Full Year 2020 Financial and Operating Results

(unaudited)

4th March 2021

1
TOGETHER WE ACHIEVED
OUR GOALS
PASSION ⚫ PURPOSE ⚫ MALASAKIT
WE WORKED TO EMPOWER FILIPINO LIVES
 2020 SUCCESS PILLARS

WAYS OF WORKING
PEOPLE
HYPER-COLLABORATION

NETWORK &
BRAND LOVE
TECHNOLOGY

CUSTOMER
TRANSFORMATION
EXPERIENCE
 2020 HIGHLIGHTS
NET SERVICE REVENUE

H I G H E S T F U L L - Y E A R R E V E N U E I N H I S TO RY

YOY GROWTH

P13.8B 9%
REVENUE GROWTH

73% ATTRIBUTED TO DATA

2020 HIGHLIGHTS

INDIVIDUAL

YOY GROWTH

P10.6B 15%
REVENUE GROWTH
2020 HIGHLIGHTS

HOME

REVENUE GROWTH YOY GROWTH

P4.3B 11%
2020 HIGHLIGHTS

ENTERPRISE

P2.0B 5%
REVENUE GROWTH YOY GROWTH
2020 HIGHLIGHTS

INTERNATIONAL

YOY GROWTH

P3.0B -33%
REVENUE GROWTH
 FY2020
Financial Highlights

9
PLDT Group: Service Revenues (by Customer Segment)
(Php in bn)
FY2020 vs FY2019

15%
Individual 82.7bn
+10.6bn

11%
Home 41.4bn
+4.3bn

5%
Enterprise 41.2bn
+2.0bn

11%
Consumer and Enterprise 165.3bn
+16.9bn

International and Carrier 33% 10% *

6.1bn
-3.0bn -0.7bn
* excl Mobile Domestic Inbound

9%
Total Service Revenues 171.5bn
+13.8bn
10
PLDT Group: Financial Highlights
(Php in bn) vs FY 2019
FY 2020

Service Revenues 9%
(net of interconnection costs)
171.5bn
+13.8bn

Cash Opex, Subsidies, Provisions 82.7bn*

149.4bn 11%
(ex-MRP)
* excl Provisions: P75.1bn, +P5.3bn or +8% +8.1bn

Provisions 7.6bn

EBITDA 88.8bn 7%
(ex-MRP) Margin: 51%
+5.7bn
15%
Depreciation & Amortization 46.0bn
+6.1bn
Net Financing Costs 31%
9.0bn
+2.1bn

+1.5bn
Telco Core Income 4%
28.1bn
+1.0bn

Reported Net Income 149.4bn

24.3bn 8%
+1.8bn 11
Consolidated Service Revenues: Upward momentum accelerating
(Php in bn)
vs FY2019

149.4bn
FY20: P171.5bn 9%
+13.8bn
vs 4Q17
8%
5% 10%
+3.5bn
+1.7bn +3.8bn

43.7 44.9 Y-o-Y %

41.4 41.5 41.3
38.0 38.7 39.6 1.5 +1% 1.5 -37%
36.3 37.6 2.3 1.6 1.5
35.6 36.3 2.3
2.2 2.2 2.3 10.7 +4% 11.2 +16%
3.5 3.5 2.7 9.6 9.6 10.0
9.1 9.2 9.2
9.1
8.8 9.1 9.1
10.1 10.2 10.6 -3% 10.3 +3%
9.8 10.0
9.8 9.8 9.5
9.0 9.2 9.3

18.2 19.4 20.2 19.6 21.0 +5% 21.9 +13%

14.4 15.1 16.5 16.9 17.6
14.2

1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20
YoY % +7% +7% +9% +10% +9% +7% +10% +8%

QoQ % +1% +2% +2% +5% --- --- +6% +3%

Individual Enterprise Home International Others

Note: Net of interconnection costs 12
Consolidated Service Revenues: Reaching an all-time high in 2020
(Php in bn)

9%
+13.8bn
171.5
157.7 6.1
148.5 153.0 153.5 151.6 146.9 142.3 145.8 9.1 -33%
26.9 28.0 24.0 11.9 41.4
27.5 20.3 16.0 37.2 +11%
25.1 26.2 26.7 29.3 33.0 36.1
24.1 41.2
39.1 +5%
21.4 23.6 25.4 28.0 31.3 34.8 37.4

75.4 77.3 73.7 72.7 72.1 +15% 82.7

65.8 58.3 60.3

2012 2013 2014 2015 2016 2017 2018 2019 2020

YoY % +3% --- -1% -3% -3% +2% +8% +9%

Individual Enterprise Home International Others Total

Note: Net of interconnection costs/PAS18 for 2012 - 2017 13
2020 Service Revenues: Data accounts for 73% of total, remains the main driver of growth
(Php in bn)
149.4bn 9%
(2020 vs 2019)
FY20: P171.5bn
+13.8bn

Data and broadband Mobile Internet** Home Broadband***

62.2bn 29% 33.0bn 16%

124.5bn 18%
+13.9 +4.6
+19.3

Corp. Data ICT

% to total: 73%
Consumer + Enterprise 75%*
2% 3%
Individual: 75%
20.8bn 4.2bn
Home: 80% +0.5 +0.1
Enterprise: 70%

* excluding International & Carrier ** Part of Mobile Data (incl. mobile broadband and other data): P66.4bn, +27% or +P14.0bn
*** Includes Fixed Wireless of P2.2bn, +P2.0bn or +923% vs 2019

Domestic voice SMS International voice

(fixed and mobile) (fixed and mobile)

149.4bn
36.1bn 9% 149.4bn
6.9bn 20% 149.4bn
4.0bn 6%

-3.5 -1.7 -0.2

% to total: 21% % to total: 4% % to total: 2% 14
Consolidated Service Revenues: Data revenues in 2020 over 4x level in 2012
(Php in bn)

Data/broadband SMS/Voice ILD 9%

+13.8bn
171.5
153.5 157.7 4.0
148.5 153.0 151.6 146.9 145.8
142.3 4.3
19.9 20.0 18.0 14.2 11.1 8.5 6.2 43.0
48.3
51.9
87.3 76.2 68.0 +18% 124.5
97.9 93.6 +20%
98.3 105.2 +19.3
87.7 +17.5
59.5 65.8
41.8 50.0
30.3 35.1

2012 2013 2014 2015 2016 2017 2018 2019 2020

Total Service Revenues:

Y-o-Y Growth +3% --- -1% -3% -3% +2% +8% +9%

Data and Broadband:

% to total 20% 23% 27% 33% 41% 46% 60% 67% 73%
Y-o-Y Growth +16% +19% +20% +19% +11% +33% +20% +18%

Note: Net of interconnection costs 15

Consolidated EBITDA (ex-MRP) and Telco Core Income: 2020 vs 2019
(Php in bn)
Higher Higher
Cash Higher
Svc Rev
(net of IC) Opex/CoS Provisions
+13.8 -5.3 -2.8
88.8
83.1

EBITDA 7%

(ex-MRP) +5.7bn
2019 2020

EBITDA margins
52% 51%

Higher Higher Higher Higher Lower

EBITDA Depreciation Fin. Cost, Equity / Prov. for
-6.1 net Others Income tax
+5.7
-2.1 +2.1 +1.5 28.1
27.1
Telco
Core
4%
Income
+1.0bn
2019 2020
16
Consolidated EBITDA (ex-MRP): Hitting an all-time high
(Php in bn)
vs FY2019
All time high
149.4bn
FY20: P88.8bn 7%
+5.7bn
Margin: 51%

FY18: 68.3bn FY19: 83.1bn FY20: 88.8bn

22.8 22.7 22.8

21.6 21.6
20.1 19.9 20.4
17.4 17.4 17.1 16.4

1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20

Qtr ave: P17.1bn Qtr ave: P20.8bn Qtr ave: P22.2bn

Margin:
47% 46% 45% 43% 52% 50% 50% 54% 52% 52% 51% 50%

Note: PFRS16 starting 1Q19 17

Telco Core Income: Higher year-on-year despite challenging business environment
(Php in bn) vs FY2019

149.4bn
FY20: P28.1bn 4%
+1.0bn

FY18: P24.0bn FY19: P27.1bn FY20: P28.1bn

7.2 7.7 7.1 7.1

6.8 6.9 7.0
6.4 5.9 6.0 6.2
4.9

1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20

Qtr ave: P6.0bn Qtr ave: P6.8bn Qtr ave: P7.0bn

18
PLDT Group: Telco Core Income and Reported Net Income
(Php in bn)
2020 vs 2019

4%
Telco Core Income 28.1bn
+1.0bn

Share in Voyager Loss (2.0bn) -0.2bn

Telco Core Income + Voyager 26.1bn 3%

+0.8bn
Gain on Sale of Smart Tower, net of tax 2.3bn
Forex, Derivatives & Others 1.2bn
Voyager Gain on Dilution 0.3bn
Gain from Condonation of Debt 0.2bn
MRP (2.6bn)

Accelerated Depreciation – Transformation* (2.1bn)

Sun Trademark Amortization (1.9bn)
Loss on Investment Valuation (0.7bn)

Realized Loss on Sale of Rocket Internet Shares (0.4bn)

Tax Effect 1.7bn

8%
Reported Net Income 24.3bn
+1.8bn
* Copper facilities for upgrade and shortened life for 3G
19
PLDT Group: Capital Management

Final Cash Dividend Declared Record Date: Payment Date:

4 March 2021
P40/share 18 March 2021 6 April 2021

➢ In line with PLDT’s dividend policy: 60% of 2020 telco core earnings of P28.1bn
➢ Interim dividend per share paid (September 2020): P38

Core EPS P130

Dividend Payout 60%

Cash Dividends
(FY2020) Dividends per share P78

Dividend Yield (annualized)

(end Dec 2020 closing share price: P1,340 5.8%*

* 6% using 3 Mar 2021 share price of P1,291

➢ Proforma Net Debt/EBITDA ratio after considering final cash dividend payment: 2.14x (YE20: 2.05x)

➢ Priority in the use of available cash:

▪ Business requirements (mainly capex)
▪ Deleveraging

➢ Total PLDT dividends paid out (2005 - 2020): P449.3bn

20
PLDT Group: Debt Profile
Debt Balance Debt Maturities (gross)
(US$ in billions) (US$ in millions, 31 December 2020)

Net Debt Net Debt-to-EBITDA*

2.05x Gross Debt
US$3,783mn US$4,665mn
(9M20: 2.13x)
2,327
3.4 3.8 3.3 4.7 3.8
2.4
1.0 0.5 0.9 569 461
369 315 326 298
2018 2019 2020
Debt Balance ** Cash & Short-term Investments Net Debt 2021 2022 2023 2024 2025 2026 2027 to 2050
Net Debt/EBITDA: Debt maturities to total debt:
1.9x 2.0x 2.05x 8% 7% 12% 7% 10% 6% 50%
* LTM (last twelve months), ex-MRP ** Total debt based on nominal debt amount

➢ Issued $600mn dual tranche Senior Unsecured Notes on 23 June 2020 Gross Debt:
(listed on the SGX on 24 June) US$4,665mn
▪ IFR (International Financing Review) Philippine Capital Deal of the Year
▪ US$300mn long 10-year bond at 2.5%, US$300mn 30-year bond at 3.45% ➢ US$ denominated: 19% (YE19: 9%)
✓ US$120mn used to pay down USD debt maturities, US$65mn for
➢ Unhedged: 6% or US$0.3bn taking into account
prepayment of 2022 loans and US$120mn for capex payments
our hedges and $ cash allocated for debt
✓ Balance to be used to pay debt maturities in 2021
o P12.4bn of peso retail bonds have been paid ➢ 85% are fixed-rate loans, while 15% are floating-
rate loans
➢ Debt maturities continue to be well spread out
▪ Post-interest rate swaps: 86% fixed, 14%
▪ Issuance of 30-year bond extended debt maturity profile such that 56% of
floating
total debt to mature beyond 2025
➢ Operating cash flows in 2020 supplemented by: ➢ Average interest cost (pre-tax): 4.66%
▪ Proceeds from sale of remaining 1.9mn Rocket Internet shares of approx. (FY19: 4.8%)
P2.0bn
➢ PLDT ratings remain at investment grade: S&P (BBB+), Moody’s (Baa2) 21
PLDT Group: Consolidated Capex
(Php in bn) 2011 to 2015 2016 to 2020 Last 10 Years
Capex 2021
Total Capex Investments P174.4bn P286.4bn P460.7bn Guidance
P88bn – P92bn

➢ Capex is “demand driven” resulting in a faster monetization of the

Business Capex
investment
Network/IT
25% ▪ Network/IT capex to provide capacity to support exponential rise in mobile
1%
data traffic
+14.4bn -1.0bn ✓ Fixed payload: 36,525TB in Dec20, +38% year-on-year
72.9 71.9 ✓ Wireless payload: 8,210TB in Dec 20, +178% year-on-year
58.5 ▪ Business capex for last mile/CPE for new home broadband customers
12.2 -1.7 10.5
Business +5.8 ➢ Capex for 2021 to include:
Capex 6.3 ▪ 2021 Target roll outs:
60.7 61.4
+0.7
+8.5 ✓ 5G BTS: over 3,800
Technology 52.2
✓ 4G BTS: over 4,000
& Others ✓ FTTH ports: +1.7mn
✓ 125K kms of fiber
o Increase port utilization from 65% in 2020 to 79% in 2021
+3.4 56.6 o Includes upgrade of remaining DSL customers to fiber
48.2 +5.0 53.2
▪ Prioritization of 5G coverage and roll out while ensuring no LTE
congestion
▪ Transport/backhaul expansion and transformation: fibering the base
stations, extend fiber footprint for capacity and resiliency
▪ Further expansion of data center capacity to serve hyperscalers’
2018 2019 2020
demand
Capex to Service Revenues:
38% 45% 41% ➢ PLDT integrated fixed and wireless network architecture a
competitive advantage enabling scale, build-out efficiency
EBITDA (exMRP) less Capex:
P9.8bn P10.2bn P16.9bn
22
Fixed Fiber and Wireless Network: Selected Highlights
Extensive Fixed Network Rollout
TOTAL CAPACITY (Fiber) TOTAL FIBER FOOTPRINT
TOTAL HOMES PASSED (Million Ports) (Thousand Cable Kilometers Laid)
(Million Homes)
➢ Available Ports: 1.0mn fiber + 0.5mn ➢ 2020 roll out was 1.4x vs 2019 roll out
VVDSL (V-Fiber)
+25% (1 port = 1 customer)
+9% from +33%
9.0 8.3 in +16% +35K kms
+0.25 or
6.3 7.2 3Q20 +7% from 429.3 or +9%
4.06 322.4 from 395K
4.0 2.62
3.50 3.81 in 175.0 244.0 in 3Q20
3Q20
1.00
2017 2018 2019 2020
2017 2018 2019 2020 2017 2018 2019 2020

To build 1.7mn ports in 2021 Most extensive in the Philippines, nationwide reach

Wireless Network Rollout (LTE and 3G) Total BTS Count: 59.2K (incl 2G)
Coverage
LTE/4G BTS 3G BTS 5G BTS
(in thousands) Population coverage at end
(in thousands)
Dec 2020:
+5.6 +2.5 ➢ 96% 4G+3G
➢ 96% 2G+3G+4G
16.2 +75%
30.2 13.8
24.6 9.8 11.5 (vs 3Q20) 1400 Latched Devices
16.2 489 Nationwide
8.7
➢ LTE/4G: 74% (MM: 82%)
2017 2018 2019 2020 2017 2018 2019 2020 2020 Feb-21 ➢ 3G: 10% (MM: 7%)
➢ 2G: 16% (MM: 10%)
➢ Additional 1,480 4G BTS from 3Q20 ➢ +210 from 3Q20
➢ Over 4,000 BTS* for upgrade to LTE in 2021 ➢ 520 3G BTS added from 3Q20 ➢ +3.8K BTS* in 2021
23
* 2021 budget, Press Release
PLDT Group: Latest views for 2021

Data/broadband to underpin growth across

Revenues all customer segments
Consolidated service revenue y-o-y growth: high single digit
➢ Network quality and superior customer experience to support
revenue increases
▪ Sustained upward momentum in the Individual segment, limited
impact from third player, gradual opening up of economy
▪ Home to tap into large unserved demand for home broadband
▪ Digital transformation initiatives and data center revenues to
reinforce Enterprise growth

Capex Between P88-92bn

➢ 23-28% higher than 2020 capex of P71.8bn

➢ Underpins revenue targets
➢ Business/demand driven, i. e., increase in mobile
traffic/usage, acceleration of home broadband installations
➢ Expansion of 5G network

Telco Core Income P29-30bn

Dividend Payout: 60% To consider payout of 5% special dividend for 2021

24
Additional Slides

25
PLDT Group Subscriber Base
(in mn)
2020 2019
1%
Total Subscribers 79.1mn 78.0mn
+1.0mn

Mobile 72.9mn 73.1mn

-0.2mn

Cellular 72.0mn 71.6mn +1%

Prepaid 70.0mn 69.4mn +1%

Postpaid 2.0mn 2.2mn -9%

Mobile Broadband (dongles) 0.9mn 1.5mn -39%

1Q 2Q 3Q 4Q FY20

3.1mn 2.2mn 43% Fixed Broadband

Broadband Gross 134 125 218 223 700
Churn (79) (7) (128) (144) (358)
+0.9mn Net Adds 55 118 90 79 342

Fixed 2.3mn 1.9mn +18% Fixed Wireless

Gross 97 234 198 228 757
Churn (31) (26) (55) (58) (171)
Fixed Wireless 0.8mn 0.2mn +255%
Net Adds 66 208 143 170 586

Fixed Line 3.0mn 2.8mn 10%

+0.3mn
26
 Individual: Double digit year-on-year growth sustained
(Php in bn)
15%
13% 20% 82.7
+10.6
+2.5 +11.9 72.1
60.3
+5%
+1.0
21.0 21.9
19.5 20.2 19.6
16.9 17.6 18.2

1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 FY18 FY19 FY20

Qtr ave: P18.0bn +P2.7bn Qtr ave: P20.7bn

➢ Strong revenue momentum underpinned by robust growth in mobile data - Mobile Data Traffic
now 75% of revenues from 69% in 2019
▪ Network advantage over competition continues to enable good customer data 2,881 PB
79%
experience and consequently market share gains (FY20)
▪ Average daily top-ups for 2020 are an all-time high, rising 18% year-on-year
▪ Smartphones on the network grew to 78% (71% LTE; 7% 3G) at YE20 from
70% in YE19 767 PB
51%
(4Q20)
▪ Active data users at 38.2mn at end 2020
✓ Mobile internet average data usage per month: 8.26GB vs 6.30GB in 2019

Note: Net of interconnection costs 27

Home: Revenues break-out in 2020
(Php in bn)
Fixed Wireless
16% 11%
3%
+1.5 +4.3 41.4
+1.1 +923%
36.1 37.2 2.2 +2.0
+4% 0.2
+0.4
11.2
10.0 10.7
9.6 9.6 +6%
9.1 9.2 9.2 39.2 +2.3
36.1 37.0

1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 FY18 FY19 FY20

Qtr ave: P9.3bn +P1.1bn Qtr ave: P10.4bn

➢ HOME revenues grew by 11% year-on-year on strong demand for data and Ave. Monthly New Installs
improvement in installation capabilities
vs Pre-ECQ
➢ Demand for home broadband fueled by work-from-home, online learning Sep-Dec 2020: Jan – Feb ’20
arrangements 75.5K 42K
▪ Data/broadband revenues account for 80% of total Home service revenues
✓ Aiming to connect up to
➢ Huge potential for further HOME revenue improvements supported by 100K/month
▪ Relatively low market penetration
▪ Network advantage of PLDT vs competition: extensive nationwide fiber reach,
brand equity
▪ Acceleration in installation capability to address unserved demand Note: Net of interconnection costs 28
Enterprise: Revenues continued to rise with year-on-year growth sustained at 5%
(Php in bn)
5%
3% 5%
+2.0 41.2
+0.3 +1.8 39.1
37.4
-3%
-0.3
10.1 10.2 10.6 10.3
9.8 9.8 10.0
9.5

1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 FY18 FY19 FY20

➢ Data/broadband revenues account for 70% of total Enterprise service revenues

▪ Acceleration in digital transformation of corporates and MSMEs in response to the pandemic/community quarantines
▪ Data center business chasing opportunities from hyperscalers’ emerging interest in the Philippines

➢ 4Q20 slightly lower quarter-on-quarter due to:

▪ Bill adjustments during the quarter in connection with collection efforts
▪ Short-term contracts booked in 3Q20

➢ Enterprise continues to explore areas of potential growth: e-learning, e-commerce, tele-health, which have emerged due to
limited mobility/community quarantine arrangements affecting businesses
29
Note: Net of interconnection costs
International/Carrier: Managing the long tail
(Php in bn)

(excl Mobile Domestic Inbound)

Mobile Domestic Inbound
37% 8%
Organic Service Revenues 23%
-0.9 -0.1
-2.8 33%
11.87
2.16 2.31 2.31 2.34 +1% -3.0
9.11 (excl Mobile Domestic Inbound)
1.61 1.53 1.47 1.48 6.08
10%
1.75 1.74 1.64 1.60 1.61 1.53 8.14 6.74 6.08
1.47 1.48
-0.7
1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 FY18 FY19 FY20

Reduced mobile Zero mobile

interconnect fees for SMS interconnect fees for
and Voice SMS and Voice
(1 Sept 2019) (1 Jan 2020)

➢ Quarterly organic service revenues in 2020 relatively stable

▪ Declines mainly from lower international roaming as a result of limited travel

➢ International/carrier business focusing on new data revenue sources: traffic aggregation, international data targeting
Filipino communities abroad

30
 Leading the Way Towards an Inclusive, End-to-End
Digital Payments Ecosystem for a Cashless Philippines

28M+ #1 200K+ 37K+

Registered Unique Users Digital Payments Processor Nation-widest Largest digital
Across PayMaya Consumer For key industries, touchpoints remittance network
e-Commerce, Government

Consumers Enterprises Government Communities

• Fastest and most rewarding
way to own a financial
account
• 3.5X YoY growth in value of
transactions processed in 2020
• Top rated Finance App in
Google Play Philippines
• Enables over 116K large,
small, online, offline merchant
touchpoints
• Accept Visa, MasterCard,
JCB cards, WeChat Pay,
Bancnet, PayMaya, QR Ph
• Over 60 National • Providing last-mile financial
Government agencies and services with presence in 92%
LGUs enabled of all cities and municipalities
• More than 1,200% YoY • Helped raised more than P34
growth in value of gov’t million in donations for
transactions processed in #TyphoonPH and
2020 #OneAgainstCOVID19
Data as of end-2020
 The Power of PayMaya’s Inclusive
and End-to-End Ecosystem:
Bringing together consumers and merchants
PhP 95 B
GTV for Online
through e-Commerce payments Shopping

PayMaya Mall brings Casual sellers using Brick and mortar SMEs Enterprises are using
over 100 enterprise PayMaya app can use QR expanding into online can use PayMaya solutions to
merchants to PayMaya Ph enabled code and PayMaya Negosyo grow e-Commerce
consumers payment links

Data as of end-2020
Appendix

33
Subscriber Base: Mobile

Mobile Subscribers by Category:

Net Adds (Reductions)
Dec-20 Sep-20 Jun-20 Mar-20 Dec-19
YE20 vs YE19 4Q20 vs 3Q20
(1)
Mobile Subscriber Base
Prepaid 70,779,021 70,027,763 67,738,421 70,590,758 70,721,789 57,232 - 751,258 1%
Smart Prepaid 29,090,167 23,983,929 23,413,304 24,830,033 25,866,195 3,223,972 12% 5,106,238 21%
(2)
Sun Prepaid - 5,597,613 5,686,892 6,889,658 6,547,231 (6,547,231) (100%) (5,597,613) (100%)
TNT 41,688,854 40,446,221 38,638,225 38,871,067 38,308,363 3,380,491 9% 1,242,633 3%
Postpaid 2,154,818 2,344,400 2,447,068 2,484,869 2,396,366 (241,548) (10%) (189,582) (8%)
Smart Postpaid 1,443,649 1,457,452 1,489,015 1,476,694 1,469,407 (25,758) (2%) (13,803) (1%)
Sun Postpaid 711,169 886,948 958,053 1,008,175 926,959 (215,790) (23%) (175,779) (20%)
Total Mobile Subscribers 72,933,839 72,372,163 70,185,489 73,075,627 73,118,155 (184,316) - 561,676 1%

Mobile Subscribers by Brand:

Net Adds (Reductions)
Dec-20 Sep-20 Jun-20 Mar-20 Dec-19
YE20 vs YE19 4Q20 vs 3Q20
(1)
Mobile Subscriber Base
Smart 30,533,816 25,441,381 24,902,319 26,306,727 27,335,602 3,198,214 12% 5,092,435 20%
Smart Prepaid 29,090,167 23,983,929 23,413,304 24,830,033 25,866,195 3,223,972 12% 5,106,238 21%
Smart Postpaid 1,443,649 1,457,452 1,489,015 1,476,694 1,469,407 (25,758) (2%) (13,803) (1%)
TNT 41,688,854 40,446,221 38,638,225 38,871,067 38,308,363 3,380,491 9% 1,242,633 3%
Sun Cellular 711,169 6,484,561 6,644,945 7,897,833 7,474,190 (6,763,021) (90%) (5,773,392) (89%)
(2)
Sun Prepaid - 5,597,613 5,686,892 6,889,658 6,547,231 (6,547,231) (100%) (5,597,613) (100%)
Sun Postpaid 711,169 886,948 958,053 1,008,175 926,959 (215,790) (23%) (175,779) (20%)
Total Mobile Subscribers 72,933,839 72,372,163 70,185,489 73,075,627 73,118,155 (184,316) - 561,676 1%

(1) Includes Mobile Broadband subscribers

(2) Beginning October 2020, Sun Prepaid subscribers were rebranded as Smart Prepaid
34
Subscriber Base: Fixed Line and Broadband

Fixed Line Subscribers

Net Adds (Reductions)
Dec-20 Sep-20 Jun-20 Mar-20 Dec-19
YE20 vs YE19 4Q20 vs 3Q20
Fixed Line Subscribers 3,042,815 2,999,174 2,917,641 2,801,187 2,765,209 277,606 10% 43,641 1%

Broadband Subscribers
Net Adds (Reductions)
Dec-20 Sep-20 Jun-20 Mar-20 Dec-19
YE20 vs YE19 4Q20 vs 3Q20
BROADBAND
Fixed Line Broadband (1) 2,273,602 2,194,931 2,105,140 1,986,783 1,931,333 342,269 18% 78,671 4%
Fixed Wireless Broadband 816,516 646,830 504,026 296,005 230,151 586,365 255% 169,686 26%
Total Broadband Subscribers 3,090,118 2,841,761 2,609,166 2,282,788 2,161,484 928,634 43% 248,357 9%
(1) Includes Corporate Fixed Broadband Subscribers

35
ARPU

Mobile ARPU, Net(1) :

2020 2019

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
Smart Postpaid 804 816 804 828 796 813 809 806
Smart Prepaid 112 110 116 113 118 118 114 114
TNT 71 76 84 86 67 67 67 74
Sun Postpaid 377 386 362 376 423 418 401 403
Sun Prepaid 66 67 79 - 77 73 76 75
(1) Includes Mobile Broadband subscribers

Broadband ARPU, Net :

2020 2019

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
Fixed Line Broadband 1,436 1,372 1,381 1,398 1,408 1,424 1,430 1,466
Fixed Wireless Broadband 495 644 578 496 725 710 618 545

36
FY2020: Consolidated Financial Highlights

FY2020
Y-o-Y
FY2019
Wireless Fixed Line Others Consolidated % Change
(Php in millions)

(1)
Service Revenues 98,170 97,410 - 173,634 161,355 8%
(2)
Cash Operating Expenses 33,702 55,575 11 74,905 71,054 5%
Subsidies and Cost of Services 2,000 2,940 - 4,925 5,597 (12%)
Provisions 2,196 5,490 1 7,646 4,889 56%
EBITDA 60,272 33,405 (12) 86,158 79,815 8%
(3)
EBITDA Margin 61% 34% - 50% 49%
EBITDA (exMRP) 60,452 35,850 (12) 88,783 83,111 7%
(3)
EBITDA (exMRP) Margin 62% 37% - 51% 52%
Depreciation and Amortization 35,134 19,383 - 47,480 39,656 20%
Financing Costs, Net (6,886) (6,059) (55) (10,086) (8,553) 18%
Other Income (Expenses) 3,104 8,711 1,448 6,933 1,138 509%
Income (Loss) before Income Tax 18,325 18,243 (935) 33,021 32,336 2%
Provision (Benefit from) for Income Tax 3,901 3,734 (617) 8,441 9,550 (12%)

Net Income (Loss) Attributable to Equity Holders of PLDT 14,420 14,442 (318) 24,284 22,521 8%

Core income 15,698 15,463 193 27,129 25,111 8%

(1) Service Revenues, gross of interconnection costs

Service revenues, gross of interconnection costs 98,170 97,410 - 173,634 161,355 8%

Interconnection costs 467 11,715 - 2,146 3,638 (41%)
Service revenues, net of interconnection costs 97,703 85,695 - 171,488 157,717 9%

(2) Cash Operating Expenses includes interconnection costs

(3) EBITDA margin calculated as EBITDA divided by service revenues (gross of interconnection costs)

37
Consolidated Service Revenues
2020 2019 % Change
FY20 vs 4Q20 vs
1Q 2Q 3Q 4Q FY 1Q 2Q 3Q 4Q FY
(Php in millions) FY19 4Q19
Fixed Line 18,543 18,729 20,011 20,603 77,886 18,199 17,955 18,356 18,602 73,112 7% 11%
LEC 3,513 3,719 3,538 3,405 14,175 3,698 3,648 3,583 3,607 14,536 (2%) (6%)
Fixed Line Voice - International 540 573 919 1,188 3,220 758 712 838 575 2,883 12% 107%
Fixed Line Voice - Domestic (NLD) 527 416 588 558 2,089 578 657 621 615 2,471 (15%) (9%)
Home Broadband 7,492 7,823 8,554 9,095 32,964 6,828 6,971 7,070 7,438 28,307 16% 22%
Corporate Data and ICT 6,400 6,080 6,346 6,274 25,100 6,231 5,861 6,148 6,240 24,480 3% 1%
Corporate data and leased lines 5,246 5,074 5,291 5,245 20,856 5,143 4,852 5,126 5,232 20,353 2% -
ICT 1,154 1,006 1,055 1,029 4,244 1,088 1,009 1,022 1,008 4,127 3% 2%
Miscellaneous 71 118 66 83 338 106 106 96 127 435 (22%) (35%)
Wireless 23,254 22,956 24,356 25,182 95,748 20,593 21,609 22,296 23,745 88,243 9% 6%
Mobile Services 23,198 22,917 24,322 25,152 95,589 20,476 21,490 22,200 23,657 87,823 9% 6%
Mobile Voice 5,543 5,219 5,289 4,979 21,030 5,989 6,062 5,976 5,986 24,013 (12%) (17%)
Mobile Voice - Domestic 4,875 4,484 4,647 4,412 18,418 5,167 5,324 5,306 5,473 21,270 (13%) (19%)
Mobile Voice - International 668 735 642 567 2,612 822 738 670 513 2,743 (5%) 11%
SMS 1,806 1,724 1,783 1,614 6,927 2,582 2,559 2,367 2,398 9,906 (30%) (33%)
Mobile Data 15,452 15,752 17,013 18,259 66,476 11,581 12,538 13,491 14,856 52,466 27% 23%
Mobile Internet 14,597 14,758 15,906 17,054 62,315 10,486 11,497 12,500 13,916 48,399 29% 23%
Mobile Broadband 668 703 806 894 3,071 901 837 805 774 3,317 (7%) 16%
Other data 187 291 301 311 1,090 194 204 186 166 750 45% 87%
Inbound Roaming and Others 397 222 237 300 1,156 324 331 366 417 1,438 (20%) (28%)
Home Broadband 13 12 8 7 40 27 23 19 16 85 (53%) (56%)
MVNO and Others 43 27 26 23 119 90 96 77 72 335 (64%) (68%)
Total Consolidated Service Revenues (1) 41,797 41,685 44,367 45,785 173,634 38,792 39,564 40,652 42,347 161,355 8% 8%
(1) Gross of interconnection costs

Consolidated service revenues, net of interconnection costs

2020 2019 % Change
FY20 vs 4Q20 vs
1Q 2Q 3Q 4Q FY 1Q 2Q 3Q 4Q FY
(Php in millions) FY19 4Q19

Consolidated Service Revenues, gross of interconnection costs 41,797 41,685 44,367 45,785 173,634 38,792 39,564 40,652 42,347 161,355 8% 8%
Interconnection Costs 302 339 619 886 2,146 835 866 1,039 898 3,638 (41%) (1%)
Consolidated Service Revenues, net of interconnection costs 41,495 41,346 43,748 44,899 171,488 37,957 38,698 39,613 41,449 157,717 9% 8%
38
Consolidated Service Revenues and EBITDA
2020 2019 % Change
FY20 vs 4Q20 vs
1Q 2Q 3Q 4Q FY 1Q 2Q 3Q 4Q FY
(Php in millions) FY19 4Q19
Data and Broadband 29,357 29,667 31,921 33,635 124,580 24,667 25,393 26,728 28,550 105,338 18% 18%
Home Broadband 7,505 7,835 8,562 9,102 33,004 6,855 6,994 7,089 7,454 28,392 16% 22%
Fixed Home Broadband 7,492 7,823 8,554 9,095 32,964 6,828 6,971 7,070 7,438 28,307 16% 22%
Wireless Home Broadband 13 12 8 7 40 27 23 19 16 85 (53%) (56%)
Corporate Data and ICT 6,400 6,080 6,346 6,274 25,100 6,231 5,861 6,148 6,240 24,480 3% 1%
Corporate data and leased lines 5,246 5,074 5,291 5,245 20,856 5,143 4,852 5,126 5,232 20,353 2% -
ICT 1,154 1,006 1,055 1,029 4,244 1,088 1,009 1,022 1,008 4,127 3% 2%
Mobile Data 15,452 15,752 17,013 18,259 66,476 11,581 12,538 13,491 14,856 52,466 27% 23%
Mobile Internet 14,597 14,758 15,906 17,054 62,315 10,486 11,497 12,500 13,916 48,399 29% 23%
Mobile Broadband 668 703 806 894 3,071 901 837 805 774 3,317 (7%) 16%
Other data 187 291 301 311 1,090 194 204 186 166 750 45% 87%
Domestic Voice and Others 9,426 8,986 9,102 8,781 36,295 9,963 10,162 10,049 10,311 40,485 (10%) (15%)
LEC 3,513 3,719 3,538 3,405 14,175 3,698 3,648 3,583 3,607 14,536 (2%) (6%)
Fixed Line Voice - Domestic (NLD) 527 416 588 558 2,089 578 657 621 615 2,471 (15%) (9%)
Mobile Voice - Domestic 4,875 4,484 4,647 4,412 18,418 5,167 5,324 5,306 5,473 21,270 (13%) (19%)
Others 511 367 329 406 1,613 520 533 539 616 2,208 (27%) (34%)
Miscellaneous 71 118 66 83 338 106 106 96 127 435 (22%) (35%)
Inbound Roaming and Others 397 222 237 300 1,156 324 331 366 417 1,438 (20%) (28%)
MVNO and Others 43 27 26 23 119 90 96 77 72 335 (64%) (68%)
International (Fixed and Wireless) 1,208 1,308 1,561 1,755 5,832 1,580 1,450 1,508 1,088 5,626 4% 61%
Fixed Line Voice - International 540 573 919 1,188 3,220 758 712 838 575 2,883 12% 107%
Mobile Voice - International 668 735 642 567 2,612 822 738 670 513 2,743 (5%) 11%
SMS 1,806 1,724 1,783 1,614 6,927 2,582 2,559 2,367 2,398 9,906 (30%) (33%)
Total Consolidated Service Revenues (1) 41,797 41,685 44,367 45,785 173,634 38,792 39,564 40,652 42,347 161,355 8% 8%

(1) Gross of interconnection costs

2020 2019 % Change

FY20 vs 4Q20 vs
1Q 2Q 3Q 4Q FY 1Q 2Q 3Q 4Q FY
(Php in millions) FY19 4Q19
EBITDA 21,612 21,553 22,699 20,294 86,158 19,847 19,819 18,269 21,880 79,815 8% (7%)
MRP 24 21 41 2,539 2,625 209 83 2,107 897 3,296 (20%) 183%
EBITDA (exMRP) 21,636 21,574 22,740 22,833 88,783 20,056 19,902 20,376 22,777 83,111 7% -

39
Wireless Service Revenues
2020 2019 % Change
FY20 vs 4Q20 vs
1Q 2Q 3Q 4Q FY 1Q 2Q 3Q 4Q FY
(Php in millions) FY19 4Q19
Data/Broadband 15,532 15,828 17,086 18,325 66,771 11,670 12,603 13,679 14,981 52,933 26% 22%
Mobile Data 15,519 15,816 17,078 18,318 66,731 11,643 12,580 13,660 14,965 52,848 26% 22%
Mobile Internet 14,598 14,757 15,911 17,061 62,327 10,486 11,497 12,500 13,916 48,399 29% 23%
Mobile Broadband 698 732 830 911 3,171 948 888 865 846 3,547 (11%) 8%
Other Data 223 327 337 346 1,233 209 195 295 203 902 37% 70%
Home Broadband 13 12 8 7 40 27 23 19 16 85 (53%) (56%)
SMS/Mobile Voice - Domestic/Others 7,479 6,942 7,367 6,991 28,779 8,624 8,966 8,566 8,805 34,961 (18%) (21%)
SMS 1,806 1,724 1,790 1,617 6,937 2,583 2,559 2,367 2,398 9,907 (30%) (33%)
Mobile Voice - Domestic 5,005 4,612 4,778 4,527 18,922 5,315 5,466 5,444 5,605 21,830 (13%) (19%)
Others 668 606 799 847 2,920 726 941 755 802 3,224 (9%) 6%
Inbound Roaming and Others 493 452 664 747 2,356 342 348 386 437 1,513 56% 71%
MVNO and Others 175 154 135 100 564 384 593 369 365 1,711 (67%) (73%)
Mobile Voice - International 672 737 644 567 2,620 828 744 676 519 2,767 (5%) 9%
(1)
Total Wireless Gross Service Revenues 23,683 23,507 25,097 25,883 98,170 21,122 22,313 22,921 24,305 90,661 8% 6%
(1) Gross of interconnection costs

Wireless service revenues - net of interconnection costs

2020 2019 % Change
FY20 vs 4Q20 vs
1Q 2Q 3Q 4Q FY 1Q 2Q 3Q 4Q FY
(Php in millions) FY19 4Q19

Wireless Service Revenues, gross of interconnection costs 23,683 23,507 25,097 25,883 98,170 21,122 22,313 22,921 24,305 90,661 8% 6%
Interconnection Costs 141 111 117 98 467 533 580 615 681 2,409 (81%) (86%)
Wireless Service Revenues, net of interconnection costs 23,542 23,396 24,980 25,785 97,703 20,589 21,733 22,306 23,624 88,252 11% 9%

Note: Service revenues before intersegment elims 40

Fixed Line Service Revenues

2020 2019 % Change

FY20 vs 4Q20 vs
1Q 2Q 3Q 4Q FY 1Q 2Q 3Q 4Q FY
(Php in millions) FY19 4Q19
Data/Broadband 16,032 16,238 17,149 17,764 67,183 14,996 14,891 15,115 15,762 60,764 11% 13%
Home Broadband 7,515 7,845 8,574 9,111 33,045 6,875 7,007 7,101 7,466 28,449 16% 22%
Corp. Data and Other Network Services 6,963 6,914 7,137 7,096 28,110 6,694 6,397 6,668 6,922 26,681 5% 3%
ICT 1,554 1,479 1,438 1,557 6,028 1,427 1,487 1,346 1,374 5,634 7% 13%
LEC/Others 3,700 3,941 3,712 3,602 14,955 3,916 3,865 3,790 3,847 15,418 (3%) (6%)
LEC 3,537 3,742 3,562 3,428 14,269 3,722 3,671 3,607 3,630 14,630 (2%) (6%)
Miscellaneous 163 199 150 174 686 194 194 183 217 788 (13%) (20%)
Fixed Line Voice - International/Domestic 2,785 3,255 4,275 4,957 15,272 2,627 3,089 3,030 2,891 11,637 31% 71%
Fixed Line Voice - International 2,231 2,810 3,654 4,368 13,063 2,020 2,403 2,380 2,247 9,050 44% 94%
Fixed Line Voice - Domestic (NLD) 554 445 621 589 2,209 607 686 650 644 2,587 (15%) (9%)
(1)
Total Fixed Line Service Revenues 22,517 23,434 25,136 26,323 97,410 21,539 21,845 21,935 22,500 87,819 11% 17%
(1) Gross of interconnection costs

Fixed line service revenues - net of interconnection costs

2020 2019 % Change
FY20 vs 4Q20 vs
1Q 2Q 3Q 4Q FY 1Q 2Q 3Q 4Q FY FY19 4Q19
(Php in millions)

Fixed Line Service Revenues, Net

LEC 3,537 3,742 3,562 3,428 14,269 3,721 3,671 3,606 3,631 14,629 (2%) (6%)
Fixed Line Voice - International 363 341 389 394 1,487 442 414 399 343 1,598 (7%) 15%
Fixed Line Voice - Domestic (NLD) 527 424 591 560 2,102 583 659 622 618 2,482 (15%) (9%)
Home Broadband 7,515 7,845 8,574 9,111 33,045 6,875 7,007 7,101 7,466 28,449 16% 22%
Corp. Data and Other Network Services 6,959 6,897 7,137 7,085 28,078 6,689 6,392 6,665 6,916 26,662 5% 2%
ICT 1,554 1,479 1,438 1,557 6,028 1,427 1,487 1,346 1,374 5,634 7% 13%
Miscellaneous 163 199 150 174 686 194 194 183 217 788 (13%) (20%)
Total 20,618 20,927 21,841 22,309 85,695 19,931 19,824 19,922 20,565 80,242 7% 8%

Note: Service revenues before intersegment elims 41

Expenses
FY2020 Y-o-Y
FY2019
(Php in millions) Wireless Fixed Line Others Consolidated % Change

Operating Expenses
Compensation and Employee Benefits 7,803 19,046 - 26,833 24,883 8%
Repairs and Maintenance 9,637 12,924 - 21,555 20,007 8%
Professional and Other Contracted Services 4,014 6,769 8 7,307 7,408 (1%)
Selling and Promotions 4,799 1,746 - 6,542 5,395 21%
Taxes and Licenses 4,360 1,133 2 5,495 4,570 20%
Insurance and Security Services 919 887 - 1,699 1,671 2%
Interconnection Costs 467 11,715 - 2,146 3,638 (41%)
Rent 819 20 - 1,384 1,290 7%
Communication, Training and Travel 639 540 - 903 1,203 (25%)
Other Expenses 245 795 1 1,041 989 5%
Cash Operating Expenses 33,702 55,575 11 74,905 71,054 5%
Depreciation and Amortization 35,134 19,383 - 47,480 39,656 20%
Asset Impairment 2,196 5,490 1 7,646 4,833 58%
Provisions 2,196 5,490 1 7,646 4,833 58%
Amortization of Intangible Assets and others 3,873 - - 2,496 814 207%
Non-Cash Operating Expenses 41,203 24,873 1 57,622 45,303 27%
Cost of Sales and Services 8,041 4,269 - 12,295 13,429 (8%)

Total Expenses 82,946 84,717 12 144,822 129,786 12%

Total Expenses, excluding interconnection costs and MRP:

FY2020 Y-o-Y
FY2019
(Php in millions) Wireless Fixed Line Others Consolidated % Change

Total Cash Operating Expenses 33,702 55,575 11 74,905 71,054 5%

Less: Interconnection Costs 467 11,715 - 2,146 3,638 (41%)
Total Cash Operating Expenses, excluding
33,235 43,860 11 72,759 67,416 8%
Interconnection Costs
Less: MRP 180 2,445 - 2,625 3,296 (20%)
Total Cash Operating Expenses, excluding
33,055 41,415 11 70,134 64,120 9%
Interconnection Costs and MRP
Non-Cash Operating Expenses 41,203 24,873 1 57,622 45,303 27%
Cost of Sales and Services 8,041 4,269 - 12,295 13,429 (8%)
Total Expenses, excluding Interconnection
82,299 70,557 12 140,051 122,852 14%
Costs and MRP 42
Other Income (expenses)

FY2020 Y-o-Y
FY2019
Wireless Fixed Line Others Consolidated % Change
( Php in millions)

Equity Share in Net Earnings (Losses) of Associates and Joint Ventures

Multisys - - (73) (73) 150 (149%)
Vega - - 87 87 35 149%
Voyager - - (2,392) (2,392) (2,268) (5%)
Others - 50 50 548 (91%)
Total Equity Share in Net Earnings (Losses) - 50 (2,378) (2,328) (1,535) (52%)
Financing Costs, Net
Loans and Other Related Items (3,841) (6,492) (55) (10,333) (8,730) (18%)
Accretion on Lease Liabilities (3,497) (487) - (1,125) (1,061) (6%)
Accretion on Financial Liabilities (57) (89) - (146) (122) (20%)
Financing Charges (39) (40) - (79) (95) 17%
Capitalized Interest 548 1,049 - 1,597 1,455 10%
Total Financing Costs, Net (6,886) (6,059) (55) (10,086) (8,553) (18%)
Other Income (Expenses), Net
Investment Impairment (60) - - (60) (34) (76%)
Loss on Investment Valuation - - (599) (599) (675) 11%
Realized Gain (Loss) on Sale of Investment (Rocket Internet) - - (362) (362) 185 (296%)
Others 3,164 8,711 2,409 7,954 1,662 379%
Other Income (Expenses), Net 3,104 8,711 1,448 6,933 1,138 509%

Interest Income 537 636 92 1,210 1,745 (31%)

Gains (Losses) on Derivative Financial Instruments, Net (126) (270) 18 (378) (284) (33%)
Foreign Exchange Gains (Losses), Net 431 1,153 (48) 1,488 424 251%
Total Other Income (Expenses), Net (2,940) 4,221 (923) (3,161) (7,065) 55%

43
Earnings Per Share (EPS)

FY2020 FY2019
(Php in millions except EPS (in Php) and Shares (in mn)) Basic Diluted Basic Diluted
Net Income Attributable to Equity Holders of PLDT 24,284 24,284 22,521 22,521
Dividends on Preferred Shares (59) (59) (59) (59)
Net Income for the Period Attributable to Common Equity Holders of PLDT 24,225 24,225 22,462 22,462
Weighted Average Number of Common Shares, End 216,056 216,056 216,056 216,056
EPS (Based on Reported Net Income) 112.12 112.12 103.97 103.97

Core Income 27,129 27,129 25,111 25,111

Dividends on Preferred Shares (59) (59) (59) (59)
Core Income Applicable to Common Shares 27,070 27,070 25,052 25,052

Weighted Average Number of Common Shares, End 216,056 216,056 216,056 216,056

EPS (Based on Core Income) 125.29 125.29 115.95 115.95

44
Balance Sheet

Consolidated
(Php in millions) December 31, 2020 December 31, 2019

Total Assets 575,846 525,027

Nominal Value of Total Debt 224,027 193,047

in US$ $4,665 $3,800
Less: Unamortized Debt Discount 1,262 491
Total Debt 222,765 192,556
(1)
Cash and Short-Term Investments 42,379 24,683

Net Debt (2) 181,648 168,364

Equity 119,665 116,290

(3)
Total Debt /Equity 1.87x 1.66x
Net Debt(2)/Equity 1.52x 1.45x
(3)
Total Debt /EBITDA 2.60x 2.42x
(2)
Net Debt /EBITDA 2.11x 2.11x
(3)
Total Debt /EBITDA (exMRP) 2.52x 2.32x
(2)
Net Debt /EBITDA (exMRP) 2.05x 2.03x
(1) Cash and Short-Term Investments include Long-term Time Deposits
(2) Net Debt calculated based on nominal value of debts less cash and cash equivalents and short-term investments
(3) Nominal value of total debt

45
Debt Profile

(US$ in millions) 2016 2017 2018 2019 2020

Debt Balance 3,730 3,466 3,362 3,800 4,665
Cash and Short-Term Investments 833 668 1,005 486 882
Net Debt 2,897 2,798 2,357 3,314 3,783

Interest-Bearing liabilities

December 31,
December 30, 2020
2019
Change
Carrying Unamortized Debt
Face Value Face Value
Value Discount/Debt Issuance
(US$ in millions)

Debt
PLDT $2,998 $20 $3,018 $2,256 $762

Smart 1,640 7 1,647 1,544 103

Total Debt $4,638 $27 $4,665 $3,800 $865

46
Foreign Exchange Risk

Forex Impact on Core Income Forex Impact of B/S Revaluation

Forex sensitivity for every P1 change Forex sensitivity for every P1 change on B/S
(in US$ millions) Conso - net of Elim Conso
Revaluation (in US$ millions)
US$ Revenues 567.4 Debt (net of LT hedges & ST Forwards/options) 630.6
Accounts Payable (net of ST Forwards/options) 643.7
US$ Expenses (386.6)
Accrued Liabilities 252.7
Cash Opex (355.7)
Derivative Liabilities 11.2
Cost of Sales and Services (13.2) Other Current & Non Current Liabilities 0.5
Financing Costs (17.7) Total US$ denominated Liabilities 1,538.6
US$ Income before tax 180.9
Cash and Short-term Investments 348.4
Tax effect 54.3
Trade and other receivables 131.0
Core Earnings 126.6 Derivative Assets 0.5
Other Current & Non Current Assets 24.5
EBITDA 198.5 Total US$ denominated Assets 504.4
Forex Revaluation for every P1 change ±1,034.2

Ave. Period End

Forex rate, FY 2020 49.63 48.02
Forex rate, FY 2019 51.79 50.80
% Change in Forex rate (4.2%) (5.5%)

47
Except for historical financial and operating data and other information in respect of historical matters,
the statements contained herein are “forward-looking statements” within the meaning of Section 27A of
the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of
1934, as amended. The words “believe”, “intend”, “plan”, “anticipate”, “continue”, “estimate”, “expect”,
“may”, “will” or other similar words are frequently used to indicate these forward looking statements.
Any such forward-looking statement is not a guarantee of future performance and involves a number of
known and unknown risks, uncertainties and other factors that could cause the actual performance,
financial condition or results of operation of PLDT to be materially different from any future
performance, financial condition or results of operation implied by such forward-looking statement.
Among the factors that could cause actual results to differ from the implied or expected results are
those factors discussed under “Risk Factors” in Item 3 in PLDT’s annual report on Form 20-F.

For inquiries, please contact: PLDT INVESTOR RELATIONS

pldt_ir_center@pldt.com.ph

48
49