Disclosure of Detailed Information of 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

Summary of Subscription Agreements

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

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	%

Summarized Financial Information of Individually Immaterial Associates and Joint Venture

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	)

Investment In Associates And Joint Ventures [Line Items]

Carrying Value of Investments

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

Investment In Associates And Joint Ventures [Line Items]

Summarized Financial Information of Associates

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.