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Income and Expenses | 12 Months Ended
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Dec. 31, 2024
Analysis of income and expense [abstract] |
Income and Expenses | 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 Php45,868 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 Php40,487 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 |
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 |
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. 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 |

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