 49% of our consolidated revenues for each of the years ended December 31, 2024 and 2023 as compared to 51% in 2022.

Our mobile services, which accounted for 98% of our wireless service revenues for the year ended December 31, 2024, are provided through Smart and DMPI with 58,989,807 total subscribers as at December 31, 2024 as compared to 57,827,126 total subscribers as at December 31, 2023, and 66,304,761 total subscribers as at December 31, 2022. Based on corporate public disclosures, our estimated mobile subscriber market share stood at 45%, 47% and 39% as at September 30, 2024, December 31, 2023 and 2022, respectively.

As at December 31, 2024, approximately 96% of our mobile subscribers were prepaid service subscribers. The predominance of prepaid service reflects one of the distinguishing characteristics of the Philippine mobile market, allowing us to reduce billing and administrative costs, as well as to control credit risk.

Our mobile internet revenues, which primarily consist of our mobile data service revenues, increased by Php3,793 million, or 5%, to Php75,061 million in 2024 from Php71,268 million in 2023 primarily due to the increase in video streaming, gaming and social media data usage by our subscribers driven by the enhanced product offerings, marketing promotions and content partnerships. Migration initiatives also resulted in higher numbers of LTE and 5G device and data users. Our mobile internet revenues contributed 96% and 95% of our mobile data service revenues in 2024 and 2023, respectively.

Mobile data traffic on Smart’s network increased from 4,393 petabytes in 2022 to 4,898 petabytes in 2023 and 5,359 petabytes in 2024, 22% higher compared to 2022.

The following table summarizes key measures of our wireless business as at and for the years ended December 31, 2024, 2023 and 2022:

|  | December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Systemwide mobile subscriber base |  |  | 58,989,807 |  |  |  | 57,827,126 |  |  |  | 66,304,761 |
Prepaid |  |  | 56,731,489 |  |  |  | 55,667,880 |  |  |  | 64,287,019 |
Postpaid |  |  | 2,258,318 |  |  |  | 2,159,246 |  |  |  | 2,017,742 |
Fixed Wireless Broadband subscriber base |  |  | 446,082 |  |  |  | 439,815 |  |  |  | 742,110 |
Growth rate of mobile subscribers |  |  |  |  |  |  |  |  |
Prepaid |  |  | 2 | % |  |  | (13 | %) |  |  | (7 | %)
Postpaid |  |  | 5 | % |  |  | 7 | % |  |  | — |
Growth rate of Fixed Wireless Broadband subscribers |  |  | 1 | % |  |  | (41 | %) |  |  | (22 | %)

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Mobile Services

We offer prepaid and postpaid mobile communications services all over the country under the brand names Smart and TNT, each of which focuses on the needs of specific market segments. With a continuous and in-depth consumer understanding program, each of our brands commits to providing relevant products that will cater to the communications, entertainment and services requirements of its respective target market segments.

•
Prepaid

Smart continued its brand campaigns to boost data usage, anchored on new product launches in 2024. In line with this, Smart introduced new variants of Power All and TNT’s Saya All data-packed promos for Smart Prepaid and TNT, respectively, in 2024.

Smart introduced the first prepaid eSIM in the country in July 2023 and introduced digital delivery of eSIMs in September 2023. For 2024, Smart expanded eSIMs for TNT and opened eSIM upgrade with current subscribers.

•
Postpaid

Smart Postpaid offers Signature plans with data priority powered by Smart LTE. Smart Signature subscribers receive real-time billing and usage alerts on Smart app and has access to exclusive rewards and events and the latest smartphones.

Smart Signature Data Plans are set of Signature Plans specifically tailored for pure data usage fit for online productivity needs. The plans come with bigger data allocation and are bundled with Smart’s broadband devices.

Smart also offers enhanced postpaid Signature Plans+, a postpaid line that features unlimited 5G access for 12 months.

Fixed Wireless Broadband Services

Prepaid Home WiFi

PHW is a wireless internet service introduced to address the growing demand for affordable home broadband in the Philippines. It is a plug-and-play device powered by Smart’s network that can simultaneously connect multiple WiFi-capable devices.

Wireless revenues are driven and influenced by the following key metrics:

(i)
Growing data users and usages

Our active data users reached 41 million as of December 31, 2024, while mobile data traffic as of December 31, 2024 increased to 5,359 petabytes, higher by 9% from 2023. Data traffic on Smart’s 5G network grew in the fourth quarter of 2024, increasing by 78% as compared to the fourth quarter of 2023. This growth was driven by aggressive 5G network roll-outs and 5G product offerings. As part of its program to sustain the growing data usages of subscribers and maintain network quality, Smart continues to roll out new sites in various locations throughout the Philippines.

(ii)
Strategic brand building campaigns and product innovations

Our strategic brand building campaigns and product innovations include aggressive 5G handset usage offers, and applications. To further stimulate and maximize the customer experience on 5G network, Smart offers various plans bundled with 5G capable handsets. Smart also offers device financing for prepaid devices including Apple devices for Smart Prepaid and TNT.

Brand building and customer engagement hit new strides with Smart App, Smart’s mobile app which enables Smart subscribers to manage their accounts and enjoy exclusive offers and special promotions. Other features and integrations also enhance further the customers’ digital lifestyle.

Rates for wireless services

Smart Prepaid data, call and text cards are sold in denominations of Php100, Php300 and Php500, while TNT Prepaid cards are sold in denominations of Php50, Php100 and Php300. Our eLoad’s over-the-air reloads, which ranges from Php10 to Php1,000 are available through the Smart app, Smart and PLDT online stores, e-wallet providers such as Maya, e-commerce platforms such as Lazada and Shopee and via Smart eLoad retailers nationwide. The stored value of a prepaid card and eLoads remain valid for 365 days regardless of the denomination, pursuant to the MC No. 05-12-2017 issued by the NTC and the DICT.

Smart also provides open-access data offers with its Giga Power, Magic Data, All Data and Power All services. These data packages provide access to any app or website and are priced from Php50 to Php499.

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In view of the SIM Registration Act, we recognize a prepaid mobile subscriber as active upon registration of the SIM card. Beginning in the fourth quarter of 2023, we consider a prepaid mobile subscriber as churned if the subscriber does not reload within 180 days after the full usage or expiry of the last reload and does not latch to the network within 180 days.

Smart postpaid “Signature” plans were further enhanced to provide higher data allocations with Unli 5G promo for 12 months, unlimited texts and calls to all networks including landline in the form of small, medium, large and extra-large plans, ranging from Php999 to Php2,499. Plans ranging from Php499 to Php599 were also introduced with unlimited texts and calls to all networks including landline. These fixed monthly plans alleviate concerns of unwanted charges.

“Smart Infinity” is our premium mobile postpaid brand with plans ranging from Php3,500 to Php8,000. With “Smart Infinity”, customers can enjoy local non-stop surf and uninterrupted local mobile services with the “Smart Infinity Limitless Plan”. This plan comes with a premium mobile device bundled with exclusive lifestyle perks and privileges accessible through a dedicated concierge.

Smart Enterprise Postpaid is a mobile plan comprised of data, voice, and short message services, with a built-in data bill-cap feature that automatically protects the subscriber from unwanted excess charges up to Php2,500. Postpaid plans may be availed with or without a device bundle at a fixed monthly subscription, defined by a standard contract period.

For international roaming, we offer various data roaming packages such as GigaRoam with up to 100GB for 10 days on popular travel destinations like Japan, South Korea, Thailand, Saudi Arabia, USA and many more. Data roaming plans ranges from Php150 to Php9,999, and are open to both prepaid and postpaid subscribers.

Our SmartBro Home WiFi 4G devices start at Php599 with free unlimited WiFi valid for 30 days and connectivity of up to five devices, while Smart Bro Home WiFi 5G is offered at Php7,995 with 20GB open access data valid for seven days and connectivity of up to 10 devices.

Fixed Line

We believe we are the leading provider of fixed line telecommunications services throughout the Philippines, servicing retail, corporate and small and medium-sized (SME) clients. Our fixed line business group offers (i) data services; (ii) voice services; and (iii) miscellaneous services.

We had 3,711,371 fixed line voice subscribers as at December 31, 2024, a decrease of 54,734, or 1%, from 3,766,105 fixed line subscribers as at December 31, 2023, while our fixed line broadband subscribers increased by 162,789, or 5%, to 3,431,785 as at December 31, 2024 from 3,268,996 as at December 31, 2023. Revenues, gross of intersegment transactions, from our fixed line business were 58%, 57% and 63% of our consolidated revenues for the years ended December 31, 2024, 2023 and 2022, respectively. Voice revenues have been declining largely due to a drop in call volumes as a result of the availability of alternative calling options and OTT services, as well as subscribers’ shift to mobile services. An increase in our data service revenues in recent years has mitigated such decline to a certain extent. Recognizing the growth potential of data services, we have put considerable emphasis on the development of new data-capable and IP-based networks.

Our fixed line network reaches all of the major cities and municipalities in the Philippines, with a concentration in the greater Metro Manila area. We believe our network offers the country’s most extensive connections to our customers with the FTTH and fiber to the building (FTTB) installations. Our nationwide fiber backbone DFON extends to underground inland and submarine cables. It is a fully resilient network spanning the whole archipelago. Our international network is comprised of various regional and transoceanic submarine cable systems in which we have economic interests.

We offer postpaid and prepaid fixed line services. Our prepaid fixed line services are intended to be an affordable alternative service for consumers under difficult economic conditions.

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The following table summarizes key measures of our fixed line services as at and for the years ended December 31, 2024, 2023 and 2022:

|  | December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Systemwide fixed voice line subscriber base |  |  | 3,711,371 |  |  |  | 3,766,105 |  |  |  | 3,825,424 |
Postpaid |  |  | 3,709,586 |  |  |  | 3,763,206 |  |  |  | 3,803,234 |
Prepaid |  |  | 1,785 |  |  |  | 2,899 |  |  |  | 22,190 |
Growth rate of fixed line subscribers |  |  | (1 | %) |  |  | (2 | %) |  |  | 6 | %
Postpaid |  |  | (1 | %) |  |  | (1 | %) |  |  | 6 | %
Prepaid |  |  | (38 | %) |  |  | (87 | %) |  |  | (5 | %)
Number of LEC employees |  |  | 9,543 |  |  |  | 10,035 |  |  |  | 10,511 |
Number of LEC subscribers per employee |  |  | 389 |  |  |  | 375 |  |  |  | 364 |
Systemwide broadband subscriber base |  |  | 3,432,149 |  |  |  | 3,269,726 |  |  |  | 3,250,193 |
Fixed Line broadband |  |  | 3,431,785 |  |  |  | 3,268,996 |  |  |  | 3,247,979 |
Fixed Wireless Broadband(1) |  |  | 364 |  |  |  | 730 |  |  |  | 2,214 |
Growth rate of broadband subscribers |  |  | 5 | % |  |  | 1 | % |  |  | 8 | %
Fixed Line broadband |  |  | 5 | % |  |  | 1 | % |  |  | 9 | %
Fixed Wireless Broadband |  |  | (50 | %) |  |  | (67 | %) |  |  | (92 | %)

Data Services

Our data services revenues include charges for broadband, leased lines, Ethernet-based and IP-based services. These services are used for broadband internet and domestic and international private data networking communications. Our data services also include ICT portfolio with data center, cloud, cybersecurity and managed information technology offerings.

Recognizing the growth potential of data services, and in light of their importance to our business strategy, we have placed considerable emphasis on these service segments. Our data services segments registered the highest percentage growth in revenues among our fixed line services from 2022 to 2024.

Home Broadband Services

We believe that PLDT Home is the country’s leading and fastest home broadband service provider, serving 3.3 million subscribers nationwide as at December 31, 2024.

We believe that PLDT Home is the Philippines’ fastest fixed network providing broadband data services. PLDT’s FTTH fixed line network has the most extensive transmission and distribution network infrastructure in the Philippines that provides broadband availability to 18.5 million homes passed in 73% of the country's towns and 91% of total provinces as at December 31, 2024. The number of homes passed refers to the approximate potential number of residences that could avail of broadband connectivity services provided through PLDT facilities.

PLDT’s superior FTTH network enables subscribers to enjoy up to 10 Gbps of symmetrical internet speeds or equal upload and download speeds. To give customers the best digital experience with the most value for their money, PLDT Home launched its enhanced Fiber Unli All Plans with double the speeds versus previous plans. It has improved unlimited mobile calls, a feature that lets the whole family enjoy free calls and texts from mobile to mobile, unlimited calls from mobile to landline, landline to landline, and landline to mobile. The Fiber Unli All plan has two variants – the PLDT Home Fiber Unli All Plan 1399 at 100 Mbps and Unli All Plan 1799 at 200 Mbps. Both plans are also bundled with endless entertainment from Cignal TV’s diverse contents.

As part of its initiatives to make internet more accessible for Filipinos, PLDT Home continuously enriched its fixed wireless service, Home WiFi Prepaid. In 2024, PLDT Home enhanced its Famload All Access packages that gave families options to choose data for as low as Php99 and enjoy free 1GB data every day to livestream Eat Bulaga! program.

Leading the next wave of fixed wireless solutions in the Philippines, PLDT Home ushered a new era of 5G technology with the newly launched PLDT Home WiFi 5G+, which features WiFi 6 technology capable of delivering uncapped speeds of up to 1.5 Gbps.

As part of the PLDT Group’s long-standing commitment to help the Philippines attain the United Nations Sustainable Development Goals (UNSDG) particularly SDG No. 9 – Industry, Innovation, and Infrastructure, PLDT Home relentlessly pushes its initiatives to provide connectivity for more households in the country. In 2024, PLDT continuously rolled out its fiber-to-the-home services in key tourist islands in the country including Negros Island, Bantayan Island in Cebu, and Camiguin Island.

PLDT Smart Home

In 2024, PLDT Home unveiled StreamTV, an entertainment solution that seamlessly combines the functionalities of an Android TV device, an AI-powered smart speaker, and a virtual assistant.

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PLDT Home and TP-Link joined forces to launch the Philippines' first WiFi 7 router, the Archer BE230. WiFi 7’s implementation of 4K Quadrature Amplitude Modulation (QAM) supports a greater amount of data transmission over wireless networks, while Multi-Link Operation (MLO) enables devices to manage multiple WiFi connections simultaneously, drastically reducing latency and enhancing data throughput.

PLDT Home served as the broadband partner in the Philippines of Warner Bros. Discovery when it debuted in Southeast Asia its streaming service Max. Further strengthening its entertainment content portfolio, PLDT Home released PLDT-Netflix bundles for existing customers, which included a free Netflix subscription — either Basic or Standard, depending on the plan chosen. These partners also complement PLDT Home's existing partnerships with the NBA for the NBA League Pass, and Lionsgate Play. For those who prefer IPTV, PLDT Home has already mirrored the Cignal Postpaid Plans in its product lineup.

PLDT Home continues to provide WiFi Mesh Systems designed for seamless wireless connectivity throughout the entire home, eliminating dead spots and making homes smart-home ready.

In safety and security, PLDT Home maintains its comprehensive line of home security devices from Eufy.

Home Rewards

As a way of giving back to its valued customers, PLDT Home continues to boost its loyalty program. With the Home Rewards program, subscribers can earn and use Crystals to pay for PLDT and Smart products and services, get bill rebates from Cignal, Maynilad and Easytrip, accumulate raffle entries and instantly avail of exclusive deals and discounts from various partner merchants.

In 2024, PLDT Home partnered with Caltex for an exclusive Fuel your Fiber Promo, which gave Home Rewards subscribers an instant Php150 fuel discount at Caltex and a chance to win Php10,000 worth of fuel vouchers and Php10,000 Maya cash prize.

Powered by PLDT Home’s reliable connectivity, subscribers get to enjoy better digital experiences at home with exciting promos and exclusive treats through the PLDT Home Rewards program.

Rates for home broadband services

Monthly charges for our home fixed broadband services vary depending on the amount of bandwidth, speed, market demand and the competitive landscape.

Corporate Data and ICT

PLDT Enterprise stands as the trusted partner for digital transformation in the B2B market. As the corporate arm of the PLDT Group, we are driven by a mission to empower businesses across industries with innovative solutions that simplify complexity and drive success. With a comprehensive portfolio of fixed line, wireless, and ICT offerings, we enable businesses to harness the power of technology to adapt, thrive and grow. From enhancing operational efficiency and ensuring seamless connectivity to strengthening continuity and elevating customer experiences, PLDT Enterprise is committed to delivering solutions that matter to our customers' success.

PLDT, through ePLDT Inc. and Smart Communications, offers comprehensive digital transformation tools, including multi-cloud, data center, cybersecurity, Application-to-Person (A2P), and Internet of Things (IoT), designed to meet evolving business needs with security and operational excellence.

ePLDT Inc., as the ICT subsidiary of PLDT, is solely focused on developing customized ICT services through its suite of secure multi-cloud, cybersecurity, data, and AI solutions.

For its multi-cloud offerings, ePLDT delivers solutions tailored to enterprises’ unique business needs as they go through their digital transformation journey – may it be public, private, and hybrid infrastructure-as-a-service (“IaaS”), or software-as-a-service (“SaaS”), contact-center-as-a-service (“CCaaS”), disaster recovery-as-a-service (“DRaaS”), and AI-powered platforms. PLDT enables businesses to thrive in an increasingly digital economy by offering secure, AI powered solutions that enhance productivity and future-proof organizations.

To further support its clients, ePLDT offers a comprehensive range of professional and managed services for multi-cloud and cybersecurity. Its professional services include cloud assessment, migration, and optimization, as well as the enhancement of cybersecurity defenses and AI adoption. Additionally, its managed services enable customers to focus more on their core business to drive growth and innovation by having ePLDT manage their IT infrastructure and operations.

ePLDT’s strategic competitive advantage is strengthened by its global partner ecosystem, which includes leading cloud and cybersecurity tech brands. This ecosystem allows ePLDT to serve the diverse needs of local enterprises and national government

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agencies. It also partnered status with Microsoft, Google, AWS, Salesforce, Palo Alto, Alibaba Cloud, Genesys, and more recently, Huawei Cloud.

To address the surging demand for data center solutions, PLDT established VITRO Inc., a wholly owned subsidiary of ePLDT, to meet market requirements and drive sustained growth in the Group’s data center portfolio. PLDT's VITRO data centers provide colocation and connectivity solutions for enterprises, hyperscalers and the public sector, with guaranteed uptime for their IT infrastructure. This positions PLDT as the premier digital infrastructure provider, enabling enterprises to scale their AI workloads and data-intensive applications with the highest levels of security, connectivity, and operational excellence.

VITRO Inc. leads the Group's advancements in data center construction, innovation, and services, consistently raising design and operational standards to meet the evolving needs of both international and domestic enterprises.

This strategic initiative underscores PLDT's commitments to innovation and to building the data center platform's capability to support the full spectrum of IT workloads—from enterprise and hyperscale to AI.

As the Philippines' premier data center provider, VITRO Inc. operates the country’s largest network of data centers and hosts its digital ecosystem, which includes top telcos, carriers, enterprises, hyperscalers, and the public sector. In July 2024, it energized VITRO Sta. Rosa, the country’s first AI-ready hyperscale data center, further solidifying its leadership in the industry.

Smart enhances PLDT Enterprise’s portfolio with IoT solutions, offering real-time monitoring and automation for industries such as utilities, transport, and fintech, driving operational efficiency through advanced analytics and connected devices. By integrating a comprehensive IoT platform with a global-class 5G Network, Smart enables businesses to seamlessly connect, monitor, and manage their devices, optimizing workflows and enabling data-driven decision-making.

Additionally, Smart’s Fixed Wireless Access (FWA) solutions provide robust last-mile connectivity for businesses in areas where traditional wired connections are not feasible. This ensures seamless operations and continuity, even in remote or underserved locations, empowering businesses to maintain high performance regardless of geographic challenges.

Core Connectivity Services

Our fixed line corporate data services address diverse needs for internet, networking, and managed services across enterprises of all sizes.

We offer iGate, a dedicated internet access solution with management and support for enterprises requiring high-performance connectivity with resilient international infrastructure, peered with Tier 1 Global Internet Service Providers & Internet Exchanges, and managed locally by globally certified personnel. Enterprise Fiber and BEYOND FIBER leverage PLDT and Smart's extensive and reliable network infrastructure to deliver high-speed, dependable internet solutions. Enterprise Fiber provides fast, reliable connectivity, while BEYOND FIBER offers business-grade internet with dual network capability and enterprise-class security features, catering to the diverse connectivity needs of businesses, from micro and small enterprises to multi-branch operations.

To further address the diverse requirements of modern enterprises, we also provide a range of domestic and international data solutions. These include domestic data solutions such as Metro Ethernet, a high-bandwidth, reliable network solution for seamless business operations and IP-VPN, a fully managed, end-to-end IP-based network for secure and efficient data transfer. PLDT also offers Managed SD-WAN, a next-generation wide area networking solution that provides enhanced resiliency, integrated security, and faster access to cloud applications, ensuring that the network business transformation.

For international data needs, we offer International Ethernet Private Line Services, a dependable option for secure international connectivity, and International IP-VPN, a managed service for data, voice, video, and multimedia applications integrated over a single IP network.

Our enterprise networking services are enabled by our Managed Service Provider capabilities. PLDT Enterprise provides businesses with expertise in designing their network, implementing complex programs across geographies, and monitoring, managing, and optimizing networks, ensuring seamless connectivity, improved performance, and real-time data-driven insights to empower smarter decision-making across multiple locations.

Global Connectivity and Infrastructure

PLDT continues to strengthen its position as a leader in global connectivity through its robust international cable infrastructure. With a network of 12 international submarine cable system, PLDT ensures high-speed, low-latency and resilient connectivity.

This extensive infrastructure enables seamless global operations for enterprises and positions the Philippines as a vital digital hub in the Asia-Pacific region. By investing in state-of-the-art submarine cable systems and continuously expanding its international partnerships, PLDT ensures that its customers have access to reliable and scalable global connectivity, empowering them to compete and succeed in an interconnected world.

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Commitment to our Customers’ Success

At PLDT Enterprise, our focus is on empowering customers to succeed by delivering practical solutions tailored to their most pressing business needs. Recognizing the challenges businesses face in today’s rapidly evolving environment, our commitment is to provide support at every stage of their journey. Through innovative tools and services, customers are equipped to operate more efficiently and effectively.

Equally important is the care we bring to our customer relationships. We listen to their needs, work collaboratively to design tailored solutions, and provide consistent support to ensure that these solutions deliver the desired results. Our teams are dedicated to making sure businesses not only adopt new technologies but also maximize their value over time.

At its heart, our commitment is simple: to help businesses grow and navigate change with confidence by offering the expertise, services, and support they can rely on. With PLDT Enterprise, businesses adopt technology and build partnerships that help them achieve their goals in a sustainable and meaningful way.

Rates for Corporate Data and ICT Services

Charges for our corporate data service vary by customer.

Voice Services

Our voice services are delivered through our (i) local exchange service; (ii) international service; and (iii) domestic service.

Local Exchange Service

Our local exchange service, which consists of the basic voice telephony business, is provided primarily through PLDT. We also provide local exchange services through our subsidiaries.

Rates for Local Exchange Service

Basic monthly charges for the local exchange service varies according to the type of customer (business or residential) and location, with charges for urban customers generally being higher than those for rural/provincial customers.

International Service

We have been pursuing a number of initiatives to sustain our international service business, including: (i)rationalizing our inbound voice termination rates; (ii) managing unauthorized voice traffic terminating to our network; (iii) partnering with Saudi Telecom Company for inbound international long distance (ILD) traffic management; and (iv) growing international data sales by leveraging PLDT’s sub-sea cable ownership and PLDT Global’s, reach.

In addition, PLDT Global is enhancing the presence of PLDT in other international markets by providing high quality communications infrastructure and innovative platforms to its global network of carriers, corporate customers and distribution partners, enabling it to achieve its desired connectivity, reach and business relevance. With offices in key markets abroad, PLDT Global also delivers a full range of digital consumer and enterprise solutions that serve the evolving needs of Filipinos overseas and global enterprises.

Rates for international service

Our rates for outbound international calls are quoted in U.S. dollars and are billed in Philippine pesos. The Philippine peso amounts are determined at the time of billing. We charge a flat rate of US$0.40 per minute to retail customers, applicable to most destinations at any time on any day of the week.

Domestic Service

Our domestic services are provided primarily through PLDT. This service consists of voice services for calls made by our fixed line customers outside of their local service areas within the Philippines and the domestic interconnect access charges by other telecommunications carriers for wireless and fixed line calls carried through PLDT's backbone network and/or terminating to our fixed line customers.

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Mobile substitution, OTT voice call alternatives and the widespread availability of free non-voice means of communications, such as e-mails, SMS, video conferencing applications and social networking sites, have negatively affected our domestic call volumes of PLDT.

Rates for domestic service

Rates for domestic calls traditionally were based on the type of service provided, such as whether the call is operator-assisted or direct-dialed. However, PLDT simplified these rates in recent years for calls originating from and terminating to the PLDT fixed line network and for calls terminating to fixed line networks of other local exchange carriers. PLDT also simplified its rates for calls terminating to mobile subscribers.

In addition, PLDT bundles the free PLDT-to-PLDT calls in some promotions and product/service launches to stimulate fixed line usage.

Miscellaneous

Miscellaneous services include the provision of facilities management, rental fees, and other services.

We sell and distribute our products and services through the following channels:

Distributors and Key Account Partners

We sell our fixed line and mobile services primarily through our regional and key account partners who generally have their own direct sales forces and retail networks. We have field sales distribution partners and key account partners for fixed line services, and exclusive regional and provincial distributors and key account partners for wireless services. A number of our trade partners are likewise major distributors of smartphones and devices that are retailed in their owned telecommunications outlets. Account managers from our sales force manage the distribution network and regularly update these business partners on upcoming marketing strategies, promotional campaigns and new products. Our distribution network encompasses approximately over one million retailers. With the prepaid reloading distribution network extended to corner store and individual retailer levels and minimum reloading denominations as low as Php10, Smart’s prepaid service has become even more affordable and accessible to subscribers.

Retail Stores

Retail stores are the Company-owned PLDT and Smart Sales and Service Centers that showcase our Company’s products and services to customers nationwide. Our frontlines enable unique digital experiences through daily customer interaction. We offer enticing products and services based on the customer needs. We also cater to customers’ after-sales requests and inquiries. Our stores also accept payment for bills, postpaid and prepaid sales.

Satellite branches are partner-owned Smart branded stores operating as auxiliary touchpoints for converged wired and wireless sales, aftersales and bills payment.

Enterprise Business

PLDT’s Enterprise Business Group is responsible for the sales and marketing of fixed line, wireless products, corporate data and ICT products, solutions and services to corporate clients. Fixed line services include domestic data solutions, such as SD-WAN, Metro-Ethernet, IPVPN, High-Bandwidth Optical Services, and Beyond Fiber; and international data solutions, such as iGate, international ethernet private line, and international IP VPN. Wireless services include wireless products, such as Smart and Sun postpaid and broadband services that may be bundled with mobile phones, tablets, and other relevant devices. Additionally, our offerings cover Machine to Machine and Internet-of-Things platform solutions that enable the managed connectivity requirements of key verticals such as Utilities, Transport, and Fintech. Moreover, Smart Enterprise offers Bizload, a corporate loading service that allows companies to control and automate prepaid loading among its employees and Smart Messaging Suite, an application-to-person (A2P) messaging platform that allows companies to send high-volume SMS through an easy-to-use online account to broadcast advisories, marketing campaigns, one-time passwords, payment reminders and transactional notifications. Our ICT solutions span from colocation services, connectivity services adjacent to colocation such as VITRO Internet Access, VITRO Internet Exchange, VITRO Cloud Exchange to complement the basic inter and intra-rack connection. Additionally, ePLDT’s Cloud and Cybersecurity solutions and Professional Services are made available to enterprises looking for innovative solutions that will help drive their digital transformation journeys.

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Telesales

As part of our telesales, we reach out to our subscribers to offer the latest services, solutions and promotions. Our telesales agents, in partnership with different contact center providers, enable new connect application and existing subscribers to avail value-added solutions, upgrade and migrate their fixed line and wireless accounts, as well as recontract their expiring accounts over the phone. All orders are delivered directly to customer’s address for devices and handsets.

Online sales

Customers can conveniently access our services through our PLDT Home website and Smart Online Store, an end-to-end portal, where they can conduct various online transactions, including selecting fiber broadband or mobile subscription plans, avail of a wide array of the latest 5G and 4G mobile handsets, renewing or upgrading an existing plan, purchasing prepaid SIMs, network devices, Smart Home devices, or subscribing for e-load and various add-on promotions. All orders are delivered directly to the customers’ addresses.

Smart App is a mobile application which allows users to link and manage multiple prepaid and postpaid accounts. With the Smart App, users can buy load, pay bills, subscribe to promotions, and earn Gigapoints. By offering various marketing promotions and events within the app, the Smart App has gained a lot of traction. Other online channels include My Smart website, Smart Chatbot, and Paywall which allow our mobile subscribers to avail of add-on promotions.

For e-Commerce, the PLDT and Smart flagship stores are now available in Lazada and Shopee. Our presence in these e-commerce platforms will further enhance the accessibility of our products to customers.

Postpaid Field Sales (PFS)

PFS was established to address postpaid markets belonging to corporate individual and capable communities. The channel intends to strategically regain the wireless postpaid stronghold by identifying and approaching customer segments that do not frequent the store outlets, those upgrading from prepaid, and most importantly, those using postpaid for the first time.

Others

Our other business consists primarily of our interests in digital platforms and other technologies, including our interests in MIH and Kayana.

MIH, Maya Philippines, and Maya Bank

MIH is the parent holding company of Maya Philippines, Inc. (formerly PayMaya Philippines, Inc.) and Maya Bank. Maya Philippines is registered with the BSP as an electronic money issuer, remittance and transfer company, operator of payment system, and virtual asset services provider. Maya Bank is one of only six digital banks in the Philippines licensed by the BSP. Together, Maya Philippines and Maya Bank power the platforms under the Maya brand, providing the next generation of integrated financial products to both consumers and enterprises in the Philippines. Maya continues to scale its digital banking ecosystem, expanding its portfolio into a fully integrated financial services, including lending, savings, and credit cards. As digital banking adoption accelerates, Maya’s approach enables it to capture both retail and SME growth, reinforcing its position as a key player in the Philippines’ digital financial landscape.

In December 2023, MIH announced a US$80 million funding round, led by global investors including PLDT, KKR, Tencent, SIG Venture Capital, and First Pacific Company Ltd. This capital injection is earmarked to expand digital banking services, particularly credit, across the MIH platform.

In 2024, Maya’s digital bank garnered 5.4 million bank customers and disbursed Php68 billion in loans, signifying strong demand for its artificial intelligence-powered lending services. Maya's credit products, tailored for a range of needs, including consumers, micro-entrepreneurs, and SMEs, have played a pivotal role in this growth.

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CAPITAL EXPENDITURES AND DIVESTITURES

See Item 5. “Operating and Financial Review and Prospects – Capital Expenditure Plans” for capital expenditures planned for 2024 and Item 5. “Operating and Financial Review and Prospects – Liquidity and Capital Resources” for information concerning our principal capital expenditures for the years ended December 31, 2022, 2023 and 2024.

On January 20, 2022, the Trustee returned to PLDT the remaining unclaimed balance of the Trust Account for the Series A to FF, amounting to Php7,839 million. As PLDT’s obligations to pay the trust amounts had also prescribed, the amount of unclaimed Trust Account that RCBC returned to PLDT was recognized as income in 2022.

On February 28, 2022, PLDT signed a deed of assignment, under which investors led by Philex Mining Corporation, Metro Pacific Corporation (MPIC), and Roxas Holdings, Inc. each acquired a total of Php44.7 million worth of equity interest in Pacific Global One Aviation (PG1) from PLDT, diluting PLDT’s ownership from 65.3% to 47.6%. In addition, PG1 appointed a new director bringing the total number of directors to nine. As a result, PLDT retained four out of nine total board seats which resulted in a loss of control. Consequently, PLDT accounted for its remaining interest in PG1 as an investment in associate.

On April 7, 2022, the PLDT Group, through PCEV, participated in the new round of fundraise for VIH amounting to US$62 million. Thereafter, PCEV’s ownership in Voyager was diluted from 38.45% to 36.82%. On August 12, 2022, a new investor signed a subscription agreement with VIH resulting to further dilution of PCEV’s equity interest from 36.82% to 36.63%.

On July 29, 2022, PGIH acquired additional 227 common shares of Multisys Technologies Corporation (Multisys) from the existing holder, representing a 4.99% of interest, for a total consideration of Php248 million.

Between February 17, 2023 and December 21, 2023, PCEV entered into four new subscription agreements with VFC and PFC to subscribe to a total of 19.6 million Common B shares each at a subscription price of Php0.10 per share, representing 60% voting rights and 1.48% economic interest in the Bank HoldCos.

On December 13, 2023, PCEV, along with other existing shareholders KKR, Tencent, SIG, First Pacific Ventures Ltd. and Jumel Holdings, entered into a new subscription agreement with MIH to subscribe to US$80 million Class C2 convertible preferred shares of MIH. On the first closing, PCEV paid a consideration of US$28 million or Php1,563 million for 12.3 million MIH class C2 convertible preferred shares, thereby increasing PCEV’s ownership in MIH from 36.63% as at December 31, 2022 to 36.97% as at December 31, 2023.

On various dates in 2022 and 2023, Smart and DMPI signed Sale and Purchase Agreements with Edotco Towers, Inc., Edgepoint Towers, Inc., Unity Digital Infrastructure and Frontier Tower Associates Philippines, Inc., or the TowerCos, in connection with the sale of 7,569 telecom towers and related passive telecommunication infrastructure for Php98 billion. As of December 31, 2024, we have completed the sale of a total of 6,726 telecom towers, or 89% of the towers portfolio under sale, for a total consideration of Php87,319 million.

On January 5, 2024, PGIH entered into a Share Purchase Agreement for the sale of 227 common shares of Multisys, representing a 4.99% equity interest, for a total consideration of Php270 million. The sale transaction was completed and fully paid on January 12, 2024. As a result, PGIH retained ownership of 2,080 common shares representing 45.73% equity interest in Multisys.

In February 2024, PLDT invested in Kayana to serve as a digital entity designed to harness the data assets of the MVP Group of Companies (“MVP Group”) and provide a platform for a Group-wide digitalization initiative. As of September 27, 2024, PLDT has invested Php840 million in Kayana representing 840 million common shares, or 60% equity interest, including subscription payable of Php288 million. On September 30, 2024, Kayana entered into share subscription agreements with its shareholders, wherein PLDT subscribed to additional shares valued at Php46.5 million and the remaining shareholders subscribed to additional shares valued at Php523.5 million. As a result, PLDT’s equity ownership in Kayana was reduced to 45%, leading PLDT to account for its remaining interest as an investment in associate.

On April 5, 2024, PCEV paid the subsequent consideration of US$15.3 million or Php857 million for 6.7 million MIH Class C2 convertible preferred shares and received warrants for 2.7 million MIH Class C2 convertible preferred shares valued at Php152 million, resulting in an increase of PCEV’s ownership in MIH from 36.97% to 37.66%.

On April 30, 2024, PLDT Inc. acquired 2,491,516 common shares of Radius, representing 34.9% equity interest, for a total consideration of Php2,116 million.

ORGANIZATION

See Exhibit 8. “List of Subsidiaries” for a listing of PLDT’s significant subsidiaries, including name, country of incorporation, proportion of ownership interests and, where different, proportion of voting power held.

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TECHNOLOGY INFRASTRUCTURE

Wireless Network Infrastructure

Mobile

Our mobile network supports 5G, 4G and other technologies. We continue to expand our LTE capacity, increase our 5G coverage, and roll out more physical sites to widen our coverage in order to sustain the growing demand for our services. We believe our mobile network covers 97% of the population and is present in 97% of the country’s cities and municipalities, as at December 31, 2024.

Fixed wireless services are also offered to residential and corporate clients through our high capacity mobile network. This complements our fibered fixed network as our fixed wireless services are able to reach areas that are not currently serviced through wired connections.

Fixed Line Network Infrastructure

Domestic

PLDT’s fixed line infrastructure is comprised of the latest technologies, delivering voice, broadband and ICT services to home and corporate customers. We deliver voice and high-speed broadband to each home through our all-fiber network, FTTH, an IP-based platform. At present, FTTH is capable of delivering 2.5 Gbps and up to 10 Gbps, and we have deployed FTTH in all cities and in the majority of municipalities in the Philippines. This network provides broadband availability to approximately 18.5 million homes passed, as at December 31, 2024.

PLDT provides enterprise and ICT services through its Carrier Ethernet network (CEN). PLDT’s CEN is based on Metro Ethernet Forum (MEF) 3.0, the latest standardized, carrier-class service and network. This highly reliable and resilient system provides high capacity and high-speed VPN services for all corporate customers. It supports enterprise requirements such as data storage, headquarter to branch connectivity, headquarter to disaster recovery site connectivity, cloud services and backhaul for mobile/LTE services. PLDT also uses the “Software Defined Wide Area Network” to deliver such enterprise services across different service providers and over the internet in a secured manner.

We likewise have an IP backbone (IPBB) network, composed of high-capacity, high-performance core and edge routers, with capacities of up to 100Gbps per port in key exchanges that provide IP connectivity to the different network elements built for PLDT, Smart and other subsidiaries and affiliates. It serves as a common and highly resilient IP transport platform for all of our IP-based services. In 2020, the IPBB underwent a transformation project called the “Transport Network Transformation Project” (TNT Project), which significantly increased the network’s capacity and upgraded its routing technology to the latest technology, including segment routing and software defined network (SDN) technology.

All our networks are connected nationwide through PLDT’s nationwide fiber backbone, the DFON. DFON is comprised of transport nodes connected by terrestrial and submarine cable links configured in loops and appendages. The DFON loops provide self-healing and alternative segment route protection for added resiliency against single and multiple fiber breaks along the different segments. The DFON network also connects three of PLDT’s international cable landing stations. Following the implementation of the TNT Project, the DFON network gained added resiliency and network reliability as we implemented an automatic fail capability into the DFON network to automatically transfer traffic to other redundancy links in the event the DFON experiences downtime. The DFON is complemented by a terrestrial microwave backbone network to deliver services to remote areas unreachable by the fixed terrestrial transport network.

International

PLDT’s international network was designed and built to support IP-based international services, including voice, messaging, international enterprise solutions, and the biggest use of international network resources today, the Internet services of the PLDT Group. The international network also supports in part requirements of the international retail business run by PLDT Global in various locations in Asia, Europe and the United States.

For voice services, PLDT operates two IP voice gateways. PLDT’s facilities allow the exchange of traffic with foreign carriers and can reach foreign destinations (including fixed and wireless network destination “breakouts”, or specific areas within a country) worldwide.

The Company has international internet gateways to fortify PLDT Group’s infrastructure for internet and IP-based services, as well as connections of our fixed and wireless networks to content and internet services available from, and businesses connected to, the global internet. All these gateways employ high-capacity and high-performance routers. Together with ancillary facilities (such as security against network/service attacks), they provide premium and differentiated internet and/or IP services to all types of customers ranging from ordinary broadband to high bandwidth internet requirements of corporate customers, knowledge

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processing solution providers, internet service providers (ISPs) and even other service providers. PLDT also operates offshore/ forward gateway routers in Hong Kong, Singapore, United States, and Japan to support optimized and direct access to content providers and businesses connected to the internet in Asia, as well as the continental U.S., which we expect to result in faster internet speed. All gateway routers utilize high capacity interface and transmission facilities.

To localize international internet content, PLDT employs local transparent caching network, and additionally, a network of content provider/distributor-supplied local caching servers at key locations. With these facilities, high demand contents from popular content and content delivery network providers are available locally and are delivered to PLDT customers.

PLDT operates the Philippines’ most extensive international submarine cable network. As at December 31, 2024, PLDT maintains and operates three international cable landing stations in La Union and Batangas for international cables coming from the West Philippine Sea, and in Daet in the east for international cables coming from the Pacific Ocean. In May 2023, NTC issued provisional authority to build new international cable landing stations in Baler, Aurora in the Northeast, and in Digos, Davao in the Southern coastal borders of the Philippines, which are targeted to be completed in 2025. These will provide telco carriers new alternative routes which do not traverse the usual West Philippine Sea Waters.

PLDT continues to work with major Asian carriers to implement the new Asia Direct Cable (ADC) to support the expected new fixed and mobile services requirements. ADC is estimated to be completed and ready for service within 2025.

PLDT is also working closely with other Asian carriers and Hyperscalers to build the Apricot Cable. The completion of the Apricot cable in 2027 will further augment PLDT's international capacity for data traffic, particularly to the U.S. and across Asia and the Pacific.

PLDT’s international automatic optical transport switching system and carrier ethernet network continues to provide effective redundancy and continuity of service to Hong Kong, Japan, Singapore, and the U.S. Mainland for premium enterprise clients. Additional dedicated submarine cable circuits were provisioned, and capacity of nodes upgraded, to support growing business requirements. Also, our Guam node, PLDT’s 5th international point-of-presence, was launched in April 2024.

SEASONALITY

Our business is not subject to any material seasonal fluctuations.

INTERCONNECTION AGREEMENTS

Since the issuance of Executive Order, or E.O., No. 59 in 1993, which requires the non-discriminatory interconnection of Philippine carriers’ networks, we have entered into bilateral interconnection arrangements with other Philippine fixed line and mobile carriers. See Item 1. “Description of Business – Licenses and Regulations – Regulatory Tariffs” for further discussion.

PLDT has direct interconnection agreements with foreign carriers. PLDT also carries international calls terminating to Smart and Sun networks where they have no direct interconnections.

FRANCHISES, LICENSES AND REGULATIONS

Franchises

The table below provides the expiry dates of franchises for each company indicated:

Company | Expiry Dates of Franchises
PLDT | November 28, 2028
Clarktel(1) | June 30, 2024
Smart | May 19, 2042
SBI | November 11, 2047
DMPI | April 1, 2028
CURE(2) | May 26, 2026
PDSI | January 26, 2026

(1) Clarktel filed for an extension of its franchise which remains pending with the Congress as of report date.

(2) In the case of CURE, PLDT has agreed to divest the CURE spectrum as a part of the NTC decision with respect to PLDT’s acquisition of a controlling interest in Digitel.

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Licenses

Pursuant to RA 7925, a franchise holder is required to obtain a Certificate of Public Convenience and Necessity (CPCN) / Provisional Authority (PA) from the National Telecommunications Commission (NTC) to provide specific telecommunications services authorized under its franchise. The NTC, an attached agency of the Department of Information and Communications Technology (DICT) regulates and supervises our business under the provisions of the Public Service Act (RA 11659, as amended), Executive Order (EO) Nos. 59 and 109, and RA 7925.

Material Effects of Regulation on our Business

Laws enacted by the Philippine Congress and issuances of certain Philippine Government Agencies regulate the manner in which we conduct our business, including:

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Executive Order No. 109, requires operators of international gateway facilities and mobile telephone operators to install a minimum number of local exchange lines. Smart and PCEV were required to install 700,000 and 400,000 rural lines, respectively, and each received a certificate of compliance from the NTC in 1999.
•
Republic Act No. 11930, otherwise known as the Anti-Online Sexual Abuse or Exploitation of Children (OSAEC) and Anti-Child Sexual Abuse or Exploitation Materials (CSAEM) Act. Internet Service Providers are required to develop, establish and install mechanisms or measures designed to prevent, detect, respond or report violations of this Act.
•
NTC Memorandum Circular No. 5-07-2009, issued on July 23, 2009, amends the mode of billing for voice services from per minute to per pulse billing, with a maximum of 6 seconds per pulse. On December 9, 2009, the NTC issued Show Cause and Cease and Desist Orders against Smart and other providers, alleging non-compliance with the Circular. On appeal, the CA in its December 28, 2010 Decision, reversed and set aside the NTC Orders. This decision was later upheld by the Supreme Court on February 13, 2023, finding that the NTC failed to provide Smart and other providers due process.
•
NTC Memorandum Order No. 07-07-2011, issued on July 15, 2011, prescribes a formula for computing service reliability and sets the minimum service reliability at 80% for fixed broadband/internet.
•
NTC Memorandum Circular No. 07-08-2015, issued on August 13, 2015, sets the rules on the measurement of fixed broadband/internet speed.
•
NTC Memorandum Order No. 10-12-2016, issued on December 13, 2016, sets out the rules for measuring mobile broadband and internet access service, including guidelines for testing mobile broadband and internet speed.
•
NTC Memorandum Order No. 10-10-2017, issued on October 27, 2017, prescribes the migration of all existing seven-digit telephone numbers to eight-digit telephone numbers for local telephone service within the “02” local exchange area.
•
Joint Memorandum Circular (JMC) No. 05-12-2017 jointly issued by NTC, DICT and Department of Trade and Industry, (DTI), on December 20, 2017, extends the validity of all prepaid load to one year from the date of the latest top-up. Prepaid loads purchased for promotions and bucket of services with a specific period of use duly approved by the DTI and/or NTC are excluded from the mandatory one-year validity period.
•
Executive Order No. 56, issued by former President Rodrigo Duterte on May 25, 2018, institutionalized the Emergency 911 Hotline as the nationwide emergency answering point and replaced Patrol 117.
•
Memorandum No. 2018-055 issued by the National Electrification Administration (NEA) on August 15, 2018, sets the standard pole rental rate of electric cooperatives at Php420 per cable position per pole per annum.
•
Memorandum Order No. 04, series of 2018 issued by the DICT on December 14, 2018 and NTC Memorandum Circular No 01-05-2019, issued on May 31, 2019, directed PTEs and/or wireless service providers who offer customers mobile phones and devices, free of charge or at a subsidized cost, in exchange for an agreed fixed lock-in period to provide their customers convenient sites, facilities and processes to unlock the mobile phones and devices of customers who wish to change between compatible wireless service providers, provided that such customers must have completed the applicable lock-in periods and have no outstanding obligations under their subscription agreement.
•
Republic Act No. 11202 or the Mobile Number Portability (MNP) Act and NTC Memorandum Circular No. 03-06-2019 (the IRR of MNP Act, issued on June 11, 2019), allow qualified customers to retain their mobile numbers when they move from one mobile service provider (MSP) to another, or change the type of subscription from postpaid to prepaid or vice versa. MNP is completely free of charge.
•
JMC No. 2019-001, series of 2019 (the IRR of the Ease of Doing Business Act), jointly issued by the Civil Service Commission, (CSC), Anti-Red Tape Authority (ARTA), and DTI on July 17, 2019, directs all agencies which provide

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Government service to reduce bureaucratic red tape and processing time, and to promote efficiency and simplicity of process.
•
Rules on the Accelerated Roll-Out of Common Towers, issued by the DICT on May 24, 2019, provides for the speedy roll-out of common towers and/or conversion of common towers including hard-to-access areas.
•
Department Circular No. 008 issued by the DICT on May 29, 2020, provides for the policy guidelines on the co-location and sharing of passive telecommunication tower infrastructure (PTTIs) for macro cell sites.
•
Executive Order No. 32 (“Streamlining the Permitting Process for the Construction of Telecommunications and Internet Infrastructure”) signed by President Ferdinand Marcos, Jr. on July 4, 2023, streamlined the permitting process for the construction of telecommunications and internet infrastructure. EO 32 further extends the implementation of streamlined permitting processes and procedures under the Bayanihan to Recover as One Act (RA 11494) and the Joint Memorandum Circulars issued by the Anti Red Tape Authority, et al. which expired in September 2023. On December 1, 2023, ARTA released the signed copy of EO 32’s Implementing Rules and Regulations (IRR).
•
RA 11659 or the Amendment to the Public Service Act took effect on April 12, 2022, limits the definition of public utilities to the distribution and transmission of electricity, petroleum and petroleum products pipeline transmission systems, water pipeline distribution and wastewater pipeline systems, seaports and public utility vehicles. This law excludes telecommunications from the definition of public utility thereby allowing full foreign ownership in companies engaged in telecommunications.
•
RA 11934 or the SIM Registration Act took effect on October 28, 2022. Under this law, all end-users are required to register their SIMs with PTEs as a pre-requisite to the activation thereof. On September 18, 2023, the NTC issued Memorandum Order No. ###-##-#### providing for guidelines for PTEs in the conduct of processes to verify submitted information and data by end-users of SIMs under the SIM Registration Act and its IRR.
•
Memorandum Circular No. 2023-017 issued by the DILG on January 25, 2023, reiterated previous DILG issuance/policy enjoining local officials to exercise their powers to reclaim and clear public roads which are being used for private purposes. As a consequence, many PLDT poles, including cables and cabinets, were required to be removed or relocated.
•
On September 27, 2023, the NTC issued a Memorandum ordering Public Telecommunications Entities to block or deactivate person-to-person text messages with clickable domains, Uniform Resource Locators (URLs), URL shortening services links, Smart Links and/or QR Codes.
•
NTC Memorandum Circular No. 006-010-2023, issued on October 20, 2023, provides for a Zero Spectrum User Fee (SUF) for the use of radio frequency bands 2400MHz to 2483.5MHz, 5150MHz-5350MH, 5470MHz-5850MHz for wireless connectivity under: (a) Short-Range Devices; b) Wireless Data Networks (WDN); and c) Broadband Wireless Access (BWA).

See Item 3. “Key Information – Risk Factors – Risks Relating to Us – Our business is subject to extensive laws and regulations, including regulations in respect of our service rates, taxes and antitrust laws” for further discussion.

Regulatory Tariffs

Interconnect access charges are paid by one carrier to another for calls originating from a carrier’s network and terminating to another carrier’s network. Pursuant to NTC Memorandum Circular No. 05-07-2018, effective on September 1, 2018, PLDT’s interconnection charges for all calls is uniformly set at Php0.50 per minute.

PLDT has continually and actively negotiated with other legitimate Philippine fixed and CMTS carriers for interconnection based on the guidelines issued by the NTC or any authorized government agency. These carriers include the major fixed and mobile players in the industry with nationwide operations, PAPTELCO and other non-PAPTELCO players, both of which usually operate in selected towns in the countryside.

By virtue of RA No. 11202 or the MNP Act, interconnection fees or charges are no longer imposed by MSPs for domestic calls and SMS made by subscribers. This provision does not cover interconnection fees charged by fixed-line operators. Thus, as of January 2, 2020, no interconnect fees are charged for mobile domestic calls and SMS.

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COMPETITION

The telecommunications market is competitive. Including us, there are five major local exchange carriers, seven major international gateway facility providers and three major mobile operators in the Philippines. Some new entrants in the Philippine telecommunications market have entered strategic alliances with foreign telecommunications companies, which provide them with access to technological and funding support, as well as service innovations and marketing strategies. To protect our market position, we need to continually invest in our network infrastructure to comply with regulatory obligations and to ensure that our services remain competitive. We also need to be able to identify market trends and customer preferences in order for our services to remain relevant.

Mobile Services

Currently, there are three major mobile operators, namely Smart, Globe and Dito. As at December 31, 2024, mobile market penetration in the Philippines was approximately 123%, based on the number of SIM cards issued.

Competition in the mobile telecommunications industry has remained active with greater availability of offers from telecommunications operators including increased data allocations and calls and texts resulting in declining yields. Competition has also increased in the postpaid space with more promotions involving greater handset subsidies. The principal bases of competition are price, including handset prices in the case of postpaid plans, quality of service, network reliability, geographic coverage and attractiveness of packaged services, including video content.

In recent years, the prevalence of OTT services, such as social media, instant messaging and internet telephone, also known as VoIP services, has greatly affected our legacy revenues from voice and SMS services. We are also facing growing competition from providers offering services using alternative wireless technologies and IP-based networks, including efforts by the Philippine Government to roll-out its free WiFi services to various municipalities in the country.

Data Services

In recent years, the market for data services has been the fastest growing segment in the Philippine telecommunications industry. This development has been spurred by the significant growth in demand for consumer and retail broadband internet access, enterprise resource planning applications, customer relationship management, knowledge processing solutions, online gaming and other e-services that drive the need for broadband and internet-protocol based solutions both in the Philippines and abroad. Our major competitors in this area are Globe and Converge ICT Solutions, Inc. The principal bases of competition in the data services market are coverage, price, content, value for money, bundles or free gifts, user experience, and customer service. PLDT remains committed to compete in this segment by leveraging on its overall strategy to focus on customer-centricity, maintain network leadership, broaden its distribution platform and increase its ability to deliver multimedia content.

Voice Services

Local Exchange

Although the growth of the fixed line voice market has been impacted by higher demand for mobile services, we have sustained our leading position in the fixed line market on account of PLDT's extensive fixed line and transmission network nationwide. In most areas, we face one or two competitors. Our principal competitor in the local exchange market, Globe, provides local exchange service through both fixed and fixed wireless landline services.

Fixed wireless landline services are delivered using mobile technology to a fixed device in the home with a tariff structure similar to that of a fixed line service such as the charging of monthly service fees. Our major competitor, Globe, offers services in limited areas of Metro Manila such as Makati and Las Piñas, the Visayas region and selected areas of Southern Luzon, such as Cavite and Batangas.

International

Revenues from this segment of the industry have significantly declined over the years with the advent of: (i) the popularity of alternative and cheaper modes of communication such as e-mail, instant messaging, social-networking (such as Facebook, Twitter and Instagram), including “free services” over the internet (such as Skype, Viber, Line, Facebook Messenger, GoogleTalk, Zoom and WhatsApp, and similar services); and (ii) the establishment of VPNs for several corporate entities, which have further heightened competition.

With respect to outbound calls from the Philippines the significance of which has also reduced over the years, we generate revenues through our local exchange and mobile businesses, which are the origination points of outbound international calls. We

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also have introduced a number of marketing initiatives to stimulate growth of outbound call volumes, including tariff reductions and volume discounts for large corporate subscribers.

As in recent years, the number of inbound international voice calls into the Philippines has been negatively impacted by the popularity of OTT services due to improved internet access and continued increase of smartphone adoption. However, with PLDT Group’s strategic partnership with Saudi Telecom Company, the decline of ILD traffic has slowed down. Joint efforts on traffic sales management and anti-fraud programs have resulted in sustained business value for the ILD business.

Domestic

Our domestic service business has been negatively affected by the widespread availability and growing popularity of alternative economical to free non-voice methods of communication, particularly OTT services, email and social media resulting in the change in the market's communication habits as evidenced by the growing number of mobile subscribers in the Philippines. In addition, various ISPs have launched voice services via the internet to their subscribers nationwide.

While domestic call volumes have been declining, PLDT has remained the leading provider of domestic service in the Philippines due to our significant subscriber base and ownership of the Philippines’ most extensive transmission network.

ENVIRONMENTAL MATTERS

Environmental Management and Stewardship

In line with PLDT’s sustainability roadmap and commitment towards responsible business operations, we integrate environmental management and stewardship measures into our business operations. These are aimed not only at strengthening compliance with regulatory requirements, but also as addressing identified risks that may impact our business and the communities where we operate.

Our environmental management programs are thus implemented by and across various functions of the organization, institutionalized through policies and capacity-building programs for employees, and are continuously guided by the oversight of the PLDT Board of Directors through its Governance, Nomination and Sustainability Committee (GNSC).

Climate Change

The PLDT Group continues to recognize climate change as one of its top enterprise risks. This considers the high-risk profile and vulnerability of the Philippines to the worsening impacts of climate change, such as more frequent and extreme typhoons and weather disturbances. The effects of climate change increase the likelihood of damage to the Group’s physical infrastructure and network equipment, which can consequently disrupt operations and delivery of services. Because we recognize the importance of connectivity to our customers and the impact of our operations on the broader community, we aim to mitigate the material adverse effects of climate change by integrating these nature-related risks and corresponding mitigation strategies into our strategic planning, operational design, resource allocation, resiliency and contingency measures, and supply chain management.

Aside from these physical impacts, climate change also shapes corresponding focus and requirements of local laws and regulations. The urgency of addressing climate change in the Philippines may lead to the enactment of more stringent laws and regulations, which will further entail necessary investments, resources, and capacity-building efforts for PLDT Group in order to remain compliant and competitive.

Operational Resource Efficiency

In support of the Philippines' Nationally Determined Contribution under the Paris Agreement and the global ambition to achieve Net Zero by 2050, the PLDT Group developed a decarbonization roadmap that aims to reduce its Scope 1 and Scope 2 greenhouse gas emissions by 40% by 2030 against a 2019 baseline. Such target is underpinned by various initiatives that promote energy and operational resource efficiency, as well as the adoption of renewable energy and green technologies across our operations. These measures are also aimed at achieving cost-efficiencies and ensuring uninterrupted operations and delivery of services.

We have set up internal mechanisms to monitor our consumption of electricity, fuel, and water within our facilities and operations. Such mechanisms consequently facilitate the continuous implementation of solutions on energy efficiency and resource conservation.

For our building facilities, we have been shifting to newer and more energy efficient air conditioning units and chillers. We have been provisioning for building automation systems and utilizing Internet of Things-powered sensors for enhanced temperature and humidity monitoring and control. Initiatives such as building-envelopes are being explored to further lower down energy demand from air-conditioning systems which account for the most significant energy consumption in our facilities.

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In support of the Green Energy Option Program of the Department of Energy, the PLDT Group has also been switching strategic sites and facilities to solar energy use. We are also continuously expanding supply partnerships to further increase the share of renewables in our energy mix.

For our network facilities, we formed energy management teams that lead and implement energy efficiency initiatives such as the installation of direct current generator sets, solar panels, and photovoltaic cells, as well as battery storage systems to enable powering of assets during peak hours and storage of surplus energy during off-peak hours and for future use. These have been designed to enable us to ensure wireless network coverage in remote areas and reduce our dependence on diesel-fueled generators in cases of power failures and emergency situations.

The PLDT Group has also put in place a company-wide mechanism for fuel requests, as well as active tools to validate electricity use and improve resource consumption efficiency.

To conserve water, we have set up rainwater catchment systems in selected areas and developed a scheme to continuously expand these in all facilities across the country.

Waste Management and Circularity

Effective waste management and circularity are among the key focus areas of the PLDT Group’s environmental management roadmap. We ensure the establishment of solid waste segregation and management mechanisms within our facilities nationwide, facilitating adherence with national and local government regulations and collection schemes. For our major facilities, we have built sewage treatment plants to ensure effective management of building effluents. Meanwhile, to manage hazardous waste from our facilities and value chain, we maintain partnerships with various DENR-accredited hazardous waste transporters and treaters, particularly for used lead acid batteries.

The PLDT Group also endeavors to continuously promote waste reduction and recycling through various programs and campaigns within our organization and stakeholder communities. Although PLDT and Smart are not producers of electronic waste, the delivery of our services involves the use of electronic devices such as phones, modems, chargers, routers. Thus, we implement an e-waste management program called “Be Kind. Recycle.” to help ensure the proper treatment and disposal of such electronic devices.

Among the strategic objectives of this program is to make proper e-waste disposal accessible and convenient to PLDT and Smart employees, customers, and the public. We hence work to continuously increase the number of e-waste collection sites and partnerships nationwide, with the goal of scaling up impact in strategic areas and communities where we operate.

Management Approach

Our management approach to Environmental Management is guided by commitments set in the PLDT and Smart Occupational Safety, Health, and Environmental Commitments, as approved by our President and CEO. These commitments provision for the continuous allocation of resources to ensure our alignment with the highest standards of environmental performance in all facets of company operations, as well as measures to ensure a dynamic approach in the setting up of priority areas, performance targets, and corresponding action plans. We also align and benchmark with relevant environmental principles and indicators of the United Nations Global Compact, Task Force for Climate-related Financial Disclosures, Taskforce on Nature-related Financial Disclosures, CDP and ISO 14001:2015 (Environmental Management System) Standards.

The PLDT Group commits compliance with all national and environmental laws and regulations. Our Corporate Environment, Health, and Safety (CEHS), Property, Facilities, Asset Resilience Management (PFARM) and Network units spearhead the implementation of environmental management processes and mechanisms to manage our environmental footprint, as well as ensure regular monitoring of the performance of all facilities, equipment, and generator sets across the country. These teams also lead the creation of management plans covering strategies for facilities located in ecologically protected areas. CEHS learning materials and various trainings are also made available to all employees on a periodic basis, as part of capacity-building efforts and initiatives to institutionalize understanding of the impact of workplace operations on the environment and in communities where we operate.

In addition, the PLDT Group has also designated Pollution Control Officers (PCOs) within each company facility to reinforce environmental performance review and report on operational progress on a quarterly basis to the Department of Environment and Natural Resources (DENR), the Laguna Lake Development Authority, and other national and local regulatory bodies. The PCOs monitor compliance with laws and regulations on air, water, and even noise pollution. We also work with various contractors and service providers through regular assessments and stakeholder consultations to manage the environmental impact of new facilities. Additionally, we support the DENR’s National Greening Program and reforestation efforts, particularly focusing on areas where we roll-out our network sites and equipment.

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To aid in the review and evaluation of our performance, we undertake periodic audits of our environmental management system through trained Internal Auditors and IRCA certified Lead Auditors facilitating the implementation of the EHS audit program across the different sites.

To foster continuous improvements in our environmental management, we have adopted digital innovations to streamline processes and enhance employee engagement. This includes the introduction of a comprehensive suite of applications, including the EHS Incident Reporting App, Self-Monitoring Report Automation, Emergency Drill Report, Weather Disturbance Activation, Situational Report, and Job Hazard Analysis. These tools addressed common challenges arising from manual reporting, such as human error, inconsistent data, and time-consuming workflows.

This digital transformation not only optimized reporting and compliance but also empowered employees to take a proactive role in promoting workplace safety. Through intuitive tools and real-time data, such program fostered a culture of accountability and engagement. By aligning with sustainability and corporate responsibility goals, this initiative underscored the PLDT Group’s leadership in leveraging technology to create safer, more resilient, and efficient workplaces.

The PLDT Group also puts importance on building a sustainability program involving our supply chain, which includes promoting awareness and collective action on the impact of business operations on the environment.

As part of our supply chain management processes, we enforce a Supplier Code of Conduct and complementing sustainability guidelines and EHS manuals that mandate suppliers to actively manage their environmental impact and comply with applicable environmental laws and regulations. We also integrate environmental criteria in the screening performance of suppliers, as well as hold forums and various engagements with suppliers to ensure their alignment with our policies on environmental management.

In 2024, PLDT earned certifications on ISO 9001:2015 (Quality Management System), ISO 14001:2015 (Environmental Management System), and ISO 45001:2018 (Occupational Health and Safety Management System). Smart was also recommended for the same set of certifications. These certifications underscore the PLDT Group’s dedication in implementing best practices that drive continuous improvement, enhance customer satisfaction, reduce environmental impact, and ensure a safe working environment for its most important asset – the workforce. Furthermore, these milestones are testament to the hard work and support of the different business units across all levels of the organization to adopt the highest standards of occupational health and safety and environmental performance, fortifying its operational focus on employee welfare, customer experience, and sustainability.

External Citations/ National Recognitions

In 2024, PLDT and Smart were considered top finalists of the Pollution Control Association of the Philippines, Inc. Sustainability Awards for the following categories: a) Top Pollution Control Officer accredited by DENR, b) Mother Nature Award, and c) Sustainability Award. These Environmental Awards are national awards given in recognition of outstanding achievements of establishments and PCOs in promoting pollution control, waste minimization and implementation of an effective environmental management system in their respective companies. It also provides recognition to a successful project implemented by a company that addresses specific environmental problem or major environmental impact of the organization.

Alongside this increased recognitions are Awards from Safety Organization of the Philippines given for Outstanding DOLE Accredited OSH Practitioners and Consultants, Award of Merit and Award of Excellence for achieving significant safe man-hours with zero lost time accidents and a remarkable show of grit demonstrating skills and abilities to foster enhanced capability building efforts on emergency preparedness and response and workplace resilience during the National Fire Brigade Team Competition.

INTELLECTUAL PROPERTY RIGHTS

We do not own any material intellectual property rights apart from our brand names and logos. We are not dependent on patents, licenses or other intellectual property which are material to our business or results of operations, other than licenses to use the software that accompany most of our equipment purchases and licenses for certain contents used in VAS of our wireless business. See Note 14 – Goodwill and Intangible Assets to the accompanying audited consolidated financial statements in Item 18. “Financial Statements”.

PROPERTIES

As at December 31, 2024, the PLDT Group owns three office buildings located in Makati City and owns and operates 289 fixed line exchanges nationwide, of which 45 are located in Metro Manila. The remaining 244 exchanges are located in cities and small municipalities outside the Metro Manila.

As at December 31, 2024, our principal properties, excluding property under construction, consisted of the following, based on net book values:

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•
47% consisted of central office equipment and network facilities, including IGFs, pure national toll exchanges and combined local and toll exchanges;
•
40% consisted of cable, wire and mobile facilities, including our DFON, subscriber cable facilities, inter-office trunking and toll cable facilities and mobile facilities;
•
5% consisted of land and improvements and buildings and improvements, which we acquired to house our telecommunications equipment, personnel, inventory and/or fleet; and
•
8% consisted of other work equipment.

For more information on these properties, see Note 9 – Property and Equipment to the accompanying audited consolidated financial statements in Item 18. “Financial Statements”.

These properties are located in areas where our subscribers are being served. In our opinion, these properties are in good condition, except for ordinary wear and tear, and are adequately insured.

The majority of our connecting lines are above or under public streets and properties owned by others. For example, for many years, the PLDT Group has been using the power pole network of Meralco in Metro Manila for PLDT’s fixed line aerial cables in this area pursuant to short-term lease agreements with Meralco with typically five-year and more recently one-year terms.

The PLDT Group has various lease contracts for periods ranging from one to thirty years covering various items of sites, buildings, leased circuits and poles used in our operations. For more information on the obligations relating to these properties and long-term obligations, see Note 10 – Leases, Note 20 – Interest-Bearing Financial Liabilities and Note 27 – Financial Assets and Liabilities to the accompanying audited consolidated financial statements in Item 18. “Financial Statements”.

We expect that in 2025, cash from operating activities will enable us to make additional investments in our core facilities to leverage existing technologies and increase capacity. Our current estimate for consolidated capital expenditures in 2025 will be between Php68 billion to Php73 billion. See Item 5. “Operating and Financial Review and Prospects – Capital Expenditure Plans” for further discussion on our capital expenditures.

Item 4A. Unresolved Staff Comments

None.

Item 5. Operating and Financial Review and Prospects

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements (and the related notes) as at December 31, 2024 and 2023 and for each of the three years ended December 31, 2024, 2023 and 2022 included elsewhere in this report. This discussion contains forward-looking statements that reflect our current views with respect to future events and our future financial performance. These statements involve risks and uncertainties, and our actual results may differ materially from those anticipated in these forward-looking statements as a result of particular factors such as those set forth under "Forward-Looking Statements" and Item 3. "Key Information – Risk Factors" and elsewhere in this report. Our consolidated financial statements, and the financial information discussed below, have been prepared in accordance with IFRS Accounting Standards. For convenience, certain Philippine peso financial information in the following discussions have been converted to U.S. dollars at the exchange rate at December 31, 2024 of Php57.85 to US$1.00, as quoted through the BAP.

Overview

We are one of the leading telecommunications and digital services providers in the Philippines, serving the fixed line, wireless and broadband markets. Through our three principal business segments, Wireless, Fixed Line and Others, we offer a wide range of telecommunications and digital services across our extensive fiber optic backbone and wireless and fixed line networks. See Note 4 – Operating Segment Information to the accompanying audited consolidated financial statements in Item 18. “Financial Statements” for further information on each of these segments.

Key performance indicators and drivers that our management uses to monitor and direct the operation of our businesses include, among others, the general economic conditions in the Philippines; market trends, such as customer demands, behavior and satisfaction parameters; technological developments; network performance (in terms of speed, coverage and capacity); market share; and profitability.

In addition, our results of operations and financial position are increasingly affected by fluctuations of the Philippine peso against the U.S. dollar.

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Management’s Financial Review

As discussed in Item 3. “Key Information – Performance Indicators”, we use our Adjusted EBITDA, core income and telco core income to assess our operating performance. Set forth below is a reconciliation of our consolidated net income to our consolidated Adjusted EBITDA and a reconciliation of our consolidated net income to our consolidated core income and consolidated telco core income for the years ended December 31, 2024, 2023 and 2022.

The following table shows the reconciliation of our consolidated net income to our consolidated Adjusted EBITDA for the years ended December 31, 2024, 2023 and 2022:

|  | December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | (amounts in million Php) |
Net income from continuing operations |  |  | 32,555 |  |  |  | 26,865 |  |  |  | 11,335 |
Net loss from discontinued operations |  |  | — |  |  |  | (41 | ) |  |  | (600 | )
Consolidated net income |  |  | 32,555 |  |  |  | 26,824 |  |  |  | 10,735 |
Add (deduct) adjustments to continuing operations: |  |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 55,988 |  |  |  | 58,441 |  |  |  | 98,631 |
Financing costs – net |  |  | 15,500 |  |  |  | 13,755 |  |  |  | 11,759 |
Provision for income tax |  |  | 10,138 |  |  |  | 9,612 |  |  |  | 2,697 |
Manpower rightsizing program (MRP) |  |  | 1,688 |  |  |  | 2,021 |  |  |  | 5,028 |
Equity share in net earnings of associates and joint ventures |  |  | 990 |  |  |  | 2,806 |  |  |  | 3,304 |
Amortization of intangible assets |  |  | 240 |  |  |  | 221 |  |  |  | 228 |
Impairment of non-current assets |  |  | 69 |  |  |  | — |  |  |  | 283 |
Foreign exchange losses (gains) – net |  |  | 36 |  |  |  | (1,149 | ) |  |  | 4,687 |
Additional amortization of subscriber contract cost to obtain |  |  | — |  |  |  | 2,135 |  |  |  | — |
Net loss on debt modification |  |  | — |  |  |  | — |  |  |  | 295 |
Gain on dilution in MIH |  |  | — |  |  |  | — |  |  |  | (660 | )
Income from prescription of liability on redeemable preferred shares |  |  | (71 | ) |  |  | — |  |  |  | (7,839 | )
Interest income |  |  | (916 | ) |  |  | (1,016 | ) |  |  | (653 | )
Gain on sale and leaseback of telecom towers - net of expenses |  |  | (951 | ) |  |  | (6,992 | ) |  |  | (24,563 | )
Gains on derivative financial instruments – net |  |  | (4,023 | ) |  |  | (1,198 | ) |  |  | (2,322 | )
Others |  |  | (2,728 | ) |  |  | (1,204 | ) |  |  | (1,622 | )
Total adjustments |  |  | 75,960 |  |  |  | 77,432 |  |  |  | 89,253 |
EBITDA from continuing operations |  |  | 108,515 |  |  |  | 104,297 |  |  |  | 100,588 |
EBITDA from discontinued operations |  |  | — |  |  |  | (64 | ) |  |  | (326 | )
Consolidated Adjusted EBITDA |  |  | 108,515 |  |  |  | 104,233 |  |  |  | 100,262 |

The following table shows the reconciliation of our consolidated net income to our consolidated core income and consolidated telco core income for the years ended December 31, 2024, 2023 and 2022:

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|  | December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | (amounts in million Php) |
Net income from continuing operations |  |  | 32,555 |  |  |  | 26,865 |  |  |  | 11,335 |
Net loss from discontinued operations |  |  | — |  |  |  | (41 | ) |  |  | (600 | )
Consolidated net income |  |  | 32,555 |  |  |  | 26,824 |  |  |  | 10,735 |
Add (deduct) adjustments to continuing operations: |  |  |  |  |  |  |  |  |
Accelerated depreciation and amortization(1) |  |  | 5,686 |  |  |  | 13,924 |  |  |  | 51,204 |
MRP |  |  | 1,688 |  |  |  | 2,021 |  |  |  | 5,028 |
Amortization of debt discount from debt modification |  |  | 183 |  |  |  | 177 |  |  |  | 470 |
Other non-recurring expenses |  |  | 151 |  |  |  | 433 |  |  |  | 194 |
Impairment of non-current assets |  |  | 69 |  |  | — |  |  |  | 283 |
Foreign exchange losses (gains) – net |  |  | 36 |  |  |  | (1,152 | ) |  |  | 4,685 |
Impairment of investments |  | — |  |  |  | 70 |  |  |  | 50 |
Core income adjustment on equity share in net loss (income) of associates and joint ventures |  |  | (5 | ) |  |  | 466 |  |  |  | (195 | )
Income from prescription of liability on redeemable preferred shares |  |  | (71 | ) |  | — |  |  |  | (7,839 | )
Net income attributable to noncontrolling interests |  |  | (248 | ) |  |  | (210 | ) |  |  | (250 | )
Gain on sale and leaseback of telecom towers – net of expenses |  |  | (951 | ) |  |  | (6,992 | ) |  |  | (24,563 | )
Gains on derivative financial instruments – net, excluding hedge costs |  |  | (4,252 | ) |  |  | (1,436 | ) |  |  | (2,572 | )
Net tax effect of aforementioned adjustments |  |  | (609 | ) |  |  | (1,704 | ) |  |  | (7,078 | )
Total adjustments |  |  | 1,677 |  |  |  | 5,597 |  |  |  | 19,417 |
Core income from continuing operations |  |  | 34,232 |  |  |  | 32,462 |  |  |  | 30,752 |
Core loss from discontinued operations |  | — |  |  |  | (41 | ) |  |  | (600 | )
Consolidated core income |  |  | 34,232 |  |  |  | 32,421 |  |  |  | 30,152 |
Core income from continuing operations |  |  | 34,232 |  |  |  | 32,462 |  |  |  | 30,752 |
Add (deduct) adjustments: |  |  |  |  |  |  |  |  |
Share in MIH losses |  |  | 1,006 |  |  |  | 2,175 |  |  |  | 3,239 |
Share in Kayana losses |  |  | 46 |  |  | — |  |  | — |
Gain on dilution in MIH, net of tax |  | — |  |  | — |  |  |  | (660 | )
Gain on asset sales, net of tax |  | — |  |  |  | (296 | ) |  |  | (30 | )
Gain on deconsolidation of Kayana |  |  | (146 | ) |  | — |  |  | — |
Total adjustments |  |  | 906 |  |  |  | 1,879 |  |  |  | 2,549 |
Consolidated telco core income |  |  | 35,138 |  |  |  | 34,341 |  |  |  | 33,301 |

(1) In 2023, accelerated depreciation and amortization includes subscriber contract cost to obtain of Php2,135 million and cost to fulfill of Php11,789 million.

The following table shows the reconciliation of our consolidated basic and diluted earnings per share (EPS) attributable to common equity holders of PLDT to our consolidated basic and diluted core EPS for the years ended December 31, 2024, 2023 and 2022:

|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | Basic |  |  | Diluted |  |  | Basic |  |  | Diluted |  |  | Basic |  |  | Diluted |
|  | (in Php) |
EPS from continuing operations |  |  | 149.26 |  |  |  | 149.26 |  |  |  | 123.10 |  |  |  | 123.10 |  |  |  | 51.03 |  |  |  | 51.03 |
EPS from discontinued operations |  |  | — |  |  |  | — |  |  |  | (0.19 | ) |  |  | (0.19 | ) |  |  | (2.77 | ) |  |  | (2.77 | )
Consolidated EPS attributable to common equity holders of PLDT |  |  | 149.26 |  |  |  | 149.26 |  |  |  | 122.91 |  |  |  | 122.91 |  |  |  | 48.26 |  |  |  | 48.26 |
Add (deduct) adjustments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accelerated depreciation and amortization |  |  | 19.74 |  |  |  | 19.74 |  |  |  | 48.34 |  |  |  | 48.34 |  |  |  | 177.75 |  |  |  | 177.75 |
Manpower rightsizing program |  |  | 5.86 |  |  |  | 5.86 |  |  |  | 7.02 |  |  |  | 7.02 |  |  |  | 17.46 |  |  |  | 17.46 |
Net loss/(gain) on debt modification |  |  | 0.64 |  |  |  | 0.64 |  |  |  | 0.61 |  |  |  | 0.61 |  |  |  | 1.63 |  |  |  | 1.63 |
Impairment of investments/noncurrent assets |  |  | 0.31 |  |  |  | 0.31 |  |  |  | 0.32 |  |  |  | 0.32 |  |  |  | 0.23 |  |  |  | 0.23 |
Foreign exchange losses (gains) – net |  |  | 0.13 |  |  |  | 0.13 |  |  |  | (4.00 | ) |  |  | (4.00 | ) |  |  | 16.26 |  |  |  | 16.26 |
Gains on derivative financial instruments – net, excluding hedge costs |  |  | (14.76 | ) |  |  | (14.76 | ) |  |  | (4.99 | ) |  |  | (4.99 | ) |  |  | (8.93 | ) |  |  | (8.93 | )
Gain on sale and leaseback of telecom towers |  |  | (3.30 | ) |  |  | (3.30 | ) |  |  | (24.59 | ) |  |  | (24.59 | ) |  |  | (86.91 | ) |  |  | (86.91 | )
Income from prescription of liability on redeemable preferred shares |  |  | (0.33 | ) |  |  | (0.33 | ) |  |  | — |  |  |  | — |  |  |  | (27.21 | ) |  |  | (27.21 | )
Core income adjustment on equity share in net (income) losses of associates and joint ventures |  |  | (0.02 | ) |  |  | (0.02 | ) |  |  | 2.16 |  |  |  | 2.16 |  |  |  | (0.90 | ) |  |  | (0.90 | )
Other non-recurring expenses |  |  | 0.64 |  |  |  | 0.64 |  |  |  | 2.00 |  |  |  | 2.00 |  |  |  | 1.65 |  |  |  | 1.65 |
Total adjustments |  |  | 8.91 |  |  |  | 8.91 |  |  |  | 26.87 |  |  |  | 26.87 |  |  |  | 91.02 |  |  |  | 91.02 |
Core EPS from continuing operations |  |  | 158.17 |  |  |  | 158.17 |  |  |  | 149.97 |  |  |  | 149.97 |  |  |  | 142.05 |  |  |  | 142.05 |
Core EPS from discontinued operations |  |  | — |  |  |  | — |  |  |  | (0.19 | ) |  |  | (0.19 | ) |  |  | (2.77 | ) |  |  | (2.77 | )
Consolidated core EPS |  |  | 158.17 |  |  |  | 158.17 |  |  |  | 149.78 |  |  |  | 149.78 |  |  |  | 139.29 |  |  |  | 139.29 |

46

Factors Affecting our Results of Operations

Competition

The telecommunications market is competitive. Including us, there are five major local exchange carriers, seven major international gateway facility providers and three major mobile operators in the Philippines. Some new entrants in the Philippine telecommunications market have entered strategic alliances with foreign telecommunications companies, which provide them with access to technological and funding support, as well as service innovations and marketing strategies. To protect our market position, we need to continually invest in our network infrastructure to comply with regulatory obligations and to ensure that our services remain competitive. We also need to be able to identify market trends and customer preferences in order for our services to remain relevant. See Item 4. “Information on the Company – Competition” for further discussions.

Technology Developments and Capital Expenditures

Improvements in technology influence our customers’ demand for services and equipment. For example, demand for fixed line telecommunications services has been affected by continued significant growth in the mobile data services. The increase in broadband adoption has also proven to be a critical factor in facilitating the offering of value-added services to customers and the combination of products made available to customers.

In providing data services, we must constantly upgrade our access technology and software, embracing emerging transmission technologies and improve the responsiveness, functionality, coverage and features of our services. In the mobile data business, to provide our subscribers with new and better services, we must enhance our mobile network and extend 5G technology and bandwidth for mobile data transmission. In addition, as new technologies develop, equipment may need to be replaced or upgraded, and network facilities may need to be rebuilt in whole or in part, at substantial cost, to remain competitive. These enhancements and the implementation of new technologies will continue requiring increased capital expenditures.

Regulations

We are significantly affected by laws and regulations, particularly those relating to service rates, taxes, labor and antitrust. The NTC regulates the rates we are permitted to charge for services that have not yet been deregulated, such as local exchange services.

We are also subject to a number of local and national taxes.

We are also subject to antitrust and labor laws. We have an on-going petition with the PCC with respect to our acquisition of the telecommunications business of SMC in 2016, as well as an outstanding petition pending resolution by the Philippine Supreme Court with respect to the regularization orders by the DOLE.

Notice of Material Breach and Demand for Payment on DITO

PLDT and DITO entered into an agreement in February 2021 for the construction of a transmission facility that served as the point of interconnection for their subscribers. Under the agreement, PLDT established and managed the interconnection facility that operated as the primary physical interface for both companies. The planned facility was completed in March 2021.

PLDT served on DITO on October 6, 2022 a Notice of Material Breach and Demand for Payment due to DITO's refusal to pay the outstanding balance of Php430 million for contracted services provided by PLDT in relation to the building and provisioning of transmission facilities used by DITO to deliver telecommunication services to its subscribers. Upon DITO’s request, PLDT agreed to limit the scope of work, resulting in a reduction of the outstanding balance to Php280 million, which will be payable in three tranches. As of the date of this Annual Report, DITO has paid the first and second tranches amounting to Php168 million, with a remaining balance of Php112 million.

Financial Instruments

We use financial instruments to reduce our risk exposure associated with fluctuations in foreign currency exchange rates and interest rates. See Note 27 – Financial Assets and Liabilities – Financial Risk Management Objectives and Policies to the accompanying consolidated financial statements in Item 18. “Financial Statements” for a detailed discussion of our foreign currency exchange risk and hedging instruments.

47

Results of Operations

The following table shows the contribution by each of our business segments to our consolidated revenues, expenses, other income (expense), income (loss) before income tax, provision for (benefit from) income tax, net income (loss)/segment profit (loss), Adjusted EBITDA, Adjusted EBITDA margin, core income and telco core income for the years ended December 31, 2024, 2023 and 2022. In each of the years ended December 31, 2024, 2023 and 2022, the majority of our revenues are derived from our operations within the Philippines. Our revenues derived from outside the Philippines consist primarily of revenues from incoming international calls to the Philippines.

|  | Wireless |  |  | Fixed Line |  |  | Others |  |  | Inter- segment Transactions |  |  | Consolidated |
|  |  |  |  | (amounts in million Php) |  |  |  |
For the year ended December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  |  | 105,734 |  |  |  | 126,490 |  |  |  | — |  |  |  | (15,391 | ) |  |  | 216,833 |
Expenses |  |  | 86,653 |  |  |  | 95,357 |  |  |  | 90 |  |  |  | (15,754 | ) |  |  | 166,346 |
Other income (expenses) – net |  |  | (4,745 | ) |  |  | 7,760 |  |  |  | (988 | ) |  |  | (9,821 | ) |  |  | (7,794 | )
Income (loss) before income tax |  |  | 14,336 |  |  |  | 38,893 |  |  |  | (1,078 | ) |  |  | (9,458 | ) |  |  | 42,693 |
Provision for (benefit from) income tax |  |  | 3,276 |  |  |  | 6,501 |  |  |  | (9 | ) |  |  | 370 |  |  |  | 10,138 |
Net income (loss)/Segment profit (loss) |  |  | 11,060 |  |  |  | 32,392 |  |  |  | (1,069 | ) |  |  | (9,828 | ) |  |  | 32,555 |
Adjusted EBITDA |  |  | 55,634 |  |  |  | 61,953 |  |  |  | (48 | ) |  |  | (9,024 | ) |  |  | 108,515 |
Adjusted EBITDA margin(1) |  |  | 57 | % |  |  | 49 | % |  |  | — |  |  |  | — |  |  |  | 52 | %
Core income |  |  | 10,852 |  |  |  | 34,518 |  |  |  | (1,084 | ) |  |  | (10,054 | ) |  |  | 34,232 |
Telco core income |  |  | 10,852 |  |  |  | 34,372 |  |  |  | (32 | ) |  |  | (10,054 | ) |  |  | 35,138 |
For the year ended December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  |  | 104,401 |  |  |  | 120,734 |  |  |  | — |  |  |  | (14,182 | ) |  |  | 210,953 |
Expenses |  |  | 82,827 |  |  |  | 102,352 |  |  |  | 18 |  |  |  | (14,938 | ) |  |  | 170,259 |
Other income (expenses) – net |  |  | 1,485 |  |  |  | 12,147 |  |  |  | (2,251 | ) |  |  | (15,598 | ) |  |  | (4,217 | )
Income (loss) before income tax |  |  | 23,059 |  |  |  | 30,529 |  |  |  | (2,269 | ) |  |  | (14,842 | ) |  |  | 36,477 |
Provision for (benefit from) income tax |  |  | 5,537 |  |  |  | 4,015 |  |  |  | 1 |  |  |  | 59 |  |  |  | 9,612 |
Net income (loss)/Segment profit (loss) |  |  | 17,522 |  |  |  | 26,514 |  |  |  | (2,270 | ) |  |  | (14,901 | ) |  |  | 26,824 |
Continuing operations |  |  | 17,522 |  |  |  | 26,514 |  |  |  | (2,270 | ) |  |  | (14,901 | ) |  |  | 26,865 |
Discontinued operations |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (41 | )
Adjusted EBITDA |  |  | 54,369 |  |  |  | 59,102 |  |  |  | (18 | ) |  |  | (9,156 | ) |  |  | 104,233 |
Continuing operations |  |  | 54,369 |  |  |  | 59,102 |  |  |  | (18 | ) |  |  | (9,156 | ) |  |  | 104,297 |
Discontinued operations |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (64 | )
Adjusted EBITDA margin(1) |  |  | 57 | % |  |  | 49 | % |  |  | — |  |  |  | — |  |  |  | 52 | %
Core income |  |  | 11,750 |  |  |  | 37,886 |  |  |  | (2,110 | ) |  |  | (15,064 | ) |  |  | 32,421 |
Continuing operations |  |  | 11,750 |  |  |  | 37,886 |  |  |  | (2,110 | ) |  |  | (15,064 | ) |  |  | 32,462 |
Discontinued operations |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (41 | )
Telco core income |  |  | 11,750 |  |  |  | 37,590 |  |  |  | 65 |  |  |  | (15,064 | ) |  |  | 34,341 |
For the year ended December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  |  | 104,274 |  |  |  | 127,810 |  |  |  | — |  |  |  | (27,722 | ) |  |  | 204,362 |
Expenses |  |  | 104,058 |  |  |  | 133,148 |  |  |  | 13 |  |  |  | (27,792 | ) |  |  | 209,427 |
Other income (expenses) – net |  |  | 18,681 |  |  |  | 21,002 |  |  |  | (2,790 | ) |  |  | (17,796 | ) |  |  | 19,097 |
Income (loss) before income tax |  |  | 18,897 |  |  |  | 15,664 |  |  |  | (2,803 | ) |  |  | (17,726 | ) |  |  | 14,032 |
Provision for (benefit from) income tax |  |  | 3,793 |  |  |  | (1,102 | ) |  |  | (134 | ) |  |  | 140 |  |  |  | 2,697 |
Net income (loss)/Segment profit (loss) |  |  | 15,104 |  |  |  | 16,766 |  |  |  | (2,669 | ) |  |  | (17,866 | ) |  |  | 10,735 |
Continuing operations |  |  | 15,104 |  |  |  | 16,766 |  |  |  | (2,669 | ) |  |  | (17,866 | ) |  |  | 11,335 |
Discontinued operations |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (600 | )
Adjusted EBITDA |  |  | 55,215 |  |  |  | 55,051 |  |  |  | (12 | ) |  |  | (9,666 | ) |  |  | 100,262 |
Continuing operations |  |  | 55,215 |  |  |  | 55,051 |  |  |  | (12 | ) |  |  | (9,666 | ) |  |  | 100,588 |
Discontinued operations |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (326 | )
Adjusted EBITDA margin(1) |  |  | 58 | % |  |  | 43 | % |  |  | — |  |  |  | — |  |  |  | 51 | %
Core income (loss) |  |  | 13,034 |  |  |  | 38,613 |  |  |  | (2,958 | ) |  |  | (17,937 | ) |  |  | 30,152 |
Continuing operations |  |  | 13,034 |  |  |  | 38,613 |  |  |  | (2,958 | ) |  |  | (17,937 | ) |  |  | 30,752 |
Discontinued operations |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (600 | )
Telco core income |  |  | 13,034 |  |  |  | 38,135 |  |  |  | 69 |  |  |  | (17,937 | ) |  |  | 33,301 |

(1)
Adjusted EBITDA margin for the year is measured as Adjusted EBITDA from continuing operations divided by service revenues.

Years Ended December 31, 2024 and 2023

On a Consolidated Basis

Revenues

We reported consolidated revenues of Php216,833 million in 2024, an increase of Php5,880 million, or 3%, as compared with Php210,953 million in 2023, primarily due to higher consolidated revenues from data, voice and SMS services, partially offset by lower consolidated non-service revenues and fixed wireless broadband service revenues.

48

Our consolidated service revenues of Php208,382 million in 2024, increased by Php6,550 million, or 3%, from Php201,832 million in 2023. Our consolidated non-service revenues of Php8,451 million in 2024, decreased by Php670 million, or 7%, from Php9,121 million in 2023.

Consolidated service revenues, net of interconnection costs of Php13,718 million, amounted to Php194,664 million in 2024, an increase of Php3,250 million, or 2%, from Php191,414 million in 2023.

The following table shows the breakdown of our consolidated revenues by service for the years ended December 31, 2024 and 2023:

|  | Wireless |  |  | Fixed Line |  |  | Inter- segment Transactions |  |  | Consolidated |
|  |  |  |  | (amounts in million Php) |  |  |  |
For the year ended December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |
Service Revenues |  |  |  |  |  |  |  |  |  |  |  |
Wireless |  |  | 97,779 |  |  |  |  |  |  | (790 | ) |  |  | 96,989 |
Mobile |  |  | 96,246 |  |  |  |  |  |  | (738 | ) |  |  | 95,508 |
Fixed Wireless broadband |  |  | 1,481 |  |  |  |  |  |  | — |  |  |  | 1,481 |
Other services |  |  | 52 |  |  |  |  |  |  | (52 | ) |  |  | — |
Fixed Line |  |  |  |  |  | 125,994 |  |  |  | (14,601 | ) |  |  | 111,393 |
Voice |  |  |  |  |  | 29,660 |  |  |  | (1,560 | ) |  |  | 28,100 |
Data |  |  |  |  |  | 95,666 |  |  |  | (12,773 | ) |  |  | 82,893 |
Home broadband |  |  |  |  |  | 51,759 |  |  |  | (18 | ) |  |  | 51,741 |
Corporate data and ICT |  |  |  |  |  | 43,907 |  |  |  | (12,755 | ) |  |  | 31,152 |
Miscellaneous |  |  |  |  |  | 668 |  |  |  | (268 | ) |  |  | 400 |
Total Service Revenues |  |  | 97,779 |  |  |  | 125,994 |  |  |  | (15,391 | ) |  |  | 208,382 |
Non-Service Revenues |  |  |  |  |  |  |  |  |  |  |  |
Sale of phone units, mobile handsets, broadband data modems, devices and others |  |  | 7,955 |  |  |  | 448 |  |  |  | — |  |  |  | 8,403 |
Point-product sales |  |  | — |  |  |  | 48 |  |  |  | — |  |  |  | 48 |
Total Non-Service Revenues |  |  | 7,955 |  |  |  | 496 |  |  |  | — |  |  |  | 8,451 |
Total Revenues |  |  | 105,734 |  |  |  | 126,490 |  |  |  | (15,391 | ) |  |  | 216,833 |
For the year ended December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |
Service Revenues |  |  |  |  |  |  |  |  |  |  |  |
Wireless |  |  | 95,677 |  |  |  |  |  |  | (683 | ) |  |  | 94,994 |
Mobile |  |  | 94,007 |  |  |  |  |  |  | (642 | ) |  |  | 93,365 |
Fixed Wireless broadband |  |  | 1,629 |  |  |  |  |  |  | — |  |  |  | 1,629 |
Other services |  |  | 41 |  |  |  |  |  |  | (41 | ) |  |  | — |
Fixed Line |  |  |  |  |  | 120,336 |  |  |  | (13,498 | ) |  |  | 106,838 |
Voice |  |  |  |  |  | 26,686 |  |  |  | (1,526 | ) |  |  | 25,160 |
Data |  |  |  |  |  | 93,212 |  |  |  | (11,703 | ) |  |  | 81,509 |
Home broadband |  |  |  |  |  | 50,876 |  |  |  | (24 | ) |  |  | 50,852 |
Corporate data and ICT |  |  |  |  |  | 42,336 |  |  |  | (11,679 | ) |  |  | 30,657 |
Miscellaneous |  |  |  |  |  | 438 |  |  |  | (269 | ) |  |  | 169 |
Total Service Revenues |  |  | 95,677 |  |  |  | 120,336 |  |  |  | (14,181 | ) |  |  | 201,832 |
Non-Service Revenues |  |  |  |  |  |  |  |  |  |  |  |
Sale of phone units, mobile handsets, broadband data modems, devices and others |  |  | 8,724 |  |  |  | 396 |  |  |  | (1 | ) |  |  | 9,119 |
Point-product sales |  |  | — |  |  |  | 2 |  |  |  | — |  |  |  | 2 |
Total Non-Service Revenues |  |  | 8,724 |  |  |  | 398 |  |  |  | (1 | ) |  |  | 9,121 |
Total Revenues |  |  | 104,401 |  |  |  | 120,734 |  |  |  | (14,182 | ) |  |  | 210,953 |

The following table shows the breakdown of our consolidated revenues by business segment for the years ended December 31, 2024 and 2023:

|  |  |  |  |  |  |  |  |  |  |  |  |  | Change |
|  | 2024 |  |  | % |  |  | 2023 |  |  | % |  |  | Amount |  |  | % |
|  | (amounts in million Php) |
Wireless |  |  | 105,734 |  |  |  | 49 |  |  |  | 104,401 |  |  |  | 50 |  |  |  | 1,333 |  |  |  | 1 |
Fixed Line |  |  | 126,490 |  |  |  | 58 |  |  |  | 120,734 |  |  |  | 57 |  |  |  | 5,756 |  |  |  | 5 |
Inter-segment transactions |  |  | (15,391 | ) |  |  | (7 | ) |  |  | (14,182 | ) |  |  | (7 | ) |  |  | (1,209 | ) |  |  | (9 | )
Consolidated |  |  | 216,833 |  |  |  | 100 |  |  |  | 210,953 |  |  |  | 100 |  |  |  | 5,880 |  |  |  | 3 |

Expenses

49

Consolidated expenses decreased by Php3,913 million, or 2%, to Php166,346 million in 2024 from Php170,259 million in 2023, primarily due to lower expenses related to selling, general and administrative expenses, depreciation and amortization, cost of sales and services, and provisions, partially offset by higher interconnection costs and asset impairment.

The following table shows the breakdown of our consolidated expenses by business segment for the years ended December 31, 2024 and 2023:

|  |  |  |  |  |  |  |  |  |  |  |  |  | Change |
|  | 2024 |  |  | % |  |  | 2023 |  |  | % |  |  | Amount |  |  | % |
|  | (amounts in million Php) |
Wireless |  |  | 86,653 |  |  |  | 52 |  |  |  | 82,827 |  |  |  | 49 |  |  |  | 3,826 |  |  |  | 5 |
Fixed Line |  |  | 95,357 |  |  |  | 57 |  |  |  | 102,352 |  |  |  | 60 |  |  |  | (6,995 | ) |  |  | (7 | )
Others |  |  | 90 |  |  |  | — |  |  |  | 18 |  |  |  | — |  |  |  | 72 |  |  |  | 400 |
Inter-segment transactions |  |  | (15,754 | ) |  |  | (9 | ) |  |  | (14,938 | ) |  |  | (9 | ) |  |  | (816 | ) |  |  | (5 | )
Consolidated |  |  | 166,346 |  |  |  | 100 |  |  |  | 170,259 |  |  |  | 100 |  |  |  | (3,913 | ) |  |  | (2 | )

Other Income (Expenses) – Net

Consolidated other expenses – net amounted to Php7,794 million in 2024, an increase of Php3,577 million, or 85%, from Php4,217 million in 2023, primarily due to the combined effects of the following: (i) lower other income – net from our Wireless business segment mainly on account of a lower gain on sale and leaseback of telecom towers, and from our Fixed Line business segment owing mainly to lower dividend income recognized from the subsidiaries of Wireless business segment; (ii) higher net financing costs from our Fixed Line and Wireless business segments; (iii) net foreign exchange losses from our Fixed Line business segment in 2024 as compared with net foreign exchange gains in 2023; (iv) higher net gains on derivative financial instruments from our Fixed Line and Wireless business segments; and (v) lower equity share in net losses from our Fixed Line and Other business segments.

The following table shows the breakdown of our consolidated other income (expenses) – net by business segment for the years ended December 31, 2024 and 2023:

|  |  |  |  |  |  |  | Change |
|  | 2024 |  |  | 2023 |  |  | Amount |  |  | % |
|  | (amounts in million Php) |
Wireless |  |  | (4,745 | ) |  |  | 1,485 |  |  |  | (6,230 | ) |  |  | (420 | )
Fixed Line |  |  | 7,760 |  |  |  | 12,147 |  |  |  | (4,387 | ) |  |  | (36 | )
Others |  |  | (988 | ) |  |  | (2,251 | ) |  |  | 1,263 |  |  |  | 56 |
Inter-segment transactions |  |  | (9,821 | ) |  |  | (15,598 | ) |  |  | 5,777 |  |  |  | 37 |
Consolidated |  |  | (7,794 | ) |  |  | (4,217 | ) |  |  | (3,577 | ) |  |  | (85 | )

Net Income

Consolidated net income increased by Php5,731 million, or 21%, to Php32,555 million in 2024 from Php26,824 million in 2023. The increase was mainly due to the combined effects of the following: (i) higher consolidated revenues by Php5,880 million; (ii) lower consolidated expenses by Php3,913 million; (iii) higher consolidated other expenses – net by Php3,577 million; (iv) higher provision for income tax by Php526 million; and (v) net loss from discontinued operations of Php41 million in 2023. Our consolidated basic and diluted EPS increased to Php149.26 in 2024 from Php122.91 in 2023. Our weighted average number of outstanding common shares was approximately 216.06 million for each of the years ended December 31, 2024 and 2023.

The following table shows the breakdown of our consolidated net income by business segment for the years ended December 31, 2024 and 2023:

|  |  |  |  |  |  |  |  |  |  |  |  |  | Change |
|  | 2024 |  |  | % |  |  | 2023 |  |  | % |  |  | Amount |  |  | % |
|  | (amounts in million Php) |
Wireless |  |  | 11,060 |  |  |  | 34 |  |  |  | 17,522 |  |  |  | 65 |  |  |  | (6,462 | ) |  |  | (37 | )
Fixed Line |  |  | 32,392 |  |  |  | 99 |  |  |  | 26,514 |  |  |  | 99 |  |  |  | 5,878 |  |  |  | 22 |
Others |  |  | (1,069 | ) |  |  | (3 | ) |  |  | (2,270 | ) |  |  | (8 | ) |  |  | 1,201 |  |  |  | 53 |
Inter-segment transactions |  |  | (9,828 | ) |  |  | (30 | ) |  |  | (14,901 | ) |  |  | (56 | ) |  |  | 5,073 |  |  |  | 34 |
Continuing operations |  |  | 32,555 |  |  |  | 100 |  |  |  | 26,865 |  |  |  | 100 |  |  |  | 5,690 |  |  |  | 21 |
Discontinued operations |  |  | — |  |  |  | — |  |  |  | (41 | ) |  |  | — |  |  |  | 41 |  |  |  | 100 |
Consolidated |  |  | 32,555 |  |  |  | 100 |  |  |  | 26,824 |  |  |  | 100 |  |  |  | 5,731 |  |  |  | 21 |

50

Adjusted EBITDA

Our consolidated Adjusted EBITDA amounted to Php108,515 million in 2024, an increase of Php4,282 million, or 4%, as compared with Php104,233 million in 2023.

The following table shows the breakdown of our consolidated Adjusted EBITDA by business segment for the years ended December 31, 2024 and 2023:

|  |  |  |  |  |  |  |  |  |  |  |  |  | Change |
|  | 2024 |  |  | % |  |  | 2023 |  |  | % |  |  | Amount |  |  | % |
|  | (amounts in million Php) |
Wireless |  |  | 55,634 |  |  |  | 51 |  |  |  | 54,369 |  |  |  | 52 |  |  |  | 1,265 |  |  |  | 2 |
Fixed Line |  |  | 61,953 |  |  |  | 57 |  |  |  | 59,102 |  |  |  | 57 |  |  |  | 2,851 |  |  |  | 5 |
Others |  |  | (48 | ) |  |  | — |  |  |  | (18 | ) |  |  | — |  |  |  | (30 | ) |  |  | (167 | )
Inter-segment transactions |  |  | (9,024 | ) |  |  | (8 | ) |  |  | (9,156 | ) |  |  | (9 | ) |  |  | 132 |  |  |  | 1 |
Continuing operations |  |  | 108,515 |  |  |  | 100 |  |  |  | 104,297 |  |  |  | 100 |  |  |  | 4,218 |  |  |  | 4 |
Discontinued operations |  |  | — |  |  |  | — |  |  |  | (64 | ) |  |  | — |  |  |  | 64 |  |  |  | 100 |
Consolidated |  |  | 108,515 |  |  |  | 100 |  |  |  | 104,233 |  |  |  | 100 |  |  |  | 4,282 |  |  |  | 4 |

See Item 5. “Operating and Financial Review and Prospects – Management’s Financial Review” for the reconciliation of our consolidated net income to our consolidated Adjusted EBITDA.

Core Income (Loss)

Our consolidated core income amounted to Php34,232 million in 2024, an increase of Php1,811 million, or 6%, as compared with Php32,421 million in 2023, mainly on account of higher Adjusted EBITDA and lower equity share in net losses of associates and joint ventures, partially offset by higher depreciation and amortization and financing costs. Our consolidated basic and diluted core EPS increased to Php158.17 in 2024 from Php149.78 in 2023.

The following table shows the breakdown of our consolidated core income by business segment for the years ended December 31, 2024 and 2023:

|  |  |  |  |  |  |  |  |  |  |  |  |  | Change |
|  | 2024 |  |  | % |  |  | 2023 |  |  | % |  |  | Amount |  |  | % |
|  | (amounts in million Php) |
Wireless |  |  | 10,852 |  |  |  | 32 |  |  |  | 11,750 |  |  |  | 36 |  |  |  | (898 | ) |  |  | (8 | )
Fixed Line |  |  | 34,518 |  |  |  | 101 |  |  |  | 37,886 |  |  |  | 117 |  |  |  | (3,368 | ) |  |  | (9 | )
Others |  |  | (1,084 | ) |  |  | (3 | ) |  |  | (2,110 | ) |  |  | (7 | ) |  |  | 1,026 |  |  |  | 49 |
Inter-segment transactions |  |  | (10,054 | ) |  |  | (30 | ) |  |  | (15,064 | ) |  |  | (46 | ) |  |  | 5,010 |  |  |  | 33 |
Continuing operations |  |  | 34,232 |  |  |  | 100 |  |  |  | 32,462 |  |  |  | 100 |  |  |  | 1,770 |  |  |  | 5 |
Discontinued operations |  |  | — |  |  |  | — |  |  |  | (41 | ) |  |  | — |  |  |  | 41 |  |  |  | 100 |
Consolidated |  |  | 34,232 |  |  |  | 100 |  |  |  | 32,421 |  |  |  | 100 |  |  |  | 1,811 |  |  |  | 6 |

Telco Core Income

Our consolidated telco core income amounted to Php35,138 million in 2024, an increase of Php797 million, or 2%, as compared with Php34,341 million in 2023, mainly due to higher Adjusted EBITDA and lower equity share in net losses of associates and joint ventures, partially offset by higher depreciation and amortization and financing costs.

The following table shows the breakdown of our consolidated telco core income by business segment for the years ended December 31, 2024 and 2023:

|  |  |  |  |  |  |  |  |  |  |  |  |  | Change |
|  | 2024 |  |  | % |  |  | 2023 |  |  | % |  |  | Amount |  |  | % |
|  | (amounts in million Php) |
Wireless |  |  | 10,852 |  |  |  | 31 |  |  |  | 11,750 |  |  |  | 34 |  |  |  | (898 | ) |  |  | (8 | )
Fixed Line |  |  | 34,372 |  |  |  | 98 |  |  |  | 37,590 |  |  |  | 110 |  |  |  | (3,218 | ) |  |  | (9 | )
Others |  |  | (32 | ) |  |  | — |  |  |  | 65 |  |  |  | — |  |  |  | (97 | ) |  |  | (149 | )
Inter-segment transactions |  |  | (10,054 | ) |  |  | (29 | ) |  |  | (15,064 | ) |  |  | (44 | ) |  |  | 5,010 |  |  |  | 33 |
Consolidated |  |  | 35,138 |  |  |  | 100 |  |  |  | 34,341 |  |  |  | 100 |  |  |  | 797 |  |  |  | 2 |

See Item 5. “Operating and Financial Review and Prospects – Management’s Financial Review” for the reconciliation of our consolidated net income to our consolidated telco core income.

51

On a Business Segment Basis

Wireless

Revenues

We generated revenues of Php105,734 million from our Wireless business segment in 2024, an increase of Php1,333 million, or 1%, from Php104,401 million in 2023.

The following table summarizes our total revenues by service from our Wireless business segment for the years ended December 31, 2024 and 2023:

|  |  |  |  |  |  |  |  |  |  |  |  |  | Increase (Decrease) |
|  | 2024 |  |  | % |  |  | 2023 |  |  | % |  |  | Amount |  |  | % |
|  | (amounts in million Php) |
Service Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mobile |  |  | 96,246 |  |  |  | 91 |  |  |  | 94,007 |  |  |  | 90 |  |  |  | 2,239 |  |  |  | 2 |
Fixed Wireless broadband |  |  | 1,481 |  |  |  | 1 |  |  |  | 1,629 |  |  |  | 2 |  |  |  | (148 | ) |  |  | (9 | )
Other services(1) |  |  | 52 |  |  |  | — |  |  |  | 41 |  |  |  | — |  |  |  | 11 |  |  |  | 27 |
Total Wireless Service Revenues |  |  | 97,779 |  |  |  | 92 |  |  |  | 95,677 |  |  |  | 92 |  |  |  | 2,102 |  |  |  | 2 |
Non-Service Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sale of mobile handsets and broadband data modems |  |  | 7,955 |  |  |  | 8 |  |  |  | 8,724 |  |  |  | 8 |  |  |  | (769 | ) |  |  | (9 | )
Total Wireless Revenues |  |  | 105,734 |  |  |  | 100 |  |  |  | 104,401 |  |  |  | 100 |  |  |  | 1,333 |  |  |  | 1 |

(1)
Includes facility service fees.

Service Revenues

Our wireless service revenues increased by Php2,102 million, or 2%, to Php97,779 million in 2024 as compared with Php95,677 million in 2023, primarily due to higher revenues from mobile, partially offset by lower revenues from fixed wireless broadband. As a percentage of our total wireless revenues, service revenues accounted for 92% in each of 2024 and 2023.

Wireless service revenues, net of interconnection costs, amounted to Php96,808 million in 2024, an increase of Php1,965 million, or 2%, from Php94,843 million in 2023.

Mobile Services

Our mobile service revenues amounted to Php96,246 million in 2024, an increase of Php2,239 million, or 2%, from Php94,007 million in 2023. Mobile service revenues accounted for 98% of our wireless service revenues in each of 2024 and 2023.

The following table shows the breakdown of our mobile service revenues for the years ended December 31, 2024 and 2023:

|  |  |  |  |  |  |  |  |  |  |  |  |  | Increase (Decrease) |
|  | 2024 |  |  | % |  |  | 2023 |  |  | % |  |  | Amount |  |  | % |
|  | (amounts in million Php) |
Mobile Services: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Data |  |  | 78,194 |  |  |  | 81 |  |  |  | 74,990 |  |  |  | 80 |  |  |  | 3,204 |  |  |  | 4 |
Voice |  |  | 9,310 |  |  |  | 10 |  |  |  | 11,387 |  |  |  | 12 |  |  |  | (2,077 | ) |  |  | (18 | )
SMS |  |  | 6,751 |  |  |  | 7 |  |  |  | 5,724 |  |  |  | 6 |  |  |  | 1,027 |  |  |  | 18 |
Inbound roaming and others(1) |  |  | 1,991 |  |  |  | 2 |  |  |  | 1,906 |  |  |  | 2 |  |  |  | 85 |  |  |  | 4 |
Total |  |  | 96,246 |  |  |  | 100 |  |  |  | 94,007 |  |  |  | 100 |  |  |  | 2,239 |  |  |  | 2 |

(1)
Refers to other non-subscriber-related revenues consisting primarily of inbound international roaming fees and facility service fees.

Data Services

Mobile revenues from our data services, which include mobile internet, mobile broadband and other data services, increased by Php3,204 million, or 4%, to Php78,194 million in 2024 from Php74,990 million in 2023 due to higher mobile internet revenues driven mainly by the continued strength of our mobile network, and promotion of data offers such as Power All, Double Giga and Magic Data, which cater to the needs of prepaid subscribers, partially offset by lower mobile broadband data revenues.

Data services accounted for 81% and 80% of our mobile service revenues for the years ended December 31, 2024 and 2023, respectively.

52

The following table shows the breakdown of our mobile data service revenues for the years ended December 31, 2024 and 2023:

|  |  |  |  |  |  |  |  |  |  |  |  |  | Increase (Decrease) |
|  | 2024 |  |  | % |  |  | 2023 |  |  | % |  |  | Amount |  |  | % |
|  | (amounts in million Php) |
Data Services: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mobile internet(1) |  |  | 75,061 |  |  |  | 96 |  |  |  | 71,268 |  |  |  | 95 |  |  |  | 3,793 |  |  |  | 5 |
Mobile broadband |  |  | 2,255 |  |  |  | 3 |  |  |  | 2,900 |  |  |  | 4 |  |  |  | (645 | ) |  |  | (22 | )
Other data |  |  | 878 |  |  |  | 1 |  |  |  | 822 |  |  |  | 1 |  |  |  | 56 |  |  |  | 7 |
Total |  |  | 78,194 |  |  |  | 100 |  |  |  | 74,990 |  |  |  | 100 |  |  |  | 3,204 |  |  |  | 4 |

(1)
Includes revenues from web-based services, net of discounts and content provider costs.

Mobile Internet

Mobile internet service revenues increased by Php3,793 million, or 5%, to Php75,061 million in 2024 from Php71,268 million in 2023, primarily due to our mobile data offerings, such as All Access+, Power All, Magic Data, TNT's Saya All , and Smart Postpaid's Unli 5G plans. Smart continues to drive usage and top-ups via Smart App, the Smart Online Store and its retailer network.

Smart has also rolled out 5G offers and device financing through partnerships with credit card companies to drive more users on 5G. Smart also launched iPhones on prepaid to drive 5G adoption in the prepaid category.

Mobile internet services accounted for 78% and 76% of our mobile service revenues in 2024 and 2023, respectively.

Mobile Broadband

Mobile broadband revenues generated from the use of pocket WiFi, amounted to Php2,255 million in 2024, a decrease of Php645 million, or 22%, from Php2,900 million in 2023, primarily due to lower mobile broadband subscriber base.

Mobile broadband services accounted for 2% and 3% of our mobile service revenues in 2024 and 2023, respectively.

Other Data

Revenues from our other data services, which include value-added services (VAS) and domestic leased lines, increased by Php56 million, or 7%, to Php878 million in 2024 from Php822 million in 2023.

Voice Services

Mobile revenues from our voice services, which include all voice traffic, decreased by Php2,077 million, or 18%, to Php9,310 million in 2024 from Php11,387 million in 2023, due to subscribers’ shift to alternative calling options, digital teleconferencing solutions, and other OTT services. To adapt to these evolving consumer behaviors, PLDT is accelerating its transition toward a mobile-data-centric ecosystem, leveraging its extensive 4G and 5G networks and investing in next-generation voice technologies.

To enhance call quality and improve customer experience, Smart has been providing its mobile users with Voice over LTE (VOLTE) and Voice over WiFi (VoWiFi) services, enabling voice calls to be transmitted over high-speed digital networks. These technologies provide superior voice clarity and better integration with mobile data service, ensuring continued relevance of voice offerings within a data-first environment.

PLDT is also optimizing its network investments to sustain growth in high-speed connectivity and digital voice solutions, ensuring long-term revenue stability despite the industry-wide decline in traditional voice services.

Mobile voice services accounted for 10% and 12% of our mobile service revenues in 2024 and 2023, respectively.

Domestic voice service revenues decreased by Php1,956 million, or 19%, to Php8,533 million in 2024 from Php10,489 million in 2023, mainly due to lower traffic from domestic outbound voice services.

International voice service revenues decreased by Php121 million, or 13%, to Php777 million in 2024 from Php898 million in 2023 resulting from the declining trend of international inbound voice traffic due to subscribers’ shift to application-based form of communications and other OTT services.

53

SMS Services

Mobile revenues from our SMS services, which include all SMS-related services, increased by Php1,027 million, or 18%, to Php6,751 million in 2024 from Php5,724 million in 2023, mainly due to the increase in application-to-person (A2P) messaging services. While traditional person-to-person (P2P) SMS volumes continue to decline due to the rise of OTT messaging, social media, and chat applications, A2P messaging remains a key growth driver. Businesses are increasingly utilizing SMS for secure authentication, customer engagement, and real-time notifications, reinforcing its role as a critical communication channel for enterprises. Mobile SMS services accounted for 7% and 6% of our mobile service revenues in 2024 and 2023, respectively.

Inbound Roaming and Others

Mobile revenues from inbound roaming and other services increased by Php85 million, or 4%, to Php1,991 million in 2024 from Php1,906 million in 2023 mainly due to higher other subscriber-related revenues.

Subscriber Base, ARPU and Churn Rates

R.A. No. 11934 or the SIM Registration Act took effect on October 28, 2022. Under this law, all end-users are required to register their SIMs with public telecommunications entities ( PTEs”) as a pre-requisite to the activation thereof. On
September 18, 2023, the NTC issued Memorandum Order No. ###-##-#### providing for guidelines for PTEs in the conduct of processes to verify submitted information and data by end-users of SIMs under the SIM Registration Act and its IRR.

The following table shows our mobile subscriber base as at December 31, 2024 and 2023:

|  |  |  |  |  |  |  | Increase (Decrease) |
|  | 2024 |  |  | 2023 |  |  | Amount |  |  | % |
Mobile subscriber base(1) |  |  |  |  |  |  |  |  |  |  |  |
Prepaid |  |  | 56,731,489 |  |  |  | 55,667,880 |  |  |  | 1,063,609 |  |  |  | 2 |
Smart |  |  | 21,759,728 |  |  |  | 21,530,993 |  |  |  | 228,735 |  |  |  | 1 |
TNT |  |  | 34,971,761 |  |  |  | 34,136,887 |  |  |  | 834,874 |  |  |  | 2 |
Postpaid |  |  | 2,258,318 |  |  |  | 2,159,246 |  |  |  | 99,072 |  |  |  | 5 |
Total |  |  | 58,989,807 |  |  |  | 57,827,126 |  |  |  | 1,162,681 |  |  |  | 2 |

(1)
Includes mobile broadband subscribers.

In view of the SIM Registration Act, we recognize a prepaid mobile subscriber as active upon registration of the SIM card. Beginning the fourth quarter of 2023, we consider a prepaid mobile subscriber as churn if the subscriber does not reload within 180 days after the full usage or expiry of the last reload, and does not latch to the network within 180 days.

The average monthly churn rates for Smart Prepaid subscribers were 2.2% and 2.6% in 2024 and 2023, respectively, while the average monthly churn rates for TNT subscribers were 2.0% and 2.8% in 2024 and 2023, respectively.

The average monthly churn rates for Postpaid subscribers were 1.1% and 1.4% in 2024 and 2023, respectively.

Smart introduced the first prepaid eSIM in the country in July 2023 and introduced digital delivery of eSIMs in September 2023. Smart enabled physical SIM to eSIM upgrades in the second quarter of 2024 to help mitigate churn.

The following table summarizes our average monthly ARPUs for the years ended December 31, 2024 and 2023:

|  | Gross(1) |  | Increase (Decrease) |  |  | Net(2) |  | Increase (Decrease) |
|  | 2024 |  | 2023 |  | Amount |  | % |  |  | 2024 |  | 2023 |  | Amount |  |  | % |
|  | (amounts in Php) |
Prepaid |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Smart |  | 137 |  | 135 |  | 2 |  |  | 1 | % |  | 123 |  | 119 |  | 4 |  |  |  | 3 | %
TNT |  | 115 |  | 110 |  | 5 |  |  | 5 | % |  | 105 |  | 99 |  | 6 |  |  |  | 6 | %
Postpaid |  | 729 |  | 727 |  | 2 |  |  | — |  |  | 688 |  | 688 |  |  | — |  |  |  | — |

(1)
Gross monthly ARPU is calculated by dividing gross mobile service revenues for the year, including interconnection income, but excluding inbound roaming revenues, gross of discounts, and content provider costs, by the average number of subscribers for the period.
(2)
Net monthly ARPU is calculated by dividing gross mobile service revenues for the year, including interconnection income, but excluding inbound roaming revenues, net of discounts, and content provider costs, by the average number of subscribers for the period.

Fixed Wireless Broadband

54

Revenues from our Fixed Wireless Broadband services amounted to Php1,481 million in 2024, a decrease of Php148 million, or 9%, from Php1,629 million in 2023.

Other Services

Revenues from our other services amounted to Php52 million in 2024, an increase of Php11 million, or 27%, from Php41 million in 2023.

Non-Service Revenues

Our wireless non-service revenues consist of sale of mobile handsets, broadband data routers and devices. Our wireless non-service revenues decreased by Php769 million, or 9%, to Php7,955 million in 2024 from Php8,724 million in 2023, primarily due to a lower sale of postpaid mobile handsets.

Expenses

Expenses associated with our Wireless business segment amounted to Php86,653 million in 2024, an increase of Php3,826 million, or 5%, from Php82,827 million in 2023. The increase was attributable to higher expenses related to depreciation and amortization, provisions, selling, general and administrative expenses, and interconnection costs, partially offset by lower cost of sales and services. As a percentage of our total wireless revenues, expenses associated with our Wireless business segment accounted for 82% and 79% in 2024 and 2023, respectively.

The following table summarizes the breakdown of our total wireless-related expenses for the years ended December 31, 2024 and 2023 and the percentage of each expense item in relation to the total:

|  |  |  |  |  |  |  |  |  |  |  |  |  | Increase (Decrease) |
|  | 2024 |  |  | % |  |  | 2023 |  |  | % |  |  | Amount |  |  | % |
|  | (amounts in million Php) |
Selling, general and administrative expenses |  |  | 37,999 |  |  |  | 44 |  |  |  | 37,829 |  |  |  | 46 |  |  |  | 170 |  |  |  | — |
Depreciation and amortization |  |  | 36,297 |  |  |  | 42 |  |  |  | 31,498 |  |  |  | 38 |  |  |  | 4,799 |  |  |  | 15 |
Cost of sales and services |  |  | 10,480 |  |  |  | 12 |  |  |  | 12,018 |  |  |  | 14 |  |  |  | (1,538 | ) |  |  | (13 | )
Interconnection costs |  |  | 971 |  |  |  | 1 |  |  |  | 834 |  |  |  | 1 |  |  |  | 137 |  |  |  | 16 |
Provisions |  |  | 905 |  |  |  | 1 |  |  |  | 648 |  |  |  | 1 |  |  |  | 257 |  |  |  | 40 |
Impairment on noncurrent assets |  |  | 1 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1 |  |  |  | 100 |
Total |  |  | 86,653 |  |  |  | 100 |  |  |  | 82,827 |  |  |  | 100 |  |  |  | 3,826 |  |  |  | 5 |

Selling, general and administrative expenses increased by Php170 million from 2023 to Php37,999 million in 2024, primarily due to higher expenses related to repairs and maintenance, and rent, partially offset by lower professional and other contracted services, compensation and employee benefits, selling and promotions, and communication, training and travel.

Depreciation and amortization charges increased by Php4,799 million from 2023, or 15%, to Php36,297 million in 2024, mainly on account of accelerated depreciation recognized for the modernization of certain technology equipment resulting mainly from the migration to cloud-based platform, combined with the depreciation of newly capitalized property and equipment, and the higher amortization of capitalized leases of telecom towers.

Cost of sales and services decreased by Php1,538 million from 2023, or 13%, to Php10,480 million in 2024, primarily due to lower number of units issued for mobile handsets, and lower SIM registration and SIM printing costs.

Interconnection costs increased by Php137 million from 2023, or 16%, to Php971 million in 2024, primarily due to higher interconnection costs on A2P transactions.

Provisions increased by Php257 million from 2023, or 40%, to Php905 million in 2024, primarily due to higher provision for expected credit losses and provision for inventory obsolescence.

55

Other Income (Expenses) – Net

The following table summarizes the breakdown of our total wireless-related other income (expenses) – net for the years ended December 31, 2024 and 2023:

|  |  |  |  |  |  |  | Change |
|  | 2024 |  |  | 2023 |  |  | Amount |  |  | % |
|  | (amounts in million Php) |
Other Income (Expenses) – Net: |  |  |  |  |  |  |  |  |  |  |  |
Gains on derivative financial instruments – net |  |  | 1,434 |  |  |  | 114 |  |  |  | 1,320 |  |  |  | 1,158 |
Foreign exchange gains – net |  |  | 775 |  |  |  | 981 |  |  |  | (206 | ) |  |  | (21 | )
Interest income |  |  | 698 |  |  |  | 720 |  |  |  | (22 | ) |  |  | (3 | )
Financing costs – net |  |  | (9,763 | ) |  |  | (9,034 | ) |  |  | (729 | ) |  |  | (8 | )
Other income – net |  |  | 2,111 |  |  |  | 8,704 |  |  |  | (6,593 | ) |  |  | (76 | )
Total |  |  | (4,745 | ) |  |  | 1,485 |  |  |  | (6,230 | ) |  |  | (420 | )

Our Wireless business segment’s other expenses – net amounted to Php4,745 million in 2024, a change of Php6,230 million as against other income – net of Php1,485 million in 2023, primarily due to the combined effects of the following: (i) lower other income – net by Php6,593 million mainly due to lower gain on sale and leaseback of telecom tower, gross of transactions, which decreased by Php6,335 million to Php1,442 million in 2024 from Php7,777 million in 2023; (ii) higher net financing costs by Php729 million mainly due to higher interest rates and lower capitalized interest; (iii) lower net foreign exchange gains by Php206 million mainly on account of revaluation of net foreign currency-denominated liabilities due to depreciation of the Philippine peso relative to the U.S. dollar in 2024 as compared to the appreciation of the Philippine peso relative to the U.S. dollar in 2023 ; (iv) lower interest income by Php22 million; and (v) higher net gains on derivative financial instruments by Php1,320 million mainly due to the depreciation of the Philippine peso relative to the U.S. dollar in 2024 as compared to the appreciation of the Philippine peso relative to the U.S. dollar in 2023.

Provision for Income Tax

Provision for income tax amounted to Php3,276 million in 2024, a decrease of Php2,261 million, or 41%, from Php5,537 million in 2023, mainly due to lower net income before tax.

Net Income

As a result of the foregoing, our Wireless business segment’s net income decreased by Php6,462 million, or 35%, to Php11,060 million in 2024 from Php17,522 million in 2023.

Adjusted EBITDA

Our Wireless business segment’s Adjusted EBITDA increased by Php1,265 million, or 2%, to Php55,634 million in 2024 from Php54,369 million in 2023. Adjusted EBITDA margin remained stable at 57% in 2024 and 2023.

Core Income

Our Wireless business segment’s core income decreased by Php898 million, or 11%, to Php10,485 million in 2024 from Php11,750 million in 2023, mainly on account of higher depreciation and amortization, and financing costs, partially offset by higher Adjusted EBITDA and lower provision for income tax.

56

Fixed Line

Revenues

Revenues generated from our Fixed Line business segment amounted to Php126,490 million in 2024, an increase of Php5,756 million, or 5%, from Php120,734 million in 2023.

The following table summarizes our total revenues by service from our Fixed Line business segment for the years ended December 31, 2024 and 2023:

|  |  |  |  |  |  |  |  |  |  |  |  |  | Increase (Decrease) |
|  | 2024 |  |  | % |  |  | 2023 |  |  | % |  |  | Amount |  |  | % |
|  | (amounts in million Php) |
Service Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Data |  |  | 95,666 |  |  |  | 76 |  |  |  | 93,212 |  |  |  | 77 |  |  |  | 2,454 |  |  |  | 3 |
Voice |  |  | 29,660 |  |  |  | 23 |  |  |  | 26,686 |  |  |  | 22 |  |  |  | 2,974 |  |  |  | 11 |
Miscellaneous |  |  | 668 |  |  |  | 1 |  |  |  | 438 |  |  |  | 1 |  |  |  | 230 |  |  |  | 53 |
Total Fixed Line Service Revenues |  |  | 125,994 |  |  |  | 100 |  |  |  | 120,336 |  |  |  | 100 |  |  |  | 5,658 |  |  |  | 5 |
Non-Service Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sale of phone units, point-product sales and devices |  |  | 496 |  |  |  | — |  |  |  | 398 |  |  |  | — |  |  |  | 98 |  |  |  | 25 |
Total Fixed Line Revenues |  |  | 126,490 |  |  |  | 100 |  |  |  | 120,734 |  |  |  | 100 |  |  |  | 5,756 |  |  |  | 5 |

Service Revenues

Our fixed line service revenues increased by Php5,658 million, or 5%, to Php125,994 million in 2024 from Php120,336 million in 2023, primarily due to higher revenues from our voice, data and miscellaneous services.

Fixed Line service revenues, net of interconnection costs, amounted to Php111,675 million in 2024, an increase of Php2,469 million, or 2%, from Php109,206 million in 2023.

Data Services

Our data services, which include Home broadband, corporate data, and ICT portfolio with data center, cloud, cybersecurity, and managed IT offerings, posted revenues of Php95,666 million in 2024, an increase of Php2,454 million, or 3%, from Php93,212 million in 2023, primarily due to higher revenues from Home broadband, corporate data and leased lines, and ICT services, inclusive of intersegment transactions. The percentage contribution of this service segment to our fixed line service revenues accounted for 76% and 77% in 2024 and 2023, respectively.

The following table shows information of our data service revenues for the years ended December 31, 2024 and 2023:

|  |  |  |  |  |  |  |  |  |  |  |  |  | Increase (Decrease) |
|  | 2024 |  |  | % |  |  | 2023 |  |  | % |  |  | Amount |  |  | % |
|  | (amounts in million Php) |
Data service revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home broadband |  |  | 51,759 |  |  |  | 54 |  |  |  | 50,876 |  |  |  | 55 |  |  |  | 883 |  |  |  | 2 |
Corporate data and ICT |  |  | 43,907 |  |  |  | 46 |  |  |  | 42,336 |  |  |  | 45 |  |  |  | 1,571 |  |  |  | 4 |
Total |  |  | 95,666 |  |  |  | 100 |  |  |  | 93,212 |  |  |  | 100 |  |  |  | 2,454 |  |  |  | 3 |

Home Broadband

Home broadband data revenues amounted to Php51,759 million in 2024, an increase of Php883 million, or 2%, from Php50,876 million in 2023, mainly driven by the increasing demand for broadband services. Home broadband revenues accounted for 54% and 55% of fixed line data service revenues in 2024 and 2023, respectively.

Corporate Data and ICT

Corporate data services amounted to Php36,073 million in 2024, an increase of Php869 million, or 2%, as compared with Php35,204 million in 2023, mainly due to the sustained demand for broadband internet and data networking services. Corporate data revenues accounted for 38% of our total data service revenues in each of 2024 and 2023.

57

ICT revenues increased by Php702 million, or 10%, to Php7,834 million in 2024 from Php7,132 million in 2023, mainly due to higher revenues from managed IT, data center and cloud services. The percentage contribution of this service segment to our total data service revenues accounted for 8% and 7% in 2024 and 2023, respectively.

Voice Services

Revenues from our voice services increased by Php2,974 million, or 11%, to Php29,660 million in 2024 from Php26,686 million in 2023, primarily due to higher revenues from international services of PLDT Global driven by higher traffic volume. The percentage contribution of voice service revenues to our fixed line service revenues accounted for 24% and 22% in 2024 and 2023, respectively.

Miscellaneous Services

Miscellaneous service revenues are derived mostly from rentals and management fees. These service revenues increased by Php230 million, or 53%, to Php668 million in 2024 from Php438 million in 2023.

Non-service Revenues

Non-service revenues increased by Php98 million, or 25%, to Php496 million in 2024 from Php398 million in 2023, primarily due higher sale of devices.

Expenses

Expenses related to our Fixed Line business segment totaled Php95,357 million in 2024, a decrease of Php6,995 million, or 7%, as compared with Php102,352 million in 2023. The decrease was primarily due to lower depreciation and amortization, selling, general and administrative expenses and provisions, partly offset by higher interconnection costs, cost of sales and services and impairment on noncurrent assets. As a percentage of our total fixed line revenues, expenses associated with our Fixed Line business segment accounted for 75% and 85% in 2024 and 2023, respectively.

The following table shows the breakdown of our total fixed line-related expenses for the years ended December 31, 2024 and 2023 and the percentage of each expense item in relation to the total:

|  |  |  |  |  |  |  |  |  |  |  |  |  | Increase (Decrease) |
|  | 2024 |  |  | % |  |  | 2023 |  |  | % |  |  | Amount |  |  | % |
|  | (amounts in million Php) |
Selling, general and administrative expenses |  |  | 44,917 |  |  |  | 47 |  |  |  | 47,469 |  |  |  | 46 |  |  |  | (2,552 | ) |  |  | (5 | )
Depreciation and amortization |  |  | 29,065 |  |  |  | 30 |  |  |  | 36,855 |  |  |  | 36 |  |  |  | (7,790 | ) |  |  | (21 | )
Interconnection costs |  |  | 14,319 |  |  |  | 15 |  |  |  | 11,130 |  |  |  | 11 |  |  |  | 3,189 |  |  |  | 29 |
Cost of sales and services |  |  | 3,641 |  |  |  | 4 |  |  |  | 3,114 |  |  |  | 3 |  |  |  | 527 |  |  |  | 17 |
Provisions |  |  | 3,347 |  |  |  | 4 |  |  |  | 3,784 |  |  |  | 4 |  |  |  | (437 | ) |  |  | (12 | )
Impairment on non-current assets |  |  | 68 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 68 |  |  |  | 100 |
Total |  |  | 95,357 |  |  |  | 100 |  |  |  | 102,352 |  |  |  | 100 |  |  |  | (6,995 | ) |  |  | (7 | )

Selling, general and administrative expenses decreased by Php2,552 million, or 5%, to Php44,917 million in 2024, primarily due to lower expenses related to selling and promotions, repairs and maintenance, professional and other contracted services, and communication, training and travel. This is partly offset by higher expenses related to rent and compensation and employee benefits.

Depreciation and amortization charges decreased by Php7,790 million, or 21%, to Php29,065 million in 2024, mainly due to accelerated depreciation and amortization in 2023 of subscriber contract cost to fulfill, partially offset by accelerated depreciation recognized in 2024 for the modernization of some core and transport network equipment, and depreciation of newly capitalized property and equipment.

Interconnection costs increased by Php3,189 million, or 29%, to Php14,319 million in 2024, primarily due to higher international interconnection costs of PLDT Global driven by higher traffic volume.

Cost of sales and services increased by Php527 million, or 17%, to Php3,641 million in 2024, primarily due to higher cost of services, mainly from higher cost of content, and managed IT solutions and services.

Provisions decreased by Php437 million, or 12%, to Php3,347 million in 2024, primarily due to lower provision for expected credit losses, mainly on account of higher collection efficiency for Home.

58

Other Income (Expenses) – Net

The following table summarizes the breakdown of our total fixed line-related other income (expenses) – net for the years ended December 31, 2024 and 2023:

|  |  |  |  |  |  |  | Change |
|  | 2024 |  |  | 2023 |  |  | Amount |  |  | % |
|  | (amounts in million Php) |
Other Income (Expenses) – Net: |  |  |  |  |  |  |  |  |  |  |  |
Gains on derivative financial instruments – net |  |  | 2,589 |  |  |  | 1,084 |  |  |  | 1,505 |  |  |  | 139 |
Interest income |  |  | 230 |  |  |  | 324 |  |  |  | (94 | ) |  |  | (29 | )
Equity share in net losses of associates and joint ventures |  |  | (67 | ) |  |  | (595 | ) |  |  | 528 |  |  |  | 89 |
Foreign exchange gains (losses) – net |  |  | (819 | ) |  |  | 138 |  |  |  | (957 | ) |  |  | (693 | )
Financing costs – net |  |  | (7,456 | ) |  |  | (6,824 | ) |  |  | (632 | ) |  |  | (9 | )
Other income – net |  |  | 13,283 |  |  |  | 18,020 |  |  |  | (4,737 | ) |  |  | (26 | )
Total |  |  | 7,760 |  |  |  | 12,147 |  |  |  | (4,387 | ) |  |  | (36 | )

Our Fixed Line business segment’s other income – net amounted to Php7,760 million in 2024, a decrease of Php4,387 million, or 36%, from Php12,147 million in 2023, primarily due to the combined effects of the following: (i) lower other income – net by Php4,737 million mainly due to lower dividend income recognized from the subsidiaries of Wireless business segment; (ii) net foreign exchange losses of Php819 million in 2024 as against net foreign exchange gains of Php138 million in 2023 mainly due to the depreciation of the Philippine peso relative to the U.S. dollar in 2024 as compared to the appreciation of the Philippine peso relative to the U.S. dollar in 2023; (iii) higher net financing costs by Php632 million mainly due to higher interest rates and higher accretion on lease liabilities, partly offset by higher capitalized interest; (iv) lower interest income by Php94 million;

(v) lower equity share in net losses of associates by Php528 million mainly due to lower equity share in net losses of Cignal TV; (vi) higher net gains on derivative financial instruments by Php1,505 million mainly due to the depreciation of the Philippine peso relative to the U.S. dollar in 2024 as compared to the appreciation of the Philippine peso relative to the U.S. dollar in 2023.

Provision for (Benefit from) Income Tax

Provision for income tax amounted to Php6,501 million in 2024, an increase of Php2,486 million, or 62%, from Php4,015 million in 2023, mainly due to higher net income before tax.

Net Income

As a result of the foregoing, our Fixed Line business segment registered a net income of Php32,392 million in 2024, an increase of Php5,878 million, or 22%, as compared with Php26,514 million in 2023.

Adjusted EBITDA

Our Fixed Line business segment’s Adjusted EBITDA increased by Php2,851 million, or 5%, to Php61,953 million in 2024 from Php59,102 million in 2023. Adjusted EBITDA margin remained stable at 49% in 2024 and 2023.

Core Income

Our Fixed Line business segment’s core income decreased by Php3,368 million, or 9%, to Php34,518 million in 2024 from Php37,886 million in 2023, primarily due to lower other miscellaneous income and higher financing costs, partially offset by higher Adjusted EBITDA.

Others

Revenues

Revenues generated from our Other business segment amounted to nil for each of the years ended December 31, 2024 and 2023.

Expenses

Expenses related to our Other business segment increased by Php72 million to Php90 million in 2024 from Php18 million in 2023.

59

Other Income (Expenses) – Net

The following table summarizes the breakdown of other income (expenses) – net for Other business segment for the years ended December 31, 2024 and 2023:

|  |  |  |  |  |  |  | Change |
|  | 2024 |  |  | 2023 |  |  | Amount |  |  | % |
|  | (amounts in million Php) |
Other Income (Expenses) – Net: |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  |  | 15 |  |  |  | 7 |  |  |  | 8 |  |  |  | 114 |
Foreign exchange losses – net |  |  | (75 | ) |  |  | (76 | ) |  |  | 1 |  |  |  | 1 |
Equity share in net losses of associates and joint ventures |  |  | (923 | ) |  |  | (2,211 | ) |  |  | 1,288 |  |  |  | 58 |
Other income – net |  |  | (5 | ) |  |  | 29 |  |  |  | (34 | ) |  |  | (117 | )
Total |  |  | (988 | ) |  |  | (2,251 | ) |  |  | 1,263 |  |  |  | 56 |

Our Other business segment’s other expenses – net amounted to Php988 million in 2024, a decrease of Php1,263 million, or 56%, from Php2,251 million in 2023, primarily due to lower equity share in net losses of associates and joint ventures by Php1,288 million mainly on account of lower equity share in net losses in MIH.

Net Loss

As a result of the foregoing, our Other business segment registered a net loss of Php1,069 million in 2024, a decrease of Php1,201 million, or 53%, from Php2,270 million in 2023.

Core Loss

Our Other business segment’s core loss amounted to Php1,084 million in 2024, a decrease of Php1,026 million, or 49%, from Php2,110 million in 2023.

Years Ended December 31, 2023 and 2022

On a Consolidated Basis

Revenues

We reported consolidated revenues of Php210,953 million in 2023, an increase of Php6,591 million, or 3%, as compared with Php204,362 million in 2022, primarily due to higher consolidated revenues from data services, partially offset by lower consolidated revenues from voice, SMS and fixed wireless broadband services.

Our consolidated service revenues of Php201,832 million in 2023, increased by Php6,488 million, or 3%, from Php195,344 million in 2022. Our consolidated non-service revenues of Php9,121 million in 2023, increased by Php103 million, or 1%, from Php9,018 million in 2022.

Consolidated service revenues, net of interconnection costs of Php10,418 million, amounted to Php191,414 million in 2023, an increase of Php2,174 million, or 1%, from Php189,240 million in 2022.

60

The following table shows the breakdown of our consolidated revenues by service for the years ended December 31, 2023 and 2022:

|  | Wireless |  |  | Fixed Line |  |  | Inter- segment Transactions |  |  | Consolidated |
|  | (amounts in million Php) |
For the year ended December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |
Service Revenues |  |  |  |  |  |  |  |  |  |  |  |
Wireless |  |  | 95,677 |  |  |  |  |  |  | (683 | ) |  |  | 94,994 |
Mobile |  |  | 94,007 |  |  |  |  |  |  | (642 | ) |  |  | 93,365 |
Fixed Wireless broadband |  |  | 1,629 |  |  |  |  |  |  | — |  |  |  | 1,629 |
Other services |  |  | 41 |  |  |  |  |  |  | (41 | ) |  |  | — |
Fixed Line |  |  |  |  |  | 120,336 |  |  |  | (13,498 | ) |  |  | 106,838 |
Voice |  |  |  |  |  | 26,686 |  |  |  | (1,526 | ) |  |  | 25,160 |
Data |  |  |  |  |  | 93,212 |  |  |  | (11,703 | ) |  |  | 81,509 |
Home broadband |  |  |  |  |  | 50,876 |  |  |  | (24 | ) |  |  | 50,852 |
Corporate data and ICT |  |  |  |  |  | 42,336 |  |  |  | (11,679 | ) |  |  | 30,657 |
Miscellaneous |  |  |  |  |  | 438 |  |  |  | (269 | ) |  |  | 169 |
Total Service Revenues |  |  | 95,677 |  |  |  | 120,336 |  |  |  | (14,181 | ) |  |  | 201,832 |
Non-Service Revenues |  |  |  |  |  |  |  |  |  |  |  |
Sale of phone units, mobile handsets, broadband data modems and devices |  |  | 8,724 |  |  |  | 396 |  |  |  | (1 | ) |  |  | 9,119 |
Point-product sales |  |  | — |  |  |  | 2 |  |  |  | — |  |  |  | 2 |
Total Non-Service Revenues |  |  | 8,724 |  |  |  | 398 |  |  |  | (1 | ) |  |  | 9,121 |
Total Revenues |  |  | 104,401 |  |  |  | 120,734 |  |  |  | (14,182 | ) |  |  | 210,953 |
For the year ended December 31, 2022(1) |  |  |  |  |  |  |  |  |  |  |  |
Service Revenues |  |  |  |  |  |  |  |  |  |  |  |
Wireless |  |  | 95,852 |  |  |  |  |  |  | (792 | ) |  |  | 95,060 |
Mobile |  |  | 93,724 |  |  |  |  |  |  | (695 | ) |  |  | 93,029 |
Fixed Wireless broadband |  |  | 2,028 |  |  |  |  |  |  | — |  |  |  | 2,028 |
Other services |  |  | 100 |  |  |  |  |  |  | (97 | ) |  |  | 3 |
Fixed Line |  |  |  |  |  | 127,214 |  |  |  | (26,930 | ) |  |  | 100,284 |
Voice |  |  |  |  |  | 36,727 |  |  |  | (14,478 | ) |  |  | 22,249 |
Data |  |  |  |  |  | 90,068 |  |  |  | (12,179 | ) |  |  | 77,889 |
Home broadband |  |  |  |  |  | 48,975 |  |  |  | (31 | ) |  |  | 48,944 |
Corporate data and ICT |  |  |  |  |  | 41,093 |  |  |  | (12,148 | ) |  |  | 28,945 |
Miscellaneous |  |  |  |  |  | 419 |  |  |  | (273 | ) |  |  | 146 |
Total Service Revenues |  |  | 95,852 |  |  |  | 127,214 |  |  |  | (27,722 | ) |  |  | 195,344 |
Non-Service Revenues |  |  |  |  |  |  |  |  |  |  |  |
Sale of phone units, mobile handsets, broadband data modems and devices |  |  | 8,422 |  |  |  | 495 |  |  |  | — |  |  |  | 8,917 |
Point-product sales |  |  | — |  |  |  | 101 |  |  |  | — |  |  |  | 101 |
Total Non-Service Revenues |  |  | 8,422 |  |  |  | 596 |  |  |  | — |  |  |  | 9,018 |
Total Revenues |  |  | 104,274 |  |  |  | 127,810 |  |  |  | (27,722 | ) |  |  | 204,362 |

(1)
To be comparable with 2023, certain amounts for the year ended December 31, 2022 have been reclassified to reflect the discontinued operations of certain ePLDT subsidiaries. See Note 2 – Summary of Material Accounting Policies – Discontinued Operations to the accompanying audited consolidated financial statements in Item 7. "Financial Statements" for further discussion.

The following table shows the breakdown of our consolidated revenues by business segment for the years ended December 31, 2023 and 2022:

|  |  |  |  |  |  |  |  |  |  |  |  |  | Change |
|  | 2023 |  |  | % |  |  | 2022 |  |  | % |  |  | Amount |  |  | % |
|  | (amounts in million Php) |
Wireless |  |  | 104,401 |  |  |  | 50 |  |  |  | 104,274 |  |  |  | 51 |  |  |  | 127 |  |  |  | — |
Fixed Line |  |  | 120,734 |  |  |  | 57 |  |  |  | 127,810 |  |  |  | 63 |  |  |  | (7,076 | ) |  |  | (6 | )
Inter-segment transactions |  |  | (14,182 | ) |  |  | (7 | ) |  |  | (27,722 | ) |  |  | (14 | ) |  |  | 13,540 |  |  |  | 49 |
Consolidated |  |  | 210,953 |  |  |  | 100 |  |  |  | 204,362 |  |  |  | 100 |  |  |  | 6,591 |  |  |  | 3 |

Expenses

Consolidated expenses decreased by Php39,168 million, or 19%, to Php170,259 million in 2023 from Php209,427 million in 2022, primarily due to lower expenses related to depreciation and amortization, selling, general and administrative expenses, provisions, and asset impairment, partially offset by higher interconnection costs, and cost of sales and services.

61

The following table shows the breakdown of our consolidated expenses by business segment for the years ended December 31, 2023 and 2022:

|  |  |  |  |  |  |  |  |  |  |  |  |  | Change |
|  | 2023 |  |  | % |  |  | 2022 |  |  | % |  |  | Amount |  |  | % |
|  | (amounts in million Php) |
Wireless |  |  | 82,827 |  |  |  | 49 |  |  |  | 104,058 |  |  |  | 50 |  |  |  | (21,231 | ) |  |  | (20 | )
Fixed Line |  |  | 102,352 |  |  |  | 60 |  |  |  | 133,148 |  |  |  | 63 |  |  |  | (30,796 | ) |  |  | (23 | )
Others |  |  | 18 |  |  |  | — |  |  |  | 13 |  |  |  | — |  |  |  | 5 |  |  |  | 38 |
Inter-segment transactions |  |  | (14,938 | ) |  |  | (9 | ) |  |  | (27,792 | ) |  |  | (13 | ) |  |  | 12,854 |  |  |  | 46 |
Consolidated |  |  | 170,259 |  |  |  | 100 |  |  |  | 209,427 |  |  |  | 100 |  |  |  | (39,168 | ) |  |  | (19 | )

Other Income (Expenses) – Net

Consolidated other expenses – net amounted to Php4,217 million in 2023, a change of Php23,314 million as against consolidated other income – net of Php19,097 million in 2022, primarily due to the combined effects of the following: (i) lower other income – net from our Wireless business segment mainly on account of a lower gain on sale and leaseback of telecom towers, and from our Fixed Line business segment owing mainly to lower dividend income recognized from the subsidiaries of Wireless business segment, and the income from prescription of liability on redeemable preferred shares in 2022; (ii) higher net financing costs from our Fixed Line and Wireless business segments; (iii) lower net gains on derivative financial instruments from our Fixed Line and Wireless business segments; (iv) lower equity share in net losses mainly from our Other business segment; and (v) net foreign exchange gains from our Wireless and Fixed Line business segments in 2023 as against net foreign exchange losses in 2022.

The following table shows the breakdown of our consolidated other income (expenses) – net by business segment for the years ended December 31, 2023 and 2022:

|  |  |  |  |  |  |  | Change |
|  | 2023 |  |  | 2022 |  |  | Amount |  |  | % |
|  | (amounts in million Php) |
Wireless |  |  | 1,485 |  |  |  | 18,681 |  |  |  | (17,196 | ) |  |  | (92 | )
Fixed Line |  |  | 12,147 |  |  |  | 21,002 |  |  |  | (8,855 | ) |  |  | (42 | )
Others |  |  | (2,251 | ) |  |  | (2,790 | ) |  |  | 539 |  |  |  | 19 |
Inter-segment transactions |  |  | (15,598 | ) |  |  | (17,796 | ) |  |  | 2,198 |  |  |  | 12 |
Consolidated |  |  | (4,217 | ) |  |  | 19,097 |  |  |  | (23,314 | ) |  |  | (122 | )

Net Income

Consolidated net income increased by Php16,089 million to Php26,824 million in 2023 from Php10,735 million in 2022. The increase was mainly due to the combined effects of the following: (i) higher consolidated revenues by Php6,591 million; (ii) lower consolidated expenses by Php39,168 million; (iii) consolidated other expenses of Php4,217 million in 2023 as against consolidated other income of Php19,097 million in 2022; (iv) higher provision for income tax by Php6,915 million; and (v) lower net loss from discontinued operations by Php559 million. Our consolidated basic and diluted EPS increased to Php122.91 in 2023 from Php48.26 in 2022. Our weighted average number of outstanding common shares was approximately 216.06 million for each of the years ended December 31, 2023 and 2022.

The following table shows the breakdown of our consolidated net income (loss) by business segment for the years ended December 31, 2023 and 2022:

|  |  |  |  |  |  |  |  |  |  |  |  |  | Change |
|  | 2023 |  |  | % |  |  | 2022 |  |  | % |  |  | Amount |  |  | % |
|  | (amounts in million Php) |
Wireless |  |  | 17,522 |  |  |  | 65 |  |  |  | 15,104 |  |  |  | 141 |  |  |  | 2,418 |  |  |  | 16 |
Fixed Line |  |  | 26,514 |  |  |  | 99 |  |  |  | 16,766 |  |  |  | 156 |  |  |  | 9,748 |  |  |  | 58 |
Others |  |  | (2,270 | ) |  |  | (8 | ) |  |  | (2,669 | ) |  |  | (25 | ) |  |  | 399 |  |  |  | 15 |
Inter-segment transactions |  |  | (14,901 | ) |  |  | (56 | ) |  |  | (17,866 | ) |  |  | (166 | ) |  |  | 2,965 |  |  |  | 17 |
Continuing operations |  |  | 26,865 |  |  |  | 100 |  |  |  | 11,335 |  |  |  | 106 |  |  |  | 15,530 |  |  |  | 137 |
Discontinued operations |  |  | (41 | ) |  |  | — |  |  |  | (600 | ) |  |  | (6 | ) |  |  | 559 |  |  |  | 93 |
Consolidated |  |  | 26,824 |  |  |  | 100 |  |  |  | 10,735 |  |  |  | 100 |  |  |  | 16,089 |  |  |  | 150 |

Adjusted EBITDA

Our consolidated Adjusted EBITDA amounted to Php104,233 million in 2023, an increase of Php3,971 million, or 4%, as compared with Php100,262 million in 2022.

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The following table shows the breakdown of our consolidated Adjusted EBITDA by business segment for the years ended December 31, 2023 and 2022:

|  |  |  |  |  |  |  |  |  |  |  |  |  | Change |
|  | 2023 |  |  | % |  |  | 2022 |  |  | % |  |  | Amount |  |  | % |
|  | (amounts in million Php) |
Wireless |  |  | 54,369 |  |  |  | 52 |  |  |  | 55,215 |  |  |  | 55 |  |  |  | (846 | ) |  |  | (2 | )
Fixed Line |  |  | 59,102 |  |  |  | 57 |  |  |  | 55,051 |  |  |  | 55 |  |  |  | 4,051 |  |  |  | 7 |
Others |  |  | (18 | ) |  |  | — |  |  |  | (12 | ) |  |  | — |  |  |  | (6 | ) |  |  | (50 | )
Inter-segment transactions |  |  | (9,156 | ) |  |  | (9 | ) |  |  | (9,666 | ) |  |  | (10 | ) |  |  | 510 |  |  |  | 5 |
Continuing operations |  |  | 104,297 |  |  |  | 100 |  |  |  | 100,588 |  |  |  | 100 |  |  |  | 3,709 |  |  |  | 4 |
Discontinued operations |  |  | (64 | ) |  |  | — |  |  |  | (326 | ) |  |  | — |  |  |  | 262 |  |  |  | 80 |
Consolidated |  |  | 104,233 |  |  |  | 100 |  |  |  | 100,262 |  |  |  | 100 |  |  |  | 3,971 |  |  |  | 4 |

Our consolidated Adjusted EBITDA from continuing operations, excluding MRP and expenses related to the sale of our telecom assets, amounted to Php104,297 million in 2023, an increase of Php3,709 million, or 4%, as compared with Php100,588 million in 2022. See Item 5. “Operating and Financial Review and Prospects –– Management’s Financial Review” for the reconciliation of our consolidated net income to our consolidated Adjusted EBITDA.

Core Income (Loss)

Our consolidated core income amounted to Php32,421 million in 2023, an increase of Php2,269 million, or 8%, as compared with Php30,152 million in 2022, mainly on account of higher Adjusted EBITDA excluding MRP and expenses related to the sale of our telecom assets, lower equity share in net losses of associates and joint ventures, and lower depreciation and amortization expenses, partially offset by higher financing costs and provision for income tax. Our consolidated basic and diluted core EPS increased to Php149.78 in 2023 from Php139.29 in 2022.

The following table shows the breakdown of our consolidated core income by business segment for the years ended December 31, 2023 and 2022:

|  |  |  |  |  |  |  |  |  |  |  |  |  | Change |
|  | 2023 |  |  | % |  |  | 2022 |  |  | % |  |  | Amount |  |  | % |
|  | (amounts in million Php) |
Wireless |  |  | 11,750 |  |  |  | 36 |  |  |  | 13,034 |  |  |  | 43 |  |  |  | (1,284 | ) |  |  | (10 | )
Fixed Line |  |  | 37,886 |  |  |  | 117 |  |  |  | 38,613 |  |  |  | 128 |  |  |  | (727 | ) |  |  | (2 | )
Others |  |  | (2,110 | ) |  |  | (7 | ) |  |  | (2,958 | ) |  |  | (10 | ) |  |  | 848 |  |  |  | 29 |
Inter-segment transactions |  |  | (15,064 | ) |  |  | (46 | ) |  |  | (17,937 | ) |  |  | (59 | ) |  |  | 2,873 |  |  |  | 16 |
Continuing operations |  |  | 32,462 |  |  |  | 100 |  |  |  | 30,752 |  |  |  | 102 |  |  |  | 1,710 |  |  |  | 6 |
Discontinued operations |  |  | (41 | ) |  |  | — |  |  |  | (600 | ) |  |  | (2 | ) |  |  | 559 |  |  |  | 93 |
Consolidated |  |  | 32,421 |  |  |  | 100 |  |  |  | 30,152 |  |  |  | 100 |  |  |  | 2,269 |  |  |  | 8 |

Telco Core Income

Our consolidated telco core income amounted to Php34,341 million in 2023, an increase of Php1,040 million, or 3%, as compared with Php33,301 million in 2022, mainly due to higher Adjusted EBITDA excluding MRP and expenses related to the sale of our telecom assets, as well as lower depreciation and amortization expenses, partially offset by higher financing costs and provision for income tax.

The following table shows the breakdown of our consolidated telco core income by business segment for the years ended December 31, 2023 and 2022:

|  |  |  |  |  |  |  |  |  |  |  |  |  | Change |
|  | 2023 |  |  | % |  |  | 2022 |  |  | % |  |  | Amount |  |  | % |
|  | (amounts in million Php) |
Wireless |  |  | 11,750 |  |  |  | 34 |  |  |  | 13,034 |  |  |  | 39 |  |  |  | (1,284 | ) |  |  | (10 | )
Fixed Line |  |  | 37,590 |  |  |  | 110 |  |  |  | 38,135 |  |  |  | 115 |  |  |  | (545 | ) |  |  | (1 | )
Others |  |  | 65 |  |  |  | — |  |  |  | 69 |  |  |  | — |  |  |  | (4 | ) |  |  | (6 | )
Inter-segment transactions |  |  | (15,064 | ) |  |  | (44 | ) |  |  | (17,937 | ) |  |  | (54 | ) |  |  | 2,873 |  |  |  | 16 |
Consolidated |  |  | 34,341 |  |  |  | 100 |  |  |  | 33,301 |  |  |  | 100 |  |  |  | 1,040 |  |  |  | 3 |

See Item 5. “Operating and Financial Review and Prospects –– Management’s Financial Review” for the reconciliation of our consolidated net income to our consolidated telco core income.

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On a Business Segment Basis

Wireless

Revenues

We generated revenues of Php104,401 million from our Wireless business segment in 2023, an increase of Php127 million from Php104,274 million in 2022.

The following table summarizes our total revenues by service from our Wireless business segment for the years ended December 31, 2023 and 2022:

|  |  |  |  |  |  |  |  |  |  |  |  |  | Increase (Decrease) |
|  | 2023 |  |  | % |  |  | 2022 |  |  | % |  |  | Amount |  |  | % |
|  | (amounts in million Php) |
Service Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mobile |  |  | 94,007 |  |  |  | 90 |  |  |  | 93,724 |  |  |  | 90 |  |  |  | 283 |  |  |  | — |
Fixed Wireless broadband |  |  | 1,629 |  |  |  | 2 |  |  |  | 2,028 |  |  |  | 2 |  |  |  | (399 | ) |  |  | (20 | )
Other services(1) |  |  | 41 |  |  |  | — |  |  |  | 100 |  |  |  | — |  |  |  | (59 | ) |  |  | (59 | )
Total Wireless Service Revenues |  |  | 95,677 |  |  |  | 92 |  |  |  | 95,852 |  |  |  | 92 |  |  |  | (175 | ) |  |  | — |
Non-Service Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sale of mobile handsets and broadband data modems |  |  | 8,724 |  |  |  | 8 |  |  |  | 8,422 |  |  |  | 8 |  |  |  | 302 |  |  |  | 4 |
Total Wireless Revenues |  |  | 104,401 |  |  |  | 100 |  |  |  | 104,274 |  |  |  | 100 |  |  |  | 127 |  |  |  | — |

(1)
Includes facility service fees.

Service Revenues

Our wireless service revenues decreased by Php175 million to Php95,677 million in 2023 as compared with Php95,852 million in 2022, primarily due to lower revenues from fixed wireless broadband, and other services, partially offset by higher revenues from our mobile services. As a percentage of our total wireless revenues, service revenues accounted for 92% in each of 2023 and 2022.

Wireless service revenues, net of interconnection costs, amounted to Php94,843 million in 2023, a decrease of Php142 million from Php94,985 million in 2022.

Mobile Services

Our mobile service revenues amounted to Php94,007 million in 2023, an increase of Php283 million from Php93,724 million in 2022. Mobile service revenues accounted for 98% of our wireless service revenues in each of 2023 and 2022.

The following table shows the breakdown of our mobile service revenues for the years ended December 31, 2023 and 2022:

|  |  |  |  |  |  |  |  |  |  |  |  |  | Increase (Decrease) |
|  | 2023 |  |  | % |  |  | 2022 |  |  | % |  |  | Amount |  |  | % |
|  | (amounts in million Php) |
Mobile Services: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Data |  |  | 74,990 |  |  |  | 80 |  |  |  | 72,169 |  |  |  | 77 |  |  |  | 2,821 |  |  |  | 4 |
Voice |  |  | 11,387 |  |  |  | 12 |  |  |  | 14,268 |  |  |  | 15 |  |  |  | (2,881 | ) |  |  | (20 | )
SMS |  |  | 5,724 |  |  |  | 6 |  |  |  | 5,900 |  |  |  | 6 |  |  |  | (176 | ) |  |  | (3 | )
Inbound roaming and others(1) |  |  | 1,906 |  |  |  | 2 |  |  |  | 1,387 |  |  |  | 2 |  |  |  | 519 |  |  |  | 37 |
Total |  |  | 94,007 |  |  |  | 100 |  |  |  | 93,724 |  |  |  | 100 |  |  |  | 283 |  |  |  | — |

(1)
Refers to other non-subscriber-related revenues consisting primarily of inbound international roaming fees and facility service fees.

Data Services

Mobile revenues from our data services, which include mobile internet, mobile broadband and other data services, increased by Php2,821 million, or 4%, to Php74,990 million in 2023 from Php72,169 million in 2022 due to higher mobile internet revenues driven mainly by the continued strength of our mobile network, and promotion of data offers such as Power All, Double Giga and Magic Data, which cater to the needs of prepaid subscribers looking for data flexibility as consumers shift from working and studying from home to a more hybrid work and school environment, partially offset by lower mobile broadband and other data revenues.

Data services accounted for 80% and 77% of our mobile service revenues for the years ended December 31, 2023 and 2022, respectively.

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The following table shows the breakdown of our mobile data service revenues for the years ended December 31, 2023 and 2022:

|  |  |  |  |  |  |  |  |  |  |  |  |  | Increase (Decrease) |
|  | 2023 |  |  | % |  |  | 2022(1) |  |  | % |  |  | Amount |  |  | % |
|  | (amounts in million Php) |
Data Services: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mobile internet(2) |  |  | 71,268 |  |  |  | 95 |  |  |  | 67,714 |  |  |  | 94 |  |  |  | 3,554 |  |  |  | 5 |
Mobile broadband |  |  | 2,900 |  |  |  | 4 |  |  |  | 3,368 |  |  |  | 5 |  |  |  | (468 | ) |  |  | (14 | )
Other data |  |  | 822 |  |  |  | 1 |  |  |  | 1,087 |  |  |  | 1 |  |  |  | (265 | ) |  |  | (24 | )
Total |  |  | 74,990 |  |  |  | 100 |  |  |  | 72,169 |  |  |  | 100 |  |  |  | 2,821 |  |  |  | 4 |

(1)
Certain amounts for the year ended December 31, 2022 were reclassified to conform with the current year presentation.
(2)
Includes revenues from web-based services, net of discounts and content provider costs.

Mobile Internet

Mobile internet service revenues increased by Php3,554 million, or 5%, to Php71,268 million in 2023 from Php67,714 million in 2022, primarily due to the increase in mobility and new product offerings, such as Free Tiktok for All, Power All, Affordaloads, and the continued promotion of Smart Postpaid's Unli 5G plans.

Smart continues to drive GigaLife App, which now supports more payment solutions for top-up. Smart also has Smart Live App, which provides its subscribers exclusive video access to live sports streaming such as the UAAP, PBA, PVL and NBA TV Philippines channel, as well as pay-per-view (PPV) concerts. In addition, Smart recently launched the Giga Arena, an online arcade and e-Sport tournament platform exclusively available to Smart subscribers to cater to subscribers’ gaming demands.

Mobile internet services accounted for 76% and 72% of our mobile service revenues in 2023 and 2022, respectively.

Mobile Broadband

Mobile broadband revenues generated from the use of pocket WiFi, amounted to Php2,900 million in 2023, a decrease of Php468 million, or 14%, from Php3,368 million in 2022, primarily due to lower mobile broadband subscriber base.

Mobile broadband services accounted for 3% and 4% of our mobile service revenues in 2023 and 2022, respectively.

Other Data

Revenues from our other data services, which include value-added services (VAS) and domestic leased lines, decreased by Php265 million, or 24%, to Php822 million in 2023 from Php1,087 million in 2022. The decrease was primarily due to lower revenues from VAS via direct carrier billing, driven by the game publishers’ shift to digital payment solutions.

Voice Services

Mobile revenues from our voice services, which include all voice traffic, decreased by Php2,881 million, or 20%, to Php11,387 million in 2023 from Php14,268 million in 2022, due to subscribers’ shift to alternative calling options, digital teleconferencing solutions, and other OTT services. In view of these new digital solutions and to improve its voice service, Smart has been provisioning its mobile users for Voice over LTE (VoLTE) and Voice over Wifi (VoWiFi) services which routes the voice calls through digital channels. VoLTE and VoWifi offer better voice quality. Mobile voice services accounted for 12% and 15% of our mobile service revenues in 2023 and 2022, respectively.

Domestic voice service revenues decreased by Php2,418 million, or 19%, to Php10,489 million in 2023 from Php12,907 million in 2022, mainly due to lower traffic from domestic outbound voice services.

International voice service revenues decreased by Php463 million, or 34%, to Php898 million in 2023 from Php1,361 million in 2022 resulting from the declining trend of international inbound voice traffic due to subscribers’ shift to application-based form of communications and other OTT services.

SMS Services

Mobile revenues from our SMS services, which include all SMS-related services, decreased by Php176 million, or 3%, to Php5,724 million in 2023 from Php5,900 million in 2022, mainly due to the decline in SMS volumes arising from the increased adoption of alternative messaging solutions such as OTT services, social media, and messenger application, partially offset by the increase in A2P service revenues. Mobile SMS services accounted for 6% of our mobile service revenues in each of 2023 and 2022.

65

Inbound Roaming and Others

Mobile revenues from inbound roaming and other services increased by Php519 million, or 37%, to Php1,906 million in 2023 from Php1,387 million in 2022 mainly due to higher revenues from inbound roaming services driven by the increase in international travel and higher revenues from other subscriber-related income.

Subscriber Base, ARPU and Churn Rates

In October 2022, R.A. No. 11934, or the SIM Registration Act, took effect which mandates that all SIMs be registered before activation. The law aims to address the proliferation of text scams in the country, as well as other crimes committed through text messages. Under the law, telecommunication companies are required to collect the full name, date of birth, complete address, gender, valid government IDs and the attestation of the end users. Smart officially launched its registration portal on December 27, 2022. The original deadline for mandatory SIM registration was April 26, 2023, which was subsequently extended until July 25, 2023. Smart registered over 52.5 million of Smart’s subscribers as at July 30, 2023.

The following table shows our mobile subscriber base as at December 31, 2023 and 2022:

|  |  |  |  |  |  |  | Increase (Decrease) |
|  | 2023 |  |  | 2022 |  |  | Amount |  |  | % |
Mobile subscriber base(1) |  |  |  |  |  |  |  |  |  |  |  |
Prepaid |  |  | 55,667,880 |  |  |  | 64,287,019 |  |  |  | (8,619,139 | ) |  |  | (13 | )
Smart |  |  | 21,530,993 |  |  |  | 24,394,379 |  |  |  | (2,863,386 | ) |  |  | (12 | )
TNT |  |  | 34,136,887 |  |  |  | 39,892,640 |  |  |  | (5,755,753 | ) |  |  | (14 | )
Postpaid |  |  | 2,159,246 |  |  |  | 2,017,742 |  |  |  | 141,504 |  |  |  | 7 |
Total mobile subscribers |  |  | 57,827,126 |  |  |  | 66,304,761 |  |  |  | (8,477,635 | ) |  |  | (13 | )

(1)
Includes mobile broadband subscribers.

In view of the SIM Registration Act, we recognize a prepaid mobile subscriber as active upon registration of the SIM card. Beginning the fourth quarter of 2023, we consider a prepaid mobile subscriber as churn if the subscriber does not reload within 180 days after the full usage or expiry of the last reload, and does not latch to the network within 180 days.

The average monthly churn rates for Smart Prepaid subscribers were 2.6% and 4.6% in 2023 and 2022, respectively, while the average monthly churn rates for TNT subscribers were 2.8% and 4.6% in 2023 and 2022, respectively.

The average monthly churn rates for Postpaid subscribers were 1.4% and 1.6% in 2023 and 2022, respectively.

Smart launched the prepaid eSim in July 2023. Smart is first to launch the prepaid eSim in the Philippines.

The following table summarizes our average monthly ARPUs for the years ended December 31, 2023 and 2022:

|  | Gross(1) |  |  | Increase (Decrease) |  |  | Net(2) |  |  | Increase (Decrease) |
|  | 2023 |  |  | 2022 |  |  | Amount |  |  | % |  |  | 2023 |  |  | 2022 |  |  | Amount |  |  | % |
|  | (amounts in Php) |
Prepaid |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Smart |  |  | 135 |  |  |  | 123 |  |  |  | 12 |  |  |  | 10 |  |  |  | 119 |  |  |  | 105 |  |  |  | 14 |  |  |  | 13 |
TNT |  |  | 110 |  |  |  | 97 |  |  |  | 13 |  |  |  | 13 |  |  |  | 99 |  |  |  | 85 |  |  |  | 14 |  |  |  | 16 |
Postpaid |  |  | 727 |  |  |  | 732 |  |  |  | (5 | ) |  |  | (1 | ) |  |  | 688 |  |  |  | 697 |  |  |  | (9 | ) |  |  | (1 | )

(1)
Gross monthly ARPU is calculated by dividing gross mobile service revenues for the period, including interconnection income, but excluding inbound roaming revenues, gross of discounts, and content provider costs, by the average number of subscribers in the period.
(2)
Net monthly ARPU is calculated by dividing gross mobile service revenues for the period, including interconnection income, but excluding inbound roaming revenues, net of discounts, and content provider costs, by the average number of subscribers in the period.

Fixed Wireless Broadband

Revenues from our Fixed Wireless Broadband services amounted to Php1,629 million in 2023, a decrease of Php399 million, or 20%, from Php2,028 million in 2022 primarily due to lower subscriber base.

Other Services

Revenues from our other services amounted to Php41 million in 2023, a decrease of Php59 million, or 59%, from Php100 million in 2022.

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Non-Service Revenues

Our wireless non-service revenues consist of sale of mobile handsets, broadband data routers, tablets and accessories. Our wireless non-service revenues increased by Php302 million, or 4%, to Php8,724 million in 2023 from Php8,422 million in 2022, primarily due to a higher sale of postpaid mobile handsets.

Expenses

Expenses associated with our Wireless business segment amounted to Php82,827 million in 2023, a decrease of Php21,231 million, or 20%, from Php104,058 million in 2022. The decrease was attributable to lower expenses related to depreciation and amortization, provisions, asset impairment, selling, general and administrative expenses, and interconnection costs, partially offset by higher cost of sales and services. As a percentage of our total wireless revenues, expenses associated with our Wireless business segment accounted for 79% and 100% in 2023 and 2022, respectively.

The following table summarizes the breakdown of our total wireless-related expenses for the years ended December 31, 2023 and 2022 and the percentage of each expense item in relation to the total:

|  |  |  |  |  |  |  |  |  |  |  |  |  | Increase (Decrease) |
|  | 2023 |  |  | % |  |  | 2022 |  |  | % |  |  | Amount |  |  | % |
|  | (amounts in million Php) |
Selling, general and administrative expenses |  |  | 37,829 |  |  |  | 46 |  |  |  | 37,872 |  |  |  | 36 |  |  |  | (43 | ) |  |  | — |
Depreciation and amortization |  |  | 31,498 |  |  |  | 38 |  |  |  | 52,660 |  |  |  | 51 |  |  |  | (21,162 | ) |  |  | (40 | )
Cost of sales and services |  |  | 12,018 |  |  |  | 14 |  |  |  | 11,486 |  |  |  | 11 |  |  |  | 532 |  |  |  | 5 |
Interconnection costs |  |  | 834 |  |  |  | 1 |  |  |  | 867 |  |  |  | 1 |  |  |  | (33 | ) |  |  | (4 | )
Provisions |  |  | 648 |  |  |  | 1 |  |  |  | 1,077 |  |  |  | 1 |  |  |  | (429 | ) |  |  | (40 | )
Asset impairment |  |  | — |  |  |  | — |  |  |  | 96 |  |  |  | — |  |  |  | (96 | ) |  |  | (100 | )
Total |  |  | 82,827 |  |  |  | 100 |  |  |  | 104,058 |  |  |  | 100 |  |  |  | (21,231 | ) |  |  | (20 | )

Selling, general and administrative expenses decreased by Php43 million to Php37,829 million in 2023, primarily due to lower expenses related to compensation and employee benefits, selling and promotions, professional and other contracted services, insurance and security services, and rent, partially offset by higher expenses related to repairs and maintenance, and taxes and licenses.

Depreciation and amortization charges decreased by Php21,162 million, or 40%, to Php31,498 million in 2023, mainly on account of lower depreciation due to shortened life of 3G technology-related equipment in 2022 resulting from the migration to faster speed LTE and 5G technologies, partly offset by higher amortization of capitalized leases arising from the sale and leaseback of telecom towers.

Cost of sales and services increased by Php532 million, or 5%, to Php12,018 million in 2023, primarily due to SIM registration and higher SIM printing costs.

Interconnection costs decreased by Php33 million, or 4%, to Php834 million in 2023, primarily due to lower interconnection costs on A2P transactions and international voice services.

Provisions decreased by Php429 million, or 40%, to Php648 million in 2023, primarily due to lower provision for inventory obsolescence, and lower provision for expected credit losses.

Asset impairment for PPE amounted to nil in 2023 as against Php96 million in 2022 due to impairment charges on certain network equipment damaged by Typhoon Odette.

Other Income (Expenses) – Net

The following table summarizes the breakdown of our total wireless-related other income (expenses) – net for the years ended December 31, 2023 and 2022:

|  |  |  |  |  |  |  | Change |
|  | 2023 |  |  | 2022 |  |  | Amount |  |  | % |
|  | (amounts in million Php) |
Other Income (Expenses) – Net: |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange gains (losses) – net |  |  | 981 |  |  |  | (1,567 | ) |  |  | 2,548 |  |  |  | 163 |
Interest income |  |  | 720 |  |  |  | 451 |  |  |  | 269 |  |  |  | 60 |
Gains on derivative financial instruments – net |  |  | 114 |  |  |  | 530 |  |  |  | (416 | ) |  |  | (78 | )
Financing costs – net |  |  | (9,034 | ) |  |  | (8,349 | ) |  |  | (685 | ) |  |  | (8 | )
Other income – net |  |  | 8,704 |  |  |  | 27,616 |  |  |  | (18,912 | ) |  |  | (68 | )
Total |  |  | 1,485 |  |  |  | 18,681 |  |  |  | (17,196 | ) |  |  | (92 | )

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Our Wireless business segment’s other income – net amounted to Php1,485 million in 2023, a decrease of Php17,196 million, or 92%, from Php18,681 million in 2022, primarily due to the combined effects of the following: (i) lower other income – net by Php18,912 million mainly due to lower gain on sale and leaseback of telecom tower, which decreased by Php18,075 million to Php7,777 million in 2023 from Php25,852 million in 2022; (ii) higher net financing costs by Php685 million mainly due to accretion on lease liabilities and higher interest rates, partially offset by higher capitalized interest; (iii) lower net gains on derivative financial instruments by Php416 million; (iv) higher interest income by Php269 million; and (v) net foreign exchange gains of Php981 million in 2023 as against net foreign exchange losses of Php1,567 million in 2022 mainly on account of revaluation of net foreign currency-denominated liabilities due to the appreciation of the Philippine peso relative to the U.S. dollar in 2023 as compared to the depreciation of the Philippine peso relative to the U.S. dollar in 2022.

Provision for Income Tax

Provision for income tax amounted to Php5,537 million in 2023, an increase of Php1,744 million, or 46%, from Php3,793 million in 2022, mainly due to higher net income before tax, lower optional standard deduction savings from Digitel Mobile Philippines, Inc. (DMPI) in 2023, and local tax deficiency settlement made by Smart Broadband Inc. in 2023 for which no tax benefit has been realized.

Net Income

As a result of the foregoing, our Wireless business segment’s net income increased by Php2,418 million, or 16%, to Php17,522 million in 2023 from Php15,104 million in 2022.

Adjusted EBITDA

Our Wireless business segment’s Adjusted EBITDA decreased by Php846 million, or 2%, to Php54,369 million in 2023 from Php55,215 million in 2022. Adjusted EBITDA margin decreased to 57% in 2023 from 58% in 2022.

Core Income

Our Wireless business segment’s core income decreased by Php1,284 million, or 10%, to Php11,750 million in 2023 from Php13,034 million in 2022, mainly on account of lower Adjusted EBITDA, excluding MRP and expenses related to the sale of our telecom assets, and lower other miscellaneous income, partially offset by lower depreciation and amortization.

Fixed Line

Revenues

Revenues generated from our Fixed Line business segment amounted to Php120,734 million in 2023, a decrease of Php7,076 million, or 6%, from Php127,810 million in 2022.

The following table summarizes our total revenues by service from our Fixed Line business segment for the years ended December 31, 2023 and 2022:

|  |  |  |  |  |  |  |  |  |  |  |  |  | Increase (Decrease) |
|  | 2023 |  |  | % |  |  | 2022 |  |  | % |  |  | Amount |  |  | % |
|  | (amounts in million Php) |
Service Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Data |  |  | 93,212 |  |  |  | 77 |  |  |  | 90,068 |  |  |  | 71 |  |  |  | 3,144 |  |  |  | 3 |
Voice |  |  | 26,686 |  |  |  | 22 |  |  |  | 36,727 |  |  |  | 29 |  |  |  | (10,041 | ) |  |  | (27 | )
Miscellaneous |  |  | 438 |  |  |  | 1 |  |  |  | 419 |  |  |  | — |  |  |  | 19 |  |  |  | 5 |
|  |  | 120,336 |  |  |  | 100 |  |  |  | 127,214 |  |  |  | 100 |  |  |  | (6,878 | ) |  |  | (5 | )
Non-Service Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sale of phone units, point-product sales and devices |  |  | 398 |  |  |  | — |  |  |  | 596 |  |  | — |  |  |  | (198 | ) |  |  | (33 | )
Total Fixed Line Revenues |  |  | 120,734 |  |  |  | 100 |  |  |  | 127,810 |  |  |  | 100 |  |  |  | (7,076 | ) |  |  | (6 | )

Service Revenues

Our fixed line service revenues decreased by Php6,878 million, or 5%, to Php120,336 million in 2023 from Php127,214 million in 2022, primarily due to lower revenues from our voice services, partially offset by higher revenues from our data services.

Fixed Line service revenues, net of interconnection costs, amounted to Php109,206 million in 2023, an increase of Php1,735 million, or 2%, from Php107,471 million in 2022.

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Data Services

Our data services, which include Home broadband, corporate data, and ICT portfolio with data center, cloud, cyber security, and managed IT offerings, posted revenues of Php93,212 million in 2023, an increase of Php3,144 million, or 3%, from Php90,068 million in 2022, primarily due to higher revenues from Home broadband and corporate data and leased lines, partially offset by lower ICT services, inclusive of intersegment transactions. The percentage contribution of this service segment to our fixed line service revenues accounted for 77% and 71% in 2023 and 2022, respectively.

The following table shows information of our data service revenues for the years ended December 31, 2023 and 2022:

|  |  |  |  |  |  |  | Increase |
|  | 2023 |  |  | 2022 |  |  | Amount |  |  | % |
|  | (amounts in million Php) |
Data service revenues |  |  | 93,212 |  |  |  | 90,068 |  |  |  | 3,144 |  |  |  | 3 |
Home broadband |  |  | 50,876 |  |  |  | 48,975 |  |  |  | 1,901 |  |  |  | 4 |
Corporate data and ICT |  |  | 42,336 |  |  |  | 41,093 |  |  |  | 1,243 |  |  |  | 3 |

Home Broadband

Home broadband data revenues amounted to Php50,876 million in 2023, an increase of Php1,901 million, or 4%, from Php48,975 million in 2022. This growth is driven by increasing demand for broadband services, including fixed wired (PLDT Home Fiber), which the company is providing through the nationwide roll-out of its FTTH network. Home broadband revenues accounted for 54% of fixed line data service revenues in each of 2023 and 2022. PLDT’s FTTH nationwide network roll-out has reached over 17.5 million homes passed as of December 31, 2023, while the number of ports has grown to about 6.3 million.

Corporate Data and ICT

Corporate data services amounted to Php35,204 million in 2023, an increase of Php1,422 million, or 4%, as compared with Php33,782 million in 2022, mainly due to the sustained demand for broadband internet and data networking services. Corporate data revenues accounted for 38% of our total data service revenues in each of 2023 and 2022.

ICT revenues decreased by Php179 million, or 2%, to Php7,132 million in 2023 from Php7,311 million in 2022, mainly due to lower intersegment revenues with our Wireless business. Excluding intersegment transactions, ICT services would have increased by Php699 million, or 15%, to Php5,327 million in 2023 from Php4,628 million in 2022. The percentage contribution of this service segment to our total data service revenues accounted for 8% in each of 2023 and 2022.

Voice Services

Revenues from our voice services decreased by Php10,041 million, or 27%, to Php26,686 million in 2023 from Php36,727 million in 2022, primarily due to lower revenues from international services of PLDT Global resulting from the transfer of load business to Wireless business segment. The percentage contribution of voice service revenues to our fixed line service revenues accounted for 22% and 29% in 2023 and 2022, respectively.

Miscellaneous Services

Miscellaneous service revenues are derived mostly from rentals and management fees. These service revenues increased by Php19 million, or 5%, to Php438 million in 2023 from Php419 million in 2022.

Non-service Revenues

Non-service revenues decreased by Php198 million, or 33%, to Php398 million in 2023 from Php596 million in 2022, primarily due to lower point-product sales, partially offset by higher sale of WiFi mesh.

Expenses

Expenses related to our Fixed Line business segment totaled Php102,352 million in 2023, a decrease of Php30,796 million, or 23%, as compared with Php133,148 million in 2022. The decrease was primarily due to lower depreciation and amortization, interconnection costs, selling, general and administrative expenses, provisions, cost of sales and services, and asset impairment. As a percentage of our total fixed line revenues, expenses associated with our Fixed Line business segment accounted for 85% and 104% in 2023 and 2022, respectively.

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The following table shows the breakdown of our total fixed line-related expenses for the years ended December 31, 2023 and 2022 and the percentage of each expense item in relation to the total:

|  |  |  |  |  |  |  |  |  |  |  |  |  | Increase (Decrease) |
|  | 2023 |  |  | % |  |  | 2022 |  |  | % |  |  | Amount |  |  | % |
|  | (amounts in million Php) |
Selling, general and administrative expenses |  |  | 47,469 |  |  |  | 46 |  |  |  | 49,229 |  |  |  | 37 |  |  |  | (1,760 | ) |  |  | (4 | )
Depreciation and amortization |  |  | 36,855 |  |  |  | 36 |  |  |  | 55,707 |  |  |  | 42 |  |  |  | (18,852 | ) |  |  | (34 | )
Interconnection costs |  |  | 11,130 |  |  |  | 11 |  |  |  | 19,743 |  |  |  | 15 |  |  |  | (8,613 | ) |  |  | (44 | )
Provisions |  |  | 3,784 |  |  |  | 4 |  |  |  | 4,684 |  |  |  | 3 |  |  |  | (900 | ) |  |  | (19 | )
Cost of sales and services |  |  | 3,114 |  |  |  | 3 |  |  |  | 3,599 |  |  |  | 3 |  |  |  | (485 | ) |  |  | (13 | )
Asset impairment |  |  | — |  |  |  | — |  |  |  | 186 |  |  |  | — |  |  |  | (186 | ) |  |  | (100 | )
Total |  |  | 102,352 |  |  |  | 100 |  |  |  | 133,148 |  |  |  | 100 |  |  |  | (30,796 | ) |  |  | (23 | )

Selling, general and administrative expenses decreased by Php1,760 million, or 4%, to Php47,469 million in 2023, primarily due to lower expenses related to compensation and employee benefits on account of lower MRP, repairs and maintenance, insurance and security services, and other expenses. This is partly offset by higher expenses related to selling and promotions primarily due to additional amortization of subscriber contract cost to obtain, taxes and licenses, professional and other contracted services, and rent.

Depreciation and amortization charges decreased by Php18,852 million, or 34%, to Php36,855 million in 2023, mainly driven by additional depreciation in 2022 due to change in estimated useful life of copper-based technology, resulting from the migration to FTTH, and the modernization of network equipment. This is partly offset by additional depreciation and amortization of subscriber contract cost to fulfill in 2023 due to the change in estimated useful life.

Interconnection costs decreased by Php8,613 million, or 44%, to Php11,130 million in 2023, primarily due to lower international interconnection costs of PLDT Global mainly due to the transfer of load business to Wireless business segment.

Provisions decreased by Php900 million, or 19%, to Php3,784 million in 2023, primarily due to lower provision for ECLs mainly due to improved collection rate and lower provision for inventory obsolescence.

Cost of sales and services decreased by Php485 million, or 13%, to Php3,114 million in 2023, primarily due to lower cost of services, mainly from ePLDT's lower cost of data center with our Wireless business.

Asset impairment for property and equipment amounted to nil in 2023 as compared with Php186 million in 2022 due to impairment on certain network equipment damaged by Typhoon Odette and impairment of property and equipment related to managed IT services of ePLDT.

Other Income (Expenses) – Net

The following table summarizes the breakdown of our total fixed line-related other income (expenses) – net for the years ended December 31, 2023 and 2022:

|  |  |  |  |  |  |  | Change |
|  | 2023 |  |  | 2022 |  |  | Amount |  |  | % |
|  | (amounts in million Php) |
Other Income (Expenses) – Net: |  |  |  |  |  |  |  |  |  |  |  |
Gains on derivative financial instruments – net |  |  | 1,084 |  |  |  | 1,792 |  |  |  | (708 | ) |  |  | (40 | )
Interest income |  |  | 324 |  |  |  | 202 |  |  |  | 122 |  |  |  | 60 |
Foreign exchange gains (losses) – net |  |  | 138 |  |  |  | (3,230 | ) |  |  | 3,368 |  |  |  | 104 |
Equity share in net earnings (losses) of associates and joint ventures |  |  | (595 | ) |  |  | (253 | ) |  |  | (342 | ) |  |  | (135 | )
Financing costs – net |  |  | (6,824 | ) |  |  | (6,100 | ) |  |  | (724 | ) |  |  | (12 | )
Other income – net |  |  | 18,020 |  |  |  | 28,591 |  |  |  | (10,571 | ) |  |  | (37 | )
Total |  |  | 12,147 |  |  |  | 21,002 |  |  |  | (8,855 | ) |  |  | (42 | )

Our Fixed Line business segment’s other income – net amounted to Php12,147 million in 2023, a decrease of Php8,855 million, or 42%, from Php21,002 million in 2022, primarily due to the combined effects of the following: (i) lower other income – net by Php10,571 million mainly due to lower dividend income recognized from the subsidiaries of Wireless business segment, and PLDT’s income from prescription of liability on redeemable preferred shares of Php7,839 million in 2022; (ii) higher net financing costs by Php724 million mainly due to higher interest rates and higher weighted average outstanding principal amounts, as well as lower capitalized interest; (iii) lower net gains on derivative financial instruments by Php708 million; (iv) higher equity share in net losses of associates by Php342 million; (v) higher interest income by Php122 million; and (vi) net foreign exchange gains of Php138 million in 2023 as against net foreign exchange losses of Php3,230 million in 2022 mainly on account of revaluation of net foreign currency-denominated liabilities due to the appreciation of the Philippine peso relative to the U.S. dollar in 2023 as compared to the depreciation of the Philippine peso relative to the U.S. dollar in 2022.

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Provision for (Benefit from) Income Tax

Provision for income tax amounted to Php4,015 million in 2023 as against benefit from income tax of Php1,102 million in 2022, mainly due to higher taxable income. Net income before tax in 2022 included significant non-taxable income from the dividends recognized from our Wireless subsidiaries.

Net Income

As a result of the foregoing, our Fixed Line business segment registered a net income of Php26,514 million in 2023, an increase of Php9,748 million, or 58%, as compared with Php16,766 million in 2022.

Adjusted EBITDA

Our Fixed Line business segment’s Adjusted EBITDA increased by Php4,051 million, or 7%, to Php59,102 million in 2023 from Php55,051 million in 2022. Adjusted EBITDA margin increased to 49% in 2023 from 43% in 2022.

Core Income

Our Fixed Line business segment’s core income decreased by Php727 million, or 2%, to Php37,886 million in 2023 from Php38,613 million in 2022, primarily due to higher provision for income tax and lower other miscellaneous income, partially offset by higher EBITDA excluding MRP.

Others

Revenues

Revenues generated from our Other business segment amounted to nil for each of the years ended December 31, 2023 and 2022.

Expenses

Expenses related to our Other business segment increased by Php5 million, or 38%, to Php18 million in 2023 from Php13 million in 2022.

Other Income (Expenses) – Net

The following table summarizes the breakdown of other income (expenses) – net for Other business segment for the years ended December 31, 2023 and 2022:

|  |  |  |  |  |  |  | Change |
|  | 2023 |  |  | 2022 |  |  | Amount |  |  | % |
|  | (amounts in million Php) |
Other Income (Expenses) – Net: |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  |  | 7 |  |  |  | 14 |  |  |  | (7 | ) |  |  | (50 | )
Foreign exchange gains (losses) – net |  |  | (76 | ) |  |  | 1 |  |  |  | (77 | ) |  |  | (7,700 | )
Equity share in net losses of associates and joint ventures |  |  | (2,211 | ) |  |  | (3,051 | ) |  |  | 840 |  |  |  | 28 |
Other income – net |  |  | 29 |  |  |  | 246 |  |  |  | (217 | ) |  |  | (88 | )
Total |  |  | (2,251 | ) |  |  | (2,790 | ) |  |  | 539 |  |  |  | 19 |

Our Other business segment’s other expenses – net amounted to Php2,251 million in 2023, a decrease of Php539 million, or 19%, from Php2,790 million in 2022, primarily due to the combined effects of the following: (i) lower equity share in net losses of associates and joint ventures by Php840 million mainly due to lower equity share in net losses in MIH; (ii) lower interest income by Php7 million; (iii) net foreign exchange losses of Php76 million in 2023 as against net foreign exchange gains of Php1 million in 2022; and (iv) lower other income – net by Php217 million mainly due to gain on dilution in MIH in 2022, partially offset by the loss on acquisition of Multisys in 2022.

Net Income (Loss)

As a result of the foregoing, our Other business segment registered a net loss of Php2,270 million in 2023, a decrease of Php399 million, or 15%, from Php2,669 million in 2022.

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Core Loss

Our Other business segment’s core loss amounted to Php2,110 million in 2023, a decrease of Php848 million, or 29%, from Php2,958 million in 2022.

Capital Expenditure Plans

We are one of the leading telecommunications and digital services providers in the Philippines. We are committed to reinforcing our leading position by offering a broader range and higher quality of products and services.

Our consolidated capital expenditures, net of additions subject to sale and leaseback from tower companies, totaled Php78,246 million, Php85,083 million and Php96,810 million for the years ended December 31, 2024, 2023 and 2022, respectively. Our capex spending was primarily focused on Wireless LTE (4G) coverage and capacity expansion, and rollout of new sites and 5G base stations in key business areas and dense communities nationwide, and Fixed Line’s install, rollout, expansion and modernization of fiber optic transport network and backbone resiliency, and expansion of international submarine cable network. PLDT Group’s capital expenditures were financed from internally generated funds, complemented by our borrowings and proceeds from sale of assets.

Our current estimate for our consolidated capital expenditures in 2025 will be between Php68 billion to Php73 billion, which is expected to be spent on network maintenance and expansion and IT projects, mainly to support the exponential rise in mobile data traffic, for broadband installations, and investments to support the growth of the corporate data and ICT businesses, including the data center. Our capital spending is focused on our objective of supporting the changing demand profile of our customers, allowing the delivery of a superior customer experience, and helping corporate customers to grow their businesses.

We plan to expand our LTE network in line with our intention to expand capacity in step with the growth in customer usage, and our desire to provide coverage to substantially all of the country’s cities and municipalities. We are also heeding the government's call to expand telecommunications facilities to reach geographically isolated and disadvantaged areas. Furthermore, we are investing in building our 5G network to support an identified growth area in the mobile space. We intend to expand and upgrade our national and domestic transport network for cable fortification and resiliency in various locations. We continue to invest to expand capacity and improve resiliency of our international cable network which is critical in connecting the Philippines to the world. The design of our integrated network architecture optimizes the ability of PLDT to deliver a diverse products and services offering to as wide a market as possible in the most cost-effective manner.

We also plan to continue upgrading of our IT and service delivery platforms in order to facilitate a real-time, on demand and personalized customer experience across all touch points and channels.

Our capital expenditure budget includes projects addressing the following objectives:

(1)
Commercial expansion of capacity and footprint of our wired and wireless services, as well as new platforms to expand service offerings;

(2)
Technical modernization of the PLDT Group’s service delivery platform in order to realize operating and cost efficiencies, provision of greater resilience and redundancy for the network, and investments in additional cable systems;

(3)
Continuing investments to expand our LTE and 5G network coverage and capacity;

(4)
IT/Support Systems – upgrade of our IT and support systems, including investments to reinforce our cybersecurity platforms; and

(5)
Investments to support the growth of our corporate data and ICT businesses, including the data center.

We expect to fund incremental capital expenditures from internally generated funds, debt financing and proceeds from sale of assets.

We have adopted and implemented various operational enhancements to our policies, procedures and controls relating to our capital expenditure management processes, and we continue to review the same for any appropriate enhancements.

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Liquidity and Capital Resources

The following table shows our consolidated cash flows for the years ended December 31, 2024, 2023 and 2022 as well as our consolidated capitalization and other consolidated selected financial data as at December 31, 2024 and 2023:

|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | (amounts in million Php) |
Cash Flows |  |  |  |  |  |  |  |  |
Net cash flows provided by operating activities |  |  | 81,731 |  |  |  | 85,765 |  |  |  | 76,200 |
Net cash flows used in investing activities |  |  | (65,704 | ) |  |  | (55,118 | ) |  |  | (33,006 | )
Payment for purchase of property and equipment, including capitalized interest |  |  | (68,257 | ) |  |  | (78,435 | ) |  |  | (95,551 | )
Net cash flows used in financing activities |  |  | (22,331 | ) |  |  | (39,418 | ) |  |  | (42,304 | )
Net increase (decrease) in cash and cash equivalents |  |  | (6,166 | ) |  |  | (9,034 | ) |  |  | 1,304 |

|  | 2024 |  |  | 2023 |
|  | (amounts in million Php) |
Capitalization |  |  |  |  |  |
Interest-bearing financial liabilities: |  |  |  |  |  |
Long-term financial liabilities: |  |  |  |  |  |
Long-term debt |  |  | 258,246 |  |  |  | 243,152 |
Current portion of interest-bearing financial liabilities: |  |  |  |  |  |
Long-term debt maturing within one year |  |  | 23,340 |  |  |  | 11,646 |
Total interest-bearing financial liabilities |  |  | 281,586 |  |  |  | 254,798 |
Total equity attributable to equity holders of PLDT |  |  | 115,419 |  |  |  | 105,218 |
|  |  | 397,005 |  |  |  | 360,016 |
Other Selected Financial Data |  |  |  |  |  |
Total assets |  |  | 623,275 |  |  |  | 609,519 |
Property and equipment |  |  | 318,069 |  |  |  | 287,103 |
Cash and cash equivalents |  |  | 10,011 |  |  |  | 16,177 |
Short-term investments |  |  | 136 |  |  |  | 391 |

Our consolidated cash and cash equivalents and short-term investments totaled Php10,147 million as at December 31, 2024. Principal sources of consolidated cash and cash equivalents in 2024 were cash flows from operating activities amounting to Php81,731 million, proceeds from availment of long-term debt of Php37,000 million, proceeds from disposal of property of equipment of Php4,827 million, mainly proceeds from the sale and leaseback of telecom towers, interest received of Php881 million, collection of derivative financial instruments of Php704 million, and proceeds from redemption of investment in debt securities of Php200 million. These funds were used principally for: (1) purchase of property and equipment, including capitalized interest, of Php68,257 million; (2) long-term debt principal and interest payments of Php12,059 million and Php10,740 million, respectively; (3) cash dividends paid of Php20,750 million; (4) settlement of obligations under lease liabilities of Php12,079 million; (5) payment for redemption of perpetual notes of Php4,200 million; (6) payment for acquisition of investment in associates and joint ventures of Php3,770 million, mainly PLDT's respective investments in Radius and Kayana and PCEV's additional investment in MIH.

Our consolidated cash and cash equivalents and short-term investments totaled Php16,568 million as at December 31, 2023. Principal sources of consolidated cash and cash equivalents in 2023 were cash flows from operating activities amounting to Php85,765 million, proceeds from availment of long-term debt of Php38,000 million, proceeds from disposal of property of equipment of Php23,971 million, mainly proceeds from the sale and leaseback of telecom towers, interest received of Php973 million and proceeds from maturity of short-term investments of Php440 million. These funds were used principally for: (1) purchase of property and equipment, including capitalized interest, of Php78,435 million; (2) long-term debt principal and interest payments of Php22,611 million and Php9,715 million, respectively; (3) cash dividends paid of Php23,328 million; (4) payment of short-term debt of Php10,000 million; (5) settlement of obligations under lease liabilities of Php10,707 million; (6) payment for acquisition of investment in associates and joint ventures of Php1,636 million, mainly PCEV’s additional investment in MIH’s preferred shares; (7) settlement of derivative financial instruments of Php607 million; and (8) payment for purchase of short-term investments of Php449 million.

Financing Requirements

We believe that our available cash, including cash flow from operations, will provide sufficient liquidity to fund our projected operating, investment, capital expenditures and debt service requirements for the next 12 months and in the long-term; however, we may finance a portion of these costs from external sources if we consider it prudent to do so.

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See Note 27 – Financial Assets and Liabilities – Financial Risk Management Objectives and Policies to the accompanying consolidated financial statements in Item 18. “Financial Statements” for a detailed discussion on our financing requirements.

Operating Activities

Our consolidated net cash flows provided by operating activities decreased by Php4,034 million, or 5%, to Php81,731 million in 2024 from Php85,765 million in 2023 primarily due to lower level of collection of receivables, higher level of settlement of accounts payable and accrued expenses and other current liabilities and higher income taxes paid, partially offset by lower prepayments and higher operating income.

Our consolidated net cash flows provided by operating activities increased by Php9,565 million, or 13%, to Php85,765 million in 2023 from Php76,200 million in 2022 primarily due to higher level of collection of receivables, higher operating income, lower income taxes paid and lower payment of pension and other employee benefits, partially offset by higher level of settlement of accounts payable and accrued expenses and other current liabilities.

Cash flows provided by operating activities of our Wireless business segment decreased by Php8,866 million, or 13%, to Php58,093 million in 2024 from Php66,959 million in 2023, primarily due to higher level of settlement of accounts payable, and accrued expenses and other current liabilities, and lower level of collection of receivables, partially offset by higher operating income and lower prepayments. Cash flows provided by operating activities of our Fixed Line business segment decreased by Php7,175 million, or 13%, to Php46,597 million in 2024 from Php53,772 million in 2023, primarily due to higher level of settlement of accounts payable, accrued expenses and other current liabilities, higher prepayments and lower level of collection of accounts receivables, partially offset by higher operating income. Cash flows provided by operating activities of our Other business segment amounted to Php3,299 million in 2024 as against cash flows used in operating activities of Php133 million in 2023, primarily due to higher level of collection of receivables and lower level of settlement of accounts payable.

Cash flows provided by operating activities of our Wireless business segment increased by Php27,426 million, or
69%, to Php66,959 million in 2023 from Php39,533 million in 2022, primarily due to lower prepayments, lower level of settlement of accrued expenses and other current liabilities, and lower income taxes paid, partially offset by higher settlement of accounts payable and lower operating income. Cash flows provided by operating activities of our Fixed Line business segment decreased by Php7,039 million, or 12%, to Php53,772 million in 2023 from Php60,811 million in 2022, primarily due to higher level of settlement of accrued expenses and other current liabilities, and higher prepayments, partially offset by higher operating income, lower level of settlement of accounts payable, higher level of collection of accounts receivable, and lower payment of pension and other employee benefits. Cash flows used in operating activities of our Other business segment amounted to Php133 million in 2023 as against cash flows provided by operating activities of Php2,787 million in 2022, primarily due to lower level of collection of receivables and higher level of settlement of accounts payable.

Investing Activities

Consolidated net cash flows used in investing activities amounted to Php65,704 million in 2024, an increase of Php10,586 million, or 19%, from Php55,118 million in 2023, primarily due to the combined effects of the following: (1) lower proceeds from disposal of property and equipment by Php19,144 million, mainly lower proceeds from the sale and leaseback of telecom towers; (2) higher payment for acquisition of investments in associates and joint ventures by Php2,134 million, mainly PLDT's respective investments in Radius and Kayana and PCEV's additional investment in MIH; (3) lower payment for purchase of property and equipment, including capitalized interest, by Php10,178 million; and (4) proceeds from redemption of investment in debt securities on Php200 million in 2024.

Consolidated net cash flows used in investing activities amounted to Php55,118 million in 2023, an increase of Php22,112 million, or 67%, from Php33,006 million in 2022, primarily due to the combined effects of the following: (1) lower proceeds from disposal of property and equipment by Php36,862 million, mainly lower proceeds from the sale and leaseback of telecom towers; (2) net payment for purchase of short-term investments of Php9 million in 2023 as against net proceeds from maturity of short-term investments of Php2,332 million in 2022; and (3) lower payment for acquisition of investments in associates and joint ventures by Php1,878 million, mainly PCEV’s additional investment in MIH’s preferred shares; and (4) lower payment for purchase of property and equipment, including capitalized interest, by Php17,116 million.

Our consolidated payment for purchase of property and equipment, including capitalized interest, in 2024 totaled Php68,257 million, a decrease of Php10,178 million, or 13%, as compared with Php78,435 million in 2023. Smart’s payment for purchase of property and equipment, including capitalized interest, decreased by Php4,717 million, or 11%, to Php37,366 million in 2024 from Php42,083 million in 2023. PLDT’s payment for purchase of property and equipment, including capitalized interest, decreased by Php4,727 million, or 14%, to Php28,089 million in 2024 from Php32,816 million in 2023. The balance represents other subsidiaries’ capital spending.

Our consolidated payment for purchase of property and equipment, including capitalized interest, in 2023 totaled Php78,435 million, a decrease of Php17,116 million, or 18%, as compared with Php95,551 million in 2022. Smart’s payment for purchase of

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property and equipment, including capitalized interest, decreased by Php3,815 million, or 8%, to Php42,083 million in 2023 from Php45,898 million in 2022. PLDT’s payment for purchase of property and equipment, including capitalized interest, decreased by Php13,576 million, or 29%, to Php32,816 million in 2023 from Php46,392 million in 2022. The balance represents other subsidiaries’ capital spending.

As part of our growth strategy, we may from time to time, continue to make acquisitions and investments in companies or businesses.

Financing Activities

On a consolidated basis, cash flows used in financing activities amounted to Php22,331 million in 2024, a decrease of Php17,087 million, or 43%, from Php39,418 million in 2023, primarily due to the combined effects of the following: (1) lower payment of long-term debt by Php10,552 million; (2) payment of short-term debt of Php10,000 million in 2023; (3) lower cash dividends paid by Php2,578 million; (4) collection from derivative financial instruments of Php704 million in 2024 as against settlement of Php607 million in 2023; (5) payment for redemption of perpetual notes of Php4,200 million in 2024; (6) higher settlement of obligations under lease liabilities by Php1,372 million; (7) higher interest paid by Php1,025 million; and (8) lower proceeds from availment of long-term debt by Php1,000 million.

On a consolidated basis, cash flows used in financing activities amounted to Php39,418 million in 2023, a decrease of Php2,886 million, or 7%, from Php42,304 million in 2022, primarily due to the combined effects of the following: (1) higher proceeds from availment of long-term debt by Php33,000 million; (2) lower cash dividends paid by Php1,907 million; (3) higher interest paid by Php702 million; (4) higher settlement of obligations under lease liabilities by Php2,376 million; (5) proceeds from the release of preferred shares redemption fund of Php7,839 million in 2022; and (6) payment of short-term debt of Php10,000 million in 2023 as against net proceeds from availment of short-term debt of Php10,000 million in 2022.

See Note 27 – Financial Assets and Liabilities – Financial Risk Management Objectives and Policies to the accompanying consolidated financial statements in Item 18. “Financial Statements” for a detailed discussion on our treasury policies and objectives in terms of the manner in which treasury activities are controlled.

Debt Financing

Proceeds from availment of long-term debt for the year ended December 31, 2024 amounted to Php37,000 million mainly from PLDT, Smart and ePLDT’s drawings related to financing of capital expenditure requirements. Payments of principal on long-term debt amounted to Php12,059 million, while payments of interest on our total debt amounted to Php10,679 million for the year ended December 31, 2024.

Proceeds from availment of long-term debt for the year ended December 31, 2023 amounted to Php38,000 million mainly from PLDT, Smart and ePLDT’s drawings related to financing of capital expenditure requirements. Payments of principal on long-term and short-term debts amounted to Php22,611 million and Php10,000 million, respectively, while payments of interest on our total debt amounted to Php9,596 million for the year ended December 31, 2023.

Our consolidated long-term and short-term debts increased by Php26,788 million, or 11%, to Php281,586 million as at December 31, 2024 from Php254,798 million as at December 31, 2023 primarily due to drawings from our long-term facilities and the revaluation of foreign currency-denominated debt, partially offset by debt amortizations. As at December 31, 2024, PLDT’s long-term and short-term debt level increased by Php14,630 million, or 9%, to Php170,502 million from Php155,872 million as at December 31, 2023, Smart’s long-term and short-term debt level increased by Php9,531 million, or 10%, to Php103,493 million from Php93,962 million as at December 31, 2023, and ePLDT's long-term debt level increased by Php2,627 million, or 53%, to Php7,591 million from Php4,964 million as at December 31, 2023.

Our consolidated long-term and short-term debts increased by Php5,218 million, or 2%, to Php254,798 million as at December 31, 2023 from Php249,580 million as at December 31, 2022 primarily due to drawings from our long-term facilities, partially offset by debt amortizations and the revaluation of foreign currency-denominated debt. As at December 31, 2023, PLDT’s long-term and short-term debt level decreased by Php944 million, or 1%, to Php155,872 million from Php156,816 million as at December 31, 2022, Smart’s long-term and short-term debt level increased by Php1,198 million, or 1%, to Php93,962 million from Php92,764 million as at December 31, 2022, and ePLDT's long-term debt level at Php4,964 million.

See Note 20 – Interest-bearing Financial Liabilities – Long-term Debt to the accompanying audited consolidated financial statements in Item 18. “Financial Statements” for a more detailed discussion of our long-term and short-term debts.

Equity Financing

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The PLDT Board of Directors approved the amendment of our dividend policy on August 2, 2016, reducing our dividend payout rate to 60% of our core earnings per share as regular dividends. This was in view of our elevated capital expenditures to build-out a robust, superior network to support the continued growth of data traffic, plans to invest in new adjacent businesses that will complement the current business and provide future sources of profits and dividends, and management of our cash and gearing levels. We began basing our dividend payout on telco core income in 2019. In declaring dividends, we take into consideration the interest of our shareholders, as well as our working capital, capital expenditures and debt servicing requirements. The retention of earnings may be necessary to meet the funding requirements of our business expansion and development programs. Depending on business funding requirements and investment opportunities, we may consider the option of returning additional cash to our shareholders in the form of special dividends of up to the balance of our core earnings or to undertake share buybacks. We were able to pay out approximately 100% of our core earnings for seven consecutive years from 2007 to 2013, approximately 90% of our core earnings for 2014, 75% of our core earnings for 2015, 60% of our core earnings from 2016 to 2018, and 60% of our telco core income from 2019 to 2024. In addition, we paid special dividends of 28% of our telco core earnings in 2022, bringing the total payout ratio to 88% for that year. The accumulated equity in the net earnings of our subsidiaries, which form part of our retained earnings, are not available for distribution unless realized in the form of dividends from such subsidiaries. Dividends are generally paid in Philippine pesos. In the case of shareholders residing outside the Philippines, PLDT’s transfer agent in Manila, Philippines, as the dividend-disbursing agent, converts the Philippine peso dividends into U.S. dollars at the prevailing exchange rate and remits the dollar dividends abroad, net of any applicable withholding tax and fees, in the case of the ADS.

Our subsidiaries pay dividends subject to the requirements of applicable laws and regulations and availability of unrestricted retained earnings, without any restriction imposed by the terms of contractual agreements. Notwithstanding the foregoing, the subsidiaries of PLDT may, at any time, declare and pay such dividends depending upon the results of operations and future projects and plans, the respective subsidiary’s earnings, cash flow, financial condition, capital investment requirements and other factors.

Consolidated cash dividend payments paid to shareholders amounted to Php20,750 million, Php23,328 million, and
Php25,235 million as at December 31, 2024, 2023 and 2022, respectively.

The following table shows the dividends declared to common and preferred shareholders for the years ended December 31, 2024 and 2023:

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|  | Date |  | Amount |
Earnings |  | Approved(1) |  | Record |  | Payable |  | Per share |  |  | Total Declared |
|  |  |  |  |  |  |  | (amounts in million Php, except per share amount) |
2024 |  |  |  |  |  |  |  |  |
Common Stock |  |  |  |  |  |  |  |  |  |  |  |
Regular Dividend |  | March 7, 2024 |  | March 21, 2024 |  | April 5, 2024 |  |  | 46 |  |  |  | 9,938 |
|  | August 13, 2024 |  | August 27, 2024 |  | September 11, 2024 |  |  | 50 |  |  |  | 10,803 |
Preferred |  |  |  |  |  |  |  |  |  |  |  |
Series IV Cumulative Non-convertible Redeemable Preferred Stock(1) |  | January 30, 2024 |  | February 14, 2024 |  | March 15, 2024 |  |  | — |  |  |  | 12 |
|  | May 9, 2024 |  | May 24, 2024 |  | June 15, 2024 |  |  | — |  |  |  | 13 |
|  | August 13, 2024 |  | August 28, 2024 |  | September 15, 2024 |  |  | — |  |  |  | 12 |
|  | November 12, 2024 |  | November 28, 2024 |  | December 15, 2024 |  |  | — |  |  |  | 12 |
Voting Preferred Stock |  | March 21, 2024 |  | April 5, 2024 |  | April 15, 2024 |  |  | — |  |  |  | 2 |
|  | June 11, 2024 |  | June 28, 2024 |  | July 15, 2024 |  |  | — |  |  |  | 3 |
|  | August 13, 2024 |  | September 16, 2024 |  | October 15, 2024 |  |  | — |  |  |  | 2 |
|  | December 3, 2024 |  | December 17, 2024 |  | January 15, 2025 |  |  | — |  |  |  | 3 |
Charged to Retained Earnings |  |  |  |  |  |  |  |  |  |  |  | 20,800 |
2023 |  |  |  |  |  |  |  |  |
Common Stock |  |  |  |  |  |  |  |  |  |  |  |
Regular Dividend |  | March 23, 2023 |  | April 11, 2023 |  | April 24, 2023 |  |  | 45 |  |  |  | 9,722 |
|  | August 3, 2023 |  | August 17, 2023 |  | September 4, 2023 |  |  | 49 |  |  |  | 10,587 |
|  | March 23, 2023 |  | April 11, 2023 |  | April 24, 2023 |  |  | 14 |  |  |  | 3,025 |
Preferred |  |  |  |  |  |  |  |  |  |  |  |
Series IV Cumulative Non-convertible Redeemable Preferred Stock(1) |  | January 31, 2023 |  | February 27, 2023 |  | March 15, 2023 |  |  | — |  |  |  | 12 |
|  | May 4, 2023 |  | May 19, 2023 |  | June 15, 2023 |  |  | — |  |  |  | 12 |
|  | August 3, 2023 |  | August 19, 2023 |  | September 15, 2023 |  |  | — |  |  |  | 13 |
|  | November 7, 2023 |  | November 22, 2023 |  | December 15, 2023 |  |  | — |  |  |  | 12 |
Voting Preferred Stock |  | March 2, 2023 |  | March 17, 2023 |  | April 15, 2023 |  |  | — |  |  |  | 3 |
|  | June 13, 2023 |  | June 28, 2023 |  | July 15, 2023 |  |  | — |  |  |  | 3 |
|  | August 29, 2023 |  | September 13, 2023 |  | October 15, 2023 |  |  | — |  |  |  | 2 |
|  | December 5, 2023 |  | December 22, 2023 |  | January 15, 2024 |  |  | — |  |  |  | 2 |
Charged to Retained Earnings |  |  |  |  |  |  |  |  |  |  |  | 23,393 |

(1)
Dividends were declared based on total amount paid up.

Our dividends declared after December 31, 2024 are detailed as follows:

|  | Date |  | Amount |
Class |  | Approved |  | Record |  | Payable |  | Per Share |  |  | Total |
|  |  |  |  |  |  |  | (in million Php, except per share amount) |
Common |  |  |  |  |  |  |  |  |  |  |  |
Regular Dividend |  | February 27, 2025 |  | March 13, 2025 |  | April 3, 2025 |  | 47 |  |  |  | 10,155 |
Preferred |  |  |  |  |  |  |  |  |  |  |  |
Series IV Cumulative Non-convertible Redeemable Preferred Stock(1) |  | January 28, 2025 |  | February 11, 2025 |  | March 15, 2025 |  |  | — |  |  |  | 12 |
Charged to Retained Earnings |  |  |  |  |  |  |  |  |  |  |  | 10,167 |

(1)
Dividends were declared based on total amount paid up.

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Credit Ratings

None of our existing indebtedness contains provisions under which credit rating downgrades would trigger a default, changes in applicable interest rates or other similar terms and conditions.

As at February 26, 2025, PLDT maintained its investment grade credit ratings as follows:

Rating Agency |  | Credit Rating
Moody’s Investor Service, or Moody’s |  | Baa2 with stable outlook (issued on May 26, 2023)
S&P Global (formerly Standard & Poor’s Ratings Services) |  | BBB with stable outlook (issued on November 22, 2023)

On January 6, 2014, CRISP rated PLDT’s inaugural peso retail bonds as “AAA with stable outlook”, the highest on the scale. CRISP cited PLDT’s market leadership, strong historical financial performance and excellent management and governance as key considerations for providing their rating. The credit rating agreement with CRISP has ended in 2024 with the full redemption of PLDT's retail peso bonds.

Contractual Obligations and Commercial Commitments

Various Trade and Other Obligations

PLDT Group has various obligations to suppliers for the acquisition of phone and network equipment, contractors for services rendered on various projects, foreign administrations and domestic carriers for the access charges, shareholders for unpaid dividends distributions, employees for benefits and other related obligations, and various business and operational related agreements. Total obligations under these various agreements amounted to approximately Php133,811 million and Php151,062 million as at December 31, 2024 and 2023, respectively. See Note 22 – Accounts Payable and Note 23 – Accrued Expenses and Other Current Liabilities to the accompanying audited consolidated financial statements in Item 18. “Financial Statements”.

For a detailed discussion of our consolidated contractual undiscounted obligations as at December 31, 2024, see Note 27 – Financial Assets and Liabilities to the accompanying audited consolidated financial statements in Item 18. “Financial Statements”.

Commercial Commitments

Major Network Vendors

Since the last quarter of 2022, we have engaged in discussions with major network vendors regarding the status of the PLDT Group’s capital expenditure commitments and related outstanding balances. These discussions resulted in a number of Settlement and Mutual Release Agreements, or SMRAs, signed between us and the vendors, taking into consideration our program priorities and current business requirements. The significant commitment in respect of major network vendors amounted to about Php33,000 million, net of advances, as a result of the signing of the SMRAs in March 2023. As at December 31, 2024, such commitment was reduced to Php4,200 million, net of advances and deliveries.

Moreover, new purchase orders relating to the same major network vendors issued in 2023 and 2024 amounted to
Php11,700 million, net of advances and deliveries.

Other Capital Expenditure Vendors

Commitments related to non-major capital expenditure vendors amounted to Php11,200 million, net of advances and deliveries as of December 31, 2024.

We have no outstanding commercial commitments, in the form of letters of credit, as at December 31, 2024 and 2023.

Item 5E. Critical Accounting Estimates

The preparation of our consolidated financial statements in conformity with IFRS Accounting Standards requires us to make judgments, estimates and assumptions that affect the reported amounts of our revenues, expenses, assets and liabilities and disclosure of contingent liabilities at the end of each reporting period. The uncertainties inherent in these assumptions and estimates could result in outcomes that could require a material adjustment to the carrying amount of the assets or liabilities affected in the future year.

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Judgments and estimates are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Judgments, key assumptions concerning the future, and other key sources of estimation uncertainty at the end of the reporting period, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period are consistent with those applied in the most recent annual financial statements. Selected critical judgments and estimates applied in the preparation of the consolidated financial statements are discussed below:

Judgments

In the process of applying our accounting policies, management has made judgments, apart from those involving estimations which have the most significant effect on the amounts recognized in our consolidated financial statements.

Revenue Recognition

Identifying performance obligations

We identify performance obligations by considering whether the promised goods or services in the contract are distinct goods or services. A good or service is distinct when the customer can benefit from the good or service on its own or together with other resources that are readily available to the customer and our promise to transfer the good or service to the customer is separately identifiable from the other promises in the contract.

Revenues earned from multiple-deliverable arrangements offered by our fixed line and wireless businesses are split into separately identifiable performance obligations based on their relative stand-alone selling price in order to reflect the substance of the transaction. The transaction price represents the best evidence of stand-alone selling price for the services we offer since this is the observable price we charge if our services are sold separately. We account for customer contracts in accordance with IFRS 15 and have concluded that the service (telecommunication service) and non-service components (handset or equipment) may be accounted for as separate performance obligations. The handset or equipment is delivered first, followed by the telecommunication service (which is provided over the contract/lock-in period of generally three years for fixed line and two years for wireless). Revenue attributable to the separate performance obligations are based on the allocation of the transaction price relative to the stand-alone selling price.

Installation fees for voice and data services that are not custom-built for the subscribers are considered as a single performance obligation together with monthly service fees, recognized over the estimated average customer relationship period since the subscriber cannot benefit from the installation services on its own or together with other resources that are readily available to the subscriber. On the other hand, installation fees of data services that are custom-built for the subscribers are considered as a separate performance obligation and is recognized upon completion of the installation services. Activation fees for both voice and data services are also considered as a single performance obligation together with monthly service fees, recognized over the estimated average customer relationship period.

Principal versus agent consideration

We enter into contracts with our customers involving multiple deliverable arrangements. We determined that we control the goods before they are transferred to customers, and we have the ability to direct the use of the inventory. The following factors indicate that we control the goods before they are being transferred to customers:

•
We are primarily responsible for fulfilling the promise to provide the specified equipment;
•
We bear inventory risk on our inventory before it has been transferred to the customer; and
•
We have discretion in establishing the prices for the other party’s goods or services and, therefore, the benefit that we can receive from those goods or services is not limited. It is incumbent upon us to establish the price of our services to be offered to our subscribers.

Based on the foregoing, we are considered the principal in our contracts with other service providers except for certain VAS arrangements. We have the primary obligation to provide the services to the subscriber.

Timing of revenue recognition

We recognize revenues from contracts with customers over time or at a point in time depending on our evaluation of when the customer obtains control of the promised goods or services and based on the extent of progress towards completion of the performance obligation. For the telecommunication service which is provided over the contract period of two or more years,

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revenue is recognized monthly as we provide the service because control is transferred over time. For the device, which is sold at the inception of the contract, revenue is recognized at the time of delivery because control is transferred at a point in time.

Identifying methods for measuring progress of revenue recognized over time

We determine the appropriate method of measuring progress which is either through the use of input or output methods. Input method recognizes revenue on the basis of the entity’s efforts or inputs to the satisfaction of a performance obligation while output method recognizes revenue on the basis of direct measurements of the value to the customer of the goods or services transferred to date.

Revenue from telecommunication services is recognized through the use of input method wherein recognition is over time based on the customer subscription period since the customer simultaneously receives and consumes the benefits as the seller renders the services.

Significant financing component

We concluded that the handset component included in contracts with customers has a significant financing component considering the period between the time of the transfer of control over the handset and the customer’s payment of the price of the handset, which is more than one year.

In determining the interest to be applied to the amount of consideration, we concluded that the interest rate is the market interest rate adjusted with credit spread to reflect the customer credit risk that is commensurate with the rate that would be reflected in a separate financing transaction between us and our customer at contract inception.

Estimation of stand-alone selling price

We assessed that the service and non-service components represent separate performance obligations and thus, the amount of revenues should be recognized based on the allocation of the transaction price to the different performance obligations based on their stand-alone selling prices. The stand-alone selling price is the price at which we sell the good or service separately to a customer. However, if goods or services are not currently offered separately, we use the adjusted market or cost-plus margin method to determine the stand-alone selling price to be used in the revenue allocation.

In terms of allocation of transaction price between performance obligations, we assessed that allocating the transaction price using the stand-alone selling prices of the services and handset will result in more revenue allocated to non-service component. The stand-alone selling price is based on the price in which we regularly sell the non-service and service component in a separate transaction.

Financial Instruments

Evaluation of business models in managing financial instruments

We determine our business model at the level that best reflects how we manage groups of financial assets to achieve our business objective. Our business model is not assessed on an instrument-by-instrument basis, but a higher level of aggregated portfolios and is based on observable factors such as:

a)
How the performance of the business model and the financial assets held within that business model are evaluated and reported to the entity’s key management personnel;
b)
The risks that affect the performance of the business model (and the financial assets held within that business model) and, in particular, the way those risks are managed; and
c)
The expected frequency, value and timing of sales are also important aspects of our assessment.

The business model assessment is based on reasonably expected scenarios without taking ‘worst case’ or ‘stress case’ scenarios into account. If cash flows after initial recognition are realized in a way that is different from our original expectations, we do not change the classification of the remaining financial assets held in that business model, but incorporates such information when assessing newly originated or newly purchased financial assets going forward.

We have determined that for cash and cash equivalents, short-term investments, investment in debt securities and other long-term investments, and trade and other receivables, the business model is to collect the contractual cash flows until maturity.

IFRS 9, however, emphasizes that if more than an infrequent number of sales are made out of a portfolio and those sales are more than insignificant in value, of financial assets carried at amortized cost, we should assess whether and how such sales are consistent with the objective of collecting contractual cash flows.

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Definition of default and credit-impaired financial assets

We define a financial instrument as in default, which is fully aligned with the definition of credit-impaired, when it meets one or more of the following criteria:

•
Quantitative criteria

For trade receivables and all other financial assets subject to impairment, default occurs when the receivable becomes 90 days past due, except for trade receivables from corporate subscribers, which are determined to be in default when the receivables become 120 days past due.

•
Qualitative criteria

The counterparty meets unlikeliness to pay criteria, which indicates the counterparty is in significant financial difficulty. These are instances where:

a)
The counterparty is experiencing financial difficulty or is insolvent;
b)
The counterparty is in breach of financial covenant(s);
c)
An active market for that financial assets has disappeared because of financial difficulties;
d)
Concessions have been granted by us, for economic or contractual reasons relating to the counterparty’s financial difficulty;
e)
It is becoming probable that the counterparty will enter bankruptcy or other financial reorganization; and
f)
Financial assets are purchased or originated at a deep discount that reflects the incurred credit losses.

The criteria above have been applied to all financial instruments, except FVPL, held by us and are consistent with the definition of default used for internal credit risk management purposes. The default definition has been applied consistently to the ECL models throughout our expected loss calculation.

Significant increase in credit risk

At each reporting date, we assess whether there has been a significant increase in credit risk for financial assets since initial recognition by comparing the risk of default occurring over the expected life between the reporting date and the date of initial recognition. We consider reasonable and supportable information that is relevant and available without undue cost or effort for this purpose. This includes quantitative and qualitative information and forward-looking analysis.

An exposure will migrate through the ECL stages as asset quality deteriorates. If, in a subsequent period, asset quality improves and also reverses any previously assessed significant increase in credit risk since origination, then the loss allowance measurement reverts from lifetime ECL to 12-month ECL.

Using our judgment and, where possible, relevant historical experience, we may determine that an exposure has undergone a significant increase in credit risk based on particular qualitative indicators that we consider are indicative of such and whose effect may not otherwise be fully reflected in its quantitative analysis on a timely basis.

As a backstop, we consider that a significant increase in credit risk occurs no later than when an asset is more than 30 days past due. Days past due are determined by counting the number of days since the earliest elapsed due date in respect of which full payment has not been received. Due dates are determined without considering any grace period that might be available to the counterparty.

Exposures that have not deteriorated significantly since origination, or where the deterioration remains within our investment grade criteria, or which are less than 30 days past due, are considered to have a low credit risk. The provision for credit losses for these financial assets is based on a 12-month ECL. The low credit risk exemption has been applied on debt investments that meet the investment grade criteria of the PLDT Group.

Determination of functional currency

The functional currencies of the entities under the PLDT Group are the currency of the primary economic environment in which each entity operates. It is the currency that mainly influences the revenue from and cost of rendering products and services.

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The presentation currency of the PLDT Group is the Philippine Peso. Based on the economic substance of the underlying circumstances relevant to the PLDT Group, the functional currency of all entities under the PLDT Group is the Philippine Peso, except for PLDT Global and certain of its subsidiaries, and PGNL and certain of its subsidiaries which use the U.S. Dollar.

Determining the lease term of contracts with renewal and termination options – Company as a Lessee

Upon adoption of IFRS 16, we applied a single recognition and measurement approach for all leases, except for short-term leases and leases of ‘low-value’ assets. See Section Leases for the accounting policy.

We determine the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised.

We, as the lessee, have the option, under some of our lease agreements to lease the assets for additional terms. We apply judgment in evaluating whether it is reasonably certain to exercise the option to renew. That is, we consider all relevant factors that create an economic incentive for us to exercise the renewal. After the commencement date, we reassess the lease term if there is a significant event or change in circumstances that is within our control and affects our ability to exercise or not to exercise the option to renew or to terminate (e.g., a change in business strategy).

We included the renewal period as part of the lease term for leases such as poles and leased circuits due to the significance of these assets to our operations. These leases have a non-cancellable period (i.e., one to 30 years) and there will be a significant negative effect on our provision of services if a replacement is not readily available. Furthermore, the periods covered by termination options are included as part of these lease term only when they are reasonably certain not to be exercised.

See Note 10 – Leases for information on potential future payments relating to periods following the exercise date of extension and termination options that are not included in the lease term.

Total depreciation of ROU assets from continuing operations in our consolidated income statements amounted to
Php7,315 million, Php6,898 million and Php5,661 million for the years ended December 31, 2024, 2023 and 2022, respectively, while that from discontinued operations amounted to nil, Php19 million and Php55 million for the years ended December 31, 2024, 2023 and 2022, respectively. Total lease liabilities amounted to Php54,038 million and Php47,546 million as at December 31, 2024 and 2023, respectively. See Note 2 - Summary of Material Accounting Policies - Discontinued Operations, Note 10 – Leases and Note 27 – Financial Assets and Liabilities to the accompanying audited consolidated financial statements in Item 18. “Financial Statements”.

Sale and Leaseback of Telecom Towers

The accounting for sale and leaseback transaction depends on whether the transfer of the asset qualifies as a sale. We applied judgment to determine whether the transfer of asset is accounted for as a sale based on the requirements for determining when a performance obligation is satisfied in IFRS 15. We also applied estimates and judgment in determining many aspects, among others, the passive telecom assets and land lease as unit of accounts, the fair value of the towers sold, the measurement of the ROU assets retained by us and determining an appropriate discount rate to calculate the present value of the minimum lease payments.

Assets classified as held-for-sale

The criteria for held-for-sale classification is regarded as met only when the sale is highly probable, and the asset is available for immediate sale in its present condition. Actions required to complete the sale should indicate that it is unlikely that significant changes to the sale will be made or that the decision to sell will be withdrawn.

Smart and DMPI entered into sale and purchase agreements with certain tower companies in connection with the sale of telecom towers and related passive telecom infrastructure. The closing of the agreements will be on a staggered basis depending on the satisfaction of closing conditions based on the number of towers transferred and is expected to be completed within the year. With this agreement, we believe that certain conditions were met that qualified the related assets to be reclassified as held-for-sale.

See related discussion in Note 9 – Property and Equipment and Note 10 – Leases to the accompanying audited consolidated financial statements in Item 18. “Financial Statements”.

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Accounting for investments in MediaQuest Holdings, Inc., or MediaQuest, through Philippine Depositary Receipts, or PDRs

ePLDT made various investments in PDRs issued by MediaQuest in relation to its direct interest in Satventures, Inc., or Satventures, and indirect interest in Cignal TV, Inc., or Cignal TV.

Based on our judgment, at the PLDT Group level, ePLDT’s investments in PDRs gives ePLDT a significant influence over Satventures and Cignal TV as evidenced by provision of essential technical information and material transactions among PLDT, Smart, Satventures and Cignal TV, and thus are accounted for as investments in associates using the equity method.

See related discussion on Note 11 – Investments in Associates and Joint Ventures – Investments in Associates – Investment of ePLDT in MediaQuest PDRs to the accompanying audited consolidated financial statements in Item 18. “Financial Statements”.

Accounting for investment of PCEV in Maya Bank, Inc., or Maya Bank

The shareholders’ agreement of Voyager Finserve Corporation, or VFC, and Paymaya Finserve Corporation, or PFC, (collectively known as the Bank HoldCos) requires affirmative vote of at least one director nominated by both PCEV and MIH to direct the relevant activities of the Bank HoldCos. The Bank HoldCos were incorporated for the sole purpose of holding shares or equity investments in Maya Bank. Because of the contractual arrangement between the parties, the investments in the Bank HoldCos are accounted for as joint venture.

See Note 11 – Investments in Associates and Joint Ventures – Investments in Associates – Investment of PCEV in Maya Bank.

Assessment of loss of control over PG1 to the accompanying audited consolidated financial statements in Item 18. “Financial Statements”.

Assessment of loss of control over PG1 and Kayana

PLDT assesses the consequences of changes in the ownership interest in a subsidiary that may result in a loss of control as well as the consequence of losing control of a subsidiary during the reporting period. Whether or not PLDT retains control over the subsidiary depends on an evaluation of a number of factors that indicate if there are changes to one or more of the three elements of control. When PLDT has less than majority of the voting rights or similar rights to an investee, the Company considers all relevant facts and circumstances in assessing whether it has power over an investee, including, among others, representation on its board of directors, voting rights, and other rights of other investors, including their participation in significant decisions made in the ordinary course of business.

PG1

As a result of the acquired equity interest of Philex Mining Corporation, MPIC, and Roxas Holdings, Inc. in PG1, PLDT’s ownership interest was diluted to 47.6%. In addition, PG1 appointed a new director bringing the total number of PG1 directors to nine. PLDT retained four out of nine total board seats. Consequently, as at February 28, 2022, PLDT lost its control over PG1 and accounted for its remaining interest as investment in associate. See Note 11 – Investments in Associates and Joint Ventures –

Investments in Associates – Investment of PLDT in PG1 to the accompanying audited consolidated financial statements in Item 18. “Financial Statements”.

As at December 31, 2024 and 2023, PLDT holds 47.6% interest over PG1.

Kayana

The September 30, 2024 subscription agreement resulted in PLDT's owning 45% interest and MPIC and Meralco ownership at 27.5 % each. Consequently, as at December 31, 2024, PLDT lost its control over Kayana and accounted for its remaining interest as an investment in associate.

Accounting for investments in Vega Telecom Inc., or VTI, Bow Arken Holdings Company, or Bow Arken, and Brightshare Holdings, Inc., or Brightshare

PLDT acquired a 50% equity interest in each of VTI, Bow Arken and Brightshare on May 30, 2016. See related discussion on Note 11 – Investments in Associates and Joint Ventures – Investments in Joint Ventures – Investments of PLDT in VTI, Bow Arken and Brightshare to the accompanying audited consolidated financial statements in Item 18. “Financial Statements”. Based on the Memorandum of Agreement, PLDT and Globe Telecom, Inc., or Globe, each has the right to appoint half the members of the Board of Directors of each of VTI, Bow Arken and Brightshare, as well as the (i) co-Chairman of the Board; (ii) co-Chief Executive Officer and President; and (iii) co-Controller where any matter requiring their approval shall be deemed passed or approved if the consents of both co-officers holding the same position are obtained. All decisions of each Board of Directors may only be approved if at least one director nominated by each of PLDT and Globe votes in favor of it.

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Based on these rights, PLDT and Globe have joint control over VTI, Bow Arken and Brightshare, which is defined in
IFRS 11, Joint Arrangements, as a contractually agreed sharing of control of an arrangement and exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. Consequently, PLDT and Globe classified the joint arrangement as a joint venture in accordance with IFRS 11 given that PLDT and Globe each has the right to 50% of the net assets of VTI, Bow Arken and Brightshare and their respective subsidiaries.

Accordingly, PLDT accounted for the investment in VTI, Bow Arken and Brightshare using the equity method of accounting in accordance with IAS 28. Under the equity method of accounting, the investment is initially recognized at cost and adjusted thereafter for the post-acquisition change in the investor’s share of the investee’s net assets. See Note 11 – Investments in Associates and Joint Ventures – Investment in Joint Ventures – Investments of PLDT in VTI, Bow Arken and Brightshare to the accompanying audited consolidated financial statements in Item 18. “Financial Statements”.

Material partly-owned subsidiaries

Our consolidated financial statements include additional information about subsidiaries that have non-controlling interest, or NCI, that are material to us, see Note 6 – Components of Other Comprehensive Loss to the accompanying audited consolidated financial statements in Item 18. “Financial Statements”. We determined material partly-owned subsidiaries as those with balance of NCI greater than 5% of the total equity as at December 31, 2024 and 2023.

Material associates and joint ventures

Our consolidated financial statements include additional information about associates and joint ventures that are material to us. See Note 11 – Investments in Associates and Joint Ventures to the accompanying audited consolidated financial statements in Item 18. “Financial Statements”. We determined material associates and joint ventures are those investees where our carrying amount of investments is greater than 5% of the total investments in associates and joint ventures as at December 31, 2024 and 2023.

Determining Taxable Profit, Tax Bases, Unused Tax Losses, Unused Tax Credits and Tax Rates

We assess whether we have any uncertain tax position and applies significant judgment in identifying uncertainties over our income tax treatments. We determined based on our assessment that it is probable that our income tax treatments (including those for the subsidiaries) will be accepted by the taxation authorities.

Estimates and Assumptions

The key estimates and assumptions concerning the future and other key sources of estimation uncertainty at the end of the reporting period that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities recognized in our consolidated financial statements within the next financial year are discussed below. We based our estimates and assumptions on parameters available when our consolidated financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising beyond our control. Such changes are reflected in the assumptions when they occur.

Subscriber contract costs

Subscriber contract costs are costs to obtain (i.e., commissions) and costs to fulfill (i.e., installation and CPE costs) in relation to the services we provide to our subscribers. We assessed that these subscriber contract costs are incremental in obtaining and fulfilling our performance obligations. Accordingly, we capitalized subscriber contract costs and amortized as expense over the average customer relationship period.

We apply judgment to estimate the amortization period of subscriber contract costs. As part of our annual evaluation of the average customer relationship period, our reassessment in 2023 resulted to a shorter amortization period with a range of 3-6 years for certain types of subscriber contracts brought by the effect of Corona Virus Disease, or COVID-19 Pandemic given the dynamic nature of subscriber behavior and market condition..

As at December 31, 2024, the estimated useful lives of the subscriber contract costs to fulfill would range from six to seven years.

The change in the amortization period reflects the expected timing of transfer of the services to our subscribers. This was accounted for prospectively as a change in accounting estimate, thereby resulting in additional charges to profit or loss amounting to Php13,924 million for the full year 2023. Further details on subscriber contract costs are disclosed in Note 18 – Prepayments

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and Other Non-Financial Assets to the accompanying audited consolidated financial statements in Item 18. “Financial Statements”.

Leases – Estimating the incremental borrowing rate, or IBR

In calculating the present value of lease payments, we use the IBR at the lease commencement date if the interest rate implicit in the lease is not readily determinable. IBR is the rate of interest that a lessee would have to pay to borrow over a similar term, similar security, the funds necessary to obtain an asset of a similar value to the ROU asset in a similar economic environment.

We use benchmark rates from partner banks based on the tenor of our loan borrowings plus a spread adjustment based on our credit worthiness.

Our lease liabilities amounted to Php54,038 million and Php47,546 million as at December 31, 2024 and 2023, respectively. See Note 10 – Leases to the accompanying audited consolidated financial statements in Item 18.

Impairment of non-financial assets

IAS 36 requires that an impairment review be performed when certain impairment indicators are present. In the case of goodwill and intangible assets with indefinite useful life, at a minimum, such assets are subject to an impairment test annually and whenever there is an indication that such assets may be impaired. This requires an estimation of the VIU of the CGUs to which these assets are allocated. The VIU calculation requires us to make an estimate of the expected future cash flows from the CGU and to choose a suitable discount rate in order to calculate the present value of those cash flows. See Note 14 – Goodwill and Intangible Assets – Impairment Testing of Goodwill to the accompanying audited consolidated financial statements in Item 18. “Financial Statements” for the key assumptions used to determine the VIU of the relevant CGUs.

Determining the recoverable amount of property and equipment, ROU assets, investments in associates and joint ventures, goodwill and intangible assets, prepayments and other noncurrent assets, requires us to make estimates and assumptions in the determination of future cash flows expected to be generated from the continued use and ultimate disposition of such assets. Future events could cause us to conclude that property and equipment, ROU assets, investments in associates and joint ventures, intangible assets and other noncurrent assets associated with an acquired business are impaired. Any resulting impairment loss could have a material adverse impact on our financial position and financial performance.

The preparation of estimated future cash flows involves significant estimations and assumptions of future market conditions. While we believe that our assumptions are appropriate and reasonable, significant changes in our assumptions may materially affect our assessment of recoverable values and may lead to future impairment charges.

See Note 4 – Operating Segment Information, Note 5 – Income and Expenses – Asset Impairment, and Note 9 – Property and Equipment to the accompanying audited consolidated financial statements in Item 18. “Financial Statements”.

The carrying values of our property and equipment, ROU assets, investments in associates and joint ventures, investment properties, goodwill and intangible assets, and prepayments and other non-financial assets are separately disclosed in Note 9 – Property and Equipment, Note 10 – Leases, Note 11 – Investments in Associates and Joint Ventures, Note 13 – Investment Properties, Note 14 – Goodwill and Intangible Assets and Note 18 – Prepayments and Other Non-Financial Assets, respectively, to the accompanying audited consolidated financial statements in Item 18. “Financial Statements”.

Estimating useful lives of property and equipment

We estimate the useful lives of each item of our property and equipment based on the periods over which our assets are expected to be available for use. Our estimation of the useful lives of our property and equipment is also based on our collective assessment of industry practice, internal technical evaluation and experience with similar assets. The estimated useful lives of each asset are reviewed at least every year-end and updated if expectations differ from previous estimates due to physical wear and tear, technical or commercial obsolescence and legal or other limitations on the use of our assets. It is possible, however, that future results of operations could be materially affected by changes in our estimates brought about by changes in the factors mentioned above. The amounts and timing of recorded expenses for any period would be affected by changes in these factors and circumstances. A reduction in the estimated useful lives of our property and equipment would increase our recorded depreciation and decrease the carrying amount of our property and equipment.

Smart shortened its estimated useful lives of certain network, technology and other equipment in 2019, the most significant of which were the 2G technology-related equipment. The shutdown was part of our strategy to address increasing demand for data and data centric applications by moving to faster speed long-term evolution, or LTE, and 5G technologies. As a result, Smart recognized additional depreciation expense of Php87 million for the year ended December 31, 2022.

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Smart shortened its estimated useful lives of certain network, technology and other equipment in 2020, the most significant of which are the 3G technology-related equipment. The shutdown is the next phase of our strategy to migrate to faster speed LTE and 5G technologies. Smart also shortened the estimated useful lives of certain network equipment as a result of transformation and cost re-engineering initiatives. The management re-evaluated these 3G technology-related equipment in May 2022, and it was determined that the number of 3G devices in the market continued to decline resulting in low 3G traffic. Furthermore, the demands of the subscribers are shifting to LTE and 5G which offers faster high-speed data services. The remaining number of the 3G subscribers are negligible and will not result in further re-assessment of the estimated useful life, or EUL for the 3G technology assets. As a result, Smart recognized additional depreciation expense of Php9,421 million for the year ended December 31, 2022.

In 2022, Smart conducted an enterprise-wide network asset physical verification activity wherein certain assets have been identified, which are expected not to be utilized moving forward. As a result, Smart recognized additional depreciation expense of Php3,044 million for the year ended December 31, 2022.

In 2022, certain software and related services were upgraded as a result of IT system updates for the data link repository program of the data transformation. These replaced software and services that are expired which support various projects like e-load, rating and Online Charging System, System Application Products, value-added services and software and services related to Trident. As a result, we recognized additional depreciation expense of Php2,122 million for the year ended December 31, 2022.

In 2022, PLDT embarked on the moveout and modernization of network equipment that were located in it is Makati Offices. As a result, we recognized additional depreciation expense of Php1,844 million in 2022.

In addition, PLDT accelerated the depreciation of certain network equipment as a result of technology transformation and modernization program to continuously enable the delivery and fulfillment of more advanced, more resilient and much more intelligent network to provide best quality of customer experience and continuously meet the intensified demands on infrastructure and is expected to grow exponentially in the future. Migration of Vectored Very High-Speed Digital Subscribers, or VVDSL, to Fiber Optic facilities, upgrading and strengthening of fiber optic cables, laying out Transport Network Transformation (TNT), expansion of some key core network equipment continued in 2022, which replaced several legacy network system and equipment that resulted in PLDT recognizing additional depreciation expenses amounting to Php34,773 million in 2022.

In 2023, PLDT and Smart increased the EUL of Information Technology assets and general computers and peripherals due to technological advancement allowing extended warranty and Maintenance Agreement. Smart also increased the EUL of Self-Supporting Towers due to cost-effective structure which allows future expansion and upgrades of mounting antennas and is designed for durability and resistance to withstand the elements, hence extending the vendor's warranty. Had the affected assets been depreciated using the original EUL, the depreciation would have been higher by Php934 million for the year 2023.

In 2024, the PLDT Group further launched initiatives to continuously modernize its property and equipment to enhance operational efficiencies. On this basis, the Group reassessed the EUL of certain assets including among others, certain legacy network system replaced by Transport Network Transformation (TNT) and Core Transformation, Operations Support Systems and Optical Line and Terminal Access equipment. As a result of changes in accounting estimates, the PLDT Group recognized additional depreciation expense of Php5,686 million in the income statement for the year ended December 31, 2024.

The total depreciation and amortization of property and equipment from continuing operations amounted to Php41,224 million, Php51,543 million and Php92,970 million for the years ended December 31, 2024, 2023 and 2022, respectively, while that from discontinued operations amounted to nil, Php2 million and Php28 million for the years ended December 31, 2024, 2023 and 2022, respectively. Total carrying values of property and equipment, net of accumulated depreciation and amortization, amounted to Php318,069 million and Php287,103 million as at December 31, 2024 and 2023, respectively. See Note 2 - Summary of Material Accounting Policies - Discontinued Operations, Note 4 – Operating Segment Information and Note 9 – Property and Equipment to the accompanying audited consolidated financial statements in Item 18. “Financial Statements”.

Estimating useful lives of intangible assets with finite lives

Intangible assets with finite lives are amortized over their expected useful lives using the straight-line method of amortization. At a minimum, the amortization period and the amortization method for an intangible asset with a finite useful life are reviewed at least at each financial year-end. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are accounted for by changing the amortization period or method, as appropriate, and treated as changes in accounting estimates. The amortization expense on intangible assets with finite lives is recognized in our consolidated income statements.

The total amortization of intangible assets with finite lives amounted to Php240 million, Php221 million and Php228 million for the years ended December 31, 2024, 2023 and 2022, respectively. Total carrying values of intangible assets with finite lives amounted to Php1,303 million and Php1,174 million as at December 31, 2024 and 2023, respectively. See Note 4 – Operating

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Segment Information, Note 5 – Income and Expenses – Selling, General and Administrative Expenses and Note 14 – Goodwill and Intangible Assets to the accompanying audited consolidated financial statements in Item 18. “Financial Statements”.

Investment Properties

We carry our investment properties at fair value, with changes in fair value being recognized in the consolidated income statements. Investment properties have been determined based on appraisal performed by an independent firm of appraisers, an industry specialist in valuing these types of investment properties.

The valuation for land is based on a market approach valuation technique while the valuation for building and land improvements is based on a cost approach valuation technique using current material and labor costs for improvements based on external and independent reviewers. See Note 13 – Investment Properties to the accompanying audited consolidated financial statements in Item 18. “Financial Statements”.

Recognition of deferred income tax assets

We review the carrying amounts of deferred income tax assets at the end of each reporting period and reduce these to the extent that these are no longer probable that sufficient taxable income will be available to allow all or part of the deferred income tax assets to be utilized. Our assessment on the recognition of deferred income tax assets on deductible temporary differences is based on the level and timing of forecasted taxable income of the subsequent reporting years. This forecast is based on our past results and future expectations on revenues and expenses as well as future tax planning strategies. Based on this, management expects that we will generate sufficient taxable income to allow all or part of our deferred income tax assets to be utilized.

Based on the above assessment, our consolidated unrecognized deferred income tax assets amounted to Php803 million and Php817 million as at December 31, 2024 and 2023, respectively. Total consolidated provision for deferred income tax amounted to Php3,938 million and Php1,648 million for the years ended December 31, 2024 and 2023, respectively while total consolidated benefit from deferred income tax amounted to Php4,175 million for the year ended December 31, 2022. Total consolidated recognized net deferred income tax assets amounted to Php14,643 million and Php18,172 million as at December 31, 2024 and 2023, respectively. See Note 4 – Operating Segment Information and Note 7 – Income Taxes to the accompanying audited consolidated financial statements in Item 18. “Financial Statements”.

Estimating allowance for ECLs

a)
Measurement of ECLs

ECLs are derived from unbiased and probability-weighted estimates of expected loss, and are measured as follows:

•
Financial assets that are not credit-impaired at the reporting date: as the present value of all cash shortfalls over the expected life of the financial asset discounted by the EIR. The cash shortfall is the difference between the cash flows due to us in accordance with the contract and the cash flows that we expect to receive; and
•
Financial assets that are credit-impaired at the reporting date: as the difference between the gross carrying amount and the present value of estimated future cash flows discounted by the EIR.

We leverage existing risk management indicators (e.g. internal credit risk classification and restructuring triggers), credit risk rating changes and reasonable and supportable information which allow us to identify whether the credit risk of financial assets has significantly increased.

b)
Inputs, assumptions and estimation techniques
•
General approach for cash in bank, short-term investments, debt securities, financial assets at FVOCI and advances and other noncurrent assets

The ECL is measured on either a 12-month or lifetime basis depending on whether a significant increase in credit risk has occurred since initial recognition. We consider the probability of our counterparty to default on its obligation and the expected loss at default after considering the effects of collateral, any potential value when realized and time value of money. We consider the impact of the COVID-19 pandemic on the operations and financial standing of the counterparties during our assessment on significant increase in credit risk. Based on our assessment, there is no significant increase in credit risk and the ECL for these financial assets under a general approach is measured on a 12-month basis.

The assumptions underlying the ECL calculation are monitored and reviewed on a quarterly basis.

•
Simplified approach for trade and other receivables and contract assets

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The simplified approach does not require the tracking of changes in credit risk, but instead requires the recognition of lifetime ECL. For trade receivables and contract assets, we use the simplified approach for calculating ECL. We have considered similarities in underlying credit risk characteristics and behavior in determining the groupings of various customer segments.

We used historically observed default rates and adjusted these historical credit loss experiences with forward-looking information. At every reporting date, the historical default rates are updated and changes in the forward-looking estimates are analyzed.

There have been no significant changes in the estimation techniques used for calculating ECL on trade and other receivables and contract assets.

•
Incorporation of forward-looking information

We incorporated forward-looking information into both our assessment of whether the credit risk of an instrument has increased significantly since its initial recognition and our measurement of ECL.

To do this, management considered a range of relevant forward-looking macroeconomic assumptions and probability weights for the determination of unbiased general industry adjustments and any related specific industry adjustments that support the calculation of ECLs.

The macroeconomic factors are aligned with information used by us for other purposes such as strategic planning and budgeting.

The probability weights used in the calculation of ECLs cover a range of possible outcomes based on the current and projected economic conditions.

We have identified and documented key drivers of credit risk and credit losses of each portfolio of financial instruments and, using an analysis of historical data, has estimated relationships between macroeconomic variables and credit risk and credit losses.

Predicted relationship between the key indicators and default and loss rates on various portfolios of financial assets have been developed based on analyzing historical data over the past three to eight years. The methodologies and assumptions including any forecasts of future economic conditions are reviewed regularly.

Due to lack of reasonable and supportable information, we have not identified any uncertain event that was assessed to be relevant to the risk of default occurring, thus we are not able to estimate the impact on ECL.

Total provision for expected credit losses for trade and other receivables from continuing operations amounted to Php3,875 million, Php4,119 million and Php5,126 million for the years ended December 31, 2024, 2023 and 2022, respectively, while that from discontinued operations amounted to nil, Php4 million and Php30 million for the years ended December 31, 2024, 2023 and 2022, respectively. Trade and other receivables, net of allowance for expected credit losses, amounted to Php31,612 million and Php26,086 million as at December 31, 2024 and 2023, respectively. See Note 5 – Income and Expenses and Note 16 – Trade and Other Receivables to the accompanying audited consolidated financial statements in Item 18. “Financial Statements”.

Total impairment losses on contract assets amounted to Php181 million, Php224 million and Php227 million for the years ended December 31, 2024, 2023 and 2022, respectively. Contract assets, net of allowance for expected credit losses, amounted to Php1,886 million and Php1,918 million as at December 31, 2024 and 2023, respectively. See Note 5 – Income and Expenses – Contract Balances.

•
Grouping of instruments for losses measured on collective basis

A broad range of forward-looking information was considered as economic inputs such as the gross domestic product, or GDP, inflation rate, unemployment rates, export rates, The Group of Twenty, or G20 GDP and G20 inflation rates. For expected credit loss provisions modelled on a collective basis, grouping of exposures is performed on the basis of shared risk characteristics, such that risk exposures within a group are homogeneous. In performing this grouping, there must be sufficient information for the PLDT Group to be statistically acceptable. Where sufficient information is not available internally, then we have considered benchmarking internal/external supplementary data to use for modelling purposes. The characteristics and any supplementary data used to determine groupings are outlined below.

Trade receivables – Groupings for collective measurement

a)
Retail subscribers;
b)
Corporate subscribers;
c)
Foreign administrations and domestic carriers; and
d)
Dealers, agents and others.

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The following credit exposures are assessed individually:

•
All stage 3 assets, regardless of the class of financial assets; and
•
The cash and cash equivalents, investment in debt securities and financial assets at FVOCI, and other financial assets.

Estimating pension benefit costs and other employee benefits

The cost of defined benefit and present value of the pension obligation are determined using the projected unit credit method. An actuarial valuation includes making various assumptions which consist, among other things, discount rates, rates of compensation increases and mortality rates. Further, our accrued benefit cost is affected by the fair value of the plan assets. Key assumptions used to estimate fair value of the unlisted equity investments included in the plan assets consist of revenue growth rate, direct costs, capital expenditures, discount rates and terminal growth rates. See Note 25 – Pension and Other Employee Benefits to the accompanying audited consolidated financial statements in Item 18. “Financial Statements”. Due to complexity of valuation, the underlying assumptions and its long-term nature, a defined benefit obligation is highly sensitive to changes in assumptions. While we believe that our assumptions are reasonable and appropriate, significant differences in our actual experience or significant changes in our assumptions may materially affect our cost for pension and other retirement obligations. All assumptions are reviewed every year-end.

The net consolidated pension benefit costs from continuing operations amounted to Php1,441 million, Php1,426 million and Php1,743 million for the years ended December 31, 2024, 2023 and 2022, respectively, while that from discontinued operations amounted to nil for the years ended December 31, 2024 and 2023 and Php6 million for the year ended December 31, 2022. The prepaid benefit costs amounted to Php975 million and Php917 million as at December 31, 2024 and 2023, respectively. The accrued benefit costs amounted to Php3,548 million and Php3,541 million as at December 31, 2024 and 2023, respectively. See Note 5 – Income and Expenses – Compensation and Employee Benefits, Note 18 – Prepayments and Note 25 – Pension and Other Employee Benefits to the accompanying audited consolidated financial statements in Item 18. “Financial Statements”.

Long-term Incentive Plan, LTIP

The ECC of the PLDT Board of Directors approved the LTIP covering the years 2022 to 2026, on December 31, 2021. It covers two cycles, and is intended to provide incentive compensation in the form of cash to key officers, executives and other eligible participants who are consistent performers, compliant with codes of conduct and contributors to our strategic and financial goals, with defined metrics based on the achievement of telco core income, customer experience and sustainability. The target metrics for Sustainability are expected to capture the Company’s performance in various environmental, social, and governance (ESG) materiality areas, including but not limited to, climate action such as initiatives to reduce energy consumption and greenhouse gas (GHG) emissions, employee and customer welfare, diversity and inclusion, cybersecurity and data privacy, and business ethics. Cycle 1 covers the performance period from 2022 to 2024 and payout is based on the achievement of performance targets. Cycle 2 covers the performance period from 2025 and 2026 and is subject to the ECC’s further evaluation and approval of the final terms.

This other long-term employee benefit liability was recognized and measured using the projected unit credit method and was amortized on a straight-line basis over the vesting period.

The expense accrued for the LTIP amounted to Php1,136 million, Php839 million and Php1,272 million for the years ended December 31, 2024, 2023 and 2022, respectively.

The accrued incentive payable amounted to Php3,406 million and Php2,183 million as at December 31, 2024 and 2023, respectively. See Note 5 – Income and Expenses – Compensation and Employee Benefits and Note 25 – Pension and Other Employee Benefits – Other Long-term Employee Benefits to the accompanying audited consolidated financial statements in Item 18. “Financial Statements”.

Provision for asset retirement obligations

Provision for asset retirement obligations is recognized in the period in which this is incurred if a reasonable estimate can be made. This requires an estimation of the cost to restore or dismantle on a per square meter basis, depending on the location, and is based on the best estimate of the expenditure required to settle the obligation at the future restoration or dismantlement date, discounted using a pre-tax rate that reflects the current market assessment of the time value of money and, where appropriate, the risk specific to the liability. Total provision for asset retirement obligations amounted to Php1,752 million and Php1,164 million as at December 31, 2024 and 2023, respectively. See Note 21 – Deferred Credits and Other Noncurrent Liabilities to the accompanying audited consolidated financial statements in Item 18. “Financial Statements”.

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Provision for legal contingencies and tax assessments

We are currently involved in various legal proceedings and tax assessments. Our estimates of the probable costs for the resolution of these claims have been developed in consultation with our counsel handling the defense in these matters and are based upon our analysis of potential results. Based on management’s assessment, appropriate provisions were made. We currently do not believe these proceedings could materially reduce our revenues and profitability. It is possible, however, that future financial position and performance could be materially affected by changes in our estimates or the effectiveness of our strategies relating to these proceedings and assessments. See Note 26 – Provisions and Contingencies to the accompanying audited consolidated financial statements in Item 18. “Financial Statements”.

Determination of fair values of financial assets and financial liabilities

When the fair value of financial assets and financial liabilities recorded in our consolidated statements of financial position cannot be measured based on quoted prices in active markets, their fair value is measured using valuation techniques including the discounted cash flows model. The inputs to these models are taken from observable markets where possible, but where this is not feasible, a degree of judgment is required in establishing fair values. The judgments include considerations of inputs such as liquidity risk, credit risk and volatility. Changes in assumptions about these factors could affect the reported fair value of financial instruments.

Other than those whose carrying amounts are reasonable approximations of fair values, total fair values of noncurrent financial assets and noncurrent financial liabilities as at December 31, 2024 amounted to Php3,066 million and Php247,962 million, respectively, while the total fair values of noncurrent financial assets and noncurrent financial liabilities as at December 31, 2023 amounted to Php3,571 million and Php233,845 million, respectively. See Note 27 – Financial Assets and Liabilities to the accompanying audited consolidated financial statements in Item 18. “Financial Statements”.

Amended Accounting Standards and Interpretations to Existing Standards Effective Subsequent to December 31, 2024

See Note 2 – Summary of Material Accounting Policies to the accompanying audited consolidated financial statements in Item 18. “Financial Statements” for the discussion of new accounting standards that will become effective subsequent to December 31, 2024 and their anticipated impact on our consolidated financial statements for the current and future periods.

Item 6. Directors, Senior Management and Employees

Directors and Executive Officers

The Board of Directors is principally responsible for PLDT’s overall direction and governance. PLDT’s Articles of Incorporation provide for 13 members of the Board, who shall be elected by the stockholders. At present, three of PLDT’s 13 directors are independent directors. The Board holds office for a one-year period and until their successors are elected, and are qualified in accordance with the By-Laws.

The name, age and period of service, of each of the current directors, including independent directors, of PLDT as at December 31, 2024 are as follows:

Name |  | Age |  | Period during which individual has served as such
Manuel V. Pangilinan |  | 78 |  | November 24, 1998 to present
Santiago Dionisio R. Agdeppa(1) |  | 62 |  | November 12, 2024 to February 1, 2025
Marilyn A. Victorio-Aquino |  | 69 |  | May 8, 2023 to present
Helen Y. Dee |  | 80 |  | June 18, 1986 to present
Ray C. Espinosa |  | 68 |  | November 24, 1998 to present
James L. Go |  | 85 |  | November 3, 2011 to present
Kazuyuki Kozu |  | 51 |  | July 6, 2021 to present
Bernido H. Liu |  | 61 |  | September 28, 2015 to present
Rolando L. Macasaet(2) |  | 64 |  | January 30, 2024 to October 5, 2024
Retired Supreme Court Chief Justice Artemio V. Panganiban |  | 88 |  | April 23, 2013 to present
Alfredo S. Panlilio |  | 61 |  | June 8, 2021 to present
Kazutoshi Shimizu(3) |  | 48 |  | August 13, 2024 to present
Bernadine T. Siy |  | 65 |  | June 8, 2021 to present
Naoki Wakai(4) |  | 59 |  | August 26, 2021 to August 12, 2024
Marife B. Zamora |  | 71 |  | November 14, 2016 to present

(1) Mr. Santiago Dionisio R. Agdeppa was elected as a director of the Company effective November 12, 2024 and shall serve the unexpired term of his predecessor in office, Mr. Rolando L. Macasaet. Atty. Agdeppa resigned as a director of the Company effective February 1, 2025.

(2) Mr. Rolando L. Macasaet resigned as a member of the Board of Directors of the Company effective October 6, 2024.

(3) Mr. Kazutoshi Shimizu was elected as a director of the Company effective August 13, 2024 and shall serve the unexpired term of his predecessor in office, Mr. Naoki Wakai.

(4) Mr. Naoki Wakai resigned as a member of the Board of Directors of the Company effective at the close of business on August 12, 2024.

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The name, age, position and period of service of the executive officers of PLDT as at December 31, 2024 are as follows:

Name |  | Age |  | Position(s) |  | Period during which individual has served as such
Executive Officers: |  |  |  |  |  |
Manuel V. Pangilinan |  | 78 |  | Chairman of the Board |  | February 19, 2004 to present
|  |  |  | President and CEO |  | January 1, 2024 to present
Marilyn A. Victorio-Aquino(1) |  | 69 |  | Corporate Secretary |  | January 25, 2022 to present
|  |  |  | Chief Legal Counsel |  | December 1, 2018 to December 31, 2024
|  |  |  | Senior Vice President |  | January 1, 2019 to present
Victorico P. Vargas |  | 72 |  | Leadership Transition Officer |  | July 1, 2021 to present
|  |  |  | Business Transformation Office Head |  | January 1, 2016 to present
Menardo G. Jimenez, Jr.(2) |  | 61 |  | Executive Vice President |  | September 17, 2024 to present
|  |  |  | Chief Operating Officer |  | September 17, 2024 to present
|  |  |  | Senior Vice President |  | December 9, 2004 to September 16, 2024
|  |  |  | Network Head |  | January 15, 2024 to September 16, 2024
|  |  |  | Consumer Business - Home Head |  | July 31, 2019 to April 1, 2022
Danny Y. Yu |  | 63 |  | Senior Vice President |  | November 17, 2022 to present
|  |  |  | Chief Financial Officer |  | May 3, 2023 to present
|  |  |  | Chief Risk Management Officer |  | May 3, 2023 to present
|  |  |  | PLDT Group Controller |  | November 17, 2022 to May 3, 2023
Gina Marina P. Ordoñez |  | 63 |  | Chief People Officer |  | March 21, 2019 to present
|  |  |  | Senior Vice President |  | May 1, 2019 to present
Jeremiah M. de la Cruz |  | 47 |  | Senior Vice President |  | April 1, 2022 to August 14, 2023
|  |  |  | Consumer Business - Home Head |  | January 15, 2024 to present
|  |  |  | Consumer Business Head |  | April 1, 2022 to January 14, 2024
Joseph Ian G. Gendrano |  | 48 |  | Senior Vice President |  | August 10, 2022 to present
|  |  |  | Enterprise Business Head |  | January 15, 2024 to present
|  |  |  | Chief Technology Officer |  | January 1, 2023 to January 14, 2024
|  |  |  | Enterprise Business Head |  | November 16, 2022 to December 31, 2022
John Gregory Y. Palanca(3) |  | 57 |  | Senior Vice President |  | March 21, 2024 to present
|  |  |  | Sales and Development Head |  | August 15, 2023 to present
|  |  |  | First Vice President |  | August 15, 2023 to March 20, 2024
Luis S. Reňon(4) |  | 54 |  | Senior Advisor to the Chairman |  | November 16, 2024 to present
|  |  |  | Senior Vice President |  | May 4, 2023 to present
|  |  |  | Internal Audit Head |  | July 1, 2018 to November 16, 2024
Leo I. Posadas |  | 58 |  | First Vice President |  | March 6, 2007 to present
|  |  |  | Treasurer |  | May 18, 2015 to present
Melissa V. Vergel de Dios |  | 61 |  | First Vice President |  | March 5, 2013 to present
|  |  |  | Chief Sustainability Officer |  | November 4, 2021 to present
|  |  |  | Investor Relations Head |  | March 6, 2007 to October 31, 2024
Gil Samson D. Garcia |  | 53 |  | First Vice President |  | November 8, 2018 to present
|  |  |  | Financial Controllership Head |  | May 31, 2022 to present

(1)
Atty. Marilyn A. Victorio-Aquino assumed the role of Senior Legal Advisor to the Chairman effective January 1, 2025 in lieu of her role as Chief Legal Counsel and Head of Legal and Regulatory and Strategic Affairs Group.
(2)
Mr. Menardo G. Jimenez, Jr. was appointed as Executive Vice President and Chief Operating Officer of the Company effective September 17, 2024.
(3)
Mr. John Gregory Y. Palanca was promoted to Senior Vice President effective March 21.2024.
(4)
Mr.Luis S. Reñon remains with PLDT Inc. as Senior Advisor to the Chairman and perform such functions to be assigned by the Chairman.

Three of our directors, namely, Retired Supreme Court Chief Justice Artemio V. Panganiban, Bernido H. Liu and Bernadine T. Siy, are independent directors who are neither officers nor employees of PLDT or any of its subsidiaries, and who are free from any business or other relationship with PLDT or any of its subsidiaries which could, or could reasonably be perceived to, materially interfere with the exercise of independent judgment in carrying out their responsibilities as independent directors. The independence standards/criteria are provided in our By-Laws and Corporate Governance Manual pursuant to which, in general, a director may not be deemed independent if such director is, or in the past five years had been, employed in an executive capacity by us or any company controlling, controlled by or under common control with us or he is, or within the past five years had been, retained as a professional adviser by us or any of our related companies, or he is not free from any business or other relationships with us which could, or could reasonably be perceived, to materially interfere with his exercise of independent judgment in carrying out his responsibilities as a director.

The following is a brief description of the business experiences of each of our directors, executive officers and advisors for at least the past five years:

Mr. Manuel V. Pangilinan, 78 years old, Chairman, President and Chief Executive Officer, has been a director of PLDT since November 24, 1998. He was appointed as Chairman of the Board of Directors of PLDT in February 2004 and the President and Chief Executive Officer in December 2023 with effect January 1, 2024. Since January 1, 2016, he also held the position of President and Chief Executive Officer of PLDT until June 7, 2021, and served as President and Chief Executive Officer of Smart Communications, Inc. (“Smart”) until August 7, 2019. Mr. Pangilinan is the Chairman of the Governance, Nomination and Sustainability, Executive Compensation, Technology Strategy, and Data Privacy and Information Security Committees of the

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Board of Directors of PLDT. He also serves as Chairman and President of Metro Pacific Investments Corporation (“MPIC”), Chairman and CEO of Manila Electric Company (“Meralco”), and Chairman of PXP Energy Corporation and Philex Mining Corporation, and of several subsidiaries or affiliates of PLDT or MPIC, including, among others, Smart, Digitel Mobile Philippines, Inc. (“DMPI”), Digital Telecommunications Phils, (“Digitel”) PLDT Communications & Energy Ventures, Inc., ePLDT, Inc., Beacon Electric Assets Holdings Inc., Philex Petroleum Corporation, Manila North Tollways Corporation, Maynilad Water Services Corporation, Landco Pacific Corporation, Metro Pacific Hospital Holdings, Inc., Medical Doctors Incorporated (Makati Medical Center), and Colinas Verdes Corporation (Cardinal Santos Medical Center). He is also the Chairman of MediaQuest Holdings Inc., TV5 Network, Inc. and PLDT-Smart Foundation.

Mr. Pangilinan founded First Pacific Company Limited (“First Pacific”), a Hongkong Stock Exchange-listed company, in 1981 and serves as its Managing Director and Chief Executive Officer. Within the First Pacific Group, he also holds the position of President Commissioner of P.T. Indofood Sukses Makmur Tbk, the largest food company in Indonesia.

Outside the First Pacific Group, Mr. Pangilinan is the Chairman of the Board of Trustees of San Beda College and the Chairman Emeritus of the Samahang Basketbol ng Pilipinas. He is also the Chairman of Philippine Business for Social Progress, the largest private sector social action organization made up of the country’s largest corporations and a Co-Chairman of the Philippine Disaster Resilience Foundation, Inc., a non-stock, non-profit foundation established to formulate and implement a reconstruction strategy to rehabilitate and rebuild areas devastated by floods and other calamities.

Mr. Pangilinan graduated cum laude from the Ateneo de Manila University, with a Bachelor of Arts Degree in Economics. He received his Master’s Degree in Business Administration from Wharton School of Finance & Commerce at the University of Pennsylvania, where he was a Procter & Gamble Fellow. He was conferred a Doctor of Humanities Degree (Honoris Causa) by the San Beda College (2002), Xavier University (2007), Holy Angel University (2009) and Far Eastern University (2010).

Atty. Santiago Dionisio R. Agdeppa, 62 years old, has been a director of PLDT since November 12, 2024. He is a Senior Vice President and the Commission Secretary, Compliance Officer, and Executive Clerk of the Social Security Commission. He concurrently serves as a director for Philex Mining Corporation and First Philippine Holdings Corporation. Atty. Agdeppa also served as the Vice Chairman of the Board of Directors of Philam Tower Condominium Corporation from January 2018 to December 2023. He was also a member of the Board of Directors of Capital Consortium Corporation from June 2017 to December 2017, and of Philam Tower Management Corporation from March 2018 to December 2022.

Atty. Agdeppa earned his Bachelor of Science Degree in Accounting from San Sebastian College in 1983, his Bachelor of Laws Degree from San Beda College in 1989, and his Master in Business Management Degree from Pamantasan ng Lungsod ng Maynila in 1997. He also completed the Middle Management Course at the Ateneo Graduate School of Business in 2014. He is a Certified Public Accountant.

Atty. Marilyn A. Victorio-Aquino, 69 years old, has been a director of PLDT since May 8, 2023. Atty. Victorio-Aquino also concurrently serves as PLDT’s Chief Legal Counsel, Head of Legal and Regulatory and Strategic Affairs Group, Head of Supply Chain, Head of Risk and Privacy and Corporate Secretary. She has been a director of the Philippine Stock Exchange since June 2023.

She joined First Pacific Company Limited ("First Pacific") in 2012 as an Assistant Director and currently holds various positions in the Philippine subsidiaries and affiliates of First Pacific and Metro Pacific Investments Corporation (an affiliate of First Pacific), including President of First Coconut Manufacturing Inc., and director of Philex Mining Corporation (“Philex”) and PXP Energy Corporation (“PXP”). She is also a director of Lepanto Consolidated Mining Company (“Lepanto”). Philex, PXP, and Lepanto are PSE-listed companies. She also serves as a director of Philex Gold Philippines, Inc., Silangan Mindanao Mining Company, Inc., and Maya Bank, Inc.

Prior to joining First Pacific, Atty. Victorio-Aquino retired as a Senior Partner at SyCip Salazar Hernandez and Gatmaitan Law Offices (SyCipLaw). Atty. Victorio-Aquino graduated cum laude (class salutatorian) from the University of the Philippines with a Bachelor of Laws Degree in 1980, placed second in the Philippine Bar Examinations, and was admitted to the Philippine Bar in 1981. She obtained her Bachelor of Arts degree from the University of Santo Tomas. She is a member of the International Pacific Bar Association, Women Lawyers Circle, Federacion International de Abogadas, Philippine Bar Association, and Integrated Bar of the Philippines.

Ms. Helen Y. Dee, 80 years old, has been a director of PLDT since June 18, 1986. She is the Chairperson of House of Investments, Petro Energy Resources Corporation, Rizal Commercial Banking Corporation, all of which are PSE-listed companies. She is the Chairperson, Vice Chairperson or a director of several companies engaged in banking, insurance and real property businesses. Ms. Dee received her Master's Degree in Business Administration from De La Salle University.

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Atty. Ray C. Espinosa, 68 years old, has been a director of PLDT since November 24, 1998, and is a member of the Technology Strategy and Data Privacy and Information Security Committees of the Board of Directors of PLDT. He was Senior Advisor to the President and CEO of PLDT from January 28, 2019 until June 8, 2021. He was PLDT’s Chief Corporate Services Officer from December 2016 until January 28, 2019, and previously served as President and CEO of ePLDT Inc. and its subsidiaries from July 2000 until April 2010 and as President and CEO of TV5 Network Inc. and Cignal TV Inc. from December 2009 until May 2013. He was the Deputy Chief Executive of Manila Electric Company from January 28, 2019 until May 27, 2019, and President and Chief Executive Officer from May 28, 2019 until May 31, 2023. He was the chairman of the Philstar Group of Companies from June 11, 2014 until August 17, 2023 and BusinessWorld Publication Corporation from September 16, 2013 until August 17, 2023. In June 2013, he joined First Pacific Company Limited as Associate Director.

Atty. Espinosa is a director of Roxas Holdings Inc., an independent director of Lepanto Consolidated Mining Company and chairman of its Audit Committee, and an independent director of Maybank Philippines Inc., chairman of its Related Party Transaction Committee and Vice chairman of its Corporate Governance Committee. He is a trustee of the PLDT-Smart Foundation Inc. and the Beneficial Trust Fund of PLDT.

He has a Master of Laws Degree from the University of Michigan School of Law and a Bachelor of Laws Degree from the Ateneo de Manila University School of Law, and is a member of the Integrated Bar of the Philippines. He was a partner at SyCip Salazar Hernandez & Gatmaitan from 1982 to 2000, a foreign associate at Covington and Burling (Washington, D.C.) from 1987 to 1988, and a law lecturer at the Ateneo de Manila University School of Law from 1983 to 1985 and 1989. He placed first in the 1982 Philippine Bar Examinations.

Mr. James L. Go, 85 years old, has been a director of PLDT since November 3, 2011. He is a member of the Technology Strategy and Risk Committees and Advisor of the Audit Committee of the Board of Directors of PLDT. He is the Chairman of JG Summit Holdings, Inc. and a Board Advisor of Cebu Air, Inc. since January 1, 2023, the Chairman and Chief Executive Officer of Oriental Petroleum and Minerals Corporation, and the Chairman Emeritus of Universal Robina Corporation, Robinsons Land Corporation, and JG Summit Olefins Corporation. He is the Vice Chairman of Robinsons Retail Holdings, Inc. and a Director of the Manila Electric Company. He is also the President and Trustee of the Gokongwei Brothers Foundation, Inc. Mr. Go obtained his Bachelor of Science Degree and Master of Science Degree in Chemical Engineering from Massachusetts Institute of Technology, USA.

Mr. Kazuyuki Kozu, 51 years old, has been a director of PLDT since July 6, 2021. He was the Director of Core Network Development Department of NTT DOCOMO, INC., Tokyo, Japan. Prior to that, he served as Senior Manager of Packet Network System Development Department of DOCOMO Technology, Inc., Tokyo, Japan from September 2016 to June 2020, Director of System Management Department of mmbi Inc., Tokyo, Japan from September 2013 to August 2016, and Senior Manager of Networking Research Group of DOCOMO Communications Laboratories, Munich, Germany from April 2010 to August 2013. He started his career in NTT DOCOMO INC., Tokyo, Japan, as Engineer from April 1997 to March 2002 then Manager from April 2002 to March 2010 of Core Network Development Department. He graduated with a Bachelor’s Degree in Electrical Engineering and Computer Science from the Yokohama National University, Kanagawa, Japan and obtained his Master’s Degree in Electrical Engineering and Computer Science from the same university.

Mr. Bernido H. Liu, 61 years old, has been an independent director of PLDT since September 28, 2015, and is an independent member of the Audit, Governance, Nomination and Sustainability, Executive Compensation, Risk, and Data Privacy and Information Security Committees of the Board of Directors of PLDT. Concurrently, he is the Chairman and Chief Executive Officer of GOLDEN ABC, Incorporated. (“GABC”), a fashion retail company which designs and sells its own clothing, personal care and accessory lines marketed and retailed under a dynamic portfolio of well-differentiated proprietary brands, namely Penshoppe, OXGN, ForMe, Memo, Regatta and BOCU. He is also the Group Chairman of LH Paragon Incorporated, a business holdings company which has under its management GABC and other companies in various industries, namely, Matimco Incorporated, Oakridge Realty Development Corporation, Keralty Prime and Greentree Food Solutions, Inc.

Mr. Liu and GABC under his leadership have been recognized by different award-giving bodies. Awards include the Agora for outstanding Achievement in Entrepreneurship from the Philippine Marketing Association, Ten Outstanding Young Men for Entrepreneurship from JCI Philippines, Global Retailer of the Year from the Philippine Retailers Association and the Department of Trade and Industry, and the ASEAN Business Award’s Priority Integration Sector Excellence Award for Retail. Mr. Liu graduated with a Bachelor of Science Degree in Architecture from the University of San Carlos and completed the Executive Education Owner/President Management Program of the Harvard Business School.

Retired Chief Justice Artemio V. Panganiban, 88 years old, has been an independent director of PLDT since April 23, 2013 and is serving as an independent member of the Audit, Governance, Nomination and Sustainability, and Executive Compensation Committees, and Chairman of the Risk Committee, of the Board of Directors of PLDT. He was appointed as Lead Independent Director effective March 21, 2019. He served as an independent member of the Advisory Board and an independent non-voting member of the Governance and Nomination Committee of the Board of Directors of PLDT from June 9, 2009 to May 6, 2013. Currently, he is also an independent director of Meralco, Petron Corporation, GMA Network, GMA Holdings, JG Summit

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Holdings, Inc. Asian Terminals, Inc. and RL Commercial REIT, Inc., and a non-executive director of Jollibee Foods Corporation, all of which are PSE-listed companies, as well as Senior Adviser of Metropolitan Bank and Trust Company, and adviser of Double Dragon Properties Corp. and Merry Mart Consumer Corp. He is an Independent Advisor of Metro Pacific Investments Corporation, a large non-listed company, and Independent Director of several large non-listed companies such as Asian Hospital, Inc., Metro Pacific Tollways Corporation, TeaM Energy Corporation, State Investment House, Inc., and State Properties Corporation. He is also the Chairman of the Board of Trustees of the Foundation for Liberty and Prosperity, and of the Board of Advisers of Metrobank Foundation, Inc., a trustee of Tan Yan Kee Foundation and Claudio Teehankee Foundation, President of the Manila Metropolitan Cathedral-Basilica Foundation, a member of the Advisory Board of World Bank (Philippines), Chairman-Emeritus of the Philippine Dispute Resolution Center, Inc., Chairman Emeritus of the Philippine National Committee of the Asean Law Association, and a column writer of the Philippine Daily Inquirer.

Hon. Panganiban served the Supreme Court of the Philippines for more than 11 years, first as Associate Justice (October 10, 1995 to December 20, 2005) and later, as Chief Justice (December 21, 2005 to December 6, 2006) during which he sat concurrently as Chairperson of the Presidential Electoral Tribunal, Judicial and Bar Council and Philippine Judicial Academy. He has received over 250 awards in recognition of his role as jurist, practicing lawyer, professor, civic leader, Catholic lay worker and business entrepreneur, including “The Renaissance Jurist of the 21st Century” given by the Supreme Court on the occasion of his retirement from the Court, and the Pro Ecclesia et Pontifice Award given by Pope Francis last September 18, 2024. Hon. Panganiban graduated cum laude from Far Eastern University with a Bachelor of Laws Degree in 1960, and was conferred a Doctor of Laws Degree (Honoris Causa) by the University of Iloilo (1997), Far Eastern University (2002), University of Cebu (2006), Angeles University (2006) and Bulacan State University (2006). He was co-founder and past president of the National Union of Students of the Philippines.

Mr. Alfredo S. Panlilio, 61 years old, has been a director of PLDT since June 8, 2021 and Smart since August 8, 2019. He served as President and CEO of PLDT from June 8, 2021 and of Smart from August 8, 2019, and held leadership positions in the various subsidiaries of PLDT and Smart, until his retirement as President and CEO of PLDT and Smart on December 31, 2023. Despite his retirement as President and CEO of PLDT and Smart, Mr. Panlilio has remained as a Director of PLDT and Smart, and has continued to hold various leadership positions within the PLDT Group as Chairman of Maya Bank, Inc.; and Director of Multisys Technologies Corporation and Multipay Corporation. Mr. Panlilio was the Senior Vice President and Head of Customer Retail Services and Corporate Communications at Meralco from September 10, 2010 to June 30, 2019. He also held several leadership positions within the Meralco Group.

Mr. Panlilio is a Trustee of the Kapampangan Development Foundation and Philpop Musicfest Foundation. With PLDT as a longtime supporter of the Philippines’ digital transformation, Mr. Panlilio is among the founding members under the Digital Infrastructure pillar of the Private Sector Advisory Council (PSAC), formed in July 2022. Mr. Panlilio sits as President of the MVP Sports Foundation, a Member of the FIBA Central Board, Second Vice President of FIBA Asia Central Board, First Vice President of the Philippine Olympic Committee and headed the FIBA Basketball World Cup 2023 local organizing committee. He is also the President of the Samahang Basketbol ng Pilipinas (SBP), the country’s governing basketball federation, and is the Chairman of the National Golf Association of the Philippines (NGAP) and Director of the Philippine Badminton Association.

Mr. Panlilio holds a Bachelor of Science Degree in Business Administration (Computer Information Systems) from San Francisco State University. He obtained his Master in Business Administration at J. L. Kellogg School of Management of Northwestern University and the Hongkong University of Science and Technology.

Mr. Kazutoshi Shimizu, 48 years old, has been a director of PLDT since August 13, 2024 and the Vice President of Global Strategy and Corporate Planning of NTT Communications Corporation (“NTT Com”). He has played a pivotal role in the global business expansion of NTT Com during the last decade. He also held a senior position at the Global Business Office of NTT Holdings Company and had contributed to the growth of the NTT Group. Mr. Shimizu also served as the Vice President of NTT Com’s Smart World Business from 2022 to 2024 and as a director of NTT Com’s Global Business Office from 2011 to 2022.

Mr. Shimizu graduated with a Bachelor’s Degree in Mechanical Engineering from the University of Tokyo (1998), and holds a Master’s Degree in Mechanical Engineering from the University of Tokyo (2000), and a Master’s Degree in Business Administration from the University of London School of Business (2007).

Ms. Bernadine T. Siy, 65 years old, has been an independent director of PLDT since June 8, 2021. Ms. Siy is likewise a director of Epicurean Partners Exchange Inc. (EPEI), and of Fil-Pacific Apparel Corporation (FPAC), both leading players in the food service and apparel industry. She previously served as President and Chief Executive Officer of EPEI Inc. from 1994 to 2011, and President and Chief Executive Officer of FPAC from 1987 to 1997 and again, from 2004 to 2013. She has been a trustee in the board of Ateneo de Manila University since 2014, and currently holds the position of board chair. She is currently an independent director of Cebu Air, Inc. having been appointed in March 2021. She was also appointed as an independent director of JG Summit Holdings, Inc. in June 2024. She is a trustee in the board of the Foundation for Economic Freedom, an economic policy advocacy organization and a member of the Management Association of the Philippines. She was a Consultant to the

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Board of Directors of the Development Bank of the Philippines from November 2012 to June 2014. She obtained her Bachelor of Arts Degree in Economics, Magna Cum Laude from Ateneo de Manila University and a Master’s Degree in Management with majors in Finance and Accounting from J.L. Kellogg Graduate School of Management of Northwestern University in Chicago, Illinois, USA.

Ms. Marife B. Zamora, 71 years old, has been a director of PLDT since November 14, 2016. She is the Chairman of the Board of Willis Towers Watson Insurance and Reinsurance Brokers, Inc. She is also an Independent Board Member of Pru Life Insurance Corporation of U.K and Cemex Holdings Philippines. She is also a Board Director of MediaQuest Holdings Inc. She co-founded the Filipina CEO Circle. She was Chairman of Convergys Philippines; Managing Director for Asia Pacific, Europe, Middle East, Africa for Convergys Corporation, and served as the first Country Manager of Convergys Philippines leading its growth as the country’s largest private employer. Prior to this, Ms. Zamora served as Managing Director of Headstrong Phils. She was also with IBM Philippines where she held a number of sales, marketing and management positions during her 18-year tenure with the company. She is the 3rd woman President and the 68th President of the Management Association of the Philippines. Ms. Zamora attended the University of the Philippines and the University of Pennsylvania.

Mr. Victorico P. Vargas, 72 years old, is presently the Head of Talent Culture and Cultivation - Office of the Chairman, PLDT Leadership Transition Officer, an Associate Director of First Pacific since January 2016, overseeing First Pacific Group businesses operating in the Philippines and its region, with particular focus on leading the Business Transformation of PLDT. He is a director of Smart Communications Inc., Meralco, MGen Global Business Power, Maya Bank, Inc., PLDT Global Corp., PLDT Subic Telecom, Inc., PLDT Clark Telecom, Inc., Beacon Electric Asset Holdings, Inc., Beacon PowerGen Holdings, Inc., MQuest Ventures, Inc., Cignal TV, Inc., TV5 Network, Inc. and Media5 Marketing Corporation. Chairman of Hastings Holdings Inc., Philstar Global, Inc., Pilipino Star Ngayon, Inc., Pilipino Star Printing, and Philstar Daily, Inc. President and Member of the Board of Trustees of the First Pacific Leadership Academy, Trustee of the MVP Sports Foundation, PLDT-Smart Foundation, Inc. and Ideaspace Foundation and President of the PhilPop Music Fest Foundation. Mr. Vargas is the immediate past President of the Philippine Olympic Committee and is currently a member of the Board of Trustees of the said organization. Mr. Vargas is the Chairman of the Association of Boxing Alliances in the Philippines and was a former member of the Executive Committee of the Asian Boxing Confederation. He is one of the Executive Board Members of World Boxing Council and Chairman of the Philippine Basketball Association for seasons 2017-present. He is also the Vice President of the Samahang Basketbol ng Pilipinas. Prior thereto, Mr. Vargas was the President and Chief Executive Officer of Maynilad Water Services, Inc. since August 2010. He joined PLDT in 2000 as its Human Resources Group Head and through his stay at PLDT got involved in managing the PLDT Business Transformation Office, Asset Protection and Management Group, and the PLDT International Carrier Business. He has worked in senior roles at Union Carbide, Pepsi Cola, Colgate Palmolive and Citibank, NA (both in Manila and in Southeast Asia). Mr. Vargas was educated at Ateneo de Manila and University of Santo Tomas with a Bachelor of Science Degree in Psychology.

Mr. Menardo G. Jimenez, Jr., 61 years old, Executive Vice President and Chief Operating Officer, served as the Network Head of PLDT from January 15, 2024 to September 16, 2024. He joined PLDT in December 2001 and served in various capacities as Corporate Communications and Public Affairs Group Head, Retail Business Group Head, Fixed Line Business Transformation Office Head, Human Resources Group Head, Fixed Line Business Transformation Office Head and Consumer Home Business Group Head. He holds directorships in several subsidiaries of PLDT. Prior to joining PLDT, he had a stint at GMA Network, Inc., where he served as head of a creative services and network promotions. Mr. Jimenez received his AB Economics degree from the University of the Philippines.

Mr. Danny Y. Yu, 63 years old, Senior Vice President, Chief Financial Officer and Chief Risk Management Officer, served as the PLDT Group Controller from November 17, 2022 to May 3, 2023. He likewise served as Senior Vice President and Chief Financial Officer, Chief Governance Officer and Chief Risk Officer of Philex Mining Corporation from September 2013 to August 2019, Chief Finance Officer of Digital Telecommunications Philippines, Inc. and Digitel Mobile Philippines, Inc. (Sun Cellular) from November 2011 to July 2013, Chief Financial Officer of ePLDT, Inc. from November 2010 to December 2011, Chief Financial Officer of PLDT Global Corporation from June 2004 to November 2010, Chief Financial Officer of Mabuhay Satellite Philippines Corporation & Aces Satellite Philippines Corporation from March 1999 to May 2004, and Vice President for Corporate Development of Fort Bonifacio Development Corporation from March 1997 to March 1999. He started his career at SGV & Co. where he was a senior auditor. Mr. Yu graduated Magna Cum Laude from the University of San Carlos with a Bachelor of Science in Commerce, Major in Accounting and holds a Master in Management from the Asian Institute of Management. He is also a Certified Public Accountant. In 2016, he was awarded the ING-FINEX CFO of the Year.

Ms. Gina Marina P. Ordoñez, 63 years old, Senior Vice President and the Chief People Officer for PLDT, Inc. and its wireless subsidiary, Smart Communications, where she drives the strategic direction and execution of human capital initiatives, workplace design, and employee experience programs. By aligning people-centric strategies with business objectives, she aims to create a workplace where employees are empowered to do meaningful work and deliver organizational goals. She also contributed to the development and implementation of the PLDT Group Talent Management strategy, ensuring alignment with present and future

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business requirements. Throughout the pandemic, Gina served as Co-Chairperson of the MVP Group Vaccine Task Force, leading the planning and operations of COVID-19 vaccination efforts for employees and their families nationwide. She has been with the PLDT Group for over eight years, initially joining the Business Transformation Office (BTO) in 2016 to oversee process and quality management. She transitioned to the role of Smart People Group Head before being appointed as Chief People Officer for both PLDT and Smart organizations in 2019. Ms. Ordoñez was formerly Vice President for Service Operations and Quality Management at Makati Medical Center where she implemented best practices in service quality throughout the hospital, enhancing service delivery, operational efficiency, and end-to-end processes to improve patient satisfaction. She also served as Head of Customer Experience for Consumer Banking at Citi where she occupied several leadership roles over a span of 16 years. During her tenure, she attained a Six Sigma Black Belt certification. She is a registered Corporate Coach and Quality Management consultant, holding membership in the International Coach Federation. With more than 23 years of extensive experience, she has held leadership roles in People, Process, Customer Experience and Quality Management.

Mr. Jeremiah M. de la Cruz, 47 years old, Senior Vice President and Consumer Business–Home Head, is an accomplished strategic leader with solid experience in managing cross functional teams in delivering revenue and growth, he oversees day-to-day operations for the Home business covering product, marketing, sales, customer experience and field operations. Prior to joining PLDT Inc., Jeremiah has led enterprise-wide business transformation in various companies in the APAC region. He directed the Digital Strategy of Hoytz and handled senior leadership roles in Globe Telecoms, PT. XL Axiata Tbk, Optus and Vodafone. Jeremiah earned his Post Graduate Certificate in Management from the Australian Graduate School of Management.

Mr. Joseph Ian G. Gendrano, 48 years old, Senior Vice President and Enterprise Business Head, has been in PLDT’s service since May 2013. Prior to joining PLDT, he worked with Verizon Business, Cisco Systems and Goldman Sachs in the United States. He has held technical, sales, consulting and leadership roles in these organizations as well as gained industry experience in the global financial services vertical. He served as Vice President of Goldman Sachs’ Network Voice and Multimedia Division and Chief Architect for Unified Communications platforms. Mr. Gendrano obtained his Bachelor of Science degree in Electronics and Communications Engineering from De La Salle University and Master of Science degree in Electrical Engineering, Major in Telecommunications and Networking from the University of Pennsylvania.

Mr. John Gregory Y. Palanca, 57 years old, Senior Vice President and Head of Sales & Development Group. He also served as the First Vice President and Regional Customer Development - Luzon Head of Smart from November 2020 to July 2022. Prior to his promotion to First Vice President, Mr. Palanca served as the Vice President and Regional Customer Development - Luzon Head of Smart from December 2017 to November 2020. Before Mr. Palanca's stint with Smart, he served as the Managing Director of PLDT Japan GK from June 2016 to December 2017, General Manager of PLDT Malaysia Sdn Bhd. from January 2014 to May 2016, General Manager of PLDT HK Ltd. from May 2011 to December 2013, Country President of Motorola Communications Phils. Inc. from January 2006 to January 2011, Vice President of Nextel, Next Mobile from January 2000 to January 2006, and Principal Consultant of Islanet Information Technology from January 1998 to January 2000.

Mr. Luis S. Reňon, 54 years old, Senior Advisor to the Chairman, served as the Internal Audit Group Head from July 1, 2018 to November 15, 2024. He joined PLDT in July 2018. Prior thereto, he was the Emerging Markets Chief Finance Officer of Pfizer Inc. handling teams across the Philippines, Thailand, Malaysia, Indonesia, Vietnam, and Pakistan. He started his professional career in the Audit and Business Advisory Division of Ernst & Young Manila and Singapore for six years. He then moved to Novartis Asia Pacific in Singapore as Regional Auditor and Team Leader, managing APAC auditors in conducting business review and compliance test of operations in Asia Pacific and Europe. He moved back to the Philippines in 2000 where he became the Head of Finance, Administration and Operations of Novartis’ Animal Health Business Unit. He pursued a rewarding career in Wyeth Philippines and Pfizer, Inc., where he took on various roles with increasing responsibilities in Strategic Planning and Business Finance, as Pfizer’s Country CFO in 2011 during the Pfizer-Wyeth integration and as Emerging Markets CFO in 2014. Mr. Reñon is a Certified Public Accountant. He completed his Bachelor’s degree in Commerce, major in Accounting at Araullo University, and his Master’s degree in Business Administration at the Ateneo de Manila University, where he garnered the Gold Medalist Award. He attended the Management Development Program of the Asian Institute of Management in 2005 and the Financial Excellence Program of Harvard Business School in 2002.

Mr. Leo I. Posadas, 58 years old, First Vice President and Treasurer of the PLDT Group and concurrent Treasury Head of PLDT and Smart, handles the treasury management and treasury operations of several companies under the PLDT Group. He is a director and Chief Financial Officer of PLDT Global Corporation, a director and Treasurer of PLDT Global Investments Holdings, a director of PLDT Communication and Energy Ventures, a director of Philstar and Businessworld, a director and Vice President for Treasury of Mabuhay Investments Corporation and the Treasurer of the Vega Telecom group. He is also the Treasurer of Smart, ePLDT, Digital Telecommunications, Digitel Mobile, PLDT-Smart Foundation and several other subsidiaries of PLDT and Smart. Prior to joining PLDT in September 2000, he served as Treasury Manager of Total Petroleum Philippines, and as Manager for Foreign Exchange Management of San Miguel Corporation. Mr. Posadas received his Bachelor of Arts

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Degree in Economics and Bachelor of Science degree in Commerce Major in Management of Financial Institutions from De La Salle University.

Ms. Melissa V. Vergel de Dios, 61 years old, First Vice President and Chief Sustainability Officer effective November 4, 2021 and concurrent Corporate Sustainability Office Head. She has been in PLDT’s service since May 2001 and served as Property Management Center Head until May 2003 and as Property and Facilities Management Center Head until September 2007. Prior to joining PLDT, she was the Chief Operating Officer of Wharton Credit Corp. and from June 2000 to May 2001 was the Group Chief Finance Officer of Global 3 Internet Holdings, Inc. She held various positions in San Miguel Group of Companies from 1984 to 2000. Ms. Vergel de Dios obtained her Bachelor of Science Degree in Marketing and Management and Bachelor of Arts degree in Economics from Assumption College.

Mr. Gil Samson D. Garcia, 53 years old, is the First Vice President and Financial Controllership Head. He served as Group CFO of the ePLDT Group from May 2015 to August 2023, and MVP Rewards & Loyalty Solutions, Inc. (MRSI) from September 2018 to August 2023. He served as Controller of PCEV from June 2022 to June 2023. He holds directorships in several subsidiaries of ePLDT. Prior to joining PLDT, he was a Senior Director until January 2007 of the Business Risk Services Group of SGV & Co. / Ernst & Young, where he gained a wide range of experiences, here and abroad, in external audit and business process review and advisory including Sarbanes Oxley (SOX) 404 evaluation & consultancy, risk management, corporate governance, and business fraud investigation, and fraud prevention and detection, among others. He graduated Cum Laude from the University of Santo Tomas with a Bachelor of Science Degree in Commerce, Major in Accounting. He is a CPA and a globally Certified Internal Auditor (CIA) and Certified Fraud Examiner (CFE). He completed the Management Development Program in the Asian Institute of Management School of Executive Education in cooperation with PLDT & Smart in August 2016, and the High Potential Program / Leadership Talent Assessment facilitated by Development Dimensions International in October 2020. He was certified as Executive Coach Level 3 by the Global Learning Solutions Singapore in October 2023.

Below is a list of directorships in other private and public companies of the director named below. All directorships of our other director are included in their respective biographies in the preceding pages.

Name of Director | Names of Companies
| Public | Private
Helen Y. Dee | House of Investments (Regular Director/Chairman) Petro Energy Resources Corporation (Regular Director/Chairman) Rizal Commercial Banking Corporation (Regular Director/Chairman) | A.T. Yuchengco, Inc. (Regular Director/Chairman) AY Foundation, Inc. (Regular Director/Chairman) AY Holdings, Inc. (Regular Director/Chairman) ET Yuchengco, Inc. (Regular Director/Chairman) GPL Holdings, Inc. (Regular Director/President) Hi-Eisai Pharmaceuticals, Inc. (Regular Director/Chairman) Honda Cars, Kaloocan (Regular Director) Honda Cars Philippines, Inc. (Regular Director) Isuzu Philippines, Inc. (Regular Director) La Funeraria Paz Sucat (Regular Director/Chairman) Landev Corp. (Regular Director/Chairman) Luis Miguel Foods (Regular Director) Luisita Industrial Park Corporation (Regular Director) Malayan Colleges Laguna, Inc. (Trustee) Malayan Colleges Mindanao Inc. (Regular Director/Chairman) Malayan Educational Systems, Inc. (Regular Director/Chairman) Malayan Insurance Co. Inc. (Regular Director/Chairman) Malayan High School of Science, Inc. (Regular Director/Chairman) Manila Memorial Park Cemetery, Inc. (Regular Director/Chairman) Mayahin Holdings Corporation (Regular Director/Chairman) MICO Equities, Inc. (Regular Director/Chairman) Pan Malayan Express, Inc. (Regular Director/Chairman) Pan Malayan Management and Investment Corporation (Regular Director/Chairman) Pan Malayan Realty Corporation (Regular Director/Chairman) Petrowind Energy, Inc. (Regular Director/ Chairman) Philippine Business for Education, Inc. (Regular Director/Trustee) Philippine Integrated Advertising Agency, Inc. (Regular Director) RCBC Land, Inc. (Regular Director) RCBC Leasing & Finance Corp (Regular Director/Chairman) RCBC Realty Corporation (Regular Director/Chairman) Shayamala Corporation (Regular Director/Chairman) Sunlife Grepa Financial, Inc. (Regular Director/Chairman) Xamdu Motors, Inc. (Regular Director/Chairman) YGC Corporate Services, Inc. (Regular Director/Chairman) Y Realty, Inc. (Regular Director) Yuchengco Center, Inc. (Regular Director/Chairman)

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Terms of Office

The directors of PLDT are elected each year to serve until the next annual meeting of stockholders and until their successors are elected and qualified, except in case of death, resignation, disqualification or removal from office. The term of office of all officers is coterminous with that of the Board of Directors that elected or appointed them.

Family Relationships

None of the directors/independent directors and officers of the Company or persons nominated to such positions has any family relationships up to the fourth civil degree either by consanguinity or affinity, except Mr. Manuel V. Pangilinan (Chairman) and Ms. Gina Marina P. Ordoñez (Chief People Officer) who are relatives to the fourth civil degree by consanguinity.

Compensation of Key Management Personnel

The aggregate compensation paid to our executive officers and directors named above, as a group, for 2024 amounted to approximately Php527 million.

The following table below sets forth the aggregate amount of compensation paid in 2024 and 2023 and estimated amount of compensation expected to be paid in 2025 to: (1) the President and CEO and four most highly compensated officers of PLDT, as a group, namely, Marilyn A. Victorio-Aquino, Jeremiah M. de la Cruz, Gina Marina P. Ordoñez and Danny Y. Yu; and (2) all other executive officers, other officers and directors, as a group.

|  | 2025 |  |  | 2024 |  |  | 2023 |
|  | Estimate |  |  | Actual |
|  | (amounts in million Php) |
President and CEO and four most highly compensated executive officers: |  |  |  |  |  |  |  |  |
Salary(1) |  | 169 |  |  | 155 |  |  |  | 192 |
Bonus(2) |  | 20 |  |  | 19 |  |  |  | 29 |
Other compensation(3) |  | 106 |  |  | 95 |  |  |  | 233 |
|  |  | 295 |  |  |  | 269 |  |  |  | 454 |
All other executive officers, other officers and directors as a group |  |  |  |  |  |  |  |  |
(excluding the President and CEO and four most highly compensated executive officers): |  |  |  |  |  |  |  |  |
Salary(1) |  | 566 |  |  | 550 |  |  |  | 604 |
Bonus(2) |  | 71 |  |  | 80 |  |  |  | 87 |
Other compensation(3) |  | 680 |  |  |  | 514 |  |  |  | 539 |
|  |  | 1,317 |  |  |  | 1,144 |  |  |  | 1,230 |

(1)
Basic monthly salary.
(2)
Includes longevity pay, mid-year bonus, 13th month and Christmas bonus.
(3)
Includes Variable Pay/Short-term Incentive Plan, or STIP, and other payments. Variable Pay/STIP is based on an annual incentive system that encourages and rewards both individual and group/team performance and is tied to the achievement of Corporate/Unit/Customer Satisfaction Objectives. It covers regular officers and executives of the Company and is based on a percentage of their Guaranteed Annual Cash Compensation.

Each of the directors of the Company is entitled to a director’s fee of Php250,000 for each meeting of the Board of Directors attended. In addition, the directors who serve in the committees of the Board of Directors, namely, the Audit, Governance, Nomination and Sustainability, Executive Compensation, Technology Strategy, and Risk Committees and Data Privacy and Information Security Committee, are each entitled to a fee of Php125,000 for each committee meeting attended.

Except for the fees mentioned above, the directors are not compensated, directly or indirectly, for their services as such directors. The aggregate amount of per diems paid to the directors for their attendance in Board and Board Committee meetings is included in other compensation in the above table. The total amount of per diems paid in 2024 and 2023 were approximately Php85 million and Php88 million, respectively. The total amount of per diems estimated to be paid in 2025 is approximately Php82 million.

There are no agreements between PLDT Group and any of its key management personnel providing for benefits upon termination of employment, except for such benefits to which they may be entitled under PLDT Group’s retirement and incentive plans.

Long-Term Incentive Plan

As noted above, we have established the LTIP to provide incentive compensation to key officers, executives and other eligible participants who are consistent performers and contributors to the Company’s strategic and financial goals.

See Note 3 – Management’s Use of Judgments, Estimates and Assumptions, Note 5 – Income and Expenses, Note 23 – Accrued Expenses and Other Current Liabilities and Note 25 – Pension and Other Employee Benefits to the accompanying audited consolidated financial statements in Item 18. “Financial Statements” for more information and related discussion.

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Share Ownership

The following table sets forth information regarding ownership of our common stock, as at December 31, 2024 by our continuing directors and executive officers. Each individual below owns less than 1% of our outstanding common shares.

Name of Owner |  | Shares of Common Stock(1) |  | Percentage of Class |
Manuel V. Pangilinan |  |  | 363,521 |  | (1) |  |  | 0.168253 |
Santiago Dionisio R. Agdeppa(2) |  |  | 1 |  |  |  |  | 0.000000 |
Marilyn A. Victorio-Aquino |  |  | 27,395 |  | (1) |  |  | 0.012680 |
Helen Y. Dee |  |  | 53,745 |  | (3) |  |  | 0.024871 |
Ray C. Espinosa |  |  | 42,743 |  | (1) |  |  | 0.018395 |
James L. Go |  |  | 982,724 |  | (1) |  |  | 0.454847 |
Kazuyuki Kozu |  |  | 1 |  |  |  |  | 0.000000 |
Bernido H. Liu |  |  | 1 |  |  |  |  | 0.000000 |
Rolando L. Macasaet(4) |  |  | 1 |  |  |  |  | 0.000000 |
Retired Supreme Court Chief Justice Artemio V. Panganiban |  |  | 7,771 |  | (1) |  |  | 0.003597 |
Alfredo S. Panlilio |  |  | 11,505 |  | (1) |  |  | 0.015508 |
Kazutoshi Shimizu(5) |  |  | 1 |  |  |  |  | 0.000000 |
Bernadine T. Siy |  |  | 1,500 |  | (1) |  |  | 0.000694 |
Naoki Wakai(6) |  |  | 1 |  | (7) |  |  | 0.000000 |
Marife B. Zamora |  |  | 60 |  |  |  |  | 0.000028 |
Victorico P. Vargas |  |  | 17,085 |  | (8) |  |  | 0.007908 |
Menardo G. Jimenez, Jr.(9) |  |  | 8,044 |  | (1) |  |  | 0.003723 |
Danny Y. Yu |  |  | — |  |  |  |  | — |
Gina Marina P. Ordoñez |  |  | 5,141 |  | (8) |  |  | 0.002379 |
Joseph Ian G. Gendrano |  |  | 897 |  | (8) |  |  | 0.000415 |
John Gregory Y. Palanca(10) |  |  | 793 |  |  |  |  | 0.000367 |
Luis S. Reňon(11) |  |  | 55 |  | (8) |  |  | 0.000025 |
Jeremiah M. de la Cruz |  |  | — |  |  |  |  | — |
Leo I. Posadas |  |  | 9,705 |  | (12) |  |  | 0.001974 |
Melissa V. Vergel de Dios |  |  | 4,025 |  | (8) |  |  | 0.001682 |
Gil Samson D. Garcia |  |  | 33 |  | (8) |  |  | 0.000015 |

(1)
Includes PLDT common shares that have been lodged with the Philippine Depositary and Trust Co. (PDTC).
(2)
Mr. Santiago Dionisio R. Agdeppa was elected as a director of the Company effective on November 12, 2024 and shall serve the unexpired term of his predecessor in office, Mr. Rolando L. Macasaet. Atty. Agdeppa resigned as a director of the Company effective February 1, 2025.
(3)
Includes 25,227 shares held by Hydee Management and Resources Corporation, 26,260 shares through RCBC Trust for the account of Michelle Y. Dee-Santos and 1,865 shares through RCBC Trust for the account of Ms. Michelle Y. Dee &/or Ms. Johanna Y. Dee and/or ITF Mr. Luis Miguel Santos and 245 shares under the name of Helen Y. Dee. Except for 21,957 certificated shares held by Hydee Management Resources Corporation the rest are thru PCD Nominee Corporation.
(4)
Mr. Rolando L. Macasaet resigned as a member of the Board of Directors of the Company effective on October 6, 2024
(5)
Mr. Kazutoshi Shimizu was elected as a director of the Company effective on August 13, 2024 and shall serve the unexpired term of his predecessor in office, Mr. Naoki Wakai.
(6)
Mr. Naoki Wakai resigned as director of the Company effective at the close of business on August 12, 2024.
(7)
As of date of resignation.
(8)
Lodged with the PDTC.
(9)
Mr. Menardo G. Jimenez, Jr. was appointed as Executive Vice President and Chief Operating Officer of the Company effective September 17, 2024.
(10)
Mr. John Gregory Y. Palanca was promoted to Senior Vice President effective March 21, 2024.
(11)
Mr. Luis S. Reñon remains with PLDT Inc. as Senior Advisor to the Chairman and perform such functions to be assigned by the Chairman.
(12)
Includes 140 shares for the account of Jose Antonio G. Posadas under PCD Nominee Corporation.

The aggregate number of shares of common stock directly and indirectly owned by directors and executive officers listed above, as at December 31, 2024, was 1,536,738, or approximately 0.71126% of PLDT’s outstanding shares of common stock.

Board Practices

Board of Directors –– Independent Directors

At least three of our directors, namely, Retired Supreme Court Chief Justice Artemio V. Panganiban, Mr. Bernido H. Liu, and Ms. Bernadine T. Siy, are independent directors who are neither officers nor employees of PLDT or any of its subsidiaries, and who are free from any business or other relationship with PLDT or any of its subsidiaries which could, or could reasonably be perceived to, materially interfere with the exercise of independent judgment in carrying out their responsibilities as independent directors. On June 11, 2024, the Board reappointed Retired Supreme Court Chief Justice Panganiban as PLDT’s Lead Independent Director. The functions of the lead independent director include, among others, serving as an intermediary between the Chairman and the other directors, as needed, convening and leading meetings of the non-executive directors, and contributing to the performance evaluation of the Chairman, as may be required. Directors’ independence standards/criteria are provided in our By-Laws and PLDT Manual on Corporate Governance.

Audit; Governance, Nomination and Sustainability; Executive Compensation; Risk; Technology Strategy; and Data Privacy and Information Security Committees

Our Board of Directors (Board) is authorized under the By-Laws to create committees, as it may deem necessary, to assist in the effective performance of specific functions and responsibilities which may be delegated by the Board. We have six Board

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committees, namely, the Audit; Governance, Nomination and Sustainability; Executive Compensation; Technology Strategy; Risk; and Data Privacy and Information Security Committees. Each of these committees has a Board-approved written charter that provides for such committee’s composition, membership qualifications, functions and responsibilities, conduct of meetings, and reporting procedure to the Board.

Audit Committee

Our Audit Committee (AC) is composed of three members, all of whom are independent directors, and three advisors. The AC members are Retired Supreme Court Chief Justice Artemio V. Panganiban, Mr. Bernido H. Liu and Ms. Bernadine T. Siy, who is the chairperson of this committee. The three AC advisors are Mr. Kazuyuki Kozu and Mr. James L. Go, who are non-independent directors, and Ms. Corazon S. de la Paz-Bernardo, a former member of our Board of Directors. All the members of our AC are financially literate. Ms. Siy holds a master's degree in Management with majors in Finance and Accounting from the J.L. Kellogg Graduate School of Management of Northwestern University in Chicago, Illinois, USA. Ms. Corazon S. de la Paz-Bernardo has expertise in accounting and financial management. She is a former Chairman and Senior Partner of Joaquin Cunanan & Company, now Isla Lipana & Co., a member firm of PricewaterhouseCoopers (PwC).

As provided in the AC charter, the primary purpose of the AC is to assist the Board in fulfilling its oversight responsibility for:

•
the integrity of PLDT’s accounting and financial reporting principles and policies, and system of internal controls, including the review of material related party transactions, and the integrity of PLDT’s financial statements and the independent audit thereof;
•
PLDT’s compliance with legal and regulatory requirements and the audit process; and
•
the Company’s audit process and the performance of the internal audit organization and the external auditors (including the external auditors’ qualifications and independence).

To carry out its direct responsibility for the appointment, setting of compensation, retention and removal of the external auditor, the AC has the following duties and powers:

•
review and evaluate the qualifications, performance and independence of the external auditor and its lead audit partner;
•
select and appoint, remove or replace the external auditor;
•
review and approve, in consultation with the head of the internal audit organization and the head of the finance organization, all audit and non-audit services to be performed by the external auditor and the fees to be paid for such services, and ensure disclosure of any allowed non-audit services in PLDT’s annual report;
•
periodically review fees for non-audit services paid to the external auditor and disallow non-audit services that will conflict with the external auditor’s duties to PLDT or pose a threat to the external auditor’s independence;
•
ensure that the external auditor prepares and delivers annually a statement as to its independence, discuss with the external auditor any relationships or services disclosed in such statement that may impact the objectivity, independence or quality of services of said external auditor and take appropriate action in response to such statement to satisfy itself of the external auditor’s independence;
•
based on the external auditor’s statement submitted at least annually, review the external auditor’s internal quality control procedures for any material issues raised by recent internal quality control review or peer review of the external auditor, or by any inquiry or investigation by government or professional authorities within the preceding five years, regarding one or more independent audits carried out by the external auditor and steps taken to deal with any such issues;
•
ensure that the external auditor or its lead audit partner having the primary responsibility for the audit of PLDT’s financial accounts is rotated at least once every five years or such shorter or longer period provided under applicable laws and regulations;
•
advise the external auditor that it is expected to provide the AC a timely analysis of significant/critical financial reporting issues and practices;
•
obtain assurance from the external auditor that the audit was conducted in a manner consistent with certain procedures to be followed in any audit of financial statements required under applicable rules; and
•
resolve disagreements between management and the external auditor regarding financial reporting.

The AC has the authority to retain or obtain advice from special counsel or other experts or consultants in the discharge of its responsibilities without the need for Board approval.

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Governance, Nomination and Sustainability Committee

Our Governance, Nomination and Sustainability Committee (GNSC) is composed of five voting members, all of whom are members of our Board, and two non-voting members. Three of the voting members are independent directors, namely, Retired Supreme Court Chief Justice Artemio V. Panganiban, Mr. Bernido H. Liu, and Ms. Bernadine T. Siy. The two other voting members are non-executive director, Mr. Kazuyuki Kozu and executive director, Mr. Manuel V. Pangilinan, who is the chairman of this committee. The two non-voting members are the Chief People Officer, Ms. Gina Marina P. Ordoňez and the Chief Sustainability Officer, Ms. Melissa V. Vergel de Dios.

The primary purpose of the GNSC is to assist the Board in the performance of the following functions:

•
establish the Company’s corporate governance framework, principles and policies aligned with business objectives, and oversee their implementation, including the implementation of the Conflict of Interest and Expanded Whistleblowing Policies, and the implementation of continuing education and communication programs on good governance;
•
develop and implement an evaluation process for the annual review of the performance of the Board, the Board Committees and the individual directors, including the President and CEO;
•
implement a selection process and succession plan to ensure that the Board has an effective and balanced mix of knowledge, expertise, experience and diversity in terms of, among others, age, gender and ethnicity, and review the qualifications of the persons nominated to other positions requiring appointment by the Board;
•
identify persons qualified to become members of the Board and/or the Board Committees;
•
assess the effectiveness of the Company’s nomination and selection process for the Board and Board Committees, which includes access to external sources;
•
establish the Company’s sustainability strategy, framework, programs and policies and oversee their implementation; and
•
oversee the Company’s social and environmental investments and commitments, underpinned by initiatives that aim to assess and manage the impact of Company operations.

Executive Compensation Committee

Our Executive Compensation Committee (ECC) is composed of five voting members, all of whom are members of our Board of Directors, and one non-voting member. Three of the voting members are independent directors, namely, Retired Supreme Court Chief Justice Artemio V. Panganiban, Mr. Bernido H. Liu, and Ms. Bernadine T. Siy. The two other voting members are non-executive director, Mr. Kazuyuki Kozu and executive director, Mr. Manuel V. Pangilinan, who is the chairman of this committee. The non-voting member is the Chief People Officer, Ms. Gina Marina P. Ordoňez.

The primary purpose of the ECC is to assist the Board in the performance of the following functions:

•
oversee the development of a compensation philosophy or policy consistent with the strategy, culture and control environment of PLDT;
•
oversee the development and administration of PLDT’s executive compensation programs, including long-term incentive plans and equity-based plans for officers and executives;
•
oversee the development and administration of the Company’s performance management framework to monitor and assess the performance of Management;
•
oversee the succession plan for officers, including the CEO; and
•
oversee the development and implementation of professional development programs for officers.

Risk Committee

Our Risk Committee (RC) is composed of five voting members, all of whom are members of our Board, and one non-voting member. Three of the voting members are independent directors, namely, Mr. Bernido H. Liu, Ms. Bernadine T. Siy, and Retired Supreme Court Chief Justice Artemio V. Panganiban, who is the chairman of this committee. The two other voting members are non-executive directors, namely, Mr. Kazuyuki Kozu and Mr. James L. Go. The non-voting member is the Chief Risk Management Officer, Mr. Danny Y. Yu.

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The primary purpose of the RC is to assist the Board in fulfilling its governance functions relating to risk management, which include the following:

•
oversee management’s adoption and implementation of a system for identifying, assessing, monitoring and managing key risk areas;
•
review management’s reports on PLDT’s major risk exposures; and
•
review management’s plans and actions to minimize, control or manage the impact of such risks.

Technology Strategy Committee

Our Technology Strategy Committee (TSC) is composed of four voting members and one non-voting member. The voting members are executive director, Mr. Manuel V. Pangilinan, who is the chairman of this committee, and three non-executive directors, Atty. Ray C. Espinosa, Mr. James L. Go, and Mr. Kazuyuki Kozu. The non-voting member is the Chief Operating Officer, Mr. Menardo G. Jimenez, Jr.

The primary purpose of the TSC is to assist the Board in the performance of the following functions:

•
review and approve the strategic vision for the role of technology in PLDT’s overall business strategy, including the technology strategy and roadmap of PLDT;
•
fulfill its oversight responsibilities for PLDT’s effective execution of its technology-related strategies; and
•
ensure the optimized use and contribution of technology to PLDT’s business and strategic objectives and growth targets.

Data Privacy and Information Security Committee

Our Data Privacy and Information Security Committee (DPISC) is composed of five voting members, all of whom are members of our Board. The DPISC members are independent director, Mr. Bernido H. Liu, non-executive directors, Atty. Ray C. Espinosa and Mr. Kazuyuki Kozu, and executive directors, Atty. Marilyn A. Victorio-Aquino and Mr. Manuel V. Pangilinan, who is the chairman of this committee.

The primary purpose of the DPISC is to assist the Board in the performance of its oversight function and provide strategic direction to governance functions relating to data privacy and information security, including to:

•
promote effective data privacy, information and cyber security governance;
•
review and approve the Company’s strategic plans on data privacy, information and cyber security;
•
ensure accountability for compliance with regulatory standards and best practices on data privacy, information and cyber security;
•
foster a culture of privacy, information and cyber security; and
•
oversee management’s adoption and implementation of a system for identifying, assessing, monitoring and managing enterprise-wide data privacy, information and cyber security risks.

Advisory Committee

Our Advisory Board/Committee is composed of Mr. Benny S. Santoso, Mr. Christopher H. Young, and Mr. Roberto C. Yap, S.J. The Advisory Board/Committee provides guidance and suggestions, as necessary, on matters deliberated upon during Board meetings.

Employees and Labor Relations

As at December 31, 2024, we had 14,904 employees, with 10,813 and 4,091 employees in our fixed line and wireless businesses, respectively. PLDT had 9,513 employees as at December 31, 2024, of which 40% were rank and file employees, 52% were management/supervisory staff and 8% were executives.

PLDT has three employee unions, representing in the aggregate 7,702, or 52% of the employees of the PLDT Group. PLDT considers its relationship with our rank-and-file employees’ union, our supervisors’ union and our sales supervisors’ union to be good.

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We and our business units had the following employees as at December 31 of each of the following years:

|  | December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
PLDT Group |  |  | 14,904 |  |  |  | 15,596 |  |  |  | 17,579 |
Fixed Line |  |  | 10,813 |  |  |  | 11,373 |  |  |  | 12,855 |
LEC |  |  | 9,543 |  |  |  | 10,035 |  |  |  | 10,511 |
Others |  |  | 1,270 |  |  |  | 1,338 |  |  |  | 2,344 |
Wireless |  |  | 4,091 |  |  |  | 4,223 |  |  |  | 4,724 |
PLDT Only |  |  | 9,513 |  |  |  | 10,004 |  |  |  | 10,480 |

For a detailed discussion on Department of Labor and Employment (DOLE) Compliance Order to PLDT, see Item 8. Financial Information – Legal Proceedings and Note 26 – Provisions and Contingencies – DOLE Compliance Order to PLDT to the accompanying audited consolidated financial statements in Item 18. “Financial Statements”.

Pension and Retirement Benefits

Defined benefit pension plans

PLDT has defined benefit pension plans, operating under the legal name “The Board of Trustees for the account of the Beneficial Trust Fund created pursuant to the Benefit Plan of PLDT Co.” and covering all of our permanent and regular employees, in which case, benefits are computed based on R.A. 7641 (Retirement Pay Law) or the minimum mandated benefit by the law. For the purpose of complying with Revised IAS 19, Employee Benefits, pension benefit expense has been actuarially computed based on defined benefit plan.

Defined contribution plans

Smart’s and certain of its subsidiaries’ contributions to the plan are made based on the employees’ years of tenure and range from 5% to 10% of the employee’s monthly salary. Additionally, an employee has an option to make a personal contribution to the fund, at an amount not exceeding 10% of his monthly salary. The employer then provides an additional contribution to the fund ranging from 10% to 50% of the employee’s contribution based on the employee’s years of tenure. Although the plan has a defined contribution format, Smart and certain of its subsidiaries regularly monitor their compliance with Republic Act No. 7641. As at December 31, 2024 and 2023, Smart and certain of its subsidiaries were in compliance with the requirements of Republic Act No. 7641.

See Note 2 – Summary of Material Accounting Policies – Retirement Benefits and Note 25 – Pension and Other Employee Benefits to the accompanying audited consolidated financial statements in Item 18. “Financial Statements” for a discussion of our defined benefit pension plans and defined contribution plans.

Item 7. Major Shareholders and Related Party Transactions

The following table sets forth information regarding ownership of shares of PLDT’s voting stock (common and voting preferred stock) as at December 31, 2024, of all shareholders known to us to beneficially own 5% or more of PLDT’s shares of voting stock, or, collectively, PLDT’s Major Shareholders. All shares of PLDT’s voting stock have one vote per share. PLDT’s Major Shareholders do not have voting rights that are different from other holders of shares of PLDT’s voting stock.

Shareholder |  | Common Shares |  |  | Percentage of Common Shares (%) |  |  | Voting Preferred Shares |  |  | Percentage of Voting Preferred Shares (%) |  |  | Percentage of Voting Securities (%) |
1. First Pacific Company Limited’s affiliates |  | 55,244,642(1) |  |  |  | 25.57 |  |  |  | — |  |  |  | — |  |  |  | 15.1 |
a. Philippine Telecommunications Investment Corporation |  |  | 26,034,263 |  |  |  | 12.05 |  |  |  | — |  |  |  | — |  |  |  | 7.1 |
b. Metro Pacific Resources, Inc. |  |  | 21,556,676 |  |  |  | 9.98 |  |  |  | — |  |  |  | — |  |  |  | 5.9 |
2. Nippon Telegraph and Telephone Corporation’s affiliates |  | 43,963,642(2) |  |  |  | 20.30 |  |  |  | — |  |  |  | — |  |  |  | 12.0 |
a. NTT Communications Corporation |  |  | 12,633,487 |  |  |  | 5.85 |  |  |  | — |  |  |  | — |  |  |  | 3.5 |
b. NTT DOCOMO, INC. |  | 22,796,902(3) |  |  |  | 10.55 |  |  |  | — |  |  |  | — |  |  |  | 8.6 |
3. JG Summit Holdings, Inc. and its affiliates |  | 24,342,455(4) |  |  |  | 11.27 |  |  |  | — |  |  |  | — |  |  |  | 6.6 |
4. The Hongkong and Shanghai Banking Corporation Limited – Clients’ Acct. |  | 17,035,991(5) |  |  |  | 7.88 |  |  |  | — |  |  |  | — |  |  |  | 4.6 |
7. BTF Holdings, Inc.(6) |  |  | — |  |  |  | — |  |  |  | 150,000,000 |  |  |  | 100 |  |  |  | 41.0 |

(1)
Includes (a) 26,034,263 shares of common stock held by PTIC, a Philippine affiliate of First Pacific, (b) 21,556,676 shares of common stock held by MPRI, a Philippine affiliate of First Pacific and (c) 7,653,703 shares of common stock held by another Philippine affiliate of First Pacific and registered in the name of PCD Nominee Corporation..
(2)
Includes (a) 22,796,902 shares of common stock held by NTT DOCOMO, a Japanese corporation which is a wholly-owned subsidiary of NTT, (b) 8,533,253 ADRs held by NTT DOCOMO and (c) 12,633,487 shares of common stock held by NTT Communications, a Japanese corporation which is a wholly-owned subsidiary of NTT.
(3)
Includes 8,533,253 ADRs held by NTT DOCOMO.
(4)
Includes (a) 24,255,732 shares of common stock held by JG Summit Holdings, Inc. and 86,723 shares of common stock held by JG Digital Equity Ventures, Inc., (formerly Express Holdings, Inc.).
(5)
Represents shares held on behalf of clients. PLDT has no knowledge if any client beneficial owners of common shares held 5% or more of PLDT’s outstanding shares of common stock as at December 31, 2024.
(6)
A wholly-owned company of the Board of Trustees for the Account of the Beneficial Trust Fund created pursuant to the Benefit Plan of PLDT or PLDT Beneficial Trust Fund.

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As at December 31, 2024, approximately 78.94% of the outstanding voting stock and 88.42% of the outstanding capital stock of PLDT were owned by Philippine persons.

As at December 31, 2024, the First Pacific and its Philippine affiliates (together, the “FP Parties”), NTT Communications and NTT DOCOMO and the JG Summit Group, collectively, beneficially own 57.19% in PLDT’s outstanding common stock (representing 33.75% of our overall voting stock). Additionally, all of PLDT’s shares of voting preferred stock, which represent 40.98% of PLDT’s total outstanding shares of voting stock as at December 31, 2024, are owned by a single stockholder, BTF Holdings, Inc. (BTFHI). As a result of their respective shareholdings, the FP Parties, NTT Communications, NTT DOCOMO, JG Summit Group and/or BTFHI are able to influence our actions and corporate governance, including (i) elections of our directors; and (ii) approval of major corporate actions, which require the vote of holders of common and voting preferred stocks.

Additionally, the FP Parties, NTT Communications, NTT DOCOMO and PLDT entered into a Cooperation Agreement, dated January 31, 2006, pursuant to which, among other things, certain rights of NTT Communications under the Stock Purchase and Strategic Investment Agreement dated September 28, 1999, or the Strategic Agreement, and the Shareholders Agreement dated March 24, 2000, or the Shareholders Agreement, were extended to NTT DOCOMO. As a result of the Cooperation Agreement, NTT Communications and NTT DOCOMO, in coordination with each other, have contractual rights relating to a number of major decisions and transactions that PLDT could make or enter into.

Specifically, PLDT may not take any of the following actions described without the approval of NTT DOCOMO and NTT Communications, acting in coordination with each other (however, NTT DOCOMO and NTT Communications may not withhold their consent to such actions in circumstances where PLDT proposes to invest in a business that competes with Nippon Telegraph and Telephone Corporation and its subsidiaries and where the Board of Directors has among other things, approved the transaction):

•
capital expenditures in excess of US$50 million;

•
any investments, if the aggregate amount of all investments for the previous 12 months is greater than US$25 million in the case of all investments to any existing investees and US$100 million in the case of all investments to any new or existing investees, determined on a rolling monthly basis; and

•
any investments in a specific investee, if the cumulative value of all investments made by us in that investee is greater than US$10 million in the case of an existing investee and US$50 million in the case of a new investee.

PLDT also may not issue common stock or stock that is convertible into common stock except where NTT Communications and NTT DOCOMO have first been offered the opportunity to purchase their pro rata portion of PLDT’s shares of common stock.

PLDT is also aware that each of NTT Communications and NTT DOCOMO has agreed (pursuant to the Shareholders Agreement in the case of NTT Communications and pursuant to the Cooperation Agreement in the case of NTT DOCOMO) to use its best efforts to procure that PLDT not take the following actions without the consent of First Pacific and certain of its affiliates, as well as other parties bound by the provisions of the Shareholders Agreement:

•
new business activities other than those we currently engage in;

•
merger or consolidation;

•
winding up or liquidation of PLDT; and

•
applying to a court to order a meeting of creditors or to sanction any compromise or arrangement between creditors and shareholders of PLDT.

As PLDT is not a party to the Shareholders Agreement, these contractual rights held by NTT Communications, NTT DOCOMO, First Pacific and certain of First Pacific’s affiliates are not directly enforceable against PLDT.

Pursuant to amendments effected by the Cooperation Agreement to the Stock Purchase and Strategic Investment Agreement and the Shareholders Agreement, upon NTT Communications and NTT DOCOMO and their respective subsidiaries owning in the aggregate 20% or more of PLDT’s shares of common stock and for as long as they continue to own in the aggregate at least 17.5% of PLDT’s shares of common stock then outstanding, NTT DOCOMO has additional rights under the Stock Purchase and Strategic Investment Agreement and Shareholders Agreement, including that:

•
NTT DOCOMO is entitled to nominate one additional NTT DOCOMO nominee to the board of directors of each of PLDT and Smart;
•
PLDT must consult NTT DOCOMO no later than 30 days prior to the first submission to the board of PLDT or certain of its committees of any proposal of investment in an entity that would primarily engage in a business that would be in direct competition or substantially the same business opportunities, customer base, products or services with business carried on by NTT DOCOMO, or which NTT DOCOMO has announced publicly an intention to carry on;

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•
PLDT must procure that Smart does not cease to carry on its business, dispose of all of its assets, issue common shares, merge or consolidate, or effect winding up or liquidation without PLDT first consulting with NTT DOCOMO no later than 30 days prior to the first submission to the board of PLDT or Smart, or certain of its committees; and
•
PLDT must first consult with NTT DOCOMO no later than 30 days prior to the first submission to the board of PLDT or certain of its committees for the approval of any transfer of Smart’s common capital stock by any member of the PLDT Group to any person who is not a member of the PLDT Group.

Related Party Transactions

PLDT, in the ordinary course of business, engages in transactions with some of its stockholders, its subsidiaries and affiliates, and directors and officers and their close family members.

PLDT has in place a Material Related Party Transactions (MRPT) Policy in accordance with the Company’s CG Manual and in compliance with Philippine SEC Memorandum Circular No.10, Series of 2019 or the Rules on Material Related Party Transactions for Publicly Listed Companies. The Company’s MRPT Policy covers transactions of PLDT and the other members of the PLDT Group that meet or exceed the materiality threshold of ten percent (10%) of PLDT’s total consolidated assets. It defines the processes, controls and safeguards for the proper handling, including review, approval and disclosure, of related party transactions (RPT) in accordance with applicable laws and regulations. Each Material RPT shall be subject to prior review by the Audit Committee, composed of independent directors, to determine whether the same meets the following standards: (a) it is on arm’s length terms, and (b) it is in the best interest of the Company and its shareholders, considering relevant factors and circumstances. A copy of the MRPT Policy is posted on the PLDT website at https://pldt.com/docs/default-source/corporate-governance-files/policies/material-related-party-transactions-policy.pdf. This website does not form part of this annual report on Form 20-F.

Related party transactions involving an amount below the specified materiality threshold shall be covered by our Guidelines on the Proper Handling of Related Party Transactions.

For a detailed discussion of our material related party transactions, see Note 24 – Related Party Transactions to the accompanying audited consolidated financial statements in Item 18. “Financial Statements”.

Except for the transactions discussed in Note 24 – Related Party Transactions to the accompanying audited consolidated financial statements in Item 18. “Financial Statements”, there were no other material related party transactions during the last three financial years, nor are there any material transactions currently proposed between PLDT and any: (i) director, officer, direct or indirect owner of 10% or more of the outstanding shares in PLDT; (ii) close family member of such director, officer or owner; (iii) associates of PLDT; (iv) enterprises controlling, controlled by or under common control with PLDT; or (v) enterprises in which a substantial interest in the voting power is owned, directly or indirectly, by any director, officer or owner of 10% or more of the outstanding shares in PLDT or any close family member of such director, key officer or owner, or collectively, the Related Parties.

Item 8. Financial Information

Consolidated Financial Statements and Other Financial Information

See “Item 18 – Financial Statements.”

Legal Proceedings

Except as disclosed in the following paragraphs, neither PLDT nor any of its subsidiaries is a party to, and none of their respective properties is subject to, any pending legal proceedings that PLDT considers to be potentially material to its and its subsidiaries’ business.

Class Action Suit Against PLDT

On February 6, 2023, Sophia Olsson, an investor in PLDT American Depositary Shares (“ADSs”), filed a putative class action in the United States District Court for the Central District of California (the “Court”) against PLDT and certain current and former directors and officers on behalf of herself and all other persons similarly situated who purchased or otherwise acquired ADSs between January 1, 2019 and December 19, 2022 (“U.S. Class Action”). On April 7, 2023, Ms. Olsson and another individual, Kevin Douglas, submitted separate motions to the Court to serve as lead plaintiff in the U.S. Class Action. On May 1, 2023, the Court granted Mr. Douglas’s (“Plaintiff”) motion to serve as the lead plaintiff.

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On July 7, 2023, Plaintiff filed an amended complaint. The amended complaint alleges that PLDT and certain of its current and former directors and officers made materially false and misleading statements regarding PLDT’s capital expenditures and internal controls (among other matters) during the period April 23, 2020 through December 19, 2022. On October 10, 2023, PLDT and defendants Manuel V. Pangilinan, Alfredo S. Panlilio, and Marilyn A. Victorio-Aquino (together, “Defendants”) moved for dismissal of the amended complaint in its entirety.

On December 1, 2023, Defendants and Plaintiff notified the Court that they had reached an agreement in principle to settle the U.S. Class Action. The notification indicated that, accordingly, Defendants and Plaintiff jointly sought to vacate the schedule for further briefing on PLDT’s pending motion to dismiss to allow the parties to finalize the settlement. On December 4, 2023, the Court granted the request to vacate the briefing schedule.

On February 16, 2024, PLDT entered into a Stipulation of Settlement to resolve the U.S. Class Action, and on the same day Plaintiff submitted a motion seeking preliminary approval of the proposed settlement. Under the proposed settlement, which is subject to approval by the Court following notice to the settlement class, the settlement class will receive payment of a settlement amount of $3,000,000. The proposed settlement agreement contains no admission of liability, fault or wrongdoing by the Company or any of the named defendants. On March 7, 2024, the Court entered an order preliminarily approving the proposed settlement and scheduling a hearing for August 5, 2024 to determine whether to finally approve the settlement.

On June 6, 2024, the Court rescheduled the final approval hearing from August 5, 2024 to August 9, 2024. On August 9, 2024, following Plaintiff’s filing of a motion for final approval of the settlement (together with other motions relating to Plaintiff’s proposed plan for allocating settlement proceeds, attorneys’ fees for counsel for the class, litigation expenses and an award for Plaintiff), the Court held a hearing to address whether to grant final approval of the settlement. After counsel for the class orally presented these motions, the Court reserved judgment.

On September 17, 2024, the Court granted final approval to PLDT’s case-ending settlement of securities class action litigation. The Judgment and Order of the Court provides that the Court will retain jurisdiction over (among other matters) implementation of the settlement and the distribution and disposition of the settlement fund. There is a 30-day period to appeal but any such appeal by a class member on the Plan of Allocation or the amount of attorney's fees will not affect the finality of the Judgment and Order as to the approval of the Settlement vis-a-vis PLDT and the individual defendants. Given that the 30-day period expired with no appeal on record, the case is now considered closed and terminated.

See Note 26 – Provisions and Contingencies – Class Action Suit Against PLDT to the accompanying audited consolidated financial statements in Item 18. “Financial Statements” for further discussion.

Notice of Material Breach and Demand for Payment on DITO

PLDT and DITO entered into an agreement in February 2021 for the construction of a transmission facility that served as the point of interconnection for their subscribers. Under the agreement, PLDT established and managed the interconnection facility that operated as the primary physical interface for both companies. The planned facility was completed in March 2021.

PLDT served on DITO on October 6, 2022 a Notice of Material Breach and Demand for Payment due to DITO's refusal to pay the outstanding balance of Php430 million for contracted services provided by PLDT in relation to the building and provisioning of transmission facilities used by DITO to deliver telecommunication services to its subscribers. Upon DITO’s request, PLDT agreed to limit the scope of work, the resulting in a reduction of the outstanding balance to Php280 million, which will be payable in three tranches. As of the date of this Annual Report, DITO has only paid the first and second tranche amounting to Php168 million, with a remaining balance of Php112 million.

Meanwhile, DITO filed a petition with the NTC on September 22, 2021 seeking the latter’s intervention in directing Smart to grant DITO’s request for additional capacity for interconnection. In response, Smart filed an answer on October 4, 2021 stating that the petition should be denied for DITO’s failure to prevent, detect, or block International Simple Resale, or ISR,/Bypass Traffic emanating from its network and DITO’s failure to set up an effective fraud management system; and requesting for compensation for losses incurred due to these ISR/ bypass activities, in violation of its Interconnection Agreement with Smart, the provisions of R.A. No. 7925, and NTC MC No. 14-07-2000. The NTC facilitated mediation conferences on November 5, 2021, November 18, 2021, February 4, 2022, and February 16, 2022. On March 6, 2024, Smart filed a Manifestation informing the NTC that Smart already provided additional capacity for interconnection to DITO, and that Smart and DITO executed a memorandum of agreement on bypass activities. On May 9, 2024, Smart filed a Motion to Dismiss in light of the aforementioned supervening events.

Following news reports on August 8, 2022 that DITO had filed a complaint with the PCC against Globe and Smart involving the same issue pending with the NTC on ISR, Smart received a subpoena duces tecum dated December 7, 2022 (“December Subpoena”) from the PCC Competition Enforcement Office in relation to an ongoing full administrative investigation involving the telecommunications industry. The subpoena notified Smart that it was the subject of ongoing investigation pursuant to Section 2.9 of the 2017 PCC Rules of Procedure, involving allegations of violations by Smart of Section 14(b)(1), 15(b), 15(c) and 15(i) of the Philippine Competition Act. Smart was directed to submit its corporate documents, documents and information

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pertaining to its operations as a PTE and its relationship with other PTEs, and documents and information on ISR. to the PCC on January 23, 2023, followed by the submission of a supplemental submission on January 27, 2023. On May 26, 2023, Smart received a subpoena ad testificandum from the PCC directing duly authorized representative(s) knowledgeable on: (i) Smart’s operations, including but not limited to interconnection with other public telecommunications entities, products and services offered, and corporate structure; and (ii) submitted documents in relation to the December Subpoena, to appear before the PCC Enforcement Office on June 8, 2023. Accordingly, Smart representatives appeared before the PCC on the said date for the clarificatory hearing. On July 4, 2023, Smart received a PCC Resolution setting another hearing and requiring Smart's representatives to appear and address pending matters on competitor information, market distinction between postpaid and prepaid services, network coverage, interconnection agreements, clarificatory questions on documents already submitted, and other related matters. Accordingly, representatives attended the clarificatory hearings before the PCC on July 20 and November 20, 2023. On January 19, 2024, DITO informed Smart that it had signed the Memorandum of Agreement (Cooperation Against Bypass Activity) and provided a fully-signed copy on said date. On March 2, 2024, Smart filed a Manifestation informing the PCC-Competition Enforcement Office (PCC-CEO) that an agreement had been reached with DITO on bypass activities and that DITO acknowledged its ISR liabilities for 2021 to August 2023. Smart filed another Manifestation on March 8, 2024, informing the PCC-CEO that it granted DITO additional capacity for interconnection following the execution of the agreement on bypass activities. Smart has not received any subsequent order or resolution from the PCC.

See Note 26 – Provisions and Contingencies – DOLE Compliance Order to PLDT, to the accompanying audited consolidated financial statements in Item 18. “Financial Statements” for further discussion.

DOLE Compliance Order Issued Against PLDT

In a series of orders, including a compliance order issued by the DOLE in 2018, PLDT was ordered to regularize 7,344 workers from 38 of PLDT’s third party service contractors. PLDT questioned these regularization orders before the CA. The CA partially ruled in favor of PLDT by holding that the following services can be validly outsourced: (i) janitorial, messengerial, clerical; (ii) IT support and application development; (iii) back office support and BPOs; and (iv) sales, and other professional services. This ruling considerably reduced by at least half, the number of workers of service contractors required to be regularized. PLDT filed a petition for review with the Supreme Court because the CA ordered the regularization of individuals performing installation, repair, and maintenance functions on the basis that they are usually necessary and desirable to the usual course of PLDT’s business.

The Supreme Court resolved the consolidated Petitions in a Decision promulgated on February 14, 2024. The Decision affirmed the Court of Appeals in setting aside the Secretary of Labor’s orders for PLDT to regularize the 7,344 workers of its contractors, except those workers performing “installation, repair and maintenance” services, whose regularization is subject to a remand of proceedings before the Regional Director of the DOLE. In setting aside the Secretary of Labor’s orders, the Supreme Court ruled that the exercise of the Secretary’s visitorial and enforcement powers is subject to the “basic tenets of appreciating evidence,” and that it was improper to rely on the anecdotal evidence that was used as basis in the Secretary’s orders because such evidence is “malleable and may be tailored to suit any narrative or conclusion.” The remand will require the Regional Director of DOLE to determine the appropriateness of regularization of employees of contractors engaged in installation, repair, and maintenance, by undertaking the following: (a) to review and properly determine the effects of the regularization of the workers performing installation, repair, and maintenance services; (b) to review, compute, and properly determine, the monetary award on the labor standards violation, to which PLDT, and the concerned contractors are solidarily liable; and (c) to conduct further appropriate proceedings, consistent with this Decision. Motions for Reconsideration may be filed by the parties, subject to their receipt of the Supreme Court decision by official service.

See Note 26 – Provisions and Contingencies – DOLE Compliance Order to PLDT to the accompanying audited consolidated financial statements in Item 18. “Financial Statements” for further discussion.

Petition against the PCC

In July 2016, PLDT filed before the CA a petition for certiorari and prohibition (with urgent application for a temporary restraining order and/or writ of preliminary injunction) against the PCC. The Petition seeks to enjoin the PCC from proceeding with the review of the acquisition by PLDT and Globe of equity interest, including outstanding advances and assumed liabilities, in the telecommunications business of SMC, and performing any act which challenges or assails the “deemed approved” status of the said transactions. In August 2016, the CA issued a writ of preliminary injunction enjoining the PCC to cease and desist from conducting further proceedings for the pre-acquisition review and/or investigation of the SMC Transactions. In April 2017, the PCC filed before the Supreme Court a petition to annul the writ of preliminary injunction issued by the CA. The petition remains pending with the Supreme Court.

See Note 11 – Investments in Associates and Joint Ventures – In the Matter of the Petition against the PCC to the accompanying audited consolidated financial statements in Item 18. “Financial Statements” for further discussion.

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Attys. Baquiran and Tecson vs. NTC, et al.

In October 2018, a petition for mandamus was filed against the NTC, the PCC, Liberty Telecoms Holdings, Inc. (also known as Tori Spectrum Telecom, Inc.), Bell Telecommunication, Inc., Globe, PLDT and Smart. This involves the 700 MHz frequency, among others, that was originally assigned to Liberty and which eventually became subject of a co-use agreement between Globe, PLDT and Smart. The petition remains pending with the Supreme Court.

See Note 26 – Provisions and Contingencies – Attys. Baquiran and Tecson vs. NTC, et al. to the accompanying audited consolidated financial statements in Item 18. “Financial Statements” for further discussion.

Taxation

As at December 31, 2024, PLDT has no contested LGU assessments for franchise taxes based on gross receipts received or collected for services within their respective territorial jurisdiction.

Smart and DMPI currently face various local business and franchise tax assessments by different local government units, while Digitel is discussing with various local government units as to the settlement of its local taxes.

ACeS Philippines entered into an amicable settlement with the Bureau of Internal Revenue in 2021 pursuant to the provisions of the Civil Code of the Philippines for its withholding tax assessments.

See Note 26 – Provisions and Contingencies to the accompanying audited consolidated financial statements in Item 18. “Financial Statements” for further discussion.

Dividend Distribution Policy

See Item 3. “Key Information – Dividends Declared” for a description of our dividend distribution policy, and Note 19 – Equity to the accompanying audited consolidated financial statements in Item 18. “Financial Statements” for tables that show dividends declared in 2021.

Significant Changes

There have been no significant changes in our financial position since December 31, 2024.

Item 9. The Offer and Listing

Common Capital Stock and ADSs

The shares of common stock of PLDT are listed and traded on the PSE under the symbol of “TEL”. On October 19, 1994, an American Depositary Receipt (ADR) facility was established, pursuant to which Citibank, N.A., as the depositary, issued ADRs evidencing ADSs with each ADS representing one PLDT common share with a par value of Php5.00 per share. Effective February 10, 2003, PLDT appointed JP Morgan Chase Bank as successor depositary of PLDT’s ADR facility. The ADSs are listed on the NYSE and are traded on the NYSE under the symbol of “PHI”.

The public ownership level of PLDT common shares listed on the PSE as at December 31, 2024 is 42.08%.

As at December 31, 2024, 9,826 stockholders were Philippine persons and held approximately 64.31% of PLDT’s common capital stock. In addition, as at December 31, 2024, there were a total of approximately 16,477 million ADSs outstanding, substantially all of which PLDT believes were held in the United States by 205 holders.

Item 10. Additional Information

Share Capital

Not applicable.

Amended Articles of Incorporation and By-Laws

Summaries of certain provisions of PLDT’s Articles of Incorporation and By-Laws and amendments thereto and applicable Philippine laws as previously disclosed in Item 10 of our annual reports on Form 20-F for the calendar years ended December 31, 2010 and December 31, 2014 filed on March 30, 2011 and March 26, 2015, respectively, are herein incorporated by reference.

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On March 25, 2021, the Board of Directors approved the amendments to the By-laws of PLDT to conform with the provision of Republic Act No. 11232, and on September 9, 2022, the Philippine SEC approved the same amendment.

On April 8, 2020 and June 9, 2020, the Board of Directors and stockholders, respectively, approved the amendment of the Second Article of the Articles of Incorporation of PLDT, or the Amendment, (a) to reflect the current focus of PLDT’s business, which is the provision of telecommunications services through trending and constantly evolving technologies and innovative products and services, and (b) to allow sufficient flexibility for the PLDT business units to design their operations and expand their products and services by constantly transforming PLDT from being the country’s leading telecommunications company to a dynamic and customer-centric multi-media organization. On November 24, 2020, the amendment to the Articles of Incorporation was approved by the Philippine SEC.

On April 12, 2016 and June 14, 2016, the Board of Directors and stockholders of PLDT, respectively, approved amendments to our Articles of Incorporation to reflect the change in the name of the Company from Philippine Long Distance Telephone Company to PLDT Inc. and an expansion of the purposes of the Company. On August 30, 2016, the Board of Directors also approved amendments to our By-Laws to reflect the change in the name of the Company.

A copy of each of the Articles of Incorporation and By-Laws, each as amended, is furnished under Item 19. “Exhibits”.

Issuance and Redemption of Preferred Stock

All outstanding shares of PLDT 10% Cumulative Convertible Preferred Stock Series A to Series FF, Series GG and Series HH, which were issued in 2007 and 2008, were redeemed and retired effective on January 19, 2012, August 30, 2012, May 16, 2013 and May 16, 2014, respectively.

On January 26, 2016, the Board authorized and approved effective May 11, 2016, the redemption of shares of the Company’s Series II 10% Cumulative Convertible Preferred Stock (also known as the Subscriber Investment Plan, or SIP, Shares), which were issued in 2010. The record date for the determination of the holders of outstanding SIP Shares available for redemption is February 10, 2016. The Board also approved the creation of 20,000 shares of Non-Voting Preferred Stock constituting Series KK 10% Cumulative Convertible Preferred Stock of the Company, for issuance in the implementation of the SIP from January 1, 2016 through December 31, 2020.

On January 28, 2020, the Board of Directors authorized and approved, the retirement of shares of PLDT’s Series JJ 10% Cumulative Convertible Preferred Stock, or SIP Shares, effective May 12, 2020. The record date for the determination of the holders of outstanding SIP Shares available for redemption was February 11, 2020.

On January 20, 2022, RCBC returned to PLDT the remaining unclaimed balance of the Trust Account for the Series A to FF, amounting to Php7,839 million. Due to the prescription of PLDT’s obligations to pay the trust amounts for Series A to FF, income from prescription of preferred shares redemption liability of Php7,839 million was recognized in 2022.

Material Contracts

Other than the contracts described in Item 7. “Major Shareholders and Related Party Transactions,” we have not entered into any material contract that is not in the ordinary course of business within the two years preceding the date of this annual report.

Exchange Controls and Other Limitations Affecting Securities Holders

In Circular No. 1389 dated November 10, 1993, as amended by Circular No. 224 dated January 26, 2000, of the BSP, foreign investments in the shares of stock of Philippine companies listed in the PSE may be registered either with the BSP or with an investor’s designated custodian bank. The foreign investments in listed shares of stock, which are duly registered with the BSP or with a custodian bank duly designated by the foreign investor, are entitled to full and immediate capital repatriation and dividend and interest remittance privileges. Without the need to obtain prior BSP approval, commercial banks are authorized to sell and to remit the equivalent foreign exchange (at the exchange rate prevailing at the time of actual remittance) representing sales and divestment proceeds or dividends of a duly registered foreign equity investment upon presentation of a BSP Registration Document, or BSRD, together with other supporting documents. The BSRD is issued by the BSP or the custodian bank upon registration of the foreign investment and serves as the authority to repatriate such divestment and sales proceeds or remittance of cash dividends. Effective April 3, 2000, only pre-numbered BSRD forms, printed on BSP security paper may be used and issued as proof of registration of foreign investments in accordance with existing BSP rules. The remitting commercial bank must submit to the BSP a statement of remittance together with the supporting documents within two banking days from date of actual remittance. Foreign investments not duly registered with the BSP or with the investor’s designated custodian bank are not entitled to repatriation and remittance privileges through the banking system except capital repatriation or dividend remittance of direct foreign equity investments made prior to March 15, 1973 when BSP registration was not yet required. The BSP should be notified of the transfer of sale of foreign investments in equity or securities already registered with the BSP, in order that the registration of the foreign investment may be transferred in the name of the transferee or purchaser.

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Cash dividends on PLDT’s stock are paid in Philippine peso. PLDT’s Transfer Agent for its common stock, BDO Unibank, Inc., which also acts as dividend paying agent, converts and remits in U.S. dollars, at the prevailing exchange rate, cash dividends due to all common shareholders residing outside the Philippines. Under the above-mentioned regulations, PLDT has been able to remit the cash dividends due to shareholders residing outside the Philippines. As at December 31, 2024, approximately 88.42% of PLDT’s outstanding shares of common and preferred stock were held by Philippine persons. For certain restrictions on the declaration and payment of dividends by PLDT, see Note 19 –Equity and Note 20 – Interest-bearing Financial Liabilities to the accompanying audited consolidated financial statements in Item 18. “Financial Statements”.

Taxation

Philippine Taxation

Taxes on Exchange of ADRs for Common Stock

Philippine capital gains or stock transaction taxes and documentary stamp taxes may be payable upon the transfer of shares of common stock to a holder of ADRs or to a holder of Global Depository Receipts. See “–– Capital Gains Tax and Stock Transaction Tax” and “–– Documentary Stamp Taxes.”

Taxation of Dividends

Under the Philippine Tax Code, dividends paid by a Philippine corporation to citizens of the Philippines and resident aliens in the Philippines are subject to a final withholding tax of 10% while those paid to non-resident aliens engaged in trade or business within the Philippines are subject to a final withholding tax of 20%. Dividends paid to non-resident aliens not engaged in trade or business within the Philippines are subject to a final withholding tax of 25%. Dividends paid by a Philippine corporation to other Philippine corporations or to resident non-Philippine corporations are not subject to tax. Dividends paid by Philippine corporations to non-resident non-Philippine corporations not engaged in a trade or business in the Philippines shall be subject to a final withholding tax of 15% (tax sparing), subject to the condition that the country in which the non-resident non-Philippine corporation is domiciled either: (i) allows a credit against the tax due from the non-resident non-Philippine corporation for taxes deemed to have been paid in the Philippines equivalent to 10% (which represents the difference between the regular income tax on non-resident non-Philippine corporations of 25% effective January 1, 2021 and the 15% tax on dividends) (this condition is not satisfied in the case of corporations domiciled in the United States) or (ii) imposes no income taxes on dividends received by such non-resident non-Philippine corporations from Philippine corporations (this condition is not satisfied in the case of corporations domiciled in the United States).

Under rulings issued by Philippine tax authorities, Hong Kong is viewed as falling within the condition (ii) mentioned above and, thus, companies that are organized in Hong Kong that are not engaged in trade or business in the Philippines may be entitled to the benefit of the reduced dividend rate. Such rulings, however, were based upon the laws of Hong Kong as in effect at the time such rulings were issued, and any subsequent changes in the relevant laws of Hong Kong may affect the validity of such rulings. PLDT reserves the right to change the rate at which it makes payments of withholding tax whenever it deems it appropriate under applicable law.

Under BIR Revenue Memorandum Order (RMO) No. 46-2020 (RMO No. 46-2020), the Philippine corporation paying the dividends may remit outright the dividends to the non-resident non-Philippine corporation, applying thereon the applicable reduced dividend rate without the need for a confirmatory ruling from the BIR. However, such Philippine corporation must first determine whether the country of domicile of the non-resident non-Philippine corporation grants a “deemed paid” tax credit equivalent to the 10% waived by the Philippines or exempts from tax the dividends received. Within ninety (90) days from remittance of the dividends or from the determination by the foreign tax authority of the deemed paid tax credit/non-imposition of tax because of the exemption, whichever is later, the non-resident non-Philippine corporation must file with the BIR a request for confirmation of the reduced dividend rate. If neither of the foregoing conditions are met, the dividends paid to the non-resident non-Philippine corporation shall be subject to the regular income tax (in the form of final withholding tax) at the rate of 25% effective January 1, 2021.

If the holder of common stock is a non-resident foreign partnership, which is treated as a corporation for Philippine tax purposes, dividends on the common stock should be subject to a final withholding tax of 25% effective January 1, 2021. Cede & Co., the partnership nominee of Depository Trust Company, should qualify as a non-resident foreign partnership that would be treated as a corporation for Philippine tax purposes.

In certain circumstances where the holder has common stock, a tax treaty rate may be applicable with respect to the Philippine withholding tax. For instance, holders under such circumstances and as to which the Philippines-United States Tax Treaty would be applicable would be eligible for a treaty rate of 25% (or 20% in certain instances). The 20% treaty rate is generally not applicable in the case of non-resident non-Philippine corporations domiciled in the United States which own less than 10% of the voting stock of PLDT.

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The BIR has prescribed certain procedures, through administrative issuances, for availment of tax treaty relief. On March 31, 2021, the BIR issued RMO No. 14-2021, which updates the procedures and requirements for the availment of preferential tax treaty rates covering all incomes, including dividends, interests and royalties derived by non-resident taxpayers from Philippine sources. On June 15, 2021, the BIR also issued Revenue Memorandum Circular (RMC) No. 77-2021 (RMC 77-2021) which clarified certain provisions of RMO No. 14-2021.

RMO No. 14-2021, as clarified by RMC 77-2021, provides that if a non-resident intending to avail of treaty benefits submits to the income payor a Tax Residency Certificate (TRC) duly issued by the tax authority of the foreign country in which the income recipient is a resident and the appropriate BIR Form No. 0901 (Application Form for Treaty Purposes) prior to the payment of income, the income payor may apply the provisions of the applicable treaty, provided that all the conditions for the availment thereof, other than residency, have been satisfied. Otherwise, the regular rates imposed under the Philippine Tax Code should be applied.

When an item of income is subjected to taxation in accordance with the provisions of the relevant treaty, the withholding agent (or a duly authorized representative) shall file with the International Tax Affairs Division of the BIR a request for confirmation that the tax treatment of such income is proper.

On the other hand, when the regular rates are applied by the withholding agent, the non-resident intending to avail of treaty benefits may file a Tax Treaty Relief Application (TTRA) with complete documentary requirements and a claim for refund at any time after the payment of the withholding tax.

Once the entitlement to treaty benefits is confirmed, the BIR will issue a Certificate of Entitlement to Treaty Benefit (COE). RMC No. 20-2022 provides for two kinds of COEs, one for non-recurring transactions and another for recurring transactions. The COE for recurring transactions covers dividends payments. Such COE will apply to, and cover, future or subsequent income payments to the same non-resident recipient and dispenses with the requirement to file a TTRA or request for confirmation each time a dividend payment is made, provided that the requirements stated in the COE continue to be satisfied. Thus, if the COE mentions tax residency as a requisite for continuous enjoyment of treaty benefit, the income payor must require the nonresident to submit a TRC for the relevant year before making any payment.

However, if the BIR determines that the withholding tax rate applied is lower than the rate that should have been applied, or that the non-resident taxpayer is not entitled to treaty benefits, it will issue a BIR Ruling denying the request for confirmation or TTRA.

RMO No. 14-2021, as clarified by RMC 77-2021, does not cover non-resident non-Philippine corporations invoking the tax sparing provision (or the reduced tax rate on intercorporate dividends paid to non-resident non-Philippine corporations). This is instead addressed by RMO No. 46-2020 which specifically covers the procedures for non-resident non-Philippine corporations to avail of the tax sparing provision. The said RMO provides that non-resident non-Philippine corporations may opt to avail of the tax sparing provision, irrespective of the existence of a tax treaty. However, the rule on the continuing validity of COEs for recurring transactions as provided in RMC No. 20-2022 (and which applies specifically to TTRAs) was also expressly made applicable to tax sparing applications and the issuance by the BIR of Certificates of Entitlement to the Reduced Dividend Rate.

Capital Gains Tax and Stock Transaction Tax

The Philippine Tax Code provides that gain from the sale of shares of stock in a Philippine corporation shall be treated as derived entirely from sources within the Philippines, regardless of where the shares are sold. Subject to applicable tax treaty rates, the rate of tax imposed on individuals, Philippine corporations, and foreign corporations on such gain, where the share is not sold or disposed of through the PSE, is a final tax (i.e., capital gains tax) of 15% of the net capital gains realized during the taxable year from the sale, exchange or other disposition of shares of stock. On March 15, 2018, the BIR issued Revenue Regulations No. 11-2018, which requires buyers of shares of stock (i.e., individuals, Philippine corporations and resident foreign corporations) to withhold from sellers the capital gains tax due on the sale of shares of stock in a Philippine corporation. Further, Philippine tax laws prohibit a sale or transfer of shares of stock from being recorded in the Stock and Transfer Books of the corporation unless the Philippine Commissioner of Internal Revenue certifies that the tax due on the sale or transfer has been paid or certain other conditions are met or, with respect to a non-resident alien or non-Philippine corporation, a bond conditioned upon the future payment of any income tax that may be due on the gains derived from such transfer has been filed by the transferor with the Philippine Commissioner of Internal Revenue.

The sale of shares which are listed in and sold through the PSE are subject to the stock transaction tax imposed at the rate of 6/10 of 1% of the gross selling price or gross value in money of the shares of stock. This tax is required to be collected and paid to the BIR by the selling stockbroker on behalf of his client. In a letter from the BIR dated December 28, 2010 and addressed to the SEC, the BIR sets out the policy that, for tax purposes: (i) listed companies should continually maintain, if not surpass, their initial public ownership requirement (the minimum public ownership, or MPO) in order to continually enjoy the preferential tax rate of 6/10 of 1% (formerly, 1/2 of 1%) of the gross selling price or gross value in money arising from the disposal by the stockholders of their listed shares through the PSE; and (ii) failure of listed companies to do so exposes the stockholders selling their shares to the 15% capital gains tax as these companies are no longer compliant with their “public ownership” status and will, thus, not be considered publicly-listed companies for taxation purposes. On November 7, 2012, the BIR issued Revenue Regulations No.

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16-2012 prescribing the tax treatment of sales, barters, exchanges or other dispositions of shares of stock of publicly-listed companies that do not meet the MPO. The salient provisions of such BIR issuance are as follows: (i) publicly-listed companies which are not compliant with the MPO level were allowed up to December 31, 2012 to comply; (ii) from and after January 1, 2013, the sale, barter, transfer or assignment of shares of stock of publicly-listed companies which is not compliant with the MPO shall be subject to the capital gains tax; and (iii) listed companies are required to submit to the BIR certain reportorial requirements to enable the BIR to monitor compliance with the MPO requirement. As of the date of this report, PLDT is required to have an MPO of 10% of its issued and outstanding shares, exclusive of any treasury shares.

Sales of shares other than through a Philippine stock exchange will be subject to Philippine capital gains tax in the manner described above.

Under the Philippines-United States Tax Treaty, gains derived by a United States resident from the sale of shares of stock of a Philippine corporation will not be subject to capital gains tax (i.e., where the share is not disposed of through the PSE), unless the shares are those of a corporation of which over 50% of the assets (in terms of value) consist of real property interests located in the Philippines. PLDT does not believe that it currently is such a corporation. Holders are required, however, to establish to the Philippine taxing authorities their eligibility for such treaty exemption. Philippine tax authorities have prescribed, through administrative issuances, procedures for availment of tax treaty relief.

Documentary Stamp Taxes

The Philippines imposes a documentary stamp tax upon transfers of shares of stock issued by a Philippine corporation at a rate of Php1.50 on each Php200, or fractional part thereof, of the par value of the shares. The documentary stamp tax is collectible wherever the document is made, signed, issued, accepted or transferred, when the obligation or right arises from Philippine sources or the property is situated in the Philippines. The sale, barter, transfer or exchange of shares of stock of a Philippine Corporation which is listed and traded through the facilities of the PSE is exempt from the documentary stamp tax. However, Revenue Regulations No. 16-2012 provides that transfers of shares of stock of publicly-listed companies which are not compliant with the MPO requirement shall be subject to documentary stamp tax.

Estate and Donor’s Taxes

Shares of stock issued by a corporation organized or constituted in accordance with Philippine law are deemed to have a Philippine situs and their transfer by way of succession or donation is subject to Philippine estate and gift taxes. The transfer of shares of stock by a deceased individual to his heirs by way of succession, whether such an individual was a citizen of the Philippines or an alien, regardless of residence, will be subject to Philippine estate tax at 6% of the net estate.

Individual shareholders, whether or not citizens or residents of the Philippines, who transfer the Equity Securities by way of gift or donation will be liable for Philippine donor’s tax on such transfers at the rate of 6% of the total gifts in excess of Php250,000 made during the calendar year. Estate and gift taxes will not be collected in respect of intangible personal property such as the Equity Securities:

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if the deceased at the time of death, or the donor at the time of donation, was a citizen and resident of a foreign country which at the time of his death or donation did not impose a transfer tax of any character in respect of intangible personal property of citizens of the Philippines not residing in that foreign country; or
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if the laws of the foreign country of which the deceased or the donor was a citizen and resident at the time of his death or donation allow a similar exemption from transfer or death taxes of every character or description in respect of intangible personal property owned by citizens of the Philippines not residing in that foreign country.

Shares of stock of a deceased shareholder or shares that have been donated may not be transferred on the books of the corporation without a certificate from the Philippine Commissioner of Internal Revenue that the applicable estate or donor’s taxes have been paid. In the case of ADRs, however, there is no corresponding requirement, unless a transfer of the ADRs would also entail a change in the registration of the underlying shares.

United States Federal Income Taxation

The following summary describes certain material U.S. federal income tax considerations generally applicable to U.S. Holders (as defined below) of an investment in the ADSs or common stock. This summary applies only to U.S. Holders that hold the ADSs or common stock as capital assets within the meaning of Section 1221 of the Internal Revenue Code of 1986, as amended (the “U.S. Tax Code”) and that have the U.S. dollar as their functional currency.

This discussion is based on the tax laws of the United States, including the U.S. Tax Code, as in effect on the date hereof and on U.S. Treasury regulations as in effect or, in some cases, as proposed, on the date hereof, as well as judicial and administrative interpretations thereof available on or before such date. All of the foregoing authorities are subject to change or differing interpretations, which change or differing interpretation could apply retroactively and could affect the tax consequences described

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below. This summary does not address any estate or gift tax consequences, any alternative minimum tax consequences, the Medicare tax on net investment income or any state, local or non-U.S. tax consequences.

This summary also does not address the tax consequences that may be relevant to persons in special tax situations such as banks, certain financial institutions, insurance companies, regulated investment companies, real estate investment trusts, individual retirement accounts and other tax-deferred accounts, broker-dealers, traders that elect to mark to market, U.S. expatriates, tax-exempt entities, persons that own the ADSs or common stock as part of a “straddle,” “hedge,” “conversion transaction” or integrated transaction; persons that actually or constructively own 10% or more of the PLDT’s share capital (by vote or value), persons that are resident or ordinarily resident in or have a permanent establishment in a jurisdiction outside the United States, or pass-through entities or arrangements, or persons holding ADSs or common stock through pass-through entities or arrangements.

THE SUMMARY OF U.S. FEDERAL INCOME TAX CONSIDERATIONS SET OUT BELOW IS FOR GENERAL INFORMATION ONLY. INVESTORS SHOULD CONSULT THEIR TAX ADVISORS AS TO THE APPLICATION OF THE U.S. FEDERAL TAX RULES TO THEIR PARTICULAR CIRCUMSTANCES AS WELL AS THE STATE, LOCAL, NON-U.S. AND OTHER TAX CONSEQUENCES TO THEM OF THE PURCHASE, OWNERSHIP AND DISPOSITION OF THE ADSS AND COMMON STOCK.

As used herein, the term “U.S. Holder” means a beneficial owner of the ADSs or common stock that is, for U.S. federal income tax purposes, (i) an individual who is a citizen or resident of the United States, (ii) a corporation (or other entity taxable as a corporation for U.S. federal income tax purposes) created or organized under the laws of the United States, any state thereof or the District of Columbia, (iii) an estate, the income of which is subject to U.S. federal income taxation regardless of its source, or (iv) a trust that is subject to the primary supervision of a court within the United States and the control of one or more U.S. persons for all substantial decisions or that has a valid election in effect under applicable U.S. Treasury regulations to be treated as a U.S. person.

If an entity or other arrangement treated as a partnership for U.S. federal income tax purposes holds ADSs or common stock, the tax treatment of a partner will generally depend upon the status of the partner and the activities of the partnership. Partnerships considering an investment in ADSs or common stock and partners in such partnerships should consult their tax advisors regarding the U.S. federal income tax consequences of owning and disposing of ADSs and common stock.

The tax treatment of your ADSs or common stock will depend in part on whether or not we are classified as a passive foreign investment company (a “PFIC”) for U.S. federal income tax purposes. Except as discussed below under “Passive Foreign Investment Company Rules”, this discussion assumes that we are not classified as a PFIC for United States federal income tax purposes.

Exchange of ADSs for Common Stock

In general, assuming that each obligation of the Deposit Agreement and any related agreement will be performed according to its terms, for U.S. federal income tax purposes, if you hold ADRs evidencing ADSs, you will be treated as the owner of the shares of common stock represented by those ADRs. Exchanges of shares of common stock for ADRs, and ADRs for shares of common stock, generally will not be subject to U.S. federal income tax.

Taxation of Distributions

The gross amount of any distribution we pay out of our current or accumulated earnings and profits (as determined for U.S. federal income tax purposes), other than certain pro-rata distributions of our common stock, will be treated as a dividend that is subject to United States federal income taxation. If you are a non-corporate U.S. Holder, dividends paid to you with respect to the ADSs or common stock may be qualified dividend income that is taxable to you at the preferential rates applicable to long-term capital gains, provided that you hold the common stock or ADSs for more than 60 days during the 121-day period beginning 60 days before the ex-dividend date and certain other requirements are met.

You must include any Philippine tax withheld from the dividend payment in this gross amount even though you do not in fact receive it. The dividend is taxable to you when you, in the case of common stock, or the Depositary, in the case of ADSs, receive the dividend, actually or constructively. The dividend will not be eligible for the dividends-received deduction generally allowed to U.S. corporations in respect of dividends received from other U.S. corporations. The amount of the dividend distribution that you must include in your income will be the U.S. dollar value of the Philippine peso payments made, determined at the spot Philippine peso/U.S. dollar rate on the date the dividend distribution is includible in your income. Distributions in excess of current and accumulated earnings and profits, as determined for U.S. federal income tax purposes, will be treated as a non-taxable return of capital to the extent of your basis in the ADSs or common stock and thereafter as capital gain. However, we do not expect to calculate earnings and profits in accordance with U.S. federal income tax principles. Accordingly, you should expect to generally treat distributions we make as dividends.

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Subject to certain limitations, the Philippine tax withheld in accordance with the Philippines-United States Tax Treaty and paid over to the Philippines may be creditable or deductible against your United States federal income tax liability. Special rules apply in determining the foreign tax credit limitation with respect to dividends that are subject to the preferential rates applicable to long-term capital gains. Dividends will be income from sources outside the United States and will generally be “passive” income for purposes of computing the foreign tax credit allowable to you. The rules relating to the determination of the U.S. foreign tax credit are complex, and recently issued final U.S. Treasury Regulations (the Final FTC Regulations) have imposed additional requirements that must be met for a foreign tax to be creditable (in particular, with respect to U.S. Holders not entitled to, or not electing to apply, treaty benefits), and we do not intend to determine whether such requirements will be met. However, recent U.S. Internal Revenue Service guidance (the Notices) allows, subject to certain conditions, taxpayers to defer the application of many aspects of the Final FTC Regulations until the date when a notice or other guidance withdrawing or modifying the temporary relief is issued (or any later date specified in such notice or other guidance). U.S. Holders should consult their tax advisors regarding the availability of a foreign tax credit in their particular circumstances and the possibility of claiming an itemized deduction (in lieu of the foreign tax credit) for any foreign taxes paid or withheld.

Taxation of Disposition of the ADSs or Common Stock

Upon a sale or other taxable disposition of ADSs or common stock, a U.S. Holder will recognize capital gain or loss in an amount equal to the difference between the amount realized and the U.S. Holder’s adjusted tax basis in such ADSs or common stock. In general, a U.S. Holder’s adjusted tax basis in its ADSs or common stock will be equal to the cost of such ADSs or common stock to the U.S. Holder. Any such gain or loss generally will generally be treated as long-term capital gain or loss if the U.S. Holder’s holding period in the ADSs or common stock exceeds one year. Non-corporate U.S. Holders (including individuals) generally will be subject to U.S. federal income tax on long-term capital gain at preferential rates. The deductibility of capital losses is subject to significant limitations.

Gain or loss, if any, recognized by a U.S. Holder on the sale or other disposition of ADSs or common stock generally will be treated as U.S. source gain or loss for U.S. foreign tax credit limitation purposes. As a result, the use of U.S. foreign tax credits relating to Philippine capital gains tax may be limited. Moreover, U.S. Holders entitled to an exemption from Philippine taxes on disposition gains pursuant to the Philippines-United States Tax Treaty will not be able to credit Philippine taxes imposed on disposition gains. In addition, subject to the Notices (as described above), any Philippine capital gains tax imposed on the sale or other taxable disposition of ADSs or common stock is unlikely to be treated as a creditable tax for the U.S. Holder. Non-U.S. taxes on disposition gains that are not creditable may possibly reduce the amount realized on the disposition of ADSs or common stock or alternatively may be deductible subject to limitations. In addition, U.S. Holders may not be eligible to credit against their U.S. federal income tax liability amounts paid in respect of the Philippine stock transaction tax. The applicability of these rules is very complex and U.S. Holders should consult their tax advisors regarding the foreign tax credit and other U.S. federal income tax consequences if Philippine taxes are imposed on a disposition of ADSs or common stock in their particular circumstances, including their ability, if any, to credit any such Philippine tax against their U.S. federal income tax liability or to claim a deduction for any such Philippine tax.

Passive Foreign Investment Company Rules

We would be classified as a PFIC for any taxable year if either: (a) at least 75% of our gross income is “passive income” for purposes of the PFIC rules or (b) at least 50% of the value of our assets (determined on the basis of a quarterly average) is attributable to assets that produce or are held for the production of passive income. For this purpose, we will be treated as owning our proportionate share of the assets and earning our proportionate share of the income of any other corporation in which we, directly or indirectly, 25% or more (by value) of the stock.

We believe that we were not a PFIC for our taxable year ending December 31, 2024, and we do not expect to become a PFIC in the current taxable year or in the foreseeable future. However, this conclusion is a factual determination that is made annually and thus may be subject to change. If we were to be treated as a PFIC, gain realized on the sale or other disposition of your ADSs or common stock would in general not be treated as capital gain. Instead, unless you elect to be taxed annually on a mark-to-market basis with respect to your ADSs or common stock, you would be treated as if you had realized such gain and certain "excess distributions" ratably over your holding period for the ADSs or common stock. The amounts allocated to the taxable year of the sale or other disposition (or the taxable year of receipt, in the case of an excess distribution) and to any year before we became a PFIC would be taxed as ordinary income. The amount allocated to each other taxable year would be subject to tax at the highest rate in effect for individuals or corporations, as appropriate, for that taxable year, and an interest charge would be imposed. With certain exceptions, your ADSs or common stock will be treated as stock in a PFIC if we were a PFIC at any time during your holding period in your ADSs or common stock. Dividends that you receive from us will not be eligible for the special tax rates applicable to qualified dividend income if we are a PFIC (or are treated as a PFIC with respect to you) either in the taxable year of the distribution or the preceding taxable year.

If we were a PFIC, a U.S. Holder would also be subject to annual information reporting requirements. U.S. Holders should consult their tax advisors about the potential application of the PFIC rules to an investment in ADSs or common stock.

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Information Reporting and Backup Withholding

Dividend payments with respect to ADSs and common stock and proceeds from the sale, exchange or redemption of ADSs or common stock may be subject to information reporting to the United States Internal Revenue Service and U.S. backup withholding. A U.S. Holder may be eligible for an exemption from backup withholding if the U.S. Holder furnishes a correct taxpayer identification number and makes any other required certification or is otherwise exempt from backup withholding. U.S. Holders who are required to establish their exempt status may be required to provide such certification on United States Internal Revenue Service Form W-9. U.S. Holders should consult their tax advisors regarding the application of the U.S. information reporting and backup withholding rules.

Backup withholding is not an additional tax. Amounts withheld as backup withholding may be credited against a U.S. Holder’s U.S. federal income tax liability, and such U.S. Holder may obtain a refund of any excess amounts withheld under the backup withholding rules by timely filing an appropriate claim for refund with the United States Internal Revenue Service and furnishing any required information.

Information With Respect to Foreign Financial Assets

Certain U.S. Holders who are individuals (and certain entities) that hold an interest in “specified foreign financial assets” (which may include the ADSs and common stock) are required to report information relating to such assets, subject to certain exceptions (including an exception for ADSs or common stock held in accounts maintained by certain financial institutions). U.S. Holders should consult their tax advisors regarding the effect, if any, of this requirement on their ownership and disposition of the ADSs and common stock and the significant penalties for non-compliance.

Dividends and Paying Agents

Not applicable.

Statement by Experts

Not applicable.

Documents on Display

We are subject to the informational requirements of the Exchange Act, and file reports and other information with the Commission, as required by this Act. The Commission maintains a website that contains reports, proxy statements and other information regarding registrants that file electronically with the Commission. Copies of these materials may be obtained by mail from the public reference section of the Commission, 100 F Street, N.E., Washington, D.C. 20549, at prescribed rates. These reports and other information may also be inspected at the offices of the NYSE, 20 Broad Street, New York, New York 10005, on which the ADSs representing our common stock are listed. Our website address is www.pldt.com, where certain of our filings with the Commission are available online.

Item 11. Quantitative and Qualitative Disclosures About Market Risks

The main risks arising from our financial instruments are liquidity risk, foreign currency exchange risk, interest rate risk and credit risk. The importance of managing those risks has significantly increased in light of the considerable change and volatility in both the Philippine and international financial markets. Our Board of Directors reviews and approves policies for managing each of these risks. We also monitor the market price risk arising from all financial instruments.

See Note 27 – Financial Assets and Liabilities – Financial Risk Management Objectives and Policies to the accompanying audited consolidated financial statements in Item 18. “Financial Statements” for a detailed discussion.

Impact of Inflation and Changing Prices

Inflation can be a significant factor in the Philippine economy and we are continually seeking ways to minimize its impact. The average inflation rate in the Philippines for the years ended December 31, 2024 and 2023 were 3.2% and 6.0%, respectively. The risks to the inflation outlook are continuing constraints in the supply of key food items, the adverse impact of climate change on food and electricity prices, and the effects of potential increases in transport fares and minimum wages.

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Item 12. Description of Securities Other than Equity Securities

Fees and Charges for Holders of American Depositary Receipts

JP Morgan Chase Bank, N.A., or the depositary, as depositary of our ADS collects fees from each person to whom ADS are issued, US$5.00 for each 100 ADS (or portion thereof) issued, delivered, reduced, cancelled or surrendered.

The depositary also collects the following fees from holders of ADRs or intermediaries acting in their behalf:

•
US$0.02 or less per ADS (or portion thereof) for any cash distribution made;
•
US$1.50 per ADR for transfers made (to the extent such fee is not prohibited by the rules of the primary stock exchange upon which the ADSs are listed);
•
a fee in an amount equal to the fee for the execution and delivery of ADSs for the distribution or sale of securities, which would have been charged as a result of the deposit of such securities but which securities or the net proceeds from the sale thereof are instead distributed by the depositary to the holders entitled thereto;
•
US$0.02 per ADS (or a portion thereof) per year for the services rendered by the depositary for administering the ADR program (which fee shall be assessed as of the record date or dates set by the depositary not more than once each calendar year and shall be payable at the sole discretion of the depositary by billing such holders or by deducting such charge from one or more cash dividends or other cash distribution);
•
such fees and expenses as are incurred by the depositary (including without limitation expenses incurred on behalf of holders in compliance with foreign exchange control regulations or any law or regulation relating to foreign investment) in the delivery of the common stock or otherwise in connection with the depositary’s or its custodian’s compliance with applicable laws, rules or regulations;
•
stock transfer and other taxes and governmental charges (which are payable by the holder or person depositing the common stock), cable, telex and facsimile transmission and delivery charges incurred at the request of the person depositing the common stock or holder delivering the common stock, ADRs or deposited common stock (which are payable by such person or holder), transfer or registration fees for the registration or transfer of deposited common stock in connection with the deposit or withdrawal of the deposited common stock (which are payable by the person depositing or withdrawing deposited common stock), expense by the depositary in the conversion of foreign currency into U.S. dollars; and
•
any other charge payable by the depositary or its agents in connection with its service as depositary in implementation of the Company’s ADR Program pursuant to Section 4.02, 4.03, 4.04, or 4.05 of the Deposit Agreement, as amended.

Fees and Other Payments Made by the Depositary to Us

The depositary has agreed to reimburse certain reasonable expenses of PLDT related to PLDT’s ADR program and incurred by PLDT in connection with the ADR program. The amounts reimbursable by the depositary are not necessarily related to the fees collected by the depositary from ADR holders. The total amount that the depositary has agreed to reimburse and the amounts reimbursable for the year ended December 31, 2024 was US$490,531.38.

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PART II

Item 13. Defaults, Dividend Arrearages and Delinquencies

None.

Item 14. Material Modifications to the Rights of Security Holders and Use of Proceeds

None.

Item 15. Controls and Procedures

Disclosure Controls and Procedures. Our management, with the participation of our principal executive officer and principal financial officer, carried out an evaluation on the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended) as at December 31, 2024. Based on this evaluation, our CEO and principal financial officer concluded that our disclosure controls and procedures were effective as at December 31, 2024.

Management’s Annual Report on Internal Control Over Financial Reporting. The Management of the PLDT Group is responsible for establishing and maintaining adequate internal control over financial reporting, as defined in Rules 13a-15(f) and 15d-15(f) under the U.S. Securities Exchange Act of 1934, as amended.

Our internal control over financial reporting is designed and implemented under the supervision of our principal executive officers and principal finance officers, in order to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board. Our internal control over financial reporting includes those policies and procedures that: (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the PLDT Group; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with IFRS Accounting Standards, and that receipts and expenditures of the PLDT Group are being made only in accordance with authorizations of our management and board of directors; and (iii) provide reasonable assurance regarding prevention or timely detection of any unauthorized acquisition, use or disposition of the PLDT Group’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, a system of internal control over financial reporting can provide only reasonable assurance with respect to financial statements preparation and presentation, and may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies and procedures may deteriorate.

Management assessed the effectiveness of the PLDT Group’s internal control over financial reporting as at December 31, 2024, based on the criteria set forth in Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in 2013.

Based on this assessment, management has determined that the internal control over financial reporting of the PLDT Group was effective as at December 31, 2024.

We reviewed the results of management’s assessment with the AC of the Board of Directors.

SGV & Co. (a member firm of the Ernst & Young Global Limited), an independent registered public accounting firm, has audited our consolidated financial statements included in this Annual Report and has issued an attestation report on our internal control over financial reporting as at December 31, 2024. This attestation report is dated March 13, 2025 and is set forth in Item 18 “Financial Statements” of the Annual Report on Form 20-F for the year ended December 31, 2024.

Changes in Internal Control Over Financial Reporting

In 2024, no change to our internal control over financial reporting occurred that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

Item 16A. Audit Committee Financial Expert

Our Board has determined that all the members of our AC are financially literate and its chairperson, Ms. Bernadine T. Siy, holds a master's degree in Management with majors in Finance and Accounting from the J.L. Kellogg Graduate School of Management of Northwestern University in Chicago, Illinois, USA. Although none of the members of the AC is an audit committee financial expert as defined under the applicable rules of the U.S. SEC issued pursuant to Section 407 of the Sarbanes-Oxley Act of 2002,

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our Board believes that the AC members along with its advisors, possess sufficient financial knowledge and experience. Hence, our Board has not separately appointed an AC member who qualifies as an AC financial expert. Our Board has appointed Ms. Corazon S. de la Paz-Bernardo, a former member of our Board of Directors, as AC advisor to render advice on complex financial reporting or accounting issues that may be raised in our AC’s evaluation of our financial statements and other related matters. Formerly the Chairman and Senior Partner of Joaquin Cunanan & Co., now Isla Lipana & Co., a member firm of PricewaterhouseCoopers, Ms. de la Paz-Bernardo is a certified public accountant and possesses in-depth knowledge of accounting principles (including IFRS Accounting Standards), internal controls and procedures for financial reporting and AC functions, as well as extensive experience in overseeing or actively supervising the preparation, audit, analysis or evaluation of financial statements and in addressing complex and general financial reporting, accounting and audit issues.

Item 16B. Code of Business Conduct and Ethics

PLDT has adopted a Code of Business Conduct and Ethics (Code of Ethics), which constitutes a “code of ethics” as defined in Item 16.B of Form 20-F. The Code of Ethics applies to its directors, officers, including its principal executive officer, principal financial officer and principal accounting officer or controller, and employees. On September 17, 2024, the Board reviewed and approved the updated Code of Ethics that is aligned with applicable international best practices on corporate governance and sustainability.

A copy of the PLDT’s Code of Ethics is posted on our website at https://cms.pldt.com/drupal/sites/default/files/corporategovernancedocs/2024-09/pldt-code-of-business-conduct-and-ethics_0.pdf, under the Corporate Governance section. This website does not form part of this annual report on Form 20-F. The Company has undertaken to provide a copy, without charge, to any person requesting for a copy of the Company’s Code of Ethics from our Head - Corporate Governance, Atty. Ma. Magdalene A. Tan, who can be reached at e-mail address matan@pldt.com.ph or telephone number +632-88888-246.

Item 16C. Principal Accountant Fees and Services

The following table summarizes the fees paid or accrued for services rendered by SGV & Co., our independent auditors for the years ended December 31, 2024 and 2023:

|  | 2024 |  |  | 2023(1) |
|  | (amounts in million Php) |
Audit Fees |  | 51 |  |  |  | 50 |
Audit-Related Fees |  | 7 |  |  |  | 6 |
Tax Fees |  |  | 1 |  |  |  | 1 |
All Other Fees |  | 5 |  |  |  | 2 |
Total |  |  | 64 |  |  |  | 59 |

(1 ) 2023 audit fees were presented in conformity with the current year’s presentation in accordance with the Philippine SEC Memorandum Circular No. 18 dated December 26, 2024.

Audit Fees. This category includes the audit of our annual financial statements and services that are normally provided by the independent auditors in connection with statutory and regulatory filings or engagements for those fiscal years. This category also includes fees with respect to our Sarbanes-Oxley 404 assessment in 2024 and 2023.

Audit-Related Fees. This category consists primarily of assurance services for our Sustainability Report and other audit-related fees.

Tax Fees. This category includes tax services for ePLDT.

All Other Fees. This category consists primarily of non-audit engagement fees with respect to our certain projects.

The fees presented above are net of out-of-pocket expenses incidental to our independent auditors’ work, amount of which do not exceed 5% of the agreed-upon engagement fees. The fees and out-of-pocket expenses are exclusive of a 12% VAT.

Our AC pre-approved all audit and non-audit services as these are proposed or endorsed before these services are performed by our independent auditors.

Audit Committee’s Pre-approval Policies and Procedures

AC pre-approval of services rendered by our independent auditor follows:

•
The AC has adopted a policy for pre-approval of audit, audit-related and permitted non-audit services to be rendered by our independent auditor, which should be interpreted in conjunction with the AC's policy on auditor independence.

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•
The AC does not engage our independent auditor for “prohibited services” at any point during the audit and professional engagement period.
•
To ensure the prompt handling of unexpected matters, the AC may delegate its authority to specifically pre-approve services to one or more of its members. The member(s) to whom such authority is delegated must report any pre-approval decisions to the AC at its next regularly scheduled meeting.
•
The AC is directly responsible for the appointment, setting of compensation, retention, removal and oversight of the work of our independent auditor.

Item 16D. Exemption from the Listing Standards for Audit Committees

Not applicable.

Item 16E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers

The total number of shares repurchased was nil in 2024, 2023 and 2022.

Item 16F. Change in Registrant’s Certifying Accountant

Not applicable.

Item 16G. Corporate Governance

PLDT is a Philippine company with its shares of common stock listed on the Philippine Stock Exchange (PSE) and American Depositary Shares (ADS) listed on the New York Stock Exchange (NYSE). As a foreign private issuer, PLDT is permitted under the NYSE listing standards to follow Philippine corporate governance practices on most corporate governance matters, and, accordingly, PLDT complies with the requirements of the Philippine Securities Regulation Code and the Revised Corporation Code of the Philippines, and, as appropriate, the recommended practices under Philippine SEC Code of Corporate Governance for Publicly Listed Companies (CG Code for PLCs) in respect of corporate governance matters as well as with the NYSE listing standards applicable to foreign private issuers. The CG Code for PLCs, which was issued by the Philippine SEC and took effect on January 1, 2017, contains Code provisions with recommended corporate governance practices. In accordance with its “comply or explain” approach, the CG Code for PLCs requires publicly listed companies to state in their respective annual corporate governance reports, due on or before May 30 of the following year, whether they comply with the Code provisions or, in case of non-compliance, explain the reason for such non-compliance. PLDT’s Integrated Annual Corporate Governance Report 2023 is posted on our website at https://cms.pldt.com/drupal/sites/default/files/cgdisclosures/CGFD_PLDT%20INC._SEC%20PSE%20Form%20I-ACGR_30May2024.pdf.

PLDT’s corporate governance practices are generally consistent with the NYSE listing standards, except that PLDT’s corporate governance practices differ from U.S. companies under the NYSE listing standards in the significant ways summarized below.

•
Number of Independent Directors. The NYSE listing standards require a majority of the board of directors to be independent. We have three independent directors out of 13 directors, which meets the requirement under Section 38 of the Philippine Securities Regulation Code that at least two (2) or twenty percent (20%) of the total members of the board, whichever is less, must be independent; and Section 22 of the Revised Corporation Code that corporations vested with public interest[1] shall have independent directors constituting at least 20% of such Board.
•
Director Independence Tests. There are differences between the director independence tests applied in PLDT’s corporate governance practice and those under the NYSE listing standards. In some cases, the independence tests set forth in the NYSE listing standards are more stringent than those under PLDT’s corporate governance practice, and in other cases the independence tests set forth in the NYSE listing standards are less stringent than those under PLDT’s corporate governance practice.
•
An example where the NYSE listing standards impose more stringent standards than PLDT’s corporate governance practices include the “auditor affiliation” test. In contrast to the NYSE listing standards, under PLDT’s By-Laws and Board Committee charters, present or previous affiliation or employment of a director’s immediate family member with the external auditor does not preclude a determination that such director is independent.
•
An example where PLDT’s corporate governance practices impose more stringent standards than NYSE listing standards is the “material relationship with the listed company” test. PLDT’s Manual on Corporate Governance (PLDT’s CG Manual) provides that a director who owns more than 2% of the shares of stock of PLDT, or whose relative is a substantial shareholder of PLDT, any of its related companies or any of its substantial shareholders cannot be considered as independent.

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•
Meetings of non-management/independent directors. The NYSE listing standards require regularly scheduled executive sessions of non-management directors without management participation or regularly scheduled executive sessions consisting of only independent directors. PLDT’s CG Manual mandates that the Board shall hold executive sessions with the independent directors and non-executive directors, excluding executive directors, at least once a year and at such other times as the Board may deem necessary or appropriate, and that such executive sessions shall be presided by the chairman of the Governance, Nomination and Sustainability Committee, except if said chairman is an executive director, in which case, by an independent director or non-executive director designated by the Board.
•
Nominating/Corporate Governance Committee and Compensation Committee. The NYSE listing standards require a listed company to maintain a nominating/corporate governance committee and a compensation committee, both composed entirely of independent directors. Our GNSC and our ECC are normally composed of five voting members, a majority of whom are normally independent directors.
•
The NYSE listing standards require the compensation committee to conduct an independent assessment with respect to any compensation consultant, legal counsel or other adviser that provides advice to the compensation committee. There is no such requirement under PLDT’s CG Manual.
•
Audit Committee. As required by NYSE listing standards, PLDT maintains an audit committee in full compliance with Rule 10A-3 promulgated under the U.S. Securities Exchange Act of 1934, as amended, and Section 303A.06 of the NYSE Listed Company Manual. All the members of PLDT’s AC are independent directors meeting the independence requirements of Rule 10A-3 as well as those under Section 303A.07 of the NYSE Listed Company Manual, except in those areas where our independence tests adopted pursuant to the CG Code for PLCs differ from those under the NYSE listing standards, as discussed above.

PLDT’s disclosure containing a summary of differences on corporate governance practices based on requirements of Philippine law on one hand, and U.S. law on the other, is found in this link: https://cms.pldt.com/drupal/sites/default/files/cgdisclosures/nyse-section-303a-11-disclosure-2024_1.pdf.

[1] Section 22 of the Revised Corporation Code of the Philippines defines “a corporation vested with public interest” as:

“a) Corporations covered by Section 17.2 of Republic Act No. 8799, otherwise known as “The Securities Regulation Code,” namely those whose securities are registered with the Commission, corporations listed with an exchange or with assets of at least Fifty million pesos (Php50,000,000.00) and having two hundred (200) or more holders of shares, each holding at least one hundred (100) shares of a class of its equity shares;

b) Banks and quasi-banks, NSSLAs, pawnshops, corporations engaged in money service business, pre-need, trust and insurance companies, and other financial intermediaries; and

c) Other corporations engaged in business vested with public interest similar to the above, as may be determined by the Commission, after taking into account relevant factors which are germane to the objective and purpose of requiring the election of an independent director, such as the extent of minority ownership, type of financial products or securities issued or offered to investors, public interest involved in the nature of business operations, and other analogous factors.”

Item 16H. Mine Safety Disclosure

Not applicable.

Item 16I. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Not applicable.

Item 16J. Insider Trading Policies

The Company has adopted a policy enjoining directors and officers, executives, and employees of the Company, as well as its subsidiaries and affiliates, from buying or selling PLDT shares while in possession of unpublished price-sensitive information. A copy of the Company's policy on blackout periods and trading restrictions is attached herewith as “Exhibit 11.1.” Additionally, the Company imposes administrative penalties for (a) failure to promptly or accurately report PLDT share transactions; and
(b) trading of PLDT shares during restricted periods. These policies aim to facilitate compliance with insider trading laws, regulations, rules, and the listing standards that apply to the Company. A copy of the Company’s policy on the imposition of administrative penalties is attached herewith as “Exhibit 11.2.”

Item 16K. Cyber Security

a)
Definitions. For purposes of this section:

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Cyber security incident means an unauthorized occurrence, or a series of related unauthorized occurrences, on or conducted through a registrant’s information systems that jeopardizes the confidentiality, integrity, or availability of PLDT’s information systems or any information residing therein.

Cyber security threat means any potential unauthorized occurrence on or conducted through PLDT’s information systems that may result in adverse effects on the confidentiality, integrity, or availability of PLDT’s information systems or any information residing therein.

Information systems means electronic information resources, owned or used by PLDT, including physical or virtual infrastructure controlled by such information resources, or components thereof, organized for the collection, processing, maintenance, use, sharing, dissemination, or disposition of PLDT’s information to maintain or support PLDT’s operations.

b)
Cybersecurity Risk Management and Strategy

Our cybersecurity risk management program (Program) includes:

•
Information security risk assessment – We developed the Information Security Risk Management Standards (Risk Management Standards), which serve as our Company’s guidelines for performing information security risk assessments that are conducted by CSOG. They also serve as a guide for the conduct of risk assessments for third parties with business dealings with the PLDT Group, such as vendors, suppliers, and service providers. CSOG reviews the Risk Management Standards on an annual basis, taking into consideration the latest international standards in cyber security. The information security risk assessment includes, among others:

o
identifying material cyber security risks to which our systems are exposed, including exposure to breach in confidentiality, integrity and availability of personal data as defined under Republic Act No. 10173, otherwise known as the Data Privacy Act of 2012;
o
analyzing the potential impact of the identified information security risk on our business operations;
o
classifying information security risks as a low, medium or high risk, based on the impact score and likelihood score provided in the Risk Management Standards; and
o
implementing risk treatment or mitigating actions necessary to address the identified information security risk.

In addition, all technologies, systems, platforms and network elements go through a security assessment by CSOG and must be approved by CSOG before they are implemented in order to ensure that all network elements meet our cyber security standards.

As part of our continuing efforts to improve security measures and fortify the network environment, PLDT Group has retained external cyber security experts to assist us in deploying the latest technology and adopting global best practices to detect and prevent cyber security attacks.

•
Cyber security incident response - CSOG, through its cyber security incident response team, is the central authority for handling security incidents. We developed the Information Security Incident Management Standards (Incident Management Standards), which are reviewed annually, as a guide in handling security incidents by establishing an incident handling capability through a centralized platform with sufficient expertise and equipped with rapid and secure communication facilities. CSOG has adopted the incident response plan which is a set of documented procedures for identifying, responding to, and limiting the impact of information security incidents to the business. This document is the primary business-level documentation which reflects the corporation’s due care and due diligence on the handling of incidents, methods for response, and business criteria for the recovery and restoration of normal business operations after an incident. The Incident Management Standards lays down the stages of the incident management process to be followed upon the occurrence of a security incident. These are: (1) preparation; (2) identification; (3) remediation (e.g., containment, eradication and recovery); (4) incident closing and archiving; and (5) post-incident activities.

•
Cyber security awareness – Since all employees, consultants, and third parties with business dealings, directly or indirectly, with PLDT Group must comply with the Corporate Information Security Policy (CISP) and its supporting Standards and the Information Security Management System (ISMS) that implements the CISP, CSOG leads the organizational initiatives aimed at enhancing awareness of the CISP, its supporting standards and ISMS. For this purpose, CSOG conducts an annual information security e-learning course which is mandatory for all employees and consultants. The course is intended to achieve the following objectives: (1) prevent and reduce threats that cannot be addressed by technical controls; (2) increase awareness on cyber security matters; (3) drive appropriate behavior and

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improve judgment on cyber risks; and (4) enable our people to become the Company’s first and last lines of defense, all with the aim of creating a sustainable culture of cyber security.

The Program is constantly reviewed for compliance with ISO 27001. While CSOG uses the Balanced Scorecard Framework (Balanced Scorecard) as a tool for measuring performance and effectiveness of security controls, as well as for alignment of CSOG objectives with the goals of the PLDT Group, it has adopted the National Institute of Standards and Technology (NIST) as a framework. The Balanced Scorecard is a strategic planning and management method designed to align business activities with the vision and strategy of the organization to improve internal and external communications, and monitor CSOG’s performance against the strategic goals of the entire organization, including financial stability, customer satisfaction, efficient internal processes, and continuous improvement and innovation in cyber security capabilities. On the other hand, the adoption of the NIST Framework enhances our ability to identify, protect, detect, respond and recover from cyber threats. By identifying the risks, the organization is able to understand and manage the cyber security risks to systems, assets, data and capabilities and, at the same time, implement safeguards to ensure the delivery of critical infrastructure services. Detection is achieved by developing and implementing activities to identify the occurrence of a cyber security event.

The Program is integrated into our overall enterprise risk management program, and shares common methodologies, reporting channels and governance processes with the enterprise risk management program, which are also applied to other legal, compliance, strategic, operational, and financial risk areas. This integration serves to align PLDT’s cyber security initiatives with the overall strategic objectives of the organization.

a)
Process for Assessing, Identifying, and Managing Material Risks from Cyber Security Threats Pursuant to the Program

Assessment

CSOG, through its Risk Management Team, performs functional security risk assessments for projects (e.g., solutions, products, services, and their components) and enterprise (e.g., in response to incidents, intelligence threat information, and/or as part of planned scope and schedule) in accordance with the Risk Management Standards. Information security risk assessments are performed on all new technologies, systems, platforms, and network elements that:

1.
introduce and connect to any part of our network;
2.
use the services of external service providers;
3.
permit access to our critical systems either through internal or external users or system accounts; and
4.
grant access from external locations outside our network.

In other words, all technologies, systems, platforms and network elements go through a security assessment by CSOG and must be approved by CSOG before they are implemented, whether it is merely proof-of-concept, for demonstration, or for production. Information security risk assessments on existing systems should be initiated and performed by CSOG based on emerging threats and risk.

Identification

Risks are identified based on the probable loss of confidentiality, integrity, and availability of information within the scope of our ISMS. Risks are categorized based on their impact on the following: (1) customer’s rights; (2) reputation; (3) technology; (4) finance; (5) people; and (6) governance. Once identified, risks are categorized as either high or low to arrive at the risk rating/score.

Results of risk assessment are documented in our Risk Register, which shall be the basis of the risk treatment.

Risks identified as part of information security risk assessment shall be treated according to the Company’s security requirements (risk appetite), taking into account business circumstances and level of threat. Treatment of information security risk shall primarily be via risk mitigation. In cases where the risk is difficult to mitigate and requires long-term efforts, we may (i) document acceptance of the risk by an appropriate senior management, (ii) cancel, postpone or modify the implementation of a project or initiative that gives rise to the risk or (iii) share the risk with external parties, such as joint venture partners, cloud service providers and other third-party service providers.

Management/Strategy

CSOG uses the Balanced Scorecard methodology/framework to ensure that cyber security efforts are not just technically proficient, but also contribute to the overall strategic objectives of the organization, including financial stability, customer satisfaction, efficient internal processes, and continuous improvement and innovation in cyber security capabilities. The Balanced Scorecard is reviewed annually or as necessary to keep up with the latest threats, technological advancements, and regulatory

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requirements. In the end of 2024, CSOG started reviewing its strategy and roadmap based on the approved budget and its identified projects and initiatives.

See Section (b) above for more details.

Engagement of Third-Parties

The Company engages third-party service providers, such as, but not limited to assessors, consultants, and auditors, in connection with the processes described above. The Company has established its External Party Security Standards to ensure the confidentiality, integrity, and availability of information transmitted between PLDT Group and third parties are maintained, that hardware and software acquired from third parties do not compromise PLDT Group’s confidential and restricted information, and that security requirements are satisfied and maintained when the running of a particular environment or service is entrusted to a third party.

When entering into contracts, third parties must agree to PLDT Group’s security requirements as embodied in PLDT Group’s Cyber Security Clauses and CS Requirements set forth in the External Party Security Standards. All contracts are reviewed by CSOG before they are executed and subjected to a risk assessment on the third party, including assessing their security posture and compliance with security requirements, before launching the project or implementing the solution. Through this process, CSOG seeks to ensure that we have the appropriate controls in place for any systems, solutions or platforms that are to be integrated with our internal network or system, or will involve the processing of personal data.

b)
Cybersecurity Incidents

In the second quarter of 2023, pursuant to Philippine laws, the Company notified the relevant regulatory authorities that it experienced cybersecurity attacks on its network and systems and, with the help of leading cybersecurity experts here and abroad, the Company was able to contain the effects of such cybersecurity attacks on network and systems performance. Upon detection of the incidents, the Company immediately activated relevant security protocols, and worked around the clock to protect its network and systems. Therefore, such cybersecurity attacks did not have any material financial, legal, reputational or regulatory repercussions for the Company. We did not experience any cyber security incidents in Fiscal 2024 that resulted in any financial loss, reputational damage, or regulatory fines.

We continue to analyze and enhance our network and systems to introduce further security measures, and fortify our network environment. Further, we have retained external cyber security experts to ensure that we deploy the latest technology, and adopt global best practices to detect and prevent cyber security attacks.

c)
Cyber Security Governance

Our Board considers cyber security risk as part of its risk oversight function and has delegated the responsibility for overseeing cyber security and other information technology risks to the Board’s Data Privacy and Information Security Committee (the Committee). This Committee gives strategic direction to governance functions relating to data privacy and information security matters and oversees management’s implementation of our Program.

The Committee receives quarterly reports from management on (a) our data privacy and information security risk profile, with a focus on known or emerging major risk exposures; (b) the level of compliance with regulatory requirements and internal policies and standards on data protection and information security; and (c) any significant gaps in our data protection and information security capabilities and the status of any initiatives to address those gaps. In addition, management updates the Committee, as necessary, regarding any material cyber security incidents, as well as any incidents with lesser impact potential, and the steps or proposed steps taken by management to monitor and manage data privacy and information security risks, including adequacy of resources; training of the workforce; administrative, physical, and technical safeguards; and an incident management framework.

On the other hand, the Committee reports to the full Board on its activities including those related to cyber security. Further, the Committee reports and secures the full Board’s approval, at least annually, on the risk appetite and risk tolerance of our Company and the risk management objectives and strategies on data privacy and information security. The Committee also ensures that management, through its Chief Information Security Officer (CISO), reports to the full Board the level of our compliance with regulatory requirements and internal policies and standards on data protection and information security. Each year, the Committee also ensures that the CISO creates and implements continuing annual training programs for Directors to inform them of developments in the business and regulatory environments, including emerging risks relevant to data protection and information security.

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Our CSOG, led by the CISO, is responsible for assessing and managing any material risks from cyber security threats. CSOG has primary responsibility for implementing and monitoring our Program and supervises both our internal cyber security personnel and our external cyber security consultants. The CISO, through the different pillars of CSOG (e.g., Governance, Innovation, Risk Management, Compliance, Internal Cyber Security Operations, and Special Operations Group), supervises efforts to prevent, detect, mitigate, and remediate cyber security risks and incidents through various means, which may include briefings from internal security personnel, threat intelligence and other information obtained from governmental, public or private sources, including external consultants; and alerts and reports produced by security tools deployed in the IT environment.

CSOG oversees and implements organizational initiatives aimed at creating a sustainable culture of cyber security, including, but not limited to, internal and external training programs for staff, technological upgrades in cyber security, and knowledge management practices in cyber security. Collectively, CSOG is equipped with the relevant experience and technical knowledge to perform its responsibilities in relation to cyber security.

The CISO provides quarterly reports to the Committee on potential and existing cyber security risks identified by CSOG, remedial actions undertaken, and measures implemented to enhance PLDT Group’s cyber security posture. The Committee then reports such cyber security matters to the full Board. The CISO also directly provides the Board with quarterly reports on the implementation of the Group’s security measures.

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PART III

Item 17. Financial Statements

PLDT has elected to provide the financial statements and related information specified in Item 18. “Financial Statements” in lieu of Item 17.

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Item 18. Financial Statements

Index to Financial Statements

|  | Page
PLDT INC. ANNUAL FINANCIAL STATEMENTS |  |
Reports of Independent Public Accounting Firm (PCAOB ID 01755) |  | F-1
Consolidated Statements of Financial Position as at December 31, 2024 and 2023 |  | F-5
Consolidated Income Statements for the Years Ended December 31, 2024, 2023 and 2022 |  | F-7
Consolidated Statements of Comprehensive Income for the Years Ended December 31, 2024, 2023 and 2022 |  | F-8
Consolidated Statements of Changes in Equity for the Years Ended December 31, 2024, 2023 and 2022 |  | F-9
Consolidated Statements of Cash Flows for the Years Ended December 31, 2024, 2023 and 2022 |  | F-10
Notes to Consolidated Financial Statements |  | F-12

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Report of Independent Registered Public Accounting Firm

To the Stockholders and the Board of Directors of PLDT Inc.

Opinion on Internal Control over Financial Reporting

We have audited PLDT Inc. and subsidiaries’ (collectively referred to as “PLDT Group”) internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the “COSO criteria”). In our opinion, the PLDT Group maintained, in all material respects, effective internal control over financial reporting as of December 31, 2024, based on the COSO criteria.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated statements of financial position of the PLDT Group as of December 31, 2024 and 2023, the related consolidated income statements, statements of comprehensive income, statements of changes in equity and statements of cash flows for each of the three years in the period ended December 31, 2024, and the related notes and our report dated March 13, 2025 expressed an unqualified opinion thereon.

Basis for Opinion

The PLDT Group’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management’s Annual Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the PLDT Group’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the PLDT Group in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects.

Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

Definition and Limitations of Internal Control Over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ SyCip Gorres Velayo & Co.

Makati City, Philippines

March 13, 2025

F-1

Report of Independent Registered Public Accounting Firm

To the Stockholders and the Board of Directors of PLDT Inc.

Opinion on the Financial Statements

We have audited the accompanying consolidated statements of financial position of PLDT Inc. and subsidiaries (collectively referred to as “PLDT Group”) as of December 31, 2024 and 2023, the related consolidated income statements, statements of comprehensive income, changes in equity and cash flows for each of the three years in the period ended December 31, 2024, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the PLDT Group at December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2024, in conformity with International Financial Reporting Standards (IFRS) Accounting Standards as issued by the International Accounting Standards Board.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the PLDT Group’s internal control over financial reporting as of December 31, 2024, based on the criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) and our report dated March 13, 2025 expressed an unqualified opinion thereon.

Basis for Opinion

These financial statements are the responsibility of the PLDT Group’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the PLDT Group in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatements of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matters

The critical audit matters communicated below are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

|  | Revenue recognition
Description of the Matter |  | For the year ended December 31, 2024, the Group recognized revenues amounting to Php216,833 million as disclosed in Notes 3, 4 and 5 to the consolidated financial statements. The Group derives revenues from wireless and fixed line telecommunications services, which includes bundled offers such as telecommunications services and handsets provided to a large number of subscribers. Auditing the information technology (IT) systems used to capture accurate and complete information to recognize substantial amounts of the wireless and fixed line service revenues was especially challenging due to the significant volume of data and transactions processed through various systems and the heavy reliance on automated processes and controls over the capture, measurement and recording of transactions.

F-2

How We Addressed the Matter in Our Audit |  | We obtained an understanding of the PLDT Group’s revenue recognition process, involving our IT professionals to assist us in evaluating the design and testing of the effectiveness of controls around the capture, measurement and recording of wireless and fixed line revenues. For example, we evaluated the design and tested the operating effectiveness of controls around access rights, system development, program changes and IT dependent business controls to establish that changes to the system were appropriately authorized, developed, and implemented including those over: set-up of customer accounts, pricing data, segregation of duties and the linkage to usage data that drives revenue recognition. To test revenue recognition, among other procedures, we compared the customer billing data to the details in the billing systems for wireless and fixed line postpaid revenues on a sample basis. We also tested the recognition of revenue based on actual usage and inspected the reconciliation of the ending balance of unearned income for prepaid revenues between the subledger and the general ledger.
|  | Estimating useful lives of property and equipment
Description of the Matter |  | At December 31, 2024, the Group’s property and equipment amounted to Php318,069 million. As explained in Notes 3 and 9 to the consolidated financial statements, the Group reviews its estimates of useful lives annually or as and when needed if expectations differ from previous estimates due to changes in expectation of physical wear and tear, technical or commercial obsolescence and legal or other limitations on the continuing use of the assets. Auditing the Group's estimated useful lives of property and equipment was complex and required significant judgment because the determination of the estimated useful lives considers a number of factors and assumptions including the collective assessment of industry practice, internal technical evaluation and experience with similar assets.
How We Addressed the Matter in Our Audit |  | We obtained an understanding, evaluated the design and tested the operating effectiveness of internal controls over the Group’s process of estimating the useful lives of property and equipment. For example, we tested controls over management’s assessment which includes consideration for industry data and practice, market outlook and other relevant data. To test whether the estimated useful life of property and equipment used by management was reasonable, our audit procedures included, among others, obtaining an understanding of the Group’s technology roadmap plan and strategy related to asset replacement and assessing the reasonableness by considering external sources such as telecommunication technology growth, changes in market demand and current economic and market outlooks. We assessed whether there were any potential sources of contrary information by performing benchmarking analysis on the estimated useful lives of property and equipment against other public companies within the telecommunication industry.

/s/ SyCip Gorres Velayo & Co.

We have served as the PLDT Group’s auditor since 2002.

Makati City, Philippines

March 13, 2025

F-3

PLDT INC. AND SUBSIDIARIES

CONSOLIDATED FINANCIAL STATEMENTS

AS AT DECEMBER 31, 2024 AND 2023

AND FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022

F-4

PLDT INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

As at December 31, 2024 and 2023

(in million pesos)

|  | 2024 |  |  | 2023 |
ASSETS |
Noncurrent Assets |  |  |  |  |  |
Property and equipment (Notes 2, 9 and 21) |  |  | 318,069 |  |  |  | 287,103 |
Right-of-use assets (Note 10) |  |  | 39,111 |  |  |  | 32,717 |
Investments in associates and joint ventures (Note 11) |  |  | 52,764 |  |  |  | 50,308 |
Financial assets at fair value through profit or loss (Note 27) |  |  | 1,101 |  |  |  | 578 |
Debt instruments at amortized cost – net of current portion (Note 12) |  |  | 370 |  |  |  | 395 |
Investment properties (Note 13) |  |  | 3,000 |  |  |  | 1,315 |
Goodwill and intangible assets (Note 14) |  |  | 64,464 |  |  |  | 64,335 |
Deferred income tax assets – net (Note 7) |  |  | 14,643 |  |  |  | 18,172 |
Derivative financial assets – net of current portion (Note 27) |  |  | 385 |  |  |  | 96 |
Prepayments and other nonfinancial assets – net of current portion (Notes 2, 18, 24 and 25) |  |  | 61,929 |  |  |  | 80,365 |
Contract assets – net of current portion (Note 5) |  |  | 485 |  |  |  | 531 |
Other financial assets – net of current portion (Note 27) |  |  | 3,126 |  |  |  | 3,481 |
Total Noncurrent Assets |  |  | 559,447 |  |  |  | 539,396 |
Current Assets |  |  |  |  |  |
Cash and cash equivalents (Note 15 and 27) |  |  | 10,011 |  |  |  | 16,177 |
Short-term investments (Note 27) |  |  | 136 |  |  |  | 391 |
Trade and other receivables (Note 16) |  |  | 31,612 |  |  |  | 26,086 |
Inventories and supplies (Note 17) |  |  | 3,306 |  |  |  | 3,340 |
Current portion of contract assets (Note 5) |  |  | 1,401 |  |  |  | 1,387 |
Current portion of derivative financial assets (Note 27) |  |  | 30 |  |  |  | — |
Current portion of debt instruments at amortized cost (Note 12) |  |  | 25 |  |  |  | 200 |
Current portion of prepayments and other nonfinancial assets (Notes 18 and 24) |  |  | 9,975 |  |  |  | 13,215 |
Current portion of other financial assets (Notes 19 and 27) |  |  | 831 |  |  |  | 320 |
|  |  | 57,327 |  |  |  | 61,116 |
Assets classified as held-for-sale (Notes 9 and 10) |  |  | 6,501 |  |  |  | 9,007 |
Total Current Assets |  |  | 63,828 |  |  |  | 70,123 |
TOTAL ASSETS |  |  | 623,275 |  |  |  | 609,519 |
EQUITY AND LIABILITIES |
Equity |  |  |  |  |  |
Non-voting serial preferred stock (Note 19) |  |  | 360 |  |  |  | 360 |
Voting preferred stock (Note 19) |  |  | 150 |  |  |  | 150 |
Common stock (Note 19) |  |  | 1,093 |  |  |  | 1,093 |
Treasury stock (Note 19) |  |  | (6,505 | ) |  |  | (6,505 | )
Capital in excess of par value (Note 19) |  |  | 130,312 |  |  |  | 130,312 |
Retained earnings (Note 19) |  |  | 33,901 |  |  |  | 22,020 |
Other comprehensive loss (Note 6) |  |  | (43,892 | ) |  |  | (42,212 | )
Total Equity Attributable to Equity Holders of PLDT |  |  | 115,419 |  |  |  | 105,218 |
Noncontrolling interests (Note 19) |  |  | 1,316 |  |  |  | 5,168 |
TOTAL EQUITY |  |  | 116,735 |  |  |  | 110,386 |

See accompanying Notes to Consolidated Financial Statements.

F-5

PLDT INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (continued)

As at December 31, 2024 and 2023

(in million pesos)

|  | 2024 |  |  | 2023 |
Noncurrent Liabilities |  |  |  |  |  |
Interest-bearing financial liabilities – net of current portion (Note 20) |  |  | 258,246 |  |  |  | 243,152 |
Lease liabilities – net of current portion (Note 10) |  |  | 46,703 |  |  |  | 41,625 |
Deferred income tax liabilities – net (Note 7) |  |  | 60 |  |  |  | 165 |
Derivative financial liabilities – net of current portion (Note 27) |  |  | — |  |  |  | 12 |
Customers’ deposits (Note 27) |  |  | 2,046 |  |  |  | 2,238 |
Pension and other employee benefits (Note 25) |  |  | 3,548 |  |  |  | 5,661 |
Deferred credits and other noncurrent liabilities (Notes 5 and 21) |  |  | 7,475 |  |  |  | 9,607 |
Total Noncurrent Liabilities |  |  | 318,078 |  |  |  | 302,460 |
Current Liabilities |  |  |  |  |  |
Accounts payable (Note 22) |  |  | 66,722 |  |  |  | 81,014 |
Accrued expenses and other current liabilities (Notes 23 and 26) |  |  | 85,488 |  |  |  | 88,750 |
Current portion of interest-bearing financial liabilities (Note 20) |  |  | 23,340 |  |  |  | 11,646 |
Current portion of lease liabilities (Note 10) |  |  | 7,335 |  |  |  | 5,921 |
Dividends payable (Note 19) |  |  | 2,005 |  |  |  | 1,912 |
Current portion of derivative financial liabilities (Note 27) |  |  | 97 |  |  |  | 1,021 |
Income tax payable |  |  | 1,860 |  |  |  | 4,630 |
|  |  | 186,847 |  |  |  | 194,894 |
Liabilities associated with assets classified as held-for-sale (Note 10) |  |  | 1,615 |  |  |  | 1,779 |
Total Current Liabilities |  |  | 188,462 |  |  |  | 196,673 |
TOTAL LIABILITIES |  |  | 506,540 |  |  |  | 499,133 |
TOTAL EQUITY AND LIABILITIES |  |  | 623,275 |  |  |  | 609,519 |

See accompanying Notes to Consolidated Financial Statements.

F-6

PLDT INC. AND SUBSIDIARIES

CONSOLIDATED INCOME STATEMENTS

For the Years Ended December 31, 2024, 2023 and 2022

(in million pesos, except earnings per common share amounts which are in pesos)

|  | 2024 |  |  | 2023 |  |  | 2022 |
CONTINUING OPERATIONS |  |  |  |  |  |  |  |  |
REVENUES FROM CONTRACTS WITH CUSTOMERS |  |  |  |  |  |  |  |  |
Service revenues (Note 5) |  |  | 208,382 |  |  |  | 201,832 |  |  |  | 195,344 |
Non-service revenues (Note 5) |  |  | 8,451 |  |  |  | 9,121 |  |  |  | 9,018 |
|  |  | 216,833 |  |  |  | 210,953 |  |  |  | 204,362 |
EXPENSES |  |  |  |  |  |  |  |  |
Selling, general and administrative expenses (Notes 5 and 18) |  |  | 78,308 |  |  |  | 81,876 |  |  |  | 84,476 |
Depreciation and amortization (Notes 9, 10 and 18) |  |  | 55,988 |  |  |  | 58,441 |  |  |  | 98,631 |
Cost of sales and services (Note 5) |  |  | 14,011 |  |  |  | 15,092 |  |  |  | 14,172 |
Asset impairment (Note 5) |  |  | 4,321 |  |  |  | 4,432 |  |  |  | 6,044 |
Interconnection costs |  |  | 13,718 |  |  |  | 10,418 |  |  |  | 6,104 |
|  |  | 166,346 |  |  |  | 170,259 |  |  |  | 209,427 |
|  |  | 50,487 |  |  |  | 40,694 |  |  |  | (5,065 | )
OTHER INCOME (EXPENSES) – NET (Note 5) |  |  | (7,794 | ) |  |  | (4,217 | ) |  |  | 19,097 |
INCOME BEFORE INCOME TAX FROM CONTINUING OPERATIONS |  |  | 42,693 |  |  |  | 36,477 |  |  |  | 14,032 |
PROVISION FOR INCOME TAX (Note 7) |  |  | 10,138 |  |  |  | 9,612 |  |  |  | 2,697 |
NET INCOME FROM CONTINUING OPERATIONS (Note 4) |  |  | 32,555 |  |  |  | 26,865 |  |  |  | 11,335 |
NET LOSS FROM DISCONTINUED OPERATIONS (Notes 2 and 4) |  |  | — |  |  |  | (41 | ) |  |  | (600 | )
NET INCOME (Note 4) |  |  | 32,555 |  |  |  | 26,824 |  |  |  | 10,735 |
ATTRIBUTABLE TO: |  |  |  |  |  |  |  |  |
Equity holders of PLDT (Note 8) |  |  | 32,307 |  |  |  | 26,614 |  |  |  | 10,485 |
Noncontrolling interests |  |  | 248 |  |  |  | 210 |  |  |  | 250 |
|  |  | 32,555 |  |  |  | 26,824 |  |  |  | 10,735 |
Earnings Per Share Attributable to Common Equity Holders of PLDT (Note 8) |  |  |  |  |  |  |  |  |
Basic |  |  | 149.26 |  |  |  | 122.91 |  |  |  | 48.26 |
Diluted |  |  | 149.26 |  |  |  | 122.91 |  |  |  | 48.26 |
Earnings Per Share from Continuing Operations Attributable to Common Equity Holders of PLDT (Notes 4) |  |  |  |  |  |  |  |  |
Basic |  |  | 149.26 |  |  |  | 123.10 |  |  |  | 51.03 |
Diluted |  |  | 149.26 |  |  |  | 123.10 |  |  |  | 51.03 |

See accompanying Notes to Consolidated Financial Statements.

F-7

PLDT INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

For the Years Ended December 31, 2024, 2023 and 2022

(in million pesos)

|  | 2024 |  |  | 2023 |  |  | 2022 |
NET INCOME |  |  | 32,555 |  |  |  | 26,824 |  |  |  | 10,735 |
OTHER COMPREHENSIVE INCOME (LOSS) – NET OF TAX (Note 6) |  |  |  |  |  |  |  |  |
Foreign currency translation differences of subsidiaries |  |  | 81 |  |  |  | (23 | ) |  |  | (207 | )
Net transactions on cash flow hedges: |  |  | (1,547 | ) |  |  | (1,256 | ) |  |  | (2,544 | )
Net fair value losses on cash flow (Note 27) |  |  | (2,063 | ) |  |  | (1,674 | ) |  |  | (3,228 | )
Income tax related to fair value adjustments charged directly to equity (Note 7) |  |  | 516 |  |  |  | 418 |  |  |  | 684 |
Net other comprehensive loss to be reclassified to profit or loss in subsequent years |  |  | (1,466 | ) |  |  | (1,279 | ) |  |  | (2,751 | )
Revaluation increment on investment properties |  |  | 1,196 |  |  |  | — |  |  |  | — |
Revaluation increment in investment properties transferred from property, plant and equipment |  |  | 1,631 |  |  |  | — |  |  |  | — |
Income tax related to revaluation increment charged directly to equity |  |  | (435 | ) |  |  | — |  |  |  | — |
Share in the other comprehensive income (loss) of associates and joint ventures accounted for using the equity method (Note 11) |  |  | (8 | ) |  |  | 3 |  |  |  | (6 | )
Actuarial gains (losses) on defined benefit obligations: |  |  | (1,462 | ) |  |  | (5,469 | ) |  |  | 2,500 |
Remeasurement in actuarial gains (losses) on defined benefit obligations |  |  | (1,978 | ) |  |  | (7,277 | ) |  |  | 3,332 |
Income tax related to remeasurement adjustments (Note 7) |  |  | 516 |  |  |  | 1,808 |  |  |  | (832 | )
Net other comprehensive income (loss) not to be reclassified to profit or loss in subsequent years |  |  | (274 | ) |  |  | (5,466 | ) |  |  | 2,494 |
Total Other Comprehensive Loss – Net of Tax |  |  | (1,740 | ) |  |  | (6,745 | ) |  |  | (257 | )
TOTAL COMPREHENSIVE INCOME |  |  | 30,815 |  |  |  | 20,079 |  |  |  | 10,478 |
ATTRIBUTABLE TO: |  |  |  |  |  |  |  |  |
Equity holders of PLDT |  |  | 30,627 |  |  |  | 19,884 |  |  |  | 10,218 |
Noncontrolling interests |  |  | 188 |  |  |  | 195 |  |  |  | 260 |
|  |  | 30,815 |  |  |  | 20,079 |  |  |  | 10,478 |

See accompanying Notes to Consolidated Financial Statements.

F-8

PLDT INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

For the Years Ended December 31, 2024, 2023 and 2022

(in million pesos)

|  | Preferred Stock |  |  | Common Stock |  |  | Treasury Stock |  |  | Capital in Excess of Par Value |  |  | Retained Earnings |  |  | Other Comprehensive Loss |  |  | Total Equity Attributable to Equity Holders of PLDT |  |  | Noncontrolling Interests |  |  | Total Equity |
Balances as at January 1, 2024 |  |  | 510 |  |  |  | 1,093 |  |  |  | (6,505 | ) |  |  | 130,312 |  |  |  | 22,020 |  |  |  | (42,212 | ) |  |  | 105,218 |  |  |  | 5,168 |  |  |  | 110,386 |
Cash dividends (Note 19) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (20,800 | ) |  |  | — |  |  |  | (20,800 | ) |  |  | (50 | ) |  |  | (20,850 | )
Total comprehensive income (loss): |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 32,307 |  |  |  | (1,680 | ) |  |  | 30,627 |  |  |  | 188 |  |  |  | 30,815 |
Net income |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 32,307 |  |  |  | — |  |  |  | 32,307 |  |  |  | 248 |  |  |  | 32,555 |
Other comprehensive loss (Note 6) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1,680 | ) |  |  | (1,680 | ) |  |  | (60 | ) |  |  | (1,740 | )
Acquisition and dilution of noncontrolling interests |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 235 |  |  |  | 235 |
Perpetual notes settlement (Note 19) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (4,200 | ) |  |  | (4,200 | )
Distribution charges on perpetual notes (Note 19) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (59 | ) |  |  | (59 | )
Transaction costs from settlement of perpetual notes (Note 19) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 34 |  |  |  | 34 |
Others |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 374 |  |  |  | — |  |  |  | 374 |  |  |  | — |  |  |  | 374 |
Balances as at December 31, 2024 |  |  | 510 |  |  |  | 1,093 |  |  |  | (6,505 | ) |  |  | 130,312 |  |  |  | 33,901 |  |  |  | (43,892 | ) |  |  | 115,419 |  |  |  | 1,316 |  |  |  | 116,735 |
Balances as at January 1, 2023 |  |  | 510 |  |  |  | 1,093 |  |  |  | (6,505 | ) |  |  | 130,312 |  |  |  | 18,799 |  |  |  | (35,482 | ) |  |  | 108,727 |  |  |  | 5,234 |  |  |  | 113,961 |
Cash dividends (Note 19) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (23,393 | ) |  |  | — |  |  |  | (23,393 | ) |  |  | (25 | ) |  |  | (23,418 | )
Total comprehensive income (loss): |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 26,614 |  |  |  | (6,730 | ) |  |  | 19,884 |  |  |  | 195 |  |  |  | 20,079 |
Net income (Note 8) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 26,614 |  |  |  | — |  |  |  | 26,614 |  |  |  | 210 |  |  |  | 26,824 |
Other comprehensive loss (Note 6) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (6,730 | ) |  |  | (6,730 | ) |  |  | (15 | ) |  |  | (6,745 | )
Distribution charges on perpetual notes (Note 19) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (236 | ) |  |  | (236 | )
Balances as at December 31, 2023 |  |  | 510 |  |  |  | 1,093 |  |  |  | (6,505 | ) |  |  | 130,312 |  |  |  | 22,020 |  |  |  | (42,212 | ) |  |  | 105,218 |  |  |  | 5,168 |  |  |  | 110,386 |
Balances as at January 1, 2022 |  |  | 510 |  |  |  | 1,093 |  |  |  | (6,505 | ) |  |  | 130,312 |  |  |  | 34,243 |  |  |  | (36,437 | ) |  |  | 123,216 |  |  |  | 4,249 |  |  |  | 127,465 |
Cash dividends (Note 19) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (25,338 | ) |  |  | — |  |  |  | (25,338 | ) |  |  | (58 | ) |  |  | (25,396 | )
Total comprehensive income (loss): |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 10,485 |  |  |  | (267 | ) |  |  | 10,218 |  |  |  | 260 |  |  |  | 10,478 |
Net income (Note 8) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 10,485 |  |  |  | — |  |  |  | 10,485 |  |  |  | 250 |  |  |  | 10,735 |
Other comprehensive income (loss) (Note 6) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (267 | ) |  |  | (267 | ) |  |  | 10 |  |  |  | (257 | )
Distribution charges on perpetual notes (Note 19) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (236 | ) |  |  | (236 | )
Transfer of pension |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (83 | ) |  |  | — |  |  |  | (83 | ) |  |  | — |  |  |  | (83 | )
Closing of other comprehensive income (loss) cashflow hedges to retained earnings (Note 6) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1,222 | ) |  |  | 1,222 |  |  |  | — |  |  |  | — |  |  |  | — |
Acquisition and dilution of noncontrolling interests |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 714 |  |  |  | — |  |  |  | 714 |  |  |  | 1,019 |  |  |  | 1,733 |
Balances as at December 31, 2022 |  |  | 510 |  |  |  | 1,093 |  |  |  | (6,505 | ) |  |  | 130,312 |  |  |  | 18,799 |  |  |  | (35,482 | ) |  |  | 108,727 |  |  |  | 5,234 |  |  |  | 113,961 |

See accompanying Notes to Consolidated Financial Statements.

F-9

PLDT INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

For the Years Ended December 31, 2024, 2023 and 2022

(in million pesos)

|  | 2024 |  |  | 2023 |  |  | 2022 |
CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES |  |  |  |  |  |  |  |  |
Income before income tax and noncontrolling interest from continuing operations |  |  | 42,693 |  |  |  | 36,477 |  |  |  | 14,032 |
Loss before income tax and noncontrolling interest from discontinued operations (Note 2) |  |  | — |  |  |  | (41 | ) |  |  | (523 | )
Net income before income tax (Note 4) |  |  | 42,693 |  |  |  | 36,436 |  |  |  | 13,509 |
Adjustments for: |  |  |  |  |  |  |  |  |
Depreciation and amortization (Notes 2, 9, 10 and 18) |  |  | 55,988 |  |  |  | 58,462 |  |  |  | 98,714 |
Interest on loans and other related items – net (Note 5) |  |  | 11,031 |  |  |  | 9,990 |  |  |  | 9,112 |
Asset impairment (Note 5) |  |  | 4,321 |  |  |  | 4,436 |  |  |  | 6,107 |
Accretion on lease liabilities (Notes 2, 5 and 10) |  |  | 3,935 |  |  |  | 3,268 |  |  |  | 2,064 |
Pension benefit costs (Notes 5 and 25) |  |  | 1,441 |  |  |  | 1,426 |  |  |  | 1,749 |
Incentive plan (Notes 5 and 25) |  |  | 1,136 |  |  |  | 839 |  |  |  | 1,272 |
Equity share in net losses of associates and joint ventures (Notes 5 and 11) |  |  | 990 |  |  |  | 2,806 |  |  |  | 3,304 |
Accretion on financial liabilities (Notes 5 and 20) |  |  | 455 |  |  |  | 409 |  |  |  | 375 |
Amortization of intangible assets (Notes 5 and 14) |  |  | 240 |  |  |  | 221 |  |  |  | 228 |
Foreign exchange losses (gains) – net (Notes 2, 5 and 27) |  |  | 36 |  |  |  | (1,153 | ) |  |  | 4,685 |
Impairment of investments (Note 11) |  |  | — |  |  |  | 70 |  |  |  | 50 |
Gains on dilution of shares (Note 11) |  |  | — |  |  |  | — |  |  |  | (660 | )
Income from prescription of preferred shares redemption liability (Notes 5 and 19) |  |  | (71 | ) |  |  | — |  |  |  | (7,839 | )
Gains on disposal of property and equipment |  |  | (85 | ) |  |  | (468 | ) |  |  | (148 | )
Interest income (Note 5) |  |  | (916 | ) |  |  | (1,017 | ) |  |  | (653 | )
Gain on sale and leaseback of telecom towers (Notes 5 and 9) |  |  | (1,442 | ) |  |  | (7,777 | ) |  |  | (25,852 | )
Gains on derivative financial instruments – net (Notes 5 and 27) |  |  | (4,023 | ) |  |  | (1,198 | ) |  |  | (2,322 | )
Others |  |  | (631 | ) |  |  | 8 |  |  |  | (1,884 | )
Operating income before changes in assets and liabilities |  |  | 115,098 |  |  |  | 106,758 |  |  |  | 101,811 |
Decrease (increase) in: |  |  |  |  |  |  |  |  |
Prepayments |  |  | 21,034 |  |  |  | 10,264 |  |  |  | 12,218 |
Inventories and supplies |  |  | 31 |  |  |  | 597 |  |  |  | 410 |
Contract assets |  |  | (139 | ) |  |  | 101 |  |  |  | (209 | )
Trade and other receivables |  |  | (9,137 | ) |  |  | 952 |  |  |  | (8,366 | )
Other financial and non-financial assets |  |  | (1,824 | ) |  |  | 156 |  |  |  | 208 |
Increase (decrease) in: |  |  |  |  |  |  |  |  |
Customers' deposits |  |  | (194 | ) |  |  | (75 | ) |  |  | 44 |
Pension and other employee benefits |  |  | (3,355 | ) |  |  | (5,174 | ) |  |  | (6,847 | )
Accrued expenses and other current liabilities |  |  | (8,716 | ) |  |  | (4,414 | ) |  |  | (507 | )
Accounts payable |  |  | (27,765 | ) |  |  | (21,285 | ) |  |  | (18,306 | )
Other noncurrent liabilities |  |  | (20 | ) |  |  | (57 | ) |  |  | (68 | )
Net cash flows generated from operations |  |  | 85,013 |  |  |  | 87,823 |  |  |  | 80,388 |
Income taxes paid |  |  | (3,282 | ) |  |  | (2,058 | ) |  |  | (4,188 | )
Net cash flows from operating activities |  |  | 81,731 |  |  |  | 85,765 |  |  |  | 76,200 |

See accompanying Notes to Consolidated Financial Statements.

F-10

PLDT INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)

For the Years Ended December 31, 2024, 2023 and 2022

(in million pesos)

|  | 2024 |  |  | 2023 |  |  | 2022 |
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES |  |  |  |  |  |  |  |  |
Proceeds from: |  |  |  |  |  |  |  |  |
Disposal of property and equipment (Note 9) |  |  | 4,827 |  |  |  | 23,971 |  |  |  | 60,833 |
Redemption of investment in debt securities (Note 12) |  |  | 200 |  |  |  | — |  |  |  | 182 |
Maturity of short-term investments |  |  | 21 |  |  |  | 440 |  |  |  | 8,700 |
Disposal of investments in associates and joint ventures (Note 11) |  |  | — |  |  |  | — |  |  |  | 2,458 |
Interest received |  |  | 881 |  |  |  | 973 |  |  |  | 636 |
Payments for: |  |  |  |  |  |  |  |  |
Purchase of investment in debt securities (Note 12) |  |  | — |  |  |  | — |  |  |  | (173 | )
Settlements of notes receivable |  |  | — |  |  |  | — |  |  |  | (200 | )
Payments for acquisition of intangibles |  |  | (29 | ) |  |  | — |  |  |  | — |
Purchase of short-term investments |  |  | (37 | ) |  |  | (449 | ) |  |  | (6,368 | )
Purchase of financial assets at fair value through profit or loss |  |  | (166 | ) |  |  | — |  |  |  | — |
Interest capitalized to property and equipment (Notes 5 and 9) |  |  | (2,589 | ) |  |  | (2,169 | ) |  |  | (1,748 | )
Acquisition of investments in associates and joint ventures (Note 11) |  |  | (3,770 | ) |  |  | (1,636 | ) |  |  | (3,514 | )
Purchase of property and equipment (Note 9) |  |  | (65,668 | ) |  |  | (76,266 | ) |  |  | (93,803 | )
Decrease (Increase) in other financial and non-financial assets |  |  | 626 |  |  |  | 18 |  |  |  | (9 | )
Net cash flows used in investing activities |  |  | (65,704 | ) |  |  | (55,118 | ) |  |  | (33,006 | )
CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |
Proceeds from: |  |  |  |  |  |  |  |  |
Availments of long-term debt (Notes 20 and 28) |  |  | 37,000 |  |  |  | 38,000 |  |  |  | 5,000 |
Collection from derivative financial instruments - net (Notes 27 and 28) |  |  | 704 |  |  |  | — |  |  |  | 87 |
Return of preferred shares redemption fund (Note 19) |  |  | 71 |  |  |  | — |  |  |  | 7,839 |
Availments of short-term debt (Notes 20 and 28) |  |  | — |  |  |  | — |  |  |  | 16,000 |
Payments for: |  |  |  |  |  |  |  |  |
Settlements of derivative financial instruments - net (Notes 27 and 28) |  |  | — |  |  |  | (607 | ) |  |  | — |
Short-term debt (Notes 20 and 28) |  |  | — |  |  |  | (10,000 | ) |  |  | (6,000 | )
Distribution charges on perpetual notes (Note 19) |  |  | (59 | ) |  |  | (236 | ) |  |  | (236 | )
Debt issuance costs (Notes 20 and 28) |  |  | (219 | ) |  |  | (214 | ) |  |  | (62 | )
Redemption of perpetual notes (Note 19) |  |  | (4,200 | ) |  |  | — |  |  |  | — |
Interest – net of capitalized portion (Notes 5, 20 and 28) |  |  | (10,740 | ) |  |  | (9,715 | ) |  |  | (9,013 | )
Long-term debt (Notes 20 and 28) |  |  | (12,059 | ) |  |  | (22,611 | ) |  |  | (22,353 | )
Obligations under lease liabilities (Notes 10 and 28) |  |  | (12,079 | ) |  |  | (10,707 | ) |  |  | (8,331 | )
Cash dividends (Notes 19 and 28) |  |  | (20,750 | ) |  |  | (23,328 | ) |  |  | (25,235 | )
Net cash flows used in financing activities |  |  | (22,331 | ) |  |  | (39,418 | ) |  |  | (42,304 | )
NET EFFECT OF FOREIGN EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS |  |  | 138 |  |  |  | (263 | ) |  |  | 414 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS |  |  | (6,166 | ) |  |  | (9,034 | ) |  |  | 1,304 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF THE YEAR (Note 15) |  |  | 16,177 |  |  |  | 25,211 |  |  |  | 23,907 |
CASH AND CASH EQUIVALENTS AT END OF THE YEAR (Note 15) |  |  | 10,011 |  |  |  | 16,177 |  |  |  | 25,211 |

See accompanying Notes to Consolidated Financial Statements.

F-11

PLDT INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1.
Corporate Information

PLDT Inc. which we refer to as PLDT or the Parent Company, was incorporated under the old Corporation Law of the Philippines (Act 1459, as amended) on November 28, 1928, following the merger of four telephone companies under common U.S. ownership. PLDT holds a perpetual corporate term under Section 11 of the Revised Corporation Code of the Philippines (Republic Act No. 11232), which grants existing corporations to have a perpetual existence, unless a majority vote of its stockholders elects to retain a specified corporate term.

In 1967, effective control of PLDT was transferred from General Telephone and Electronics Corporation, a major shareholder then since PLDT’s incorporation, to a group of Filipino investors. In 1981, as part of the Philippine government's policy to integrate the country's telecommunications industry, PLDT acquired substantially all of the assets and liabilities of the Republic Telephone Company, then the second largest telephone provider in the Philippines.

In 1998, certain subsidiaries of First Pacific Company Limited, or First Pacific, and its Philippine affiliates (collectively the First Pacific Group and its Philippine affiliates), acquired a significant interest in PLDT. On March 24, 2000, NTT Communications Corporation, or NTT Communications, through its wholly-owned subsidiary NTT Communications Capital (UK) Ltd., became PLDT’s strategic partner with approximately a 15% economic and voting interest in PLDT's common stock. Concurrent with NTT Communications’ investment, PLDT acquired 100% of Smart Communications, Inc., or Smart.

On March 14, 2006, NTT DOCOMO, Inc., or NTT DOCOMO, acquired approximately 7% of PLDT’s then outstanding common shares from NTT Communications, which retained ownership of about 7% of PLDT’s common shares. Since then, NTT DOCOMO has made additional purchases of PLDT shares, bringing the combined beneficial ownership of NTT DOCOMO and NTT Communications (both part of Nippon Telegraph and Telephone Corporation) to approximately 20% of PLDT’s outstanding common stock as at December 31, 2024.

On February 28, 2007, Metro Pacific Asset Holdings, Inc., a Philippine affiliate of First Pacific, completed an acquisition of an approximately 46% interest in Philippine Telecommunications Investment Corporation, or PTIC, a shareholder of PLDT. This investment in PTIC represented an attributable interest of approximately 6% of PLDT's outstanding common shares at the time and raised the First Pacific Group’s and its Philippine affiliates’ beneficial ownership to approximately 28% of PLDT’s outstanding common stock as of that date. Since then, the First Pacific Group’s beneficial ownership interest in PLDT has decreased by approximately 2%, mainly due to the holders of Exchangeable Notes issued in 2005 by a subsidiary of First Pacific, which were fully exchanged into PLDT shares. The First Pacific Group and its Philippine affiliates held beneficial ownership of approximately 20.35% of PLDT’s outstanding common stock as at December 31, 2024.

On October 26, 2011, PLDT completed the acquisition of a controlling interest in Digital Telecommunications Phils., Inc., or Digitel, from JG Summit Holdings, Inc., or JGSHI, and its affiliates, or collectively, the JG Summit Group. As consideration for the assets acquired, PLDT issued approximately 27.7 million common shares. In November 2011, JGSHI sold
5.81 million and 4.56 million PLDT shares to a Philippine affiliate of First Pacific and NTT DOCOMO, respectively, under separate option agreements entered into between JGSHI with the Philippine affiliate of First Pacific and NTT DOCOMO, respectively. As at December 31, 2024, the JG Summit Group beneficially owned approximately 11.27% of PLDT’s outstanding common stock.

On October 16, 2012, BTF Holdings, Inc., or BTFHI, a wholly-owned company of the Board of Trustees for the Account of the Beneficial Trust Fund, or PLDT Beneficial Trust Fund, created pursuant to PLDT’s Benefit Plan, subscribed to 150 million newly issued shares of Voting Preferred Stock of PLDT, or Voting Preferred Shares, at a subscription price of Php 1.00 per share for a total subscription price of Php 150 million. This subscription was made pursuant to a subscription agreement between BTFHI and PLDT dated October 15, 2012. Consequently, the issuance of these Voting Preferred Shares reduced the voting power of the NTT Group (NTT DOCOMO and NTT Communications), the First Pacific Group and its Philippine affiliates, and JG Summit Group to 12%, 15% and 6.65%, respectively, as at December 31, 2024. See Note 19 – Equity – Preferred Stock – Voting Preferred Stock.

The common shares of PLDT are listed and traded on the Philippine Stock Exchange, Inc., or PSE. On October 19, 1994, an American Depositary Receipt, or ADR, facility was established, under which Citibank N.A., as the depositary, issued American Depositary Shares, or ADSs, with each ADS representing one PLDT common share with a par value of Php 5.00 per share. Effective February 10, 2003, PLDT appointed JP Morgan Chase Bank as the successor depositary for its ADR facility. The ADSs are listed on the New York Stock Exchange, or NYSE, in the United States and are traded on the NYSE under the symbol “PHI”. As of December 31, 2024, there were approximately 16.5 million ADSs outstanding.

F-12

PLDT and our Philippine-based fixed line and wireless subsidiaries operate under the jurisdiction of the Philippine National Telecommunications Commission, or NTC. The NTC’s jurisdiction includes, among other responsibilities, the approval of major services offered and certain rates charged to customers.

We are the largest and most diversified telecommunications company in the Philippines, providing nationwide data and multi-media services. Our business is organized into distinct units based on our products and services, with three reportable operating segments that form the bases for management’s decision to allocate resources and evaluate operating performance. Our principal activities are discussed in Note 4 – Operating Segment Information.

Our registered office address is Ramon Cojuangco Building, Makati Avenue, Makati City, Philippines. Information on our structure is provided in Note 2 – Summary of Material Accounting Policies – Basis of Consolidation. Information on other related party relationships of the PLDT Group is provided in Note 24 – Related Party Transactions.

Our consolidated financial statements as at December 31, 2024 and 2023, and for the years ended December 31, 2024, 2023 and 2022 were approved and authorized by the Board of Directors on February 27, 2025 as reviewed by the Audit Committee on February 25, 2025.

Amendments to the By-Laws of PLDT

On March 25, 2021, the Board of Directors approved the amendments to the By-Laws of PLDT to conform with the provision of Republic Act No. 11232 and on September 9, 2022, the Philippine SEC approved the same amendments.

F-13

2.
Summary of Material Accounting Policies

Basis of Preparation

Our consolidated financial statements have been prepared in accordance with International Financial Reporting Standards Accounting Standards, or IFRS Accounting Standards, as issued by the International Accounting Standards Board, or IASB.

Our consolidated financial statements have been prepared under the historical cost basis, except for financial instruments at fair value through profit or loss, or FVPL, investment properties and pension that are measured at fair values.

Our consolidated financial statements are presented in Philippine Peso, PLDT’s functional currency, and all values are rounded to the nearest million, except when otherwise indicated.

Our consolidated financial statements provide comparative information in respect of the previous period.

F-14

Basis of Consolidation

Our consolidated financial statements include the financial statements of PLDT and the following subsidiaries (collectively, the “PLDT Group”) as at December 31, 2024 and 2023:

|  |  |  |  |  | 2024 |  |  | 2023 |
|  | 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(a) |  | 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(a) |  | Philippines |  | Investment company |  |  | — |  |  |  | 100.0 |  |  |  | — |  |  |  | 100.0 |
Connectivity Unlimited Resource Enterprise, Inc.(a) |  | Philippines |  | Cellular mobile services |  |  | — |  |  |  | 100.0 |  |  |  | — |  |  |  | 100.0 |
Francom Holdings, Inc.(a) |  | 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.(a) |  | 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(a) |  | Philippines |  | Telecommunications services |  |  | 100.0 |  |  |  | — |  |  |  | 100.0 |  |  |  | — |
PLDT Global Corporation, or PLDT Global, and Subsidiaries |  | British Virgin Islands |  | Telecommunications services |  |  | 100.0 |  |  |  | — |  |  |  | 100.0 |  |  |  | — |
PLDT-Philcom, Inc., or Philcom, and Subsidiaries, or Philcom Group(a) |  | Philippines |  | Telecommunications services |  |  | 100.0 |  |  |  | — |  |  |  | 100.0 |  |  |  | — |
Talas Data Intelligence, Inc.(a) |  | 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 |  |  | — |  |  |  | 45.7 |  |  |  | — |  |  |  | 50.7 |

(a)
Ceased commercial operations.
(b)
On January 5, 2024, PLDT Global Investments Holdings, Inc., or PGIH, sold 227 common shares of Multisys, thereby decreasing its ownership from 50.72% to 45.73%.

F-15

|  |  |  |  |  | 2024 |  |  | 2023 |
|  | 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(a) |  | 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 |  | Philippines |  | Information and communications infrastructure for internet-based services, e-commerce, customer relationship management and IT related services |  |  | — |  |  |  | 100.0 |  |  |  | — |  |  |  | 100.0 |
ePLDT Capital Investment Pte. Ltd. or ePLDT Capital |  | Singapore |  | Investment holding and acquisition of companies |  |  | — |  |  |  | 100.0 |  |  |  | — |  |  |  | — |
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(a) |  | 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 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
PLDT Global Investments Holdings, Inc., or 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 |  |  |  | — |
PLDT Communications and Energy Ventures, Inc., or PCEV |  | Philippines |  | Investment company |  |  | — |  |  |  | 99.9 |  |  |  | — |  |  |  | 99.9 |

(a)
Ceased commercial operations.

F-16

The financial statements of our subsidiaries are prepared for the same reporting period as PLDT. We prepare our consolidated financial statements using uniform accounting policies for like transactions and other events with similar circumstances.

Additional Investment in Maya Innovations Holdings Pte. Ltd. (MIH)

On December 13, 2023, PCEV, along with other existing shareholders KKR, Tencent, SIG, First Pacific Ventures and Jumel Holdings, entered into a new subscription agreement with MIH to subscribe to US$80 million Class C2 convertible preferred shares of MIH. On the same date, PCEV paid a consideration of US$28 million or Php 1,563 million for 12.3 million MIH Class C2 convertible preferred shares and received warrants for 4.9 million shares valued at Php 281 million, thereby increasing PCEV’s ownership in MIH from 36.63% to 36.97%.

On April 5, 2024, PCEV paid the subsequent consideration of US$15.3 million or Php 857 million for 6.7 million MIH Class C2 convertible preferred shares and received warrants for 2.7 million shares valued at Php 152 million, resulting in an increase of PCEV's ownership in MIH from 36.97% to 37.66%.

See Note 11 – Investment in Associates and Joint Venture – Investment in Associates.

Sale of Interest in Multisys

On January 5, 2024, PGIH entered into a Share Purchase Agreement for the sale of 227 common shares of Multisys, representing a 4.99% interest, for a total consideration of Php 270 million. The transaction was completed and fully paid on January 12, 2024. Following this sale, PGIH retained ownership of 2,080 common shares representing 45.73% equity interest in Multisys. Pursuant to the Restated Shareholders’ and related Amendment Agreement signed on January 30, 2024 and March 1, 2024, respectively, PGIH remains entitled to nominate three out of the five directors in Multisys, who manage and control the operations of Multisys. Consequently, the results of operation and financial position of Multisys continue to be consolidated with the PLDT Group.

Investment in Kayana Solutions Inc., or Kayana (formerly Limitless Growth Ventures, Inc.)

In March 2024, PLDT invested in Kayana, to serve as a digital entity designed to harness the data assets of the MVP Group of Companies and provide a platform for a Group-wide digitalization initiatives. This collaboration marks the first step in a collective effort aimed at creating new growth new opportunities and value within the MVP Group of Companies.

Kayana will leverage a technology platform capable of enabling the MVP Group of Companies to scale operations and achieve seamless integration of services and capabilities. Additionally, payments and rewards systems are expected to play a pivotal role in enhancing the overall user experience.

As of September 27, 2024, PLDT has invested Php 840 million in Kayana representing 840 million common shares, or 60% equity interest, including subscription payable of Php 288 million.

On September 30, 2024, Kayana entered into share subscription agreements with its shareholders, wherein PLDT subscribed to additional shares valued at Php 46.5 million and the remaining shareholders subscribed to additional shares valued at Php 523.5 million. As a result, PLDT’s equity ownership in Kayana is reduced to 45%, leading PLDT to account for its remaining interest as an investment in associate.

The following summarizes the subscription agreements entered into by PLDT with Kayana:

Date |  | Number of Shares Acquired
|  | (in millions)
March 24, 2024 |  | 754.5
September 27, 2024 |  | 85.5
September 30, 2024 |  | 46.5

As at December 31, 2024, PLDT’s investment in Kayana amounted to Php 886.5 million, including subscription payable of Php 10.5 million, with carrying value of Php 853 million. See Note 11 – Investment in Associates and Joint Venture – Investment in Associates.

F-17

Investment in Radius Telecom, Inc., or Radius

On April 30, 2024, PLDT Inc. invested Php 2 billion for 2,491,516 common shares, or 34.9% equity interest in Radius. This strategic investment aims to enhance PLDT’s market share through an integrated alignment of solution capabilities and expanded market coverage. See Note 11 – Investment in Associates and Joint Venture – Investment in Associates.

Reduction of Capital in PLDT Capital Pte Ltd., or PLDT Capital

On May 6, 2024, the Directors of PLDT Capital approved the reduction of the company’s issued and paid-up share capital from Php 891 million, comprising 26,773,606 ordinary shares, to Php 1 million, comprising 30,058 fully paid ordinary shares. The Accounting and Corporate Regulatory Authority of Singapore approved the capital reduction of PLDT Capital on July 12, 2024.

Discontinued Operations

In 2023, ePLDT completed the winding down of operations of certain subsidiaries. As a result, the operations of these discontinued ePLDT subsidiaries were classified as discontinued operations in the consolidated income statements.

The results of the operations of 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)
Revenues |  |  | 107 |  |  |  | 883 |  |
Expenses: |  |  |  |  |  |  |
Selling, general and administrative expenses |  |  | 168 |  |  |  | 891 |  |
Depreciation and amortization |  |  | 21 |  |  |  | 83 |  |
Cost of services |  |  | 3 |  |  |  | 345 |  |
|  |  | 192 |  |  |  | 1,319 |  |
Net operating loss |  |  | (85 | ) |  |  | (436 | ) |
Other income (expenses): |  |  |  |  |  |  |
Foreign exchange gains – net |  |  | 4 |  |  |  | 2 |  |
Interest income |  |  | 1 |  |  |  | — |  |
Financing costs |  |  | (2 | ) |  |  | (7 | ) |
Others |  |  | 41 |  |  |  | (82 | ) |
|  |  | 44 |  |  |  | (87 | ) |
Loss before tax from discontinued operations |  |  | (41 | ) |  |  | (523 | ) |
Provision for income tax |  |  | — |  |  |  | 77 |  |
Loss after tax from discontinued operations |  |  | (41 | ) |  |  | (600 | ) |
Loss per share (Note 8): |  |  |  |  |  |  |
Basic/Diluted – Loss from discontinued operations |  |  | (0.19 | ) |  |  | (2.77 | ) |

Below are the assets and liabilities of the discontinued ePLDT subsidiaries, net of intercompany transactions, which were included in our consolidated statements of financial position as at December 31, 2023.

|  | 2023
|  | (in million pesos)
Assets: |  |  |  |
Cash and cash equivalents |  |  | 109 |  |
Short-term investments |  |  | 9 |  |
Other assets |  |  | 236 |  |
|  |  | 354 |  |
Liabilities: |  |  |  |
Accrued expenses and other current liabilities |  |  | 224 |  |
Income tax payable |  |  | 3 |  |
Accounts payable |  |  | 2 |  |
Other liabilities |  |  | 10 |  |
|  |  | 239 |  |
Net assets directly associated with disposal group |  |  | 115 |  |

F-18

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 | )

New Standards, Interpretations and Amendments

The accounting policies adopted are consistent with those of the previous financial year, except for the adoption of new standards effective in 2024. The Group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective.

Unless otherwise indicated, adoption of these new standards did not have an impact on the consolidated financial statements of the PLDT Group

•
Amendments to IAS 1, Classification of Liabilities as Current or Non-current

The amendments clarify:

o
That only covenants with which an entity must comply on or before reporting date will affect a liability’s classification as current or non-current.
o
That classification is unaffected by the likelihood that an entity will exercise its deferral right.
o
That only if an embedded derivative in a convertible liability is itself an equity instrument would the terms of a liability not impact its classification.
•
Amendments to IFRS 16, Lease Liability in a Sale and Leaseback

The amendments specify how a seller-lessee measures the lease liability arising in a sale and leaseback transaction in a way that it does not recognize any amount of the gain or loss that relates to the right of use retained.

•
Amendments to IAS 7 and IFRS 7, Disclosures: Supplier Finance Arrangements

The amendments specify disclosure requirements to enhance the current requirements, which are intended to assist users of financial statements in understanding the effects of supplier finance arrangements on an entity’s liabilities, cash flows and exposure to liquidity risk.

The amendments do not have a material impact on the Group’s financial statements.

Summary of Material Accounting Policies

The following is the summary of material accounting policies we applied in preparing our consolidated financial statements. These policies have been consistently applied to all the years presented, unless otherwise stated.

Business Combinations and Goodwill

Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, measured at acquisition date fair value, and the amount of any noncontrolling interest in the acquiree. For each business combination, we elect whether to measure the components of the noncontrolling interest in the acquiree either at fair value or at the proportionate share of the acquiree’s identifiable net assets. Acquisition-related costs are expensed as incurred and included in selling, general and administrative expenses.

When we acquire a business, we assess the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. This includes the separation of embedded derivatives in host contracts by the acquiree.

If the business combination is achieved in stages, the previously held equity interest is remeasured at its acquisition date fair value and any resulting gain or loss is recognized in profit or loss. The fair value of previously held equity interest is then included in the amount of total consideration transferred.

F-19

Any contingent consideration to be transferred by the acquirer will be recognized at fair value at the acquisition date. Contingent consideration that is classified as equity is not remeasured and subsequent settlement is accounted for within equity. Contingent consideration classified as an asset or liability that is a financial instrument within the scope of IFRS 9 is measured at fair value with the changes in fair value recognized in profit or loss. In accordance with IFRS 9, the contingent consideration that is not within the scope of IFRS 9 is measured at fair value at each reporting date with changes in fair value recognized in profit or loss.

Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred and the amount recognized for noncontrolling interests and any previous interest held, over the net identifiable assets acquired and liabilities assumed. If the fair value of the net assets acquired is in excess of the aggregate consideration transferred, we reassess whether we correctly identified all of the assets acquired and all of the liabilities assumed and review the procedures used to measure the amounts to be recognized at the acquisition date. If the reassessment still results in an excess of the fair value of net assets acquired over the aggregate consideration transferred, then the gain on a bargain purchase is recognized in profit or loss.

If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, we report in our consolidated financial statements provisional amounts for the items for which the accounting is incomplete. During the measurement period, which is no longer than one year from the acquisition date, the provisional amounts recognized at acquisition date are retrospectively adjusted to reflect new information obtained about facts and circumstances that existed as of the acquisition date and, if known, would have affected the measurement of the amounts recognized as of that date. During the measurement period, we also recognize additional assets or liabilities if new information is obtained about facts and circumstances that existed as of the acquisition date and, if known, would have resulted in the recognition of those assets and liabilities as of that date.

After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of our cash-generating units, or CGUs, that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units.

Where goodwill acquired in a business combination has yet to be allocated to identifiable CGUs because the initial accounting is incomplete, such provisional goodwill is not tested for impairment unless indicators of impairment exist and we can reliably allocate the carrying amount of goodwill to a CGU or group of CGUs that are expected to benefit from the synergies of the business combination.

Where goodwill has been allocated to a CGU and part of the operation within that unit is disposed of, the goodwill associated with the operation disposed of is included in the carrying amount of the operation when determining the gain or loss on disposal of the operation. Goodwill disposed of in this circumstance is measured based on the relative values of the disposed operation and the portion of the CGU retained.

Investments in Associates

Investments in associates are accounted for using the equity method of accounting and are initially recognized at cost. The cost of the investments includes directly attributable transaction costs. The details of our investments in associates are disclosed in Note 11 – Investments in Associates and Joint Ventures – Investments in Associates.

Where there has been a change recognized directly in the equity of the associate, we recognize our share in such change and disclose this, when applicable, in our consolidated statements of comprehensive income and consolidated statements of changes in equity. Unrealized gains and losses resulting from our transactions with and among our associates are eliminated to the extent of our interests in those associates.

Our share in the profits or losses of our associates is included under “Other income (expenses)” in our consolidated income statements. This is the profit or loss attributable to equity holders of the associate and net of the noncontrolling interest in the subsidiaries of the associate.

Joint Arrangements

When necessary, adjustments are made to bring the accounting policies of the joint venture in line with our policies. The details of our investments in joint ventures are disclosed in Note 11 – Investments in Associates and Joint Ventures – Investments in Joint Ventures.

F-20

Foreign Currency Transactions and Translations

Our consolidated financial statements are presented in Philippine Peso, which is also the Parent Company’s functional currency. The Philippine Peso is the currency of the primary economic environment in which we operate. This is also the currency that mainly influences the revenue from and cost of rendering products and services. Each entity in our Group determines its own functional currency and items included in the separate financial statements of each entity are measured using that functional currency.

The functional and presentation currency of the entities under the PLDT Group (except for the subsidiaries discussed below) is the Philippine Peso.

Transactions in foreign currencies are initially recorded by entities under our Group at the respective functional currency rates prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency closing rate of exchange prevailing at the end of the reporting period. All differences arising on settlement or translation of monetary items are recognized in our consolidated income statements except for foreign exchange differences that qualify as capitalizable borrowing costs for qualifying assets. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates as at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The gain or loss arising from transactions of non-monetary items measured at fair value is treated in line with the recognition of this gain or loss on the change in fair value of the items (i.e., translation differences on items whose fair value gain or loss is recognized in other comprehensive income or profit or loss are also recognized in other comprehensive income or profit or loss, respectively).

The functional currency of PLDT Global and certain of its subsidiaries, and PGNL and certain of its subsidiaries is the U.S. Dollar. As at the reporting date, the assets and liabilities of these subsidiaries are translated into Philippine Peso at the rate of exchange prevailing at the end of the reporting period, and income and expenses of these subsidiaries are translated monthly using the weighted average exchange rate for the month. The exchange differences arising on translation are recognized as a separate component of other comprehensive income as cumulative translation adjustments. Upon disposal of these subsidiaries, the amount of deferred cumulative translation adjustments recognized in other comprehensive income relating to subsidiaries is recognized in our consolidated income statements.

Foreign exchange gains or losses of the Parent Company and our Philippine-based subsidiaries are treated as taxable income or deductible expenses in the period such exchange gains or losses are realized.

Assets Classified as Held-for-Sale

We classify assets as held-for-sale if their carrying amounts will be recovered principally through a sale transaction rather than through continuing use. Assets classified as held-for-sale are measured at the lower of their carrying amount and fair value less costs to sell. Costs to sell are the incremental costs directly attributable to the disposal of an asset (disposal group), excluding finance costs and income tax expense.

The criteria for held-for-sale classification is regarded as met only when the sale is highly probable, and the asset is available for immediate sale in its present condition. Actions required to complete the sale should indicate that it is unlikely that significant changes to the sale will be made or that the decision to sell will be withdrawn. Management must be committed to the plan to sell the asset and the sale expected to be completed within one year from the date of the classification.

Property and equipment and intangible assets are not depreciated or amortized once classified as held-for-sale.

Assets and liabilities classified as held-for-sale are presented separately as current items in the consolidated statements of financial position.

Additional disclosures are provided in Note 9 – Property and Equipment – Sale and Leaseback of Telecom Towers and
Note 10 – Leases. All other notes to the financial statements include amounts for continuing operations, unless indicated otherwise.

F-21

Financial Instruments

Financial Instruments – Initial recognition and subsequent measurement

Classification of financial assets

Financial assets are classified in their entirety based on the contractual cash flows characteristics of the financial assets and our business model for managing the financial assets. We classify our financial assets into the following measurement categories:

•
Financial assets measured at amortized cost;
•
Financial assets measured at FVPL;
•
Financial assets measured at financial instruments at fair value through other comprehensive income, or FVOCI, where cumulative gains or losses previously recognized are reclassified to profit or loss; and
•
Financial assets measured at FVOCI, where cumulative gains or losses previously recognized are not reclassified to profit or loss.

Contractual cash flows characteristics

In order for us to identify the measurement of our debt financial assets, a solely payments of principal and interest, or SPPI, test needs to be initially performed in order to determine whether the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Once a debt financial asset passed the SPPI test, business model assessment, which identifies our objective of holding the financial assets – hold to collect or hold to collect and sell, will be performed. Otherwise, if the debt financial asset failed the test, such will be measured at FVPL.

In making the assessment, we determine whether the contractual cash flows are consistent with a basic lending arrangement, i.e., interest includes consideration only for the time value of money, credit risk and other basic lending risks and costs associated with holding the financial asset for a particular period of time. In addition, interest can include a profit margin that is consistent with a basic lending arrangement. The assessment as to whether the cash flows meet the SPPI test is made in the currency in which the financial asset is denominated. Any other contractual terms that introduce exposure to risks or volatility in the contractual cash flows that is unrelated to a basic lending arrangement, such as exposure to changes in equity prices or commodity prices, do not give rise to contractual cash flows that are solely payments of principal and interest on the principal amount outstanding.

Business model

Our business model is determined at a level that reflects how groups of financial assets are managed together to achieve a particular business objective. Our business model does not depend on management’s intentions for an individual instrument.

Our business model refers to how we manage our financial assets in order to generate cash flows. Our business model determines whether cash flows will result from collecting contractual cash flows, collecting contractual cash flows and selling financial assets or neither.

Financial assets at amortized cost

These financial assets are initially recognized at fair value plus directly attributable transaction costs and subsequently measured at amortized cost using the effective interest rate, or EIR, method, less any impairment in value. Amortized cost is calculated by taking into account any discount or premium on acquisition and fees and costs that are an integral part of the EIR. The amortization is included in Other income (expenses) – net in our consolidated income statements and is calculated by applying the EIR to the gross carrying amount of the financial asset, except for (i) purchased or originated credit-impaired financial assets and (ii) financial assets that have subsequently become credit-impaired, where, in both cases, the EIR is applied to the amortized cost of the financial asset. Losses arising from impairment are recognized in ‘Asset impairment’ in our consolidated income statements.

Our financial assets at amortized cost include debt instruments at amortized cost, cash and cash equivalents, portions of short-term investments, trade and other receivables, and portions of other financial assets as at December 31, 2024 and 2023. See Note 12 – Debt Instruments at Amortized Cost, Note 15 – Cash and Cash Equivalents, Note 16 – Trade and Other Receivables and Note 27 – Financial Assets and Liabilities.

F-22

Financial assets at FVPL

Financial assets at FVPL are measured at fair value. Included in this classification are derivative financial assets, equity investments held for trading and debt instruments with contractual terms that do not represent solely payments of principal and interest. Financial assets held at FVPL are initially recognized at fair value, with transaction costs recognized in our consolidated income statements as incurred. Subsequently, they are measured at fair value and any gains or losses are recognized in our consolidated income statements.

Additionally, even if the asset meets the amortized cost or the FVOCI criteria, we may choose at initial recognition to designate the financial asset at FVPL if doing so eliminates or significantly reduces a measurement or recognition inconsistency (an accounting mismatch) that would otherwise arise from measuring financial assets on a different basis.

Trading gains or losses are calculated based on the results arising from trading activities of the PLDT Group, including all gains and losses from changes in fair value for financial assets and financial liabilities at FVPL, and the gains or losses from disposal of financial investments.

Our financial assets at FVPL include portions of short-term investments, derivative financial assets, equity investments and redemption trust fund as at December 31, 2024 and 2023. See Note 27 – Financial Assets and Liabilities.

Classification of financial liabilities

Financial liabilities are classified, at initial recognition, as financial liabilities at FVPL, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate.

All financial liabilities are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs.

Financial liabilities are subsequently measured at amortized cost, except for the following:

•
Financial liabilities measured at FVPL;
•
Financial liabilities that arise when a transfer of a financial asset does not qualify for derecognition or when we retain continuing involvement;
•
Financial guarantee contracts;
•
Commitments to provide a loan at a below-market interest rate; and
•
Contingent consideration recognized by an acquirer in accordance with IFRS 3.

A financial liability may be designated at FVPL if it eliminates or significantly reduces a measurement or recognition inconsistency (an accounting mismatch) or:

•
If a host contract contains one or more embedded derivatives; or
•
If a group of financial liabilities or financial assets and liabilities is managed and its performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Where a financial liability is designated at FVPL, the movement in fair value attributable to changes in our own credit quality is calculated by determining the changes in credit spreads above observable market interest rates and is presented separately in other comprehensive income.

Our financial liabilities at FVPL include derivative financial liabilities and liability from redemption of preferred stock as at December 31, 2024 and 2023. See Note 19 – Equity – Redemption of Preferred Stock, Note 23 – Accrued Expenses and Other Current Liabilities and Note 27 – Financial Assets and Liabilities.

Our other financial liabilities include interest-bearing financial liabilities, lease liabilities, customers’ deposits, dividends payable, certain accounts payable, certain accrued expenses and other current liabilities and certain deferred credits and other noncurrent liabilities, (except for statutory payables) as at December 31, 2024 and 2023. See Note 10 – Leases, Note 20 – Interest-bearing Financial Liabilities, Note 21 – Deferred Credits and Other Noncurrent Liabilities, Note 22 – Accounts Payable, Note 23 – Accrued Expenses and Other Current Liabilities and Note 27 – Financial Assets and Liabilities.

F-23

Reclassifications of financial instruments

We reclassify our financial assets when, and only when, there is a change in the business model for managing the financial assets. Reclassifications shall be applied prospectively and any previously recognized gains, losses or interest shall not be restated.

We do not reclassify our financial assets when:

•
A financial asset that was previously a designated and effective hedging instrument in a cash flow hedge or net investment hedge no longer qualifies as such;
•
A financial asset becomes a designated and effective hedging instrument in a cash flow hedge or net investment hedge; and
•
There is a change in measurement on credit exposures measured at FVPL.

We do not reclassify our financial liabilities.

Offsetting of Financial Instruments

Financial assets and liabilities are offset, and the net amount is reported in the consolidated statements of financial position if, and only if, there is a currently enforceable legal right to offset the recognized amounts; and there is an intention to settle on a net basis, or to realize the assets and settle the liabilities simultaneously. We assess that it has a currently enforceable right of offset if the right is not contingent on a future event and is legally enforceable in the normal course of business, event of default, and event of insolvency or bankruptcy of the Group and all of the counterparties.

Impairment of Financial Assets

We recognize expected credit losses, or ECL for debt instruments that are measured at amortized cost and FVOCI.

No ECL is recognized on financial assets at FVPL.

ECLs are measured in a way that reflects the following:

•
An unbiased and probability-weighted amount that is determined by evaluating a range of possible outcomes;
•
The time value of money; and
•
Reasonable and supportable information that is available without undue cost or effort at the reporting date about past events, current conditions and forecasts of future economic conditions.

Financial assets migrate through the following three stages based on the change in credit quality since initial recognition:

Stage 1: 12-month ECL – not credit impaired

For credit exposures where there have not been significant increases in credit risk since initial recognition and that are not credit-impaired upon origination, the portion of lifetime ECLs representing the ECLs that result from all possible default events within the 12-months after the reporting date are recognized.

Stage 2: Lifetime ECL – not credit-impaired

For credit exposures where there have been significant increases in credit risk since initial recognition on an individual or collective basis but are not credit-impaired, lifetime ECLs representing the ECLs that result from all possible default events over the expected life of the financial asset are recognized.

Stage 3: Lifetime ECL – credit-impaired

Financial assets are credit-impaired when one or more events that have a detrimental impact on the estimated future cash flows of those financial assets have occurred. For these credit exposures, lifetime ECLs are recognized and interest revenue is calculated by applying the credit-adjusted EIR to the amortized cost of the financial asset.

F-24

Loss Allowances

Loss allowances are recognized based on 12-month ECL for debt instruments that are assessed to have low credit risk at the reporting date. A financial asset is considered to have low credit risk if:

•
The financial instrument has a low risk of default;
•
The counterparty has a strong capacity to meet its contractual cash flow obligations in the near term; and
•
Adverse changes in economic and business conditions in the longer term may, but will not necessarily, reduce the ability of the counterparty to fulfill its contractual cash flow obligations.

We consider a debt instrument to have low credit risk when its credit risk rating is equivalent to the globally understood definition of ‘investment grade’, or when the exposure is less than 30 days past due.

The loss allowances recognized in the period is impacted by a variety of factors, as described below:

•
Transfers between Stage 1 and Stage 2 and 3 due to the financial instruments experiencing significant increases (or decreases) of credit risk or becoming credit-impaired in the period, and the consequent “step up” (or “step down”) between 12-month and lifetime ECL;
•
Additional allowances for new financial instruments recognized during the period, as well as releases for financial instruments derecognized in the period;
•
Impact on the measurement of ECL due to changes in probability of defaults, or PDs, loss given defaults, or LGDs, and exposure at defaults, or EADs, in the period, arising from regular refreshing of inputs to models;
•
Impacts on the measurement of ECL due to changes made to models and assumptions;
•
Unwinding of discount within ECL due to passage of time, as ECL is measured on a present value basis; and
•
Financial assets derecognized during the period and write-offs of allowances related to assets that were written off during the period.

Write-off Policy

We write-off a financial asset measured at amortized cost, in whole or in part, when the asset is considered uncollectible, and we have exhausted all practical recovery efforts and concluded that we have no reasonable expectations of recovering the financial asset in its entirety or a portion thereof. We write-off an account when all of the following conditions are met:

•
The asset is past due for over 90 days, or is already an item-in-litigation with any of the following:
a)
No properties of the counterparty could be attached
b)
The whereabouts of the client cannot be located
c)
It would be more expensive for the Group to follow-up and collect the amount, hence we have ceased enforcement activity, and
d)
Collections can no longer be made due to insolvency or bankruptcy of the counterparty;
•
Expanded credit arrangement is no longer possible;
•
Filing of legal case is not possible; and
•
The account has been classified as ‘Loss’.

Simplified Approach

The simplified approach, where changes in credit risk are not tracked and loss allowances are measured at amounts equal to lifetime ECL, is applied to ‘Trade and other receivables’ and ‘Contract assets’. We have established a provision matrix for billed trade receivables and a vintage analysis for contract assets and unbilled trade receivables that is based on historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment.

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Derecognition of Financial Assets and Liabilities

Financial assets

A financial asset (or where applicable as part of a financial asset or part of a group of similar financial assets) is primarily derecognized when: (1) the right to receive cash flows from the asset has expired; or (2) we have transferred the right to receive cash flows from the asset or have assumed an obligation to pay the received cash flows in full without material delay to a third party under a “pass-through” arrangement; and either: (a) we have transferred substantially all the risks and rewards of the asset; or (b) we have neither transferred nor retained substantially all the risks and rewards of the asset, but have transferred control of the asset.

When we have transferred the right to receive cash flows from an asset or have entered into a “pass-through” arrangement and have neither transferred nor retained substantially all the risks and rewards of the asset nor transferred control of the asset, a new asset is recognized to the extent of our continuing involvement in the asset.

Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that we could be required to repay.

When continuing involvement takes the form of a written and/or purchased option (including a cash-settled option or similar provision) on the transferred asset, the extent of our continuing involvement is the amount of the transferred asset that we may repurchase, except that in the case of a written put option (including a cash-settled option or similar provision) on an asset measured at fair value, the extent of our continuing involvement is limited to the lower of the fair value of the transferred asset and the option exercise price.

Financial liabilities

A financial liability is derecognized when the obligation under the liability is discharged or cancelled or has expired.

When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability, and the difference in the carrying amount of a financial liability extinguished or transferred to another party and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognized in consolidated income statements.

The financial liability is also derecognized when equity instruments are issued to extinguish all or part of the financial liability. The equity instruments issued are recognized at fair value if it can be reliably measured, otherwise, it is recognized at the fair value of the financial liability extinguished. Any difference between the fair value of the equity instruments issued and the carrying value of the financial liability extinguished is recognized in consolidated income statements.

Derivative Financial Instruments and Hedge Accounting

Initial recognition and subsequent measurement

We use derivative financial instruments, such as long-term currency swaps, foreign currency options, forward currency contracts and interest rate swaps to hedge our risks associated with foreign currency fluctuations and interest rates. Such derivative financial instruments are initially recognized at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative.

The fair value of forward currency contracts is calculated by reference to current forward exchange rates for contracts with similar maturity profiles. The fair value of long-term currency swaps, foreign currency options, forward currency contracts and interest rate swap contracts is determined using applicable valuation techniques. See Note 27 – Financial Assets and Liabilities.

Any gains or losses arising from changes in fair value on derivatives during the period that do not qualify for hedge accounting are taken directly to the “Other income (expense) – Gains (losses) on derivative financial instruments – net” in our consolidated income statements.

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Hedges which meet the criteria for hedge accounting are accounted for as follows:

Fair value hedges

The change in the fair value of a hedging instrument is recognized in our consolidated income statements as financing cost. The change in the fair value of the hedged item attributable to the risk hedged is recorded as part of the carrying value of the hedged item and is also recognized in our consolidated income statements.

For fair value hedges relating to items carried at amortized cost, any adjustment to carrying value is amortized through profit or loss over the remaining term of the hedge using the EIR method. EIR amortization may begin as soon as adjustment exists and no later than when the hedged item ceases to be adjusted for changes in its fair value attributable to the risk being hedged.

If the hedged item is derecognized, the unamortized fair value is recognized immediately in our consolidated income statements.

When an unrecognized firm commitment is designated as a hedged item, the subsequent cumulative change in the fair value of the firm commitment attributable to the hedged risk is recognized as an asset or liability with a corresponding gain or loss recognized in our consolidated income statements.

Cash flow hedges

The effective portion of the gain or loss on the hedging instrument is recognized in other comprehensive income, while any ineffective portion is recognized immediately in our consolidated income statements. See Note 27 – Financial Assets and Liabilities for more details.

Amounts taken to other comprehensive income are transferred to our consolidated income statements when the hedged transaction affects our consolidated income statements, such as when the hedged financial income or financial expense is recognized or when a forecast transaction occurs. Where the hedged item is the cost of a non-financial asset or non-financial liability, the amounts taken to other comprehensive income are transferred to the initial carrying amount of the non-financial asset or liability.

If the forecast transaction or firm commitment is no longer expected to occur, amounts previously recognized in other comprehensive income are transferred to our consolidated income statements. If the hedging instrument expires or is sold, terminated or exercised without replacement or rollover, or if its designation as a hedge is revoked, amounts previously recognized in other comprehensive income remain in other comprehensive income until the forecast transaction or firm commitment occurs.

We use an interest rate swap agreement to hedge our interest rate exposure and a long-term principal only-currency swap, and long-term foreign currency options agreement to hedge our foreign exchange exposure on certain outstanding loan balances. See Note 27 – Financial Assets and Liabilities.

Property and Equipment

Property and equipment, except for land, is stated at cost less accumulated depreciation and amortization and any accumulated impairment losses. Land is stated at cost less any impairment in value. The initial cost of property and equipment comprises its purchase price, including import duties and non-refundable purchase taxes and any directly attributable costs of bringing the property and equipment to its working condition and location for its intended use. Such cost includes the cost of replacing component parts of the property and equipment when the cost is incurred, if the recognition criteria are met. When significant parts of property and equipment are required to be replaced at intervals, we recognize such parts as individual assets with specific useful lives and depreciate them accordingly. Likewise, when a major inspection is performed, its cost is recognized in the carrying amount of the property and equipment as a replacement if the recognition criteria are satisfied. All other repairs and maintenance costs are recognized as expense as incurred. The present value of the expected cost for the decommissioning of the asset after use is included in the cost of the asset if the recognition criteria for a provision are met.

Depreciation and amortization commence once the property and equipment are available for their intended use and are calculated on a straight-line basis over the estimated useful lives of the assets. The estimated useful lives used in depreciating our property and equipment are disclosed in Note 9 – Property and Equipment.

The residual values, the estimated useful lives, and methods of depreciation and amortization are reviewed at least at each financial year-end and adjusted prospectively, if appropriate.

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An item of property and equipment and any significant part initially recognized are derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in our consolidated income statements when the asset is derecognized.

Property under construction is stated at cost less any impairment in value. This includes cost of construction, plant and equipment, capitalizable borrowing costs and other direct costs associated with construction. Property under construction is not depreciated until such time that the relevant assets are completed and available for its intended use.

Property under construction is transferred to the related property and equipment when the construction or installation and related activities necessary to prepare the property and equipment for their intended use have been completed, and the property and equipment are ready for operational use.

Asset Retirement Obligations

We are legally required under various lease agreements to dismantle the installation in leased sites and restore such sites to their original condition at the end of the contract lease term. We recognize the liability measured at the present value of the estimated costs of these obligations and capitalize such costs as part of the balance of the related item of property and equipment and right-of-use asset. The amount of asset retirement obligations is accreted and such accretion is recognized as interest expense. See Note 10 – Leases and Note 21 – Deferred Credits and Other Noncurrent Liabilities.

Intangible Assets

Intangible assets acquired separately are measured at cost on initial recognition. The cost of intangible assets acquired from business combinations is initially recognized at fair value on the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and accumulated impairment losses. The useful lives of intangible assets are assessed at the individual asset level as either finite or indefinite.

Intangible assets with finite lives are amortized over the economic useful life using the straight-line method and assessed for impairment whenever there is an indication that the intangible assets may be impaired. At the minimum, the amortization period and the amortization method for an intangible asset with a finite useful life are reviewed at each financial year-end. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are accounted for by changing the amortization period or method, as appropriate, and treated as changes in accounting estimates. The amortization expense on intangible assets with finite lives is recognized in our consolidated income statements.

Intangible assets with indefinite useful lives are not amortized but are tested for impairment annually either individually or at the CGU level. The useful life of an intangible asset with an indefinite life is reviewed annually to determine whether the indefinite life assessment continues to be supportable. If not, the change in the useful life assessment from indefinite to finite is made on a prospective basis.

The estimated useful lives used in amortizing our intangible assets are disclosed in Note 14 – Goodwill and Intangible Assets.

Gains or losses arising from derecognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognized in our consolidated income statements when the asset is derecognized.

Internally generated intangibles are not capitalized, and the related expenditures are charged against operations in the period in which the expenditures are incurred.

Investment Properties

Investment properties are measured initially at cost, including transaction costs. Subsequent to initial recognition, investment properties are stated at fair value, which reflects market conditions at the reporting date. Gains or losses arising from changes in the fair values of investment properties are included in profit or loss in the period in which they arise, including the corresponding tax effect. Fair values are determined based on an annual valuation performed by an accredited external independent valuer applying a valuation model.

Investment properties are derecognized either when they have been disposed of (i.e., at the date the recipient obtains control) or when they are permanently withdrawn from use and no future economic benefit is expected from their disposal. The difference between the net disposal proceeds and the carrying amount of the asset is recognized in profit or loss in the period

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of derecognition. In determining the amount of consideration from the derecognition of investment property, we consider the effects of variable consideration, existence of a significant financing component, non-cash consideration, and consideration payable to the buyer (if any).

Transfers are made to (or from) investment property only when there is a change in use.

For a transfer from investment property to owner-occupied property, the deemed cost for subsequent accounting is the fair value at the date of change in use.

If owner-occupied property becomes an investment property, we account for such property in accordance with IAS 16, Property and Equipment. The difference between the carrying amount of the property in accordance with IAS 16 and its fair value is treated the same way as revaluation in accordance with IAS 16. Any resulting decrease in the carrying amount of the property is recognized in profit or loss. However, to the extent that an amount is included in revaluation surplus for that property, the decrease in recognized in other comprehensive income and reduces the revaluation surplus within equity. Any resulting increase in the carrying amount is recognized in profit or loss to the extent that the increase reverses a previous impairment loss for that property. The amount recognized in profit or loss does not exceed the amount needed to restore the carrying amount to the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognized. Any remaining part of the increase in carrying amount is recognized in other comprehensive income and increases the revaluation surplus within equity. On subsequent disposal of the investment property, the revaluation surplus included in equity may be transferred to retained earnings. The transfer from revaluation surplus to retained earnings is not made through profit or loss.

Inventories and Supplies

Inventories and supplies, which include cellular and landline phone units, materials, spare parts, terminal units and accessories, are valued at the lower of cost and net realizable value.

Costs incurred in bringing inventories and supplies to its present location and condition are accounted for using the weighted average cost method. Net realizable value is determined by either estimating the selling price in the ordinary course of business, less the estimated cost to sell or determining the prevailing replacement costs.

Impairment of Non-Financial Assets

We assess at each reporting period whether there is an indication that an asset may be impaired. If any indication exists, or when the annual impairment testing for an asset is required, we make an estimate of the asset’s recoverable amount. An asset’s recoverable amount is the higher of an asset’s or CGU’s fair value less costs of disposal and its value in use, or VIU. The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent from those of other assets or groups of assets. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount.

In assessing the VIU, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining the fair value less costs of disposal, recent market transactions are taken into account. If no such transactions can be identified, an appropriate valuation model is used. Impairment losses are recognized in our consolidated income statements.

For assets, excluding goodwill and intangible assets with indefinite useful life, an assessment is made at each reporting date to determine whether there is an indication that previously recognized impairment losses no longer exist or have decreased. If such indication exists, we make an estimate of the recoverable amount. A previously recognized impairment loss is reversed only if there has been a change in the assumptions used to determine the asset’s recoverable amount since the last impairment loss was recognized. If this is the case, the carrying amount of the asset is increased to its recoverable amount. The increased amount cannot exceed the carrying amount that would have been determined, net of depreciation and amortization, had no impairment loss been recognized for the asset in prior years. Such reversal is recognized in our consolidated income statements. After such reversal, the depreciation and amortization charges are adjusted in future years to allocate the asset’s revised carrying amount, less any residual value, on a systematic basis over its remaining economic useful life.

The following assets have specific characteristics for impairment testing:

Property and equipment, right-of-use, or ROU, assets, and intangible assets with finite useful lives

For property and equipment and ROU assets, we assess for impairment on the basis of impairment indicators such as evidence of internal obsolescence or physical damage. For intangible assets with finite useful lives, we assess for impairment whenever there is an indication that the intangible assets may be impaired. See Note 3 – Management’s Use of Accounting

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Judgments, Estimates and Assumptions – Impairment of non-financial assets, Note 9 – Property and Equipment, Note 10 – Leases and Note 14 – Goodwill and Intangible Assets for further disclosures relating to impairment of non-financial assets.

Investments in associates and joint ventures

We determine at the end of each reporting period whether there is any objective evidence that our investments in associates and joint ventures are impaired. If this is the case, the amount of impairment is calculated as the difference between the recoverable amount of the investments in associates and joint ventures, and its carrying amount. The amount of impairment loss is recognized in our consolidated income statements. See Note 11 – Investments in Associates and Joint Ventures for further disclosures relating to impairment of non-financial assets.

Goodwill

Goodwill is tested for impairment annually and when circumstances indicate that the carrying value may be impaired. Impairment is determined for goodwill by assessing the recoverable amount of each CGU, or group of CGUs, to which the goodwill relates. When the recoverable amount of the CGU, or group of CGUs, is less than the carrying amount of the CGU, or group of CGUs, to which goodwill has been allocated, an impairment loss is recognized. Impairment losses relating to goodwill cannot be reversed in future periods.

See Note 3 – Management’s Use of Accounting Judgments, Estimates and Assumptions – Impairment of non-financial assets and Note 14 – Goodwill and Intangible Assets for further disclosures relating to impairment of non-financial assets.

Intangible asset with indefinite useful life

Intangible asset with indefinite useful life is not amortized but is tested for impairment annually either individually or at the CGU level, as appropriate. We calculate the amount of impairment as being the difference between the recoverable amount of the intangible asset or the CGU, and its carrying amount and recognize the amount of impairment in our consolidated income statements. Impairment losses relating to intangible assets can be reversed in future periods.

See Note 3 – Management’s Use of Accounting Judgments, Estimates and Assumptions – Impairment of non-financial assets and Note 14 – Goodwill and Intangible Assets for further disclosures relating to impairment of non-financial assets.

Fair Value Measurement

We measure financial instruments such as derivatives, financial assets at FVPL, assets classified as held-for-sale and non-financial assets such as investment properties and pension plan assets, at fair value at each reporting date. The fair values of investment properties are disclosed in Note 13 – Investment Properties. The fair values of the pension plan assets are disclosed in Note 25 – Pension and Other Employee Benefits. The fair values of financial instruments measured at amortized cost are disclosed in Note 27 – Financial Assets and Liabilities.

Fair value is the estimated price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either: (i) in the principal market for the asset or liability; or
(ii) in the absence of a principal market, in the most advantageous market for the asset or liability.

The principal or the most advantageous market must be accessible to us.

The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest.

A fair value measurement of a non-financial asset takes into account a market participant’s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use.

We use valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs.

All assets and liabilities for which fair value is measured or disclosed in our consolidated financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole: (i) Level 1 - Quoted (unadjusted) market prices in active markets for identical assets or liabilities; (ii) Level 2 - Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly

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or indirectly observable; and (iii) Level 3 - Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.

For assets and liabilities that are recognized in our consolidated financial statements on a recurring basis, we determine whether transfers have occurred between levels in the hierarchy by reassessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period.

We determine the policies and procedures for both recurring fair value measurement, such as investment properties and unquoted FVPL financial assets, and for non-recurring measurement, such as assets held for distribution in discontinued operation.

External valuers are involved for valuation of significant assets, such as investment properties. Involvement of external valuers is decided upon annually. Selection criteria include market knowledge, reputation, independence and whether professional standards are maintained. At each reporting date, we analyze the movements in the values of assets and liabilities which are required to be remeasured or reassessed as per our accounting policies. For this analysis, we verify the major inputs applied in the latest valuation by agreeing the information in the valuation computation to contracts and other relevant documents.

We, in conjunction with our external valuers, also compare the changes in the fair value of each asset and liability with relevant external sources to determine whether the change is reasonable. This includes a discussion of the major assumptions used in the valuations. For the purpose of fair value disclosures, we have determined classes of assets and liabilities on the basis of the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy as explained above.

Revenues from contracts with customers

The disclosures of significant accounting judgments, estimates and assumptions relating to revenues from contracts with customers are provided in Note 3 – Management’s Use of Accounting Judgments, Estimates and Assumptions – Identifying performance obligations.

Our revenues are principally derived from providing the following telecommunications services: cellular voice, SMS and data services in the wireless business; and local exchange, international and national long distance, data and other network, and information and communications services in the fixed line business.

Services may be rendered separately or bundled with goods or other services. The specific recognition criteria are as follows:

i.
Single Performance Obligation (POB) Contracts

Postpaid service arrangements include fixed monthly charges (including excess of consumable fixed monthly service fees) generated from cellular voice, short messaging services, or SMS, and data services through the postpaid plans of Smart Signature and Infinity brands, from local exchange services primarily through landline and related services, and from fixed line and other network services primarily through broadband and leased line services, which we recognize on a straight-line basis over the customer’s subscription period. Services provided to postpaid subscribers are billed throughout the month according to the billing cycles of subscribers. Services availed by subscribers in addition to these fixed fee arrangements are charged separately at their stand-alone selling prices and recognized as the additional service is provided or as availed by the subscribers.

Our prepaid service revenues arise from the usage of airtime load from channels and prepaid cards provided from Prepaid Home WiFi, Landline Plus products, Smart, TNT and SmartBro. Proceeds from over-the-air reloading channels and prepaid cards are initially recognized as contract liability and realized upon actual usage of the airtime value for voice, SMS, mobile data and other VAS, prepaid unlimited and bucket-priced SMS and call subscriptions, net of bonus credits from load packages purchased, such as free additional call minutes, SMS, data allocation or airtime load, or upon expiration, whichever comes earlier.

We also consider recognizing revenue from the expected expiry of airtime load in proportion to the pattern of rights exercised by the customer if we expect to be entitled to that expired amount. If we do not expect to be entitled to an expired amount based on historical experience with the customers, then we recognize the expected expired amount as revenue when the likelihood of the prepaid customer exercising its remaining rights becomes remote.

Interconnection fees and charges arising from the actual usage of airtime value or subscriptions are recorded as incurred.

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Revenue from international and national long-distance calls carried via our network is generally based on rates which vary with distance. Revenue from both wireless and fixed line long distance calls are recognized as the service is provided. In general, non-refundable upfront fees, such as activation fees, that do not relate to the transfer of a promised good or service, are deferred and recognized as revenue throughout the estimated average customer relationship period, and the related incremental costs incurred are similarly deferred and recognized as expense over the same period, if such costs generate or enhance resources of the entity and are expected to be recovered.

Activation fees for both voice and data services are also considered as a single performance obligation together with monthly service fees, recognized over the estimated average customer relationship period.

ii.
Bundled Contracts

In revenue arrangements, which involve bundled sales of mobile devices and accessories (non-service component) and telecommunication services (service component), the total transaction price is allocated based on the relative stand-alone selling prices of each distinct performance obligation. Stand-alone selling price is the price at which we sell the good or service separately to a customer. However, if goods or services are not currently offered separately, we use the adjusted market or cost-plus margin method to determine the stand-alone selling price to be used in the transaction price allocation. We adjust the transaction price for the effects of the time value of money if the timing of the payment and delivery of goods or services do not coincide, effects of which are considered as containing a significant financing component.

Activation services and installation services for voice and data services that are not a distinct performance obligation are considered together with monthly voice and data services as a single performance obligation, recognized over the estimated average customer relationship period since the subscriber cannot benefit from the installation services on its own or together with other resources that are readily available to the subscriber. The related incremental costs are recognized in the same manner in our consolidated income statements, if such costs are expected to be recovered. On the other hand, custom-built installation services provided to data services subscribers are considered a distinct separate performance obligation and is recognized when services are rendered.

Revenues from the sale of non-service component are recognized at the point in time when the goods are delivered while revenues from telecommunication services component are recognized over on a straight-line basis over the contract period when the services are provided to subscribers.

Significant Financing Component

The non-service component included in contracts with customers have significant financing component considering the period between the time of the transfer of control over the mobile device and the customer’s payment of the price of the mobile device, which is more than one year.

The transaction price for such contracts is determined by discounting the amount of promised consideration using the appropriate discount rate. We concluded that there is a significant financing component for those contracts where the customer elects to pay in arrears considering the length of time between the transfer of mobile device to the customer and the customer’s payment, as well as the prevailing interest rates in the market adjusted with customer credit spread.

Customer Loyalty Program

Through our customer loyalty program called Giga Points, points are earned through subscription of promo, purchase of load, and payment of bill for postpaid subscribers. Points are also earned through other activities such as daily login in the Giga App. These points can be used to redeem items such as giga promos, bill rebates, content subscription, discounts, exclusive tickets, and more.

Our contract with customers for revenue-related activity includes a promise to provide future telco services or rights to third-party services in the form of earning points. We consider these revenue-related earnings as performance obligation and the transaction price is allocated to each performance obligation. For earnings on non-revenue activity, we recognize a financial liability upon redemption of the points from third party partners.

We also offer PLDT Home Rewards. This customer loyalty program is available exclusively to active PLDT Home customers except for Home Biz and Corporate accounts which are not currently eligible for enrollment. Under this program, PLDT Home customers are granted points to incentivize customer-related activities. Points earned thru enrollment, payment on time, upgrade , availment of VAS add-on etc.

iii.
International and Domestic Long Distance Contracts

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Interconnection revenues for call termination, call transit and network usages are recognized in the period in which the traffic occurs. Revenues related to local, long distance, network-to-network, roaming and international call connection services are recognized when the call is placed, or connection is provided, and the equivalent amounts charged to us by other carriers are recorded under interconnection costs in our consolidated income statements. Inbound revenue and outbound charges are based on agreed transit and termination rates with other foreign and local carriers.

Variable consideration

We assessed that a variable consideration exists in certain interconnection agreements where there is a monthly aggregation period and the rates applied for the total monthly traffic will depend on the total traffic for the month. We also consider whether contracts with carriers contain volume commitment or tiering arrangement whereby the rate being charged will change upon meeting certain volume of traffic. We estimate the amount of variable consideration to which we are entitled and included in the transaction price some or all of the amount of variable consideration estimated arising from these agreements, unless the impact is not material.

iv.
Others

Revenues from VAS include streaming and downloading of games, music, video contents, loan services, messaging services, applications and other digital services which are only arranged for by us on behalf of third-party content providers. The amount of revenue recognized is net of content provider’s share in revenue. Revenue is recognized at a point in time upon service availment. We act as an agent for certain VAS arrangements.

Revenue from server hosting, co-location services and customer support services are recognized over the period that the services are performed.

Subscriber Contract Costs

Costs to obtain a contract with customers, such as commission, and costs to fulfill the contract, such as installation and Customer Premises Equipment (CPE) costs, are capitalized if we expect to recover those costs. These subscriber contract costs are stated at cost net of accumulated amortization and impairment losses. Subscriber contract costs are amortized on a systematic basis consistent with the pattern of transfer of goods and services to which the assets relates.

The amortization of costs to obtain and costs to fulfill are presented as part of selling, general and administrative expenses, and depreciation and amortization, respectively, in the consolidated income statements.

Impairment losses are recognized to the extent that the carrying amount of the subscriber contract costs exceed the net of (i) remaining amount of consideration that we expect to receive in exchange for the goods or services to which the asset relates, less (ii) any costs that relate directly to providing those goods or services that have not yet been recognized as expenses.

Retirement Benefits

PLDT and certain of its subsidiaries are covered under Republic Act No. 7641 otherwise known as “The Philippine Retirement Law”.

Defined benefit pension plans

PLDT has separate and distinct retirement plans for itself and some of its Philippine-based operating subsidiaries, administered by the respective Funds’ Trustees, covering permanent employees. Retirement costs are separately determined using the projected unit credit method. This method reflects services rendered by employees to the date of valuation and incorporates assumptions concerning employees’ projected salaries.

Retirement costs consist of the following:

•
Service cost;
•
Net interest on the net defined benefit asset or obligation; and
•
Remeasurements of net defined benefit asset or obligation.

Service cost (which includes current service costs, past service costs and gains or losses on curtailments and non-routine settlements) is recognized as part of “Selling, general and administrative expenses – Compensation and employee benefits” account in our consolidated income statements. These amounts are calculated periodically by an independent qualified actuary.

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Net interest on the net defined benefit asset or obligation is the change during the period in the net defined benefit asset or obligation that arises from the passage of time which is determined by applying the discount rate based on the government bonds to the net defined benefit asset or obligation. Net defined benefit asset is recognized as part of “Prepayments, and other nonfinancial assets - net of current portion” and net defined benefit obligation is recognized as part of “Pension and other employee benefits” in our consolidated statements of financial position.

Remeasurements, comprising actuarial gains and losses, return on plan assets and any change in the effect of the asset ceiling (excluding net interest on defined benefit obligation) are recognized immediately in other comprehensive income in the period in which they occur. Remeasurements are not classified to profit or loss in subsequent periods.

The net defined benefit asset or obligation comprises the present value of the defined benefit obligation (using a discount rate based on government bonds, as explained in Note 3 – Management’s Use of Accounting Judgments, Estimates and Assumptions – Estimating pension benefit costs and other employee benefits), net of the fair value of plan assets out of which the obligations are to be settled directly. Plan assets are assets held by a long-term employee benefit fund or qualifying insurance policies and are not available to our creditors nor can they be paid directly to us. Fair value is based on market price information and in the case of quoted securities, the published bid price and in the case of unquoted securities, the discounted cash flow using the income approach. The value of any defined benefit asset recognized is restricted to the asset ceiling which is the present value of any economic benefits available in the form of refunds from the plan or reductions in the future contributions to the plan. See Note 25 – Pension and Other Employee Benefits – Defined Benefit Pension Plans for more details.

Defined contribution plans

Smart maintains a defined contribution plan that covers all regular full-time employees under which it pays fixed contributions based on the employees’ monthly salaries and provides for qualified employees to receive a defined benefit minimum guarantee. The defined benefit minimum guarantee is equivalent to a certain percentage of the monthly salary payable to an employee at normal retirement age with the required credited years of service based on the provisions of Republic Act No. 7641.

Accordingly, Smart accounts for its obligation under the higher of the defined benefit obligation related to the minimum guarantee and the obligation arising from the defined contribution plan.

For the defined benefit minimum guarantee plan, the liability is determined based on the present value of the excess of the projected defined benefit obligation over the projected defined contribution obligation at the end of the reporting period. The defined benefit obligation is calculated annually by a qualified independent actuary using the projected unit credit method. Smart and certain of its subsidiaries determines the net interest expense (income) on the net defined benefit liability (asset) for the period by applying the discount rate used to measure the defined benefit obligation at the beginning of the annual period to the then net defined benefit liability (asset), taking into account any changes in the net defined benefit liability (asset) during the period as a result of contributions and benefit payments. Net interest expense (income) and other expenses (income) related to the defined benefit plan are recognized in our consolidated income statements.

The defined contribution liability, on the other hand, is measured at the fair value of the defined contribution assets upon which the defined contribution benefits depend, with an adjustment for margin on asset returns, if any, where this is reflected in the defined contribution benefits.

Remeasurements of the net defined benefit liability, which comprise actuarial gains and losses, the return on plan assets (excluding interest) and the effect of the asset ceiling (if any, excluding interest), are recognized immediately in our other comprehensive income.

When the benefits of the plan are changed or when the plan is curtailed, the resulting change in benefit that relates to past service or the gain or loss on curtailment is recognized immediately in our profit or loss. Gains or losses on the settlement of the defined benefit plan are recognized when the settlement occurs. See Note 25 – Pension and Other Employee Benefits – Defined Contribution Plans for more details.

Employee benefit costs include current service cost, net interest on the net defined benefit obligation, and remeasurements of the net defined benefit obligation. Past service costs and actuarial gains and losses are recognized immediately in our consolidated income statements.

The long-term employee benefit liability comprises the present value of the defined benefit obligation (using a discount rate based on government bonds) at the end of the reporting period and is determined using the projected unit credit method. See Note 25 – Pension and Other Employee Benefits – Other Long-term Employee Benefits for more details.

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Leases

We assess at contract inception whether the contract is, or contains, a lease that is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for a consideration.

As a Lessee. We apply a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. We recognize lease liabilities to make lease payments and ROU assets representing the right to use the underlying assets.

•
ROU assets

We recognize ROU assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). ROU assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of ROU assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Unless it is reasonably certain that we obtain ownership of the leased asset at the end of the lease term, the recognized ROU assets are depreciated on a straight-line basis over the shorter of its estimated useful life, or EUL, and the lease term. ROU assets are subject to impairment. Refer to the accounting policies in impairment of non-financial assets section.

•
Lease liabilities

At the commencement date of the lease, we recognize lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option if reasonably certain to be exercised and payments of penalties for terminating a lease, if the lease term reflects exercising the option to terminate. The variable lease payments that do not depend on an index or a rate are recognized as expense in the period on which the event or condition that triggers the payment occurs.

In calculating the present value of lease payments, we use the incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the in-substance fixed lease payments or a change in the assessment to purchase the underlying asset.

As a Lessor. Leases in which we do not transfer substantially all the risks and rewards incidental to ownership of an asset are classified as operating leases. Rental income is accounted for on a straight-line basis over the lease term and is included in revenue in our consolidated income statements due to its operating nature. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognized over the lease term on the bases as rental income.

Sale and Leaseback. If we transfer an asset to another entity (the buyer-lessor) and leases that asset back from the buyer-lessor, we account for the transfer contract and the lease by applying the requirements of IFRS 16. We first apply the requirements for determining when a performance obligation is satisfied in IFRS 15 to determine whether the transfer of an asset is accounted for as a sale of that asset.

For transfer of an asset that satisfies the requirements of IFRS 15 to be accounted for as a sale of the asset, we measure the right-of-use asset arising from the leaseback at the proportion of the previous carrying amount of the asset that relates to the right of use retained by us. Accordingly, we recognize only the amount of any gain or loss that relates to the rights transferred to the buyer-lessor.

If the transfer of an asset does not satisfy the requirements of IFRS 15 to be accounted for as a sale of the asset, we continue to recognize the transferred asset and recognize a financial liability equal to the transfer proceeds. We account for the financial liability applying IFRS 9.

Income Taxes

Current income tax

Current income tax assets and liabilities for the current and prior years are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted as at the end of the reporting period where we operate and generate taxable income.

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Current income tax relating to items recognized directly in equity is recognized in equity and not in our consolidated income statements. Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate.

Deferred income tax

Deferred income tax is provided on all temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the end of the reporting period.

Contingencies

Contingent liabilities are not recognized in our consolidated financial statements. Unless the possibility of an outflow of resources embodying economic benefits is probable and measurable, they are disclosed in the notes to our consolidated financial statements. On the other hand, contingent assets are not recognized in our consolidated financial statements but are disclosed in the notes to our consolidated financial statements when an inflow of economic benefits is probable.

Segment Information

PLDT and its subsidiaries are organized into three business segments. Such business segments are the bases upon which we report our primary segment information. Financial information on business segments is presented in Note 4 – Operating Segment Information.

Events After the End of the Reporting Period

Post reporting period events up to the date of approval of the Board of Directors that provide additional information about our financial position at the end of the reporting period (adjusting events) are reflected in our consolidated financial statements. Post reporting period events that are classified as non-adjusting events are disclosed in the notes to our consolidated financial statements when material.

Equity

Preferred and common stocks are measured at par value for all shares issued. Incremental costs incurred directly attributable to the issuance of new shares are shown in equity as a deduction from proceeds, net of tax. Proceeds and/or fair value of considerations received in excess of par value are recognized as capital in excess of par value in our consolidated statements of changes in equity and consolidated statements of financial position.

Treasury stocks are our own equity instruments which are reacquired and recognized at cost and presented as reduction in equity. No gain or loss is recognized in our consolidated income statements on the purchase, sale, reissuance or cancellation of our own equity instruments. Any difference between the carrying amount and the consideration upon reissuance or cancellation of shares is recognized as capital in excess of par value in our consolidated statements of changes in equity and consolidated statements of financial position.

Change in the ownership interest of a subsidiary, without loss of control, is accounted for as an equity transaction and any impact is presented as part of capital in excess of par value in our consolidated statements of changes in equity.

Retained earnings represent our net accumulated earnings less cumulative dividends declared.

Other comprehensive income comprises of income and expense, including reclassification adjustments, that are not recognized in our consolidated income statements as required or permitted by IFRS Accounting Standards.

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Standards Issued But Not Yet Effective

Pronouncements issued but not yet effective are listed below. The PLDT Group intends to adopt the following pronouncements when they become effective. Adoption of these pronouncements is not expected to have a significant impact on the PLDT Group’s consolidated financial statements.

Effective beginning on or after January 1, 2025

•
IFRS 17, Insurance Contracts
•
Amendments to IAS 21, Lack of Exchangeability

Effective beginning on or after January 1, 2026

•
Amendments to IFRS 9 and IFRS 7, Classification and Measurement of Financial Instruments
•
Annual Improvements to IFRS Accounting Standards—Volume 11
o
Amendments to IFRS 1, Hedge Accounting by a First-time Adopter
o
Amendments to IFRS 7, Gain or Loss on Derecognition
o
Amendments to IFRS 9, Lessee Derecognition of Lease Liabilities and Transaction Price
o
Amendments to IFRS 10, Determination of a ‘De Facto Agent’
o
Amendments to IAS 7, Cost Method

Effective beginning on or after January 1, 2027

•
IFRS 18, Presentation and Disclosure in Financial Statements
•
IFRS 19, Subsidiaries without Public Accountability

Deferred effectivity

•
Amendments to IFRS 10, Consolidated Financial Statements, and IAS 28, Sale or Contribution of Assets between an Investor and its Associate or Joint Venture

3.
Management’s Use of Accounting Judgments, Estimates and Assumptions

The preparation of our consolidated financial statements in conformity with IFRS Accounting Standards requires us to make judgments, estimates and assumptions that affect the reported amounts of our revenues, expenses, assets and liabilities and disclosure of contingent liabilities at the end of each reporting period. The uncertainties inherent in these assumptions and estimates could result in outcomes that could require a material adjustment to the carrying amount of the assets or liabilities affected in the future years.

Judgments and estimates are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Judgments, key assumptions concerning the future, and other key sources of estimation uncertainty at the end of the reporting period, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period are consistent with those applied in the most recent annual financial statements. Selected critical judgments and estimates applied in the preparation of the consolidated financial statements are discussed below:

Judgments

In the process of applying our accounting policies, management has made judgments, apart from those involving estimations which have the most significant effect on the amounts recognized in our consolidated financial statements.

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Revenue Recognition

Identifying performance obligations

We identify performance obligations by considering whether the promised goods or services in the contract are distinct goods or services. A good or service is distinct when the customer can benefit from the good or service on its own or together with other resources that are readily available to the customer and our promise to transfer the good or service to the customer is separately identifiable from the other promises in the contract.

Revenues earned from multiple-deliverable arrangements offered by our fixed line and wireless businesses are split into separately identifiable performance obligations based on their relative stand-alone selling price in order to reflect the substance of the transaction. The transaction price represents the best evidence of stand-alone selling price for the services we offer since this is the observable price we charge if our services are sold separately. We account for customer contracts in accordance with IFRS 15 and have concluded that the service (telecommunication service) and non-service components (handset or equipment) may be accounted for as separate performance obligations. The handset or equipment is delivered first, followed by the telecommunication service (which is provided over the contract/lock-in period of generally three years for fixed line and two years for wireless). Revenue attributable to the separate performance obligations are based on the allocation of the transaction price relative to the stand-alone selling price.

Installation fees for voice and data services that are not custom-built for the subscribers are considered as a single performance obligation together with monthly service fees, recognized over the estimated average customer relationship period since the subscriber cannot benefit from the installation services on its own or together with other resources that are readily available to the subscriber. On the other hand, installation fees of data services that are custom-built for the subscribers are considered as a separate performance obligation and is recognized upon completion of the installation services. Activation fees for both voice and data services are also considered as a single performance obligation together with monthly service fees, recognized over the estimated average customer relationship period.

Principal versus agent consideration

We enter into contracts with our customers involving multiple deliverable arrangements. We determined that we control the goods before they are transferred to customers, and we have the ability to direct the use of the inventory. The following factors indicate that we control the goods before they are being transferred to customers:

a)
We are primarily responsible for fulfilling the promise to provide the specified equipment;
b)
We bear inventory risk on our inventory before it has been transferred to the customer; and
c)
We have discretion in establishing the prices for the other party’s goods or services and, therefore, the benefit that we can receive from those goods or services is not limited. It is incumbent upon us to establish the price of our services to be offered to our subscribers.

Based on the foregoing, we are considered the principal in our contracts with other service providers except for certain VAS arrangements. We have the primary obligation to provide the services to the subscriber.

Timing of revenue recognition

We recognize revenues from contracts with customers over time or at a point in time depending on our evaluation of when the customer obtains control of the promised goods or services and based on the extent of progress towards completion of the performance obligation. For the telecommunication service which is provided over the contract period of two or more years, revenue is recognized monthly as we provide the service because control is transferred over time. For the device, which is sold at the inception of the contract, revenue is recognized at the time of delivery because control is transferred at a point in time.

Identifying methods for measuring progress of revenue recognized over time

We determine the appropriate method of measuring progress which is either through the use of input or output methods. Input method recognizes revenue on the basis of the entity’s efforts or inputs to the satisfaction of a performance obligation while output method recognizes revenue on the basis of direct measurements of the value to the customer of the goods or services transferred to date.

Revenue from telecommunication services is recognized through the use of input method wherein recognition is over time based on the customer subscription period since the customer simultaneously receives and consumes the benefits as the seller renders the services.

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Significant financing component

We concluded that the handset component included in contracts with customers has a significant financing component considering the period between the time of the transfer of control over the handset and the customer’s payment of the price of the handset, which is more than one year.

In determining the interest to be applied to the amount of consideration, we concluded that the interest rate is the market interest rate adjusted with credit spread to reflect the customer credit risk that is commensurate with the rate that would be reflected in a separate financing transaction between us and our customer at contract inception.

Estimation of stand-alone selling price

We assessed that the service and non-service components represent separate performance obligations thus, the amount of revenues should be recognized based on the allocation of the transaction price to the different performance obligations based on their stand-alone selling prices. The stand-alone selling price is the price at which we sell the good or service separately to a customer. However, if goods or services are not currently offered separately, we use the adjusted market or cost-plus margin method to determine the stand-alone selling price to be used in the revenue allocation.

In terms of allocation of transaction price between performance obligations, we assessed that allocating the transaction price using the stand-alone selling prices of the services and handset will result in more revenue allocated to non-service component. The stand-alone selling price is based on the price in which we regularly sell the non-service and service component in a separate transaction.

Financial Instruments

Evaluation of business models in managing financial instruments

We determine our business model at the level that best reflects how we manage groups of financial assets to achieve our business objective. Our business model is not assessed on an instrument-by-instrument basis, but a higher level of aggregated portfolios and is based on observable factors such as:

a.
How the performance of the business model and the financial assets held within that business model are evaluated and reported to the entity’s key management personnel;
b.
The risks that affect the performance of the business model (and the financial assets held within that business model) and, in particular, the way those risks are managed; and
c.
The expected frequency, value and timing of sales are also important aspects of our assessment.

The business model assessment is based on reasonably expected scenarios without taking ‘worst case’ or ‘stress case’ scenarios into account. If cash flows after initial recognition are realized in a way that is different from our original expectations, we do not change the classification of the remaining financial assets held in that business model, but incorporates such information when assessing newly originated or newly purchased financial assets going forward.

We have determined that for cash and cash equivalents, short-term investments, investment in debt securities and other long-term investments, and trade and other receivables, the business model is to collect the contractual cash flows until maturity.

IFRS 9, however, emphasizes that if more than an infrequent number of sales are made out of a portfolio and those sales are more than insignificant in value, of financial assets carried at amortized cost, we should assess whether and how such sales are consistent with the objective of collecting contractual cash flows.

Definition of default and credit-impaired financial assets

We define a financial instrument as in default, which is fully aligned with the definition of credit-impaired, when it meets one or more of the following criteria:

•
Quantitative criteria

For trade receivables and all other financial assets subject to impairment, default occurs when the receivable becomes 90 days past due, except for trade receivables from corporate subscribers, which are determined to be in default when the receivables become 120 days past due.

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•
Qualitative criteria

The counterparty meets unlikeliness to pay criteria, which indicates the counterparty is in significant financial difficulty. These are instances where:

a.
The counterparty is experiencing financial difficulty or is insolvent;
b.
The counterparty is in breach of financial covenant(s);
c.
An active market for that financial assets has disappeared because of financial difficulties;
d.
Concessions have been granted by us, for economic or contractual reasons relating to the counterparty’s financial difficulty;
e.
It is becoming probable that the counterparty will enter bankruptcy or other financial reorganization; and
f.
Financial assets are purchased or originated at a deep discount that reflects the incurred credit losses.

The criteria above have been applied to all financial instruments, except FVPL, held by us and are consistent with the definition of default used for internal credit risk management purposes. The default definition has been applied consistently to the ECL models throughout our expected loss calculation.

Significant increase in credit risk

At each reporting date, we assess whether there has been a significant increase in credit risk for financial assets since initial recognition by comparing the risk of default occurring over the expected life between the reporting date and the date of initial recognition. We consider reasonable and supportable information that is relevant and available without undue cost or effort for this purpose. This includes quantitative and qualitative information and forward-looking analysis.

An exposure will migrate through the ECL stages as asset quality deteriorates. If, in a subsequent period, asset quality improves and also reverses any previously assessed significant increase in credit risk since origination, then the loss allowance measurement reverts from lifetime ECL to 12-month ECL.

Using our judgment and, where possible, relevant historical experience, we may determine that an exposure has undergone a significant increase in credit risk based on particular qualitative indicators that we consider are indicative of such and whose effect may not otherwise be fully reflected in its quantitative analysis on a timely basis.

As a backstop, we consider that a significant increase in credit risk occurs no later than when an asset is more than 30 days past due. Days past due are determined by counting the number of days since the earliest elapsed due date in respect of which full payment has not been received. Due dates are determined without considering any grace period that might be available to the counterparty.

Exposures that have not deteriorated significantly since origination, or where the deterioration remains within our investment grade criteria, or which are less than 30 days past due, are considered to have a low credit risk. The provision for credit losses for these financial assets is based on a 12-month ECL. The low credit risk exemption has been applied on debt investments that meet the investment grade criteria of the PLDT Group.

Determination of functional currency

The functional currencies of the entities under the PLDT Group are the currency of the primary economic environment in which each entity operates. It is the currency that mainly influences the revenue from and cost of rendering products and services.

The presentation currency of the PLDT Group is the Philippine Peso. Based on the economic substance of the underlying circumstances relevant to the PLDT Group, the functional currency of all entities under the PLDT Group is the Philippine Peso, except for PLDT Global and certain of its subsidiaries, and PGNL and certain of its subsidiaries which use the U.S. Dollar.

Determining the lease term of contracts with renewal and termination options – Company as a Lessee

Upon adoption of IFRS 16, we applied a single recognition and measurement approach for all leases, except for short-term leases and leases of ‘low-value’ assets. See Section Leases for the accounting policy.

We determine the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised.

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We, as the lessee, have the option, under some of our lease agreements to lease the assets for additional terms. We apply judgment in evaluating whether it is reasonably certain to exercise the option to renew. That is, we consider all relevant factors that create an economic incentive for us to exercise the renewal. After the commencement date, we reassess the lease term if there is a significant event or change in circumstances that is within our control and affects our ability to exercise or not to exercise the option to renew or to terminate (e.g., a change in business strategy).

We included the renewal period as part of the lease term for leases such as poles and leased circuits due to the significance of these assets to our operations. These leases have a non-cancellable period (i.e., one to 30 years) and there will be a significant negative effect on our provision of services if a replacement is not readily available. Furthermore, the periods covered by termination options are included as part of these lease term only when they are reasonably certain not to be exercised.

See Note 10 – Leases for information on potential future payments relating to periods following the exercise date of extension and termination options that are not included in the lease term.

Total depreciation of ROU assets from continuing operations in our consolidated income statements amounted to Php 7,315 million, Php 6,898 million and Php 5,661 million for the years ended December 31, 2024, 2023 and 2022, respectively, while that from discontinued operations amounted to nil, Php 19 million and Php 55 million for the years ended December 31, 2024, 2023 and 2022, respectively. Total lease liabilities amounted to Php 54,038 million and Php 47,546 million as at December 31, 2024 and 2023, respectively. See Note 2 - Summary of Material Accounting Policies - Discontinued Operations, Note 10 – Leases and Note 27 – Financial Assets and Liabilities.

Sale and Leaseback of Telecom Towers

The accounting for sale and leaseback transaction depends on whether the transfer of the asset qualifies as a sale. We applied judgment to determine whether the transfer of asset is accounted for as a sale based on the requirements for determining when a performance obligation is satisfied in IFRS 15. We also applied estimates and judgment in determining many aspects, among others, the passive telecom assets and land lease as unit of accounts, the fair value of the towers sold, the measurement of the ROU assets retained by us and determining an appropriate discount rate to calculate the present value of the minimum lease payments.

Assets classified as held-for-sale

The criteria for held-for-sale classification is regarded as met only when the sale is highly probable, and the asset is available for immediate sale in its present condition. Actions required to complete the sale should indicate that it is unlikely that significant changes to the sale will be made or that the decision to sell will be withdrawn.

Smart and DMPI entered into sale and purchase agreements with certain tower companies in connection with the sale of telecom towers and related passive telecom infrastructure. The closing of the agreements will be on a staggered basis depending on the satisfaction of closing conditions based on the number of towers transferred and is expected to be completed within the year. With this agreement, we believe that certain conditions were met that qualified the related assets to be reclassified as held-for-sale.

See related discussion in Note 9 – Property and Equipment and Note 10 – Leases.

Accounting for investments in MediaQuest Holdings, Inc., or MediaQuest, through Philippine Depositary Receipts, or PDRs

ePLDT made various investments in PDRs issued by MediaQuest in relation to its direct interest in Satventures, Inc., or Satventures, and indirect interest in Cignal TV, Inc., or Cignal TV.

Based on our judgment, at the PLDT Group level, ePLDT’s investments in PDRs gives ePLDT a significant influence over Satventures and Cignal TV as evidenced by provision of essential technical information and material transactions among PLDT, Smart, Satventures and Cignal TV, and thus are accounted for as investments in associates using the equity method.

See related discussion in Note 11 – Investments in Associates and Joint Ventures – Investments in Associates – Investment of ePLDT in MediaQuest PDRs.

Accounting for investment of PCEV in Maya Bank, Inc., or Maya Bank

The shareholders’ agreement of Voyager Finserve Corporation, or VFC, and Paymaya Finserve Corporation, or PFC, (collectively known as the Bank HoldCos) requires affirmative vote of at least one director nominated by both PCEV and MIH to direct the relevant activities of the Bank HoldCos. The Bank HoldCos were incorporated for the sole purpose of

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holding shares or equity investments in Maya Bank. Because of the contractual arrangement between the parties, the investments in the Bank HoldCos are accounted for as joint venture.

Assessment of loss of control over PG1 and Kayana

PLDT assesses the consequences of changes in the ownership interest in a subsidiary that may result in a loss of control as well as the consequence of losing control of a subsidiary during the reporting period. Whether or not PLDT retains control over the subsidiary depends on an evaluation of a number of factors that indicate if there are changes to one or more of the three elements of control. When PLDT has less than majority of the voting rights or similar rights to an investee, the Company considers all relevant facts and circumstances in assessing whether it has power over an investee, including, among others, representation on its board of directors, voting rights, and other rights of other investors, including their participation in significant decisions made in the ordinary course of business.

PG1

As a result of the acquired equity interest of Philex Mining Corporation, MPIC, and Roxas Holdings, Inc. in PG1, PLDT’s ownership interest was diluted to 47.6%. In addition, PG1 appointed a new director bringing the total number of PG1 directors to nine. PLDT retained four out of nine total board seats. Consequently, as at February 28, 2022, PLDT lost its control over PG1 and accounted for its remaining interest as investment in associate.

As at December 31, 2024 and 2023, PLDT holds 47.6% interest over PG1.

Kayana

The September 30, 2024 subscription agreement resulted in PLDT’s owning 45% interest and MPIC and Meralco ownership at 27.5% each. Consequently, as at December 31, 2024, PLDT lost its control over Kayana and accounted for its remaining interest as an investment in associate.

Accounting for investments in Vega Telecom Inc., or VTI, Bow Arken Holdings Company, or Bow Arken, and Brightshare Holdings, Inc., or Brightshare

PLDT acquired a 50% equity interest in each of VTI, Bow Arken and Brightshare on May 30, 2016. See related discussion on Note 11 – Investments in Associates and Joint Ventures – Investments in Joint Ventures – Investments of PLDT in VTI, Bow Arken and Brightshare. Based on the Memorandum of Agreement, PLDT and Globe Telecom, Inc., or Globe, each has the right to appoint half the members of the Board of Directors of each of VTI, Bow Arken and Brightshare, as well as the
(i) co-Chairman of the Board; (ii) co-Chief Executive Officer and President; and (iii) co-Controller where any matter requiring their approval shall be deemed passed or approved if the consents of both co-officers holding the same position are obtained. All decisions of each Board of Directors may only be approved if at least one director nominated by each of PLDT and Globe votes in favor of it.

Based on these rights, PLDT and Globe have joint control over VTI, Bow Arken and Brightshare, which is defined in
IFRS 11, Joint Arrangements, as a contractually agreed sharing of control of an arrangement and exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. Consequently, PLDT and Globe classified the joint arrangement as a joint venture in accordance with IFRS 11 given that PLDT and Globe each has the right to 50% of the net assets of VTI, Bow Arken and Brightshare and their respective subsidiaries.

Accordingly, PLDT accounted for the investment in VTI, Bow Arken and Brightshare using the equity method of accounting in accordance with IAS 28. Under the equity method of accounting, the investment is initially recognized at cost and adjusted thereafter for the post-acquisition change in the investor’s share of the investee’s net assets. See Note 11 – Investments in Associates and Joint Ventures – Investment in Joint Ventures – Investments of PLDT in VTI, Bow Arken and Brightshare.

Material partly-owned subsidiaries

Our consolidated financial statements include additional information about subsidiaries that have non-controlling interest, or NCI, that are material to us, see Note 6 – Components of Other Comprehensive Loss. We determined material partly-owned subsidiaries as those with balance of NCI greater than 5% of the total equity as at December 31, 2024 and 2023.

Material associates and joint ventures

Our consolidated financial statements include additional information about associates and joint ventures that are material to us. See Note 11 – Investments in Associates and Joint Ventures. We determined material associates and joint ventures are those investees where our carrying amount of investments is greater than 5% of the total investments in associates and joint ventures as at December 31, 2024 and 2023.

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Determining Taxable Profit, Tax Bases, Unused Tax Losses, Unused Tax Credits and Tax Rates

We assess whether we have any uncertain tax position and applies significant judgment in identifying uncertainties over our income tax treatments. We determined based on our assessment that it is probable that our income tax treatments (including those for the subsidiaries) will be accepted by the taxation authorities.

Estimates and Assumptions

The key estimates and assumptions concerning the future and other key sources of estimation uncertainty at the end of the reporting period that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities recognized in our consolidated financial statements within the next financial year are discussed below. We based our estimates and assumptions on parameters available when our consolidated financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising beyond our control. Such changes are reflected in the assumptions when they occur.

Subscriber contract costs

Subscriber contract costs are costs to obtain (i.e., commissions) and costs to fulfill (i.e., installation and CPE costs) in relation to the services we provide to our subscribers. We assessed that these subscriber contract costs are incremental in obtaining and fulfilling our performance obligations. Accordingly, we capitalized subscriber contract costs and amortized as expense over the average customer relationship period.

We apply judgment to estimate the amortization period of subscriber contract costs. As part of our annual evaluation of the average customer relationship period, our reassessment in 2023 resulted to a shorter amortization period with a range of 3-6 years for certain types of subscriber contracts brought by the effect of Corona Virus Disease, or COVID-19 Pandemic given the dynamic nature of subscriber behavior and market condition.

As at December 31, 2024, the estimated useful lives of the subscriber contract costs to fulfill would range from six to seven years.

The change in the amortization period reflects the expected timing of transfer of the services to our subscribers. This was accounted for prospectively as a change in accounting estimate, thereby resulting in additional charges to profit or loss amounting to Php 13,924 million for the full year 2023. Further details on subscriber contract costs are disclosed in
Note 18 – Prepayments and Other Non-Financial Assets.

Leases – Estimating the incremental borrowing rate, or IBR

In calculating the present value of lease payments, we use the IBR at the lease commencement date if the interest rate implicit in the lease is not readily determinable. IBR is the rate of interest that a lessee would have to pay to borrow over a similar term, similar security, the funds necessary to obtain an asset of a similar value to the ROU asset in a similar economic environment.

We use benchmark rates from partner banks based on the tenor of our loan borrowings plus a spread adjustment based on our credit worthiness.

Our lease liabilities amounted to Php 54,038 million and Php 47,546 million as at December 31, 2024 and 2023, respectively. See Note 10 – Leases.

Impairment of non-financial assets

IAS 36 requires that an impairment review be performed when certain impairment indicators are present. In the case of goodwill and intangible assets with indefinite useful life, at a minimum, such assets are subject to an impairment test annually and whenever there is an indication that such assets may be impaired. This requires an estimation of the VIU of the CGUs to which these assets are allocated. The VIU calculation requires us to make an estimate of the expected future cash flows from the CGU and to choose a suitable discount rate in order to calculate the present value of those cash flows. See
Note 14 – Goodwill and Intangible Assets – Impairment Testing of Goodwill for the key assumptions used to determine the VIU of the relevant CGUs.

Determining the recoverable amount of property and equipment, ROU assets, investments in associates and joint ventures, goodwill and intangible assets, prepayments and other noncurrent assets, requires us to make estimates and assumptions in the determination of future cash flows expected to be generated from the continued use and ultimate disposition of such assets. Future events could cause us to conclude that property and equipment, ROU assets, investments in associates and joint

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ventures, intangible assets and other noncurrent assets associated with an acquired business are impaired. Any resulting impairment loss could have a material adverse impact on our financial position and financial performance.

The preparation of estimated future cash flows involves significant estimations and assumptions of future market conditions. While we believe that our assumptions are appropriate and reasonable, significant changes in our assumptions may materially affect our assessment of recoverable values and may lead to future impairment charges.

See Note 4 – Operating Segment Information, Note 5 – Income and Expenses – Asset Impairment, and Note 9 – Property and Equipment.

The carrying values of our property and equipment, ROU assets, investments in associates and joint ventures, investment properties, goodwill and intangible assets, and prepayments and other non-financial assets are separately disclosed in Note 9 – Property and Equipment, Note 10 – Leases, Note 11 – Investments in Associates and Joint Ventures, Note 13 – Investment Properties, Note 14 – Goodwill and Intangible Assets and Note 18 – Prepayments and Other Non-Financial Assets, respectively.

Estimating useful lives of property and equipment

We estimate the useful lives of each item of our property and equipment based on the periods over which our assets are expected to be available for use. Our estimation of the useful lives of our property and equipment is also based on our collective assessment of industry practice, internal technical evaluation and experience with similar assets. The estimated useful lives of each asset are reviewed at least every year-end and updated if expectations differ from previous estimates due to physical wear and tear, technical or commercial obsolescence and legal or other limitations on the use of our assets. It is possible, however, that future results of operations could be materially affected by changes in our estimates brought about by changes in the factors mentioned above. The amounts and timing of recorded expenses for any period would be affected by changes in these factors and circumstances. A reduction in the estimated useful lives of our property and equipment would increase our recorded depreciation and decrease the carrying amount of our property and equipment.

Smart shortened its estimated useful lives of certain network, technology and other equipment in 2019, the most significant of which were the 2G technology-related equipment. The shutdown was part of our strategy to address increasing demand for data and data centric applications by moving to faster speed long-term evolution, or LTE, and 5G technologies. As a result, Smart recognized additional depreciation expense of Php 87 million for the year ended December 31, 2022.

Smart shortened its estimated useful lives of certain network, technology and other equipment in 2020, the most significant of which are the 3G technology-related equipment. The shutdown is the next phase of our strategy to migrate to faster speed LTE and 5G technologies. Smart also shortened the estimated useful lives of certain network equipment as a result of transformation and cost re-engineering initiatives. The management re-evaluated these 3G technology-related equipment in May 2022, and it was determined that the number of 3G devices in the market continued to decline resulting in low 3G traffic. Furthermore, the demands of the subscribers are shifting to LTE and 5G which offers faster high-speed data services. The remaining number of the 3G subscribers are negligible and will not result in further re-assessment of the estimated useful life, or EUL for the 3G technology assets. As a result, Smart recognized additional depreciation expense of Php 9,421 million for the year ended December 31, 2022.

In 2022, Smart conducted an enterprise-wide network asset physical verification activity wherein certain assets have been identified, which are expected not to be utilized moving forward. As a result, Smart recognized additional depreciation expense of Php 3,044 million for the year ended December 31, 2022.

In 2022, certain software and related services were upgraded as a result of IT system updates for the data link repository program of the data transformation. These replaced software and services that are expired which support various projects like e-load, rating and Online Charging System, System Application Products, value-added services and software and services related to Trident. As a result, we recognized additional depreciation expense of Php 2,122 million for the year ended December 31, 2022.

In 2022, PLDT embarked on the moveout and modernization of network equipment that were located in its Makati Offices. As a result, we recognized additional depreciation expense of Php 1,844 million in 2022.

In addition, PLDT accelerated the depreciation of certain network equipment as a result of technology transformation and modernization program to continuously enable the delivery and fulfillment of more advanced, more resilient and much more intelligent network to provide best quality of customer experience and continuously meet the intensified demands on infrastructure and is expected to grow exponentially in the future. Migration of Vectored Very High-Speed Digital Subscribers, or VVDSL, to Fiber Optic facilities, upgrading and strengthening of fiber optic cables, laying out Transport Network Transformation (TNT), expansion of some key core network equipment continued in 2022, which replaced several

F-44

legacy network system and equipment that resulted in PLDT recognizing additional depreciation expenses amounting to Php 34,773 million in 2022.

In 2023, PLDT and Smart increased the EUL of Information Technology assets and general computers and peripherals, due to technological advancement allowing extended warranty and Maintenance Agreement. Smart increased the EUL of Self-Supporting Towers due to cost-effective structure which allows future expansion and upgrades of mounting antennas and is designed for durability and resistance to withstand the elements, hence extending the vendor's warranty. Had the affected assets been depreciated using the original EUL, the depreciation would have been higher by Php 934 million for the year 2023.

In 2024, the PLDT Group further launched initiatives to continuously modernizing its property and equipment to enhance operational efficiencies. On this basis, the Group reassessed the EUL of certain assets, including among others, certain legacy network system replaced by Transport Network Transformation (TNT) and Core Transformation, Operations Support Systems and Optical Line and Terminal Access equipment. As a result of changes in accounting estimates, the PLDT Group recognized additional depreciation expense of Php 5,686 million in the income statement for the year ended December 31, 2024.

The total depreciation and amortization of property and equipment from continuing operations amounted to Php 41,224 million, Php 51,543 million and Php 92,970 million for the years ended December 31, 2024, 2023 and 2022, respectively, while that from discontinued operations amounted to nil, Php 2 million and Php 28 million for the years ended December 31, 2024, 2023 and 2022, respectively. Total carrying values of property and equipment, net of accumulated depreciation and amortization, amounted to Php 318,069 million and Php 287,103 million as at December 31, 2024 and 2023, respectively. See Note 2 - Summary of Material Accounting Policies - Discontinued Operations, Note 4 – Operating Segment Information and Note 9 – Property and Equipment.

Estimating useful lives of intangible assets with finite lives

Intangible assets with finite lives are amortized over their expected useful lives using the straight-line method of amortization. At a minimum, the amortization period and the amortization method for an intangible asset with a finite useful life are reviewed at least at each financial year-end. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are accounted for by changing the amortization period or method, as appropriate, and treated as changes in accounting estimates. The amortization expense on intangible assets with finite lives is recognized in our consolidated income statements.

The total amortization of intangible assets with finite lives amounted to Php 240 million, Php 221 million and Php 228 million for the years ended December 31, 2024, 2023 and 2022, respectively. Total carrying values of intangible assets with finite lives amounted to Php 1,303 million and Php 1,174 million as at December 31, 2024 and 2023, respectively. See Note 5 – Income and Expenses – Selling, General and Administrative Expenses and Note 14 – Goodwill and Intangible Assets.

Investment Properties

We carry our investment properties at fair value, with changes in fair value being recognized in the consolidated income statements. Investment properties have been determined based on appraisal performed by an independent firm of appraisers, an industry specialist in valuing these types of investment properties.

The valuation for land is based on a market approach valuation technique while the valuation for building and land improvements is based on a cost approach valuation technique using current material and labor costs for improvements based on external and independent reviewers. See Note 13 – Investment Properties.

Recognition of deferred income tax assets

We review the carrying amounts of deferred income tax assets at the end of each reporting period and reduce these to the extent that these are no longer probable that sufficient taxable income will be available to allow all or part of the deferred income tax assets to be utilized. Our assessment on the recognition of deferred income tax assets on deductible temporary differences is based on the level and timing of forecasted taxable income of the subsequent reporting years. This forecast is based on our past results and future expectations on revenues and expenses as well as future tax planning strategies. Based on this, management expects that we will generate sufficient taxable income to allow all or part of our deferred income tax assets to be utilized.

Based on the above assessment, our consolidated unrecognized deferred income tax assets amounted to Php 803 million and Php 817 million as at December 31, 2024 and 2023, respectively. Total consolidated provision for deferred income tax amounted to Php 3,938 million and Php 1,648 million for the years ended December 31, 2024 and 2023, respectively while total consolidated benefit from deferred income tax amounted to Php 4,175 million for the year ended December 31, 2022.

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Total consolidated recognized net deferred income tax assets amounted to Php 14,643 million and Php 18,172 million as at December 31, 2024 and 2023, respectively. See Note 4 – Operating Segment Information and Note 7 – Income Taxes.

Estimating allowance for ECLs

a.
Measurement of ECLs

ECLs are derived from unbiased and probability-weighted estimates of expected loss, and are measured as follows:

•
Financial assets that are not credit-impaired at the reporting date: as the present value of all cash shortfalls over the expected life of the financial asset discounted by the EIR. The cash shortfall is the difference between the cash flows due to us in accordance with the contract and the cash flows that we expect to receive; and
•
Financial assets that are credit-impaired at the reporting date: as the difference between the gross carrying amount and the present value of estimated future cash flows discounted by the EIR.

We leverage existing risk management indicators (e.g. internal credit risk classification and restructuring triggers), credit risk rating changes and reasonable and supportable information which allow us to identify whether the credit risk of financial assets has significantly increased.

b.
Inputs, assumptions and estimation techniques
•
General approach for cash in bank, short-term investments, debt securities, financial assets at FVOCI and advances and other noncurrent assets

The ECL is measured on either a 12-month or lifetime basis depending on whether a significant increase in credit risk has occurred since initial recognition. We consider the probability of our counterparty to default on its obligation and the expected loss at default after considering the effects of collateral, any potential value when realized and time value of money. Based on our assessment, there is no significant increase in credit risk and the ECL for these financial assets under a general approach is measured on a 12-month basis.

The assumptions underlying the ECL calculation are monitored and reviewed on a quarterly basis.

•
Simplified approach for trade and other receivables and contract assets

The simplified approach does not require the tracking of changes in credit risk, but instead requires the recognition of lifetime ECL. For trade receivables and contract assets, we use the simplified approach for calculating ECL. We have considered similarities in underlying credit risk characteristics and behavior in determining the groupings of various customer segments.

We used historically observed default rates and adjusted these historical credit loss experiences with forward-looking information. At every reporting date, the historical default rates are updated and changes in the forward-looking estimates are analyzed.

There have been no significant changes in the estimation techniques used for calculating ECL on trade and other receivables and contract assets.

•
Incorporation of forward-looking information

We incorporated forward-looking information into both our assessment of whether the credit risk of an instrument has increased significantly since its initial recognition and our measurement of ECL.

To do this, management considered a range of relevant forward-looking macroeconomic assumptions and probability weights for the determination of unbiased general industry adjustments and any related specific industry adjustments that support the calculation of ECLs.

The macroeconomic factors are aligned with information used by us for other purposes such as strategic planning and budgeting.

The probability weights used in the calculation of ECLs cover a range of possible outcomes based on the current and projected economic conditions.

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We have identified and documented key drivers of credit risk and credit losses of each portfolio of financial instruments and, using an analysis of historical data, has estimated relationships between macroeconomic variables and credit risk and credit losses.

Predicted relationship between the key indicators and default and loss rates on various portfolios of financial assets have been developed based on analyzing historical data over the past three to eight years. The methodologies and assumptions including any forecasts of future economic conditions are reviewed regularly.

Due to lack of reasonable and supportable information, we have not identified any uncertain event that was assessed to be relevant to the risk of default occurring, thus we are not able to estimate the impact on ECL.

Total provision for expected credit losses for trade and other receivables from continuing operations amounted to Php 3,875 million, Php 4,119 million and Php 5,126 million for the years ended December 31, 2024, 2023 and 2022, respectively, while that from discontinued operations amounted to nil, Php 4 million and Php 30 million for the years ended December 31, 2024, 2023 and 2022, respectively. Trade and other receivables, net of allowance for expected credit losses, amounted to Php 31,612 million and Php 26,086 million as at December 31, 2024 and 2023, respectively. See Note 5 – Income and Expenses and Note 16 – Trade and Other Receivables.

Total impairment losses on contract assets amounted to Php 181 million, Php 224 million and Php 227 million for the years ended December 31, 2024, 2023 and 2022, respectively. Contract assets, net of allowance for expected credit losses, amounted to Php 1,886 million and Php 1,918 million as at December 31, 2024 and 2023, respectively. See Note 5 – Income and Expenses – Contract Balances.

•
Grouping of instruments for losses measured on collective basis

A broad range of forward-looking information was considered as economic inputs such as the gross domestic product, or GDP, inflation rate, unemployment rates, export rates, The Group of Twenty, or G20 GDP and G20 inflation rates. For expected credit loss provisions modelled on a collective basis, grouping of exposures is performed on the basis of shared risk characteristics, such that risk exposures within a group are homogeneous. In performing this grouping, there must be sufficient information for the PLDT Group to be statistically acceptable. Where sufficient information is not available internally, then we have considered benchmarking internal/external supplementary data to use for modelling purposes. The characteristics and any supplementary data used to determine groupings are outlined below.

Trade receivables – Groupings for collective measurement

a.
Retail subscribers;
b.
Corporate subscribers;
c.
Foreign administrations and domestic carriers; and
d.
Dealers, agents and others

The following credit exposures are assessed individually:

•
All stage 3 assets, regardless of the class of financial assets; and
•
The cash and cash equivalents, investment in debt securities and financial assets at FVOCI, and other financial assets.

Estimating pension benefit costs and other employee benefits

The cost of defined benefit and present value of the pension obligation are determined using the projected unit credit method. An actuarial valuation includes making various assumptions which consist, among other things, discount rates, rates of compensation increases and mortality rates. Further, our accrued benefit cost is affected by the fair value of the plan assets. Key assumptions used to estimate fair value of the unlisted equity investments included in the plan assets consist of revenue growth rate, direct costs, capital expenditures, discount rates and terminal growth rates. See Note 25 – Pension and Other Employee Benefits. Due to complexity of valuation, the underlying assumptions and its long-term nature, a defined benefit obligation is highly sensitive to changes in assumptions. While we believe that our assumptions are reasonable and appropriate, significant differences in our actual experience or significant changes in our assumptions may materially affect our cost for pension and other retirement obligations. All assumptions are reviewed every year-end.

The net consolidated pension benefit costs from continuing operations amounted to Php 1,441 million, Php 1,426 million and Php 1,743 million for the years ended December 31, 2024, 2023 and 2022, respectively, while that from discontinued operations amounted to nil for the years ended December 31, 2024 and 2023 and Php 6 million for the year ended December 31, 2022. The prepaid benefit costs amounted to Php 975 million and Php 917 million as at December 31, 2024 and 2023,

F-47

respectively. The accrued benefit costs amounted to Php 3,548 million and Php 3,541 million as at December 31, 2024 and 2023, respectively. See Note 5 – Income and Expenses – Compensation and Employee Benefits, Note 18 – Prepayments and Note 25 – Pension and Other Employee Benefits.

Long-term Incentive Plan, LTIP

The ECC of the PLDT Board of Directors approved the LTIP covering the years 2022 to 2026, on December 23, 2021. It covers two cycles, and is intended to provide incentive compensation in the form of cash to key officers, executives and other eligible participants who are consistent performers, compliant with codes of conduct and contributors to our strategic and financial goals, with defined metrics based on the achievement of telco core income, customer experience and sustainability. The target metrics for Sustainability are expected to capture the Company’s performance in various ESG materiality areas, including but not limited to, climate action such as initiatives to reduce energy consumption and greenhouse gas (GHG) emissions, employee and customer welfare, diversity and inclusion, cybersecurity and data privacy, and business ethics. Cycle 1 covers the performance period from 2022 to 2024 and payout will be based on the achievement of performance targets. Cycle 2 covers the performance period from 2025 to 2026 and is subject to the ECC’s further evaluation and approval of the final terms.

This long-term employee benefit liability was recognized and measured using the projected unit credit method and was amortized on a straight-line basis over the vesting period.

The expense accrued for the LTIP amounted to Php 1,136 million, Php 839 million and Php 1,272 million for the years ended December 31, 2024, 2023 and 2022, respectively.

The accrued incentive payable amounted to Php 3,406 million and Php 2,183 million as at December 31, 2024 and 2023, respectively. See Note 5 – Income and Expenses – Compensation and Employee Benefits and Note 25 – Pension and Other Employee Benefits – Other Long-term Employee Benefits.

Provision for asset retirement obligations

Provision for asset retirement obligations is recognized in the period in which this is incurred if a reasonable estimate can be made. This requires an estimation of the cost to restore or dismantle on a per square meter basis, depending on the location, and is based on the best estimate of the expenditure required to settle the obligation at the future restoration or dismantlement date, discounted using a pre-tax rate that reflects the current market assessment of the time value of money and, where appropriate, the risk specific to the liability. Total provision for asset retirement obligations amounted to Php 1,752 million and Php 1,164 million as at December 31, 2024 and 2023, respectively. See Note 21 – Deferred Credits and Other Noncurrent Liabilities.

Provision for legal contingencies and tax assessments

We are currently involved in various legal proceedings and tax assessments. Our estimates of the probable costs for the resolution of these claims have been developed in consultation with our counsel handling the defense in these matters and are based upon our analysis of potential results. Based on management’s assessment, appropriate provisions were made. We currently do not believe these proceedings could materially reduce our revenues and profitability. It is possible, however, that future financial position and performance could be materially affected by changes in our estimates or the effectiveness of our strategies relating to these proceedings and assessments. See Note 26 – Provisions and Contingencies.

Determination of fair values of financial assets and financial liabilities

When the fair value of financial assets and financial liabilities recorded in our consolidated statements of financial position cannot be measured based on quoted prices in active markets, their fair value is measured using valuation techniques including the discounted cash flows model. The inputs to these models are taken from observable markets where possible, but where this is not feasible, a degree of judgment is required in establishing fair values. The judgments include considerations of inputs such as liquidity risk, credit risk and volatility. Changes in assumptions about these factors could affect the reported fair value of financial instruments.

Other than those whose carrying amounts are reasonable approximations of fair values, total fair values of noncurrent financial assets and noncurrent financial liabilities as at December 31, 2024 amounted to Php 3,066 million and Php 247,962 million, respectively, while the total fair values of noncurrent financial assets and noncurrent financial liabilities as at December 31, 2023 amounted to Php 3,571 million and Php 233,845 million, respectively. See Note 27 – Financial Assets and Liabilities.

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4.
Operating Segment Information

Operating segments are components of the PLDT Group that engage in business activities from which they may earn revenues and incur expenses (including revenues and expenses relating to transactions with other components of PLDT Group). The operating results of these operating segments are regularly reviewed by the Executive Committee to make decisions about how resources are to be allocated to each of the segments and to assess their performances, and for which discrete financial information is available.

For management purposes, we are organized into business units based on our products and services. We have three reportable operating segments as follows:

•
Wireless – mobile telecommunications services provided by Smart and DMPI, our mobile service providers; SBI and PDSI, our wireless broadband service providers; and certain subsidiaries of PLDT Global;
•
Fixed Line – fixed line telecommunications services primarily provided by PLDT. We also provide fixed line services through PLDT’s subsidiaries, namely, ClarkTel, BCC and PLDT Global and certain subsidiaries; data center, cloud, cybersecurity services, managed information technology services through ePLDT and its subsidiaries; distribution of Filipino channels and content through PGNL and its subsidiaries; and software development and IT solutions provided by Multisys; and
•
Others – PCEV, PGIH, PLDT Digital and its subsidiaries, our investment companies.

See Note 2 – Summary of Material Accounting Policies for further discussion.

Segment revenues, segment expenses and segment results include transfers between business segments. These transfers are eliminated in full upon consolidation.

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The amounts of segment assets and liabilities and segment profit or loss are based on measurement principles that are similar to those used in measuring the assets and liabilities and profit or loss in our consolidated financial statements, which is in accordance with IFRS Accounting Standards. The segment revenues, net income, and other segment information of our reportable operating segments for the years ended December 31, 2024, 2023 and 2022, and as at December 31, 2024 and 2023 are as follows:

|  | Wireless |  |  | Fixed Line |  |  | Others |  |  | Inter- segment Transactions |  |  | Consolidated |
|  | (in million pesos) |
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
External customers |  |  | 104,944 |  |  |  | 111,889 |  |  |  | — |  |  |  | — |  |  |  | 216,833 |
Service revenues |  |  | 96,989 |  |  |  | 111,393 |  |  |  | — |  |  |  | — |  |  |  | 208,382 |
Non-service revenues |  |  | 7,955 |  |  |  | 496 |  |  |  | — |  |  |  | — |  |  |  | 8,451 |
Inter-segment transactions |  |  | 790 |  |  |  | 14,601 |  |  |  | — |  |  |  | (15,391 | ) |  |  | — |
Service revenues |  |  | 790 |  |  |  | 14,601 |  |  |  | — |  |  |  | (15,391 | ) |  |  | — |
Non-service revenues |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total revenues |  |  | 105,734 |  |  |  | 126,490 |  |  |  | — |  |  |  | (15,391 | ) |  |  | 216,833 |
Results |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 36,297 |  |  |  | 29,065 |  |  |  | — |  |  |  | (9,374 | ) |  |  | 55,988 |
Asset impairment |  |  | 906 |  |  |  | 3,415 |  |  |  | — |  |  |  | — |  |  |  | 4,321 |
Interest income |  |  | 698 |  |  |  | 230 |  |  |  | 15 |  |  |  | (27 | ) |  |  | 916 |
Equity share in net losses of associates and joint ventures |  |  | — |  |  |  | (67 | ) |  |  | (923 | ) |  |  | — |  |  |  | (990 | )
Financing costs – net |  |  | 9,763 |  |  |  | 7,456 |  |  |  | — |  |  |  | (1,719 | ) |  |  | 15,500 |
Provision for (benefit from) income tax |  |  | 3,276 |  |  |  | 6,501 |  |  |  | (9 | ) |  |  | 370 |  |  |  | 10,138 |
Net income (loss) / Segment profit (loss) |  |  | 11,060 |  |  |  | 32,392 |  |  |  | (1,069 | ) |  |  | (9,828 | ) |  |  | 32,555 |
Assets and liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating assets |  |  | 326,672 |  |  |  | 291,635 |  |  |  | 19,879 |  |  |  | (82,318 | ) |  |  | 555,868 |
Investments in associates and joint ventures |  |  | 108 |  |  |  | 44,758 |  |  |  | 7,898 |  |  |  | — |  |  |  | 52,764 |
Deferred income tax assets – net |  |  | 6,537 |  |  |  | 8,014 |  |  |  | 62 |  |  |  | 30 |  |  |  | 14,643 |
Total assets |  |  | 333,317 |  |  |  | 344,407 |  |  |  | 27,839 |  |  |  | (82,288 | ) |  |  | 623,275 |
Operating liabilities |  |  | 280,160 |  |  |  | 287,993 |  |  |  | 1,182 |  |  |  | (62,855 | ) |  |  | 506,480 |
Deferred income tax liabilities |  |  | 15 |  |  |  | 43 |  |  |  | — |  |  |  | 2 |  |  |  | 60 |
Total liabilities |  |  | 280,175 |  |  |  | 288,036 |  |  |  | 1,182 |  |  |  | (62,853 | ) |  |  | 506,540 |
Other segment information |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures, including capitalized interest (Note 9)(1)(2) |  |  | 40,767 |  |  |  | 37,294 |  |  |  | 185 |  |  |  | — |  |  |  | 78,246 |

(1) Net of additions subject to sale and leaseback from tower companies.

(2) Includes capitalization of subscriber contract cost to fulfill.

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|  | Wireless |  |  | Fixed Line |  |  | Others |  |  | Inter- segment Transactions |  |  | Consolidated |
|  | (in million pesos) |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
External customers |  |  | 103,718 |  |  |  | 107,235 |  |  |  | — |  |  |  | — |  |  |  | 210,953 |
Service revenues |  |  | 94,994 |  |  |  | 106,838 |  |  |  | — |  |  |  | — |  |  |  | 201,832 |
Non-service revenues |  |  | 8,724 |  |  |  | 397 |  |  |  | — |  |  |  | — |  |  |  | 9,121 |
Inter-segment transactions |  |  | 683 |  |  |  | 13,499 |  |  |  | — |  |  |  | (14,182 | ) |  |  | — |
Service revenues |  |  | 683 |  |  |  | 13,498 |  |  |  | — |  |  |  | (14,181 | ) |  |  | — |
Non-service revenues |  |  | — |  |  |  | 1 |  |  |  | — |  |  |  | (1 | ) |  |  | — |
Total revenues |  |  | 104,401 |  |  |  | 120,734 |  |  |  | — |  |  |  | (14,182 | ) |  |  | 210,953 |
Results |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 31,498 |  |  |  | 36,855 |  |  |  | — |  |  |  | (9,912 | ) |  |  | 58,441 |
Asset impairment |  |  | 648 |  |  |  | 3,784 |  |  |  | — |  |  |  | — |  |  |  | 4,432 |
Interest income |  |  | 720 |  |  |  | 324 |  |  |  | 7 |  |  |  | (35 | ) |  |  | 1,016 |
Equity share in net losses of associates and joint ventures |  |  | — |  |  |  | (595 | ) |  |  | (2,211 | ) |  |  | — |  |  |  | (2,806 | )
Financing costs – net |  |  | 9,034 |  |  |  | 6,824 |  |  |  | — |  |  |  | (2,103 | ) |  |  | 13,755 |
Provision for income tax |  |  | 5,537 |  |  |  | 4,015 |  |  |  | 1 |  |  |  | 59 |  |  |  | 9,612 |
Net income (loss) / Segment profit (loss) |  |  | 17,522 |  |  |  | 26,514 |  |  |  | (2,270 | ) |  |  | (14,901 | ) |  |  | 26,824 |
Continuing operations |  |  | 17,522 |  |  |  | 26,514 |  |  |  | (2,270 | ) |  |  | (14,901 | ) |  |  | 26,865 |
Discontinued operations (Notes 2 and 8) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (41 | )
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets and liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating assets |  |  | 291,140 |  |  |  | 260,220 |  |  |  | 13,415 |  |  |  | (23,736 | ) |  |  | 541,039 |
Investments in associates and joint ventures |  |  | 41 |  |  |  | 42,709 |  |  |  | 7,558 |  |  |  | — |  |  |  | 50,308 |
Deferred income tax assets – net |  |  | 5,356 |  |  |  | 11,270 |  |  |  | 53 |  |  |  | 1,493 |  |  |  | 18,172 |
Total assets |  |  | 296,537 |  |  |  | 314,199 |  |  |  | 21,026 |  |  |  | (22,243 | ) |  |  | 609,519 |
Operating liabilities |  |  | 233,237 |  |  |  | 279,660 |  |  |  | 1,883 |  |  |  | (15,812 | ) |  |  | 498,968 |
Deferred income tax liabilities |  |  | — |  |  |  | 165 |  |  |  | — |  |  |  | — |  |  |  | 165 |
Total liabilities |  |  | 233,237 |  |  |  | 279,825 |  |  |  | 1,883 |  |  |  | (15,812 | ) |  |  | 499,133 |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other segment information |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures, including capitalized interest (Note 9)(1) |  |  | 36,797 |  |  |  | 48,286 |  |  |  | — |  |  |  | — |  |  |  | 85,083 |

(1) Net of additions subject to sale and leaseback from tower companies.

F-51

|  | Wireless |  |  | Fixed Line |  |  | Others |  |  | Inter- segment Transactions |  |  | Consolidated |
|  | (in million pesos, except for EBITDA margin) |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
External customers |  |  | 103,482 |  |  |  | 100,880 |  |  |  | — |  |  |  | — |  |  |  | 204,362 |
Service revenues |  |  | 95,060 |  |  |  | 100,284 |  |  |  | — |  |  |  | — |  |  |  | 195,344 |
Non-service revenues |  |  | 8,422 |  |  |  | 596 |  |  |  | — |  |  |  | — |  |  |  | 9,018 |
Inter-segment transactions |  |  | 792 |  |  |  | 26,930 |  |  |  | — |  |  |  | (27,722 | ) |  |  | — |
Service revenues |  |  | 792 |  |  |  | 26,930 |  |  |  | — |  |  |  | (27,722 | ) |  |  | — |
Total revenues |  |  | 104,274 |  |  |  | 127,810 |  |  |  | — |  |  |  | (27,722 | ) |  |  | 204,362 |
Results |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 52,660 |  |  |  | 55,707 |  |  |  | — |  |  |  | (9,736 | ) |  |  | 98,631 |
Asset impairment |  |  | 1,173 |  |  |  | 4,870 |  |  |  | 1 |  |  |  | — |  |  |  | 6,044 |
Interest income |  |  | 451 |  |  |  | 202 |  |  |  | 14 |  |  |  | (14 | ) |  |  | 653 |
Equity share in net gains (losses) of associates and joint ventures |  |  | — |  |  |  | (253 | ) |  |  | (3,051 | ) |  |  | — |  |  |  | (3,304 | )
Financing costs – net |  |  | 8,349 |  |  |  | 6,100 |  |  |  | — |  |  |  | (2,690 | ) |  |  | 11,759 |
Provision for (benefit from) income tax |  |  | 3,793 |  |  |  | (1,102 | ) |  |  | (134 | ) |  |  | 140 |  |  |  | 2,697 |
Net income (loss) / Segment profit (loss) |  |  | 15,104 |  |  |  | 16,766 |  |  |  | (2,669 | ) |  |  | (17,866 | ) |  |  | 10,735 |
Continuing operations |  |  | 15,104 |  |  |  | 16,766 |  |  |  | (2,669 | ) |  |  | (17,866 | ) |  |  | 11,335 |
Discontinued operations (Notes 2 and 8) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (600 | )
Other segment information |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures, including capitalized interest (Note 9)(1) |  |  | 46,636 |  |  |  | 50,174 |  |  |  | — |  |  |  | — |  |  |  | 96,810 |

(1) Net of additions subject to sale and leaseback from tower companies.

F-52

The following table presents our revenues from external customers by category of products and services for the years ended December 31, 2024, 2023 and 2022:

|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | (in million pesos) |
Wireless services |  |  |  |  |  |  |  |  |
Service revenues: |  |  |  |  |  |  |  |  |
Mobile |  |  | 95,508 |  |  |  | 93,365 |  |  |  | 93,029 |
Home broadband |  |  | 1,481 |  |  |  | 1,629 |  |  |  | 2,028 |
Others |  |  | — |  |  |  | — |  |  |  | 3 |
|  |  | 96,989 |  |  |  | 94,994 |  |  |  | 95,060 |
Non-service revenues: |  |  |  |  |  |  |  |  |
Sale of mobile handsets and broadband data modems |  |  | 7,955 |  |  |  | 8,724 |  |  |  | 8,422 |
Total wireless revenues |  |  | 104,944 |  |  |  | 103,718 |  |  |  | 103,482 |
Fixed line services |  |  |  |  |  |  |  |  |
Service revenues: |  |  |  |  |  |  |  |  |
Data |  |  | 82,893 |  |  |  | 81,509 |  |  |  | 77,889 |
Voice and miscellaneous |  |  | 28,500 |  |  |  | 25,329 |  |  |  | 22,395 |
|  |  | 111,393 |  |  |  | 106,838 |  |  |  | 100,284 |
Non-service revenues: |  |  |  |  |  |  |  |  |
Sale of phone units, devices and others |  |  | 496 |  |  |  | 397 |  |  | 596 |
Total fixed line revenues |  |  | 111,889 |  |  |  | 107,235 |  |  |  | 100,880 |
Total revenues |  |  | 216,833 |  |  |  | 210,953 |  |  |  | 204,362 |

Disclosure of the geographical distribution of our revenues from external customers and the geographical location of our total assets are not provided since majority of our consolidated revenues are derived from our operations within the Philippines.

There is no revenue transaction with a single external customer that accounted for 10% or more of our consolidated revenues from external customers for the years ended December 31, 2024, 2023 and 2022.

F-53

5.
Income and Expenses

Revenues from Contracts with Customers

Disaggregation of Revenue

We derived our revenue from the transfer of goods and services over time and at a point in time in the following major product lines. This is consistent with the revenue information that is disclosed for each reportable segment under IFRS 8, Operating Segments. See Note 4 – Operating Segment Information.

Set out is the disaggregation of PLDT Group’s revenues from contracts with customers for the years ended
December 31, 2024, 2023 and 2022:

Revenue Streams |  | Wireless |  |  | Fixed Line |  |  | Others |  |  | Inter- segment Transactions |  |  | Consolidated |
|  | (in million pesos) |
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Type of good or service |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Service revenue |  |  | 97,779 |  |  |  | 125,994 |  |  |  | — |  |  |  | (15,391 | ) |  |  | 208,382 |
Non-service revenue |  |  | 7,955 |  |  |  | 496 |  |  |  | — |  |  |  | — |  |  |  | 8,451 |
Total revenues from contracts with customers |  |  | 105,734 |  |  |  | 126,490 |  |  |  | — |  |  |  | (15,391 | ) |  |  | 216,833 |
Timing of revenue recognition |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Transferred over time |  |  | 97,779 |  |  |  | 125,994 |  |  |  | — |  |  |  | (15,391 | ) |  |  | 208,382 |
Transferred at a point time |  |  | 7,955 |  |  |  | 496 |  |  |  | — |  |  |  | — |  |  |  | 8,451 |
Total revenues from contracts with customers |  |  | 105,734 |  |  |  | 126,490 |  |  |  | — |  |  |  | (15,391 | ) |  |  | 216,833 |
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 |

Remaining performance obligations are associated with our wireless and fixed line subscription contracts. As at December 31, 2024, 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 45,868 million, of which we expect to recognize approximately 51% in 2025 and 49% in 2026 and onwards. 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 recognized approximately 56% in 2024 and expect to recognize 44% in 2025 and onwards.

Contract Balances

Contract balances as at December 31, 2024 and 2023 consists of the following:

|  | 2024 |  |  | 2023 |
|  | (in million pesos) |
Trade and other receivables (Note 16) |  |  | 48,808 |  |  |  | 43,301 |
Contract assets |  |  | 1,953 |  |  |  | 1,960 |
Contract liabilities and unearned revenues (Notes 21 and 23) |  |  | 16,067 |  |  |  | 18,895 |

F-54

Set out below is the movement in the allowance for expected credit losses of contracts assets as at December 31, 2024 and 2023.

|  | 2024 |  |  | 2023 |
|  | (in million pesos) |
Balances at beginning of the year |  |  | 42 |  |  |  | 45 |
Provisions |  |  | — |  |  |  | — |
Reversals and reclassification |  |  | 25 |  |  |  | (3 | )
Balances at end of the year |  |  | 67 |  |  |  | 42 |

Changes in the contract liabilities and unearned revenues accounts for the years ended December 31, 2024 and 2023 are as follows:

|  | 2024 |  |  | 2023 |
|  | (in million pesos) |
Balances at beginning of the year |  |  | 18,895 |  |  |  | 17,114 |
Deferred during the year |  |  | 123,975 |  |  |  | 135,982 |
Recognized as revenue during the year |  |  | (126,803 | ) |  |  | (134,201 | )
Balances at end of the year |  |  | 16,067 |  |  |  | 18,895 |

The contract liabilities and unearned revenues accounts as at December 31, 2024 and 2023 are as follows:

|  | 2024 |  |  | 2023 |
|  | (in million pesos) |
Unearned revenues from prepaid contracts |  |  | 6,543 |  |  |  | 6,864 |
Short-term advances for installation services |  |  | 2,773 |  |  |  | 5,004 |
Leased facilities |  |  | 4,630 |  |  |  | 4,851 |
Advance monthly service fees |  |  | 2,098 |  |  |  | 2,152 |
Long-term advances from equipment |  |  | 23 |  |  |  | 24 |
Total contract liabilities and unearned revenues |  |  | 16,067 |  |  |  | 18,895 |
Contract liabilities: |  |  |  |  |  |
Noncurrent (Note 21) |  |  | 256 |  |  |  | 300 |
Current (Note 23) |  |  | 17 |  |  |  | 16 |
Unearned revenues: |  |  |  |  |  |
Noncurrent (Note 21) |  |  | 5,369 |  |  |  | 7,906 |
Current (Note 23) |  |  | 10,425 |  |  |  | 10,673 |

Selling, General and Administrative Expenses

Selling, general and administrative expenses for the years ended December 31, 2024, 2023 and 2022 consist of the following:

|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | (in million pesos) |
Repairs and maintenance |  |  | 30,653 |  |  |  | 30,186 |  |  |  | 28,923 |
Compensation and employee benefits |  |  | 24,479 |  |  |  | 24,644 |  |  |  | 29,256 |
Professional and other contracted services |  |  | 7,878 |  |  |  | 9,077 |  |  |  | 8,828 |
Selling and promotions |  |  | 5,427 |  |  |  | 8,037 |  |  |  | 6,558 |
Taxes and licenses |  |  | 5,156 |  |  |  | 5,215 |  |  |  | 4,044 |
Insurance and security services |  |  | 1,408 |  |  |  | 1,344 |  |  |  | 1,576 |
Rent |  |  | 1,398 |  |  |  | 1,372 |  |  |  | 2,031 |
Communication, training and travel |  |  | 1,165 |  |  |  | 1,229 |  |  |  | 1,467 |
Amortization of intangible assets (Note 14) |  |  | 240 |  |  |  | 221 |  |  |  | 228 |
Other expenses |  |  | 504 |  |  |  | 551 |  |  |  | 1,565 |
Total selling, general and administrative expenses |  |  | 78,308 |  |  |  | 81,876 |  |  |  | 84,476 |

F-55

Compensation and Employee Benefits

Compensation and employee benefits for the years ended December 31, 2024, 2023 and 2022 consist of the following:

|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | (in million pesos) |
Salaries and other employee benefits |  |  | 20,214 |  |  |  | 20,358 |  |  |  | 21,213 |
Manpower Rightsizing Program (MRP) |  |  | 1,688 |  |  |  | 2,021 |  |  |  | 5,028 |
Pension benefit costs (Note 25) |  |  | 1,441 |  |  |  | 1,426 |  |  |  | 1,743 |
Incentive plan (Note 25) |  |  | 1,136 |  |  |  | 839 |  |  |  | 1,272 |
Total compensation and employee benefits |  |  | 24,479 |  |  |  | 24,644 |  |  |  | 29,256 |

Over the past several years, we have been implementing the MRP in line with our continuing efforts to reduce the cost base of our businesses. The decision to implement the MRP was a result of challenges faced by our businesses as significant changes in technology, increasing competition, and shifting market preferences have reshaped the future of our businesses. The MRP is being implemented in compliance with the Labor Code of the Philippines and all other relevant labor laws and regulations in the Philippines.

Cost of Sales and Services

Cost of sales and services for the years ended December 31, 2024, 2023 and 2022 consist of the following:

|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | (in million pesos) |
Cost of mobile handsets, phone units, broadband data modems and devices |  |  | 10,046 |  |  |  | 10,948 |  |  |  | 11,029 |
Cost of services |  |  | 3,965 |  |  |  | 4,144 |  |  |  | 3,143 |
Total cost of sales and services |  |  | 14,011 |  |  |  | 15,092 |  |  |  | 14,172 |

Asset Impairment

Asset impairment for the years ended December 31, 2024, 2023 and 2022 consist of the following:

|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | (in million pesos) |
Trade and other receivables (Note 16) |  |  | 3,875 |  |  |  | 4,119 |  |  |  | 5,126 |
Inventories and supplies (Note 17) |  |  | 196 |  |  |  | 89 |  |  |  | 408 |
Contract assets |  |  | 181 |  |  |  | 224 |  |  | 227 |
Property and equipment |  |  | 67 |  |  |  | — |  |  | 282 |
Prepayments and other nonfinancial assets |  |  | 2 |  |  |  | — |  |  | 1 |
Total asset impairment |  |  | 4,321 |  |  |  | 4,432 |  |  |  | 6,044 |

Other Income (Expenses) – Net

Other income (expenses) – net for the years ended December 31, 2024, 2023 and 2022 consist of the following:

|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | (in million pesos) |
Gains on derivative financial instruments – net (Note 27) |  |  | 4,023 |  |  |  | 1,198 |  |  |  | 2,322 |
Gain on sale and leaseback of telecom towers – gross of expenses (Note 9) |  |  | 1,442 |  |  |  | 7,777 |  |  |  | 25,852 |
Interest income |  |  | 916 |  |  |  | 1,016 |  |  |  | 653 |
Income from prescription of preferred shares redemption liability (Note 19) |  |  | 71 |  |  |  | — |  |  |  | 7,839 |
Gain on disposal of property and equipment |  |  | 85 |  |  |  | 468 |  |  |  | 148 |
Gain on dilution of shares in MIH (Note 11) |  |  | — |  |  |  | — |  |  |  | 660 |
Gain on debt modification(1) |  |  | — |  |  |  | — |  |  |  | 295 |
Foreign exchange gains (losses) – net |  |  | (36 | ) |  |  | 1,149 |  |  |  | (4,687 | )
Equity share in net losses of associates and joint ventures (Note 11) |  |  | (990 | ) |  |  | (2,806 | ) |  |  | (3,304 | )
Financing costs – net |  |  | (15,500 | ) |  |  | (13,755 | ) |  |  | (11,759 | )
Others – net |  |  | 2,195 |  |  |  | 736 |  |  |  | 1,078 |
Total other income (expenses) – net |  |  | (7,794 | ) |  |  | (4,217 | ) |  |  | 19,097 |

(1) PLDT and Smart re-negotiated terms of selected outstanding Philippine Peso loans in 2022. 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.

F-56

Interest Income

Interest income for the years ended December 31, 2024, 2023 and 2022 consist of the following:

|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | (in million pesos) |
Interest income arising from revenue contracts with customers |  |  | 574 |  |  |  | 467 |  |  | 294 |
Interest income on cash and cash equivalents (Note 15) |  |  | 267 |  |  |  | 469 |  |  | 255 |
Interest income on financial instruments at amortized cost |  |  | 47 |  |  |  | 54 |  |  | 59 |
Interest income on financial instruments at FVPL |  |  | 8 |  |  |  | 12 |  |  | 12 |
Interest income – others |  |  | 20 |  |  |  | 14 |  |  | 33 |
Total interest income |  |  | 916 |  |  |  | 1,016 |  |  |  | 653 |

Financing Costs – Net

Financing costs – net for the years ended December 31, 2024, 2023 and 2022 consist of the following:

|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | (in million pesos) |
Interest on loans and other related items |  |  | 13,620 |  |  |  | 12,159 |  |  |  | 10,860 |
Accretion on lease liabilities (Note 10) |  |  | 3,935 |  |  |  | 3,266 |  |  |  | 2,057 |
Accretion on financial liabilities |  |  | 455 |  |  |  | 409 |  |  |  | 375 |
Financing charges |  |  | 79 |  |  |  | 90 |  |  |  | 215 |
Capitalized interest (Note 9) |  |  | (2,589 | ) |  |  | (2,169 | ) |  |  | (1,748 | )
Total financing costs – net |  |  | 15,500 |  |  |  | 13,755 |  |  |  | 11,759 |

F-57

6. Components of Other Comprehensive Income (Loss)

Changes in other comprehensive loss under equity of our consolidated statements of financial position for the years ended December 31, 2024, 2023 and 2022 are as follows:

|  | Foreign currency translation differences of subsidiaries |  |  | Net loss on financial investments at FVPL – net of tax |  |  | Net transactions on cash flow hedges – net of tax |  |  | Revaluation increment on investment properties – net of tax |  |  | Actuarial gains (losses) on defined benefit plans – net of tax |  |  | Share in the other comprehensive loss of associates and joint ventures accounted for using the equity method |  |  | Fair value changes of financial instrument at FVOCI |  |  | Total other comprehensive loss attributable to equity holders of PLDT |  |  | Share of noncontrolling interests |  |  | Total other comprehensive loss – net of tax |
|  | (in million pesos) |
Balances as at January 1, 2024 |  |  | 133 |  |  |  | — |  |  |  | (4,608 | ) |  |  | 544 |  |  |  | (38,260 | ) |  |  | (21 | ) |  |  | — |  |  |  | (42,212 | ) |  |  | 10 |  |  |  | (42,202 | )
Other comprehensive income (loss) |  |  | 141 |  |  |  | — |  |  |  | (1,547 | ) |  |  | 1,196 |  |  |  | (1,462 | ) |  |  | (8 | ) |  |  | — |  |  |  | (1,680 | ) |  |  | (60 | ) |  |  | (1,740 | )
Balances as at December 31, 2024 |  |  | 274 |  |  |  | — |  |  |  | (6,155 | ) |  |  | 1,740 |  |  |  | (39,722 | ) |  |  | (29 | ) |  |  | — |  |  |  | (43,892 | ) |  |  | (50 | ) |  |  | (43,942 | )
Balances as at January 1, 2023 |  |  | 149 |  |  |  | (9 | ) |  |  | (3,287 | ) |  |  | 544 |  |  |  | (32,856 | ) |  |  | (20 | ) |  |  | (3 | ) |  |  | (35,482 | ) |  |  | 25 |  |  |  | (35,457 | )
Other comprehensive income (loss) |  |  | (8 | ) |  |  | — |  |  |  | (1,256 | ) |  |  | — |  |  |  | (5,469 | ) |  |  | 3 |  |  |  | — |  |  |  | (6,730 | ) |  |  | (15 | ) |  |  | (6,745 | )
|  |  | 141 |  |  |  | (9 | ) |  |  | (4,543 | ) |  |  | 544 |  |  |  | (38,325 | ) |  |  | (17 | ) |  |  | (3 | ) |  |  | (42,212 | ) |  |  | 10 |  |  |  | (42,202 | )
Adjustments |  |  | (8 | ) |  |  | 9 |  |  |  | (65 | ) |  |  | — |  |  |  | 65 |  |  |  | (4 | ) |  |  | 3 |  |  |  | — |  |  |  | — |  |  |  | — |
Balances as at December 31, 2023 |  |  | 133 |  |  |  | — |  |  |  | (4,608 | ) |  |  | 544 |  |  |  | (38,260 | ) |  |  | (21 | ) |  |  | — |  |  |  | (42,212 | ) |  |  | 10 |  |  |  | (42,202 | )
Balances as at January 1, 2022 |  |  | 366 |  |  |  | (9 | ) |  |  | (1,965 | ) |  |  | 544 |  |  |  | (35,356 | ) |  |  | (14 | ) |  |  | (3 | ) |  |  | (36,437 | ) |  |  | 15 |  |  |  | (36,422 | )
Other comprehensive income (loss) |  |  | (217 | ) |  |  | — |  |  |  | (2,544 | ) |  |  | — |  |  |  | 2,500 |  |  |  | (6 | ) |  |  | — |  |  |  | (267 | ) |  |  | 10 |  |  |  | (257 | )
Cashflow hedges to retained earnings |  |  | — |  |  |  | — |  |  |  | 1,222 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,222 |  |  |  | — |  |  |  | 1,222 |
Balances as at December 31, 2022 |  |  | 149 |  |  |  | (9 | ) |  |  | (3,287 | ) |  |  | 544 |  |  |  | (32,856 | ) |  |  | (20 | ) |  |  | (3 | ) |  |  | (35,482 | ) |  |  | 25 |  |  |  | (35,457 | )

Revaluation increment on investment properties pertains to the difference between the carrying value and fair value of property and equipment transferred to investment property at the time of change in classification.

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7.
Income Taxes

Corporate Income Tax

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 |

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 Php 13,234 million and Php 11,909 million, respectively while the deferred tax liability on right of use asset amounted to Php 9,994 million and Php 8,461 million, respectively.

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 | )

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 |

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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 |

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 |

The impact of the application of MCIT amounting to Php 53 thousand, Php 103 million and Php 5 million for the years ended December 31, 2024, 2023 and 2022, respectively, were considered in the provisions for current and deferred income taxes.

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 |

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 |

In 2024, DMPI, IP Converge and VITRO availed the OSD method in computing their taxable income. This assessment is based on projected taxable profits at a level where it is favorable to use OSD method. These companies are also expected to avail of the OSD method in the foreseeable future. Thus, certain deferred income tax assets of DMPI, IP Converge and VITRO amounting to Php 237 million and Php 208 million as at December 31, 2024 and 2023, respectively, were not recognized.

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Our consolidated deferred income tax assets have been recorded to the extent that such consolidated deferred income tax assets are expected to be utilized against sufficient future taxable profit. Deferred income tax assets shown in the preceding table were not recognized as we believe that future taxable profit will not be sufficient to realize these deductible temporary differences and carryforward benefits of unused tax credits from excess of MCIT over RCIT, and NOLCO in the future.

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.

The excess MCIT totaling Php 23 million as at December 31, 2024 can be deducted against future RCIT liability. The excess MCIT that was deducted against RCIT amounted to nil, Php 103 million and Php 5 million for the years ended December 31, 2024, 2023 and 2022, respectively. The amount of expired MCIT amounted to Php 1 million, Php 14 million and Php 3 million for the years ended December 31, 2024, 2023 and 2022, respectively.

NOLCO totaling Php 2,319 million as at December 31, 2024 can be claimed as deduction against future taxable income. The NOLCO claimed as deduction against taxable income amounted to Php 459 million, Php 129 million and Php 42 million for the years ended December 31, 2024, 2023 and 2022, respectively. The amount of expired NOLCO amounted to nil, Php 47 million and Php 225 thousand for the years ended December 31, 2024, 2023 and 2022, respectively.

Republic Act No. 11494 Bayanihan to Recover as One Act, or Bayanihan II

Republic Act No. 11494, otherwise known as the Bayanihan to Recover as One Act, or Bayanihan II, was signed by President Rodrigo Duterte on September 11, 2020. It contains the government’s second wave of relief measures to address the health and economic crises that stemmed from the COVID-19 outbreak.

As part of mitigating the costs and losses stemming from the disruption of economic activities, Bayanihan II extended the carry-over of the NOLCO incurred in 2021 as deductions from gross income for the next five consecutive taxable years immediately following the year of the loss. Hence, NOLCO incurred in 2021 amounting to Php 53 million, which ordinarily can be carried over until December 31, 2024, has been extended until December 31, 2026.

Registration with Clark Special Economic Zone

ClarkTel’s franchise expired on July 1, 2024. Prior to the expiration, ClarkTel’s Board of Directors applied for a national franchise. The franchise application has been filed and for evaluation of Congress as of report date. Considering the timeline for the national franchise grant, the Company also applied for value added services (VAS) license with the National Telecommunications Commission to ensure continued services to subscribers. The license was approved on
November 20, 2024 with a validity period of up to November 19, 2029.

ClarkTel is registered with Clark Special Economic Zone, or Economic Zones, under Republic Act No. 7227 otherwise known as the Bases Conversion and Development Act of 1992. As a registrant, ClarkTel is entitled to all the rights, privileges and benefits established thereunder including tax and duty-free importation of capital equipment and a special income tax rate of 5% of gross income, as defined in Republic Act No. 7227. These incentives are in effect until May 11, 2027 by virtue of a License to Operate issued by Clark Development Corporation.

Our consolidated income derived from non-registered activities within the Economic Zones is subject to the RCIT rate at the end of the reporting period.

BEPS 2.0 Pillar Two Impact Assessment

The Organization for Economic Cooperation and Development (OECD) has published Global Anti-Base Erosion Model Rules (GLoBE Rules or Pillar Two Model Rules) which include a minimum tax rate by jurisdiction. The Pillar Two Model Rules apply to multinationals enterprises (MNEs) with annual consolidated revenues in excess of Euro 750 million in at least two (2) of the four (4) calendar years immediately preceding the tested fiscal year. PLDT Group is in scope for Pillar Two Model Rules and for the year ended December 31, 2024 has adopted the amendments to IAS 12, Income Taxes, which

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provides a mandatory exception from recognizing or disclosing deferred taxes related to Pillar Two income taxes. PLDT Group expects the Domestic Minimum Top-up Tax and the Income Inclusion Rule will become effective in Singapore and in Malaysia in 2025 and these rules might impact PLDT Group. However, the Pillar Two legislations were enacted close to the reporting date. Therefore, PLDT Group is still in the process of assessing the potential exposure to Pillar Two income taxes as of December 31, 2024. The potential exposure of PLDT Group, if any, to Pillar Two income taxes is currently not known or reasonably estimable. In addition, PLDT Group also notes that in 2024, Canada and the United Kingdom had introduced Income Inclusion Rule and Qualified Domestic Minimum Top-up Tax applicable for the year ended December 31, 2024. However, the impact of this legislation is expected to be insignificant in value. PLDT Group continues to monitor developments in the enactment of Pillar Two legislations to evaluate the potential future impact on PLDT Group’s consolidated financial statements.

8. Earnings Per Common Share

The following table presents information necessary to calculate the EPS for the years ended December 31, 2024, 2023 and 2022:

|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | Basic |  |  | Diluted |  |  | Basic |  |  | Diluted |  |  | Basic |  |  | Diluted |
|  | (in million pesos) |
Net income attributable to equity holders of PLDT from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Continuing operations |  |  | 32,307 |  |  |  | 32,307 |  |  |  | 26,655 |  |  |  | 26,655 |  |  |  | 11,085 |  |  |  | 11,085 |
Discontinued operations |  |  | — |  |  |  | — |  |  |  | (41 | ) |  |  | (41 | ) |  |  | (600 | ) |  |  | (600 | )
Consolidated net income attributable to common shares |  |  | 32,307 |  |  |  | 32,307 |  |  |  | 26,614 |  |  |  | 26,614 |  |  |  | 10,485 |  |  |  | 10,485 |
Dividends on preferred shares (Note 19) |  |  | (59 | ) |  |  | (59 | ) |  |  | (59 | ) |  |  | (59 | ) |  |  | (59 | ) |  |  | (59 | )
Consolidated net income attributable to common equity holders of PLDT |  |  | 32,248 |  |  |  | 32,248 |  |  |  | 26,555 |  |  |  | 26,555 |  |  |  | 10,426 |  |  |  | 10,426 |
|  | (in thousands, except per share amounts which are in pesos) |
Outstanding common shares at beginning of year |  |  | 216,056 |  |  |  | 216,056 |  |  |  | 216,056 |  |  |  | 216,056 |  |  |  | 216,056 |  |  |  | 216,056 |
Weighted average number of common shares |  |  | 216,056 |  |  |  | 216,056 |  |  |  | 216,056 |  |  |  | 216,056 |  |  |  | 216,056 |  |  |  | 216,056 |
EPS from continuing operations |  |  | 149.26 |  |  |  | 149.26 |  |  |  | 123.10 |  |  |  | 123.10 |  |  |  | 51.03 |  |  |  | 51.03 |
EPS from discontinued operations |  |  | — |  |  |  | — |  |  |  | (0.19 | ) |  |  | (0.19 | ) |  |  | (2.77 | ) |  |  | (2.77 | )
EPS attributable to common equity holders of PLDT |  |  | 149.26 |  |  |  | 149.26 |  |  |  | 122.91 |  |  |  | 122.91 |  |  |  | 48.26 |  |  |  | 48.26 |

Basic EPS amounts are calculated by dividing our consolidated net income for the period attributable to common equity holders of PLDT (consolidated net income adjusted for dividends on all series of preferred shares, except for dividends on preferred stock subject to mandatory redemption) by the weighted average number of common shares issued and outstanding during the year.

Diluted EPS amounts are calculated in the same manner assuming that, at the beginning of the year or at the time of issuance during the year, all outstanding options are exercised, convertible preferred shares are converted to common shares, and appropriate adjustments to our consolidated net income are effected for the related income and expenses on preferred shares. Outstanding stock options will have a dilutive effect only when the average market price of the underlying common share during the year exceeds the exercise price of the stock option.

Convertible preferred shares are deemed dilutive when required dividends declared on each series of convertible preferred shares divided by the number of equivalent common shares, assuming such convertible preferred shares are converted to common shares, decreases the basic EPS. As such, the diluted EPS is calculated by dividing our consolidated net income attributable to common shareholders (consolidated net income, adding back any dividends and/or other charges recognized for the year related to the dilutive convertible preferred shares classified as liability, less dividends on non-dilutive preferred shares except for dividends on preferred stock subject to mandatory redemption) by the weighted average number of common shares excluding the weighted average number of common shares held as treasury shares, and including the common shares equivalent arising from the conversion of the dilutive convertible preferred shares.

Where the effect of the assumed conversion of the preferred shares and the exercise of all outstanding options has an anti-dilutive effect, basic and diluted EPS are stated at the same amount.

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9.
Property and Equipment

Changes in property and equipment account for the years ended December 31, 2024 and 2023 are as follows:

|  | Cable and wire facilities |  |  | Central equipment |  |  | Network facilities |  |  | Building and lease improvement |  |  | Vehicles, furniture and other network equipment |  |  | Information Origination Termination |  |  | Land and land improvements |  |  | IT systems and platforms |  |  | Security platforms |  |  | Property under construction |  |  | Total |
|  | (in million pesos) |
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net book value at beginning of the year |  |  | 81,227 |  |  |  | 384 |  |  |  | 101,941 |  |  |  | 7,979 |  |  |  | 3,654 |  |  |  | — |  |  |  | 4,122 |  |  |  | 18,794 |  |  |  | 1,162 |  |  |  | 67,840 |  |  |  | 287,103 |
Additions (Note 4) |  |  | 86 |  |  |  | — |  |  |  | 70 |  |  |  | 31 |  |  |  | 397 |  |  |  | — |  |  |  | — |  |  |  | 598 |  |  |  | — |  |  |  | 69,730 |  |  |  | 70,912 |
Disposals/retirements |  |  | — |  |  |  | — |  |  |  | (19 | ) |  |  | (1 | ) |  |  | (234 | ) |  |  | — |  |  |  | — |  |  |  | (1 | ) |  |  | (129 | ) |  |  | — |  |  |  | (384 | )
Reclassification |  |  | 31,435 |  |  |  | — |  |  |  | 33,692 |  |  |  | 542 |  |  |  | (809 | ) |  |  | — |  |  |  | 456 |  |  |  | 5,561 |  |  |  | 202 |  |  |  | (69,167 | ) |  |  | 1,912 |
Translation differences charged directly to cumulative translation adjustments |  |  | 1 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2 |
Adjustments |  |  | — |  |  |  | (25 | ) |  |  | — |  |  |  | — |  |  |  | 25 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (185 | ) |  |  | (185 | )
Impairment losses recognized during the year |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (67 | ) |  |  | — |  |  |  | (67 | )
Depreciation and amortization (Note 3) |  |  | (11,484 | ) |  |  | (102 | ) |  |  | (19,178 | ) |  |  | (1,247 | ) |  |  | (1,063 | ) |  |  | — |  |  |  | (104 | ) |  |  | (7,742 | ) |  |  | (304 | ) |  |  | — |  |  |  | (41,224 | )
Net book value at end of the year |  |  | 101,265 |  |  |  | 257 |  |  |  | 116,506 |  |  |  | 7,304 |  |  |  | 1,971 |  |  |  | — |  |  |  | 4,474 |  |  |  | 17,210 |  |  |  | 864 |  |  |  | 68,218 |  |  |  | 318,069 |
As at December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost |  |  | 316,803 |  |  |  | 532 |  |  |  | 362,387 |  |  |  | 27,884 |  |  |  | 36,467 |  |  |  | — |  |  |  | 4,960 |  |  |  | 56,418 |  |  |  | 1,930 |  |  |  | 68,218 |  |  |  | 875,599 |
Accumulated depreciation, impairment and amortization |  |  | (215,538 | ) |  |  | (275 | ) |  |  | (245,881 | ) |  |  | (20,580 | ) |  |  | (34,496 | ) |  |  | — |  |  |  | (486 | ) |  |  | (39,208 | ) |  |  | (1,066 | ) |  |  | — |  |  |  | (557,530 | )
Net book value |  |  | 101,265 |  |  |  | 257 |  |  |  | 116,506 |  |  |  | 7,304 |  |  |  | 1,971 |  |  |  | — |  |  |  | 4,474 |  |  |  | 17,210 |  |  |  | 864 |  |  |  | 68,218 |  |  |  | 318,069 |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net book value at beginning of the year |  |  | 70,957 |  |  |  | 3,606 |  |  |  | 101,963 |  |  |  | 6,646 |  |  |  | 4,157 |  |  |  | 34,786 |  |  |  | 4,272 |  |  |  | 10,798 |  |  |  | 133 |  |  |  | 55,427 |  |  |  | 292,745 |
Additions (Note 4) |  |  | 5,221 |  |  |  | 19 |  |  |  | 4,913 |  |  |  | 108 |  |  |  | 529 |  |  |  | 7,945 |  |  |  | 212 |  |  |  | 952 |  |  |  | 11 |  |  |  | 65,173 |  |  |  | 85,083 |
Disposals/retirements |  |  | (1 | ) |  |  | — |  |  |  | (17 | ) |  |  | (8 | ) |  |  | (119 | ) |  |  | — |  |  |  | (320 | ) |  |  | (6 | ) |  |  | — |  |  |  | — |  |  |  | (471 | )
Reclassification |  |  | — |  |  |  | — |  |  |  | 1,311 |  |  |  | — |  |  |  | — |  |  |  | (24,470 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (15,269 | ) |  |  | (38,428 | )
Transfers and others |  |  | 14,484 |  |  |  | — |  |  |  | 10,245 |  |  |  | 2,291 |  |  |  | 321 |  |  |  | 204 |  |  |  | 68 |  |  |  | 8,364 |  |  |  | 1,210 |  |  |  | (37,187 | ) |  |  | — |
Translation differences charged directly to cumulative translation adjustments |  |  | 1 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2 |
Adjustments |  |  | — |  |  |  | (3,055 | ) |  |  | — |  |  |  | 13 |  |  |  | 1 |  |  |  | (83 | ) |  |  | (45 | ) |  |  | 3,106 |  |  |  | 84 |  |  |  | (304 | ) |  |  | (283 | )
Depreciation and amortization from continuing operations (Notes 2 and 3) |  |  | (9,435 | ) |  |  | (186 | ) |  |  | (16,474 | ) |  |  | (1,071 | ) |  |  | (1,234 | ) |  |  | (18,382 | ) | (a) |  | (65 | ) |  |  | (4,420 | ) |  |  | (276 | ) |  |  | — |  |  |  | (51,543 | )
Depreciation and amortization from discontinued operations (Notes 2 and 3) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (2 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (2 | )
Net book value at end of the year |  |  | 81,227 |  |  |  | 384 |  |  |  | 101,941 |  |  |  | 7,979 |  |  |  | 3,654 |  |  |  | — |  |  |  | 4,122 |  |  |  | 18,794 |  |  |  | 1,162 |  |  |  | 67,840 |  |  |  | 287,103 |
As at December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost |  |  | 280,237 |  |  |  | 683 |  |  |  | 344,218 |  |  |  | 28,881 |  |  |  | 40,387 |  |  |  | — |  |  |  | 4,504 |  |  |  | 50,344 |  |  |  | 1,914 |  |  |  | 67,840 |  |  |  | 819,008 |
Accumulated depreciation, impairment and amortization |  |  | (199,010 | ) |  |  | (299 | ) |  |  | (242,277 | ) |  |  | (20,902 | ) |  |  | (36,733 | ) |  |  | — |  |  |  | (382 | ) |  |  | (31,550 | ) |  |  | (752 | ) |  |  | — |  |  |  | (531,905 | )
Net book value |  |  | 81,227 |  |  |  | 384 |  |  |  | 101,941 |  |  |  | 7,979 |  |  |  | 3,654 |  |  |  | — |  |  |  | 4,122 |  |  |  | 18,794 |  |  |  | 1,162 |  |  |  | 67,840 |  |  |  | 287,103 |

(a) This includes amortization of cost to fulfill amounting to Php 11,789 million.

F-63

Interest capitalized to property and equipment that qualified as borrowing costs amounted to Php 2,589 million, Php 2,169 million and Php 1,748 million for the years ended December 31, 2024, 2023 and 2022, respectively. See Note 5 – Income and Expenses – Financing Costs – Net. The average interest capitalization rate used was approximately 5% for the year ended December 31, 2024 and 4% for the years ended December 31, 2023 and 2022.

Our net foreign exchange gain differences, which qualified as borrowing costs, amounted to Php 686 million, Php 195 million and Php 351 million for the years ended December 31, 2024, 2023 and 2022, respectively.

As at December 31, 2024, the estimated useful lives of our property and equipment are as follows:

Cable and wire facilities |  | 5 – 15 years
Central equipment |  | 3 – 15 years
Network facilities |  | 3 – 20 years
Buildings |  | 25 – 50 years
Vehicles, furniture and other network equipment |  | 3 – 15 years
Land improvements |  | 10 years
IT systems and platforms |  | 3 – 5 years
Security platforms(1) |  | 3 – 5 years
Leasehold improvements |  | 3 – 10 years or the term of the lease, whichever is shorter

(1) As at December 31, 2023, the estimated useful life ranges from 3-5 years.

See Note 3 – Management’s Use of Accounting Judgments, Estimates and Assumptions – Estimating useful lives of property and equipment.

Sale and Leaseback of Telecom Towers

On various dates in 2022 and 2023, Smart and DMPI signed Sale and Purchase Agreements with Edotco Towers, Inc., Edgepoint Towers, Inc., Unity Digital Infrastructure and Frontier Tower Associates Philippines, Inc., or the TowerCos, in connection with the sale of 7,569 telecom towers and related passive telecommunication infrastructure for Php 98,309 million.

Concurrent with the execution of the Sale and Purchase Agreements, Smart also entered into Master Service Agreements, or MSAs, with the TowerCos wherein Smart agreed to lease back the towers sold in the transaction for a period of 10 years. In addition to space, the TowerCos are responsible for providing operations and maintenance services, as well as power to the sites. The sale and leaseback with the TowerCos is complemented by a commitment to place service orders for a total of 1,220 Build-To-Suit, or BTS, sites within the next two to four years and 1,050 committed BTS sites within the next two to four years. Thus, total committed BTS sites with the TowerCos is 2,270 sites. The closing of the agreements is on a staggered basis depending on the satisfaction of closing conditions based on the number of towers transferred.

The following summarizes the completed sale of Smart and DMPI telecom towers as at December 31, 2024:

Closing Date |  | Number of Tower Assets Sold |  |  | Cash Consideration |  |  | Gain on Sale and Leaseback |  |  | Net Book Value of Tower Assets (excluding taxes) |
|  |  |  |  | (in million pesos) |  |  | (in million pesos) |  |  |  |
2022 |  |  | 4,665 |  |  |  | 60,492 |  |  |  | 25,234 |  |  |  | 22,874 |
2023 |  |  | 1,705 |  |  |  | 22,465 |  |  |  | 7,467 |  |  |  | 13,377 |
2024 |  |  | 356 |  |  |  | 4,362 |  |  |  | 1,471 |  |  |  | 1,739 |
|  |  | 6,726 |  |  |  | 87,319 |  |  |  | 34,172 |  | (1) |  | 37,990 |

(1) Gross of related transaction costs.

The remaining telecom towers with net book value of Php 4,547 million and Php 7,163 million as at December 31, 2024 and 2023, respectively, subject to sale and purchase agreement within one year, were reclassified from “Property and equipment” to “Assets classified as held-for-sale” under current assets in our consolidated statement of financial position.

F-64

10.
Leases

Group as a Lessee

We have lease contracts for various items of sites, buildings, leased circuits and poles used in our operations. We considered in the lease term the non-cancellable period of the lease together with the periods covered by an option to extend and option to terminate the lease.

Our consolidated estimated useful lives of ROU assets as at December 31, 2024 are as follows:

Sites |  | 1 – 30 years
International leased circuits(1) |  | 1 – 19 years
Poles |  | 1 – 12 years
Domestic leased circuits(2) |  | 2 – 10 years
Office buildings |  | 1 – 25 years
Co-located sites(3) |  | 2 – 11 years

(1)
As at December 31, 2023, the estimated useful life ranges from 2-20 years.
(2)
As at December 31, 2023, the estimated useful life ranges from 1-10 years.
(3)
As at December 31, 2023, the estimated useful life ranges from 3-11 years.

F-65

Our consolidated roll forward analysis of ROU assets as at December 31, 2024 and 2023 are as follows:

|  | Sites |  |  | International Leased Circuits |  |  | Poles |  |  | Domestic Leased Circuits |  |  | Office Buildings |  |  | Co-located Sites |  |  | Total |
|  | (in million pesos) |
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Costs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balances at beginning of the year |  |  | 38,461 |  |  |  | 4,305 |  |  |  | 3,364 |  |  |  | 2,001 |  |  |  | 1,144 |  |  |  | 53 |  |  |  | 49,328 |
Additions (Note 28) |  |  | 8,683 |  |  |  | 1,546 |  |  |  | 4,273 |  |  |  | 763 |  |  |  | 334 |  |  |  | 8 |  |  |  | 15,607 |
Asset retirement obligation |  |  | 571 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 5 |  |  |  | — |  |  |  | 576 |
Modifications |  |  | (1,180 | ) |  |  | 266 |  |  |  | 173 |  |  |  | 135 |  |  |  | 27 |  |  |  | — |  |  |  | (579 | )
Terminations |  |  | (2,350 | ) |  |  | (1,062 | ) |  |  | (2,474 | ) |  |  | (262 | ) |  |  | (209 | ) |  |  | — |  |  |  | (6,357 | )
Reclassification to ROU assets classified as held-for-sale |  |  | (138 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (138 | )
Balances at end of the year |  |  | 44,047 |  |  |  | 5,055 |  |  |  | 5,336 |  |  |  | 2,637 |  |  |  | 1,301 |  |  |  | 61 |  |  |  | 58,437 |
Accumulated depreciation and amortization: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balances at beginning of the year |  |  | (7,599 | ) |  |  | (3,298 | ) |  |  | (3,156 | ) |  |  | (1,632 | ) |  |  | (887 | ) |  |  | (39 | ) |  |  | (16,611 | )
Modifications |  |  | 108 |  |  |  | (12 | ) |  |  | (3 | ) |  |  | (75 | ) |  |  | (20 | ) |  |  | — |  |  |  | (2 | )
Terminations |  |  | 361 |  |  |  | 1,028 |  |  |  | 2,474 |  |  |  | 262 |  |  |  | 192 |  |  |  | — |  |  |  | 4,317 |
Depreciation (Note 3) |  |  | (4,763 | ) |  |  | (828 | ) |  |  | (1,054 | ) |  |  | (365 | ) |  |  | (295 | ) |  |  | (10 | ) |  |  | (7,315 | )
Reclassification to ROU assets classified as held-for-sale |  |  | 285 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 285 |
Balances at end of the year |  |  | (11,608 | ) |  |  | (3,110 | ) |  |  | (1,739 | ) |  |  | (1,810 | ) |  |  | (1,010 | ) |  |  | (49 | ) |  |  | (19,326 | )
Net book value as at December 31, 2024 |  |  | 32,439 |  |  |  | 1,945 |  |  |  | 3,597 |  |  |  | 827 |  |  |  | 291 |  |  |  | 12 |  |  |  | 39,111 |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Costs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balances at beginning of the year |  |  | 29,535 |  |  |  | 4,259 |  |  |  | 4,179 |  |  |  | 2,436 |  |  |  | 1,420 |  |  |  | 15 |  |  |  | 41,844 |
Additions (Note 28) |  |  | 14,942 |  |  |  | 341 |  |  |  | 66 |  |  |  | 99 |  |  |  | 255 |  |  |  | 56 |  |  |  | 15,759 |
Asset retirement obligation |  |  | 93 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (26 | ) |  |  | — |  |  |  | 67 |
Modifications |  |  | (35 | ) |  |  | (46 | ) |  |  | (851 | ) |  |  | (326 | ) |  |  | (149 | ) |  |  | (18 | ) |  |  | (1,425 | )
Terminations |  |  | (3,566 | ) |  |  | (249 | ) |  |  | (30 | ) |  |  | (208 | ) |  |  | (356 | ) |  |  | — |  |  |  | (4,409 | )
Reclassification to ROU assets classified as held-for-sale |  |  | (2,508 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (2,508 | )
Balances at end of the year |  |  | 38,461 |  |  |  | 4,305 |  |  |  | 3,364 |  |  |  | 2,001 |  |  |  | 1,144 |  |  |  | 53 |  |  |  | 49,328 |
Accumulated depreciation and amortization: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balances at beginning of the year |  |  | (5,415 | ) |  |  | (2,696 | ) |  |  | (2,504 | ) |  |  | (1,370 | ) |  |  | (987 | ) |  |  | (9 | ) |  |  | (12,981 | )
Modifications |  |  | 23 |  |  |  | — |  |  |  | 278 |  |  |  | 147 |  |  |  | 236 |  |  |  | 6 |  |  |  | 690 |
Charge from asset retirement obligation |  |  | 16 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 17 |  |  |  | — |  |  |  | 33 |
Terminations |  |  | 1,163 |  |  |  | 220 |  |  |  | 10 |  |  |  | 208 |  |  |  | 198 |  |  |  | — |  |  |  | 1,799 |
Depreciation from continuing operations (Notes 2 and 3) |  |  | (4,151 | ) |  |  | (822 | ) |  |  | (940 | ) |  |  | (617 | ) |  |  | (332 | ) |  |  | (36 | ) |  |  | (6,898 | )
Depreciation from discontinued operations (Notes 2 and 3) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (19 | ) |  |  | — |  |  |  | (19 | )
Reclassification to ROU assets classified as held-for-sale |  |  | 765 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 765 |
Balances at end of the year |  |  | (7,599 | ) |  |  | (3,298 | ) |  |  | (3,156 | ) |  |  | (1,632 | ) |  |  | (887 | ) |  |  | (39 | ) |  |  | (16,611 | )
Net book value as at December 31, 2023 |  |  | 30,862 |  |  |  | 1,007 |  |  |  | 208 |  |  |  | 369 |  |  |  | 257 |  |  |  | 14 |  |  |  | 32,717 |

F-66

The following amounts are recognized in our consolidated income statements for the years ended December 31, 2024, 2023 and 2022:

|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | (in million pesos) |
Depreciation expense of ROU assets from continuing operations |  |  | 7,315 |  |  |  | 6,898 |  |  |  | 5,661 |
Depreciation expense of ROU assets from discontinued operations |  |  | — |  |  |  | 19 |  |  |  | 55 |
Interest expense on lease liabilities from continuing operations |  |  | 3,935 |  |  |  | 3,266 |  |  |  | 2,057 |
Interest expense on lease liabilities discontinued operations |  |  | — |  |  |  | 2 |  |  |  | 7 |
Variable lease payments (included in general and administrative expenses) from continuing operations |  |  | 829 |  |  |  | 656 |  |  |  | 589 |
Variable lease payments (included in general and administrative expenses) from discontinued operations |  |  | — |  |  |  | (2 | ) |  |  | — |
Expenses relating to short-term leases (included in general and administrative expenses) |  |  | 569 |  |  |  | 714 |  |  |  | 1,440 |
Expenses relating to leases of low-value assets (included in general and administrative expenses) |  |  | — |  |  |  | 2 |  |  |  | 2 |
Total amount recognized in consolidated income statements |  |  | 12,648 |  |  |  | 11,555 |  |  |  | 9,811 |

Our consolidated roll forward analysis of lease liabilities as at December 31, 2024 and 2023 are as follows:

|  | 2024 |  |  | 2023 |
|  | (in million pesos) |
Balances at beginning of the year |  |  | 47,546 |  |  |  | 42,435 |
Additions (Note 28) |  |  | 15,607 |  |  |  | 15,759 |
Accretion on lease liabilities from continuing operations (Note 5) |  |  | 3,935 |  |  |  | 3,266 |
Accretion on lease liabilities from discontinued operations |  |  | — |  |  |  | 2 |
Reclassification to lease liabilities classified as held-for-sale |  |  | (87 | ) |  |  | (1,503 | )
Foreign exchange gains – net |  |  | 100 |  |  |  | 1 |
Lease modifications |  |  | (121 | ) |  |  | (933 | )
Termination |  |  | (863 | ) |  |  | (774 | )
Settlement of obligations |  |  | (12,079 | ) |  |  | (10,707 | )
Balances at end of the year (Notes 3 and 28) |  |  | 54,038 |  |  |  | 47,546 |
Less current portion of lease liabilities (Note 27) |  |  | 7,335 |  |  |  | 5,921 |
Noncurrent portion of lease liabilities (Note 27) |  |  | 46,703 |  |  |  | 41,625 |

We had total cash outflows for leases of Php 12,079 million, Php 10,707 million and Php 8,331 million for the years ended December 31, 2024, 2023 and 2022, respectively. We had non-cash additions to ROU assets of Php 15,607 million and Php 15,759 million and lease liabilities of Php 15,607 million and Php 15,759 million both as at December 31, 2024 and 2023, respectively. The future cash outflows relating to leases that have not yet commenced are disclosed in Note 28 – Notes to the Statements of Cash Flows.

We have entered into several lease contracts that include automatic extension and termination options. These options are negotiated by us to provide flexibility in managing the leased-asset portfolio and align with our business needs. However, in some of these lease contracts, we did not impute the renewal period in our assessment of the lease terms of these contracts since said renewal period is not yet reasonably estimable at the time of transition or commencement date of the lease. See Note 3 – Managements Use of Accounting Judgments, Estimates and Assumptions – Determining the lease term of contracts with renewal and termination options – Company as a Lessee.

As disclosed in Note 9 – Property and Equipment, on the sale and leaseback of telecom towers, Smart and DMPI signed Sale and Purchase Agreements with the TowerCos in connection with the sale of 7,569 telecom towers and related passive telecom infrastructure, with the concurrent execution of MSAs with the TowerCos where Smart has agreed to lease back the towers sold in the transaction for a period of 10 years.

In 2022, 2023 and 2024, the MSAs covering the leaseback arrangements of 4,665, 1,705 and 356 telecom towers, respectively, became effective. As a result, we recognized cumulative lease liability of Php 40,262 million and cumulative ROU assets of Php 24,861 million as at December 31, 2024. The difference between lease liability and ROU assets represents the rights retained by the PLDT Group over the telecom assets leased back from the tower companies.

Including the related accounts on Unity and Frontier, the ROU assets relating to leasehold land with net book value of Php 1,954 million and Php 1,844 million, and the related lease liabilities amounting to Php 1,615 million and Php 1,779 million were respectively reclassified as “Assets classified as held-for-sale” under current assets and “Liabilities associated with assets classified as held-for-sale” under current liabilities in our consolidated statement of financial position as at December 31, 2024 and 2023, respectively.

F-67

Common Tower Pilot, or CTP, Program

The CTP Program, established by Smart in January 2020, in partnership with several TowerCos duly-accredited by the Department of Information and Communications Technology aims to accelerate new site roll-outs and reduce upfront the capital expenditures spending.

Under the MSAs, TowerCos will handle site acquisition and permitting, site development works, construction and permanent electrification of the towers. Effective 30 days after the sites are Ready For Telecommunication Installation, or RFTI, Smart will be liable to settle a monthly fixed fee covering rental and maintenance costs for a contract term of 15 years. The monthly fee will be subject to agreed escalation rates with TowerCos. As anchor tenant, Smart will also be entitled to colocation discounts when additional tenants come on board.

Upon launching of the program, the original CTP commitment covered 200 sites. This was ultimately increased to 464 BTS sites. As at December 31, 2024, Smart has issued service orders, or SOs, corresponding to 457 BTS sites.

As at December 31, 2024 and 2023, 422 BTS sites out of 430 BTS and 236 BTS sites out of 388 BTS sites, respectively, are ready for service. These BTS sites are all classified as RFTI.

Group as a Lessor

We have entered into operating leases on our investment property portfolio consisting of certain office buildings and business offices. See Note 13 – Investment Properties. These leases have a term of five years. All leases include a clause to enable upward revision of the rental charge on an annual basis according to prevailing market conditions. The lessee is also required to provide a residual guarantee on the properties. Rental income recognized by us amounted to Php 59 million, Php 57 million and Php 51 million for the years ended December 31, 2024, 2023 and 2022, respectively.

Future minimum rentals receivable under non-cancellable operating leases expected within one year amounted to Php 62 million and Php 59 million and after one year but not more than five years amounted to Php 62 million and Php 125 million both as at December 31, 2024 and 2023, respectively.

F-68

11.
Investments in Associates and Joint Ventures

As at December 31, 2024 and 2023, this account consists of:

|  | 2024 |  |  | 2023 |
|  | (in million pesos) |
Carrying value of investments in associates: |  |  |  |  |  |
MediaQuest PDRs |  |  | 9,186 |  |  |  | 9,260 |
MIH |  |  | 6,731 |  |  |  | 7,250 |
Individually immaterial associates |  |  | 3,064 |  |  |  | 108 |
|  |  | 18,981 |  |  |  | 16,618 |
Carrying value of investments in joint ventures: |  |  |  |  |  |
VTI, Bow Arken and Brightshare |  |  | 33,675 |  |  |  | 33,649 |
Individually immaterial joint ventures |  |  | 108 |  |  |  | 41 |
|  |  | 33,783 |  |  |  | 33,690 |
Total carrying value of investments in associates and joint ventures |  |  | 52,764 |  |  |  | 50,308 |

Changes in the cost of investments for the years ended December 31, 2024 and 2023 are as follows:

|  | 2024 |  |  | 2023 |
|  | (in million pesos) |
Balances at beginning of the year |  |  | 64,658 |  |  |  | 63,020 |
Additions during the year |  |  | 3,485 |  |  |  | 1,636 |
Translation and other adjustments |  |  | (133 | ) |  |  | 2 |
Balances at end of the year |  |  | 68,010 |  |  |  | 64,658 |

Changes in the accumulated impairment losses for the years ended December 31, 2024 and 2023 are as follows:

|  | 2024 |  |  | 2023 |
|  | (in million pesos) |
Balances at beginning of the year |  |  | 2,875 |  |  |  | 2,805 |
Additions during the year |  |  | — |  |  |  | 70 |
Adjustments |  |  | (112 | ) |  |  | — |
Balances at end of the year |  |  | 2,763 |  |  |  | 2,875 |

Changes in the accumulated equity share in net earnings (losses) of associates and joint ventures as at December 31, 2024 and 2023 are as follows:

|  | 2024 |  |  | 2023 |
|  | (in million pesos) |
Balances at beginning of the year |  |  | (11,475 | ) |  |  | (8,669 | )
Equity share in net earnings (losses) of associates and joint ventures: |  |  | (990 | ) |  |  | (2,806 | )
MediaQuest PDRs |  |  | (74 | ) |  |  | (595 | )
MIH |  |  | (935 | ) |  |  | (2,273 | )
VTI, Bow Arken and Brightshare |  |  | 26 |  |  |  | 66 |
Individually immaterial associates and joint ventures |  |  | (7 | ) |  |  | (4 | )
Translation and other adjustments |  |  | (18 | ) |  |  | — |
Balances at end of the year |  |  | (12,483 | ) |  |  | (11,475 | )

Investments in Associates

Investment of ePLDT in MediaQuest PDRs

ePLDT made various investments in PDRs issued by Mediaquest in relation to its direct interest in Satventures and indirect interest in Cignal TV through Satventures. These investments in PDRs provided ePLDT with a 64% economic interest in Cignal TV.

Cignal TV is a wholly-owned subsidiary of Satventures, which is a wholly-owned subsidiary of MediaQuest, an entity incorporated in the Philippines. It operates a direct-to-home, or DTH, Pay-TV business under the brand name “Cignal TV”, which is the largest DTH Pay-TV operator in the Philippines.

The PLDT Group’s financial investment in PDRs of MediaQuest is part of the PLDT Group’s overall strategy of broadening its distribution platforms and increasing the PLDT Group’s ability to deliver multimedia content to its customers across the PLDT Group’s broadband and mobile networks.

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ePLDT’s aggregate value of investment in MediaQuest PDRs amounted to Php 9,186 million and Php 9,260 million as at December 31, 2024 and 2023, respectively. See Note 3 – Management’s Use of Accounting Judgments, Estimates and Assumptions – Accounting for investment in MediaQuest through PDRs.

The table below presents the summarized financial information of Satventures and subsidiaries as at December 31, 2024 and 2023, and for the years ended December 31, 2024, 2023 and 2022:

|  | 2024 |  |  | 2023 |
|  | (in million pesos) |
Statements of Financial Position: |  |  |  |  |  |
Noncurrent assets |  |  | 22,710 |  |  |  | 22,153 |
Current assets |  |  | 8,578 |  |  |  | 7,974 |
Noncurrent liabilities |  |  | 2,146 |  |  |  | 1,682 |
Current liabilities |  |  | 13,787 |  |  |  | 12,976 |
Equity |  |  | 15,355 |  |  |  | 15,469 |
Carrying amount of interest in Satventures |  |  | 9,186 |  |  |  | 9,260 |
Additional Information: |  |  |  |  |  |
Cash and cash equivalents |  |  | 588 |  |  |  | 797 |
Current financial liabilities(1) |  |  | 2,736 |  |  |  | 2,635 |
Noncurrent financial liabilities(1) |  |  | 1,210 |  |  |  | 469 |

(1)
Excluding trade, other payables and provisions.

|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | (in million pesos) |
Income Statements: |  |  |  |  |  |  |  |  |
Revenues |  |  | 8,440 |  |  |  | 8,637 |  |  |  | 11,189 |
Depreciation and amortization |  |  | 1,405 |  |  |  | 1,304 |  |  |  | 1,424 |
Interest income |  |  | 52 |  |  |  | 46 |  |  |  | 3 |
Interest expense |  |  | 347 |  |  |  | 281 |  |  |  | 212 |
Provision for (benefit from) income tax |  |  | (40 | ) |  |  | (334 | ) |  |  | 16 |
Net loss / Total comprehensive loss |  |  | (115 | ) |  |  | (929 | ) |  |  | (203 | )
Equity share in net losses of Satventures |  |  | (74 | ) |  |  | (595 | ) |  |  | (130 | )

Investment of PCEV in MIH

The following summarizes the subscription agreements entered into by PCEV with MIH:

Date |  | Agreement |  | Number of Shares |  |  | Total Consideration |  |  | PCEV's Equity Interest |
|  |  |  | (in millions) |  |  |  |
March 14, 2018 |  | Acquisition of Ordinary Shares |  |  | 53.4 |  |  |  | 465 |  |  |  | 100.00 | %
March 14, 2018 |  | Subscription of Ordinary Shares |  |  | 95.9 |  |  |  | 3,806 |  |  |  | 100.00 | %
December 31, 2020 |  | Conversion of notes to Class A2 preference shares |  |  | 7.9 |  |  |  | 544 |  |  |  | 43.97 | %
March 12, 2021 |  | Exercise of warrants to subscribe Class A2 preference shares |  |  | 6.7 |  |  |  | 447 |  |  |  | 41.87 | %
June 11, 2021 |  | Subscription to Class B convertible preferred shares |  |  | 15.6 |  |  |  | 1,218 |  |  |  | 38.45 | %
April 7, 2022 |  | Subscription to Class C convertible preferred shares |  |  | 27.2 |  |  |  | 3,252 |  |  |  | 36.82 | %
December 13, 2023 |  | Subscription to Class C2 convertible preferred shares |  |  | 12.3 |  |  |  | 1,563 |  |  |  | 36.97 | %
April 5, 2024 |  | Subscription to Class C2 convertible preferred shares |  |  | 6.7 |  |  |  | 857 |  |  |  | 37.66 | %

PCEV’s percentage equity interest in MIH stood at 37.66% and 36.97% as at December 31, 2024 and 2023, respectively.

Additional Investment in MIH

On December 13, 2023, PCEV, along with other existing shareholders KKR, Tencent, SIG, First Pacific Ventures and Jumel Holdings, entered into a new subscription agreement with MIH to subscribe to US$80 million Class C2 convertible preferred shares of MIH. On the same date, PCEV paid a consideration of US$28 million or Php 1,563 million for 12.3 million MIH Class C2 convertible preferred shares and received warrants for 4.9 million shares valued at Php 281 million, thereby increasing PCEV’s ownership in MIH from 36.63% to 36.97%.

On April 5, 2024, PCEV paid the subsequent consideration of US$15.3 million or Php 857 million for 6.7 million MIH Class C2 convertible preferred shares and received warrants for 2.7 million shares valued at Php 152 million, resulting in an increase of PCEV’s ownership in MIH from 36.97% to 37.66%.

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The summarized financial information of MIH as at December 31, 2024 and 2023, and for the years ended
December 31, 2024, 2023 and 2022 is shown below:

|  | 2024 |  |  | 2023 |
|  | (in million pesos) |
Statements of Financial Position: |  |  |  |  |  |
Noncurrent assets |  |  | 7,241 |  |  |  | 4,309 |
Current assets |  |  | 29,815 |  |  |  | 17,942 |
Noncurrent liabilities |  |  | 798 |  |  |  | 190 |
Current liabilities |  |  | 29,461 |  |  |  | 13,446 |
Equity |  |  | 6,797 |  |  |  | 8,615 |
Carrying amount of interest in MIH |  |  | 6,731 |  |  |  | 7,250 |
Additional Information: |  |  |  |  |  |
Cash and cash equivalents |  |  | 8,565 |  |  |  | 6,682 |
Current financial liabilities(1) |  |  | 29,274 |  |  |  | 13,317 |

(1) Excluding statutory payables and accrued taxes.

|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | (in million pesos) |
Income Statements: |  |  |  |  |  |  |  |  |
Revenues |  |  | 14,089 |  |  |  | 8,553 |  |  |  | 7,683 |
Depreciation and amortization |  |  | 392 |  |  |  | 348 |  |  |  | 182 |
Interest income |  |  | 168 |  |  |  | 112 |  |  |  | 133 |
Provision for income tax |  |  | 64 |  |  |  | 32 |  |  |  | 2 |
Net loss/Total comprehensive losses |  |  | (2,501 | ) |  |  | (6,153 | ) |  |  | (8,155 | )
Equity share in net losses of MIH (1) |  |  | (935 | ) |  |  | (2,273 | ) |  |  | (3,026 | )

(1) 2024 and 2023 amounts include impact of 2023 and 2022 audit adjusting entries, respectively.

The carrying value of PCEV’s investment in MIH as at December 31, 2024 and 2023 are as follows.

|  | 2024 |  |  | 2023 |
|  | (in million pesos) |
MIH Equity(1) |  |  | 4,711 |  |  |  | 6,895 |
PCEV's noncontrolling interests |  |  | 37.66 | % |  |  | 36.97 | %
Share in net assets of MIH |  |  | 1,774 |  |  |  | 2,549 |
Goodwill arising from acquisition |  |  | 4,957 |  |  |  | 4,701 |
Carrying amount of interest in MIH |  |  | 6,731 |  |  |  | 7,250 |

(1) MIH Equity is net of Php 2,086 million and Php 1,720 million Stock Option in 2024 and 2023, respectively.

Investments in Joint Ventures

Investments of PLDT in VTI, Bow Arken and Brightshare

The Company’s acquisition of 50% equity interest, including outstanding advances and assumed liabilities, in the telecommunications business of San Miguel Corporation, or SMC, was approved by the PLDT Board on May 30, 2016. Globe acquired the remaining 50% interest. PLDT and Globe executed separate purchase agreements : (i) with SMC to acquire the entire outstanding capital, including outstanding advances and assumed liabilities, in VTI (and the other subsidiaries of VTI), which holds SMC’s telecommunications assets through its subsidiaries, or the VTI Transaction; and
(ii) with the owners of two other entities, Bow Arken (the parent company of New Century Telecoms, Inc.) and Brightshare (the parent company of eTelco, Inc.), which separately hold additional spectrum frequencies through their respective subsidiaries, or the Bow Arken Transaction and Brightshare Transaction, respectively. We refer to the VTI Transaction, Bow Arken Transaction and Brightshare Transaction collectively as the SMC Transactions.

The consideration in the amount of Php 52.8 billion representing the purchase price for the equity interest and assigned advances of previous owners to VTI, Bow Arken and Brightshare was paid in three tranches: 50% upon signing of the Share Purchase Agreements on May 30, 2016, 25% on December 1, 2016 and the final 25% on May 30, 2017. The Share Purchase Agreements also provide that PLDT and Globe, through VTI, Bow Arken and Brightshare, would assume liabilities amounting to Php 17.2 billion from May 30, 2016. In addition, the Share Purchase Agreements contain a price adjustment mechanism based on the variance in these assumed liabilities to be agreed among PLDT, Globe and previous owners on the results of the confirmatory due diligence procedures jointly performed by PLDT and Globe. PLDT and Globe paid the previous owners the net amount of Php 2.6 billion on May 29, 2017 in relation to the aforementioned price adjustment based on the result of the confirmatory due diligence. See Note 27 – Financial Assets and Liabilities – Commercial Commitments.

As part of SMC Transactions, PLDT and Globe acquired certain outstanding advances made by the former owners of VTI, Bow Arken and Brightshare to VTI, Bow Arken and Brightshare or their respective subsidiaries. The largest amounts of the

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advances outstanding to PLDT since the date of assignment to PLDT amounted to Php 11,359 million: (i) Php 11,038 million from VTI and its subsidiaries; (ii) Php 238 million from Bow Arken and its subsidiaries; and (iii) Php 83 million from Brightshare and its subsidiaries.

PLDT and Globe each subscribed to 2.8 million new preferred shares on February 28, 2017. The shares were to be issued out of the unissued portion of the existing authorized capital stock of VTI, at a subscription price of Php 4 thousand per subscribed share (inclusive of a premium over par of Php 3 thousand per subscribed share) or a total subscription price for each of
Php 11,040 million (inclusive of a premium over par of Php 8,280 million). PLDT and Globe’s assigned advances from SMC which were subsequently reclassified to deposit for future subscription of each amounting to Php 11,040 million were applied as full subscription payment for the subscribed shares. PLDT and Globe each subscribed to 800 thousand new preferred shares of the authorized capital stock of VTI, at a subscription price of Php 4 thousand per subscribed share (inclusive of a premium over par of Php 3 thousand per subscribed share), or a total subscription price for each Php 3,200 million (inclusive of a premium over par of Php 2,400 million). PLDT and Globe each paid Php 148 million in cash for the subscribed shares upon execution of the relevant agreement. The remaining balance of the subscription price of PLDT and Globe has been fully paid as at December 29, 2017.

PLDT and Globe each subscribed to 600 thousand new preferred shares of the authorized capital stock of VTI on
December 15, 2017, at a subscription price of Php 5 thousand per subscribed share (inclusive of a premium over par of
Php 4 thousand per subscribed share), for a total subscription price of Php 3,000 million (inclusive of a premium over par of Php 2,400 million). PLDT and Globe each paid Php 10 million in cash for the subscribed shares upon execution of the agreement. The remaining balance of the subscription price was paid via conversion of advances amounting to
Php 2,990 million as at December 31, 2017.

The amount of the advances outstanding of PLDT, to cover for the assumed liabilities and working capital requirements of the acquired companies, each amounted to Php 69 million as at December 31, 2024 and 2023, respectively.

The table below presents the summarized financial information of VTI, Bow Arken and Brightshare as at December 31, 2024 and 2023, and for the years ended December 31, 2024, 2023 and 2022:

|  | 2024 |  |  | 2023 |
|  | (in million pesos) |
Statements of Financial Position: |  |  |  |  |  |
Noncurrent assets |  |  | 77,849 |  |  |  | 78,046 |
Current assets |  |  | 5,231 |  |  |  | 4,375 |
Noncurrent liabilities |  |  | 9,475 |  |  |  | 9,186 |
Current liabilities |  |  | 2,395 |  |  |  | 2,174 |
Equity |  |  | 71,209 |  |  |  | 71,061 |
Carrying amount of assets in VTI, Bow Arken and Brightshare |  |  | 33,675 |  |  |  | 33,649 |
Additional Information: |  |  |  |  |  |
Cash and cash equivalents |  |  | 3,010 |  |  |  | 2,387 |
Current financial liabilities (1) |  |  | 81 |  |  |  | 72 |

(1) Excluding trade, other payables and provisions.

|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | (in million pesos) |
Income Statements: |  |  |  |  |  |  |  |  |
Revenues |  |  | 4,708 |  |  |  | 4,344 |  |  |  | 4,033 |
Depreciation and amortization |  |  | 1,973 |  |  |  | 1,685 |  |  |  | 1,569 |
Interest income |  |  | 128 |  |  |  | 111 |  |  |  | 45 |
Provision for income tax |  |  | 135 |  |  |  | 186 |  |  |  | 178 |
Net income (loss) / Total comprehensive income (loss) |  |  | 52 |  |  |  | 132 |  |  |  | 148 |
Equity share in net income of VTI, Bow Arken and Brightshare |  |  | 26 |  |  |  | 66 |  |  |  | 74 |

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The carrying value of PLDT’s investment in VTI, Bow Arken and Brightshare as at December 31, 2024 and 2023 are as follows:

|  | 2024 |  |  | 2023 |
|  | (in million pesos) |
VTI, Bow Arken and Brightshare equity |  |  | 71,209 |  |  |  | 71,061 |
PLDT's share |  |  | 50 | % |  |  | 50 | %
Share in net assets of VTI, Bow Arken and Brightshare |  |  | 35,605 |  |  |  | 35,530 |
Share in adjustment based on liability and ETPI net cash balance |  |  | 442 |  |  |  | 442 |
Reimbursements |  |  | (248 | ) |  |  | (239 | )
Share in SMC's advances in VTI, Bow Arken and Brightshare |  |  | (840 | ) |  |  | (840 | )
Non-controlling interests |  |  | (1,127 | ) |  |  | (1,055 | )
Others |  |  | (157 | ) |  |  | (189 | )
Carrying amount of interest in VTI, Bow Arken and Brightshare |  |  | 33,675 |  |  |  | 33,649 |

Notice of Transaction filed with the PCC

Prior to closing the transaction on May 30, 2016, each of PLDT, Globe and SMC submitted notices of the VTI, Bow Arken and Brightshare Transaction (respectively, the VTI Notice, the Bow Arken Notice and the Brightshare Notice and collectively, the Notices) to the PCC pursuant to the Philippine Competition Act, or PCA, and Circular No. 16-001 and Circular No. 16-002 issued by the PCC, or the Circulars. As stated in the Circulars, upon receipt by the PCC of the requisite notices, each of the said transactions shall be deemed approved in accordance with the Circulars.

Subsequently, PLDT and the other parties to the said transactions received separate letters dated June 6 and 7, 2016 from the PCC which essentially stated, that: (a) with respect to VTI Transaction, the VTI Notice is deficient and defective in form and substance, therefore, the VTI Transaction is not “deemed approved” by the PCC, and that the missing key terms of the transaction are critical since the PCC considers certain agreements as prohibited and illegal; and (b) with respect to the Bow Arken and Brightshare Transactions, the compulsory notification under the Circulars does not apply and that even assuming that the Circulars apply, the Bow Arken Notice and the Brightshare Notice are deficient and defective in form and substance.

In response to the PCC’s letter, PLDT submitted its response on June 10, 2016, articulating its position that the VTI Notice is adequate, complete and sufficient and compliant with the requirement under the Circulars and does not contain false material information; as such, the VTI Transaction enjoys the benefit of Section 23 of the PCA. Therefore, the VTI Transaction is deemed approved and cannot be subject to retroactive review by the PCC. Moreover, the parties have taken all necessary steps, including the relinquishment/return of certain frequencies and co-use of the remaining frequencies by Smart and Belltel and Globe and Belltel as discussed above, to ensure that the VTI Transaction will not substantially prevent, restrict or lessen competition to violate the PCA. Nevertheless, in the spirit of cooperation and for transparency, the parties voluntarily submitted to the PCC, among others, copies of the Sale and Purchase Agreements for the PCC’s information and reference.

The PCC required the parties to further submit additional documents relevant to the co-use arrangement and the frequencies subject thereto, as well as other definitive agreements relating to the VTI Transaction in a letter dated June 17, 2016. It also disregarded the deemed approved status of the VTI Transaction in violation of the Circulars which the PCC itself issued, and insisted that it will conduct a full review, if not investigation of the said transaction under the different operative provisions of the PCA.

In the Matter of the Petition against the PCC

PLDT filed before the Court of Appeals, or CA, a Petition for Certiorari and Prohibition (With Urgent Application for the Issuance of a Temporary Restraining Order, or TRO, and/or Writ of Preliminary Injunction), or the Petition, against the PCC on July 12, 2016. The Petition sought to enjoin the PCC from proceeding with the review of the acquisition by PLDT and Globe of equity interest, including outstanding advances and assumed liabilities, in the telecommunications business of SMC, or the SMC Transactions, and performing any act which challenges or assails the “deemed approved” status of the SMC Transactions. On July 19, 2016, the 12th Division of the CA, issued a Resolution directing the PCC through the Office of the Solicitor General, or the OSG, to file its Comment within a non-extendible period of 10 days from notice and show cause why the Petition should not be granted. On August 11, 2016, the PCC through the OSG, filed its Comment to the Petition (With Opposition to Petitioner’s Application for a Writ of Preliminary Injunction).

PLDT filed its Reply to Respondent PCC’s Comment on August 19, 2016. On August 26, 2016, the CA issued a Writ of Preliminary Injunction enjoining and directing the respondent PCC, their officials and agents, or persons acting for and in their behalf, to cease and desist from conducting further proceedings for the pre-acquisition review and/or investigation of the SMC Transactions based on its Letters dated June 7, 2016 and June 17, 2016 during the pendency of the case and until further orders are issued by the CA. On September 14, 2016, the PCC filed a Motion for Reconsideration of the CA’s Resolution. During this time, Globe moved to have its Petition consolidated with the PLDT Petition. In a Resolution promulgated on October 19, 2016, the CA, or the First CA Resolution: (i) accepted the consolidation of Globe’s petition versus the PCC

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(CA G.R. SP No. 146538) into PLDT’s petition versus the PCC (CA G.R. SP No. 146528) with the right of replacement;
(ii) admitted the Comment dated October 4, 2016 filed by the PCC; (iii) referred to the PCC for Comment (within 10 days from receipt of notice) PLDT’s Urgent Motion for the Issuance of a Gag Order dated September 30, 2016 and to cite the PCC for indirect contempt; and (iv) ordered all parties to submit simultaneous memoranda within a non-extendible period of
15 days from notice. On November 11, 2016, PLDT filed its Memorandum in compliance with the CA’s Resolution.

The CA issued a Resolution, or the Second CA Resolution, denying PCC’s Motion for Reconsideration dated
September 14, 2016, for lack of merit on February 17, 2017. The CA denied PLDT’s Motion to Cite the PCC for indirect Contempt for being premature. In the same Resolution, as well as in a separate Gag Order attached to the Resolution, the CA granted PLDT’s Urgent Motion for the Issuance of a Gag Order and directed PCC to remove immediately from its website its preliminary statement of concern and submit its compliance within five days from receipt thereof. All the parties were ordered to refrain, cease and desist from issuing public comments and statements that would violate the sub judice rule and subject them to indirect contempt of court. The parties were also required to comment within ten days from receipt of the Second CA Resolution, on the Motion for Leave to Intervene and to Admit the Petition-in-Intervention dated
February 7, 2017 filed by Citizenwatch, a non-stock and non-profit association.

The PCC filed before the Supreme Court a Petition to Annul the Writ of Preliminary Injunction issued by the CA’s
12th Division on August 26, 2016 restraining PCC’s review of the SMC Transactions on April 18, 2017. In compliance with the Supreme Court’s Resolution issued on April 25, 2017, PLDT on July 3, 2017 filed its Comment dated July 1, 2017 to the PCC’s Petition. The Supreme Court issued a Resolution dated July 18, 2017 noting PLDT’s Comment and requiring the PCC to file its Consolidated Reply. The PCC filed a Motion for Extension of Time and prayed that it be granted until
October 23, 2017 to file its Consolidated Reply. The PCC filed its Consolidated Reply to the: (1) Comment filed by PLDT; and (2) Motion to Dismiss filed by Globe on November 7, 2017. The same was noted by the Supreme Court in a Resolution dated November 28, 2017.

During the intervening period, the CA rendered its Decision on October 18, 2017, granting the Petitions filed by PLDT and Globe. In its Decision, the CA: (i) permanently enjoined the PCC from conducting further proceedings for the pre-acquisition review and/or investigation of the SMC Transactions based on its Letters dated June 7, 2016 and June 17, 2016; (ii) annulled and set aside the Letters dated June 7, 2016 and June 17, 2016; (iii) precluded the PCC from conducting a full review and/or investigation of the SMC Transactions; (iv) compelled the PCC to recognize the SMC Transactions as deemed approved by operation of law; and (v) denied the PCC’s Motion for Partial Reconsideration dated March 6, 2017, and directed the PCC to permanently comply with the CA’s Resolution dated February 17, 2017 requiring PCC to remove its preliminary statement of concern from its website. The CA clarified that the deemed approved status of the SMC Transactions does not, however, remove the power of PCC to conduct post-acquisition review to ensure that no anti-competitive conduct is committed by the parties.

PCC filed a Motion for Additional Time to file a Petition for Review on Certiorari before the Supreme Court on
November 7, 2017. The Supreme Court granted PCC’s motion in its Resolution dated November 28, 2017.

PLDT, through counsel, received the PCC’s Petition for Review on Certiorari filed before the Supreme Court assailing the CA’s Decision dated October 18, 2017, on December 13, 2017. In this Petition, the PCC raised procedural and substantive issues for resolution. Particularly, the PCC assailed the issuance of the writs of certiorari, prohibition, and mandamus considering that the determination of the sufficiency of the Notice pursuant to the Transitory Rules involves the exercise of administrative and discretionary prerogatives of the PCC. On the substantive aspect, the PCC argued that the CA committed grave abuse of discretion in ruling that the SMC Transactions should be accorded the deemed approved status under the Transitory Rules. The PCC maintained that the Notice of the SMC Transactions was defective because it failed to provide the key terms thereof.

In the Supreme Court Resolution dated November 28, 2017, which was received by PLDT on December 27, 2017, the Supreme Court decided to consolidate the PCC’s Petition to Annul the Writ of Preliminary Injunction issued by the CA’s
12th Division with that of its Petition for Review on Certiorari assailing the decision of the CA on the merits.

PLDT received Globe’s Motion for Leave to File and Admit the Attached Rejoinder on February 13, 2018, which was denied by the Supreme Court in a Resolution dated March 13, 2018. On February 27, 2018, PLDT received notice of the Supreme Court’s Resolution dated January 30, 2018 directing PLDT and Globe to file their respective Comments to the Petition for Review on Certiorari without giving due course to the same.

PLDT filed its Comment on the Petition for Review on Certiorari on April 5, 2018. On April 11, 2018, PLDT received Globe’s Comment/Opposition [Re: Petition for Review on Certiorari dated December 11, 2017] dated March 4, 2018. On April 24, 2018, PLDT received the PCC’s Motion to Expunge [Respondent PLDT’s Comment on the Petition for Review on Certiorari] dated April 18, 2018. On May 9, 2018, PLDT filed a Motion for Leave to File and Admit the Attached Comment on the Petition for Review on Certiorari dated May 9, 2018.

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The Supreme Court’s Resolution dated April 24, 2018 which granted PLDT's motion for an extension, was received by PLDT on June 5, 2018. It noted PLDT's Comment on the Petition for Review on Certiorari filed in compliance with the Supreme Court’s Resolution dated January 30, 2018 and required the PCC to file a Consolidated Reply to the comments within ten days from notice. The PCC’s Urgent Omnibus Motion for: (1) Partial Reconsideration of the Resolution dated
April 24, 2018; and (2) Additional Time dated June 11, 2018 was received by PLDT, through counsel, on June 20, 2018.

PCC filed its Consolidated Reply Ad Cautelam dated July 16, 2018, which was received on July 19, 2018. On July 26, 2018, PLDT received a Resolution dated June 19, 2018 where the Supreme Court resolved to grant PLDT’s Motion for Leave to File and Admit the Attached Comment, and PCC’s Motion for Extension to file a Comment/Opposition on/to PLDT’s Motion for Leave to File and Admit the Attached Comment.

PLDT received a Resolution dated July 3, 2018 where the Supreme Court resolved to deny the PCC’s motion to reconsider the Resolution dated April 24, 2018 and grant its motion for extension of time to file its reply to PLDT’s and Globe’s Comments on August 14, 2018, with a warning that no further extension will be given. On August 16, 2018, PLDT received a Resolution dated June 5, 2018 where the Supreme Court noted without action the Motion to Expunge by PCC in view of the Resolution dated April 24, 2018 granting the motion for extension of time to file a comment on the petition in
G.R. No. 234969.

PLDT received a Resolution dated August 7, 2018 where the Supreme Court noted the PCC’s Consolidated Reply Ad Cautelam on October 4, 2018.

PLDT received a Resolution dated March 3, 2020 requiring petitioners in G.R. No. 242352 (Atty. Joseph Lemuel Baligod Baquiran and Ferdinand C. Tecson v. NTC, et al.,) to file a Consolidated Reply to the comments on the petition within
10 days from notice on July 2, 2020.

PLDT received a Resolution dated June 30, 2020 where the Supreme Court resolved to Await the Consolidated Reply of the petitioners in G.R. No. 242352 as required in the resolution dated March 3, 2020, on September 2, 2020.

PLDT received a Resolution of the Supreme Court dated October 6, 2020 which granted the motions filed by the petitioners in G.R. No. 242352 to extend the filing of the Consolidated Reply until September 29, 2020, on November 16, 2020.

On February 8, 2021, PLDT received a Resolution where the Supreme Court noted the Consolidated Reply dated
September 29, 2020 filed by the Petitioners in G.R. 242352.

The consolidated petitions remain pending as of the date of this report.

Individually immaterial associates and joint ventures

As at December 31, 2024 and 2023, following are the carrying values of individually immaterial associates and joint ventures:

|  | 2024 |  |  | 2023 |
|  | (in million pesos) |
Individually immaterial associates: |  |  |  |  |  |
Radius |  |  | 2,123 |  |  |  | — |
Kayana |  |  | 853 |  |  |  | — |
Appcard, Inc. |  |  | 88 |  |  |  | 108 |
PG1 |  |  | — |  |  |  | — |
AF Payments, Inc. |  |  | — |  |  |  | — |
|  |  | 3,064 |  |  |  | 108 |
Individually immaterial joint ventures: |  |  |  |  |  |
DFTI |  |  | 66 |  |  |  | — |
Telecommunications Connectivity, Inc. |  |  | 42 |  |  |  | 41 |
PFC/VFC |  |  | — |  |  |  | — |
|  |  | 108 |  |  |  | 41 |
Total individually immaterial associates and joint ventures |  |  | 3,172 |  |  |  | 149 |

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The summarized financial information of individually immaterial associates and joint ventures as at December 31, 2024 and 2023, and for the years ended December 31, 2024, 2023 and 2022 is shown below:

|  | 2024 |  |  | 2023 |
|  | (in million pesos) |
Statements of Financial Position: |  |  |  |  |  |
Noncurrent assets |  |  | 12,994 |  |  |  | 4,928 |
Current assets |  |  | 2,511 |  |  |  | 658 |
Noncurrent liabilities |  |  | 3,625 |  |  |  | 4,919 |
Current liabilities |  |  | 4,829 |  |  |  | 1,415 |
Equity |  |  | 7,051 |  |  |  | (748 | )
Additional Information: |  |  |  |  |  |
Cash and cash equivalents |  |  | 1,065 |  |  |  | 335 |
Current financial liabilities |  |  | 2,824 |  |  |  | 86 |
Noncurrent financial liabilities |  |  | 3,020 |  |  |  | 1,716 |

|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | (in million pesos) |
Income Statements: |  |  |  |  |  |  |  |  |
Revenues |  |  | 3,702 |  |  |  | 935 |  |  |  | 834 |
Depreciation and amortization |  |  | 1,123 |  |  |  | 303 |  |  |  | 177 |
Interest income |  |  | 30 |  |  |  | 5 |  |  |  | — |
Other comprehensive income |  |  | 145 |  |  |  | 8 |  |  |  | — |
Provision for income tax |  |  | 30 |  |  |  | 22 |  |  |  | 1 |
Net loss / Total comprehensive loss |  |  | (626 | ) |  |  | (515 | ) |  |  | (563 | )
Equity share in net income of individually immaterial associates and joint ventures |  |  | (7 | ) |  |  | (4 | ) |  |  | (8 | )

12.
Debt Instruments at Amortized Cost

As at December 31, 2024 and 2023, this account consists of:

|  | 2024 |  |  | 2023 |
|  | (in million pesos) |
Retail Treasury Bonds |  |  | 340 |  |  |  | 440 |
Fixed Rate Treasury Notes, or FXTN |  |  | 55 |  |  |  | 55 |
BDO Asean Bonds |  |  | — |  |  |  | 100 |
|  |  | 395 |  |  |  | 595 |
Less: Current portion of debt instrument at amortized cost (Note 27) |  |  | 25 |  |  |  | 200 |
Noncurrent portion of debt instrument at amortized cost (Note 27) |  |  | 370 |  |  |  | 395 |

Retail Treasury Bonds

On March 9, 2021, Smart purchased at par a three-year Retail Treasury Bond Tranche 25 with face value of Php 100 million which matured on March 9, 2024. The bond had a gross coupon rate of 2.375% payable on a quarterly basis. Interest income, net of withholding tax, recognized on this investment amounted to Php 475 thousand for the year ended
December 31, 2024 and Php 1.9 million each for the years ended December 31, 2023 and 2022. The carrying value of this investment amounted to nil and Php 100 million as at December 31, 2024 and 2023, respectively.

On December 2, 2021, PLDT and Smart purchased at par a 5.5-year Retail Treasury Bond Tranche 26 with face value of Php 300 million maturing on June 2, 2027. The bond has a gross coupon rate of 4.6250% payable on a quarterly basis. Interest income, net of withholding tax, recognized on this investment amounted to Php 11.1 million for the years ended December 31, 2024, 2023 and 2022. The carrying value of this investment amounted to Php 300 million as at
December 31, 2024 and 2023.

On March 4, 2022, PLDT and Smart purchased at par a five-year Retail Treasury Bond Tranche 27 with face value of
Php 40 million maturing on March 4, 2027. The bond has a gross coupon rate of 4.8750% payable on a quarterly basis. Interest income, net of withholding tax, recognized on this investment amounted to Php 1.6 million for the years ended December 31, 2024 and 2023 and Php 1.3 million for the year ended December 31, 2022. The carrying value of this investment amounted to Php 40 million as at December 31, 2024 and 2023.

F-76

FXTN

On June 3, 2022, Smart purchased at a discount a three-year FXTN 03-27 with face value of Php 25 million maturing on
April 7, 2025. The bond has a gross coupon rate of 4.25% payable on a semi-annual basis. Interest income, net of withholding tax, recognized on this investment amounted to Php 850 thousand each for the years ended December 31, 2024 and 2023 and Php 760 thousand for the year ended December 31, 2022. The carrying value of this investment amounted to Php 25 million as at December 31, 2024 and 2023.

On June 16, 2022, Smart purchased at a premium a seven-year FXTN 07-67 with face value of Php 10 million maturing on May 19, 2029. The bond has a gross coupon rate of 6.5% payable on a semi-annual basis. Interest income, net of withholding tax, recognized on this investment amounted to Php 520 thousand each for the years ended December 31, 2024 and 2023 and Php 361 thousand for the year ended December 31, 2022. The carrying value of this investment amounted to Php 10 million as at December 31, 2024 and 2023.

On July 7, 2022, PLDT and Smart purchased at a premium a four-year FXTN 07-62 with face value of Php 20 million maturing on February 14, 2026. The bond has a gross coupon rate of 6.25% payable on a semi-annual basis. Interest income, net of withholding tax, recognized on this investment amounted to Php 1.0 million each for the years ended December 31, 2024 and 2023 and Php 1.4 million for the year ended December 31, 2022. The carrying value of this investment amounted to Php 20 million as at December 31, 2024 and 2023.

BDO ASEAN Sustainable Bond

On January 28, 2022, PLDT and Smart purchased at par a two-year BDO Fixed Rate ASEAN Sustainability Bond Due 2024 with face value of Php 100 million which subsequently matured on January 28, 2024. The bond has a gross coupon rate of 2.90% payable on a quarterly basis. Interest income, net of withholding tax, recognized on this investment amounted to Php 83 thousand, Php 2.2 million and Php 2.1 million for the years ended December 31, 2024, 2023 and 2022, respectively. The carrying value of this investment amounted to nil and Php 100 million as at December 31, 2024 and 2023, respectively.

13.
Investment Properties

Changes in investment properties account for the years ended December 31, 2024 and 2023 are as follows:

|  | Land |  |  | Land Improvements |  |  | Building |  |  | Total |
|  | (in million pesos) |
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |
Balances at beginning of the year |  |  | 1,184 |  |  |  | 12 |  |  |  | 119 |  |  |  | 1,315 |
Net gains from fair value adjustments charged to profit or loss |  |  | 17 |  |  |  | — |  |  |  | 6 |  |  |  | 23 |
Disposals during the year |  |  | (14 | ) |  |  | — |  |  |  | — |  |  |  | (14 | )
Transfers from property and equipment - net |  |  | 1,695 |  |  |  | — |  |  |  | (19 | ) |  |  | 1,676 |
Balances at end of the year |  |  | 2,882 |  |  |  | 12 |  |  |  | 106 |  |  |  | 3,000 |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |
Balances at beginning of the year |  |  | 858 |  |  |  | 2 |  |  |  | 155 |  |  |  | 1,015 |
Net gains (losses) from fair value adjustments charged to profit or loss |  |  | 58 |  |  |  | 8 |  |  |  | (36 | ) |  |  | 30 |
Transfers from property and equipment |  |  | 363 |  |  |  | 2 |  |  |  | 2 |  |  |  | 367 |
Disposals during the year |  |  | (95 | ) |  |  | — |  |  |  | (2 | ) |  |  | (97 | )
Balances at end of the year |  |  | 1,184 |  |  |  | 12 |  |  |  | 119 |  |  |  | 1,315 |

Investment properties, which consist of land, land improvements and building, are stated at fair values, which have been determined based on appraisal performed by an independent firm of appraisers, an industry specialist in valuing these types of investment properties.

The valuation for land was based on a market approach valuation technique using price per square meter. The valuation for building and land improvements was based on a cost approach valuation technique using current material and labor costs for improvements based on external and independent reviewers.

F-77

We have determined that the highest and best use of some of the idle or vacant land properties at the measurement date would be to convert the properties for residential or commercial development. The properties are not being used for strategic reasons.

We have no restrictions on the realizability of our investment properties and no contractual obligations to either purchase, construct or develop investment properties or for repairs, maintenance and enhancements.

Repairs and maintenance expenses related to investment properties that do not generate rental income amounted to Php 122 million, Php 129 million and Php 93 million for the years ended December 31, 2024, 2023 and 2022, respectively.

Rental income relating to investment properties that are being leased and included as part of revenues amounted to Php 59 million, Php 57 million and Php 51 million for the years ended December 31, 2024, 2023 and 2022, respectively. See Note 10 – Leases.

The above investment properties were categorized under Level 2 and Level 3 of the fair value hierarchy. There were no transfers in and out of Level 2 and Level 3 of the fair value hierarchy.

Significant increases or decreases in price per square meter for land, current material and labor costs of improvements would result in a significantly higher or lower fair value measurement.

F-78

14.
Goodwill and Intangible Assets

Changes in goodwill and intangible assets account for the years ended December 31, 2024 and 2023 are as follows:

| Intangible Assets with |  | Intangible Assets with Finite Life |  | Total Intangible Assets with |  | Total |  |  |  | Total Goodwill and |
| Indefinite Life |  | Trademark |  | Franchise |  | Licenses |  | Customer List |  | Spectrum |  | Others |  | Finite Life |  | Intangible Assets |  | Goodwill |  | Intangible Assets |
|  |  | (in million pesos) |
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Costs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balances at beginning of the year |  | 220 |  |  | 4,561 |  |  | 3,017 |  |  | 135 |  |  | 4,703 |  |  | 1,205 |  |  | 1,321 |  |  | 14,942 |  |  | 15,162 |  |  | 63,595 |  |  | 78,757 |
Additions during the year |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 366 |  |  | 366 |  |  | 366 |  |  | — |  |  | 366 |
Translation and other adjustments |  | — |  |  | 4 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2 |  |  | 6 |  |  | 6 |  |  | — |  |  | 6 |
Balances at end of the year |  | 220 |  |  | 4,565 |  |  | 3,017 |  |  | 135 |  |  | 4,703 |  |  | 1,205 |  |  | 1,689 |  |  | 15,314 |  |  | 15,534 |  |  | 63,595 |  |  | 79,129 |
Accumulated amortization and impairment: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balances at beginning of the year |  | — |  |  | 4,561 |  |  | 2,265 |  |  | 135 |  |  | 4,703 |  |  | 1,205 |  |  | 899 |  |  | 13,768 |  |  | 13,768 |  |  | 654 |  |  | 14,422 |
Amortization during the year |  | — |  |  | — |  |  | 186 |  |  | — |  |  | — |  |  | — |  |  | 54 |  |  | 240 |  |  | 240 |  |  | — |  |  | 240 |
Translation and other adjustments |  | — |  |  | 4 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1 | ) |  | 3 |  |  | 3 |  |  | — |  |  | 3 |
Balances at end of the year |  | — |  |  | 4,565 |  |  | 2,451 |  |  | 135 |  |  | 4,703 |  |  | 1,205 |  |  | 952 |  |  | 14,011 |  |  | 14,011 |  |  | 654 |  |  | 14,665 |
Net balances at end of the year |  | 220 |  |  | — |  |  | 566 |  |  | — |  |  | — |  |  | — |  |  | 737 |  |  | 1,303 |  |  | 1,523 |  |  | 62,941 |  |  | 64,464 |
Estimated useful lives (in years) |  | — |  |  | — |  |  | 16 |  |  | — |  |  | — |  |  | — |  | 5-10 |  |  | — |  |  | — |  |  | — |  |  | — |
Remaining useful lives (in years) |  | — |  |  | — |  |  | 3 |  |  | — |  |  | — |  |  | — |  | 3-10 |  |  | — |  |  | — |  |  | — |  |  | — |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Costs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balances at beginning of the year |  | 220 |  |  | 4,505 |  |  | 3,016 |  |  | 135 |  |  | 4,703 |  |  | 1,205 |  |  | 1,320 |  |  | 14,884 |  |  | 15,104 |  |  | 63,595 |  |  | 78,699 |
Translation and other adjustments |  | — |  |  | 56 |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | 58 |  |  | 58 |  |  | — |  |  | 58 |
Balances at end of the year |  | 220 |  |  | 4,561 |  |  | 3,017 |  |  | 135 |  |  | 4,703 |  |  | 1,205 |  |  | 1,321 |  |  | 14,942 |  |  | 15,162 |  |  | 63,595 |  |  | 78,757 |
Accumulated amortization and impairment: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balances at beginning of the year |  | — |  |  | 4,505 |  |  | 2,078 |  |  | 135 |  |  | 4,703 |  |  | 1,205 |  |  | 870 |  |  | 13,496 |  |  | 13,496 |  |  | 654 |  |  | 14,150 |
Amortization during the year |  | — |  |  | — |  |  | 186 |  |  | — |  |  | — |  |  | — |  |  | 35 |  |  | 221 |  |  | 221 |  |  | — |  |  | 221 |
Translation and other adjustments |  | — |  |  | 56 |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | (6 | ) |  | 51 |  |  | 51 |  |  | — |  |  | 51 |
Balances at end of the year |  | — |  |  | 4,561 |  |  | 2,265 |  |  | 135 |  |  | 4,703 |  |  | 1,205 |  |  | 899 |  |  | 13,768 |  |  | 13,768 |  |  | 654 |  |  | 14,422 |
Net balances at end of the year |  | 220 |  |  | — |  |  | 752 |  |  | — |  |  | — |  |  | — |  |  | 422 |  |  | 1,174 |  |  | 1,394 |  |  | 62,941 |  |  | 64,335 |
Estimated useful lives (in years) |  | — |  |  | — |  |  | 16 |  |  | — |  |  | — |  |  | — |  | 5-10 |  |  | — |  |  | — |  |  | — |  |  | — |
Remaining useful lives (in years) |  | — |  |  | — |  |  | 4 |  |  | — |  |  | — |  |  | — |  | 3-8 |  |  | — |  |  | — |  |  | — |  |  | — |

F-79

The consolidated goodwill and intangible assets of our reportable segments as at December 31, 2024 and 2023 are as follows:

|  | 2024 |  |  | 2023 |
|  | Wireless |  |  | Fixed Line |  |  | Total |  |  | Wireless |  |  | Fixed Line |  |  | Total |
|  | (in million pesos) |
Franchise |  |  | 566 |  |  |  | — |  |  |  | 566 |  |  |  | 752 |  |  |  | — |  |  |  | 752 |
Customer list with indefinite life |  |  | — |  |  |  | 220 |  |  |  | 220 |  |  |  | — |  |  |  | 220 |  |  |  | 220 |
Others |  |  | — |  |  |  | 737 |  |  |  | 737 |  |  |  | — |  |  |  | 422 |  |  |  | 422 |
Total intangible assets |  |  | 566 |  |  |  | 957 |  |  |  | 1,523 |  |  |  | 752 |  |  |  | 642 |  |  |  | 1,394 |
Goodwill |  |  | 56,571 |  |  |  | 6,370 |  |  |  | 62,941 |  |  |  | 56,571 |  |  |  | 6,370 |  |  |  | 62,941 |
Total goodwill and intangible assets |  |  | 57,137 |  |  |  | 7,327 |  |  |  | 64,464 |  |  |  | 57,323 |  |  |  | 7,012 |  |  |  | 64,335 |

The consolidated future amortization of intangible assets as at December 31, 2024 are as follows:

Year |  | (in million pesos) |
2025 |  |  | 261 |
2026 |  |  | 261 |
2027 |  |  | 255 |
2028 |  |  | 76 |
2029 |  |  | 70 |
2030 and onwards |  |  | 380 |
|  |  | 1,303 |

Impairment Testing of Goodwill

The organizational structure of PLDT and its subsidiaries is designed to monitor financial operations based on fixed line and wireless segmentation. Management provides guidelines and decisions on resource allocation, such as continuing or disposing of asset and operations by evaluating the performance of each segment through review and analysis of available financial information on the fixed line and wireless segments. As at December 31, 2024, the PLDT Group’s goodwill comprised of goodwill resulting from PGIH’s acquisition of Multisys in 2022, ePLDT’s acquisition of IPCDSI in 2012, PLDT’s acquisition of Digitel in 2011, ePLDT’s acquisition of ePDS in 2011, Smart’s acquisition of PDSI and Chikka in 2009, SBI’s acquisition of Airborne Access Corporation in 2008, and Smart’s acquisition of SBI in 2004.

Although revenue streams may be segregated among the companies within the PLDT Group, cash inflows are not considered coming from independent group of assets on a per Company basis due largely to the significant portion of shared and commonly used network/platform that generates related revenue. On the other hand, PLDT has the largest fixed line network in the Philippines. PLDT’s transport facilities are installed nationwide to cover both domestic and international IP backbone to route and transmit IP traffic generated by the customers. In the same manner, PLDT has the most Internet Gateway facilities which are composed of high-capacity IP routers and switches that serve as the main gateway of the Philippines to the Internet connecting to the World Wide Web. With PLDT’s network coverage, other fixed line subsidiaries share the same facilities to leverage from a Group perspective.

Because of the significant common use of network facilities among fixed line and wireless companies within the Group, management deems that the Wireless and Fixed Line units are the lowest CGUs to which goodwill is to be allocated and tested for impairment given that the Fixed Line and Wireless operations generate cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

The recoverable amount of the Wireless and Fixed Line CGUs have been determined using the value- in-use approach calculated using cash flow projections based on the financial budgets approved by the Board of Directors. The post-tax discount rates applied to cash flow projections are 9.01% for the Wireless and Fixed Line CGUs. Cash flows beyond the projection period of three years are determined using a 2.40% growth rate for the Wireless and Fixed Line CGUs, which is the same as the long-term average growth rate for the telecommunications industry. Other key assumptions used in the cash flow projections include revenue growth rate and capital expenditures.

Based on the assessment of the VIU of the Wireless and Fixed Line CGUs, the recoverable amount of the Wireless and Fixed Line CGUs exceeded their carrying amounts. Hence, no impairment was recognized in relation to goodwill as at December 31, 2024 and 2023.

F-80

15.
Cash and Cash Equivalents

As at December 31, 2024 and 2023, this account consists of:

|  | 2024 |  |  | 2023 |
|  | (in million pesos) |
Cash and cash equivalents |  |  |  |  |  |
Cash on hand and in banks (Note 27) |  |  | 8,547 |  |  |  | 9,993 |
Temporary cash investments (Note 27) |  |  | 1,464 |  |  |  | 6,184 |
Total |  |  | 10,011 |  |  |  | 16,177 |

Cash in banks earn interest at prevailing bank deposit rates. Temporary cash investments are made for varying periods of up to three months depending on our immediate cash requirements and earn interest at the prevailing temporary cash investment rates. Due to the short-term nature of such transactions, the carrying value approximates the fair value of our temporary cash investments. See Note 27 – Financial Assets and Liabilities.

Interest income earned from cash in banks and temporary cash investments amounted to Php 267 million, Php 469 million and Php 255 million for the years ended December 31, 2024, 2023 and 2022, respectively. See Note 5 – Income and Expenses.

F-81

16. Trade and Other Receivables

As at December 31, 2024 and 2023, this account consists of receivables from:

|  | 2024 |  |  | 2023 |
|  | (in million pesos) |
Corporate subscribers (Note 27) |  |  | 20,936 |  |  |  | 15,934 |
Retail subscribers (Note 27) |  |  | 17,516 |  |  |  | 19,894 |
Foreign administrations (Note 27) |  |  | 1,254 |  |  |  | 1,250 |
Domestic carriers (Note 27) |  |  | 256 |  |  |  | 188 |
Dealers, agents and others (Note 27) |  |  | 8,846 |  |  |  | 6,035 |
|  |  | 48,808 |  |  |  | 43,301 |
Less: Allowance for expected credit losses |  |  | 17,196 |  |  |  | 17,215 |
|  |  | 31,612 |  |  |  | 26,086 |

Trade and other receivables are noninterest-bearing and generally have settlement terms of 30 to 180 days.

Receivables from foreign administrations and domestic carriers represent receivables based on interconnection agreements with other telecommunications carriers. The aforementioned amounts of receivable are shown net of related payables to the same telecommunications carriers where a legal right of offset exists and settlement is facilitated on a net basis.

Receivables from dealers, agents and others consist mainly of receivables from credit card companies, dealers and distributors having collection arrangements with the PLDT Group, dividend receivables and advances to affiliates.

For terms and conditions relating to related party receivables, see Note 24 – Related Party Transactions.

See Note 27 – Financial Assets and Liabilities on credit risk of trade receivables to understand how we manage and measure credit quality of trade receivables that are neither past due nor impaired.

F-82

The following table explains the changes in the allowance for expected credit losses as at December 31, 2024 and 2023:

| Retail Subscribers |  |  | Corporate Subscribers |  |  | Foreign Administrations |  |  | Domestic Carriers |  |  | Dealers, Agents and Others |  |  | Total |  |  |
| Stage 2 |  | Stage 3 |  |  | Stage 2 |  | Stage 3 |  |  | Stage 2 |  | Stage 3 |  |  | Stage 2 |  | Stage 3 |  |  | Stage 2 |  | Stage 3 |  |  | Stage 2 |  | Stage 3 |  |  |
| Lifetime ECL |  |  | Lifetime ECL |  |  | Lifetime ECL |  |  | Lifetime ECL |  |  | Lifetime ECL |  |  | Lifetime ECL |  | Total |
| (in million pesos) |
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balances at beginning of the year |  | 1,448 |  |  | 8,250 |  |  |  | 2,126 |  |  | 3,820 |  |  |  | 8 |  |  | 116 |  |  |  | — |  |  | 1 |  |  |  | 608 |  |  | 838 |  |  |  | 4,190 |  |  | 13,025 |  |  | 17,215 |
Provisions |  | (484 | ) |  | 3,537 |  |  |  | 322 |  |  | 472 |  |  |  | 6 |  |  | — |  |  |  | — |  |  | — |  |  |  | 13 |  |  | 9 |  |  |  | (143 | ) |  | 4,018 |  |  | 3,875 |
Translation adjustments |  | — |  |  | — |  |  |  | 21 |  |  | 2 |  |  |  | — |  |  | — |  |  |  | — |  |  | — |  |  |  | — |  |  | — |  |  |  | 21 |  |  | 2 |  |  | 23 |
Write-offs |  | — |  |  | (2,975 | ) |  |  | — |  |  | (916 | ) |  |  | — |  |  | (1 | ) |  |  | — |  |  | — |  |  |  | — |  |  | — |  |  |  | — |  |  | (3,892 | ) |  | (3,892 | )
Reclassifications and reversals |  | (388 | ) |  | 436 |  |  |  | (69 | ) |  | 135 |  |  |  | — |  |  | (52 | ) |  |  | — |  |  | (1 | ) |  |  | (15 | ) |  | (113 | ) |  |  | (472 | ) |  | 405 |  |  | (67 | )
Others |  | — |  |  | 42 |  |  |  | — |  |  | — |  |  |  | — |  |  | — |  |  |  | — |  |  | — |  |  |  | — |  |  | — |  |  |  | - |  |  | 42 |  |  | 42 |
Balances at end of the year |  | 576 |  |  | 9,290 |  |  |  | 2,400 |  |  | 3,513 |  |  |  | 14 |  |  | 63 |  |  |  | — |  |  | — |  |  |  | 606 |  |  | 734 |  |  |  | 3,596 |  |  | 13,600 |  |  | 17,196 |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balances at beginning of the year |  | 1,866 |  |  | 5,023 |  |  |  | 1,717 |  |  | 3,382 |  |  |  | 1 |  |  | 133 |  |  |  | — |  |  | 1 |  |  |  | 652 |  |  | 886 |  |  |  | 4,236 |  |  | 9,425 |  |  | 13,661 |
Provisions from continuing operations |  | (394 | ) |  | 3,716 |  |  |  | 335 |  |  | 451 |  |  |  | — |  |  | (4 | ) |  |  | — |  |  | — |  |  |  | 10 |  |  | 5 |  |  |  | (49 | ) |  | 4,168 |  |  | 4,119 |
Provisions from discontinued operations |  | — |  |  | — |  |  |  | 4 |  |  | — |  |  |  | — |  |  | — |  |  |  | — |  |  | — |  |  |  | — |  |  | — |  |  |  | 4 |  |  | — |  |  | 4 |
Translation adjustments |  | — |  |  | — |  |  |  | (3 | ) |  | (1 | ) |  |  | — |  |  | — |  |  |  | — |  |  | — |  |  |  | — |  |  | — |  |  |  | (3 | ) |  | (1 | ) |  | (4 | )
Write-offs |  | — |  |  | (506 | ) |  |  | — |  |  | — |  |  |  | — |  |  | — |  |  |  | — |  |  | — |  |  |  | — |  |  | — |  |  |  | — |  |  | (506 | ) |  | (506 | )
Reclassifications and reversals |  | (24 | ) |  | 17 |  |  |  | 73 |  |  | (12 | ) |  |  | 7 |  |  | (13 | ) |  |  | — |  |  | — |  |  |  | (54 | ) |  | (53 | ) |  |  | 2 |  |  | (61 | ) |  | (59 | )
Balances at end of the year |  | 1,448 |  |  | 8,250 |  |  |  | 2,126 |  |  | 3,820 |  |  |  | 8 |  |  | 116 |  |  |  | — |  |  | 1 |  |  |  | 608 |  |  | 838 |  |  |  | 4,190 |  |  | 13,025 |  |  | 17,215 |

The significant changes in the balances of trade and other receivables and contract assets are disclosed in Note 5 – Income and Expenses, while the information about the credit exposures are disclosed in Note 27 – Financial Assets and Liabilities.

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17.
Inventories and Supplies

As at December 31, 2024 and 2023, this account consists of:

|  | 2024 |  |  | 2023 |
|  | (in million pesos) |
Cost |  |  |  |  |  |
Commercial |  |  | 2,486 |  |  |  | 2,053 |
Network |  |  | 1,945 |  |  |  | 1,971 |
Others |  |  | 384 |  |  |  | 928 |
Total |  |  | 4,815 |  |  |  | 4,952 |
Allowance for inventory obsolescence and write-down |  |  |  |  |  |
Commercial |  |  | 228 |  |  |  | 306 |
Network |  |  | 1,180 |  |  |  | 1,020 |
Others |  |  | 101 |  |  |  | 286 |
Total |  |  | 1,509 |  |  |  | 1,612 |
Net realizable value |  |  |  |  |  |
Commercial |  |  | 2,258 |  |  |  | 1,747 |
Network |  |  | 765 |  |  |  | 951 |
Others |  |  | 283 |  |  |  | 642 |
Total |  |  | 3,306 |  |  |  | 3,340 |

The cost of inventories and supplies recognized as expense for the years ended December 31, 2024, 2023 and 2022 are as follows:

|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | (in million pesos) |
Cost of sales |  |  | 9,904 |  |  |  | 11,912 |  |  |  | 11,287 |
Repairs and maintenance |  |  | 407 |  |  |  | 734 |  |  |  | 986 |
Provision for inventory obsolescence |  |  | 196 |  |  |  | 89 |  |  |  | 408 |
Selling and promotions |  |  | — |  |  |  | — |  |  |  | 4 |
|  |  | 10,507 |  |  |  | 12,735 |  |  |  | 12,685 |

Changes in the allowance for inventory obsolescence and write-down for the years ended December 31, 2024 and 2023 are as follows:

|  | 2024 |  |  | 2023 |
|  | (in million pesos) |
Balances at beginning of the year |  |  | 1,612 |  |  |  | 2,218 |
Provisions (Note 5) |  |  | 196 |  |  |  | 89 |
Reversals |  |  | (38 | ) |  |  | (252 | )
Disposals and other adjustments |  |  | (85 | ) |  |  | (59 | )
Cost of sales |  |  | (176 | ) |  |  | (384 | )
Balances at end of the year |  |  | 1,509 |  |  |  | 1,612 |

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18.
Prepayments and Other Non-Financial Assets

As at December 31, 2024 and 2023, this account consists of:

|  | 2024 |  |  | 2023 |
|  | (in million pesos) |
Advances to suppliers and contractors |  |  | 29,486 |  |  |  | 47,706 |
Subscriber contract costs |  |  | 28,817 |  |  |  | 28,926 |
Prepaid taxes |  |  | 6,968 |  |  |  | 11,914 |
Prepaid fees and licenses |  |  | 2,084 |  |  |  | 2,022 |
Prepaid benefit costs (Note 25) |  |  | 975 |  |  |  | 917 |
Prepaid repairs and maintenance |  |  | 862 |  |  |  | 455 |
Prepaid rent |  |  | 371 |  |  |  | 399 |
Prepaid insurance |  |  | 144 |  |  |  | 150 |
Other prepayments |  |  | 1,168 |  |  |  | 518 |
Other non-financial assets |  |  | 1,029 |  |  |  | 573 |
|  |  | 71,904 |  |  |  | 93,580 |
Less current portion of prepayments and other nonfinancial assets |  |  | 9,975 |  |  |  | 13,215 |
Noncurrent portion of prepayments and other nonfinancial assets |  |  | 61,929 |  |  |  | 80,365 |

Advances to suppliers and contractors are non-interest bearing and are to be applied to contractors’ subsequent progress billings for projects.

Subscriber contract costs consist of the cost to obtain and cost to fulfill a contract with subscribers. Cost to obtain amounted to Php 4,448 million and Php 4,456 million as at December 31, 2024 and 2023, respectively. Amortization of cost to obtain presented under selling and promotions amounted to Php 1,204 million, Php 3,147 million and Php 980 million for the years ended December 31, 2024,2023 and 2022, respectively. Costs to fulfill amounted to Php 24,369 million and Php 24,470 million as at December 31, 2024 and 2023, respectively. Amortization of cost to fulfill, which is presented under depreciation and amortization in the consolidated income statement, amounted to Php 7,449 million and Php 11,789 million for the years ended December 31, 2024 and 2023, respectively.

Prepaid taxes include creditable withholding taxes and input VAT.

Prepaid fees and licenses include advance payments for NTC license fees and unexpired portion of fees paid to the NTC.

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19.
Equity

PLDT’s number of shares of subscribed and outstanding capital stock as at December 31, 2024 and 2023 are as follows:

|  | 2024 |  |  | 2023 |
|  | (in millions) |
Authorized |  |  |  |  |  |
Non-Voting Serial Preferred Stock |  |  | 388 |  |  |  | 388 |
Voting Preferred Stock |  |  | 150 |  |  |  | 150 |
Common Stock |  |  | 234 |  |  |  | 234 |
Subscribed |  |  |  |  |  |
Non-Voting Serial Preferred Stock(1) |  |  | 300 |  |  |  | 300 |
Voting Preferred Stock |  |  | 150 |  |  |  | 150 |
Common Stock |  |  | 219 |  |  |  | 219 |
Outstanding |  |  |  |  |  |
Non-Voting Serial Preferred Stock(1) |  |  | 300 |  |  |  | 300 |
Voting Preferred Stock |  |  | 150 |  |  |  | 150 |
Common Stock |  |  | 216 |  |  |  | 216 |
Treasury Stock |  |  |  |  |  |
Common Stock |  |  | 3 |  |  |  | 3 |

(1) 300 million shares of Series IV Cumulative Non-Convertible Redeemable Preferred Stock subscribed for Php 3 billion, of which Php 360 million has
been paid.

There were no changes in PLDT’s capital account for the years ended December 31, 2024 and 2023.

Preferred Stock

Non-Voting Serial Preferred Stock

On November 5, 2013, the Board of Directors designated 50,000 shares of Non-Voting Serial Preferred Stock as Series JJ 10% Cumulative Convertible Preferred Stock to be issued from January 1, 2013 to December 31, 2015, pursuant to the PLDT Subscriber Investment Plan, or SIP. On June 8, 2015, PLDT issued 870 shares of Series JJ 10% Cumulative Convertible Preferred Stock.

On January 26, 2016, the Board of Directors designated 20,000 shares of Non-Voting Serial Preferred Stock as Series KK 10% Cumulative Convertible Preferred Stock to be issued from January 1, 2016 to December 31, 2020, pursuant to the SIP.

The Series JJ and KK 10% Cumulative Convertible Preferred Stock, or SIP shares, earn cumulative dividends at an annual rate of 10%. After the lapse of one year from the last day of the year of issuance of a particular Series of 10% Cumulative Convertible Preferred Stock, any holder of such series may convert all or any of the shares of 10% Cumulative Convertible Preferred Stock held by him into fully paid and non-assessable shares of Common Stock of PLDT, at a conversion price equivalent to 10% below the average of the high and low daily sales price of a share of Common Stock of PLDT on the PSE, or if there have been no such sales on the PSE on any day, the average of the bid and the ask prices of a share of Common Stock of PLDT at the end of such day on such Exchange, in each case averaged over a period of 30 consecutive trading days prior to the conversion date, but in no case shall the conversion price be less than the par value per share of Common Stock. The number of shares of Common Stock issuable at any time upon conversion of 10% Cumulative Convertible Preferred Stock is determined by dividing Php 10.00 by the then applicable conversion price.

In case the shares of Common Stock outstanding are at any time subdivided into a greater or consolidated into a lesser number of shares, then the minimum conversion price per share of Common Stock will be proportionately decreased or increased, as the case may be, and in the case of a stock dividend, such price will be proportionately decreased, provided, however, that in every case the minimum conversion price shall not be less than the par value per share of Common Stock. In the event the relevant effective date for any such subdivision or consolidation of shares of stock dividend occurs during the period of 30 trading days preceding the presentation of any shares of 10% Cumulative Convertible Preferred Stock for conversion, a similar adjustment will be made in the sales prices applicable to the trading days prior to such effective date utilized in calculating the conversion price of the shares presented for conversion.

In case of any other reclassification or change of outstanding shares of Common Stock, or in case of any consolidation or merger of PLDT with or into another corporation, the Board of Directors shall make such provisions, if any, for adjustment of the minimum conversion price and the sale price utilized in calculating the conversion price as the Board of Directors, in its sole discretion, shall deem appropriate.

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At PLDT’s option, the Series JJ and KK 10% Cumulative Convertible Preferred Stock are redeemable at par value plus accrued dividends five years after the year of issuance.

The Series IV Cumulative Non-Convertible Redeemable Preferred Stock earns cumulative dividends at an annual rate of 13.5% based on the paid-up subscription price. It is redeemable at the option of PLDT at any time one year after subscription and at the actual amount paid for such stock, plus accrued dividends.

The Non-Voting Serial Preferred Stocks are non-voting, except as specifically provided by law, and are preferred as to liquidation.

All preferred stocks limit the ability of PLDT to pay cash dividends unless all dividends on such preferred stock for all past dividend payment periods have been paid and or declared and set apart and provision has been made for the currently payable dividends.

Voting Preferred Stock

On June 5, 2012, the Philippine SEC approved the amendments to the Seventh Article of PLDT’s Articles of Incorporation consisting of the sub-classification of its authorized Preferred Capital Stock into: 150 million shares of Voting Preferred Stock with a par value of Php 1.00 each, and 807.5 million shares of Non-Voting Serial Preferred Stock with a par value of Php 10.00 each, and other conforming amendments, or the Amendments. The shares of Voting Preferred Stock may be issued, owned, or transferred only to or by: (a) a citizen of the Philippines or a domestic partnership or association wholly-owned by citizens of the Philippines; (b) a corporation organized under the laws of the Philippines of which at least 60% of the capital stock entitled to vote is owned and held by citizens of the Philippines and at least 60% of the board of directors of such corporation are citizens of the Philippines; and (c) a trustee of funds for pension or other employee retirement or separation benefits, where the trustee qualifies under paragraphs (a) and (b) above and at least 60% of the funds accrue to the benefit of citizens of the Philippines, or Qualified Owners. The holders of Voting Preferred Stock will have voting rights at any meeting of the stockholders of PLDT for the election of directors and for all other purposes, with one vote in respect of each share of Voting Preferred Stock. The Amendments were approved by the Board of Directors and stockholders of PLDT on July 5, 2011 and March 22, 2012, respectively.

On October 12, 2012, the Board of Directors, pursuant to the authority granted to it in the Seventh Article of PLDT’s Articles of Incorporation, determined the following specific rights, terms and features of the Voting Preferred Stock: (a) entitled to receive cash dividends at the rate of 6.5% per annum, payable before any dividends are paid to the holders of Common Stock; (b) in the event of dissolution or liquidation or winding up of PLDT, holders will be entitled to be paid in full, or pro-rata insofar as the assets of PLDT will permit, the par value of such shares of Voting Preferred Stock and any accrued or unpaid dividends thereon before any distribution shall be made to the holders of shares of Common Stock; (c) redeemable at the option of PLDT; (d) not convertible to Common Stock or to any shares of stock of PLDT of any class; (e) voting rights at any meeting of the stockholders of PLDT for the election of directors and all other matters to be voted upon by the stockholders in any such meetings, with one vote in respect of each Voting Preferred Share; and (f) holders will have no pre-emptive right to subscribe for or purchase any shares of stock of any class, securities or warrants issued, sold or disposed by PLDT.

On October 16, 2012, BTFHI subscribed to 150 million newly issued shares of Voting Preferred Stock of PLDT, at a subscription price of Php 1.00 per share for a total subscription price of Php 150 million pursuant to a subscription agreement between BTFHI and PLDT dated October 15, 2012. As a result of the issuance of Voting Preferred Shares, the voting power of the NTT Group (NTT DOCOMO and NTT Communications), First Pacific Group and its Philippine affiliates, and JG Summit Group was reduced to 12%, 15% and 6.65%, respectively, as at December 31, 2024. See Note 1 – Corporate Information.

Redemption of Preferred Stock

On September 23, 2011, the Board of Directors approved the redemption, or the Redemption, of all outstanding shares of PLDT’s Series A to FF 10% Cumulative Convertible Preferred Stock, or the Series A to FF Shares, from holders of record as of October 10, 2011, and all such shares were redeemed and retired effective on January 19, 2012. In accordance with the terms and conditions of the Series A to FF Shares, the holders of Series A to FF Shares as at January 19, 2012 are entitled to payment of the redemption price in an amount equal to the par value of such shares, plus accrued and unpaid dividends thereon up to January 19, 2012, or the Redemption Price of Series A to FF Shares.

PLDT set aside Php 4,029 million (the amount required to fund the redemption price for the Series A to FF Shares) in addition to Php 4,143 million for unclaimed dividends on Series A to FF Shares, or a total amount of Php 8,172 million, to fund the redemption of the Series A to FF Shares, or the Redemption Trust Fund, in a trust account, or the Trust Account, in the name of RCBC, as Trustee. Pursuant to the terms of the Trust Account, the Trustee will continue to hold the Redemption Trust Fund or any balance thereof, in trust, for the benefit of holders of Series A to FF Shares, for a period of ten years from January 19, 2012 until January 19, 2022. After the said date, any and all remaining balance in the Trust Account shall be

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returned to PLDT and revert to its general funds. Any interest on the Redemption Trust Fund shall accrue for the benefit of, and be paid from time to time, to PLDT.

On May 8, 2012, the Board of Directors approved the redemption of all outstanding shares of PLDT’s Series GG 10% Cumulative Convertible Preferred Stock, or the Series GG Shares, from the holders of record as of May 22, 2012, and all such shares were redeemed and retired effective August 30, 2012. In accordance with the terms and conditions of the Series GG Shares, the holders of the Series GG Shares as at May 22, 2012 are entitled to the payment of the redemption price in an amount equal to the par value of such shares, plus accrued and unpaid dividends thereon up to August 30, 2012, or the Redemption Price of Series GG Shares.

PLDT set aside Php 236 thousand (the amount required to fund the redemption price for the Series GG Shares) in addition to Php 74 thousand for unclaimed dividends on Series GG Shares, or a total amount of Php 310 thousand, to fund the redemption price of the Series GG Shares, or the Redemption Trust Fund for Series GG Shares, which forms an integral part of the Redemption Trust Fund previously set aside in the Trust Account with RCBC, as Trustee. Pursuant to the terms of the Trust Account, the Trustee will continue to hold the Redemption Trust Fund for Series GG Shares or any balance thereof, in trust, for the benefit of holders of Series GG Shares, for a period of ten years from August 30, 2012, or until August 30, 2022. After the said date, any and all remaining balance in the Redemption Trust Fund for Series GG Shares shall be returned to PLDT and revert to its general funds. Any interest on the Redemption Trust Fund for Series GG Shares shall accrue for the benefit of, and be paid from time to time, to PLDT.

On January 29, 2013, the Board of Directors approved the redemption of all outstanding shares of PLDT’s Series HH 10% Cumulative Convertible Preferred Stock which were issued in 2007, or the Series HH Shares issued in 2007, from the holders of record as of February 14, 2013 and all such shares were redeemed and retired effective May 16, 2013. In accordance with the terms and conditions of the Series HH Shares issued in 2007, the holders of the Series HH Shares issued in 2007 as at February 14, 2013 are entitled to the payment of the redemption price in an amount equal to the par value of such shares, plus accrued and unpaid dividends thereon up to May 16, 2013, or the Redemption Price of Series HH Shares issued in 2007.

PLDT set aside Php 24 thousand (the amount required to fund the redemption price for the Series HH Shares issued in 2007) in addition to Php 6 thousand for unclaimed dividends on Series HH Shares issued in 2007, or a total amount of Php 30 thousand, to fund the redemption price of the Series HH Shares issued in 2007, or the Redemption Trust Fund for Series HH Shares issued in 2007, which forms an integral part of the Redemption Trust Funds previously set aside in the Trust Account with RCBC, as Trustee. Pursuant to the terms of the Trust Account, the Trustee will continue to hold the Redemption Trust Fund for Series HH Shares issued in 2007 or any balance thereof, in trust, for the benefit of holders of Series HH Shares issued in 2007, for a period of ten years from May 16, 2013, or until May 16, 2023. After the said date, any and all remaining balance in the Redemption Trust Fund for Series HH Shares issued in 2007 shall be returned to PLDT and revert to its general funds. Any interest on the Redemption Trust Fund for Series HH Shares issued in 2007 shall accrue for the benefit of, and be paid from time to time, to PLDT.

On January 28, 2014, the Board of Directors approved the redemption of all outstanding shares of PLDT’s Series HH 10% Cumulative Convertible Preferred Stock which were issued in 2008, or the Series HH Shares issued in 2008, from the holders of record as of February 14, 2014 and all such shares were redeemed and retired effective May 16, 2014. In accordance with the terms and conditions of the Series HH Shares issued in 2008, the holders of the Series HH Shares issued in 2008 as at February 14, 2014 are entitled to the payment of the redemption price in an amount equal to the par value of such shares, plus accrued and unpaid dividends thereon up to May 16, 2014, or the Redemption Price of Series HH Shares issued in 2008.

PLDT set aside Php 2 thousand (the amount required to fund the redemption price of Series HH Shares issued in 2008) in addition to Php 1 thousand for unclaimed dividends on Series HH Shares issued in 2008, or a total amount of Php 3 thousand, to fund the redemption of the Series HH Shares issued in 2008, or the Redemption Trust Fund for Series HH Shares issued in 2008, which forms an integral part of the Redemption Trust Funds previously set aside in the Trust Account with RCBC, as Trustee. Pursuant to the terms of the Trust Account, the Trustee will continue to hold the Redemption Trust Fund for Series HH Shares issued in 2008 or any balance thereof, in trust, for the benefit of holders of Series HH Shares issued in 2008, for a period of ten years from May 16, 2014, or until May 16, 2024. After the said date, any and all remaining balance in the Redemption Trust Fund for Series HH Shares issued in 2008 shall be returned to PLDT and revert to its general funds. Any interests on the Redemption Trust Fund for Series HH Shares issued in 2008 shall accrue for the benefit of, and be paid from time to time, to PLDT.

On January 26, 2016, the Board of Directors approved the redemption of all outstanding shares of PLDT’s Series II 10% Cumulative Convertible Preferred Stock, or the Series II Shares, from the holder of record as of February 10, 2016, and all such shares were redeemed and retired effective May 11, 2016. In accordance with the terms and conditions of the Series II Shares, the holder of the Series II Shares as at February 10, 2016 is entitled to the payment of the redemption price in an amount equal to the par value of such shares, plus accrued and unpaid dividends thereon up to May 11, 2016, or the Redemption Price of Series II Shares.

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PLDT set aside Php 4 thousand to fund the redemption price of Series II Shares, or the Redemption Trust Fund for Series II Shares, which forms an integral part of the Redemption Trust Funds previously set aside in the Trust Account with RCBC, as Trustee. Pursuant to the terms of the Trust Account, the Trustee will continue to hold the Redemption Trust Fund for Series II Shares or any balance thereof, in trust, for the benefit of holder of Series II Shares, for a period of ten years from May 11, 2016, or until May 11, 2026. After the said date, any and all remaining balance in the Redemption Trust Fund for Series II Shares shall be returned to PLDT and revert to its general funds. Any interests on the Redemption Trust Fund for Series II Shares shall accrue for the benefit of, and be paid from time to time, to PLDT.

As at January 19, 2012, August 30, 2012, May 16, 2013, May 16, 2014 and May 11, 2016, notwithstanding that any stock certificate representing the Series A to FF Shares, Series GG Shares, Series HH Shares issued in 2007, Series HH Shares issued in 2008 and Series II Shares, respectively, were not surrendered for cancellation, the Series A to II Shares were no longer deemed outstanding and the right of the holders of such shares to receive dividends thereon ceased to accrue and all rights with respect to such shares ceased and terminated, except only the right to receive the Redemption Price of such shares, but without interest thereon.

On January 28, 2020, the Board of Directors authorized and approved, the retirement of shares of PLDT’s Series JJ 10% Cumulative Convertible Preferred Stock, or SIP Shares, effective May 12, 2020. The record date for the determination of the holders of outstanding SIP Shares available for redemption was February 11, 2020.

On January 20, 2022, RCBC returned to PLDT the remaining unclaimed balance of the Trust Account for the Series A to FF, amounting to Php 7,839 million. Due to the prescription of PLDT’s obligations to pay the trust amounts for Series A to FF, income from prescription of preferred shares redemption liability of Php 7,839 million was recognized in 2022.

PLDT has withdrawn Php 13 thousand, Php 354 thousand and Php 3 million from the Trust Account, representing total payments on redemption for the years ended December 31, 2024, 2023 and 2022, respectively. The balance of the Trust Account amounting to nil and Php 13 thousand were presented as part of “Current portion of other financial assets” and the related redemption liability were presented as part of “Accrued expenses and other current liabilities” in our consolidated statements of financial position as at December 31, 2024 and 2023, respectively. See related disclosures below under Non-controlling interests - Perpetual Notes and Note 27 – Financial Assets and Liabilities.

Common Stock/Treasury Stock

The Board of Directors approved a share buyback program of up to five million shares of PLDT’s common stock, representing approximately 3% of PLDT’s then total outstanding shares of common stock in 2008. Under the share buyback program, PLDT reacquired shares on an opportunistic basis, directly from the open market through the trading facilities of the PSE and NYSE.

As at November 2010, we had acquired a total of approximately 2.72 million shares of PLDT’s common stock at a weighted average price of Php 2,388 per share for a total consideration of Php 6,505 million in accordance with the share buyback program. There were no further buyback transactions subsequent to November 2010.

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Dividends Declared

Our dividends declared for the years ended December 31, 2024, 2023 and 2022 are detailed as follows:

December 31, 2024

|  | Date |  | Amount |
Class |  | Approved |  | Record |  | Payable |  | Per Share |  |  | Total |
|  |  |  |  |  |  |  | (in million pesos, except per share amounts) |
Cumulative Non-Convertible Redeemable Preferred Stock |  |  |  |  |  |  |  |  |  |  |  |
Series IV (1) |  | January 30, 2024 |  | February 14, 2024 |  | March 15, 2024 |  |  | — |  |  |  | 12 |
|  | May 9, 2024 |  | May 24, 2024 |  | June 15, 2024 |  |  | — |  |  |  | 13 |
|  | August 13, 2024 |  | August 28, 2024 |  | September 15, 2024 |  |  | — |  |  |  | 12 |
|  | November 12, 2024 |  | November 28, 2024 |  | December 15, 2024 |  |  | — |  |  |  | 12 |
|  |  |  |  |  |  |  |  |  |  |  | 49 |
Voting Preferred Stock |  | March 21, 2024 |  | April 5, 2024 |  | April 15, 2024 |  |  | — |  |  |  | 2 |
|  | June 11, 2024 |  | June 28, 2024 |  | July 15, 2024 |  |  | — |  |  |  | 3 |
|  | August 13, 2024 |  | September 16, 2024 |  | October 15, 2024 |  |  | — |  |  |  | 2 |
|  | December 3, 2024 |  | December 17, 2024 |  | January 15, 2025 |  |  | — |  |  |  | 3 |
|  |  |  |  |  |  |  |  |  |  |  | 10 |
Common Stock |  |  |  |  |  |  |  |  |  |  |  |
Regular Dividend |  | March 7, 2024 |  | March 21, 2024 |  | April 5, 2024 |  |  | 46.00 |  |  |  | 9,938 |
|  | August 13, 2024 |  | August 27, 2024 |  | September 11, 2024 |  |  | 50.00 |  |  |  | 10,803 |
|  |  |  |  |  |  |  |  |  |  |  | 20,741 |
Charged to retained earnings |  |  |  |  |  |  |  |  |  |  |  | 20,800 |

(1) Dividends were declared based on total amount paid up.

December 31, 2023

|  | Date |  | Amount |
Class |  | Approved |  | Record |  | Payable |  | Per Share |  |  | Total |
|  |  |  |  |  |  |  | (in million pesos, except per share amounts) |
Cumulative Non-Convertible Redeemable Preferred Stock |  |  |  |  |  |  |  |  |  |  |  |
Series IV (1) |  | January 31, 2023 |  | February 27, 2023 |  | March 15, 2023 |  |  | — |  |  |  | 12 |
|  | May 4, 2023 |  | May 19, 2023 |  | June 15, 2023 |  |  | — |  |  |  | 12 |
|  | August 3, 2023 |  | August 19, 2023 |  | September 15, 2023 |  |  | — |  |  |  | 13 |
|  | November 7, 2023 |  | November 22, 2023 |  | December 15, 2023 |  |  | — |  |  |  | 12 |
|  |  |  |  |  |  |  |  |  |  |  | 49 |
Voting Preferred Stock |  | March 2, 2023 |  | March 17, 2023 |  | April 15, 2023 |  |  | — |  |  |  | 3 |
|  | June 13, 2023 |  | June 28, 2023 |  | July 15, 2023 |  |  | — |  |  |  | 3 |
|  | August 29, 2023 |  | September 13, 2023 |  | October 15, 2023 |  |  | — |  |  |  | 2 |
|  | December 5, 2023 |  | December 22, 2023 |  | January 15, 2024 |  |  | — |  |  |  | 2 |
|  |  |  |  |  |  |  |  |  |  |  | 10 |
Common Stock |  |  |  |  |  |  |  |  |  |  |  |
Regular Dividend |  | March 23, 2023 |  | April 11, 2023 |  | April 24, 2023 |  |  | 45.00 |  |  |  | 9,722 |
|  | August 3, 2023 |  | August 17, 2023 |  | September 4, 2023 |  |  | 49.00 |  |  |  | 10,587 |
Special Dividend |  | March 23, 2023 |  | April 11, 2023 |  | April 24, 2023 |  |  | 14.00 |  |  |  | 3,025 |
|  |  |  |  |  |  |  |  |  |  |  | 23,334 |
Charged to retained earnings |  |  |  |  |  |  |  |  |  |  |  | 23,393 |

(1) Dividends were declared based on total amount paid up.

December 31, 2022

|  | Date |  | Amount |
Class |  | Approved |  | Record |  | Payable |  | Per Share |  |  | Total |
|  |  |  |  |  |  |  | (in million pesos, except per share amounts) |
Cumulative Non-Convertible Redeemable Preferred Stock |  |  |  |  |  |  |  |  |  |  |  |
Series IV (1) |  | January 25, 2022 |  | February 21, 2022 |  | March 15, 2022 |  |  | — |  |  |  | 12 |
|  | May 5, 2022 |  | May 20, 2022 |  | June 15, 2022 |  |  | — |  |  |  | 13 |
|  | August 4, 2022 |  | August 19, 2022 |  | September 15, 2022 |  |  | — |  |  |  | 12 |
|  | November 3, 2022 |  | November 18, 2022 |  | December 15, 2022 |  |  | — |  |  |  | 12 |
|  |  |  |  |  |  |  |  |  |  |  | 49 |
Voting Preferred Stock |  | March 3, 2022 |  | March 23, 2022 |  | April 15, 2022 |  |  | — |  |  |  | 2 |
|  | June 14, 2022 |  | June 30, 2022 |  | July 15, 2022 |  |  | — |  |  |  | 2 |
|  | August 24, 2022 |  | September 15, 2022 |  | October 15, 2022 |  |  | — |  |  |  | 3 |
|  | December 15, 2022 |  | December 29, 2022 |  | January 15, 2023 |  |  | — |  |  |  | 3 |
|  |  |  |  |  |  |  |  |  |  |  | 10 |
Common Stock |  |  |  |  |  |  |  |  |  |  |  |
Regular Dividend |  | March 3, 2022 |  | March 17, 2022 |  | April 4, 2022 |  |  | 42 |  |  |  | 9,075 |
|  | August 4, 2022 |  | August 18, 2022 |  | September 5, 2022 |  |  | 47 |  |  |  | 10,155 |
|  | August 4, 2022 |  | August 18, 2022 |  | September 5, 2022 |  |  | 28 |  |  |  | 6,049 |
|  |  |  |  |  |  |  |  |  |  |  | 25,279 |
Charged to retained earnings |  |  |  |  |  |  |  |  |  |  |  | 25,338 |

(1) Dividends were declared based on total amount paid up.

F-90

Our dividends declared after December 31, 2024 are detailed as follows:

|  | Date |  | Amount |
Class |  | Approved |  | Record |  | Payable |  | Per Share |  |  | Total |
|  |  |  |  |  |  |  | (in million pesos, except per share amounts) |
Cumulative Non-Convertible Redeemable Preferred Stock |  |  |  |  |  |  |  |  |  |  |  |
Series IV (1) |  | January 28, 2025 |  | February 11, 2025 |  | March 15, 2025 |  |  | — |  |  |  | 12 |
Common Stock |  |  |  |  |  |  |  |  |  |  |  |
Regular Dividend |  | February 27, 2025 |  | March 13, 2025 |  | April 3, 2025 |  |  | 47 |  |  |  | 10,155 |
Charged to retained earnings |  |  |  |  |  |  |  |  |  |  |  | 10,167 |

(1) Dividends were declared based on total amount paid up.

Noncontrolling Interests – Perpetual Notes

Smart issued Php 2,610 million and Php 1,590 million perpetual notes on March 3, 2017 and March 6, 2017, respectively, under two Notes Facility Agreements dated March 1, 2017 and March 2, 2017, respectively. The transaction costs amounting to Php 34 million were accounted for as a deduction from the perpetual notes. Smart paid distributions amounting to Php 59 million as at December 31, 2024 and Php 236 million each as at December 31, 2023 and 2022. The notes are subordinated to and rank junior to all senior loans of Smart. In accordance with IAS 32, Financial Instruments: Presentation, the notes are classified as part of Smart’s equity and recorded as noncontrolling interests in PLDT’s consolidated financial statements.

Proceeds from the issuance of these notes were used to finance capital expenditures. The notes have no fixed redemption dates. On March 3, 2024 and March 6, 2024, Smart fully redeemed its Perpetual Notes amounting to Php 2,610 million and Php 1,590 million, respectively.

Retained Earnings Available for Dividend Declaration

The following table shows the reconciliation of our consolidated retained earnings available for dividend declaration as at December 31, 2024:

|  | (in million pesos) |
Consolidated Unappropriated Retained Earnings as of December 31, 2023 |  |  | 22,020 |
Effect of PAS 27 Adjustments |  |  | 7,432 |
Parent Company's unappropriated retained earnings at beginning of the year |  |  | 29,452 |
Adjustments: Unrealized gains in prior years: |  |  |
Fair value adjustments of investment property resulting to gain |  |  | (6,626 | )
DTA |  |  | (2,196 | )
Unrealized foreign exchange gains – net (except those attributable to cash and cash equivalents) |  |  | (2,590 | )
Fair value adjustments (mark-to-market gains) |  |  | (1,385 | )
Parent Company's unappropriated retained earnings available for dividends as at January 1, 2024 |  | 16,655 |
Add: Net income actually earned/realized during the year |  |
Parent Company’s net income for the year |  |  |  | 26,654 |
Less: Non-actual/unrealized income - net of tax |  |  |
Fair value adjustments (mark-to-market gains) |  |  | (2,070 | )
|  |  | 24,584 |
Less: Cash dividends declared during the year |  |  |
Preferred stock |  |  | (59 | )
Common stock |  |  | (20,741 | )
|  |  | (20,800 | )
Parent Company's unappropriated retained earnings available for dividends as at December 31, 2024 |  |  | 20,439 |

As at December 31, 2024, our consolidated unappropriated retained earnings amounted to Php 33,901 million while the Parent Company’s unappropriated retained earnings amounted to Php 35,306 million. The difference of Php 1,405 million pertains to the effect of IAS 27, Separate Financial Statements, in our investments in subsidiaries, associates and joint ventures accounted for under the equity method.

F-91

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 Php 1,989 million and Php 2,129 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.

F-92

|  |  |  |  |  |  |  | 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$600 M | 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$50 M | 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$140 M | 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 |  |  |  |  |  |  |  |  |  |  |  |  |
Php 15,000 M | 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.

F-93

|  |  |  |  |  |  | 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) |  |  |  |  |  |  |  |  |  |  |
Php 14,900 M | 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)
Php 71,300 M | 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)
Php 46,500 M | 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)
Php 18,500 M | 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)
Php 14,000 M | 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)
Php 31,970 M | 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)
Php 8,500 M | 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)
Php 41,500 M | 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)
Php 14,000 M | 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)
Php 2,000 M | 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)
Php 15,000 M | 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)
Php 2,500 M | April 2, 2020 | MUFG Bank, Ltd. | With semi-annual amortization up to 6 years | April 2, 2020 |  | 2,500 |  |  | 972 |  | (2) |  | 1,970 |  | (2)
Php 3,800 M | 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)
Php 3,000 M | 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)
Php 530 M | 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.

F-94

Green Loan and Social Loan Facilities

On March 6 and May 7, 2024, PLDT secured Php 1 billion and Php 4 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 Php 2 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 Php 6,000 million and Php 4,000 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 Php 2,000 million. In October 2022, Smart paid its outstanding short-term debt amounting to Php 4,000 million. In November 2022, PLDT and Smart availed unsecured short-term debt amounting to Php 4,000 million and Php 2,000 million, respectively, with an interest rate of 5.16%. In March 2023, PLDT paid its outstanding short-term debt amounting to Php 4,000 million. In October 2023, PLDT and Smart paid their remaining outstanding short-term debt amounting to Php 4,000 million and Php 2,000 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 |  |  |  |  |  |
Php 11,000 M | December 13, 2024 | BPI | With annual amortization up to 10 years |  |  |
Smart |  |  |  |  |  |
Php 13,000 M | 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 |  |  |  |  |  |
Php 787 M |  | BPI | 77-day promissory note | January 3, 2025 |  | 787 |
Smart |  |  |  |  |  |
Php 235 M |  | 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.

F-95

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.

F-96

21.
Deferred Credits and Other Noncurrent Liabilities

As at December 31, 2024 and 2023, this account consists of:

|  | 2024 |  |  | 2023 |
|  | (in million pesos) |
Contract liabilities and unearned revenues - non-current |  |  | 5,625 |  |  |  | 8,206 |
Provision for asset retirement obligations |  |  | 1,752 |  |  |  | 1,164 |
Accrual of capital expenditures under long-term financing(1) |  |  | 44 |  |  |  | 198 |
Others |  |  | 54 |  |  |  | 39 |
|  |  | 7,475 |  |  |  | 9,607 |

(1) Represents expenditures related to the expansion and upgrade of our network facilities which are not due to be settled within one year. Such accruals are settled through refinancing from long-term loans obtained from the banks. See Note 20 – Interest-bearing Financial Liabilities.

The following table summarizes the changes to provision for asset retirement obligations for the years ended December 31, 2024 and 2023:

|  | 2024 |  |  | 2023 |
|  | (in million pesos) |
Provision for asset retirement obligations at beginning of the year |  |  | 1,164 |  |  |  | 1,514 |
Revaluation due to change in IBR |  |  | 515 |  |  |  | (175 | )
Capitalized to ROU assets during the year |  |  | 73 |  |  |  | 163 |
Accretion expenses |  |  | 54 |  |  |  | 63 |
Reclassification to liabilities associated with assets classified as held-for-sale |  |  | — |  |  |  | (369 | )
Settlement of obligations and others |  |  | (3 | ) |  |  | (2 | )
Change in assumptions |  |  | (51 | ) |  |  | (30 | )
Provision for asset retirement obligations at end of the year |  |  | 1,752 |  |  |  | 1,164 |

F-97

22.
Accounts Payable

As at December 31, 2024 and 2023, this account consists of:

|  | 2024 |  |  | 2023 |
|  | (in million pesos) |
Suppliers and contractors (Note 27) |  |  | 58,524 |  |  |  | 74,518 |
Taxes (Note 26) |  |  | 5,473 |  |  |  | 3,964 |
Carriers and others |  |  | 2,579 |  |  |  | 2,362 |
Related parties |  |  | 146 |  |  |  | 170 |
|  |  | 66,722 |  |  |  | 81,014 |

Certain suppliers entered into Trade Financing Arrangements (TFAs) to sell their receivables. The Purchaser will have exclusive ownership of the purchased receivables and all of its rights, title and interest. There were no changes in the payment terms.

Carrying amount of liabilities

|  | 2024 |  |  | 2023 |
|  | (in million pesos) |
Presented within trade and other payables |  |  | 24,556 |  |  |  | 35,379 |
– of which suppliers have received payment |  |  | 14,106 |  |  |  | 20,553 |

Range of payment due dates

|  | 2024 |  | 2023
Liabilities that are part of the arrangement |  | 210-300 days after invoice due date |  | 210-300 days after invoice due date
Comparable trade payables that are not part of an arrangement |  | 30-300 days after invoice due date |  | 30-300 days after invoice due date

Non-cash changes

There were no material business combinations or foreign exchange differences in either period. There were no non-cash transfers from trade payables to finance payables as at December 31, 2024 and December 31, 2023.

For terms and conditions pertaining to the payables to related parties, see Note 24 – Related Party Transactions.

For detailed discussion on the PLDT Group’s liquidity risk management processes, see Note 27 – Financial Assets and Liabilities – Liquidity Risk.

F-98

23.
Accrued Expenses and Other Current Liabilities

As at December 31, 2024 and 2023, this account consists of:

|  | 2024 |  |  | 2023 |
|  | (in million pesos) |
Accrued utilities and related expenses (Notes 24 and 27) |  |  | 57,276 |  |  |  | 61,407 |
Contract liabilities and unearned revenues - current portion |  |  | 10,442 |  |  |  | 10,689 |
Accrued employee benefits and other provisions (Note 27) |  |  | 9,246 |  |  |  | 5,510 |
Accrued taxes and related expenses (Note 26) |  |  | 3,907 |  |  |  | 5,943 |
Accrued interests and other related costs (Note 28) |  |  | 2,426 |  |  |  | 2,157 |
Others |  |  | 2,191 |  |  |  | 3,044 |
|  |  | 85,488 |  |  |  | 88,750 |

Accrued utilities and related expenses pertain to costs incurred for electricity and water consumption, repairs and maintenance, selling and promotions, professional and other contracted services, rent, insurance and security services and other operational related expenses pending receipt of billings and statements of account from suppliers. These liabilities are noninterest-bearing and are normally settled within a year.

Contract liabilities and unearned revenues represent advance payments for leased lines, installation fees, monthly service fees and unused and/or unexpired portions of prepaid loads.

Accrued employee benefits and other provisions pertain to accrued salaries, wages and bonuses, and other employee benefits that are normally settled within a year.

Accrued taxes and related expenses pertain to licenses, permits and other related business taxes, which are normally settled within a year.

Accrued interests and other related costs include interest expense on loans, which are normally settled within a year.

Other accrued expenses and other current liabilities are noninterest-bearing and are normally settled within a year. This pertains to other costs incurred for operations-related expenses pending receipt of invoice and statement of accounts from suppliers. This also includes accrued redemption liabilities related to Trust Account. For detailed discussion on redemption liabilities, see Note 19 Equity – Redemption of Preferred Stock.

F-99

24. Related Party Transactions

Parties are considered to be related if one party has the ability, directly and indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also considered to be related if they are subject to common control. Related parties may be individuals or corporate entities. Transactions with related parties are on an arm’s length basis, similar to transactions with third parties.

Settlement of outstanding balances of related party transactions at year-end are expected to be settled with cash.

The following table provides the summary of outstanding balances as at December 31, 2024 and 2023, and transactions for the years ended December 31, 2024, 2023 and 2022 that have been entered into with related parties:

|  |  |  |  |  |  |  | Statement of Financial |  | 2024 |  |  | 2023 |  |  | Income Statement |  | 2024 |  |  | 2023 |  |  | 2022 |
Company Name |  | Particulars |  | Terms |  | Conditions |  | Position Classification |  |  |  |  |  |  |  | Classification |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  | (in million pesos) |  |  |  |  | (in million pesos) |
Manila Electric Company, or Meralco |  | Electricity services to PLDT and certain subsidiaries’ offices within Meralco's franchise area |  | Immediately upon receipt of invoice |  | Unsecured |  | Accounts payable and accrued expenses and other current liabilities |  |  | 552 |  |  |  | 603 |  |  | Repairs and maintenance |  |  | 3,039 |  |  |  | 2,928 |  |  |  | 3,219 |
|  | Pole attachment contracts, wherein Meralco leases its pole spaces to accommodate PLDT and Smart’s cable network facilities |  | 45 days upon receipt of billings |  | Unsecured |  | Accrued expenses and other current liabilities |  |  | — |  |  |  | — |  |  | Rent |  |  | — |  |  |  | — |  |  |  | 40 |
|  |  |  | Upon depreciation or expiration of lease |  | Unsecured |  | ROU assets |  |  | 2,600 |  |  |  | 598 |  |  | Depreciation and amortization |  |  | 652 |  |  |  | 603 |  |  |  | 665 |
|  |  |  | 2024 – due after December 31, 2025; 2023 – due after December 31, 2024 |  | Unsecured |  | Lease liabilities - net of current portion |  |  | 2,191 |  |  |  | 2 |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  | 2024 – due after December 31, 2024; 2023 – due after December 31, 2023 |  | Unsecured |  | Current portion of lease liabilities |  |  | 565 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  |  |
Meralco Industrial Engineering Services Corporation, or MIESCOR |  | Customer line installation, repair, rehabilitation and maintenance activities |  | 30 days upon receipt of invoice |  | Unsecured |  | Accrued expenses and other current liabilities |  |  | 5 |  |  |  | 3 |  |  |  |  |  |  |  |  |  |  |  |
Transactions with major stockholders, directors and officers: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
NTT TC Leasing |  | PLDT signed a US$25 million term loan facility agreement on March 22, 2016 |  | Non-amortizing, payable upon maturity on March 30, 2023 |  | Unsecured |  | Interest-bearing financial liabilities |  |  | — |  |  |  | — |  |  | Financing costs – net |  |  | — |  |  |  | 19 |  |  |  | 46 |
|  | PLDT signed a US$25 million term loan facility agreement on January 31, 2017 |  | Non-amortizing, payable upon maturity on March 27, 2024 |  | Unsecured |  | Interest-bearing financial liabilities |  |  | — |  |  |  | 1,385 |  |  | Financing costs – net |  |  | 26 |  |  |  | 96 |  |  |  | 46 |

F-100

|  |  |  |  |  |  | Statement of Financial |  | 2024 |  |  | 2023 |  |  | Income Statement |  | 2024 |  |  | 2023 |  |  | 2022 |
Company Name |  | Particulars |  | Terms | Conditions |  | Position Classification |  |  |  |  |  |  |  | Classification |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  | (in million pesos) |  |  |  |  | (in million pesos) |
Transactions with major stockholders, directors and officers: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
NTT World Engineering Marine Corporation |  | On February 1, 2008, PLDT entered into a service agreement, wherein NTT World Engineering Marine Corporation provides offshore submarine cable repair and other allied services for the maintenance of PLDT’s domestic fiber optic network submerged plant. |  | 1st month of each quarter; noninterest-bearing | Unsecured |  | Accounts payable and accrued expenses and other current liabilities |  |  | 256 |  |  |  | 261 |  |  | Repairs and maintenance |  |  | 116 |  |  |  | 92 |  |  |  | 80 |
NTT Communications |  | On March 24, 2000, PLDT entered into an advisory service agreement (as amended on March 31, 2003, March 31, 2005 and June 16, 2006), under which NTT Communications provides PLDT with technical, marketing and other consulting services for various business areas of PLDT starting April 1, 2000. |  | 30 days upon receipt of invoice; noninterest-bearing | Unsecured |  | Accrued expenses and other current liabilities |  |  | 115 |  |  |  | 104 |  |  | Professional and other contracted services |  |  | 123 |  |  |  | 110 |  |  |  | 87 |
|  | On March 24, 2000, PLDT entered into an agreement with NTT Communications under which PLDT and NTT Communications agreed to cooperative arrangements for conventional international telecommunications services to enhance their respective international businesses. |  | 30 days upon receipt of invoice; noninterest-bearing | Unsecured |  | Accounts payable |  |  | — |  |  |  | 3 |  |  |  |  |  |  |  |  |  |  |  |
NTT Worldwide Telecommunications Corporation |  | On March 24, 2000, PLDT entered into an agreement under which PLDT markets, and manages data and other services under NTT Communications’ “Arcstar” brand to its corporate customers in the Philippines. PLDT also entered into a Trade Name and Trademark Agreement with NTT Communications under which PLDT has been given the right to use the trade name “Arcstar” and its related trademark, logo and symbols, solely for the purpose of PLDT’s marketing, promotional and sales activities for the Arcstar services within the Philippines. |  | 30 days upon receipt of invoice; noninterest-bearing | Unsecured |  | Accounts payable |  |  | — |  |  |  | 6 |  |  | Selling and promotions |  |  | — |  |  |  | 1 |  |  |  | 2 |
NTT DOCOMO |  | On June 5, 2006, in accordance with the Cooperation Agreement dated January 31, 2006, an Advisory Services Agreement was entered into by NTT DOCOMO and PLDT. Pursuant to the Advisory Services Agreement, NTT DOCOMO will provide the services of certain key personnel in connection with certain aspects of the business of PLDT and Smart. Also, this agreement governs the terms and conditions of the appointments of such key personnel and the corresponding fees related thereto. |  | 30 days upon receipt of invoice; noninterest-bearing | Unsecured |  | Accrued expenses and other current liabilities |  |  | 121 |  |  |  | 103 |  |  | Professional and other contracted services |  |  | 125 |  |  |  | 105 |  |  |  | 105 |

F-101

|  |  |  |  |  |  | Statement of Financial |  | 2024 |  |  | 2023 |  |  | Income Statement |  | 2024 |  |  | 2023 |  |  | 2022 |
Company Name |  | Particulars | Terms |  | Conditions |  | Position Classification |  |  |  |  |  |  |  | Classification |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  | (in million pesos) |  |  |  |  | (in million pesos) |
Transactions with major stockholders, directors and officers: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
JGSHI and Subsidiaries |  | PLDT and certain of its subsidiaries have existing agreements with Universal Robina Corporation and Robinsons Land Corporation for office and business office rental. | 1st month of each quarter; 30 days upon receipt of invoice; noninterest-bearing |  | Unsecured |  | Accounts payable and accrued expenses and other current liabilities |  |  | 59 |  |  |  | 81 |  |  | Rent |  |  | 361 |  |  |  | 246 |  |  |  | 269 |
|  |  | Upon depreciation or expiration of lease |  | Unsecured |  | ROU assets |  |  | 4 |  |  |  | 4 |  |  | Depreciation and amortization |  |  | — |  |  |  | — |  |  |  | 44 |
|  |  | 2024 – due after December 31, 2025; 2023 – due after December 31, 2024 |  | Unsecured |  | Lease liabilities - net of current portion |  |  | — |  |  |  | 78 |  |  |  |  |  |  |  |  |  |  |  |
|  | PLDT group's other transactions with JGSHI and subsidiaries | 30 days upon receipt of invoice; noninterest-bearing |  | Unsecured |  | Accrued expenses and other current liabilities |  |  | 44 |  |  |  | 44 |  |  | Repairs and maintenance |  |  | 14 |  |  |  | 48 |  |  |  | 23 |
Malayan Insurance Co., Inc., or Malayan |  | PLDT and certain of its subsidiaries have insurance policies with Malayan covering directors, officers, liability to employees and material damage for buildings, building improvements, equipment and motor vehicles. The premiums are directly paid to Malayan. | Immediately upon receipt of invoice |  | Unsecured |  | Accounts payable and accrued expenses and other current liabilities |  |  | 8 |  |  |  | 8 |  |  | Insurance and security services |  |  | 209 |  |  |  | 261 |  |  |  | 229 |
|  |  | Immediately upon receipt of invoice |  | Unsecured |  | Prepayments |  |  | — |  |  |  | 152 |  |  |  |  |  |  |  |  |  |  |  |
Gotuaco del Rosario and Associates, or Gotuaco |  | Gotuaco acts as the broker for certain insurance companies to cover certain insurable properties of the PLDT Group. Insurance premiums are remitted to Gotuaco and the broker’s fees are settled between Gotuaco and the insurance companies. | Immediately upon receipt of invoice |  | Unsecured |  | Accounts payable and accrued expenses and other current liabilities |  |  | 2 |  |  |  | — |  |  | Insurance and security services |  |  | 133 |  |  |  | 142 |  |  |  | 144 |
First Pacific Investment Management Limited, or FPIML |  | On March 1, 2018, Smart entered into an Advisory Services Agreement with FPIML effective for a period of one-year subject to a 12-month automatic renewal unless either party notifies the other party of its intent not to renew the agreement. FPIML provides advisory and related services in connection with the operation of Smart’s business of providing mobile communications services, high-speed internet connectivity, and access to digital services and content. The agreement provides that Smart shall pay a monthly service fee of US$250 thousand and any additional fee shall be mutually agreed upon by both parties on a monthly basis. On March 26, 2020, Smart and FPIML mutually agreed to reduce the monthly service fee to US$100 thousand in consideration of the services provided under this agreement, effective April 1, 2020. Starting April 2021, the fee has been increased to $220 thousand per month. Smart prepaid the fees for the period April to October 2021 (US$1.54 million). |  |  | Unsecured |  | Accounts payable and accrued expenses and other current liabilities (Notes 23 and 24) |  |  | — |  |  |  | — |  |  | Professional and other contracted services |  |  | 163 |  |  |  | 149 |  |  |  | 133 |

F-102

|  |  |  |  |  |  |  | Statement of Financial |  | 2024 |  |  | 2023 |  |  | Income Statement |  | 2024 |  |  | 2023 |  |  | 2022 |
Company Name |  | Particulars |  | Terms |  | Conditions |  | Position Classification |  |  |  |  |  |  |  | Classification |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  | (in million pesos) |  |  |  |  | (in million pesos) |
Other related parties: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Various |  | PLDT and certain of its subsidiaries provide telephone, data communication and other services to various related parties. |  | 30 days upon receipt of invoice |  | Unsecured |  | Trade and other receivables (Note 16) |  |  | 7,948 |  |  |  | 5,193 |  |  | Revenues |  |  | 2,589 |  |  |  | 2,510 |  |  |  | 2,518 |
|  | PLDT and certain of its subsidiaries avail of lease and other services from various related parties. |  | 2024 – due after December 31, 2025; 2023 – due after December 31, 2024 |  | Unsecured |  | Lease liabilities - net of current portion (Note 10) |  |  | 181 |  |  |  | 66 |  |  | Expenses |  |  | 7,652 |  |  |  | 4,433 |  |  |  | 5,687 |
|  |  |  | 2024 – due after December 31, 2024; 2023 – due after December 31, 2023 |  | Unsecured |  | Current portion of lease liabilities (Note 10) |  |  | 97 |  |  |  | 42 |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  | Upon depreciation or expiration of lease |  | Unsecured |  | ROU assets (Note 10) |  |  | 308 |  |  |  | 148 |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  | 30 days upon receipt of billing; noninterest-bearing |  | Unsecured |  | Accounts payable (Note 22) |  |  | 1,485 |  |  |  | 666 |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  | Immediately upon receipt of billing |  | Unsecured |  | Accrued expenses and other current liabilities (Note 23) |  |  | 516 |  |  |  | 603 |  |  |  |  |  |  |  |  |  |  |  |

F-103

Compensation of Key Officers of the PLDT Group

The compensation of key officers of the PLDT Group by benefit type for the years ended December 31, 2024, 2023 and 2022 are as follows:

|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | (in million pesos) |
Short-term employee benefits |  |  | 384 |  |  |  | 582 |  |  |  | 390 |
Other long-term employee benefits (Note 25) |  |  | 168 |  |  |  | 72 |  |  |  | 448 |
Post-employment benefits |  |  | 22 |  |  |  | 23 |  |  |  | 22 |
Total compensation paid to key officers of the PLDT Group |  |  | 574 |  |  |  | 677 |  |  |  | 860 |

The amounts disclosed in the table above are the amounts recognized as expenses during the period related to key management personnel.

Effective January 2014, each of the directors, including the members of the advisory board of PLDT, is entitled to a director’s fee in the amount of Php 250 thousand for each board meeting attended. Each of the members or advisors of the audit, governance, nomination and sustainability, executive compensation, technology strategy, and risk and data privacy and information security committees is entitled to a fee in the amount of Php 125 thousand for each committee meeting attended.

Total fees paid for board meetings and board committee meetings amounted to Php 85 million, Php 88 million and

Php 82 million for the years ended December 31, 2024, 2023 and 2022, respectively.

Except for the fees mentioned above, the directors are not compensated, directly or indirectly, for their services as such directors.

There are no agreements between PLDT Group and any of its key management personnel providing benefits upon termination of employment, except for such benefits to which they may be entitled under PLDT Group’s retirement and incentive plans.

F-104

25.
Pension and Other Employee Benefits

Pension

Defined Benefit Pension Plans

PLDT has defined benefit pension plans, operating under the legal name “The Board of Trustees for the account of the Beneficial Trust Fund created pursuant to the Benefit Plan of PLDT Co.” and covering all of our permanent and regular employees, in which case, benefits are computed based on R.A. 7641 (Retirement Pay Law) or the minimum mandated benefit by the law. For the purpose of complying with Revised IAS 19, Employee Benefits, pension benefit expense has been actuarially computed based on defined benefit plan.

PLDT and certain of its subsidiaries' actuarial valuation is performed every year-end. There is no significant change in the fair value of plan assets from December 31, 2022 to December 31, 2024. Based on the latest actuarial valuation, the actual present value of accrued (prepaid) benefit costs as at December 31, 2024 and 2023, and net periodic benefit costs and average assumptions used in developing the valuation as at and for the years ended December 31, 2024, 2023 and 2022 are as follows:

|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | (in million pesos) |
Changes in the present value of defined benefit obligations: |  |  |  |  |  |  |  |  |
Present value of defined benefit obligations at beginning of the year |  |  | 17,964 |  |  |  | 15,883 |  |  |  | 22,298 |
Service costs |  |  | 1,042 |  |  |  | 1,016 |  |  |  | 1,093 |
Interest costs on benefit obligation |  |  | 1,043 |  |  |  | 1,065 |  |  |  | 1,173 |
Actuarial losses on obligations – experience |  |  | 437 |  |  |  | 154 |  |  |  | 78 |
Actuarial losses (gains) on obligations – economic assumptions |  |  | (496 | ) |  |  | 2,303 |  |  |  | (3,972 | )
Actual benefits paid/settlements |  |  | (2,744 | ) |  |  | (2,848 | ) |  |  | (102 | )
Curtailment and others |  |  | 130 |  |  |  | 391 |  |  |  | (4,685 | )
Present value of defined benefit obligations at end of the year |  |  | 17,376 |  |  |  | 17,964 |  |  |  | 15,883 |
Changes in fair value of plan assets: |  |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of the year |  |  | 14,522 |  |  |  | 16,291 |  |  |  | 14,683 |
Actual contributions |  |  | 3,201 |  |  |  | 4,507 |  |  |  | 6,359 |
Interest income on plan assets |  |  | 1,019 |  |  |  | 1,138 |  |  |  | 983 |
Actual benefits paid/settlements |  |  | (2,820 | ) |  |  | (2,510 | ) |  |  | (5,313 | )
Return on plan assets (excluding amount included in net interest) |  |  | (1,937 | ) |  |  | (4,904 | ) |  |  | (421 | )
Fair value of plan assets at end of the year |  |  | 13,985 |  |  |  | 14,522 |  |  |  | 16,291 |
Funded (unfunded) status – net |  |  | (3,391 | ) |  |  | (3,442 | ) |  |  | 408 |
Accrued benefit costs |  |  | 3,548 |  |  |  | 3,541 |  |  |  | 482 |
Prepaid benefit costs |  |  | 157 |  |  |  | 99 |  |  |  | 890 |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Components of net periodic benefit costs: |  |  |  |  |  |  |  |  |
Service costs |  |  | 1,042 |  |  |  | 1,016 |  |  |  | 1,093 |
Interest costs - net |  |  | 24 |  |  |  | (73 | ) |  |  | 190 |
Curtailment/settlement losses and other adjustments |  |  | 130 |  |  |  | 272 |  |  |  | 261 |
Net periodic benefit costs |  |  | 1,196 |  |  |  | 1,215 |  |  |  | 1,544 |

Actual net loss on plan assets amounted to Php 918 million and Php 3,766 million for the years ended December 31, 2024 and 2023 and an actual net gain on plan assets amounted to Php 562 million for the year ended December 31, 2022.

Based on the latest actuarial valuation, our expected contribution to the defined benefit plan in 2025 will amount to

Php 4,448 million.

The following table sets forth the expected future settlements by the Plan of maturing defined benefit obligation as at December 31, 2024:

|  | (in million pesos) |
2025 |  |  | 229 |
2026 |  |  | 350 |
2027 |  |  | 372 |
2028 |  |  | 903 |
2029 |  |  | 834 |
2030 to 2034 |  |  | 11,947 |

The average duration of the defined benefit obligation at the end of the reporting period is 12.68 years.

F-105

The weighted average assumptions used to determine pension benefits for the years ended December 31, 2024, 2023 and 2022 are as follows:

|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | (in percentage) |
Rate of increase in compensation |  |  | 5.7 |  |  |  | 5.7 |  |  |  | 5.7 |
Discount rate |  |  | 6.2 |  |  |  | 6.0 |  |  |  | 7.3 |

The sensitivity analysis below has been determined based on reasonably possible changes of each significant assumption on the defined benefit obligation as at December 31, 2024 and 2023, assuming if all other assumptions were held constant:

|  | Increase (Decrease) |
|  | (in percentage) |  |  | (in million pesos) |
Discount rate |  |  | 1 |  |  |  | 15,251 |
|  |  | (1 | ) |  |  | (19,348 | )
Future salary increases |  |  | 1 |  |  |  | 19,334 |
|  |  | (1 | ) |  |  | (15,229 | )

PLDT’s Retirement Plan

The Board of Trustees, which manages the beneficial trust fund, is composed of: (i) a member of the Board of Directors of PLDT, who is not a beneficiary of the Plan; (ii) a member of the Board of Directors or a senior officer of PLDT, who is a beneficiary of the Plan; (iii) a senior member of the executive staff of PLDT; and (iv) two persons who are not executives nor employees of PLDT.

Benefits are payable in the event of termination of employment due to: (i) compulsory, optional, or deferred retirement; (ii) death while in active service; (iii) physical disability; (iv) voluntary resignation; or (v) involuntary separation from service. For a plan member with less than 15 years of credited services, retirement benefit is equal to 100% of final compensation for every year of service. For those with at least 15 years of service, retirement benefit is equal to 125% of final compensation for every year of service, with such percentage to be increased by an additional 5% for each completed year of service in excess of 15 years, but not to exceed a maximum of 200%. In the case of voluntary resignation after attainment of age 40 and completion of at least 15 years of credited service, benefit is equal to a percentage of his vested retirement benefit, in accordance with percentages prescribed in the retirement plan.

The Board of Trustees of the beneficial trust fund uses an investment approach with the objective of maximizing the long-term expected return of plan assets.

The majority of the Plan’s investment portfolio consists of listed and unlisted equity securities while the remaining portion consists of passive investments like temporary cash investments and fixed income investments.

The plan assets are primarily exposed to financial risks such as liquidity risk and price risk.

Liquidity risk pertains to the plan’s ability to meet its obligation to the employees upon retirement. To effectively manage liquidity risk, the Board of Trustees invests at least the equivalent amount of actuarially computed expected compulsory retirement benefit payments for the year to liquid/semi-liquid assets such as government securities, savings and time deposits with commercial banks.

Price risk pertains mainly to fluctuations in market prices of equity securities listed in the PSE. In order to effectively manage price risk, the Board of Trustees continuously assesses these risks by closely monitoring the market value of the securities and implementing prudent investment strategies.

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The following table sets forth the fair values, which are equal to the carrying values, of PLDT’s plan assets recognized as at December 31, 2024 and 2023:

|  | 2024 |  |  | 2023 |
|  | (in million pesos) |
Noncurrent Financial Assets |  |  |  |  |  |
Investments in: |  |  |  |  |  |
Unquoted equity investments |  |  | 10,774 |  |  |  | 9,439 |
Shares of stock |  |  | 1,983 |  |  |  | 2,017 |
Corporate bonds and loans receivable |  |  | 303 |  |  |  | 2,287 |
Mutual funds |  |  | 252 |  |  |  | 225 |
Government securities |  |  | 4 |  |  |  | 10 |
Total noncurrent financial assets |  |  | 13,316 |  |  |  | 13,978 |
Current Financial Assets |  |  |  |  |  |
Cash and cash equivalents |  |  | 409 |  |  |  | 399 |
Receivables |  |  | 103 |  |  |  | 42 |
Total current financial assets |  |  | 512 |  |  |  | 441 |
Total PLDT’s Plan Assets |  |  | 13,828 |  |  |  | 14,419 |
Subsidiaries Plan Assets |  |  | 157 |  |  |  | 103 |
Total Plan Assets of Defined Benefit Pension Plans |  |  | 13,985 |  |  |  | 14,522 |

Investment in shares of stocks is valued using the latest bid price at the reporting date. Investments in corporate bonds, mutual funds and government securities are valued using the quoted market prices at reporting date.

Unquoted Equity Investments

As at December 31, 2024 and 2023, this account consists of:

|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
|  | (Percentage of Ownership) |  |  | (in million pesos) |
MediaQuest |  |  | 100 |  |  |  | 100 |  |  |  | 7,304 |  |  |  | 8,507 |
Tahanan Mutual Building and Loan Association, Inc., or TMBLA, (net of subscriptions payable of Php 32 million) |  |  | 100 |  |  |  | 100 |  |  |  | 722 |  |  |  | 672 |
BTFHI |  |  | 100 |  |  |  | 100 |  |  |  | 2,748 |  |  |  | 260 |
|  |  |  |  |  |  |  |  | 10,774 |  |  |  | 9,439 |

Investments in MediaQuest

MediaQuest was registered with the Philippine SEC on June 29, 1999 primarily to purchase, subscribe for or otherwise acquire and own, hold, use, manage, sell, assign, transfer, mortgage, pledge, exchange, or otherwise dispose of real and personal property or every kind and description, and to pay thereof in whole or in part, in cash or by exchanging, stocks, bonds and other evidences of indebtedness or securities of this any other corporation. Its investments include common shares of stocks of various communication, broadcasting and media entities.

Investments in MediaQuest are carried at fair value. The VIU calculations were derived from cash flow projections over a period of five years based on the 2024 financial budgets approved by MediaQuest’s Board of Directors and calculated terminal value. Other key assumptions used in the cash flow projections include revenue growth rate, direct costs and capital expenditures. The post-tax discount rates applied to cash flow projections range from 11.3% to 12.2%. Cash flows beyond the five-year period are determined using 0.0% to 4.8% growth rates.

The Board of Trustees of the PLDT Beneficial Trust Fund approved the issuance by MediaQuest of PDRs with underlying shares of stocks of Cignal TV held by MediaQuest through Satventures (Cignal TV PDRs) amounting to Php 6 billion on May 8, 2012. On the same date, MediaQuest Board of Directors approved the investment in Cignal TV PDRs by ePLDT, which gave ePLDT a 40% economic interest in Cignal TV. In various dates in 2012, MediaQuest received a deposit for future PDRs subscription of Php 6 billion from ePLDT.

The Board of Trustees of the PLDT Beneficial Trust Fund and the MediaQuest Board of Directors approved an issuance of additional MediaQuest PDRs amounting to Php 3.6 billion on January 25, 2013. The underlying shares of these additional PDRs are the shares of Satventures held by MediaQuest (Satventures PDRs), the holder of which will have a 40% economic interest in Satventures. Satventures is a wholly-owned subsidiary of MediaQuest and the investment vehicle for Cignal TV. From March to August 2013, MediaQuest received from ePLDT an amount aggregating to Php 3.6 billion representing deposits for future PDRs subscription. The Satventures PDRs and Cignal TV PDRs were subsequently issued on September 27, 2013, providing ePLDT an effective 64% economic interest in Cignal TV. Also, on the same date, the Board of Trustees of the PLDT Beneficial Trust Fund and the MediaQuest Board of Directors approved the issuance of additional MediaQuest PDRs amounting to Php 1.95 billion. The underlying shares of these additional PDRs are the shares of stocks of Hastings held

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by MediaQuest (Hastings PDRs). Hastings is a wholly-owned subsidiary of MediaQuest, which holds all the print-related investments of MediaQuest, including equity interests in the three leading newspapers: The Philippine Star, Philippine Daily Inquirer, and Business World. From June 2013 to October 2013, MediaQuest received from ePLDT an amount aggregating to Php 1.95 billion representing deposits for future PDRs subscription.

ePLDT’s Board of Directors approved on February 19, 2014 an additional Php 500 million investment in Hastings PDRs of which Php 300 million was received by MediaQuest on March 11, 2014. As at December 31, 2014, total deposit for PDRs subscription amounted to Php 2,250 million.

ePLDT’s Board of Directors approved an additional Php 800 million investment in Hastings PDRs and settlement of the Php 200 million balance of the Php 500 million Hastings PDR investment in 2014 on May 21, 2015. Subsequently, on May 30, 2015, the Board of Trustees of the PLDT Beneficial Trust Fund and the Board of Directors of MediaQuest approved the issuance of Php 3,250 million Hastings PDRs. This provided ePLDT with 70% economic interest in Hastings. In February 2018, ePLDT entered into a Deed of Assignment with the Board of Trustees of the PLDT Beneficial Trust Fund transferring the Hastings PDRs for Php 1,664 million.

The Board of Trustees of the PLDT Beneficial Trust Fund approved additional investment in MediaQuest amounting to Php 3,100 million and Php 1,400 million to fund MediaQuest’s investment requirements in 2019 and 2020, respectively, which were fully drawn by MediaQuest during the same years. The full amounts were fully drawn by MediaQuest during 2019 and 2020.

In 2021 and 2022, the Board of Trustees of the PLDT Beneficial Trust Fund approved an additional investment in MediaQuest to fund its cash requirements amounting to Php 2,000 million and Php 1,000 million, respectively. Both investments were already fully drawn by MediaQuest in 2022.

Investment in TMBLA

TMBLA was incorporated for the primary purpose of accumulating the savings of its stockholders and lending funds to them for housing programs. The beneficial trust fund’s total investment into TMBLA amounted to Php 119 million consisting of initial direct subscription in shares of stocks of TMBLA in the amount of Php 20 million (net of unpaid subscription amounting to Php 32 million) and subsequently via a Deed of Pledge amounting to Php 99 million. The cumulative change in the fair market values of this investment amounted to Php 603 million and Php 553 million as at December 31, 2024 and 2023, respectively.

Investment in BTFHI

BTFHI was incorporated for the primary purpose of acquiring voting preferred shares in PLDT and while the owner, holder of possessor thereof, to exercise all the rights, powers, and privileges of ownership or any other interest therein.

BTFHI subscribed to a total of 150 million shares of Voting Preferred Stock of PLDT at a subscription price of Php 1.00 per share for a total subscription price of Php 150 million on October 26, 2012. Total cash dividend income amounted to
Php 10 million for each of the years ended December 31, 2024, 2023 and 2022. Dividend receivables amounted to
Php 2 million each as at December 31, 2024 and 2023.

On April 30, 2024, the Board of Trustees of PLDT Beneficial Trust Fund subscribed and paid an additional subscription into BTFHI amounting to Php 2,480 million.

Shares of Stocks

As at December 31, 2024 and 2023, this account consists of:

|  | 2024 |  |  | 2023 |
|  | (in million pesos) |
Common shares |  |  |  |  |  |
PSE |  |  | 1,093 |  |  |  | 1,134 |
PLDT |  |  | 34 |  |  |  | 34 |
Others |  |  | 496 |  |  |  | 489 |
Preferred shares |  |  | 360 |  |  |  | 360 |
|  |  | 1,983 |  |  |  | 2,017 |

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Dividends earned on PLDT common shares amounted to Php 3 million for each of the years ended December 31, 2024, 2023 and 2022.

Preferred shares represent 300 million unlisted preferred shares of PLDT at Php 10 par value, net of subscription payable of Php 2,640 million as at December 31, 2024 and 2023. These shares, which bear dividend of 13.5% per annum based on the paid-up subscription price, are cumulative, non-convertible and redeemable at par value at the option of PLDT. Dividends earned on this investment amounted to Php 49 million each for the years ended December 31, 2024, 2023 and 2022.

Corporate Bonds and Loans Receivable

Investment in corporate bonds includes various long-term peso and dollar denominated bonds with maturities ranging from June 2024 to June 2030 and fixed interest rates from 4.38% to 6.80% per annum.

On various dates in 2023 and on January 24, 2024, the Board of Trustees of the PLDT Beneficial Trust Fund entered into 10-year loan agreements with TV5 Network Inc. with an aggregate amount of Php 2,300 million (“TV5 Loans”). The total amount was fully drawn by TV5 Network Inc. on the respective loan agreement dates. The applicable interest rates for the loans shall be based on the average of the One Year PHP BVAL for the three consecutive business days immediately prior to and including the interest rate setting date plus a credit margin of 125 bps per annum. On April 30, 2024, the Board of Trustees of the PLDT Beneficial Trust Fund entered into an Assignment Agreement, transferring all of its rights, title and interests in and to the TV5 Loans, with BTF Properties, Inc. On the same date, TV5 settled the loan with BTF Properties, Inc. through dacion en pago for and in consideration of TV5’s real properties with an aggregate value of Php 2,300 million.

Mutual Funds

Investment in mutual funds includes UITF, bond and equity funds, which aims to out-perform benchmarks in various indices as part of its investment strategy.

Government Securities

Investments in government securities include Retail Treasury Bonds and FXTN bearing interest rates ranging from 3.9% to 4.8% per annum. These securities are fully guaranteed by the government of the Republic of the Philippines.

The allocation of the fair value of the assets for the PLDT pension plan as at December 31, 2024 and 2023 are as follows:

|  | 2024 |  |  | 2023 |
|  | (in percentage) |
Investments in listed and unlisted equity securities |  |  | 92 |  |  |  | 79 |
Temporary cash investments |  |  | 3 |  |  |  | 3 |
Debt and fixed income securities |  |  | 2 |  |  |  | 16 |
Mutual funds |  |  | 2 |  |  |  | 2 |
Receivables and other assets |  |  | 1 |  |  |  | — |
|  |  | 100 |  |  |  | 100 |

Defined Contribution Plans

Smart’s and certain of its subsidiaries’ contributions to the plan are made based on the employees’ years of tenure and range from 5% to 10% of the employee’s monthly salary. Additionally, an employee has an option to make a personal contribution to the fund, at an amount not exceeding 10% of his monthly salary. The employer then provides an additional contribution to the fund ranging from 10% to 50% of the employee’s contribution based on the employee’s years of tenure. Although the plan has a defined contribution format, Smart and certain of its subsidiaries regularly monitor their compliance with Republic Act No. 7641. As at December 31, 2024 and 2023, Smart and certain of its subsidiaries were in compliance with the requirements of Republic Act No. 7641.

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Smart’s and certain of its subsidiaries’ actuarial valuation is performed every year-end. There is no significant change in the fair value of plan assets from December 31, 2023 to December 31, 2024. Based on the latest actuarial valuation, the actual present value of prepaid benefit costs, net periodic benefit costs and average assumptions used in developing the valuation as at and for the years ended December 31, 2024, 2023 and 2022 are as follows:

|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | (in million pesos) |
Changes in the present value of defined contribution obligations: |  |  |  |  |  |  |  |  |
Present value of defined contribution obligations at beginning of the year |  |  | 2,800 |  |  |  | 2,777 |  |  |  | 3,264 |
Service costs |  |  | 294 |  |  |  | 262 |  |  |  | 262 |
Interest costs on contribution obligation |  |  | 174 |  |  |  | 210 |  |  |  | 156 |
Actuarial losses (gains) – economic assumptions |  |  | (1 | ) |  |  | 8 |  |  |  | (20 | )
Actuarial losses (gains) – experience |  |  | 254 |  |  |  | (98 | ) |  |  | (216 | )
Actual benefits paid/settlements |  |  | (89 | ) |  |  | (344 | ) |  |  | (396 | )
Curtailment and others |  |  | (197 | ) |  |  | (15 | ) |  |  | (273 | )
Present value of defined contribution obligations at end of the year |  |  | 3,235 |  |  |  | 2,800 |  |  |  | 2,777 |
Changes in fair value of plan assets: |  |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of the year |  |  | 3,618 |  |  |  | 3,485 |  |  |  | 4,137 |
Actual contributions |  |  | 243 |  |  |  | 248 |  |  |  | 299 |
Interest income on plan assets |  |  | 223 |  |  |  | 261 |  |  |  | 213 |
Return on plan assets (excluding amount included in net interest) |  |  | 56 |  |  |  | (4 | ) |  |  | (322 | )
Actual contribution paid/settlements |  |  | (87 | ) |  |  | (372 | ) |  |  | (842 | )
Fair value of plan assets at end of the year |  |  | 4,053 |  |  |  | 3,618 |  |  |  | 3,485 |
Funded status – net |  |  | 818 |  |  |  | 818 |  |  |  | 708 |
Prepaid contribution costs (Note 18) |  |  | 818 |  |  |  | 818 |  |  |  | 708 |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Components of net periodic contribution costs: |  |  |  |  |  |  |  |  |
Service costs |  |  | 294 |  |  |  | 262 |  |  |  | 262 |
Interest costs - net |  |  | (49 | ) |  |  | (51 | ) |  |  | (57 | )
Net periodic contribution costs |  |  | 245 |  |  |  | 211 |  |  |  | 205 |

Actual net income on plan assets amounted to Php 318 million and Php 257 million for the years ended December 31, 2024 and 2023, respectively and actual net loss on plan assets amounted to Php 109 million for the year ended December 31, 2022.

Based on the latest actuarial valuation, Smart and certain of its subsidiaries expect to contribute the amount of approximately Php 309 million to the plan in 2025.

The following table sets forth the expected future settlements by the Plan of maturing defined benefit obligation as at December 31, 2024:

|  | (in million pesos) |
2025 |  |  | 119 |
2026 |  |  | 187 |
2027 |  |  | 201 |
2028 |  |  | 275 |
2029 |  |  | 284 |
2030 to 2034 |  |  | 2,531 |

The average duration of the defined contribution obligation at the end of the reporting period is 10 years.

The weighted average assumptions used to determine pension benefits for the years ended December 31, 2024, 2023 and 2022 are as follows:

|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | (in percentage) |
Rate of increase in compensation |  |  | 5.0 |  |  |  | 5.0 |  |  |  | 5.0 |
Discount rate |  |  | 6.3 |  |  |  | 7.3 |  |  |  | 7.3 |

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The sensitivity analysis below has been determined based on reasonably possible changes of each significant assumption on the defined contribution obligation as at December 31, 2024 and 2023, assuming if all other assumptions were held constant:

|  | Increase (Decrease) |
|  | (in percentage) |  |  | (in million pesos) |
Discount rate |  |  | 1 |  |  |  | 32 |
|  |  | (1 | ) |  |  | (32 | )
Future salary increases |  |  | (1 | ) |  |  | (32 | )
|  |  | 1 |  |  |  | 32 |

Smart’s Retirement Plan

The fund is being managed and invested by BPI Asset Management and Trust Corporation, as Trustee, pursuant to an amended trust agreement dated February 21, 2012.

The plan’s investment portfolio seeks to achieve regular income, long-term capital growth and consistent performance over its own portfolio benchmark. In order to attain this objective, the Trustee’s mandate is to invest in a diversified portfolio of bonds and equities, both domestic and international. The portfolio mix is kept at 71% and 29% for fixed income securities and equity securities, respectively.

The following table sets forth the fair values, which are equal to the carrying values, of Smart’s plan assets recognized as at December 31, 2024 and 2023:

|  | 2024 |  |  | 2023 |
|  | (in million pesos) |
Noncurrent Financial Assets |  |  |  |  |  |
Investments in: |  |  |  |  |  |
Domestic fixed income |  |  | 2,655 |  |  |  | 2,471 |
International equities |  |  | 854 |  |  |  | 723 |
Philippine foreign currency bonds |  |  | 753 |  |  |  | 670 |
Domestic equities |  |  | 738 |  |  |  | 613 |
International fixed income |  |  | 295 |  |  |  | 259 |
Total noncurrent financial assets |  |  | 5,295 |  |  |  | 4,736 |
Current Financial Assets |  |  |  |  |  |
Cash and cash equivalents |  |  | 284 |  |  |  | 217 |
Total current financial assets |  |  | 284 |  |  |  | 217 |
Total plan assets |  |  | 5,579 |  |  |  | 4,953 |
Less: Employee’s share, forfeitures and mandatory reserve account |  |  | 1,526 |  |  |  | 1,335 |
Total Plan Assets of Defined Contribution Plans |  |  | 4,053 |  |  |  | 3,618 |

Domestic Fixed Income

Investments in domestic fixed income include Philippine Peso denominated bonds, such as government securities and corporate debt securities, with fixed interest rates from 2.90% to 10.13% per annum.

International Equities

Investments in international equities include exchange traded funds in iSHARES Core MSCI World UCITS ETF USD and Invesco QQQ ETF USD.

Philippine Foreign Currency Bonds

Investments in Philippine foreign currency bonds include U.S. Dollar denominated fixed income instruments issued by the Philippine government and local corporations with fixed interest rates from 2.38% to 10.63% per annum.

Domestic Equities

Investments in domestic equities include direct equity investments in common shares listed in the PSE. These investments earn on stock price appreciation and dividend payments. This includes investment in PLDT shares with fair value of Php 38 million and Php 33 million as at December 31, 2024 and 2023, respectively.

International Fixed Income

Investments in international fixed income include iSHARES U.S. Treasury Bond ETF and PIMCO GIS Global Bond Fund.

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Cash and Cash Equivalents

This pertains to the fund’s excess liquidity in Philippine Peso and U.S. Dollars including investments in time deposits, money market funds and other deposit products of banks with duration or tenor less than a year.

The asset allocation of the Plan is set and reviewed from time to time by the Plan Trustees taking into account the membership profile, the liquidity requirements of the Plan and risk appetite of the Plan sponsor. This considers the expected benefit cash flows to be matched with asset durations.

The plan assets are primarily exposed to financial risks such as liquidity risk and price risk.

Liquidity risk pertains to the Plan’s ability to meet its obligation to the employees upon retirement. To effectively manage liquidity risk, the Plan Trustees invest a portion of the fund in readily tradeable and liquid investments which can be sold at any given time to fund liquidity requirements.

Price risk pertains mainly to fluctuations in market prices of equity securities listed in the PSE. In order to effectively manage price risk, the Plan Trustees continuously assess these risks by closely monitoring the market value of the securities and implementing prudent investment strategies.

The allocation of the fair value of Smart and certain of its subsidiaries pension plan assets as at December 31, 2024 and 2023 are as follows:

|  | 2024 |  |  | 2023 |
|  | (in percentage) |
Investments in debt and fixed income securities and others |  |  | 71 |  |  |  | 73 |
Investments in listed and unlisted equity securities |  |  | 29 |  |  |  | 27 |
|  | 100 |  |  | 100 |

Other Long-term Employee Benefits

LTIP

The ECC approved on December 23, 2021 the LTIP covering the years 2022 to 2026, covering two cycles, based on the achievement of telco core income targets, with additional performance metrics on Customer Experience and Sustainability to impact the LTIP payout. Cycle 1 covers the performance period from 2022 to 2024. Payout will be based on the achievement of performance targets. Cycle 2 covers the performance period from 2025 and 2026 and is subject to the ECC’s further evaluation and approval of the final terms.

This long-term employee benefit liability was recognized and measured using the projected unit credit method and was amortized on a straight-line basis over the vesting period.

The expense accrued for the LTIP amounted to Php 1,136 million, Php 839 million and Php 1,272 million for the years ended December 31, 2024, 2023 and 2022, respectively.

The accrued incentive payable amounted to Php 3,406 million and Php 2,183 million as at December 31, 2024 and 2023, respectively. See Note 3 – Management’s Use of Accounting Judgments, Estimates and Assumptions – Estimating Pension Benefit Costs and Other Employee Benefits and Note 5 – Income and Expenses – Compensation and Employee Benefits.

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26.
Provisions and Contingencies

PLDT’s Local Business and Franchise Tax Assessments

As at December 31, 2024, PLDT has no contested LGU assessments for franchise taxes based on gross receipts received or collected for services within its respective territorial jurisdiction.

Smart’s Local Business and Franchise Tax Assessments

Province of Cagayan

The Province of Cagayan, or the Province, issued a tax assessment against Smart in 2016 for alleged local franchise tax covering years 2011 to 2015. Smart appealed the assessment to the Regional Trial Court, or RTC, on the ground that Smart cannot be held liable for local franchise tax mainly because it has no sales office within the Province pursuant to Section 137 of the Local Government Code (Republic Act No. 7160). The RTC rendered its Decision on November 29, 2021 dismissing the appeal of Smart for lack of jurisdiction without prejudice. Subsequently, a motion for reconsideration was filed by the Province. On April 25, 2023, the RTC ruled in favor of the Province and denied Smart’s subsequent Motion for Reconsideration. On May 24, 2023, Smart filed its Petition for Review before the Court of Tax Appeals. On June 27, 2023, the Second Division of the CTA, in a resolution, ordered the Province to file their Comment to the Petition for Review filed by Smart. The same was complied with. On December 14, 2023, Smart filed its Memorandum requesting for favorable decision by stating all legal and factual bases. The case is pending as of the date of this report.

City of Makati

The City of Makati sent letters to Smart and SBI for alleged franchise tax liability, which Smart and SBI refuted through respective protest letters and judicial actions on the ground that Makati City is imposing tax on revenues outside its jurisdiction. After several court proceedings, on March 2, 2023, the City of Makati, Smart and SBI, mutually agreed to execute respective Compromise Agreements to abbreviate the long and protracted court cases. On March 17, 2023, the court approved the Compromise Agreement. Pursuant thereto, on March 28, 2023 and June 30, 2023, external counsels informed Smart and SBI, respectively, that the Courts approved Compromise Agreements, which eventually ended the cases. On

April 27, 2023, the City of Makati issued the Business Permits of Smart and SBI. For 2024, all Business Permits were issued by the City of Makati to Smart and SBI.

Digitel’s Local Government Unit, or LGU, Assessments

Digitel is discussing with various LGUs, as to the settlement of its local taxes.

DMPI vs. City of Trece Martires

DMPI petitioned in 2010 to declare void the City of Trece Martires' ordinance of imposing tower fee of Php 150 thousand for each cell site every year. Application for the issuance of a preliminary injunction by DMPI is pending resolution as of the date of this report.

ACeS Philippines’ Withholding Tax Assessments

ACeS Philippines had a case filed with the Supreme Court (ACeS Philippines Satellite Corporation vs. Commissioner of Internal Revenue Supreme Court G.R. No. 226680) for alleged 2006 deficiency withholding tax. On July 23, 2014, the CTA Second Division affirmed the assessment of the Commissioner of Internal Revenue for deficiency basic withholding tax, surcharge plus deficiency interest, and delinquency interest amounting to Php 87 million. On November 18, 2014, ACeS Philippines filed a Petition for Review with the CTA En Banc. On August 16, 2016, the CTA En Banc also affirmed the assessment with finality. On October 19, 2016, ACeS Philippines filed a petition before the Supreme Court assailing the decision of the CTA. On February 23, 2017 and March 15, 2017, respectively, the Company paid a compromise settlement amounting to Php 27 million and filed a formal request for compromise of tax liabilities before the Bureau of Internal Revenue, or BIR, while the case is pending before the Supreme Court.

ACeS Philippines entered into an amicable settlement with the BIR on February 19, 2021 pursuant to the provisions of the Civil Code of the Philippines and paid an additional compromise settlement amounting to Php 20 million. The Commissioner of Internal Revenue signed the judicial compromise agreement on April 18, 2021. The corresponding Certificate of Availment (Compromise Settlement) was issued by the BIR. The parties filed with the Supreme Court on July 21, 2022 a Joint Motion for Judgment based on Judicial Compromise Agreement. On January 31, 2023, ACeS Philippines received the Decision of the Supreme Court dated August 30, 2022 affirming the decision of the CTA En Banc. On February 15, 2023, ACeS Philippines filed its Motion for Reconsideration praying to consider the Joint Motion for Judgment based on Judicial

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Compromise Agreement filed on July 21, 2022. In a Notice dated February 21, 2023, the Supreme Court required the BIR to comment on the Motion for Reconsideration (on the Decision dated August 30, 2022). The BIR filed its Comment dated March 13, 2023 submitting that the Judicial Compromise Agreement executed by and between the parties be considered and judgment be rendered based thereon.

In a Notice received on June 29, 2023, the Supreme Court issued a Resolution dated April 25, 2023 resolving to deny ACeS Philippines’ Motion for Reconsideration with finality. The corresponding Entry of Judgment was received on September 20, 2023. While the Supreme Court Decision and Resolution did not mention the Judicial Compromise Agreement, the BIR – National Evaluation Board previously approved ACeS Philippines’ application and payment for compromise settlement and issued the Certificate of Availment.

Arbitration with Eastern Telecommunications Philippines, Inc., or ETPI

Since 1990 up to the present, PLDT and ETPI have been engaged in legal proceedings involving a number of issues in connection with their business relationship. Among PLDT’s claims against ETPI are ETPI’s alleged uncompensated bypass of PLDT’s systems from July 1, 1998 to November 28, 2003; unpaid access charges from July 1, 1999 to November 28, 2003; and non-payment of applicable rates for Off-Net and On-Net traffic from January 1, 1999 to November 28, 2003 arising from ETPI’s unilateral reduction of its rates for the Philippines-Hong Kong traffic stream through Hong Kong REACH-ETPI circuits. ETPI’s claims against PLDT, on the other hand, involve an alleged Philippines-Hong Kong traffic shortfall for the period July 1, 1998 to November 28, 2003; unpaid share of revenues generated from PLDT’s activation of additional growth circuits in the Philippines-Singapore traffic stream for the period July 1, 1999 to November 28, 2003; under reporting of ETPI share of revenues under the terms of a Compromise Agreement for the period January 1, 1999 to November 28, 2003 (which ETPI is seeking to retroact to February 6, 1990); lost revenues arising from PLDT’s blocking of incoming traffic from Hong Kong from November 1, 2001 up to November 2003; and lost revenues arising from PLDT’s circuit migration from January 1, 2001 up to December 31, 2001.

While the parties have entered into Compromise Agreements in the past (one in February 1990 and another in March 1999), said agreements have not put to rest the issues between them. To avoid protracted litigation and to preserve their business relationship, PLDT and ETPI agreed to submit their differences and issues to voluntary arbitration. On April 16, 2008, PLDT and ETPI signed an Arbitration Settlement Agreement and submitted their respective Statement of Claims and Answers. Subsequent to such submissions, PLDT and ETPI agreed to suspend the arbitration proceedings. ETPI’s total claim against PLDT is about Php 2.9 billion while PLDT’s total claim against ETPI is about Php 2.8 billion.

In an agreement, PLDT and Globe have agreed that they shall cause ETPI, within a reasonable time after May 30, 2016, to dismiss Civil Case No. 17694 entitled Eastern Telecommunications Philippines, Inc. vs. Philippine Long Distance Telephone Company, and all related or incidental proceedings (including the voluntary arbitration between ETPI and PLDT), and PLDT, in turn, simultaneously, shall withdraw its counterclaims against ETPI in the same entitled case, all with prejudice. As of date of this report, there are no changes on the status of the case.

Department of Labor and Employment, or DOLE, Compliance Order, or Order, to PLDT

In a series of orders including a Compliance Order issued by the DOLE Regional Office on July 3, 2017, which was partly affirmed by DOLE Secretary Silvestre Bello, III, or DOLE Secretary, in his resolutions dated January 10, 2018 and April 24, 2018, the DOLE had previously ordered PLDT to regularize 7,344 workers from 38 of PLDT’s third party service contractors. PLDT questioned these “regularization orders” before the CA, which led to the July 31, 2018 Decision of the CA.

In sum, the CA: (i) granted PLDT’s prayer for an injunction against the regularization orders; (ii) set aside the regularization orders insofar as they declared that there was labor-only contracting of the following functions: (a) janitorial services, messengerial and clerical services; (b) information technology, or IT, firms and services; (c) IT support services, both hardware and software, and applications development; (d) back office support and office operations; (e) business process outsourcing or call centers; (f) sales; and (g) medical, dental engineering and other professional services; and (iii) remanded to the DOLE for further proceedings, the matters of: (a) determining which contractors, and which individuals deployed by these contractors, are performing installation, repair and maintenance, or IRM, of PLDT lines which individuals will be covered by the regularization orders because they are performing the core functions of PLDT; and (b) properly computing monetary awards for benefits such as unpaid overtime or 13th month pay, which in the regularization orders amounted to Php 51.8 million.

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The CA agreed with PLDT’s contention that the DOLE Secretary’s regularization order was “tainted with grave abuse of discretion” because it did not meet the “substantial evidence” standards set out by the Supreme Court in landmark jurisprudence. The Court also said that the DOLE’s appreciation of evidence leaned in favor of the contractor workers, and that the DOLE Secretary had “lost sight” of distinctions involving the labor law concepts of “control over means and methods,” and “control over results.”

PLDT filed a motion on August 20, 2018 seeking a partial reconsideration of that part of the CA decision, which ordered a remand to the Office of the Regional Director of the DOLE-National Capital Region of the matter of the regularization of individuals performing installation, repair and maintenance, or IRM, services. In its motion, PLDT argued that the fact-finding process contemplated by the Court’s remand order is actually not part of the visitorial power of the DOLE (i.e., the evidence that will need to be assessed cannot be gleaned in the ‘normal course’ of a labor inspection) and is therefore, outside the jurisdiction of the DOLE Secretary.

PLDT also questioned that part of the CA ruling which seems to conclude that all IRM jobs are “regular or core functions of PLDT.” It argued that the law recognizes that some work of this nature can be project-based or seasonal in nature. Instead of the DOLE, PLDT suggested that the National Labor Relations Commission – a tribunal with better fact-finding powers – take over from the DOLE to determine whether the jobs are in fact IRM, and if so, whether they are “regular” or can be considered project-based or seasonal.

Both adverse parties, the PLDT rank-and-file labor union Manggagawa sa Komunikasyon ng Pilipinas, or MKP, and the DOLE filed Motions for Reconsideration.

The CA issued a Resolution on February 14, 2019 denying all Motions for Reconsideration and upheld its July 31, 2018 Decision. After filing a Motion for Extension of Time on March 7, 2019, PLDT filed on April 5, 2019 a Petition for Review with the Supreme Court, questioning only one aspect of the CA decision i.e. its order remanding to the DOLE the determination of which jobs fall within the scope of “installation, repair and maintenance,” without however a qualification as to the “project” or “seasonal” nature of those engagements. The Supreme Court has consolidated PLDT’s Petition with the separate Petitions for Review filed by the DOLE and MKP. PLDT submitted on February 17, 2020 its Comment on the Petitions for Review filed by the DOLE Secretary and MKP. PLDT also received the Comment filed by MKP and the DOLE Secretary dated January 13, 2020 and September 3, 2020, respectively. PLDT filed on September 10, 2020 a Motion for Leave and for Time to File a Consolidated Reply (re: MKP’s Comment dated January 13, 2020 and DOLE Secretary’s Comment dated September 3, 2020). PLDT filed on December 23, 2020 its Reply to the Comment submitted by MKP and the DOLE Secretary. PLDT received DOLE’s Reply dated March 2, 2021 on March 11, 2021.

On March 20, 2024, we received the Supreme Court's Decision dated February 14, 2024, dismissing PLDT’s, DOLE’s and MKP’s petitions and affirming the Court of Appeal’s July 31, 2018 Resolution.

The Supreme Court affirmed the Court of Appeals' modification of the DOLE Secretary's Resolution and set aside the orders to regularize the workers of PLDT's service contractors, except those performing “installation, repair and maintenance” services, who may be declared regular employees of PLDT subject to various terms of the remand of the SAVE proceedings to the DOLE NCR Regional Office.

For clarity, the Supreme Court remanded the case to the Office of the Regional Director of the DOLE – NCR and ordered the said office to: (a) review and properly determine the effects of the regularization of the workers performing installation, repair, and maintenance services; (b) review, compute, and properly determine, the monetary award on the labor standards violation, to which PLDT, and the concerned contractors are solidarily liable; and (c) conduct further appropriate proceedings, consistent with the February 14, 2024 Decision.

On April 4, 2024, we filed PLDT’s Motion for Partial Reconsideration of even date and on April 16, 2024, PLDT received a copy of MKP’s Motion for Partial Reconsideration. To date, the Motions for Partial Reconsideration are pending resolution before the Supreme Court.

Attys. Baquiran and Tecson vs. NTC, et al.

This is a Petition for Mandamus filed on October 23, 2018 by Attys. Joseph Lemuel Baligod Baquiran and Ferdinand C. Tecson against the Respondents NTC, the PCC, Liberty, BellTel, Globe, PLDT and Smart. Briefly, the case involves the 700 MHz frequency, among others, or Subject Frequencies, that was originally assigned to Liberty and which eventually became subject of the Co-Use Agreement between Globe, on the one hand, and PLDT and Smart, on the other, or the Co-Use Agreement.

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The Petition prayed that: (a) a Temporary Restraining Order, or TRO, /Writ of Preliminary Injunction, or WPI, be issued to enjoin and restrain Globe, PLDT and Smart from utilizing and monopolizing the Subject Frequencies and the NTC from bidding out or awarding the frequencies returned by PLDT, Smart and Globe; (b) the NTC’s conditional assignment of the Subject Frequencies be declared unconstitutional, illegal and void; (c) alternatively, Liberty and its successors-in-interest be divested of the Subject Frequencies and the same be reverted to the State; (d) Liberty be declared to have transgressed Section 11 (1), Article XVI of the Constitution; (e) Liberty and its parent company be declared to have contravened paragraph 2 of Section 10, Article XII of the 1987 Constitution; (f) Liberty’s assignment of the Subject Frequencies to BellTel be declared illegal and void; (g) the Co-Use Agreement be declared invalid; (h) the NTC be found to have unlawfully neglected the performance of its positive duties; (i) the PCC be found to have unlawfully neglected the performance of its positive duties; (j) a Writ of Mandamus be issued commanding the NTC to revoke the Co-Use Agreement, recall the Subject Frequencies in favor of the State, and make the same available to the best qualified telecommunication players; (k) a Writ of Mandamus be issued commanding the PCC to conduct a full review of PLDT’s and Globe’s acquisition of all issued and outstanding shares of Vega Telecom; (l) an Investigation of NTC be ordered for possible violation of Section 3 (e) of Republic Act No. 3019 and other applicable laws; and (m) the said TRO/WPI be made permanent.

Essentially, petitioners contend that the NTC’s assignments of the Subject Frequencies of Liberty were void for failing to comply with Section 4 (c) of Republic Act No. 7925 which essentially states that “the radio frequency spectrum is a scarce public resource xxx.” Even assuming the assignments were valid, Liberty should be deemed divested of the same by operation of law (with the Subject Frequencies reverted to the State), considering that it underutilized or never utilized the Subject Frequencies in violation of the terms and conditions of the assignments. Assuming further that the NTC’s assignments of the Subject Frequencies were valid and that Liberty was not divested of the same by operation of law, still, Liberty did not validly assign the Subject Frequencies to BellTel because of the absence of Congressional approval. Petitioners conclude that since the assignments of the Subject Frequencies from the NTC to Liberty, and from Liberty to BellTel, were all illegal and void, it follows that the Subject Frequencies could not serve as the object of the Co-Use Agreement between PLDT, Smart and Globe.

PLDT filed on November 23, 2018 an Entry of Appearance on behalf of PLDT and Smart. PLDT and Smart filed their Comment on January 17, 2019. Essentially, the Comment raised the following arguments: first, that the requisites for judicial review and for a mandamus petition are lacking; second, that there was no need for Liberty to obtain prior Congressional approval before it assigned the Subject Frequencies to BellTel; and third, that the Co-Use Agreement is valid and approved by the NTC, and did not violate the Constitution or any laws.

PLDT received a copy of BellTel’s Comment/Opposition dated January 10, 2019 on January 15, 2019. PLDT received a copy of Globe Telecom, Inc.’s, or Globe’s Comment/Opposition dated January 21, 2019 on February 12, 2019. In a Resolution dated March 19, 2019, the Supreme Court noted the aforesaid filings. As at the date of the report, however, PLDT has not received any pleadings from the OSG on behalf of the public respondents.

The Supreme Court issued on June 18, 2019 a Resolution consolidating this case with G.R. No. 230798 (Philippine Competition Commission vs. CA [Twelfth Division] and PLDT; Globe, intervenor) and G.R. No. 234969 (Philippine Competition Commission vs. PLDT and Globe). The consolidated cases were assigned to the Supreme Court Division in charge of G.R. No. 230798, the case with the lowest docket number.

On September 17, 2024, PLDT received a Notice of Resolution dated August 6, 2024 issued by the Supreme Court requiring the parties to move in the premises within ten (10) days from notice. PLDT, Liberty Broadcasting and Globe filed their respective compliances.

Notice of Material Breach and Demand for Payment on DITO

PLDT and DITO entered into an agreement in February 2021 for the construction of a transmission facility that served as the point of interconnection for their subscribers. Under the agreement, PLDT established and managed the interconnection facility that operated as the primary physical interface for both companies. The planned facility was completed in March 2021.

PLDT served on DITO on October 6, 2022 a Notice of Material Breach and Demand for Payment due to DITO's refusal to pay the outstanding balance of Php 430 million for contracted services provided by PLDT in relation to the building and provisioning of transmission facilities used by DITO to deliver telecommunication services to its subscribers. Upon DITO’s request, PLDT agreed to limit the scope of work, the resulting in a reduction of the outstanding balance to Php 280 million, which will be payable in three tranches. To date, DITO has only paid the first and second tranche amounting to Php 168 million, with a remaining balance of Php 112 million.

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Meanwhile, DITO filed a petition with the NTC on September 22, 2021 seeking the latter’s intervention in directing Smart to grant DITO’s request for additional capacity for interconnection. In response, Smart filed an answer on October 4, 2021 stating that the petition should be denied for DITO’s failure to prevent, detect, or block International Simple Resale, or ISR,/Bypass Traffic emanating from its network and DITO’s failure to set up an effective fraud management system; and requesting for compensation for losses incurred due to these ISR/ bypass activities, in violation of its Interconnection Agreement with Smart, the provisions of R.A. No. 7925, and NTC MC No. 14-07-2000. The NTC facilitated mediation conferences on November 5, 2021, November 18, 2021, February 4, 2022, and February 16, 2022. On March 6, 2024, Smart filed a Manifestation informing the NTC that Smart already provided additional capacity for interconnection to DITO, and that Smart and DITO executed a memorandum of agreement on bypass activities. On May 9, 2024, Smart filed a Motion to Dismiss in light of the aforementioned supervening events.

Following news reports on August 8, 2022 that DITO had filed a complaint with the PCC against Globe and Smart involving the same issue pending with the NTC on ISR, Smart received a subpoena duces tecum dated December 7, 2022 (“December Subpoena”) from the PCC Competition Enforcement Office in relation to an ongoing full administrative investigation involving the telecommunications industry. The subpoena notified Smart that it was the subject of ongoing investigation pursuant to Section 2.9 of the 2017 PCC Rules of Procedure, involving allegations of violations by Smart of Section 14(b)(1), 15(b), 15(c) and 15(i) of the Philippine Competition Act. Smart was directed to submit its corporate documents, documents and information pertaining to its operations as a PTE and its relationship with other PTEs, and documents and information on ISR. to the PCC on January 23, 2023, followed by the submission of a supplemental submission on January 27, 2023. On May 26, 2023, Smart received a subpoena ad testificandum from the PCC directing duly authorized representative(s) knowledgeable on: (i) Smart’s operations, including but not limited to interconnection with other public telecommunications entities, products and services offered, and corporate structure; and (ii) submitted documents in relation to the December Subpoena, to appear before the PCC Enforcement Office on June 8, 2023. Accordingly, Smart representatives appeared before the PCC on the said date for the clarificatory hearing. On July 4, 2023, Smart received a PCC Resolution setting another hearing and requiring Smart's representatives to appear and address pending matters on competitor information, market distinction between postpaid and prepaid services, network coverage, interconnection agreements, clarificatory questions on documents already submitted, and other related matters. Accordingly, representatives attended the clarificatory hearings before the PCC on July 20 and November 20, 2023. On January 19, 2024, DITO informed Smart that it had signed the Memorandum of Agreement (Cooperation Against Bypass Activity) and provided a fully-signed copy on said date. On March 2, 2024, Smart filed a Manifestation informing the PCC-Competition Enforcement Office (PCC-CEO) that an agreement had been reached with DITO on bypass activities and that DITO acknowledged its ISR liabilities for 2021 to August 2023. Smart filed another Manifestation on March 8, 2024, informing the PCC-CEO that it granted DITO additional capacity for interconnection following the execution of the agreement on bypass activities. Smart has not received any subsequent order or resolution from the PCC.

Class Action Suit Against PLDT

On February 6, 2023, Sophia Olsson, an investor in PLDT American Depositary Shares (“ADSs”), filed a putative class action in the United States District Court for the Central District of California (the “Court”) against PLDT and certain current and former directors and officers on behalf of herself and all other persons similarly situated who purchased or otherwise acquired ADSs between January 1, 2019 and December 19, 2022 (“U.S. Class Action”). On April 7, 2023, Ms. Olsson and another individual, Kevin Douglas, submitted separate motions to the Court to serve as lead plaintiff in the U.S. Class Action. On May 1, 2023, the Court granted Mr. Douglas’s (“Plaintiff”) motion to serve as the lead plaintiff.

On July 7, 2023, Plaintiff filed an amended complaint. The amended complaint alleges that PLDT and certain of its current and former directors and officers made materially false and misleading statements regarding PLDT’s capital expenditures and internal controls (among other matters) during the period April 23, 2020 through December 19, 2022. On October 10, 2023, PLDT and defendants Manuel V. Pangilinan, Alfredo S. Panlilio, and Marilyn A. Victorio-Aquino (together, “Defendants”) moved for dismissal of the amended complaint in its entirety.

On December 1, 2023, Defendants and Plaintiff notified the Court that they had reached an agreement in principle to settle the U.S. Class Action. The notification indicated that, accordingly, Defendants and Plaintiff jointly sought to vacate the schedule for further briefing on PLDT’s pending motion to dismiss to allow the parties to finalize the settlement. On
December 4, 2023, the Court granted the request to vacate the briefing schedule.

On February 16, 2024, PLDT entered into a Stipulation of Settlement to resolve the U.S. Class Action, and on the same day Plaintiff submitted a motion seeking preliminary approval of the proposed settlement. Under the proposed settlement, which is subject to approval by the Court following notice to the settlement class, the settlement class will receive payment of a settlement amount of $3,000,000. The proposed settlement agreement contains no admission of liability, fault or wrongdoing by the Company or any of the named defendants. On March 7, 2024, the Court entered an order preliminarily approving the proposed settlement and scheduling a hearing for August 5, 2024 to determine whether to finally approve the settlement.

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On June 6, 2024, the Court rescheduled the final approval hearing from August 5, 2024 to August 9, 2024. On
August 9, 2024, following Plaintiff’s filing of a motion for final approval of the settlement (together with other motions relating to Plaintiff’s proposed plan for allocating settlement proceeds, attorneys’ fees for counsel for the class, litigation expenses and an award for Plaintiff), the Court held a hearing to address whether to grant final approval of the settlement. After counsel for the class orally presented these motions, the Court reserved judgment.

On September 17, 2024, the Court granted final approval to PLDT’s case-ending settlement of securities class action litigation. The Judgment and Order of the Court provides that the Court will retain jurisdiction over (among other matters) implementation of the settlement and the distribution and disposition of the settlement fund. There is a 30-day period to appeal but any such appeal by a class member on the Plan of Allocation or the amount of attorney's fees will not affect the finality of the Judgment and Order as to the approval of the Settlement vis-a-vis PLDT and the individual defendants. Given that the 30-day period expired with no appeal on record, the case is now considered closed and terminated.

Other disclosures required by IAS 37, Provisions, Contingent Liabilities and Contingent Assets, were not provided as it may prejudice our position in ongoing claims, litigations and assessments. See Note 3 – Management’s Use of Accounting Judgments, Estimates and Assumptions – Provision for legal contingencies and tax assessments.

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27.
Financial Assets and Liabilities

We have various financial assets such as trade and non-trade receivables, cash and short-term deposits. Our principal financial liabilities, other than derivatives, comprise of bank loans, lease liabilities, trade and non-trade payables. The main purpose of these financial liabilities is to finance our operations. We also enter into derivative transactions, primarily principal only-currency swap agreements, interest rate swaps and forward foreign exchange contracts and options to manage the currency and interest rate risks arising from our operations and sources of financing. Our accounting policies in relation to derivatives are set out in Note 2 – Summary of Material Accounting Policies – Financial Instruments.

The following table sets forth our consolidated financial assets and financial liabilities as at December 31, 2024 and 2023:

|  | Financial instruments at amortized cost |  |  | Financial instruments at FVPL |  |  | Total financial instruments |
|  | (in million pesos) |
Assets as at December 31, 2024 |  |  |  |  |  |  |  |  |
Noncurrent: |  |  |  |  |  |  |  |  |
Financial assets at fair value through profit or loss |  |  | — |  |  |  | 1,101 |  |  |  | 1,101 |
Debt instruments at amortized cost – net of current portion |  |  | 370 |  |  |  | — |  |  |  | 370 |
Derivative financial assets – net of current portion |  |  | — |  |  |  | 385 |  |  |  | 385 |
Other financial assets – net of current portion |  |  | 3,126 |  | (1) |  | — |  |  |  | 3,126 |
Current: |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  | 10,011 |  |  |  | — |  |  |  | 10,011 |
Short-term investments |  |  | 136 |  |  |  | — |  |  |  | 136 |
Trade and other receivables |  |  | 31,612 |  |  |  | — |  |  |  | 31,612 |
Current portion of derivative financial assets |  |  | — |  |  |  | 30 |  |  |  | 30 |
Current portion of debt instruments at amortized cost |  |  | 25 |  |  |  | — |  |  |  | 25 |
Current portion of other financial assets |  |  | 831 |  | (1) |  | — |  |  |  | 831 |
Total assets |  |  | 46,111 |  |  |  | 1,516 |  |  |  | 47,627 |
Liabilities as at December 31, 2024 |  |  |  |  |  |  |  |  |
Noncurrent: |  |  |  |  |  |  |  |  |
Interest-bearing financial liabilities – net of current portion |  |  | 258,246 |  |  |  | — |  |  |  | 258,246 |
Lease liabilities – net of current portion |  |  | 46,703 |  |  |  | — |  |  |  | 46,703 |
Customers' deposits |  |  | 2,046 |  |  |  | — |  |  |  | 2,046 |
Deferred credits and other noncurrent liabilities |  |  | 90 |  |  |  | — |  |  |  | 90 |
Current: |  |  |  |  |  |  |  |  |
Accounts payable |  |  | 61,204 |  |  |  | — |  |  |  | 61,204 |
Accrued expenses and other current liabilities |  |  | 70,795 |  |  |  | 2 |  |  |  | 70,797 |
Current portion of interest-bearing financial liabilities |  |  | 23,340 |  |  |  | — |  |  |  | 23,340 |
Current portion of lease liabilities |  |  | 7,335 |  |  |  | — |  |  |  | 7,335 |
Dividends payable |  |  | 2,005 |  |  |  | — |  |  |  | 2,005 |
Current portion of derivative financial liabilities |  |  | — |  |  |  | 97 |  |  |  | 97 |
Liabilities associated with assets classified as held-for-sale |  |  | 1,615 |  |  |  | — |  |  |  | 1,615 |
Total liabilities |  |  | 473,379 |  |  |  | 99 |  |  |  | 473,478 |
Net assets (liabilities) |  |  | (427,268 | ) |  |  | 1,417 |  |  |  | (425,851 | )

(1)
Includes refundable deposits and notes receivable.

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|  | Financial instruments at amortized cost |  |  | Financial instruments at FVPL |  |  | Total financial instruments |
|  | (in million pesos) |
Assets as at December 31, 2023 |  |  |  |  |  |  |  |  |
Noncurrent: |  |  |  |  |  |  |  |  |
Financial assets at fair value through profit or loss |  |  | — |  |  |  | 578 |  |  |  | 578 |
Debt instruments at amortized cost – net of current portion |  |  | 395 |  |  |  | — |  |  |  | 395 |
Derivative financial assets – net of current portion |  |  | — |  |  |  | 96 |  |  |  | 96 |
Other financial assets – net of current portion |  |  | 3,481 |  | (1) |  | — |  |  |  | 3,481 |
Current: |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  | 16,177 |  |  |  | — |  |  |  | 16,177 |
Short-term investments |  |  | 122 |  |  |  | 269 |  |  |  | 391 |
Trade and other receivables |  |  | 26,086 |  |  |  | — |  |  |  | 26,086 |
Current portion of debt instruments at amortized cost |  |  | 200 |  |  |  | — |  |  |  | 200 |
Current portion of other financial assets |  |  | 320 |  | (1) |  | — |  | (3) |  | 320 |
Total assets |  |  | 46,781 |  |  |  | 943 |  |  |  | 47,724 |
Liabilities as at December 31, 2023 |  |  |  |  |  |  |  |  |
Noncurrent: |  |  |  |  |  |  |  |  |
Interest-bearing financial liabilities – net of current portion |  |  | 243,152 |  |  |  | — |  |  |  | 243,152 |
Lease liabilities – net of current portion |  |  | 41,625 |  |  |  | — |  |  |  | 41,625 |
Derivative financial liabilities – net of current portion |  |  | — |  |  |  | 12 |  |  |  | 12 |
Customers' deposits |  |  | 2,238 |  |  |  | — |  |  |  | 2,238 |
Deferred credits and other noncurrent liabilities |  |  | 229 |  |  |  | — |  |  |  | 229 |
Current: |  |  |  |  |  |  |  |  |
Accounts payable |  |  | 77,050 |  |  |  | — |  |  |  | 77,050 |
Accrued expenses and other current liabilities |  |  | 71,756 |  |  |  | — |  |  |  | 71,756 |
Current portion of interest-bearing financial liabilities |  |  | 11,646 |  |  |  | — |  |  |  | 11,646 |
Current portion of lease liabilities |  |  | 5,921 |  |  |  | — |  |  |  | 5,921 |
Dividends payable |  |  | 1,912 |  |  |  | — |  |  |  | 1,912 |
Current portion of derivative financial liabilities |  |  | — |  |  |  | 1,021 |  |  |  | 1,021 |
Liabilities associated with assets classified as held-for-sale |  |  | 1,779 |  |  |  | — |  |  |  | 1,779 |
Total liabilities |  |  | 457,308 |  |  |  | 1,033 |  |  |  | 458,341 |
Net liabilities |  |  | (410,527 | ) |  |  | (90 | ) |  |  | (410,617 | )

(1)
Includes refundable deposits and notes receivable.
(2)
Includes investments in the funds of Credit Suisse and Julius Baer. In 2021, PLDT withdrew US$6.6 million from the Supply Chain Finance fund of Credit Suisse and impaired the remaining fund value of US$3.4 million. In the same year, Smart invested US$5.0 million in the Focus Fixed Income Asia Defensive fund of Julius Baer. As at December 31, 2022, the fund’s value is US$4.85 million. On September 10, 2024, Smart withdrew its investment with Julius Baer amounting to US$5.0 million with US$54 thousand earnings from the investment.
(3)
Includes RCBC Redemption Trust Account. See Note 19 – Equity – Redemption of Preferred Stock.

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The following table sets forth our consolidated offsetting of financial assets and liabilities recognized as at
December 31, 2024 and 2023:

|  | Gross amounts of recognized financial assets and liabilities |  |  | Gross amounts of recognized financial assets and liabilities set-off in the consolidated statements of financial position |  |  | Net amount presented in the consolidated statements of financial position |
|  | (in million pesos) |
December 31, 2024 |  |  |  |  |  |  |  |  |
Current Financial Assets |  |  |  |  |  |  |  |  |
Trade and other receivables |  |  |  |  |  |  |  |  |
Foreign administrations |  |  | 2,536 |  |  |  | 1,359 |  |  |  | 1,177 |
Domestic carriers |  |  | 356 |  |  |  | 100 |  |  |  | 256 |
Total |  |  | 2,892 |  |  |  | 1,459 |  |  |  | 1,433 |
Current Financial Liabilities |  |  |  |  |  |  |  |  |
Accounts payable |  |  |  |  |  |  |  |  |
Suppliers and contractors |  |  | 58,613 |  |  |  | 89 |  |  |  | 58,524 |
Carriers and others |  |  | 8,359 |  |  |  | 5,825 |  |  |  | 2,534 |
Total |  |  | 66,972 |  |  |  | 5,914 |  |  |  | 61,058 |
December 31, 2023 |  |  |  |  |  |  |  |  |
Current Financial Assets |  |  |  |  |  |  |  |  |
Trade and other receivables |  |  |  |  |  |  |  |  |
Foreign administrations |  |  | 4,606 |  |  |  | 3,480 |  |  |  | 1,126 |
Domestic carriers |  |  | 332 |  |  |  | 145 |  |  |  | 187 |
Total |  |  | 4,938 |  |  |  | 3,625 |  |  |  | 1,313 |
Current Financial Liabilities |  |  |  |  |  |  |  |  |
Accounts payable |  |  |  |  |  |  |  |  |
Suppliers and contractors |  |  | 74,542 |  |  |  | 24 |  |  |  | 74,518 |
Carriers and others |  |  | 4,713 |  |  |  | 2,351 |  |  |  | 2,362 |
Total |  |  | 79,255 |  |  |  | 2,375 |  |  |  | 76,880 |

There are no financial instruments subject to an enforceable master netting arrangement as at December 31, 2024 and 2023.

The following table sets forth our consolidated carrying values and estimated fair values of our financial assets and liabilities recognized as at December 31, 2024 and 2023 other than those whose carrying amounts are reasonable approximations of fair values:

|  | Carrying Value |  |  | Fair Value |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
|  | (in million pesos) |
Noncurrent Financial Assets |  |  |  |  |  |  |  |  |  |  |  |
Debt instruments at amortized cost |  |  | 370 |  |  |  | 395 |  |  |  | 363 |  |  |  | 387 |
Other financial assets – net of current portion |  |  | 3,126 |  |  |  | 3,481 |  |  |  | 2,703 |  |  |  | 3,184 |
Total |  |  | 3,496 |  |  |  | 3,876 |  |  |  | 3,066 |  |  |  | 3,571 |
Noncurrent Financial Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Interest-bearing financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Long-term debt – net of current portion |  |  | 258,246 |  |  |  | 243,152 |  |  |  | 246,572 |  |  |  | 232,195 |
Customers' deposits |  |  | 2,046 |  |  |  | 2,238 |  |  |  | 1,311 |  |  |  | 1,425 |
Deferred credits and other noncurrent liabilities |  |  | 90 |  |  |  | 229 |  |  |  | 79 |  |  |  | 225 |
Total |  |  | 260,382 |  |  |  | 245,619 |  |  |  | 247,962 |  |  |  | 233,845 |

F-121

Below is the list of our consolidated financial assets and liabilities carried at fair value that are classified using a fair value hierarchy as required for our complete sets of consolidated financial statements as at December 31, 2024 and 2023. This classification provides a reasonable basis to illustrate the nature and extent of risks associated with those financial statements.

|  | December 31, 2024 |  |  | December 31, 2023 |
|  | Level 1(1) |  |  | Level 2(2) |  |  | Level 3(3) |  |  | Total |  |  | Level 1(1) |  |  | Level 2(2) |  |  | Level 3(3) |  |  | Total |
|  | (in million pesos) |
Noncurrent Financial Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial assets at FVPL |  |  | — |  |  |  | 1,098 |  |  |  | 3 |  |  |  | 1,101 |  |  |  | — |  |  |  | 575 |  |  |  | 3 |  |  |  | 578 |
Derivative financial assets – net of current portion |  |  | — |  |  |  | 385 |  |  |  | — |  |  |  | 385 |  |  |  | — |  |  |  | 96 |  |  |  | — |  |  |  | 96 |
Current Financial Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Short-term investments |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 269 |  |  |  | — |  |  |  | 269 |
Current portion of derivative financial assets |  |  | — |  |  |  | 30 |  |  |  | — |  |  |  | 30 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total |  |  | — |  |  |  | 1,513 |  |  |  | 3 |  |  |  | 1,516 |  |  |  | — |  |  |  | 940 |  |  |  | 3 |  |  |  | 943 |
Noncurrent Financial Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative financial liabilities – net of current portion |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 12 |  |  |  | — |  |  |  | 12 |
Current Financial Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accrued expenses and other current liabilities |  |  | — |  |  |  | 2 |  |  |  | — |  |  |  | 2 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Current portion of derivative financial liabilities |  |  | — |  |  |  | 97 |  |  |  | — |  |  |  | 97 |  |  |  | — |  |  |  | 1,021 |  |  |  | — |  |  |  | 1,021 |
Total |  |  | — |  |  |  | 99 |  |  |  | — |  |  |  | 99 |  |  |  | — |  |  |  | 1,033 |  |  |  | — |  |  |  | 1,033 |

(1)
Fair values determined using observable market inputs that reflect quoted prices in active markets for identical assets or liabilities.
(2)
Fair values determined using inputs other than quoted market prices that are either directly or indirectly observable for the assets or liabilities.
(3)
Fair values determined using discounted values of future cash flows for the assets or liabilities.

As at December 31, 2024 and 2023, there were no transfers into and out of Level 3 and between Level 1 and Level 2 fair value measurements.

The following methods and assumptions were used to estimate the fair value of each class of financial instrument for which it is practicable to estimate such value:

Long-term financial assets and liabilities:

Fair value is based on the following:

Type |  | Fair Value Assumptions |  | Fair Value Hierarchy
Noncurrent portion of advances and other noncurrent assets |  | Estimated fair value is based on the discounted values of future cash flows using the applicable zero-coupon rates plus counterparties’ credit spread. |  | Level 3
Fixed rate loans: U.S. Dollar notes |  | Quoted market price. |  | Level 1
Investment in debt securities |  | Fair values were determined using quoted prices. For non-quoted securities, fair values were determined using discounted cash flow based on market observable rates. |  | Level 1 Level 2
Other loans in all other currencies |  | Estimated fair value is based on the discounted value of future cash flows using the applicable Commercial Interest Reference Rate and BVAL rates for similar types of loans plus PLDT’s credit spread. |  | Level 3
Variable rate loans |  | The carrying value approximates fair value because of recent and regular repricing based on market conditions. |  | Level 2

Derivative Financial Instruments

Forward foreign exchange contracts, foreign currency swaps, foreign currency options and interest rate swaps: The fair values were computed as the present value of estimated future cash flows using market U.S. Dollar and Philippine Peso interest rates as at valuation date.

The valuation techniques considered various inputs including the credit quality of counterparties.

Due to the short-term nature of the transactions, the fair value of cash and cash equivalents, short-term investments, trade and other receivables, accounts payable, accrued expenses and other current liabilities and dividends payable approximate their carrying values as at the end of the reporting period.

F-122

Our derivative financial instruments are accounted for as either cash flow hedges or transactions not designated as hedges. Cash flow hedges refer to those transactions that hedge our exposure to variability in cash flows attributable to a particular risk associated with a recognized financial asset or liability and exposures arising from forecast transactions. Changes in the fair value of these instruments representing effective hedges are recognized directly in other comprehensive income until the hedged item is recognized in our consolidated income statements. For transactions that are not designated as hedges, any gains or losses arising from the changes in fair value are recognized directly to income for the period.

As at December 31, 2024 and 2023, we have taken into account the counterparties’ credit risks (for derivative assets) and our own non-performance risk (for derivative liabilities) and have included a credit or debit valuation adjustment, as appropriate, by assessing the maximum credit exposure and taking into account market-based inputs which considers the risk of default occurring and corresponding losses once the default event occurs. The changes in counterparty credit risk had no material effect on the hedge effectiveness assessment for derivatives designated in hedge relationships and other financial instruments recognized at fair value.

F-123

The table below sets out the information about our consolidated derivative financial instruments as at December 31, 2024 and 2023:

|  |  |  |  |  |  |  | December 31, 2024 |  |  | December 31, 2023 |
| Original Notional Amount | Trade Date | Underlying Transaction in U.S. Dollar | Termination Date | Weighted Average Hedge Cost |  | Weighted Average Foreign Exchange Rate | Notional Amount |  | Net Mark-to- market Gains (Losses) in Php |  |  | Notional Amount |  | Net Mark-to- market Gains (Losses) in Php |
| (in millions) |  | (in millions) |  |  |  |  | (in millions) |
Transactions not designated as hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
PLDT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Forward foreign exchange contracts | US$396 | Various dates in October to December 2023 | U.S. Dollar Liabilities | Various dates in January to June 2024 |  | — |  | Php 56.56 | US$— |  |  | — |  |  | US$396 |  |  | (448 | )
| US$795 | Various dates in January 2024 to September 2024 | U.S. Dollar Liabilities | Various dates in March to December 2024 |  | — |  | Php 57.12 |  | — |  |  | — |  |  |  | — |  |  | — |
| US$30 3 | Various dates in October to December 2024 | U.S. Dollar Liabilities | Various dates in January to July 2025 |  | — |  | Php 58.45 |  | 303 |  |  | (10 | ) |  |  | — |  |  | — |
| US$14 | Various dates in October to December 2024 | U.S. Dollar Revenues | Various dates in July to December 2025 |  | — |  | Php 58.65 |  | 14 |  |  | (2 | ) |  |  | — |  |  | — |
| US$93 | Various dates in January 2025 | U.S. Dollar Revenues | Various dates in July to August 2025 |  | — |  | Php 58.73 |  |  |  |  |  |  |  |  |
Foreign exchange options seagull(a) | US$13 | Various dates in March to September 2024 | U.S. Dollar Liabilities | Various dates in September 2024 to February 2025 |  | — |  | Php 55.62 |  | 2 |  |  | (1 | ) |  |  | — |  |  | — |
|  |  |  |  |  | — |  | Php 56.07 |  | — |  |  | — |  |  |  | — |  |  | — |
|  |  |  |  |  | — |  | Php 57.07 |  | — |  |  | — |  |  |  | — |  |  | — |
| US$5 | Various dates in October to November 2024 | U.S. Dollar Liabilities | Various dates in December 2024 |  | — |  | Php 57.93 |  | — |  |  | — |  |  |  | — |  |  | — |
|  |  |  |  |  | — |  | Php 58.25 |  | — |  |  | — |  |  |  | — |  |  | — |
|  |  |  |  |  | — |  | Php 59.25 |  | — |  |  | — |  |  |  | — |  |  | — |
| US$8 | Various dates in December 2024 | U.S. Dollar Liabilities | Various dates in April 2025 |  | — |  | Php 57.46 |  | 8 |  |  | (2 | ) |  |  | — |  |  | — |
|  |  |  |  |  | — |  | Php 57.98 |  | — |  |  | — |  |  |  | — |  |  | — |
|  |  |  |  |  | — |  | Php 59.48 |  | — |  |  | — |  |  |  | — |  |  | — |
|  |  |  |  |  |  |  |  |  |  | (15 | ) |  |  |  |  | (448 | )
Smart |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Forward foreign exchange contracts | US$449 | Various dates in June 2023 to December 2024 | U.S. Dollar Liabilities | Various dates in January to October 2024 |  | — |  | Php 56.55 | US$— |  |  | — |  |  | US$449 |  |  | (493 | )
| US$614 | Various dates in January to September 2024 | U.S. Dollar Liabilities | Various dates in March to December 2024 |  | — |  | Php 56.74 |  | — |  |  | — |  |  |  | — |  |  | — |
| US$204 | Various dates in October to December 2024 | U.S. Dollar Liabilities | Various dates in January to April 2025 |  | — |  | Php 58.18 |  | 204 |  |  | 31 |  |  |  | — |  |  | — |
| US$5 | Various dates in October to November 2024 | U.S. Dollar Revenues | Various dates in July to October 2025 |  | — |  | Php 58.48 |  | 5 |  |  | (1 | ) |  |  | — |  |  | — |
Foreign exchange options seagull(b) | US$15 | Various dates in June 2023 | U.S. Dollar Liabilities | Various dates in February 2024 |  | — |  | Php 55.17 Php 55.85 Php 56.87 |  | — |  |  | — |  |  | US$15 |  |  | (1 | )
| US$34 | Various dates in March to September 2024 | U.S. Dollar Liabilities | Various dates in September 2024 to March 2025 |  | — |  | Php 55.87 Php 56.17 Php 57.17 |  | 4 |  |  | (3 | ) |  |  | — |  |  | — |
| US$4 | Various dates in December 2024 | U.S. Dollar Liabilities | Various dates March to April 2025 |  | — |  | Php 57.64 Php 57.97 Php 59.26 |  | 4 |  |  | (1 | ) |  |  | — |  |  | — |
|  |  |  |  |  |  |  |  |  |  | 26 |  |  |  |  |  | (494 | )
|  |  |  |  |  |  |  |  |  |  | 11 |  |  |  |  |  | (942 | )
Transactions designated as hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
PLDT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-term foreign currency options(c) | US$290 | Various dates in July 2020 and February to March 2021 | 300M Notes 2031 | January 23, 2031 | 1.20% |  | Php 49.61 Php 55.28 | US$290 |  |  | 164 |  |  | US$290 |  |  | (87 | )
|  |  |  |  |  |  |  |  |  |  | 164 |  |  |  |  |  | (87 | )
Smart |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-term foreign currency options(d) | US$109 | February to April 2021 | US$140 PNB Loan | December 13, 2030 | 1.63% |  | Php 48.00 Php 53.34 | US$66 |  |  | 143 |  |  | US$77 |  |  | 92 |
|  |  |  |  |  |  |  |  |  |  | 143 |  |  |  |  |  | 92 |
|  |  |  |  |  |  |  |  |  |  | 307 |  |  |  |  |  | 5 |
|  |  |  |  |  |  |  |  |  |  | 318 |  |  |  |  |  | (937 | )

(a)
If the Philippine Peso to U.S. dollar spot exchange rate on fixing date settles between Php 56.07 to Php 57.07, PLDT will purchase the U.S. Dollar for Php 56.07. However, if on maturity, the exchange rate settles above Php 57.07, PLDT will purchase the U.S. Dollar for Php56.07 plus the excess above Php 57.07, and if the exchange rate is lower than Php 56.07, PLDT will purchase the U.S. Dollar at the prevailing Philippine peso to U.S. Dollar spot exchange rate, subject to a floor of Php 55.62.

If the Philippine Peso to U.S. dollar spot exchange rate on fixing date settles between Php 57.9 8 to Php 59.48, PLDT will purchase the U.S. Dollar for Php 57.98. However, if on maturity, the exchange rate settles above Php 59.48, PLDT will

F-124

purchase the U.S. Dollar for Php57.98 plus the excess above Php59.48, and if the exchange rate is lower than Php 57.98, PLDT will purchase the U.S. Dollar at the prevailing Philippine peso to U.S. Dollar spot exchange rate, subject to a floor of Php 57.46.

(b)
If the Philippine Peso to U.S. Dollar spot exchange rate on fixing date settles between Php 56.17 to Php 57.17, Smart will purchase the U.S. Dollar for Php56.17. However, if on maturity, the exchange rate settles above Php 56.17, Smart will purchase the U.S. Dollar for Php56.17 plus the excess above Php 57.17, and if the exchange rate is lower than Php 56.17, Smart will purchase the U.S. Dollar at the prevailing Philippine peso to U.S. Dollar spot exchange rate, subject to a floor of Php 55.87.

If the Philippine Peso to U.S. Dollar spot exchange rate on fixing date settles between Php 57.97 to Php 59.26, Smart will purchase the U.S. Dollar for Php 57.97. However, if on maturity, the exchange rate settles above Php 57.97, Smart will purchase the U.S. Dollar for Php57.97 plus the excess above Php 59.26, and if the exchange rate is lower than Php 57.97, Smart will purchase the U.S. Dollar at the prevailing Philippine Peso to U.S. Dollar spot exchange rate, subject to a floor of Php 57.64.

(c)
PLDT’s long-term foreign currency option agreements outstanding as at December 31, 2024 and 2023 were designated as cash flow hedges, wherein the effective portion of the movements in fair value is recognized in our consolidated statements of other comprehensive income, while any ineffective portion is recognized immediately in our consolidated income statements. Settlement of the foreign currency option agreements will depend on the spot exchange rate on the fixing date. If the Philippine peso to U.S. dollar spot exchange rate on fixing date is between Php 49.61 and Php 55.28, PLDT will purchase the U.S. dollar at Php 49.61. However, if on fixing date, the exchange rate is beyond Php 55.28, PLDT will purchase the U.S. dollar at the prevailing Philippine peso to U.S. dollar spot exchange rate minus a subsidy of Php 5.67, and if the exchange rate is lower than Php 49.61, PLDT will purchase the U.S. dollar at the prevailing Philippine peso to U.S. dollar spot exchange rate. The mark-to-market losses amounting to Php 239 million and
Php 119 million were recognized in our consolidated statement of other comprehensive income as at December 31, 2024 and 2023, respectively. Hedge cost accrual on the long-term foreign currency option agreements amounting to
Php 75 million each were recognized as at December 31, 2024 and 2023, respectively. The intrinsic value of the long-term foreign currency options recognized as other comprehensive income is transferred to profit or loss when the hedged loan is revalued for changes in the foreign exchange rate. The hedge cost portion of the movements in the fair value amounting to Php 119 million and Php 39 million were recognized in our consolidated income statements for the years ended December 31, 2024, 2023 and 2022, respectively.
(d)
Smart’s long-term foreign currency option agreements outstanding as at December 31, 2024 and 2023 were designated as cash flow hedges, wherein the effective portion of the movements in fair value is recognized in our consolidated statements of other comprehensive income, while any ineffective portion is recognized immediately in our consolidated income statements. Settlement of the foreign currency option agreements will depend on the spot exchange rate on the fixing date. If the Philippine Peso to U.S. Dollar spot exchange rate on fixing date is between Php 48.00 and Php 53.34, Smart will purchase the U.S. Dollar at Php 48.00. However, if on fixing date the exchange rate is beyond Php 53.34, Smart will purchase the U.S. Dollar for Php48.00 plus the excess above Php 53.34, and if the exchange rate is lower than Php 48.00, Smart will purchase the U.S. Dollar at the prevailing Philippine Peso to U.S. Dollar spot exchange rate. The mark-to-market gains amounting to Php 145 million and Php 96 million were recognized in our consolidated statement of other comprehensive income as at December 31, 2024 and 2023, respectively. Hedge cost accrual on the long-term foreign currency option agreements amounting to Php2 million and Php 3 million was recognized as at December 31, 2024 and 2023, respectively. The intrinsic value of the long-term foreign currency options recognized as other comprehensive income are transferred to profit or loss when the hedged loan is revalued for changes in the foreign exchange rate. The hedge cost portion of the movements in the fair value amounting to Php 52 million and Php 12 million were recognized in our consolidated income statements for the years ended December 31, 2024 and 2023, respectively.

Our derivative financial instruments as at December 31, 2024 and 2023 are presented in the statements of financial position as follows:

|  | 2024 |  |  | 2023 |
|  | (in million pesos) |
Asset: |  |  |  |  |  |
Noncurrent assets |  |  | 385 |  |  |  | 96 |
Current assets |  |  | 30 |  |  |  | — |
Liabilities: |  |  |  |  |  |
Noncurrent liabilities (Note 28) |  |  | — |  |  |  | (12 | )
Current liabilities (Note 28) |  |  | (97 | ) |  |  | (1,021 | )
Net assets (liabilities) |  |  | 318 |  |  |  | (937 | )

F-125

Movements of our consolidated mark-to-market gains (losses) for the years ended December 31, 2024 and 2023 are summarized as follows:

|  | 2024 |  |  | 2023 |
|  | (in million pesos) |
Net mark-to-market losses at beginning of the year |  |  | (937 | ) |  |  | (1,069 | )
Gains on derivative financial instruments |  |  | 4,252 |  |  |  | 1,436 |
Settlements, accretion and others |  |  | (934 | ) |  |  | 370 |
Net fair value losses on cash flow hedges charged to other comprehensive income |  |  | (2,063 | ) |  |  | (1,674 | )
Net mark-to-market gains (losses) at end of the year |  |  | 318 |  |  |  | (937 | )

Our consolidated analysis of gains on derivative financial instruments for the years ended December 31, 2024, 2023 and 2022 are as follows:

|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | (in million pesos) |
Gains on derivative financial instruments |  |  | 4,252 |  |  |  | 1,436 |  |  |  | 2,572 |
Hedge costs |  |  | (229 | ) |  |  | (238 | ) |  |  | (250 | )
Net gains on derivative financial instruments (Note 5) |  |  | 4,023 |  |  |  | 1,198 |  |  |  | 2,322 |

Financial Risk Management Objectives and Policies

The main risks arising from our financial instruments are liquidity risk, foreign currency exchange risk, interest rate risk and credit risk. The importance of managing those risks has significantly increased in light of the considerable change and volatility in both the Philippine and international financial markets. Our Board of Directors reviews and approves policies for managing each of these risks, which are summarized below. We also monitor the market price risk arising from all financial instruments.

Liquidity Risk

Our exposure to liquidity risk refers to the risk that our financial requirements, working capital requirements and planned capital expenditures will not be met.

We manage our liquidity profile to be able to finance our operations and capital expenditures, service our maturing debts and meet our other financial obligations. To cover our financing requirements, we use internally generated funds and proceeds from debt and equity issues and sales of certain assets.

As part of our liquidity risk management program, we regularly evaluate our projected and actual cash flows, including our loan maturity profiles, and continuously assess conditions in the financial markets for opportunities to pursue fund-raising initiatives. These activities may include bank loans, export credit agency-guaranteed facilities, debt capital and equity market issues.

Any excess funds are primarily invested in short-term and principal-protected bank products that provide flexibility of withdrawing the funds anytime. We also allocate a portion of our cash in longer tenor investments such as fixed income securities issued or guaranteed by the Republic of the Philippines, and Philippine banks and corporates and managed funds. We regularly evaluate available financial products and monitor market conditions for opportunities to enhance yields at acceptable risk levels. Our investments are also subject to certain restrictions contained in our debt covenants. Our funding arrangements are designed to keep an appropriate balance between equity and debt and to provide financing flexibility while enhancing our businesses.

Our cash position remains sufficient to support our planned capital expenditure requirements and service our debt and financing obligations; however, we may be required to finance a portion of our future capital expenditures from external financing sources. We have cash and cash equivalents, and short-term investments amounting to Php 10,011 million and Php136 million, respectively, as at December 31, 2024, which we can use to meet our short-term liquidity needs. See Note 15 – Cash and Cash Equivalents.

F-126

The following table summarizes the maturity profile of our financial assets based on our consolidated undiscounted claims outstanding as at December 31, 2024 and 2023:

|  | Total |  |  | Less than 1 year |  |  | 1-3 years |  |  | 3-5 years |  |  | More than 5 years |
|  | (in million pesos) |
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial instruments at amortized cost: |  |  | 55,039 |  |  |  | 51,264 |  |  |  | 3,608 |  |  |  | 10 |  |  |  | 157 |
Debt instruments at amortized cost |  |  | 395 |  |  |  | 25 |  |  |  | 360 |  |  |  | 10 |  |  |  | — |
Other financial assets |  |  | 4,236 |  |  |  | 831 |  |  |  | 3,248 |  |  |  | — |  |  |  | 157 |
Temporary cash investments |  |  | 1,464 |  |  |  | 1,464 |  |  |  | — |  |  |  | — |  |  |  | — |
Short-term investments |  |  | 136 |  |  |  | 136 |  |  |  | — |  |  |  | — |  |  |  | — |
Retail subscribers |  |  | 17,516 |  |  |  | 17,516 |  |  |  | — |  |  |  | — |  |  |  | — |
Corporate subscribers |  |  | 20,936 |  |  |  | 20,936 |  |  |  | — |  |  |  | — |  |  |  | — |
Foreign administrations |  |  | 1,254 |  |  |  | 1,254 |  |  |  | — |  |  |  | — |  |  |  | — |
Domestic carriers |  |  | 256 |  |  |  | 256 |  |  |  | — |  |  |  | — |  |  |  | — |
Dealers, agents and others |  |  | 8,846 |  |  |  | 8,846 |  |  |  | — |  |  |  | — |  |  |  | — |
Financial instruments at FVPL: |  |  | 1,101 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,101 |
Financial assets at fair value through profit or loss |  |  | 1,101 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,101 |
Total |  |  | 56,140 |  |  |  | 51,264 |  |  |  | 3,608 |  |  |  | 10 |  |  |  | 1,258 |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial instruments at amortized cost: |  |  | 54,271 |  |  |  | 50,127 |  |  |  | 3,530 |  |  |  | 412 |  |  |  | 202 |
Debt instruments at amortized cost |  |  | 595 |  |  |  | 200 |  |  |  | 45 |  |  |  | 340 |  |  |  | 10 |
Other financial assets |  |  | 4,069 |  |  |  | 320 |  |  |  | 3,485 |  |  |  | 72 |  |  |  | 192 |
Temporary cash investments |  |  | 6,184 |  |  |  | 6,184 |  |  |  | — |  |  |  | — |  |  |  | — |
Short-term investments |  |  | 122 |  |  |  | 122 |  |  |  | — |  |  |  | — |  |  |  | — |
Retail subscribers |  |  | 19,894 |  |  |  | 19,894 |  |  |  | — |  |  |  | — |  |  |  | — |
Corporate subscribers |  |  | 15,934 |  |  |  | 15,934 |  |  |  | — |  |  |  | — |  |  |  | — |
Foreign administrations |  |  | 1,250 |  |  |  | 1,250 |  |  |  | — |  |  |  | — |  |  |  | — |
Domestic carriers |  |  | 188 |  |  |  | 188 |  |  |  | — |  |  |  | — |  |  |  | — |
Dealers, agents and others |  |  | 6,035 |  |  |  | 6,035 |  |  |  | — |  |  |  | — |  |  |  | — |
Financial instruments at FVPL: |  |  | 1,021 |  |  |  | 443 |  |  |  | — |  |  |  | — |  |  |  | 578 |
Financial assets at fair value through profit or loss |  |  | 578 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 578 |
Short-term investments |  |  | 443 |  |  |  | 443 |  |  |  | — |  |  |  | — |  |  |  | — |
Total |  |  | 55,292 |  |  |  | 50,570 |  |  |  | 3,530 |  |  |  | 412 |  |  |  | 780 |

F-127

The following table summarizes the maturity profile of our financial liabilities based on our consolidated contractual undiscounted obligations outstanding as at December 31, 2024 and 2023:

|  | Payments Due by Period |
|  | Total |  |  | Less than 1 year |  |  | 1-3 years |  |  | 3-5 years |  |  | More than 5 years |
|  | (in million pesos) |
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt:(1) |  |  | 385,962 |  |  |  | 20,335 |  |  |  | 89,028 |  |  |  | 69,915 |  |  |  | 206,684 |
Principal |  |  | 283,575 |  |  |  | 19,610 |  |  |  | 47,479 |  |  |  | 47,561 |  |  |  | 168,925 |
Interest |  |  | 102,387 |  |  |  | 725 |  |  |  | 41,549 |  |  |  | 22,354 |  |  |  | 37,759 |
Lease obligations |  |  | 77,244 |  |  |  | 16,560 |  |  |  | 19,410 |  |  |  | 16,178 |  |  |  | 25,096 |
Various trade and other obligations: |  |  | 133,811 |  |  |  | 131,580 |  |  |  | 362 |  |  |  | 24 |  |  |  | 1,845 |
Suppliers and contractors |  |  | 58,568 |  |  |  | 58,524 |  |  |  | 44 |  |  |  | — |  |  |  | — |
Utilities and related expenses |  |  | 57,029 |  |  |  | 56,934 |  |  |  | 95 |  |  |  | — |  |  |  | — |
Carriers and others |  |  | 2,534 |  |  |  | 2,534 |  |  |  | — |  |  |  | — |  |  |  | — |
Employee benefits |  |  | 9,246 |  |  |  | 9,246 |  |  |  | — |  |  |  | — |  |  |  | — |
Customer deposits |  |  | 2,046 |  |  |  | — |  |  |  | 177 |  |  |  | 24 |  |  |  | 1,845 |
Dividends |  |  | 2,005 |  |  |  | 2,005 |  |  |  | — |  |  |  | — |  |  |  | — |
Others |  |  | 2,383 |  |  |  | 2,337 |  |  |  | 46 |  |  |  | — |  |  |  | — |
Total contractual obligations |  |  | 597,017 |  |  |  | 168,475 |  |  |  | 108,800 |  |  |  | 86,117 |  |  |  | 233,625 |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt:(1) |  |  | 341,848 |  |  |  | 7,430 |  |  |  | 77,131 |  |  |  | 65,342 |  |  |  | 191,945 |
Principal |  |  | 256,927 |  |  |  | 7,250 |  |  |  | 43,292 |  |  |  | 47,648 |  |  |  | 158,737 |
Interest |  |  | 84,921 |  |  |  | 180 |  |  |  | 33,839 |  |  |  | 17,694 |  |  |  | 33,208 |
Lease obligations |  |  | 72,686 |  |  |  | 15,651 |  |  |  | 15,767 |  |  |  | 13,673 |  |  |  | 27,595 |
Various trade and other obligations: |  |  | 151,062 |  |  |  | 148,560 |  |  |  | 427 |  |  |  | 28 |  |  |  | 2,047 |
Suppliers and contractors |  |  | 74,716 |  |  |  | 74,518 |  |  |  | 194 |  |  |  | 4 |  |  |  | — |
Utilities and related expenses |  |  | 61,079 |  |  |  | 61,044 |  |  |  | 35 |  |  |  | — |  |  |  | — |
Carriers and others |  |  | 2,362 |  |  |  | 2,362 |  |  |  | — |  |  |  | — |  |  |  | — |
Employee benefits |  |  | 5,510 |  |  |  | 5,510 |  |  |  | — |  |  |  | — |  |  |  | — |
Customers’ deposits |  |  | 2,238 |  |  |  | — |  |  |  | 167 |  |  |  | 24 |  |  |  | 2,047 |
Dividends |  |  | 1,912 |  |  |  | 1,912 |  |  |  | — |  |  |  | — |  |  |  | — |
Others |  |  | 3,245 |  |  |  | 3,214 |  |  |  | 31 |  |  |  | — |  |  |  | — |
Total contractual obligations |  |  | 565,596 |  |  |  | 171,641 |  |  |  | 93,325 |  |  |  | 79,043 |  |  |  | 221,587 |

(1)
Consists of long-term and short-term debts, including current portion, gross of unamortized debt discount/premium and debt issuance costs.

Debt

See Note 20 – Interest-bearing Financial Liabilities – Long-term Debt for a detailed discussion of our debt.

Our consolidated future minimum lease commitments payable with non-cancellable leases as at December 31, 2024 and 2023 are as follows:

|  | 2024 |  |  | 2023 |
|  | (in million pesos) |
Within one year |  |  | 16,560 |  |  |  | 15,651 |
After one year but not more than five years |  |  | 35,588 |  |  |  | 29,440 |
More than five years |  |  | 25,096 |  |  |  | 27,595 |
Total |  |  | 77,244 |  |  |  | 72,686 |

Various Trade and Other Obligations

PLDT Group has various obligations to suppliers for the acquisition of network equipment, contractors for services rendered on various projects, foreign administrations and domestic carriers for the access charges, shareholders for unpaid dividends distributions, employees for benefits and other related obligations, and various business and operational related agreements. Total obligations under these various agreements amounted to approximately Php 133,811 million and Php 151,062 million as at December 31, 2024 and 2023, respectively. See Note 22 – Accounts Payable and Note 23 – Accrued Expenses and Other Current Liabilities.

F-128

Commercial Commitments

Major Network Vendors

Since the last quarter of 2022, we have engaged in discussions with the major network vendors regarding the status of the PLDT Group's capital expenditure commitments and related outstanding balances. These discussions resulted in a number of Settlement and Mutual Release Agreements, or SMRAs, signed between us and the vendors, taking into consideration our program priorities and current business requirements. The significant commitment in respect of major network vendors amounted to about Php 33,000 million, net of advances, as a result of the signing of the SMRAs in March 2023. As at December 31, 2024, such commitment has been reduced to Php 4,200 million, net of advances and deliveries.

Moreover, new purchase orders relating to the major network vendors issued in 2023 and 2024 amounted to
Php 11,700 million, net of advances and deliveries.

Other Capital Expenditure Vendors

Commitments related to non-major capital expenditure vendors amounted to Php 11,200 million, net of advances and deliveries as of December 31, 2024.

We have no outstanding commercial commitments, in the form of letters of credit, as at December 31, 2024 and 2023.

Collateral

There are no pledges as collateral with respect to our financial liabilities as at December 31, 2024 and 2023.

Foreign Currency Exchange Risk

Foreign currency exchange risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates.

The revaluation of our foreign currency-denominated financial assets and liabilities as a result of the appreciation or depreciation of the Philippine Peso is recognized as foreign exchange gains or losses as at the end of the reporting period. The extent of foreign exchange gains or losses is largely dependent on the amount of foreign currency denominated financial assets and liabilities. While a certain percentage of our revenues are either linked to or denominated in U.S. Dollars, a substantial portion of our capital expenditures, a portion of our indebtedness and related interest expense and a portion of our operating expenses are denominated in foreign currencies, mostly in U.S. Dollars. As such, a strengthening or weakening of the Philippine Peso against the U.S. Dollar will decrease or increase in Philippine Peso terms both the principal amount of our foreign currency-denominated debts and the related interest expense, our foreign currency-denominated capital expenditures and operating expenses as well as our U.S. Dollar-linked and U.S. Dollar-denominated revenues. In addition, many of our financial ratios and other financial tests are affected by the movements in the Philippine Peso to U.S. Dollar exchange rate.

To manage our foreign exchange risks and to stabilize our cash flows in order to improve investment and cash flow planning, we enter into forward foreign exchange contracts, currency swap contracts, currency option contracts and other hedging products aimed at reducing and/or managing the adverse impact of changes in foreign exchange rates on our operating results and cash flows. Further details of the risk management strategy are recognized in our hedge designation documentation. We use forward foreign exchange purchase contracts, currency swap contracts and currency option contracts to manage the foreign currency risks associated with our foreign currency-denominated financial liabilities. We accounted for these instruments as either cash flow hedges, wherein changes in the fair value are recognized in our consolidated other comprehensive income until the hedged transaction affects our consolidated income statements or transactions not designated as hedges, wherein changes in the fair value are recognized directly as income or expense for the year.

F-129

The impact of the hedging instruments on our consolidated statements of financial position as at December 31, 2024 and 2023 are as follows:

|  | Notional Amount |  |  | Carrying Amount |  |  | Line item in our Consolidated Statements
|  | (U.S. Dollar) |  |  | (Php) |  |  | of Financial Position
|  | (in million pesos) |  |  |
December 31, 2024 |  |  |  |  |  |  |  |
Long-term foreign currency options |  |  | 356 |  |  |  | 384 |  |  | Derivative financial assets – net of current portion
|  |  | 356 |  |  |  | 384 |  |  |
December 31, 2023 |  |  |  |  |  |  |  |
Long-term foreign currency options |  |  | 367 |  |  |  | 96 |  |  | Derivative financial assets – net of current portion
|  |  | — |  |  |  | (12 | ) |  | Derivative financial liabilities – net of current portion
|  |  | 367 |  |  |  | 84 |  |  |

The impact of the hedged items on our consolidated statements of financial position as at December 31, 2024 and 2023 are as follows:

|  | 2024 |  |  | 2023 |
|  | Cash flow hedge reserve |  |  | Cost of hedging reserve |  |  | Cash flow hedge reserve |  |  | Cost of hedging reserve |
| (in million pesos) |
PLDT: |  |  |  |  |  |  |  |  |  |  |  |
US$300M Notes 2031 |  |  | (6,169 | ) |  |  | 75 |  |  |  | (4,546 | ) |  |  | 75 |
|  |  | (6,169 | ) |  |  | 75 |  |  |  | (4,546 | ) |  |  | 75 |
Smart: |  |  |  |  |  |  |  |  |  |  |  |
US$140M PNB |  |  | (2,038 | ) |  |  | 2 |  |  |  | (1,599 | ) |  |  | 3 |
|  |  | (2,038 | ) |  |  | 2 |  |  |  | (1,599 | ) |  |  | 3 |

The effect of the cash flow hedge on our consolidated statements of financial position as at December 31, 2024 and 2023 are as follows:

|  | Total hedging loss recognized in OCI |  |  | Line item in our Consolidated Statements of Financial Position
|  | (in million pesos) |  |  |
December 31, 2024 |  |  |  |  |
Long-term foreign currency options |  |  | (8,207 | ) |  | Other comprehensive loss
|  |  | (8,207 | ) |  |
December 31, 2023 |  |  |  |  |
Long-term foreign currency options |  |  | (6,145 | ) |  | Other comprehensive loss
|  |  | (6,145 | ) |  |

F-130

The following table shows our consolidated foreign currency-denominated monetary financial assets and liabilities and their Philippine Peso equivalents as at December 31, 2024 and 2023:

|  | 2024 |  |  | 2023 |
|  | U.S. Dollar |  |  | Php(1) |  |  | U.S. Dollar |  |  | Php(2) |
|  | (in millions) |
Noncurrent Financial Assets |  |  |  |  |  |  |  |  |  |  |  |
Derivative financial assets – net of current portion |  |  | 7 |  |  |  | 385 |  |  |  | 2 |  |  |  | 96 |
Total noncurrent financial assets |  |  | 7 |  |  |  | 385 |  |  |  | 2 |  |  |  | 96 |
Current Financial Assets |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  | 52 |  |  |  | 2,980 |  |  |  | 76 |  |  |  | 4,232 |
Short-term investments |  |  | — |  |  |  | — |  |  |  | 5 |  |  |  | 269 |
Trade and other receivables – net |  |  | 97 |  |  |  | 5,596 |  |  |  | 115 |  |  |  | 6,411 |
Derivative assets |  |  | 1 |  |  |  | 30 |  |  |  | — |  |  |  | — |
Current portion of other financial assets |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 12 |
Total current financial assets |  |  | 150 |  |  |  | 8,606 |  |  |  | 196 |  |  |  | 10,924 |
Total Financial Assets |  |  | 157 |  |  |  | 8,991 |  |  |  | 198 |  |  |  | 11,020 |
Noncurrent Financial Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Interest-bearing financial liabilities – net of current portion |  |  | 667 |  |  |  | 38,575 |  |  |  | 681 |  |  |  | 37,719 |
Derivative financial liabilities – net of current portion |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 12 |
Other noncurrent liabilities |  |  | 1 |  |  |  | 29 |  |  |  | — |  |  |  | 27 |
Total noncurrent financial liabilities |  |  | 668 |  |  |  | 38,604 |  |  |  | 681 |  |  |  | 37,758 |
Current Financial Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable |  |  | 685 |  |  |  | 39,621 |  |  |  | 1,314 |  |  |  | 72,797 |
Accrued expenses and other current liabilities |  |  | 232 |  |  |  | 13,448 |  |  |  | 207 |  |  |  | 11,481 |
Current portion of interest-bearing financial liabilities |  |  | 14 |  |  |  | 797 |  |  |  | 39 |  |  |  | 2,149 |
Current portion of derivative financial liabilities |  |  | 2 |  |  |  | 97 |  |  |  | 18 |  |  |  | 1,021 |
Total current financial liabilities |  |  | 933 |  |  |  | 53,963 |  |  |  | 1,578 |  |  |  | 87,448 |
Total Financial Liabilities |  |  | 1,601 |  |  |  | 92,567 |  |  |  | 2,259 |  |  |  | 125,206 |

(1)
The exchange rate used to convert the U.S. Dollar amounts into Philippine Peso was Php 57.85 to US$1.00, the Philippine Peso-U.S. Dollar exchange rate as quoted through the Bankers Association of the Philippines, or BAP, as at December 31, 2024.
(2)
The exchange rate used to convert the U.S. Dollar amounts into Philippine Peso was Php 55.42 to US$1.00, the Philippine Peso-U.S. Dollar exchange rate as quoted through the BAP as at December 31, 2023.

As at February 26, 2025, the Philippine Peso-U.S. Dollar exchange rate was Php 57.88 to US$1.00. Using this exchange rate, our consolidated net foreign currency-denominated financial liabilities would have increased in Philippine Peso terms by Php 61 million as at December 31, 2024.

Approximately 14% and 15% of our total consolidated debts (net of consolidated debt discount) was denominated in U.S. Dollars as at December 31, 2024 and 2023, respectively. Our consolidated foreign currency-denominated debt decreased to Php 39,015 million as at December 31, 2024 from Php 39,479 million as at December 31, 2023. See Note 20 – Interest-bearing Financial Liabilities. The aggregate notional amount of our consolidated outstanding derivatives allocated for debt were US$381 million and US$485 million as at December 31, 2024 and 2023, respectively. Consequently, the unhedged portion of our consolidated debt amounts were approximately 6% (or 5%, net of consolidated U.S. Dollar cash balances allocated for debt) as at December 31, 2024 and 5% (or 5%, net of consolidated U.S. Dollar cash balances allocated for debt) as at December 31, 2023.

Approximately 15%, 13% and 12% of our consolidated revenues were denominated in U.S. Dollars and/or were linked to U.S. Dollars for the years ended December 31, 2024, 2023 and 2022, respectively. Approximately 14%, 12% and 8% of our consolidated expenses were denominated in U.S. Dollars and/or linked to the U.S. Dollar for the years ended

December 31, 2024, 2023 and 2022, respectively. In this respect, the higher weighted average exchange rate of the Philippine Peso against the U.S. Dollar increased our revenues and expenses, and consequently, affects our cash flow from operations in Philippine Peso terms. In view of the anticipated continued decline in dollar-denominated/dollar-linked revenues, which provide a natural hedge against our foreign currency exposure, we are progressively refinancing our dollar-denominated debts in Philippine Pesos.

The Philippine Peso depreciated by 4.38% against the U.S. Dollar to Php 57.85 to US$1.00 as at December 31, 2024 from Php 55.42 to US$1.00 as at December 31, 2023. As a result of our consolidated foreign exchange movements, as well as the amount of our consolidated outstanding net foreign currency financial assets and liabilities, we recognized net consolidated foreign exchange losses of Php 36 million and Php 4,687 million for the years ended December 31, 2024 and 2022, respectively and net foreign exchange gains of Php 1,149 million for the year ended December 31, 2023.

Management conducted a survey among our banks to determine the outlook of the Philippine Peso-U.S. Dollar exchange rate until the first quarter of 2025. Our outlook is that the Philippine Peso-U.S. Dollar exchange rate may weaken/strengthen by 2.86% as compared to the exchange rate of Php 57.85 to US$1.00 as at December 31, 2024. If the Philippine Peso-U.S. Dollar exchange rate had weakened/strengthened by 2.86% as at December 31, 2024, with all other variables held constant, consolidated profit after tax for the year ended December 31, 2024 and stockholders’ equity as at December 31, 2023 would

F-131

have been approximately Php 2,402 million and Php 193 million, respectively, lower/higher, mainly as a result of consolidated foreign exchange gains and losses on conversion of U.S. Dollar-denominated net assets/liabilities and mark-to-market valuation of derivative financial instruments.

Interest Rate Risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates.

Our exposure to the risk of changes in market interest rates relates primarily to our long-term debt obligations with floating interest rates.

Our policy is to manage interest costs through a mix of fixed and variable rate debts. We evaluate the fixed to floating ratio of our loans in line with movements of relevant interest rates in the financial markets. Based on our assessment, new financing will be priced either on a fixed or floating rate basis. We enter into interest rate swap agreements in order to manage our exposure to interest rate fluctuations. Further details of the risk management strategy are recognized in our hedge designation documentation. We make use of hedging instruments and structures solely for reducing or managing financial risk associated with our debt obligations and not for trading purposes.

There are no outstanding interest rate hedges as at December 31, 2024 and 2023.

F-132

The following tables set out the carrying amounts, by maturity, of our financial instruments that are expected to have exposure on interest rate risk as at December 31, 2024 and 2023. Financial instruments that are not subject to interest rate risk were not included in the table.

As at December 31, 2024

| In U.S. Dollars |  |  |  |  |  |  |  |  | Fair Value |
| Below 1 year |  | 1-2 years |  | 2-3 years |  | 3-5 years |  | Over 5 years |  | Total |  | In Php |  | Discount/ Debt Issuance Cost In Php |  | Carrying Value In Php |  |  | In U.S. Dollar |  | In Php |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  | (in millions) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt Instruments at Amortized Cost |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Philippine Peso |  | 1 |  |  | — |  |  | 6 |  |  | — |  |  | — |  |  | 7 |  |  | 395 |  |  | — |  |  | 395 |  |  |  | 7 |  |  | 388 |
Interest rate | 4.250% |  | 6.250% |  | 4.625% - 4.875% |  | 6.500% |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  | — |  |  | — |
Cash in Bank |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Dollar | 14 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 14 |  |  | 785 |  |  | — |  |  | 785 |  |  |  | 14 |  |  | 785 |
Interest rate | 0.0500% - 0.5000% |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  | — |  |  | — |
Philippine Peso | 91 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 91 |  |  | 5,296 |  |  | — |  |  | 5,296 |  |  |  | 91 |  |  | 5,296 |
Interest rate | 0.0500% - 5.1000% |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  | — |  |  | — |
Temporary Cash Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Dollar | 7 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 7 |  |  | 395 |  |  | — |  |  | 395 |  |  |  | 7 |  |  | 395 |
Interest rate | 4.5000% - 5.2500% |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  | — |  |  | — |
Philippine Peso | 18 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 18 |  |  | 1,069 |  |  | — |  |  | 1,069 |  |  |  | 18 |  |  | 1,069 |
Interest rate | 0.2500% - 6.0000% |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  | — |  |  | — |
Short-term Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Philippine Peso | 2 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2 |  |  | 136 |  |  | — |  |  | 136 |  |  |  | 2 |  |  | 136 |
Interest rate | 6.0000% - 6.1000% |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  | — |  |  | — |
|  | 133 |  |  | — |  |  | 6 |  |  | — |  |  | — |  |  | 139 |  |  | 8,076 |  |  | — |  |  | 8,076 |  |  |  | 139 |  |  | 8,069 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-term Debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed Rate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Dollar Notes |  | — |  |  | — |  |  | — |  |  | — |  |  | 600 |  |  | 600 |  |  | 34,708 |  |  | 531 |  |  | 34,177 |  |  |  | 463 |  |  | 26,811 |
Interest rate |  | — |  |  | — |  |  | — |  |  | — |  | 2.5000% - 3.4500% |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  | — |  |  | — |
Philippine Peso |  | 315 |  |  | 231 |  |  | 339 |  |  | 316 |  |  | 205 |  |  | 1,406 |  |  | 81,315 |  |  | 581 |  |  | 80,734 |  |  |  | 1,306 |  |  | 75,550 |
Interest rate | 4.0000% to 4.6500% |  | 4.0000% to 5.3500% |  | 4.0000% to 5.2000% |  | 4.0000% to 5.2000% |  | 4.0000% to 5.0880% |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  | — |  |  | — |
Variable Rate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Dollar Loans |  | — |  |  | 28 |  |  | 14 |  |  | 28 |  |  | 14 |  |  | 84 |  |  | 4,860 |  |  | 22 |  |  | 4,838 |  |  |  | 84 |  |  | 4,859 |
Interest rate |  | — |  | SOFR+ 1.31161% |  | SOFR+ 1.31161% |  | SOFR+ 1.31161% |  | SOFR+ 1.31161% |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  | — |  |  | — |
Philippine Peso |  | 24 |  |  | 87 |  |  | 122 |  |  | 478 |  |  | 2,101 |  |  | 2,812 |  |  | 162,692 |  |  | 855 |  |  | 161,837 |  |  |  | 2,812 |  |  | 162,692 |
Interest rate | BVAL + 1.0000% |  | 0.5000% to 1.0000% over PHP BVAL (floor rate 4.5000% to 4.6250%) |  | 0.5000% to 1.0000% over PHP BVAL (floor rate 4.5000% to 4.6250%) |  | 0.5000% to 0.9000% over PHP BVAL (floor rate 4.5000% to 4.6250%) |  | 0.5000% to 0.7500% over PHP BVAL (floor rate 4.5000%) |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  | — |  |  | — |
|  | 339 |  |  | 346 |  |  | 475 |  |  | 822 |  |  | 2,920 |  |  | 4,902 |  |  | 283,575 |  |  | 1,989 |  |  | 281,586 |  |  |  | 4,665 |  |  | 269,912 |

F-133

As at December 31, 2023

| In U.S. Dollars |  |  |  |  |  |  |  | Fair Value |
| Below 1 year |  | 1-2 years |  | 2-3 years |  | 3-5 years |  | Over 5 years |  | Total |  | In Php |  | Discount/ Debt Issuance Cost In Php |  | Carrying Value In Php |  | In U.S. Dollar |  | In Php |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  | (in millions) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt Instruments at Amortized Cost |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Philippine Peso |  | 4 |  |  | — |  |  | — |  |  | 6 |  |  | — |  |  | 10 |  |  | 595 |  |  | — |  |  | 595 |  |  | 10 |  |  | 587 |
Interest rate | 2.3750% to 2.9000% |  | 4.2500% |  | 6.2500% |  | 4.6250% to 4.8750% |  |  | 6.5000 | % |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Cash in Bank |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Dollar | 15 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 15 |  |  | 850 |  |  | — |  |  | 850 |  |  | 15 |  |  | 850 |
Interest rate | 0.0500% to 0.5000% |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Philippine Peso | 128 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 128 |  |  | 7,082 |  |  | — |  |  | 7,082 |  |  | 128 |  |  | 7,082 |
Interest rate | 0.0500% to 1.5000% |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Temporary Cash Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Dollar | 35 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 35 |  |  | 1,933 |  |  | — |  |  | 1,933 |  |  | 35 |  |  | 1,933 |
Interest rate | 4.9000% to 5.1250% |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Philippine Peso | 77 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 77 |  |  | 4,251 |  |  | — |  |  | 4,251 |  |  | 77 |  |  | 4,251 |
Interest rate | 0.2500% to 6.2500% |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Short-term Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Philippine Peso | 2 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2 |  |  | 122 |  |  | — |  |  | 122 |  |  | 2 |  |  | 122 |
Interest rate | 0.5000% to 6.1000% |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | 261 |  |  | — |  |  | — |  |  | 6 |  |  | — |  |  | 267 |  |  | 14,833 |  |  | — |  |  | 14,833 |  |  | 267 |  |  | 14,825 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-term Debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed Rate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Dollar Notes |  | — |  |  | — |  |  | — |  |  | — |  |  | 600 |  |  | 600 |  |  | 33,251 |  |  | 560 |  |  | 32,691 |  |  | 466 |  |  | 25,845 |
Interest rate |  | — |  |  | — |  |  | — |  |  | — |  | 2.5000% to 3.4500% |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Philippine Peso |  | 72 |  |  | 377 |  |  | 227 |  |  | 564 |  |  | 334 |  |  | 1,574 |  |  | 87,225 |  |  | 748 |  |  | 86,477 |  |  | 1,471 |  |  | 81,545 |
Interest rate | 5.1021% to 5.2813% |  | 4.0000% to 5.3500% |  | 4.0000% to 5.3500% |  | 4.0000% to 5.2000% |  | 4.0000% to 5.1560% |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Variable Rate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Dollar Loans |  | 25 |  |  | 28 |  |  | 14 |  |  | 42 |  |  | 14 |  |  | 123 |  |  | 6,816 |  |  | 28 |  |  | 6,788 |  |  | 123 |  |  | 6,816 |
Interest rate | SOFR + 1.47826% |  | SOFR + 1.31161% |  | SOFR + 1.31161% |  | SOFR + 1.31161% |  | SOFR + 1.31161% |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Philippine Peso |  | 33 |  |  | 99 |  |  | 36 |  |  | 254 |  |  | 1,916 |  |  | 2,338 |  |  | 129,635 |  |  | 793 |  |  | 128,842 |  |  | 2,339 |  |  | 129,635 |
Interest rate | 0.5000% over PHP BVAL |  | 0.6000% to 1.0000% over PHP BVAL (floor rate 4.5000% to 4.6250%) |  | 0.6000% to 1.0000% over PHP BVAL (floor rate 4.5000% to 4.6250%) |  | 0.6000% to 1.0000% over PHP BVAL (floor rate 4.5000% to 4.6250%) |  | 0.6000% to 0.9000% over PHP BVAL (floor rate 4.5000% to 4.6250%) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Short-term Debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Notes Payable |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | 130 |  |  | 504 |  |  | 277 |  |  | 860 |  |  | 2,864 |  |  | 4,635 |  |  | 256,927 |  |  | 2,129 |  |  | 254,798 |  |  | 4,399 |  |  | 243,841 |

F-134

Fixed rate financial instruments are subject to fair value interest rate risk while floating rate financial instruments are subject to cash flow interest rate risk.

Repricing of our regular floating rate financial instruments is done on intervals of three months while repricing of our structured floating rate instruments is done every one year or up to five years. Interest on fixed rate financial instruments is fixed until maturity of the particular instrument.

Approximately 59% and 53% of our consolidated debts (net of consolidated debt discount) were variable rate debts as at December 31, 2024 and 2023, respectively. Our consolidated variable rate debt increased to Php 166,675 million as at December 31, 2024 from Php 135,630 million as at December 31, 2023.

Management conducted a survey among our banks to determine the outlook of the U.S. Dollar and Philippine Peso interest rates until the first quarter of 2025. Our outlook is that the U.S. Dollar and Philippine Peso interest rates may move 30 basis points, or bps, and 50 bps higher/lower, respectively, as compared to levels as at December 31, 2024. If the U.S. Dollar interest rates had been 30 bps higher/lower as compared to market levels as at December 31, 2024, with all other variables held constant, consolidated profit after tax for the year ended December 31, 2024 and stockholders’ equity as at December 31, 2024 would have been approximately Php 5 million and Php 30 million, respectively, lower/higher, mainly as a result of higher/lower interest expense on floating rate borrowings and loss/gain on derivative transactions. If the Philippine Peso interest rates had been 50 bps higher/lower as compared to market levels as at December 31, 2024, with all other variables held constant, consolidated profit after tax for the year December 31, 2024 and stockholders’ equity as at December 31, 2024 would have been approximately Php 47 million and Php 25 million, respectively, lower/higher, mainly as a result of higher/lower interest expense on floating rate borrowings and loss/gain on derivative transactions.

Credit Risk

Credit risk is the risk that we will incur a loss arising from our customers, clients or counterparties that fail to discharge their contracted obligations. We manage and control credit risk by setting limits on the amount of risk we are willing to accept for individual counterparties and by monitoring exposures in relation to such limits.

We trade only with recognized and creditworthy third parties. It is our policy that all customers who wish to trade on credit terms are subject to credit verification procedures. In addition, receivable balances are monitored on an ongoing basis to reduce our exposure to bad debts.

We established a credit quality review process to provide regular identification of changes in the creditworthiness of counterparties. Our credit quality review process allows us to assess the potential loss as a result of the risks to which we are exposed and allow us to take corrective actions.

Maximum exposure to credit risk of financial assets not subject to impairment

The gross carrying amount of financial assets not subject to impairment also represents our maximum exposure to credit risk as at December 31, 2024 and 2023 are as follows:

|  | 2024 |  |  | 2023 |
|  | (in million pesos) |
Financial assets at fair value through profit or loss |  |  | 1,101 |  |  |  | 578 |
Derivative financial assets – net of current portion |  |  | 385 |  |  |  | 96 |
Current portion of derivative financial assets |  |  | 30 |  |  |  | — |
Short-term investments |  |  | — |  |  |  | 269 |
Total |  |  | 1,516 |  |  |  | 943 |

Maximum exposure to credit risk of financial assets subject to impairment

The table below shows the maximum exposure to credit risk for the components of our consolidated statements of financial position, including derivative financial instruments as at December 31, 2024 and 2023. The maximum exposure is shown gross before both the effect of mitigation through use of master netting and collateral arrangements. The extent to which collateral and other credit enhancements mitigate the maximum exposure to credit risk is described in the footnotes to the table.

For financial assets recognized on our consolidated statements of financial position as at December 31, 2024 and 2023, the gross exposure to credit risk equal their carrying amount.

F-135

For financial guarantees granted, the maximum exposure to credit risk is the maximum amount that we would have to pay if the guarantees are called upon. For loan commitments and other credit related commitments that are irrevocable over the life of the respective facilities, the maximum exposure to credit risk is the full amount of the committed facilities.

|  | December 31, 2024 |
|  | Stage 1 12-Month ECL |  |  | Stage 2 Lifetime ECL |  |  | Stage 3 Lifetime ECL |  |  | Total |
|  | (in million pesos) |
High grade |  |  | 14,059 |  |  |  | 11,670 |  |  |  | — |  |  |  | 25,729 |
Standard grade |  |  | 440 |  |  |  | 5,486 |  |  |  | — |  |  |  | 5,926 |
Substandard grade |  |  | — |  |  |  | 14,456 |  |  |  | — |  |  |  | 14,456 |
Default |  |  | 279 |  |  |  | 3,596 |  |  |  | 13,600 |  |  |  | 17,475 |
Gross carrying amount |  |  | 14,778 |  |  |  | 35,208 |  |  |  | 13,600 |  |  |  | 63,586 |
Less allowance |  |  | 279 |  |  |  | 3,596 |  |  |  | 13,600 |  |  |  | 17,475 |
Carrying amount |  |  | 14,499 |  |  |  | 31,612 |  |  |  | — |  |  |  | 46,111 |
|  | December 31, 2023 |
|  | Stage 1 12-Month ECL |  |  | Stage 2 Lifetime ECL |  |  | Stage 3 Lifetime ECL |  |  | Total |
|  | (in million pesos) |
High grade |  |  | 20,424 |  |  |  | 11,070 |  |  |  | — |  |  |  | 31,494 |
Standard grade |  |  | 271 |  |  |  | 3,683 |  |  |  | — |  |  |  | 3,954 |
Substandard grade |  |  | — |  |  |  | 11,333 |  |  |  | — |  |  |  | 11,333 |
Default |  |  | 442 |  |  |  | 4,190 |  |  |  | 13,025 |  |  |  | 17,657 |
Gross carrying amount |  |  | 21,137 |  |  |  | 30,276 |  |  |  | 13,025 |  |  |  | 64,438 |
Less allowance |  |  | 442 |  |  |  | 4,190 |  |  |  | 13,025 |  |  |  | 17,657 |
Carrying amount |  |  | 20,695 |  |  |  | 26,086 |  |  |  | — |  |  |  | 46,781 |

Maximum exposure to credit risk after collateral held or other credit enhancements

Collateral held as security for financial assets depends on the nature of the instrument. Debt investment securities are generally unsecured. Estimates of fair value are based on the value of collateral assessed at the time of borrowing and are regularly updated according to internal lending policies and regulatory guidelines. Generally, collateral is not held over loans and advances to us except for reverse repurchase agreements. Collateral usually is not held against investment securities, and no such collateral was held as at December 31, 2024 and 2023.

Our policies regarding obtaining collateral have not significantly changed during the reporting period and there has been no significant change in the overall quality of the collateral held by us during the year.

We have not identified significant risk concentrations arising from the nature, type or location of collateral and other credit enhancements held against our credit exposures.

An analysis of the maximum exposure to credit risk for the components of our consolidated statements of financial position, including derivative financial instruments as at December 31, 2024 and 2023:

|  | 2024 |
|  | Gross Maximum Exposure |  |  | Collateral and Other Credit Enhancements(1) |  |  | Net Maximum Exposure |
|  | (in million pesos) |
Financial instruments at amortized cost: |  |  | 46,111 |  |  |  | 427 |  |  |  | 45,684 |
Debt instruments at amortized cost |  |  | 395 |  |  |  | — |  |  |  | 395 |
Other financial assets |  |  | 3,957 |  |  |  | — |  |  |  | 3,957 |
Cash and cash equivalents |  |  | 10,011 |  |  |  | 44 |  |  |  | 9,967 |
Short-term investments |  |  | 136 |  |  |  | — |  |  |  | 136 |
Corporate subscribers |  |  | 15,023 |  |  |  | 346 |  |  |  | 14,677 |
Retail subscribers |  |  | 7,650 |  |  |  | 37 |  |  |  | 7,613 |
Foreign administrations |  |  | 1,177 |  |  |  | — |  |  |  | 1,177 |
Domestic carriers |  |  | 256 |  |  |  | — |  |  |  | 256 |
Dealers, agents and others |  |  | 7,506 |  |  |  | — |  |  |  | 7,506 |
Financial instruments at FVPL: |  |  | 1,516 |  |  |  | — |  |  |  | 1,516 |
Financial assets at FVPL |  |  | 1,101 |  |  |  | — |  |  |  | 1,101 |
Forward foreign exchange contracts |  |  | 30 |  |  |  | — |  |  |  | 30 |
Long-term foreign currency options |  |  | 385 |  |  |  | — |  |  |  | 385 |
Total |  |  | 47,627 |  |  |  | 427 |  |  |  | 47,200 |

(1) Includes bank insurance, security deposits and customer deposits. We have no collateral held as at December 31, 2024.

F-136

|  | 2023 |
|  | Gross Maximum Exposure |  |  | Collateral and Other Credit Enhancements(1) |  |  | Net Maximum Exposure |
|  | (in million pesos) |
Financial instruments at amortized cost: |  |  | 46,781 |  |  |  | 521 |  |  |  | 46,260 |
Debt instruments at amortized cost |  |  | 595 |  |  |  | — |  |  |  | 595 |
Other financial assets |  |  | 3,801 |  |  |  | — |  |  |  | 3,801 |
Cash and cash equivalents |  |  | 16,177 |  |  |  | 146 |  |  |  | 16,031 |
Short-term investments |  |  | 122 |  |  |  | — |  |  |  | 122 |
Corporate subscribers |  |  | 9,988 |  |  |  | 338 |  |  |  | 9,650 |
Retail subscribers |  |  | 10,196 |  |  |  | 37 |  |  |  | 10,159 |
Foreign administrations |  |  | 1,126 |  |  |  | — |  |  |  | 1,126 |
Domestic carriers |  |  | 187 |  |  |  | — |  |  |  | 187 |
Dealers, agents and others |  |  | 4,589 |  |  |  | — |  |  |  | 4,589 |
Financial instruments at FVPL: |  |  | 943 |  |  |  | — |  |  |  | 943 |
Financial assets at FVPL |  |  | 578 |  |  |  | — |  |  |  | 578 |
Long-term foreign currency options |  |  | 96 |  |  |  | — |  |  |  | 96 |
Cash equivalents and short-term investments |  |  | 269 |  |  |  | — |  |  |  | 269 |
Total |  |  | 47,724 |  |  |  | 521 |  |  |  | 47,203 |

(1) Includes bank insurance, security deposits and customer deposits. We have no collateral held as at December 31, 2023.

The table below provides information regarding the credit quality by class of our financial assets according to our credit ratings of counterparties as at December 31, 2024 and 2023:

|  |  |  |  | Neither past due nor credit impaired |  |  | Past due but not |  |  |  |
|  | Total |  |  | Class A(1) |  |  | Class B(2) |  |  | credit impaired |  |  | Impaired |
|  | (in million pesos) |
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial instruments at amortized cost: |  |  | 63,586 |  |  |  | 25,729 |  |  |  | 5,926 |  |  |  | 14,456 |  |  |  | 17,475 |
Debt instruments at amortized cost |  |  | 395 |  |  |  | 395 |  |  |  | — |  |  |  | — |  |  |  | — |
Other financial assets |  |  | 4,236 |  |  |  | 3,956 |  |  |  | 1 |  |  |  | — |  |  |  | 279 |
Cash and cash equivalents |  |  | 10,011 |  |  |  | 9,572 |  |  |  | 439 |  |  |  | — |  |  |  | — |
Short-term investments |  |  | 136 |  |  |  | 136 |  |  |  | — |  |  |  | — |  |  |  | — |
Retail subscribers |  |  | 17,516 |  |  |  | 5,381 |  |  |  | 171 |  |  |  | 2,098 |  |  |  | 9,866 |
Corporate subscribers |  |  | 20,936 |  |  |  | 5,124 |  |  |  | 886 |  |  |  | 9,013 |  |  |  | 5,913 |
Foreign administrations |  |  | 1,254 |  |  |  | 139 |  |  |  | 381 |  |  |  | 657 |  |  |  | 77 |
Domestic carriers |  |  | 256 |  |  |  | — |  |  |  | 135 |  |  |  | 121 |  |  |  | — |
Dealers, agents and others |  |  | 8,846 |  |  |  | 1,026 |  |  |  | 3,913 |  |  |  | 2,567 |  |  |  | 1,340 |
Financial instruments at FVPL: |  |  | 1,516 |  |  |  | 328 |  |  |  | 712 |  |  |  | 476 |  |  |  | — |
Financial assets at FVPL |  |  | 1,101 |  |  |  | (87 | ) |  |  | 712 |  |  |  | 476 |  |  |  | — |
Forward foreign exchange contracts |  |  | 30 |  |  |  | 30 |  |  |  | — |  |  |  | — |  |  |  | — |
Long-term foreign currency options |  |  | 385 |  |  |  | 385 |  |  |  | — |  |  |  | — |  |  |  | — |
Total |  |  | 65,102 |  |  |  | 26,057 |  |  |  | 6,638 |  |  |  | 14,932 |  |  |  | 17,475 |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial instruments at amortized cost: |  |  | 64,264 |  |  |  | 31,494 |  |  |  | 3,954 |  |  |  | 11,333 |  |  |  | 17,483 |
Debt instruments at amortized cost |  |  | 595 |  |  |  | 595 |  |  |  | — |  |  |  | — |  |  |  | — |
Other financial assets |  |  | 4,069 |  |  |  | 3,800 |  |  |  | 1 |  |  |  | — |  |  |  | 268 |
Cash and cash equivalents |  |  | 16,177 |  |  |  | 15,907 |  |  |  | 270 |  |  |  | — |  |  |  | — |
Short-term investments |  |  | 122 |  |  |  | 122 |  |  |  | — |  |  |  | — |  |  |  | — |
Retail subscribers |  |  | 19,894 |  |  |  | 8,083 |  |  |  | 266 |  |  |  | 1,847 |  |  |  | 9,698 |
Corporate subscribers |  |  | 15,934 |  |  |  | 2,341 |  |  |  | 1,390 |  |  |  | 6,257 |  |  |  | 5,946 |
Foreign administrations |  |  | 1,250 |  |  |  | 90 |  |  |  | 529 |  |  |  | 507 |  |  |  | 124 |
Domestic carriers |  |  | 188 |  |  |  | 1 |  |  |  | 92 |  |  |  | 94 |  |  |  | 1 |
Dealers, agents and others |  |  | 6,035 |  |  |  | 555 |  |  |  | 1,406 |  |  |  | 2,628 |  |  |  | 1,446 |
Financial instruments at FVPL: |  |  | 1,117 |  |  |  | 701 |  |  |  | 242 |  |  |  | — |  |  |  | 174 |
Financial assets at FVPL |  |  | 578 |  |  |  | 336 |  |  |  | 242 |  |  |  | — |  |  |  | — |
Long-term foreign currency options |  |  | 96 |  |  |  | 96 |  |  |  | — |  |  |  | — |  |  |  | — |
Cash equivalents and short-term investments |  |  | 443 |  |  |  | 269 |  |  |  | — |  |  |  | — |  |  |  | 174 |
Total |  |  | 65,381 |  |  |  | 32,195 |  |  |  | 4,196 |  |  |  | 11,333 |  |  |  | 17,657 |

(1)
This includes low risk and good paying customer accounts with no history of account treatment for a defined period and no overdue accounts as at report date; and deposits or placements to counterparties with good credit rating or bank standing financial review.
(2)
This includes medium risk and average paying customer accounts with no overdue accounts as at report date, and new customer accounts for which sufficient credit history has not been established; and deposits or placements to counterparties not classified as Class A.

F-137

The aging analysis of past due but not impaired class of financial assets as at December 31, 2024 and 2023 are as follows:

|  |  |  |  |  |  |  | Past due but not credit impaired |  |  |  |
|  | Total |  |  | Neither past due nor credit impaired |  |  | 1-60 days |  |  | 61-90 days |  |  | Over 91 days |  |  | Impaired |
|  | (in million pesos) |
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial instruments at amortized cost: |  |  | 63,586 |  |  |  | 31,655 |  |  |  | 5,927 |  |  |  | 586 |  |  |  | 7,943 |  |  |  | 17,475 |
Debt instruments at amortized cost |  |  | 395 |  |  |  | 395 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Other financial assets |  |  | 4,236 |  |  |  | 3,957 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 279 |
Cash and cash equivalents |  |  | 10,011 |  |  |  | 10,011 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Short-term investments |  |  | 136 |  |  |  | 136 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Retail subscribers |  |  | 17,516 |  |  |  | 5,552 |  |  |  | 1,710 |  |  |  | 248 |  |  |  | 140 |  |  |  | 9,866 |
Corporate subscribers |  |  | 20,936 |  |  |  | 6,010 |  |  |  | 3,182 |  |  |  | 548 |  |  |  | 5,283 |  |  |  | 5,913 |
Foreign administrations |  |  | 1,254 |  |  |  | 520 |  |  |  | 232 |  |  |  | 158 |  |  |  | 267 |  |  |  | 77 |
Domestic carriers |  |  | 256 |  |  |  | 135 |  |  |  | 73 |  |  |  | 17 |  |  |  | 31 |  |  |  | — |
Dealers, agents and others |  |  | 8,846 |  |  |  | 4,939 |  |  |  | 730 |  |  |  | (385 | ) |  |  | 2,222 |  |  |  | 1,340 |
Financial instruments at FVPL: |  |  | 1,516 |  |  |  | 1,040 |  |  |  | 476 |  |  |  | — |  |  |  | — |  |  |  | — |
Financial assets at FVPL |  |  | 1,101 |  |  |  | 625 |  |  |  | 476 |  |  |  | — |  |  |  | — |  |  |  | — |
Forward foreign exchange contracts |  |  | 30 |  |  |  | 30 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Long-term foreign currency options |  |  | 385 |  |  |  | 385 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total |  |  | 65,102 |  |  |  | 32,695 |  |  |  | 6,403 |  |  |  | 586 |  |  |  | 7,943 |  |  |  | 17,475 |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial instruments at amortized cost: |  |  | 64,264 |  |  |  | 35,448 |  |  |  | 3,505 |  |  |  | 618 |  |  |  | 7,210 |  |  |  | 17,483 |
Debt instruments at amortized cost |  |  | 595 |  |  |  | 595 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Other financial assets |  |  | 4,069 |  |  |  | 3,801 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 268 |
Cash and cash equivalents |  |  | 16,177 |  |  |  | 16,177 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Short-term investments |  |  | 122 |  |  |  | 122 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Retail subscribers |  |  | 19,894 |  |  |  | 8,349 |  |  |  | 1,603 |  |  |  | 223 |  |  |  | 21 |  |  |  | 9,698 |
Corporate subscribers |  |  | 15,934 |  |  |  | 3,731 |  |  |  | 1,500 |  |  |  | 248 |  |  |  | 4,509 |  |  |  | 5,946 |
Foreign administrations |  |  | 1,250 |  |  |  | 619 |  |  |  | 164 |  |  |  | 87 |  |  |  | 256 |  |  |  | 124 |
Domestic carriers |  |  | 188 |  |  |  | 93 |  |  |  | 39 |  |  |  | 20 |  |  |  | 35 |  |  |  | 1 |
Dealers, agents and others |  |  | 6,035 |  |  |  | 1,961 |  |  |  | 199 |  |  |  | 40 |  |  |  | 2,389 |  |  |  | 1,446 |
Financial instruments at FVPL: |  |  | 1,117 |  |  |  | 943 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 174 |
Financial assets at FVPL |  |  | 578 |  |  |  | 578 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Long-term foreign currency options |  |  | 96 |  |  |  | 96 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Cash equivalents and short-term investments |  |  | 443 |  |  |  | 269 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 174 |
Total |  |  | 65,381 |  |  |  | 36,391 |  |  |  | 3,505 |  |  |  | 618 |  |  |  | 7,210 |  |  |  | 17,657 |

Capital Management Risk

We aim to achieve an optimal capital structure in pursuit of our business objectives which include maintaining healthy capital ratios and strong credit ratings and maximizing shareholder value.

Our approach to capital management focuses on balancing the allocation of cash and the incurrence of debt as we seek new investment opportunities for new businesses and growth areas. On August 5, 2014, the PLDT Board of Directors approved an amendment to our dividend policy, increasing the dividend payout rate to 75% from 70% of our core EPS as regular dividends. However, in view of our elevated capital expenditures to build-out a robust, superior network to support the continued growth of data traffic, plans to invest in new adjacent businesses that will complement the current business and provide future sources of profits and dividends, and management of our cash and gearing levels, the PLDT Board of Directors approved on August 2, 2016, the amendment of our dividend policy, reducing the regular dividend payout to 60% of core EPS. Starting 2019, we base our dividend payout on telco core income. In declaring dividends, we take into consideration the interest of our shareholders, as well as our working capital, capital expenditures and debt servicing requirements. The retention of earnings may be necessary to meet the funding requirements of our business expansion and development programs.

As part of the dividend policy, in the event no investment opportunities arise, we may consider the option of returning additional cash to our shareholders in the form of special dividends or share buybacks. Philippine corporate regulations prescribe, however, that we can only pay out dividends or make capital distribution up to the amount of our unrestricted retained earnings.

Some of our debt instruments contain covenants that impose maximum leverage ratios. In addition, our credit ratings from the international credit ratings agencies are based on our ability to remain within certain leverage ratios.

No changes were made in our objectives, policies or processes for managing capital during the years ended December 31, 2024, 2023 and 2022.

F-138

28.
Notes to the Statements of Cash Flows

The following table shows the changes in liabilities arising from financing activities as at December 31, 2024 and 2023:

|  | January 1, 2024 |  |  |  |  |  | Foreign exchange movement |  |  |  |  |  | 2024 |
|  |  |  |  | Cash flows |  |  |  |  |  | Others |  |  |  |
|  | (in million pesos) |
Interest-bearing financial liabilities |  |  | 254,798 |  |  |  | 24,722 |  |  |  | 1,698 |  |  |  | 368 |  |  |  | 281,586 |
Lease liabilities |  |  | 47,546 |  |  |  | (12,079 | ) |  |  | — |  |  |  | 18,571 |  |  |  | 54,038 |
Derivative financial liabilities |  |  | 1,033 |  |  |  | 704 |  |  |  | — |  |  |  | (1,640 | ) |  |  | 97 |
Accrued interests and other related costs |  |  | 2,157 |  |  |  | (10,740 | ) |  |  | — |  |  |  | 11,009 |  |  |  | 2,426 |
Dividends |  |  | 1,912 |  |  |  | (20,750 | ) |  |  | — |  |  |  | 20,843 |  |  |  | 2,005 |
|  |  | 307,446 |  |  |  | (18,143 | ) |  |  | 1,698 |  |  |  | 49,151 |  |  |  | 340,152 |
|  | January 1, 2023 |  |  |  |  |  | Foreign exchange movement |  |  |  |  |  | 2023 |
|  |  |  |  | Cash flows |  |  |  |  |  | Others |  |  |  |
|  | (in million pesos) |
Interest-bearing financial liabilities |  |  | 249,580 |  |  |  | 5,175 |  |  |  | (319 | ) |  |  | 362 |  |  |  | 254,798 |
Lease liabilities |  |  | 42,435 |  |  |  | (10,707 | ) |  |  | — |  |  |  | 15,818 |  |  |  | 47,546 |
Derivative financial liabilities |  |  | 1,150 |  |  |  | (607 | ) |  |  | — |  |  |  | 490 |  |  |  | 1,033 |
Accrued interests and other related costs |  |  | 1,868 |  |  |  | (9,715 | ) |  |  | — |  |  |  | 10,004 |  |  |  | 2,157 |
Dividends |  |  | 1,821 |  |  |  | (23,328 | ) |  |  | — |  |  |  | 23,419 |  |  |  | 1,912 |
|  |  | 296,854 |  |  |  | (39,182 | ) |  |  | (319 | ) |  |  | 50,093 |  |  |  | 307,446 |

Others include the effect of accretion of long-term borrowings, effect of recognition and accretion of lease liabilities, unrealized mark-to-market losses of derivative financial instruments, effect of accrued but not yet paid interest on interest-bearing loans and borrowings and accrual of dividends that were not yet paid at the end of the period.

Non-cash Investing Activities

The following table shows our significant non-cash investing activities and corresponding transaction amounts as at December 31, 2024 and 2023:

|  | 2024 |  |  | 2023 |
|  | (in million pesos) |
Acquisition of property and equipment on account |  |  | 19,219 |  |  |  | 37,133 |
Additions to ROU assets |  |  | 15,607 |  |  |  | 15,759 |
Capitalization to property and equipment of: |  |  |  |  |  |
Inventories |  |  | 4,128 |  |  |  | 2,169 |
Foreign exchange differences – net |  |  | 686 |  |  |  | 195 |
|  |  | 39,640 |  |  |  | 55,256 |

Non-cash Financing Activities

The following table shows our significant non-cash financing activities and corresponding transaction amounts as at December 31, 2024 and 2023:

|  | 2024 |  |  | 2023 |
|  | (in million pesos) |
Additions to lease liabilities |  |  | 15,607 |  |  |  | 15,759 |

F-139

Item 19. Exhibits

See Item 18. “Financial Statements” above for details of the financial statements filed as part of this annual report.

Exhibits to this report:

EXHIBIT INDEX

Exhibit Number |  | Description of Exhibit
1(a) |  | Amended Articles of Incorporation (as amended on June 9, 2020) (incorporated by reference to PLDT’s Form 20-F as filed with the Securities and Exchange Commission on April 23, 2021)
1(b) |  | Amended By-Laws (as amended on August 30, 2016) (incorporated by reference to PLDT’s Form 20-F as filed with the Securities and Exchange Commission on April 27, 2017)
2(b) |  | We have not included as exhibits certain instruments with respect to our long-term debt, the amount of debt authorized under each of which does not exceed 10% of our total assets, and we agree to furnish a copy of any such instrument to the Securities and Exchange Commission upon request.
2(d) |  | Description of rights of each class of securities registered under Section 12 of the Securities Exchange Act of 1934
4(a) |  | Stock Purchase and Strategic Investment Agreement, dated September 28, 1999, by and among PLDT, First Pacific Limited, Metro Pacific Corporation, Metro Pacific Asia Link Holdings, Inc., Metro Pacific Resources, Inc. and NTT Communications Corporation (incorporated by reference to PLDT’s Form 6-K for the month of September 1999) (P)
4(b) |  | Executive Stock Option Plan (incorporated by reference to PLDT’s Form 20-F as filed with the Securities and Exchange Commission in May 2001) (P)
4(c) |  | Master Restructuring Agreement, dated June 21, 2000, as amended on December 12, 2000 and December 19, 2000, between PCEV, PCEV (Cayman) Limited, PLDT, The Chase Manhattan Bank, as escrow agent, Metropolitan Bank and Trust Company, as administrative agent and the creditors named therein (incorporated by reference to PLDT’s Form 20-F as filed with the Securities and Exchange Commission in May 2001) (P)
4(d) |  | The Cooperation Agreement, dated January 31, 2006, entered into by and among PLDT, First Pacific, Metro Pacific Corporation, Metro Asia Link Holdings, Inc., Metro Pacific Resources, Inc., Larouge B.V., Metro Pacific Assets Holdings, Inc., NTT Communications and NTT DOCOMO (incorporated by reference to Schedule 13D/A (Amendment No. 2) as filed with the United States Securities and Exchange Commission by Nippon Telegraph and Telephone Corporation and NTT Communications Corporation on January 31, 2006)
4(e) |  | Sale and Purchase Agreement, dated May 30, 2016, by and among San Miguel Corporation, Philippine Long Distance Telephone Company, Globe Telecom, Inc., and Vega Telecom, Inc. (incorporated by reference to PLDT’s Form 20-F as filed with the Securities and Exchange Commission on April 27, 2017)
4(f) |  | First Amendment to the Sale and Purchase Agreement, dated July 26, 2016, by and among San Miguel Corporation, Philippine Long Distance Telephone Company, Globe Telecom, Inc., and Vega Telecom, Inc. (incorporated by reference to PLDT’s Form 20-F as filed with the Securities and Exchange Commission on April 27, 2017)
4(g) |  | Sale and Purchase Agreement, dated May 30, 2016, by and among Grace Patricia W. Vilchez-Custodio, Philippine Long Distance Telephone Company, Globe Telecom, Inc., and Brightshare Holdings Corporation. (incorporated by reference to PLDT’s Form 20-F as filed with the Securities and Exchange Commission on April 27, 2017)
4(h) |  | Sale and Purchase Agreement, dated May 30, 2016, by and among Schutzengel Telecom, Inc., Philippine Long Distance Telephone Company, Globe Telecom, Inc., and Bow Arken Holding Company, Inc. (incorporated by reference to PLDT’s Form 20-F as filed with the Securities and Exchange Commission on April 27, 2017)

127

Exhibit Number |  | Description of Exhibit
8* |  | Subsidiaries
11.1* |  | Insider Trading Policies and Procedures
11.2* |  | Blackout Period/Restriction on Trading of Shares
12.1* |  | Certification of CEO required by Rule 13a-14(a) of the Exchange Act
12.2* |  | Certification of the Principal Financial Officer required by Rule 13a-14(a) of the Exchange Act
13.1* |  | Certification of CEO required by Rule 13a-14(b) of the Exchange Act
13.2* |  | Certification of the Principal Financial Officer required by Rule 13a-14(b) of the Exchange Act
97 |  | Incentive-Based Compensation Clawback Policy
101.INS |  | Inline XBRL Instance Document
101.SCH |  | Inline XBRL Taxonomy Extension Schema with Embedded Linkbase Documents
104 |  | Cover Page Interactive Data File (embedded within the Inline XBRL document)

*Filed herewith

(P) – Paper filings

128

SIGNATURE

The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this annual report on its behalf.

March 13, 2025 |  |  |
| PLDT INC.
| By: |  | /s/ Joan A. De Venecia-Fabul
|  |  | JOAN A. DE VENECIA-FABUL
|  |  | Chief Legal Counsel

129