Investments in Associates and Joint Ventures (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
|---|
| Investment In Associates And Joint Ventures [Line Items] |
|
| Disclosure of Detailed Information of Investments in Associates and Joint Ventures |
As at December 31, 2025 and 2024, this account consists of:
|
|
|
|
|
|
|
|
|
|
|
2025 |
|
|
2024 |
|
|
|
(in million pesos) |
|
Carrying value of investments in associates: |
|
|
|
|
|
|
MediaQuest PDRs |
|
|
8,706 |
|
|
|
9,186 |
|
MIH |
|
|
7,411 |
|
|
|
6,731 |
|
Individually immaterial associates |
|
|
3,034 |
|
|
|
3,064 |
|
|
|
|
19,151 |
|
|
|
18,981 |
|
Carrying value of investments in joint ventures: |
|
|
|
|
|
|
VTI, Bow Arken and Brightshare |
|
|
32,990 |
|
|
|
33,675 |
|
Individually immaterial joint ventures |
|
|
284 |
|
|
|
108 |
|
|
|
|
33,274 |
|
|
|
33,783 |
|
Total carrying value of investments in associates and joint ventures |
|
|
52,425 |
|
|
|
52,764 |
|
Changes in the cost of investments for the years ended December 31, 2025 and 2024 are as follows:
|
|
|
|
|
|
|
|
|
|
|
2025 |
|
|
2024 |
|
|
|
(in million pesos) |
|
Balances at beginning of the year |
|
|
68,010 |
|
|
|
64,658 |
|
Additions |
|
|
779 |
|
|
|
3,485 |
|
Disposals |
|
|
(97 |
) |
|
|
— |
|
Return of capital |
|
|
(600 |
) |
|
|
— |
|
Translation and other adjustments |
|
|
— |
|
|
|
(133 |
) |
Balances at end of the year |
|
|
68,092 |
|
|
|
68,010 |
|
Changes in the accumulated impairment losses for the years ended December 31, 2025 and 2024 are as follows:
|
|
|
|
|
|
|
|
|
|
|
2025 |
|
|
2024 |
|
|
|
(in million pesos) |
|
Balances at beginning of the year |
|
|
2,763 |
|
|
|
2,875 |
|
Adjustments |
|
|
— |
|
|
|
(112 |
) |
Balances at end of the year |
|
|
2,763 |
|
|
|
2,763 |
|
|
| Disclosure Of Changes In Accumulated Equity Share In Net Earnings (Losses) Of Associates And Joint Ventures Explanatory |
Changes in the accumulated equity share in net earnings (losses) of associates and joint ventures as at December 31, 2025 and 2024 are as follows:
|
|
|
|
|
|
|
|
|
|
|
2025 |
|
|
2024 |
|
|
|
(in million pesos) |
|
Balances at beginning of the year |
|
|
(12,483 |
) |
|
|
(11,475 |
) |
Equity share in net earnings (losses) of associates and joint ventures: |
|
|
(428 |
) |
|
|
(990 |
) |
MIH |
|
|
681 |
|
|
|
(935 |
) |
VTI, Bow Arken and Brightshare |
|
|
(85 |
) |
|
|
26 |
|
MediaQuest PDRs |
|
|
(480 |
) |
|
|
(74 |
) |
Individually immaterial associates and joint ventures |
|
|
(544 |
) |
|
|
(7 |
) |
Disposals |
|
|
9 |
|
|
|
— |
|
Translation and other adjustments |
|
|
(2 |
) |
|
|
(18 |
) |
Balances at end of the year |
|
|
(12,904 |
) |
|
|
(12,483 |
) |
|
| 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 |
|
|
September 1, 2025 |
|
|
594.0 |
|
|
|
|
|
1,480.5 |
|
|
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 to 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 |
% |
|
| Summary of Carrying Values of Individually Immaterial Associates and Joint Venture |
As at December 31, 2025 and 2024, following are the carrying values of individually immaterial associates and joint ventures:
|
|
|
|
|
|
|
|
|
|
|
2025 |
|
|
2024 |
|
|
|
(in million pesos) |
|
Individually immaterial associates: |
|
|
|
|
|
|
Radius |
|
|
1,679 |
|
|
|
2,123 |
|
Kayana |
|
|
1,355 |
|
|
|
853 |
|
Appcard |
|
|
— |
|
|
|
88 |
|
|
|
|
3,034 |
|
|
|
3,064 |
|
Individually immaterial joint ventures: |
|
|
|
|
|
|
DFTI |
|
|
238 |
|
|
|
66 |
|
Telecommunications Connectivity, Inc. |
|
|
42 |
|
|
|
42 |
|
PFC/VFC |
|
|
4 |
|
|
|
— |
|
|
|
|
284 |
|
|
|
108 |
|
Total individually immaterial associates and joint ventures |
|
|
3,318 |
|
|
|
3,172 |
|
|
| 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, 2025 and 2024, and for the years ended December 31, 2025, 2024 and 2023 is shown below:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Associates |
|
|
Joint Ventures |
|
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
|
|
(in million pesos) |
|
Statements of Financial Position: |
|
|
|
|
|
|
|
|
|
|
|
|
Noncurrent assets |
|
|
8,259 |
|
|
|
9,342 |
|
|
|
4,848 |
|
|
|
3,652 |
|
Current assets |
|
|
3,331 |
|
|
|
2,393 |
|
|
|
173 |
|
|
|
118 |
|
Noncurrent liabilities |
|
|
863 |
|
|
|
1,279 |
|
|
|
2,960 |
|
|
|
2,346 |
|
Current liabilities |
|
|
5,052 |
|
|
|
3,607 |
|
|
|
678 |
|
|
|
1,222 |
|
Equity |
|
|
5,675 |
|
|
|
6,849 |
|
|
|
1,383 |
|
|
|
202 |
|
Carrying amount of interest in individually immaterial associates and joint ventures |
|
|
3,034 |
|
|
|
3,064 |
|
|
|
284 |
|
|
|
108 |
|
Additional Information: |
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
|
1,517 |
|
|
|
1,011 |
|
|
|
101 |
|
|
|
54 |
|
Current financial liabilities |
|
|
1,586 |
|
|
|
1,614 |
|
|
|
678 |
|
|
|
1,210 |
|
Noncurrent financial liabilities |
|
|
— |
|
|
|
674 |
|
|
|
2,960 |
|
|
|
2,346 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Associates |
|
|
Joint Ventures |
|
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|
|
(in million pesos) |
|
Income Statements: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
|
2,798 |
|
|
|
3,694 |
|
|
|
927 |
|
|
|
8 |
|
|
|
8 |
|
|
|
8 |
|
Depreciation and amortization |
|
|
2,225 |
|
|
|
1,122 |
|
|
|
302 |
|
|
|
1 |
|
|
|
1 |
|
|
|
1 |
|
Interest income |
|
|
39 |
|
|
|
30 |
|
|
|
5 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Interest expense |
|
|
(56 |
) |
|
|
(65 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Other comprehensive income |
|
|
(1,828 |
) |
|
|
(542 |
) |
|
|
(457 |
) |
|
|
530 |
|
|
|
(84 |
) |
|
|
(58 |
) |
Provision for income tax |
|
|
24 |
|
|
|
30 |
|
|
|
22 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Net loss / Total comprehensive loss |
|
|
(1,828 |
) |
|
|
(542 |
) |
|
|
(457 |
) |
|
|
530 |
|
|
|
(84 |
) |
|
|
(58 |
) |
Equity share in net losses of individually immaterial associates and joint ventures |
|
|
(536 |
) |
|
|
(7 |
) |
|
|
— |
|
|
|
(8 |
) |
|
|
— |
|
|
|
(4 |
) |
|
| VTI, Bow Arken and Brightshare [Member] |
|
| Investment In Associates And Joint Ventures [Line Items] |
|
| Summarized Financial Information of VTI Bow Arken and Brightshare |
The table below presents the summarized financial information of VTI, Bow Arken and Brightshare as at December 31, 2025 and 2024, and for the years ended December 31, 2025, 2024 and 2023:
|
|
|
|
|
|
|
|
|
|
|
2025 |
|
|
2024 |
|
|
|
(in million pesos) |
|
Statements of Financial Position: |
|
|
|
|
|
|
Noncurrent assets |
|
|
77,344 |
|
|
|
77,849 |
|
Current assets |
|
|
4,486 |
|
|
|
5,231 |
|
Noncurrent liabilities |
|
|
9,448 |
|
|
|
9,475 |
|
Current liabilities |
|
|
2,651 |
|
|
|
2,395 |
|
Equity |
|
|
69,731 |
|
|
|
71,209 |
|
Carrying amount of assets in VTI, Bow Arken and Brightshare |
|
|
32,990 |
|
|
|
33,675 |
|
Additional Information: |
|
|
|
|
|
|
Cash and cash equivalents |
|
|
2,006 |
|
|
|
3,010 |
|
Current financial liabilities (1) |
|
|
122 |
|
|
|
81 |
|
(1) Excluding trade, other payables and provisions.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|
|
(in million pesos) |
|
Income Statements: |
|
|
|
|
|
|
|
|
|
Revenues |
|
|
4,904 |
|
|
|
4,708 |
|
|
|
4,344 |
|
Depreciation and amortization |
|
|
1,920 |
|
|
|
1,973 |
|
|
|
1,685 |
|
Interest income |
|
|
125 |
|
|
|
128 |
|
|
|
111 |
|
Provision for income tax |
|
|
42 |
|
|
|
135 |
|
|
|
186 |
|
Net loss / Total comprehensive loss |
|
|
(169 |
) |
|
|
52 |
|
|
|
132 |
|
Equity share in net income of VTI, Bow Arken and Brightshare |
|
|
(85 |
) |
|
|
26 |
|
|
|
66 |
|
|
| Carrying Value of Investments |
The carrying value of PLDT’s investment in VTI, Bow Arken and Brightshare as at December 31, 2025 and 2024 are as follows:
|
|
|
|
|
|
|
|
|
|
|
2025 |
|
|
2024 |
|
|
|
(in million pesos) |
|
VTI, Bow Arken and Brightshare equity |
|
|
69,731 |
|
|
|
71,209 |
|
PLDT's share |
|
|
50 |
% |
|
|
50 |
% |
Share in net assets of VTI, Bow Arken and Brightshare |
|
|
34,866 |
|
|
|
35,605 |
|
Share in adjustment based on liability and ETPI net cash balance |
|
|
442 |
|
|
|
442 |
|
Reimbursements |
|
|
(393 |
) |
|
|
(248 |
) |
Share in SMC's advances in VTI, Bow Arken and Brightshare |
|
|
(840 |
) |
|
|
(840 |
) |
Non-controlling interests |
|
|
(1,118 |
) |
|
|
(1,127 |
) |
Others |
|
|
33 |
|
|
|
(157 |
) |
Carrying amount of interest in VTI, Bow Arken and Brightshare |
|
|
32,990 |
|
|
|
33,675 |
|
|
| Satventures Inc /Cignal TV [Member] |
|
| Investment In Associates And Joint Ventures [Line Items] |
|
| Summarized Financial Information of Associates |
The table below presents the summarized financial information of Satventures/Cignal TV as at December 31, 2025 and 2024, and for the years ended December 31, 2025, 2024 and 2023:
|
|
|
|
|
|
|
|
|
|
|
2025 |
|
|
2024 |
|
|
|
(in million pesos) |
|
Statements of Financial Position: |
|
|
|
|
|
|
Noncurrent assets |
|
|
22,546 |
|
|
|
22,710 |
|
Current assets |
|
|
6,596 |
|
|
|
8,578 |
|
Noncurrent liabilities |
|
|
1,350 |
|
|
|
2,146 |
|
Current liabilities |
|
|
13,188 |
|
|
|
13,787 |
|
Equity |
|
|
14,604 |
|
|
|
15,355 |
|
Carrying amount of interest in Satventures/Cignal TV |
|
|
8,706 |
|
|
|
9,186 |
|
Additional Information: |
|
|
|
|
|
|
Cash and cash equivalents |
|
|
405 |
|
|
|
588 |
|
Current financial liabilities(1) |
|
|
4,077 |
|
|
|
2,736 |
|
Noncurrent financial liabilities(1) |
|
|
965 |
|
|
|
1,210 |
|
(1) Excluding trade, other payables and provisions.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|
|
(in million pesos) |
|
Income Statements: |
|
|
|
|
|
|
|
|
|
Revenues |
|
|
7,219 |
|
|
|
8,440 |
|
|
|
8,637 |
|
Depreciation and amortization |
|
|
1,459 |
|
|
|
1,405 |
|
|
|
1,304 |
|
Interest income |
|
|
52 |
|
|
|
52 |
|
|
|
46 |
|
Interest expense |
|
|
396 |
|
|
|
347 |
|
|
|
281 |
|
Benefit from income tax |
|
|
(219 |
) |
|
|
(40 |
) |
|
|
(334 |
) |
Net loss / Total comprehensive loss |
|
|
(750 |
) |
|
|
(115 |
) |
|
|
(929 |
) |
Equity share in net losses of Satventures/Cignal TV |
|
|
(480 |
) |
|
|
(74 |
) |
|
|
(595 |
) |
The carrying amount of Satventures’ investment as at December 31, 2025 and 2024 are as follows.
|
|
|
|
|
|
|
|
|
|
|
2025 |
|
|
2024 |
|
|
|
(in million pesos) |
|
Satventures’/Cignal TV's equity |
|
|
14,604 |
|
|
|
15,355 |
|
Deposit for future stock subscription |
|
|
(1,000 |
) |
|
|
(1,000 |
) |
Satventures’/Cignal TV’s net equity |
|
|
13,604 |
|
|
|
14,355 |
|
Satventures’/Cignal TV’s noncontrolling interest |
|
|
64 |
% |
|
|
64 |
% |
Carrying amount of interest in Satventures/Cignal TV |
|
|
8,706 |
|
|
|
9,186 |
|
|
| Carrying Value of Investments |
The carrying amount of Satventures’ investment as at December 31, 2025 and 2024 are as follows.
|
|
|
|
|
|
|
|
|
|
|
2025 |
|
|
2024 |
|
|
|
(in million pesos) |
|
Satventures’/Cignal TV's equity |
|
|
14,604 |
|
|
|
15,355 |
|
Deposit for future stock subscription |
|
|
(1,000 |
) |
|
|
(1,000 |
) |
Satventures’/Cignal TV’s net equity |
|
|
13,604 |
|
|
|
14,355 |
|
Satventures’/Cignal TV’s noncontrolling interest |
|
|
64 |
% |
|
|
64 |
% |
Carrying amount of interest in Satventures/Cignal TV |
|
|
8,706 |
|
|
|
9,186 |
|
|
| MIH [Member] |
|
| Investment In Associates And Joint Ventures [Line Items] |
|
| Summarized Financial Information of Associates |
The summarized financial information of MIH as at December 31, 2025 and 2024, and for the years ended
December 31, 2025, 2024 and 2023 is shown below:
|
|
|
|
|
|
|
|
|
|
|
2025 |
|
|
2024 |
|
|
|
(in million pesos) |
|
Statements of Financial Position: |
|
|
|
|
|
|
Noncurrent assets |
|
|
9,798 |
|
|
|
7,241 |
|
Current assets |
|
|
30,261 |
|
|
|
29,815 |
|
Noncurrent liabilities |
|
|
1,523 |
|
|
|
798 |
|
Current liabilities |
|
|
29,499 |
|
|
|
29,461 |
|
Equity |
|
|
9,037 |
|
|
|
6,797 |
|
Carrying amount of interest in MIH |
|
|
7,411 |
|
|
|
6,731 |
|
Additional Information: |
|
|
|
|
|
|
Cash and cash equivalents |
|
|
7,375 |
|
|
|
8,565 |
|
Current financial liabilities(1) |
|
|
29,194 |
|
|
|
29,274 |
|
(1) Excluding statutory payables and accrued taxes.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|
|
(in million pesos) |
|
Income Statements: |
|
|
|
|
|
|
|
|
|
Revenues |
|
|
17,577 |
|
|
|
14,089 |
|
|
|
8,553 |
|
Depreciation and amortization |
|
|
537 |
|
|
|
392 |
|
|
|
348 |
|
Interest income |
|
|
129 |
|
|
|
168 |
|
|
|
112 |
|
Provision for income tax |
|
|
489 |
|
|
|
64 |
|
|
|
32 |
|
Net gain (loss)/Total comprehensive gain (loss) |
|
|
1,807 |
|
|
|
(2,501 |
) |
|
|
(6,153 |
) |
Equity share in net income (loss) of MIH (1) |
|
|
681 |
|
|
|
(935 |
) |
|
|
(2,273 |
) |
(1) 2025 and 2024 amounts include impact of 2024 and 2023 audit adjusting entries, respectively.
|
| Carrying Value of Investments |
The carrying value of PCEV’s investment in MIH as at December 31, 2025 and 2024 are as follows.
|
|
|
|
|
|
|
|
|
|
|
2025 |
|
|
2024 |
|
|
|
(in million pesos) |
|
MIH Equity(1) |
|
|
6,623 |
|
|
|
4,711 |
|
PCEV's noncontrolling interests |
|
|
37.66 |
% |
|
|
37.66 |
% |
Share in net assets of MIH |
|
|
2,494 |
|
|
|
1,774 |
|
Goodwill arising from acquisition |
|
|
4,917 |
|
|
|
4,957 |
|
Carrying amount of interest in MIH |
|
|
7,411 |
|
|
|
6,731 |
|
(1) Net of Php2,413 million and Php2,086 million Employee Share Stock Option in 2025 and 2024, respectively.
|