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Pension and Other Employee Benefits (Tables)

12 Months Ended

Dec. 31, 2024

Defined Benefit Pension Plans [Member]

Disclosure Of Defined Benefit Plans [Line Items]

Summary of Changes in Present Value of Defined Benefit Obligations, Fair Value of Plan Assets and Components of Net Periodic Benefit Costs

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

Summary of Expected Future Settlements

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

Summary of Weighted Average Assumptions Used to Determine Pension Benefits

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

Summary of Sensitivity Analysis on Defined Benefit Obligation

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	)

Summary of Plan Assets

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

Defined Benefit Pension Plans [Member] | Shares of Stocks [Member]

Disclosure Of Defined Benefit Plans [Line Items]

Summary of Plan Assets

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

Defined Benefit Pension Plans [Member] | Unlisted Equity Investments [Member]

Disclosure Of Defined Benefit Plans [Line Items]

Summary of Plan Assets

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 Php32 million)			100				100				722				672
BTFHI			100				100				2,748				260
											10,774				9,439

Defined Benefit Pension Plans [Member] | Investment Property [Member]

Disclosure Of Defined Benefit Plans [Line Items]

Summary of Allocation of Fair Value of Plan Assets

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 [Member]

Disclosure Of Defined Benefit Plans [Line Items]

Summary of Changes in Present Value of Defined Benefit Obligations, Fair Value of Plan Assets and Components of Net Periodic Benefit Costs

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

Summary of Expected Future Settlements

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

Summary of Weighted Average Assumptions Used to Determine Pension Benefits

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

Summary of Sensitivity Analysis on Defined Benefit Obligation

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

Summary of Plan Assets

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

Summary of Allocation of Fair Value of Plan Assets

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

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