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Financial Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2024

Disclosure Of Financial Assets And Liabilities [Line Items]

Summary of Consolidated Financial Assets and Financial Liabilities

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.

		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.

Summary of Consolidated Offsetting of Financial Assets and Liabilities

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

Disclosure Of Carrying Amount And Fair Value Of Financial Instruments Explanatory

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

Summary of Consolidated Financial Assets and Liabilities Carried at Fair Value

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.

Summary of Derivative Financial Instruments

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$396	Various dates in October to December 2023	U.S. Dollar Liabilities	Various dates in January to June 2024		—		Php56.56	US$—				—			US$396				(448	)
	US$795	Various dates in January 2024 to September 2024	U.S. Dollar Liabilities	Various dates in March to December 2024		—		Php57.12		—			—				—			—
	US$303	Various dates in October to December 2024	U.S. Dollar Liabilities	Various dates in January to July 2025		—		Php58.45		303			(10	)			—			—
	US$14	Various dates in October to December 2024	U.S. Dollar Revenues	Various dates in July to December 2025		—		Php58.65		14			(2	)			—			—
	US$93	Various dates in January 2025	U.S. Dollar Revenues	Various dates in July to August 2025		—		Php58.73
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		—		Php55.62		2			(1	)			—			—
						—		Php56.07		—			—				—			—
						—		Php57.07		—			—				—			—
	US$5	Various dates in October to November 2024	U.S. Dollar Liabilities	Various dates in December 2024		—		Php57.93		—			—				—			—
						—		Php58.25		—			—				—			—
						—		Php59.25		—			—				—			—
	US$8	Various dates in December 2024	U.S. Dollar Liabilities	Various dates in April 2025		—		Php57.46		8			(2	)			—			—
						—		Php57.98		—			—				—			—
						—		Php59.48		—			—				—			—
													(15	)						(448	)
Smart
Forward foreign exchange contracts	US$449	Various dates in June 2023 to December 2024	U.S. Dollar Liabilities	Various dates in January to October 2024		—		Php56.55	US$—				—			US$449				(493	)
	US$614	Various dates in January to September 2024	U.S. Dollar Liabilities	Various dates in March to December 2024		—		Php56.74		—			—				—			—
	US$204	Various dates in October to December 2024	U.S. Dollar Liabilities	Various dates in January to April 2025		—		Php58.18		204			31				—			—
	US$5	Various dates in October to November 2024	U.S. Dollar Revenues	Various dates in July to October 2025		—		Php58.48		5			(1	)			—			—
Foreign exchange options seagull(b)	US$15	Various dates in June 2023	U.S. Dollar Liabilities	Various dates in February 2024		—		Php55.17 Php55.85 Php56.87		—			—			US$15				(1	)
	US$34	Various dates in March to September 2024	U.S. Dollar Liabilities	Various dates in September 2024 to March 2025		—		Php55.87 Php56.17 Php57.17		4			(3	)			—			—
	US$4	Various dates in December 2024	U.S. Dollar Liabilities	Various dates March to April 2025		—		Php57.64 Php57.97 Php59.26		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%			Php49.61 Php55.28	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%			Php48.00 Php53.34	US$66				143			US$77				92
													143							92
													307							5
													318							(937	)

If the Philippine Peso to U.S. dollar spot exchange rate on fixing date settles between Php56.07 to Php57.07, PLDT will purchase the U.S. Dollar for Php56.07. However, if on maturity, the exchange rate settles above Php57.07, PLDT will purchase the U.S. Dollar for Php56.07 plus the excess above Php57.07, and if the exchange rate is lower than Php56.07, PLDT will purchase the U.S. Dollar at the prevailing Philippine peso to U.S. Dollar spot exchange rate, subject to a floor of Php55.62

If the Philippine Peso to U.S. dollar spot exchange rate on fixing date settles between Php57.98 to Php59.48, PLDT will purchase the U.S. Dollar for Php57.98. However, if on maturity, the exchange rate settles above Php59.48, PLDT will

purchase the U.S. Dollar for Php57.98 plus the excess above Php59.48, and if the exchange rate is lower than Php57.98, PLDT will purchase the U.S. Dollar at the prevailing Philippine peso to U.S. Dollar spot exchange rate, subject to a floor of Php57.46.

(b)If the Philippine Peso to U.S. Dollar spot exchange rate on fixing date settles between Php56.17 to Php57.17, Smart will purchase the U.S. Dollar for Php56.17. However, if on maturity, the exchange rate settles above Php56.17, Smart will purchase the U.S. Dollar for Php56.17 plus the excess above Php57.17, and if the exchange rate is lower than Php56.17, Smart will purchase the U.S. Dollar at the prevailing Philippine peso to U.S. Dollar spot exchange rate, subject to a floor of Php55.87.

If the Philippine Peso to U.S. Dollar spot exchange rate on fixing date settles between Php57.97 to Php59.26, Smart will purchase the U.S. Dollar for Php57.97. However, if on maturity, the exchange rate settles above Php57.97, Smart will purchase the U.S. Dollar for Php57.97 plus the excess above Php59.26, and if the exchange rate is lower than Php57.97, Smart will purchase the U.S. Dollar at the prevailing Philippine Peso to U.S. Dollar spot exchange rate, subject to a floor of Php57.64.

(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 Php49.61 and Php55.28, PLDT will purchase the U.S. dollar at Php49.61. However, if on fixing date, the exchange rate is beyond Php55.28, PLDT will purchase the U.S. dollar at the prevailing Philippine peso to U.S. dollar spot exchange rate minus a subsidy of Php5.67, and if the exchange rate is lower than Php49.61, 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 Php239 million and
Php119 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
Php75 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 Php119 million and Php39 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 Php48.00 and Php53.34, Smart will purchase the U.S. Dollar at Php48.00. However, if on fixing date the exchange rate is beyond Php53.34, Smart will purchase the U.S. Dollar for Php48.00 plus the excess above Php53.34, and if the exchange rate is lower than Php48.00, 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 Php145 million and Php96 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 Php3 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 Php52 million and Php12 million were recognized in our consolidated income statements for the years ended December 31, 2024 and 2023, respectively.

Summary of Derivative Financial Instruments by Classification

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	)

Summary of Movements of Consolidated Mark-to-Market Losses

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	)

Disclosure Of Gains (Losses) On Derivative Financial Instruments Explanatory

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

Summary of Maturity Profile of Financial Assets Based on Consolidated Undiscounted Claims Outstanding

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

Summary of Maturity Profile of Financial Liabilities Based on Consolidated Contractual Undiscounted Obligations Outstanding

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.

Summary of Future Minimum Lease Commitments Payable with Non-cancellable Operating Leases

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

Summary of Impact of Hedging Instruments

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

Summary of Impact of Hedging Items on Consolidated Statements of Financial Position

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

Summary of Effect of the Cash Flow Hedge in Consolidated Statements of Financial Position and Statements of Other Comprehensive Income

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	)

Summary of Market Risk

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 Php57.85 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 Php55.42 to US$1.00, the Philippine Peso-U.S. Dollar exchange rate as quoted through the BAP as at December 31, 2023.

Summary of 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

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

Summary of Maximum Exposure to Credit Risk of Financial Assets Subject to Impairment

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.

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

Summary of Maximum Exposure to Credit Risk

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.

		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.

Summary of Information Regarding Credit Quality by Class of Financial Assets

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.

Summary of Aging Analysis of Past Due But not Impaired Class of Financial Assets

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

Interest rate risk [member]

Disclosure Of Financial Assets And Liabilities [Line Items]

Summary of Market Risk

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

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

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The disclosure of how the entity manages its liquidity risk. [Refer: Liquidity risk [member]]

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+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 7
-IssueDate 2024-01-01
-Paragraph 35M
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2024-en-r&anchor=para_35M&doctype=Standard
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+ References

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-Name IAS
-Number 1
-IssueDate 2024-01-01
-Paragraph 10
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-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2024-en-r&anchor=para_10_e&doctype=Standard
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+ References

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-Name IFRS
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-IssueDate 2024-01-01
-Paragraph 31
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2024-en-r&anchor=para_31&doctype=Standard
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