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Interest-bearing Financial Liabilities (Tables)

12 Months Ended

Dec. 31, 2024

Disclosure of detailed information about borrowings [abstract]

Summary of Interest-bearing Financial Liabilities

As at December 31, 2024 and 2023, this account consists of the following:

		2024				2023
		(in million pesos)
Long-term portion of interest-bearing financial liabilities:
Long-term debt (Notes 27 and 28)			258,246				243,152
Current portion of interest-bearing financial liabilities:
Long-term debt maturing within one year (Notes 27 and 28)			23,340				11,646
			281,586				254,798

Summary of Changes to Unamortized Debt Discount

The following table describes all changes to unamortized debt discount for the years ended December 31, 2024 and 2023:

		2024				2023
		(in million pesos)
Unamortized debt discount at beginning of the year			2,129				2,279
Additions			219				214
Revaluations			9				(2	)
Accretion included as part of financing costs – net			(368	)			(362	)
Unamortized debt discount at end of the year			1,989				2,129

Summary of Long-term Debt

As at December 31, 2024 and 2023, long-term debt consists of:

				December 31, 2024								December 31, 2023
Description		Interest Rates		U.S. Dollar				Php				U.S. Dollar				Php
				(in millions)
U.S. Dollar Debts:
Fixed Rate Notes		2.5000% to 3.4500% in 2024 and 2023			591				34,177				590				32,691
Term Loans:
Others (1)		SOFR + 1.31161 % to 1.47826% in 2024 and SOFR + 1.31161 % to 1.47826% & US$LIBOR +1.0500% in 2023			84				4,838				122				6,788
					675				39,015				712				39,479
Philippine Peso Debts:
Fixed Rate Retail Bonds		5.2813% in 2024 and 2023							—								2,599
Term Loans:
Unsecured Term Loans		4.0000% to 5.3500%; PHP BVAL + 0.5000% to 1.0000% (floor rate 4.5000% to 4.6250%) in 2024 and 3.9500% to 5.3500%; PHP BVAL + 0.5000% to 1.0000% (floor rate 4.5000% to 4.6250%) in 2023							242,571								212,720
									242,571								215,319
Total long-term debt (Notes 27 and 28)									281,586								254,798
Less portion maturing within one year (Note 27)									23,340								11,646
Noncurrent portion of long-term debt (Note 27)									258,246								243,152

(1) Effective September 2023, the benchmark rate of our U.S. Dollar-denominated debts was changed from LIBOR to SOFR.

Summary of Scheduled Maturities of Consolidated Outstanding Long-term and Short-term Debt at Nominal Values

The scheduled maturities of our consolidated outstanding long-term and short-term debt at nominal values as at
December 31, 2024 are as follows:

		U.S. Dollar Debt								Php Debt				Total
Year		U.S. Dollar				Php				Php				Php
		(in millions)
2025			14				810				22,890				23,700
2026			14				810				15,075				15,885
2027			14				810				26,695				27,505
2028			28				1,620				19,653				21,273
2029			—				—				26,288				26,288
2030 and onwards			614				35,518				133,406				168,924
Total long-term debt (Note 27)			684				39,568				244,007				283,575

Disclosure of Loans Explanatory

													Outstanding Amounts
				Repurchase Amount									December 31, 2024								December 31, 2023
Loan Amount	Issuance Date	Trustee	Terms	Php			Dates			Paid in full on			U.S. Dollar				Php				U.S. Dollar				Php
				(in millions)									(in millions)
Fixed Rate Notes(1)
US$600M	June 23, 2020	The Bank of New York Mellon, London Branch	Non-amortizing, payable in full upon maturity on January 23, 2031 and June 23, 2050		—			—			—			591		(2)		34,177		(2)		590		(2)		32,691		(2)
														591				34,177				590				32,691

(1) The purpose of this loan is to refinance the existing loan obligations, prepay outstanding loans and partially finance capital expenditures.

(2) Amounts are net of unamortized debt discount/premium and/or debt issuance cost.

					Drawn			Cancelled Undrawn						Outstanding Amounts
														December 31, 2024								December 31, 2023
					Amount			Amount
Loan Amount	Date of Loan Agreement	Lender(s)	Terms	Dates Drawn	U.S. Dollar						Paid in full on			U.S. Dollar				Php				U.S. Dollar				Php
					(in millions)									(in millions)
U.S. Dollar Debts
Other Term Loans(1)
US$50M	2016 and 2017	NTT TC Leasing	Non-amortizing, payable upon maturity on March 30, 2023 and March 27, 2024	2016 and 2017		50			—		March 30, 2023 and March 27, 2024				—				—				25		(2)		1,385		(2)
US$140M	March 4, 2020	PNB	Quarterly amortization rates equivalent to: (a) 2.5% of the total amount drawn payable on the first interest payment date up to the 28th interest payment date; (b) 5% of the total amount drawn payable on the 29th interest payment date up to the 32nd interest payment date; and (3) 2.5% of the total amount drawn payable on the 37th interest payment date up to maturity on December 13, 2030	December 14, 2020		140			—			—			84		(2)		4,838		(2)		97		(2)		5,403		(2)
															84				4,838				122				6,788

(1) The purpose of this loan is to finance the capital expenditures and/or to refinance existing loan obligations which were utilized for network expansion and improvement programs.

(2) Amounts are net of unamortized debt discount/premium and/or debt issuance cost.

Outstanding Amounts

Date of

Payments

December 31, 2024

December 31, 2023

Issuance/

Amount

Loan Amount

Agreement

Paying Agent

Terms

Drawdown

Php

Date

Php

Php

(in millions)

(in millions)

Fixed Rate Retail Bonds(1)

PLDT

Php15,000M

January 22, 2014

Philippine Depositary Trust Corp.

Php12.4B – non-amortizing, payable in full upon maturity on February 6, 2021; Php2.6B – non-amortizing payable in full on February 6, 2024

February 6, 2014

12,400 2,600

February 8, 2021 February 6, 2024

—

2,599

(2)

(1) The purpose of this loan is to finance the capital expenditures and/or to refinance existing loan obligations which were utilized for network expansion and improvement programs.

(2) Amounts are net of unamortized debt discount/premium and/or debt issuance cost.

								Outstanding Amounts
					Drawn			December 31, 2024				December 31, 2023
	Date of Loan				Amount
Loan Amount	Agreement	Lender(s)	Terms	Dates Drawn	Php			Php				Php
					(in millions)			(in millions)
Term Loans
Unsecured Term Loans(1)
Php14,900M	Various dates in 2014, 2016 and 2019	Union Bank of the Philippines	With annual amortization up to 7 and 10 years	Various dates in 2014, 2016 and 2019		14,900			7,811		(2)		9,298		(2)
Php71,300M	Various dates in 2015 to 2023	Bank of the Philippine Islands	With annual amortization up to 6, 7, 10 and 11 years	Various dates in 2015 to 2024		71,000			54,738		(2)		54,436		(2)
Php46,500M	Various date in 2015 to 2024	Metropolitan Bank and Trust Company(3)	With annual amortization up to 7, 10 and 11 years	Various date in 2015 to 2024		46,500			38,618		(2)		26,443		(2)
Php18,500M	Various dates in 2019 and 2023	China Banking Corporation	With annual amortization up to 10 years	Various dates in 2019 and 2023		18,500			15,770		(2)		16,616		(2)
Php14,000M	Various dates in 2016 and 2017	Security Bank	With semi-annual amortization up to 10 years	Various dates in 2017		14,000			10,566		(2)		10,760		(2)
Php31,970M	Various dates in 2016, 2020, 2021, 2023 and 2024	Banco de Oro	With annual amortization up to 7 and 10 years	Various dates in 2016, 2020, 2021 and 2024		30,470			29,564		(2)		14,318		(2)
Php8,500M	Various dates in 2016, 2017 and 2019	Philippine National Bank	With annual amortization up to 7, 8 and 10 years	Various dates in 2017, 2018 and 2019		8,500			7,920		(2)		7,946		(2)
Php41,500M	Various dates in 2016 to 2023	Landbank of the Philippines	With annual amortization up to 10 years	Various dates in 2016 to 2023		41,500			39,475		(2)		39,824		(2)
Php14,000M	Various dates in 2019 to 2021	Development Bank of the Philippines	With annual amortization up to 8, 9 and 10 years	Various dates in 2019 to 2022		14,000			13,513		(2)		13,629		(2)
Php2,000M	September 6, 2019	Bank of China (Hong Kong) Limited, Manila Branch	With annual amortization up to 7 years	September 6, 2019		2,000			1,896		(2)		1,914		(2)
Php15,000M	Various dates in 2020, 2021 and 2023	Rizal Commercial Banking Corporation	With annual amortization up to 8, 10 and 11 years	Various dates in 2020, 2021 and 2023		15,000			14,443		(2)		14,566		(2)
Php2,500M	April 2, 2020	MUFG Bank, Ltd.	With semi-annual amortization up to 6 years	April 2, 2020		2,500			972		(2)		1,970		(2)
Php3,800M	Various dates in 2023 and 2024	Bank of Commerce	With annual amortization up to 9 and 10 years	Various dates in 2023 and 2024		3,800			3,769		(2)		1,000		(2)
Php3,000M	Various dates in 2024	Hongkong and Shanghai Banking Corporation(3)	With annual amortization up to 5 years	Various dates in 2024		3,000			2,986		(2)		—		(2)
Php530M	September 30, 2024	Philippine Veterans Bank	With annual amortization up to 7 years	October 30, 2024		530			530		(2)		—		(2)
									242,571				212,720

(1) The purpose of this loan is to finance the capital expenditures and/or to refinance existing loan obligations which were utilized for network expansion and improvement programs.

(2) Amounts are net of unamortized debt discount/premium and/or debt issuance cost.

(3) Includes Green Loan and Social Loan.

Below are the interest-bearing financial liabilities drawn after December 31, 2024:

	Date of Loan				Drawn Amount
Loan Amount	Agreement	Lender(s)	Terms	Dates Drawn	Php
					(in millions)
Long-term Loans
Unsecured Term Loans(1)
PLDT
Php11,000M	December 13, 2024	BPI	With annual amortization up to 10 years
Smart
Php13,000M	December 19, 2024	MBTC	With annual amortization up to 10 years	January 2, 2025		1,500
				February 3, 2025		700
Short-term Loans
Unsecured Term Loans(1)
PLDT
Php787M		BPI	77-day promissory note	January 3, 2025		787
Smart
Php235M		BPI	77-day promissory note	January 3, 2025		235

(1) The purpose of this loan is to finance the capital expenditures and/or to refinance existing loan obligations which were utilized for network expansion and improvement programs.

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