Financial Assets and Liabilities (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
|---|
| 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, 2025 and 2024:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial instruments
at amortized
cost |
|
|
Financial
instruments
at FVPL |
|
|
Derivatives used for hedging |
|
|
Total
financial
instruments |
|
|
|
(in million pesos) |
|
Assets as at December 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
Noncurrent: |
|
|
|
|
|
|
|
|
|
|
|
|
Financial assets at fair value through profit or loss |
|
|
— |
|
|
|
1,030 |
|
|
|
— |
|
|
|
1,030 |
|
Debt instruments at amortized cost – net of current portion |
|
|
350 |
|
|
|
— |
|
|
|
— |
|
|
|
350 |
|
Derivative financial assets – net of current portion |
|
|
— |
|
|
|
— |
|
|
|
617 |
|
|
|
617 |
|
Other financial assets – net of current portion |
|
|
3,616 |
|
(1) |
|
— |
|
|
|
— |
|
|
|
3,616 |
|
Current: |
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
|
11,866 |
|
|
|
— |
|
|
|
— |
|
|
|
11,866 |
|
Short-term investments |
|
|
10 |
|
|
|
— |
|
|
|
— |
|
|
|
10 |
|
Trade and other receivables |
|
|
31,367 |
|
|
|
— |
|
|
|
— |
|
|
|
31,367 |
|
Current portion of derivative financial assets |
|
|
— |
|
|
|
203 |
|
|
|
— |
|
|
|
203 |
|
Current portion of debt instruments at amortized cost |
|
|
20 |
|
|
|
— |
|
|
|
— |
|
|
|
20 |
|
Current portion of other financial assets |
|
|
339 |
|
(1) |
|
— |
|
|
|
— |
|
|
|
339 |
|
Total assets |
|
|
47,568 |
|
|
|
1,233 |
|
|
|
617 |
|
|
|
49,418 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities as at December 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
Noncurrent: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing financial liabilities – net of current portion |
|
|
278,868 |
|
|
|
— |
|
|
|
— |
|
|
|
278,868 |
|
Lease liabilities – net of current portion |
|
|
55,276 |
|
|
|
— |
|
|
|
— |
|
|
|
55,276 |
|
Customers' deposits |
|
|
1,262 |
|
|
|
— |
|
|
|
— |
|
|
|
1,262 |
|
Deferred credits and other noncurrent liabilities |
|
|
1,583 |
|
|
|
— |
|
|
|
— |
|
|
|
1,583 |
|
Current: |
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable |
|
|
52,755 |
|
|
|
— |
|
|
|
— |
|
|
|
52,755 |
|
Accrued expenses and other current liabilities |
|
|
60,807 |
|
|
|
2 |
|
|
|
— |
|
|
|
60,809 |
|
Current portion of interest-bearing financial liabilities |
|
|
16,180 |
|
|
|
— |
|
|
|
— |
|
|
|
16,180 |
|
Current portion of lease liabilities |
|
|
8,897 |
|
|
|
— |
|
|
|
— |
|
|
|
8,897 |
|
Dividends payable |
|
|
2,087 |
|
|
|
— |
|
|
|
— |
|
|
|
2,087 |
|
Current portion of derivative financial liabilities |
|
|
— |
|
|
|
— |
|
|
|
77 |
|
|
|
77 |
|
Liabilities associated with assets classified as held-for-sale |
|
|
1,625 |
|
|
|
— |
|
|
|
— |
|
|
|
1,625 |
|
Total liabilities |
|
|
479,340 |
|
|
|
2 |
|
|
|
77 |
|
|
|
479,419 |
|
Net assets (liabilities) |
|
|
(431,772 |
) |
|
|
1,231 |
|
|
|
540 |
|
|
|
(430,001 |
) |
(1)Includes refundable deposits and notes receivable.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial instruments
at amortized
cost |
|
|
Financial
instruments
at FVPL |
|
|
Derivatives used for hedging |
|
|
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 |
|
|
|
1,131 |
|
|
|
385 |
|
|
|
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 |
|
|
— |
|
|
|
20 |
|
|
|
77 |
|
|
|
97 |
|
Liabilities associated with assets classified as held-for-sale |
|
|
1,615 |
|
|
|
— |
|
|
|
— |
|
|
|
1,615 |
|
Total liabilities |
|
|
473,379 |
|
|
|
22 |
|
|
|
77 |
|
|
|
473,478 |
|
Net assets (liabilities) |
|
|
(427,268 |
) |
|
|
1,109 |
|
|
|
308 |
|
|
|
(425,851 |
) |
(1)Includes refundable deposits and notes receivable.
|
| 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, 2025 and 2024:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 21, 2025 |
|
|
|
|
|
|
|
|
|
Current Financial Assets |
|
|
|
|
|
|
|
|
|
Trade and other receivables |
|
|
|
|
|
|
|
|
|
Foreign administrations |
|
|
4,071 |
|
|
|
2,540 |
|
|
|
1,531 |
|
Domestic carriers |
|
|
400 |
|
|
|
192 |
|
|
|
208 |
|
Total |
|
|
4,471 |
|
|
|
2,732 |
|
|
|
1,739 |
|
Current Financial Liabilities |
|
|
|
|
|
|
|
|
|
Accounts payable |
|
|
|
|
|
|
|
|
|
Suppliers and contractors |
|
|
50,024 |
|
|
|
128 |
|
|
|
49,896 |
|
Carriers and others |
|
|
4,835 |
|
|
|
2,225 |
|
|
|
2,610 |
|
Total |
|
|
54,859 |
|
|
|
2,353 |
|
|
|
52,506 |
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
| Disclosure Of Carrying Amount And Fair Value Of Financial Instruments Explanatory |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carrying Value |
|
|
Fair Value |
|
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
|
|
(in million pesos) |
|
Noncurrent Financial Assets |
|
|
|
|
|
|
|
|
|
|
|
|
Debt instruments at amortized cost |
|
|
350 |
|
|
|
370 |
|
|
|
349 |
|
|
|
363 |
|
Other financial assets – net of current portion |
|
|
3,616 |
|
|
|
3,126 |
|
|
|
2,973 |
|
|
|
2,716 |
|
Total |
|
|
3,966 |
|
|
|
3,496 |
|
|
|
3,322 |
|
|
|
3,079 |
|
Noncurrent Financial Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing financial liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Long-term debt – net of current portion |
|
|
278,868 |
|
|
|
258,246 |
|
|
|
272,011 |
|
|
|
246,572 |
|
Customers' deposits |
|
|
1,262 |
|
|
|
2,046 |
|
|
|
837 |
|
|
|
1,311 |
|
Deferred credits and other noncurrent liabilities |
|
|
1,583 |
|
|
|
90 |
|
|
|
1,372 |
|
|
|
79 |
|
Total |
|
|
281,713 |
|
|
|
260,382 |
|
|
|
274,220 |
|
|
|
247,962 |
|
|
| 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, 2025 and 2024. This classification provides a reasonable basis to illustrate the nature and extent of risks associated with those financial statements.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
|
December 31, 2024 |
|
|
|
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 |
|
|
— |
|
|
|
1,027 |
|
|
|
3 |
|
|
|
1,030 |
|
|
|
— |
|
|
|
1,098 |
|
|
|
3 |
|
|
|
1,101 |
|
Current Financial Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current portion of derivative
financial assets |
|
|
— |
|
|
|
203 |
|
|
|
— |
|
|
|
203 |
|
|
|
— |
|
|
|
30 |
|
|
|
— |
|
|
|
30 |
|
Total |
|
|
— |
|
|
|
1,230 |
|
|
|
3 |
|
|
|
1,233 |
|
|
|
— |
|
|
|
1,128 |
|
|
|
3 |
|
|
|
1,131 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Financial Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accrued expenses and other current liabilities |
|
|
— |
|
|
|
2 |
|
|
|
— |
|
|
|
2 |
|
|
|
— |
|
|
|
2 |
|
|
|
— |
|
|
|
2 |
|
Current portion of derivative
financial liabilities |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
20 |
|
|
|
— |
|
|
|
20 |
|
Total |
|
|
— |
|
|
|
2 |
|
|
|
— |
|
|
|
2 |
|
|
|
— |
|
|
|
22 |
|
|
|
— |
|
|
|
22 |
|
(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, 2025 and 2024:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
|
December 31, 2024 |
|
|
Original
Notional
Amount |
Trade Date |
Underlying
Transaction in
U.S. Dollar |
Termination
Date |
Weighted
Average
Hedge Cost/
(Premium) |
|
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$1,191 |
Various dates in
2023 and 2024 |
U.S. Dollar Liabilities |
Various dates in 2024 |
|
— |
|
Php56.93 |
US$— |
|
|
— |
|
|
US$— |
|
|
— |
|
|
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$766 |
Various dates in
January to December 2025 |
U.S. Dollar Liabilities |
Various dates in
March 2025 to May 2026 |
|
— |
|
Php57.75 |
|
243 |
|
|
165 |
|
|
|
|
|
|
|
US$38 |
Various dates in
June to December 2025 |
U.S. Dollar Revenues |
Various dates in
December 2025
to December 2026 |
|
— |
|
Php58.37 |
|
37 |
|
|
(27 |
) |
|
|
— |
|
|
— |
|
|
US$77 |
Various dates in
January 2026 |
U.S. Dollar Liabilities |
Various dates in
March to August 2026 |
|
— |
|
Php59.01 |
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
US$2 |
Various dates in
January 2026 |
U.S. Dollar Revenues |
Various dates in
December 2026 |
|
— |
|
Php60.13 |
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
US$22 |
Various dates in
December 2025 |
U.S. Dollar Cash |
January 2026 |
|
— |
|
Php58.70 |
|
22 |
|
|
(2 |
) |
|
|
— |
|
|
— |
|
Foreign exchange options(a) |
US$16 |
Various dates in March
to September 2024 |
U.S. Dollar Liabilities |
Various dates in September
to December 2024 |
|
— |
|
Php56.40 |
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
|
|
|
|
— |
|
Php56.84 |
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
|
|
|
|
— |
|
Php57.76 |
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
US$10 |
Various dates in September
to December 2024 |
U.S. Dollar Liabilities |
Various dates in
April 2025 |
|
— |
|
Php57.00 |
|
— |
|
|
— |
|
|
|
10 |
|
|
(3 |
) |
|
|
|
|
|
|
— |
|
Php57.59 |
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
|
|
|
|
— |
|
Php58.32 |
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US$22 |
Various dates in January
to December 2025 |
U.S. Dollar Liabilities |
Various dates in April 2025
to April 2026 |
|
— |
|
Php56.71 |
|
6 |
|
|
10 |
|
|
|
— |
|
|
— |
|
|
|
|
|
|
|
— |
|
Php56.99 |
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
|
|
|
|
— |
|
Php58.74 |
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US$11 |
Various dates in January
to February 2026 |
U.S. Dollar Liabilities |
Various dates in April to
December 2026 |
|
— |
|
Php57.76 |
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
|
|
|
|
— |
|
Php58.00 |
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
|
|
|
|
— |
|
Php59.56 |
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
146 |
|
|
|
|
|
(15 |
) |
Smart |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forward foreign exchange contracts |
US$1,063 |
Various dates in June 2023
to December 2024 |
U.S. Dollar Liabilities |
Various dates in 2024 |
|
— |
|
Php56.66 |
US$— |
|
|
— |
|
|
US$— |
|
|
— |
|
|
US$204 |
Various dates in
October to December 2024 |
U.S. Dollar Liabilities |
Various dates in
January to June 2025 |
|
— |
|
Php58.18 |
|
— |
|
|
— |
|
|
|
204 |
|
|
31 |
|
|
US$5 |
Various dates in
October to November 2024 |
U.S. Dollar Revenues |
Various dates in
July to November 2025 |
|
— |
|
Php58.48 |
|
— |
|
|
— |
|
|
|
5 |
|
|
(2 |
) |
|
US$550 |
Various dates in January
to December 2025 |
U.S. Dollar Liabilities |
Various dates in
January 2025 to March 2026 |
|
— |
|
Php57.83 |
|
120 |
|
|
46 |
|
|
|
— |
|
|
— |
|
|
US$23 |
Various dates in
June to December 2025 |
U.S. Dollar Revenues |
Various dates in December 2025 to November 2026 |
|
— |
|
Php58.22 |
|
21 |
|
|
(16 |
) |
|
|
— |
|
|
— |
|
|
US$72 |
Various dates in
January 2026 |
U.S. Dollar Liabilities |
Various dates in
March to July 2026 |
|
— |
|
Php59.36 |
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
US$1 |
Various dates in
January 2026 |
U.S. Dollar Revenues |
Various dates in
December 2026 |
|
— |
|
Php59.88 |
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
Foreign exchange options(b) |
US$45 |
Various dates in
2023 and 2024 |
U.S. Dollar Liabilities |
Various dates in 2024 |
|
— |
|
Php55.60
Php56.00
Php57.00 |
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
US$8 |
Various dates in September
to December 2024 |
U.S. Dollar Liabilities |
Various dates in
January to April 2025 |
|
— |
|
Php57.01
Php57.41
Php58.63 |
|
— |
|
|
— |
|
|
|
8 |
|
|
(4 |
) |
|
US$58 |
Various dates in January
to December 2025 |
U.S. Dollar Liabilities |
Various dates in
April 2025 to May 2026 |
|
— |
|
Php57.71
Php58.03
Php59.55 |
|
18 |
|
|
27 |
|
|
|
— |
|
|
— |
|
|
US$20 |
Various dates in January
to February 2026 |
U.S. Dollar Liabilities |
Various dates in May
to September 2026 |
|
— |
|
Php58.07
Php58.30
Php59.65 |
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
57 |
|
|
|
|
|
25 |
|
|
|
|
|
|
|
|
|
|
|
|
203 |
|
|
|
|
|
10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
|
December 31, 2024 |
|
|
Original
Notional
Amount |
Trade Date |
Underlying
Transaction in
U.S. Dollar |
Termination
Date |
Weighted
Average
Hedge Cost/
(Premium) |
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 designated as hedges: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PLDT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term foreign currency options(c) |
US$225 |
Various dates in July 2020
and February to March 2021 |
300M Notes 2031 |
January 23, 2031 |
1.20% |
Php49.58
Php55.27 |
US$222 |
|
271 |
|
|
US$225 |
|
|
86 |
|
|
US$109 |
Various dates in July 2020 and July 2025 |
300M Notes 2031 |
January 23, 2031 |
1.21% |
Php49.67
Php55.35 |
US$108 |
|
106 |
|
|
|
109 |
|
|
78 |
|
|
|
|
|
|
|
|
|
|
377 |
|
|
|
|
|
164 |
|
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$55 |
|
163 |
|
|
US$66 |
|
|
144 |
|
|
|
|
|
|
|
|
|
|
163 |
|
|
|
|
|
144 |
|
|
|
|
|
|
|
|
|
|
540 |
|
|
|
|
|
308 |
|
|
|
|
|
|
|
|
|
|
743 |
|
|
|
|
|
318 |
|
(a)If the Philippine Peso to U.S. dollar spot exchange rate on fixing date settles between Php56.84 to Php57.76, PLDT will purchase the U.S. Dollar for Php56.84. However, if on maturity, the exchange rate settles above Php57.76, PLDT will purchase the U.S. Dollar for Php56.84 plus the excess above Php57.76, and if the exchange rate is lower than Php56.84, PLDT will purchase the U.S. Dollar at the prevailing Philippine peso to U.S. Dollar spot exchange rate, subject to a floor of Php56.40. If the Philippine Peso to U.S. dollar spot exchange rate on fixing date settles between Php57.59 to Php58.32, PLDT will purchase the U.S. Dollar for Php57.59. However, if on maturity, the exchange rate settles above Php58.32, PLDT will purchase the U.S. Dollar for Php57.59 plus the excess above Php58.32, and if the exchange rate is lower than Php57.59, PLDT will purchase the U.S. Dollar at the prevailing Philippine peso to U.S. Dollar spot exchange rate, subject to a floor of Php57.00. If the Philippine Peso to U.S. dollar spot exchange rate on fixing date settles between Php56.99 to Php58.74, PLDT will purchase the U.S. Dollar for Php56.99. However, if on maturity, the exchange rate settles above Php58.74, PLDT will purchase the U.S. Dollar for Php56.99 plus the excess above Php58.74, and if the exchange rate is lower than Php56.99, PLDT will purchase the U.S. Dollar at the prevailing Philippine peso to U.S. Dollar spot exchange rate, subject to a floor of Php56.71. (b)If the Philippine Peso to U.S. Dollar spot exchange rate on fixing date settles between Php56.00 to Php57.00, Smart will purchase the U.S. Dollar for Php56.00. However, if on maturity, the exchange rate settles above Php56.00, Smart will purchase the U.S. Dollar for Php56.00 plus the excess above Php57.00, and if the exchange rate is lower than Php56.00, Smart will purchase the U.S. Dollar at the prevailing Philippine peso to U.S. Dollar spot exchange rate, subject to a floor of Php55.60. If the Philippine Peso to U.S. Dollar spot exchange rate on fixing date settles between Php57.41 to Php58.63, Smart will purchase the U.S. Dollar for Php57.41. However, if on maturity, the exchange rate settles above Php57.41, Smart will purchase the U.S. Dollar for Php57.41 plus the excess above Php58.63, and if the exchange rate is lower than Php57.41, Smart will purchase the U.S. Dollar at the prevailing Philippine Peso to U.S. Dollar spot exchange rate, subject to a floor of Php57.01. If the Philippine Peso to U.S. Dollar spot exchange rate on fixing date settles between Php58.03 to Php59.55, Smart will purchase the U.S. Dollar for Php58.03. However, if on maturity, the exchange rate settles above Php59.55, Smart will purchase the U.S. Dollar for Php58.03 plus the excess above Php59.55, and if the exchange rate is lower than Php58.03, Smart will purchase the U.S. Dollar at the prevailing Philippine Peso to U.S. Dollar spot exchange rate, subject to a floor of Php57.71. (c)PLDT’s long-term foreign currency option agreements outstanding as at December 31, 2025 and 2024 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 Php49.58 and Php55.27, PLDT will purchase the U.S. dollar at Php49.58. However, if on fixing date, the exchange rate is beyond Php55.27, PLDT will purchase the U.S. dollar at the prevailing Philippine peso to U.S. dollar spot exchange rate minus a subsidy of Php5.69, and if the exchange rate is lower than Php49.58, PLDT will purchase the U.S. dollar at the prevailing Philippine peso to U.S. dollar spot exchange rate. If the Philippine peso to U.S. dollar spot exchange rate on fixing date is between Php49.67 and Php55.35, PLDT will purchase the U.S. dollar at Php49.67. However, if on fixing date, the exchange rate is beyond Php55.35, PLDT will purchase the U.S. dollar at the prevailing Philippine peso to U.S. dollar spot exchange rate minus a subsidy of Php5.68, and if the exchange rate is lower than Php49.67, PLDT will purchase the U.S. dollar at Php49.67. The mark-to-market gains amounting to Php452 million and Php239 million were recognized in our consolidated statement of other comprehensive income as at December 31, 2025 and 2024, respectively. Hedge cost accrual on the long-term foreign currency option agreements amounting to Php75 million each were recognized as at
December 31, 2025 and 2024. 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 Php129 million, Php119 million and Php39 million were recognized in our consolidated income statements for the years ended December 31, 2025, 2024 and 2023, respectively. The effective portion of the movements in the fair value amounting to Php164 million and Php209 million were recognized in our consolidated statement of other comprehensive income for the years ended December 31, 2025 and 2024, respectively. (d)Smart’s long-term foreign currency option agreements outstanding as at December 31, 2025 and 2024 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 Php165 million and Php146 million were recognized in our consolidated statement of other comprehensive income as at December 31, 2025 and 2024, respectively. Hedge cost accrual on the long-term foreign currency option agreements amounting to Php2 million each were recognized as at December 31, 2025 and 2024. 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 Php43 million and Php52 million were recognized in our consolidated income statements for the years ended December 31, 2025 and 2024, respectively. The effective portion of the movements in the fair value amounting to Php59 million and Php110 million were recognized in our consolidated statement of other comprehensive income for the years ended December 31, 2025 and 2024, respectively.
|
| Summary of Derivative Financial Instruments by Classification |
Our derivative financial instruments as at December 31, 2025 and 2024 are presented in the statements of financial position as follows:
|
|
|
|
|
|
|
|
|
|
|
2025 |
|
|
2024 |
|
|
|
(in million pesos) |
|
Asset: |
|
|
|
|
|
|
Noncurrent assets |
|
|
617 |
|
|
|
385 |
|
Current assets |
|
|
203 |
|
|
|
30 |
|
Liabilities: |
|
|
|
|
|
|
Current liabilities (Note 28) |
|
|
(77 |
) |
|
|
(97 |
) |
Net assets (liabilities) |
|
|
743 |
|
|
|
318 |
|
|
| Summary of Movements of Consolidated Mark-to-Market Losses |
Movements of our consolidated mark-to-market gains (losses) for the years ended December 31, 2025 and 2024 are summarized as follows:
|
|
|
|
|
|
|
|
|
|
|
2025 |
|
|
2024 |
|
|
|
(in million pesos) |
|
Net mark-to-market gains (losses) at beginning of the period |
|
|
318 |
|
|
|
(937 |
) |
Gains on derivative financial instruments |
|
|
157 |
|
|
|
1,870 |
|
Settlements, accretion and others |
|
|
45 |
|
|
|
(934 |
) |
Net fair value gains on cash flow hedges charged to other comprehensive income |
|
|
223 |
|
|
|
319 |
|
Net mark-to-market gains at end of the period |
|
|
743 |
|
|
|
318 |
|
|
| Disclosure Of Gains (Losses) On Derivative Financial Instruments Explanatory |
Our consolidated analysis of gains on derivative financial instruments for the years ended December 31, 2025, 2024 and 2023 are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|
|
(in million pesos) |
|
Gains (losses) on derivative financial instruments |
|
|
157 |
|
|
|
1,870 |
|
|
|
(505 |
) |
Hedge costs |
|
|
(198 |
) |
|
|
(229 |
) |
|
|
(238 |
) |
Gains (losses) on derivative financial instruments – net (Note 5) |
|
|
(41 |
) |
|
|
1,641 |
|
|
|
(743 |
) |
|
| 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, 2025 and 2024:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
Less than
1 year |
|
|
1-3 years |
|
|
3-5 years |
|
|
More than
5 years |
|
|
|
(in million pesos) |
|
December 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial instruments at amortized cost: |
|
|
56,238 |
|
|
|
52,002 |
|
|
|
4,005 |
|
|
|
3 |
|
|
|
228 |
|
Debt instruments at amortized cost |
|
|
370 |
|
|
|
20 |
|
|
|
340 |
|
|
|
— |
|
|
|
10 |
|
Other financial assets |
|
|
4,225 |
|
|
|
339 |
|
|
|
3,665 |
|
|
|
3 |
|
|
|
218 |
|
Temporary cash investments |
|
|
1,369 |
|
|
|
1,369 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Short-term investments |
|
|
10 |
|
|
|
10 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Retail subscribers |
|
|
19,369 |
|
|
|
19,369 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Corporate subscribers |
|
|
21,373 |
|
|
|
21,373 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Foreign administrations |
|
|
1,615 |
|
|
|
1,615 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Domestic carriers |
|
|
208 |
|
|
|
208 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Dealers, agents and others |
|
|
7,699 |
|
|
|
7,699 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Financial instruments at FVPL: |
|
|
1,030 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,030 |
|
Financial assets at fair value through profit or loss |
|
|
1,030 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,030 |
|
Total |
|
|
57,268 |
|
|
|
52,002 |
|
|
|
4,005 |
|
|
|
3 |
|
|
|
1,258 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
| 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, 2025 and 2024:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments Due by Period |
|
|
|
Total |
|
|
Less than
1 year |
|
|
1-3 years |
|
|
3-5 years |
|
|
More than
5 years |
|
|
|
(in million pesos) |
|
December 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt: |
|
|
396,013 |
|
|
|
12,663 |
|
|
|
95,634 |
|
|
|
73,945 |
|
|
|
213,771 |
|
Principal (1) |
|
|
296,939 |
|
|
|
12,240 |
|
|
|
53,872 |
|
|
|
51,676 |
|
|
|
179,151 |
|
Interest |
|
|
99,074 |
|
|
|
423 |
|
|
|
41,762 |
|
|
|
22,269 |
|
|
|
34,620 |
|
Lease obligations |
|
|
84,616 |
|
|
|
18,199 |
|
|
|
23,239 |
|
|
|
18,452 |
|
|
|
24,726 |
|
Various trade and other obligations: |
|
|
116,304 |
|
|
|
113,183 |
|
|
|
2,026 |
|
|
|
18 |
|
|
|
1,077 |
|
Suppliers and contractors |
|
|
49,980 |
|
|
|
49,896 |
|
|
|
84 |
|
|
|
— |
|
|
|
— |
|
Utilities and related expenses |
|
|
50,114 |
|
|
|
50,113 |
|
|
|
1 |
|
|
|
— |
|
|
|
— |
|
Carriers and others |
|
|
2,610 |
|
|
|
2,610 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Employee benefits and other provisions |
|
|
4,970 |
|
|
|
4,970 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Customer deposits |
|
|
1,262 |
|
|
|
— |
|
|
|
167 |
|
|
|
18 |
|
|
|
1,077 |
|
Dividends |
|
|
2,087 |
|
|
|
2,087 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Others |
|
|
5,281 |
|
|
|
3,507 |
|
|
|
1,774 |
|
|
|
— |
|
|
|
— |
|
Total contractual obligations |
|
|
596,933 |
|
|
|
144,045 |
|
|
|
120,899 |
|
|
|
92,415 |
|
|
|
239,574 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt: |
|
|
385,962 |
|
|
|
20,335 |
|
|
|
89,028 |
|
|
|
69,915 |
|
|
|
206,684 |
|
Principal (1) |
|
|
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 and other provisions |
|
|
9,246 |
|
|
|
9,246 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Customers’ 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 |
|
(1)Consists of long-term debt, 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, 2025 and 2024 are as follows:
|
|
|
|
|
|
|
|
|
|
|
2025 |
|
|
2024 |
|
|
|
(in million pesos) |
|
Within one year |
|
|
18,199 |
|
|
|
16,560 |
|
After one year but not more than five years |
|
|
41,691 |
|
|
|
35,588 |
|
More than five years |
|
|
24,726 |
|
|
|
25,096 |
|
Total |
|
|
84,616 |
|
|
|
77,244 |
|
|
| Summary of Impact of Hedging Instruments |
The impact of the hedging instruments on our consolidated statements of financial position as at December 31, 2025 and 2024 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, 2025 |
|
|
|
|
|
|
|
|
Long-term foreign currency options |
|
|
385 |
|
|
|
617 |
|
|
Derivative financial assets – net of current portion |
|
|
|
385 |
|
|
|
617 |
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2024 |
|
|
|
|
|
|
|
|
Long-term foreign currency options |
|
|
356 |
|
|
|
385 |
|
|
Derivative financial assets – net of current portion |
|
|
|
356 |
|
|
|
385 |
|
|
|
|
| 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, 2025 and 2024 are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2025 |
|
|
2024 |
|
|
|
Cash flow
hedge
reserve |
|
|
Cost of
hedging
reserve |
|
|
Cash flow
hedge
reserve |
|
|
Cost of
hedging
reserve |
|
|
(in million pesos) |
|
PLDT: |
|
|
|
|
|
|
|
|
|
|
|
|
US$300M Notes 2031 |
|
|
(1,197 |
) |
|
|
75 |
|
|
|
(1,360 |
) |
|
|
75 |
|
|
|
|
(1,197 |
) |
|
|
75 |
|
|
|
(1,360 |
) |
|
|
75 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Smart: |
|
|
|
|
|
|
|
|
|
|
|
|
US$140M PNB |
|
|
(147 |
) |
|
|
2 |
|
|
|
(207 |
) |
|
|
2 |
|
|
|
|
(147 |
) |
|
|
2 |
|
|
|
(207 |
) |
|
|
2 |
|
|
| 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, 2025 and 2024 are as follows:
|
|
|
|
|
|
|
|
|
Total hedging loss recognized in OCI |
|
|
Line item in our
Consolidated Statements
of Financial Position |
|
|
(in million pesos) |
|
|
|
December 31, 2025 |
|
|
|
|
|
Long-term foreign currency options |
|
|
(1,344 |
) |
|
Other comprehensive loss |
|
|
|
(1,344 |
) |
|
|
|
|
|
|
|
|
December 31, 2024 |
|
|
|
|
|
Long-term foreign currency options |
|
|
(1,567 |
) |
|
Other comprehensive loss |
|
|
|
(1,567 |
) |
|
|
|
| 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, 2025 and 2024:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2025 |
|
|
2024 |
|
|
|
U.S. Dollar |
|
|
Php(1) |
|
|
U.S. Dollar |
|
|
Php(2) |
|
|
|
(in millions) |
|
Noncurrent Financial Assets |
|
|
|
|
|
|
|
|
|
|
|
|
Derivative financial assets – net of current portion |
|
|
10 |
|
|
|
617 |
|
|
|
7 |
|
|
|
385 |
|
Total noncurrent financial assets |
|
|
10 |
|
|
|
617 |
|
|
|
7 |
|
|
|
385 |
|
Current Financial Assets |
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
|
63 |
|
|
|
3,704 |
|
|
|
52 |
|
|
|
2,980 |
|
Trade and other receivables – net |
|
|
112 |
|
|
|
6,593 |
|
|
|
97 |
|
|
|
5,596 |
|
Derivative assets |
|
|
4 |
|
|
|
203 |
|
|
|
1 |
|
|
|
30 |
|
Current portion of other financial assets |
|
|
— |
|
|
|
7 |
|
|
|
— |
|
|
|
— |
|
Total current financial assets |
|
|
179 |
|
|
|
10,507 |
|
|
|
150 |
|
|
|
8,606 |
|
Total Financial Assets |
|
|
189 |
|
|
|
11,124 |
|
|
|
157 |
|
|
|
8,991 |
|
Noncurrent Financial Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing financial liabilities – net of current portion |
|
|
653 |
|
|
|
38,395 |
|
|
|
667 |
|
|
|
38,575 |
|
Other noncurrent liabilities |
|
|
1 |
|
|
|
33 |
|
|
|
1 |
|
|
|
29 |
|
Total noncurrent financial liabilities |
|
|
654 |
|
|
|
38,428 |
|
|
|
668 |
|
|
|
38,604 |
|
Current Financial Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable |
|
|
594 |
|
|
|
34,932 |
|
|
|
685 |
|
|
|
39,621 |
|
Accrued expenses and other current liabilities |
|
|
190 |
|
|
|
11,182 |
|
|
|
232 |
|
|
|
13,448 |
|
Current portion of interest-bearing financial liabilities |
|
|
14 |
|
|
|
809 |
|
|
|
14 |
|
|
|
797 |
|
Current portion of derivative financial liabilities |
|
|
1 |
|
|
|
77 |
|
|
|
2 |
|
|
|
97 |
|
Total current financial liabilities |
|
|
799 |
|
|
|
47,000 |
|
|
|
933 |
|
|
|
53,963 |
|
Total Financial Liabilities |
|
|
1,453 |
|
|
|
85,428 |
|
|
|
1,601 |
|
|
|
92,567 |
|
(1)The exchange rate used to convert the U.S. Dollar amounts into Philippine Peso was Php58.79 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, 2025. (2)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 BAP as at December 31, 2024.
|
| Summary of Trade and Other Receivables |
As at December 31, 2025 and 2024, this account consists of receivables from:
|
|
|
|
|
|
|
|
|
|
|
2025 |
|
|
2024 |
|
|
|
(in million pesos) |
|
Corporate subscribers (Note 27) |
|
|
21,373 |
|
|
|
20,936 |
|
Retail subscribers (Note 27) |
|
|
19,369 |
|
|
|
17,516 |
|
Foreign administrations (Note 27) |
|
|
1,615 |
|
|
|
1,254 |
|
Domestic carriers (Note 27) |
|
|
208 |
|
|
|
256 |
|
Dealers, agents and others (Note 27) |
|
|
7,699 |
|
|
|
8,846 |
|
|
|
|
50,264 |
|
|
|
48,808 |
|
Less: Allowance for expected credit losses |
|
|
18,897 |
|
|
|
17,196 |
|
|
|
|
31,367 |
|
|
|
31,612 |
|
The gross carrying amount of financial assets not subject to impairment also represents our maximum exposure to credit risk as at December 31, 2025 and 2024 are as follows:
|
|
|
|
|
|
|
|
|
|
|
2025 |
|
|
2024 |
|
|
|
(in million pesos) |
|
Financial assets at fair value through profit or loss |
|
|
1,030 |
|
|
|
1,101 |
|
Current portion of derivative financial assets |
|
|
203 |
|
|
|
30 |
|
Total |
|
|
1,233 |
|
|
|
1,131 |
|
|
| 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, 2025 and 2024, the gross exposure to credit risk equal their carrying amount. 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, 2025 |
|
|
|
Stage 1
12-Month ECL |
|
|
Stage 2
Lifetime ECL |
|
|
Stage 3
Lifetime ECL |
|
|
Total |
|
|
|
(in million pesos) |
|
High grade |
|
|
14,980 |
|
|
|
11,128 |
|
|
|
— |
|
|
|
26,108 |
|
Standard grade |
|
|
1,215 |
|
|
|
7,914 |
|
|
|
— |
|
|
|
9,129 |
|
Substandard grade |
|
|
6 |
|
|
|
12,325 |
|
|
|
— |
|
|
|
12,331 |
|
Default |
|
|
270 |
|
|
|
3,767 |
|
|
|
15,130 |
|
|
|
19,167 |
|
Gross carrying amount |
|
|
16,471 |
|
|
|
35,134 |
|
|
|
15,130 |
|
|
|
66,735 |
|
Less allowance |
|
|
270 |
|
|
|
3,767 |
|
|
|
15,130 |
|
|
|
19,167 |
|
Carrying amount |
|
|
16,201 |
|
|
|
31,367 |
|
|
|
— |
|
|
|
47,568 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
| 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, 2025 and 2024, follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
|
|
Gross
Maximum
Exposure |
|
|
Collateral and
Other Credit
Enhancements(1) |
|
|
Net
Maximum
Exposure |
|
|
|
(in million pesos) |
|
Financial instruments at amortized cost: |
|
|
47,568 |
|
|
|
410 |
|
|
|
47,158 |
|
Debt instruments at amortized cost |
|
|
370 |
|
|
|
— |
|
|
|
370 |
|
Other financial assets |
|
|
3,955 |
|
|
|
2 |
|
|
|
3,953 |
|
Cash and cash equivalents |
|
|
11,866 |
|
|
|
129 |
|
|
|
11,737 |
|
Short-term investments |
|
|
10 |
|
|
|
— |
|
|
|
10 |
|
Corporate subscribers |
|
|
14,684 |
|
|
|
240 |
|
|
|
14,444 |
|
Retail subscribers |
|
|
8,117 |
|
|
|
39 |
|
|
|
8,078 |
|
Foreign administrations |
|
|
1,531 |
|
|
|
— |
|
|
|
1,531 |
|
Domestic carriers |
|
|
208 |
|
|
|
— |
|
|
|
208 |
|
Dealers, agents and others |
|
|
6,827 |
|
|
|
— |
|
|
|
6,827 |
|
Financial instruments at FVPL: |
|
|
1,233 |
|
|
|
— |
|
|
|
1,233 |
|
Financial assets at FVPL |
|
|
1,030 |
|
|
|
— |
|
|
|
1,030 |
|
Forward foreign exchange contracts |
|
|
203 |
|
|
|
— |
|
|
|
203 |
|
Derivatives used for hedging: |
|
|
617 |
|
|
|
— |
|
|
|
617 |
|
Long-term foreign currency options |
|
|
617 |
|
|
|
— |
|
|
|
617 |
|
Total |
|
|
49,418 |
|
|
|
410 |
|
|
|
49,008 |
|
(1) Includes bank insurance, security deposits and customer deposits. We have no collateral held as at December 31, 2025.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 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: |
|
|
1,131 |
|
|
|
— |
|
|
|
1,131 |
|
Financial assets at FVPL |
|
|
1,101 |
|
|
|
— |
|
|
|
1,101 |
|
Forward foreign exchange contracts |
|
|
30 |
|
|
|
— |
|
|
|
30 |
|
Derivatives used for hedging: |
|
|
385 |
|
|
|
— |
|
|
|
385 |
|
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.
|
| 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, 2025 and 2024:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial instruments at amortized cost: |
|
|
66,735 |
|
|
|
26,108 |
|
|
|
9,129 |
|
|
|
12,331 |
|
|
|
19,167 |
|
Debt instruments at amortized cost |
|
|
370 |
|
|
|
370 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Other financial assets |
|
|
4,225 |
|
|
|
3,617 |
|
|
|
332 |
|
|
|
6 |
|
|
|
270 |
|
Cash and cash equivalents |
|
|
11,866 |
|
|
|
10,983 |
|
|
|
883 |
|
|
|
— |
|
|
|
— |
|
Short-term investments |
|
|
10 |
|
|
|
10 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Retail subscribers |
|
|
19,369 |
|
|
|
5,472 |
|
|
|
256 |
|
|
|
2,389 |
|
|
|
11,252 |
|
Corporate subscribers |
|
|
21,373 |
|
|
|
4,412 |
|
|
|
3,404 |
|
|
|
6,868 |
|
|
|
6,689 |
|
Foreign administrations |
|
|
1,615 |
|
|
|
117 |
|
|
|
482 |
|
|
|
932 |
|
|
|
84 |
|
Domestic carriers |
|
|
208 |
|
|
|
— |
|
|
|
137 |
|
|
|
71 |
|
|
|
— |
|
Dealers, agents and others |
|
|
7,699 |
|
|
|
1,127 |
|
|
|
3,635 |
|
|
|
2,065 |
|
|
|
872 |
|
Financial instruments at FVPL: |
|
|
1,233 |
|
|
|
1,227 |
|
|
|
6 |
|
|
|
— |
|
|
|
— |
|
Financial assets at FVPL |
|
|
1,030 |
|
|
|
1,024 |
|
|
|
6 |
|
|
|
— |
|
|
|
— |
|
Forward foreign exchange contracts |
|
|
203 |
|
|
|
203 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Derivatives used for hedging: |
|
|
617 |
|
|
|
617 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Long-term foreign currency options |
|
|
617 |
|
|
|
617 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total |
|
|
68,585 |
|
|
|
27,952 |
|
|
|
9,135 |
|
|
|
12,331 |
|
|
|
19,167 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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: |
|
|
1,131 |
|
|
|
1,126 |
|
|
|
5 |
|
|
|
— |
|
|
|
— |
|
Financial assets at FVPL |
|
|
1,101 |
|
|
|
1,096 |
|
|
|
5 |
|
|
|
— |
|
|
|
— |
|
Forward foreign exchange contracts |
|
|
30 |
|
|
|
30 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Derivatives used for hedging: |
|
|
385 |
|
|
|
385 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Long-term foreign currency options |
|
|
385 |
|
|
|
385 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total |
|
|
65,102 |
|
|
|
27,240 |
|
|
|
5,931 |
|
|
|
14,456 |
|
|
|
17,475 |
|
(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, 2025 and 2024 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, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial instruments at amortized cost: |
|
|
66,735 |
|
|
|
35,237 |
|
|
|
3,695 |
|
|
|
1,275 |
|
|
|
7,361 |
|
|
|
19,167 |
|
Debt instruments at amortized cost |
|
|
370 |
|
|
|
370 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Other financial assets |
|
|
4,225 |
|
|
|
3,949 |
|
|
|
— |
|
|
|
— |
|
|
|
6 |
|
|
|
270 |
|
Cash and cash equivalents |
|
|
11,866 |
|
|
|
11,866 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Short-term investments |
|
|
10 |
|
|
|
10 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Retail subscribers |
|
|
19,369 |
|
|
|
5,728 |
|
|
|
2,028 |
|
|
|
326 |
|
|
|
35 |
|
|
|
11,252 |
|
Corporate subscribers |
|
|
21,373 |
|
|
|
7,816 |
|
|
|
1,315 |
|
|
|
788 |
|
|
|
4,765 |
|
|
|
6,689 |
|
Foreign administrations |
|
|
1,615 |
|
|
|
599 |
|
|
|
269 |
|
|
|
138 |
|
|
|
525 |
|
|
|
84 |
|
Domestic carriers |
|
|
208 |
|
|
|
137 |
|
|
|
57 |
|
|
|
9 |
|
|
|
5 |
|
|
|
— |
|
Dealers, agents and others |
|
|
7,699 |
|
|
|
4,762 |
|
|
|
26 |
|
|
|
14 |
|
|
|
2,025 |
|
|
|
872 |
|
Financial instruments at FVPL: |
|
|
1,233 |
|
|
|
1,233 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Financial assets at FVPL |
|
|
1,030 |
|
|
|
1,030 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Forward foreign exchange contracts |
|
|
203 |
|
|
|
203 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Derivatives used for hedging: |
|
|
617 |
|
|
|
617 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Long-term foreign currency options |
|
|
617 |
|
|
|
617 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total |
|
|
68,585 |
|
|
|
37,087 |
|
|
|
3,695 |
|
|
|
1,275 |
|
|
|
7,361 |
|
|
|
19,167 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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: |
|
|
1,131 |
|
|
|
1,131 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Financial assets at FVPL |
|
|
1,101 |
|
|
|
1,101 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Forward foreign exchange contracts |
|
|
30 |
|
|
|
30 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Derivatives used for hedging: |
|
|
385 |
|
|
|
385 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Long-term foreign currency options |
|
|
385 |
|
|
|
385 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total |
|
|
65,102 |
|
|
|
33,171 |
|
|
|
5,927 |
|
|
|
586 |
|
|
|
7,943 |
|
|
|
17,475 |
|
|
| 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, 2025 and 2024. Financial instruments that are not subject to interest rate risk were not included in the table. As at December 31, 2025
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
— |
|
|
6 |
|
|
— |
|
|
— |
|
|
— |
|
|
6 |
|
|
370 |
|
|
— |
|
|
370 |
|
|
|
6 |
|
|
369 |
|
Interest rate |
6.2500% |
|
4.6250% - 4.8750% |
|
|
— |
|
6.5000% |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash in Bank |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Dollar |
20 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
20 |
|
|
1,177 |
|
|
— |
|
|
1,177 |
|
|
|
20 |
|
|
1,177 |
|
Interest rate |
0.0100% - 0.5000% |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Philippine Peso |
91 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
91 |
|
|
5,355 |
|
|
— |
|
|
5,355 |
|
|
|
91 |
|
|
5,355 |
|
Interest rate |
0.0500% - 4.5000% |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Temporary Cash Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Dollar |
10 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
10 |
|
|
584 |
|
|
— |
|
|
584 |
|
|
|
10 |
|
|
584 |
|
Interest rate |
3.6100-3.9000% |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Philippine Peso |
14 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
14 |
|
|
785 |
|
|
— |
|
|
785 |
|
|
|
14 |
|
|
785 |
|
Interest rate |
0.2500% - 6.0000% |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Philippine Peso |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
10 |
|
|
— |
|
|
10 |
|
|
|
— |
|
|
10 |
|
Interest rate |
2.0000% - 6.0000% |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
135 |
|
|
6 |
|
|
— |
|
|
— |
|
|
— |
|
|
141 |
|
|
8,281 |
|
|
— |
|
|
8,281 |
|
|
|
141 |
|
|
8,280 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term Debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed Rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Dollar Notes |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
600 |
|
|
600 |
|
|
35,274 |
|
|
495 |
|
|
34,779 |
|
|
|
490 |
|
|
28,819 |
|
Interest rate |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
2.5000% - 3.4500% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Philippine Peso |
|
203 |
|
|
344 |
|
|
198 |
|
|
238 |
|
|
77 |
|
|
1,060 |
|
|
62,345 |
|
|
423 |
|
|
61,922 |
|
|
|
1,021 |
|
|
60,052 |
|
Interest rate |
4.6500% - 5.3500% |
|
4.0000% to 5.2000% |
|
4.0000% to 5.2000% |
|
4.0000% to 5.1560% |
|
4.0000% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Variable Rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Dollar Loans |
|
— |
|
|
28 |
|
|
28 |
|
|
14 |
|
|
— |
|
|
70 |
|
|
4,115 |
|
|
15 |
|
|
4,100 |
|
|
|
70 |
|
|
4,115 |
|
Interest rate |
|
— |
|
SOFR+ 1.31161% |
|
SOFR+ 1.31161% |
|
SOFR+ 1.31161% |
|
SOFR+ 1.31161% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Philippine Peso |
|
— |
|
|
176 |
|
|
142 |
|
|
627 |
|
|
2,370 |
|
|
3,315 |
|
|
194,905 |
|
|
958 |
|
|
193,947 |
|
|
|
3,315 |
|
|
194,905 |
|
Interest rate |
|
|
PHP BVAL + 0.4000% to 0.7500% |
|
PHP BVAL + 0.4000% to 0.7500% |
|
PHP BVAL + 0.4000% to 0.7500% |
|
PHP BVAL + 0.4000% to 0.7500% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term Debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes Payable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Philippine Peso |
|
5 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
5 |
|
|
300 |
|
|
— |
|
|
300 |
|
|
|
5 |
|
|
300 |
|
Interest rate |
6.0249% to 6.0790% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
208 |
|
|
548 |
|
|
368 |
|
|
879 |
|
|
3,047 |
|
|
5,050 |
|
|
296,939 |
|
|
1,891 |
|
|
295,048 |
|
|
|
4,901 |
|
|
288,191 |
|
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 |
|
|