XML 38 R27.htm IDEA: XBRL DOCUMENT v3.23.1
Interest-bearing Financial Liabilities
 12 Months Ended
Dec. 31, 2022
Disclosure of detailed information about borrowings [abstract]  
Interest-bearing Financial Liabilities
21.
Interest-bearing Financial Liabilities

As at December 31, 2022 and 2021, this account consists of the following:

 

 

 

2022

 

 

2021

 

 

 

 

 

(in million pesos)

 

Long-term portion of interest-bearing financial liabilities:

 

 

 

 

 

 

Long-term debt (Notes 28 and 29)

 

 

217,288

 

 

 

241,075

 

 

 

 

 

 

 

 

Current portion of interest-bearing financial liabilities:

 

 

 

 

 

 

Long-term and short-term debt maturing within one year (Notes 28 and 29)

 

 

32,292

 

 

 

11,482

 

 

 

 

249,580

 

 

 

252,557

 

 

Unamortized debt discount, representing debt premium, debt issuance costs and any difference between the fair value of consideration given or received at initial recognition, included in our financial liabilities amounted to Php2,279 million and Php2,857 million as at December 31, 2022 and 2021, respectively. See Note 28 – Financial Assets and Liabilities.

The following table describes all changes to unamortized debt discount for the years ended December 31, 2022 and 2021:

 

 

 

2022

 

 

2021

 

 

 

 

 

(in million pesos)

 

Unamortized debt discount at beginning of the year

 

 

2,857

 

 

 

1,262

 

Revaluations during the year

 

 

20

 

 

 

13

 

Additions during the year

 

 

(243

)

 

 

1,768

 

Accretion during the year included as part of financing costs – net (Note 5)

 

 

(355

)

 

 

(186

)

Unamortized debt discount at end of the year

 

 

2,279

 

 

 

2,857

 

 

Long-term Debt

As at December 31, 2022 and 2021, long-term debt consists of:

 

 

 

 

 

2022

 

 

2021

 

Description

 

Interest Rates

 

U.S.
Dollar

 

 

Php

 

 

U.S.
Dollar

 

 

Php

 

 

 

 

 

(in millions)

 

U.S. Dollar Debts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Rate Notes

 

2.5000% to 3.4500% in 2022 and 2021

 

 

589

 

 

 

32,892

 

 

 

588

 

 

 

29,971

 

Term Loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Others

 

2.8850% and US$ LIBOR + 0.7900%
to 1.0500% in 2022 and 2021

 

 

161

 

 

 

9,002

 

 

 

205

 

 

 

10,468

 

 

 

 

 

 

750

 

 

 

41,894

 

 

 

793

 

 

 

40,439

 

Philippine Peso Debts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Rate Retail Bonds

 

5.2813% in 2022 and 5.2250% to 5.2813%
in 2021

 

 

 

 

 

2,596

 

 

 

 

 

 

2,594

 

Term Loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unsecured Term Loans

 

3.9000% to 5.566%; PHP BVAL +
0.5000% to 0.9000% (floor rate 3.9000%
to 4.6250%) and TDF + 0.2500% in 2022
and 3.9000% to 6.7339%; PHP BVAL +
0.5000% to 0.9000% (floor rate 3.9000%
to 4.5000%) and TDF
+ 0.2500% in 2021

 

 

 

 

 

195,090

 

 

 

 

 

 

209,524

 

 

 

 

 

 

 

 

 

197,686

 

 

 

 

 

 

212,118

 

Total long-term debt (Notes 28 and 29)

 

 

 

 

 

 

 

239,580

 

 

 

 

 

 

252,557

 

Less portion maturing within one year (Note 28)

 

 

 

 

 

 

 

22,292

 

 

 

 

 

 

11,482

 

Noncurrent portion of long-term debt (Note 28)

 

 

 

 

 

 

 

217,288

 

 

 

 

 

 

241,075

 

 

The scheduled maturities of our consolidated outstanding long-term and short-term debt at nominal values as at December 31, 2022 are as follows:

 

 

 

U.S. Dollar Debt

 

 

Php Debt

 

 

Total

 

Year

 

U.S. Dollar

 

 

Php

 

 

Php

 

 

Php

 

 

 

(in millions)

 

2023

 

 

39

 

 

 

2,177

 

 

 

30,468

 

 

 

32,645

 

2024

 

 

39

 

 

 

2,177

 

 

 

9,465

 

 

 

11,642

 

2025

 

 

14

 

 

 

781

 

 

 

22,020

 

 

 

22,801

 

2026

 

 

14

 

 

 

781

 

 

 

14,205

 

 

 

14,986

 

2027

 

 

14

 

 

 

782

 

 

 

25,825

 

 

 

26,607

 

2028 and onwards

 

 

642

 

 

 

35,833

 

 

 

107,345

 

 

 

143,178

 

Total long-term debt (Note 28)

 

 

762

 

 

 

42,531

 

 

 

209,328

 

 

 

251,859

 

 

 

 

 

 

 

 

 

Outstanding Amounts

 

 

 

 

 

 

Repurchase Amount

 

 

 

2022

 

 

2021

 

 

Loan Amount

Issuance Date

Trustee

Terms

Php

 

Dates

 

Paid in
full on

 

U.S.
Dollar

 

 

Php

 

 

U.S.
Dollar

 

 

Php

 

 

 

 

 

 

(in millions)

 

 

 

 

 

(in millions)

 

 

Fixed Rate Notes(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

US$300M

June 23, 2020

The Bank of New
York Mellon, London Branch

Non-amortizing, payable in full upon maturity on January 23, 2031

 

—

 

 

—

 

 

—

 

 

295

 

(*)

 

16,490

 

(*)

 

295

 

(*)

 

15,017

 

(*)

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

US$300M

June 23, 2020

The Bank of New
York Mellon, London Branch

Non-amortizing, payable in full upon maturity on June 23, 2050

 

—

 

 

—

 

 

—

 

 

294

 

(*)

 

16,402

 

(*)

 

293

 

(*)

 

14,954

 

(*)

 

 

 

 

 

 

 

 

 

 

 

589

 

 

 

32,892

 

 

 

588

 

 

 

29,971

 

 

 

(*) Amounts are net of unamortized debt discount/premium and/or debt issuance cost.

(1)
The purpose of this loan is to refinance the debt maturing in 2021, prepay outstanding loans and partially finance capital expenditures.

 

 

 

 

 

 

 

Drawn

 

Cancelled Undrawn

 

 

 

Outstanding Amounts

 

 

 

 

 

 

 

Amount

 

Amount

 

 

 

2022

 

 

2021

 

 

Loan Amount

Date of Loan
Agreement

Lender(s)

Terms

Dates Drawn

U.S. Dollar

 

Paid in
full on

 

U.S.
Dollar

 

 

Php

 

 

U.S.
Dollar

 

 

Php

 

 

 

 

 

 

 

(in millions)

 

 

 

(in millions)

 

 

U.S. Dollar Debts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Term Loans(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

US$200M
   Tranche A:
   US$150M;
   Tranche B:
   US$50M

February 26, 2015

MUFG Bank,
Ltd.

Commencing 36 months after loan date, with semi-annual
amortization of 23.75% of the loan amount on the first and second repayment dates and seven semi-annual
amortizations of 7.5% starting on the third repayment
date, with final installment on February 25, 2022

Various dates
in 2015

 

200

 

 

—

 

February 24,
2022

 

 

—

 

 

 

—

 

 

 

15

 

(*)

 

764

 

(*)

Smart

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

US$100M

December 7, 2015

Mizuho Bank
Ltd.

13 equal semi-annual installments commencing on
the date which falls 12 months after the loan date, with final
installment on December 7, 2022

Various dates
in 2016

100

 

 

—

 

December 7, 2022

 

 

—

 

(*)

 

—

 

(*)

 

15

 

(*)

 

781

 

(*)

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

US$25M

March 22, 2016

NTT TC Leasing
Co., Ltd., or NTT
TC Leasing

Non-amortizing, payable upon maturity on March 30, 2023

March 30, 2016

 

25

 

 

—

 

 

—

 

 

25

 

(*)

 

1,395

 

(*)

 

25

 

(*)

 

1,272

 

(*)

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

US$25M

January 31, 2017

NTT TC Leasing

Non-amortizing, payable upon maturity on March 27, 2024

March 30, 2017

 

25

 

 

—

 

 

—

 

 

25

 

(*)

 

1,393

 

(*)

 

25

 

(*)

 

1,271

 

(*)

Smart

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

US$140M

March 4, 2020

PNB

Quarterly amortization rates equivalent to: (a) 2.5% of the
total amount drawn payable on the first interest payment
date up to the 28th interest payment date; (b) 5% of the
total amount drawn payable on the 29th interest payment
date up to the 32nd interest payment date; and (3) 2.5% of
the total amount drawn payable on the 37th interest
payment date up to maturity on December 13, 2030

December 14,
2020

 

140

 

 

—

 

 

—

 

 

111

 

(*)

 

6,214

 

(*)

 

125

 

(*)

 

6,380

 

(*)

 

 

 

 

 

 

 

 

 

 

 

 

161

 

 

 

9,002

 

 

 

205

 

 

 

10,468

 

 

 

(*) Amounts are net of unamortized debt discount/premium and/or debt issuance cost.

(1)
The purpose of this loan is to finance the capital expenditures and/or to refinance existing loan obligations which were utilized for network expansion and improvement programs.

 

 

 

 

 

 

Date of

Payments

 

Outstanding Amounts

 

 

 

 

 

 

Issuance/

Amount

 

 

 

2022

 

 

2021

 

 

Loan Amount

Agreement

Paying Agent

Terms

Drawdown

Php

 

Date

 

Php

 

 

Php

 

 

 

 

 

 

 

(in millions)

 

 

 

(in millions)

 

 

Fixed Rate Retail Bonds(1)

 

 

 

 

 

 

 

 

 

 

 

 

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php15,000M

January 22, 2014

Philippine Depositary
Trust Corp.

Php12.4B – non-amortizing, payable in full upon maturity on
February 6, 2021; Php2.6B – non-amortizing payable in full on February 6, 2024

February 6, 2014

 

12,400

 

February 8, 2021

 

 

2,596

 

(*)

 

2,594

 

(*)

 

(*) Amounts are net of unamortized debt discount/premium and/or debt issuance cost.

(1)
The purpose of this loan is to finance the capital expenditures and/or refinance existing loan obligations which were utilized for network expansion and improvement programs.

 

 

 

 

 

 

 

Drawn

 

Cancelled
Undrawn

 

 

 

Outstanding Amounts

 

 

 

Date of Loan

 

 

 

Amount

 

Amount

 

Paid in

 

2022

 

 

2021

 

 

Loan Amount

Agreement

Lender(s)

Terms

Dates Drawn

Php

 

Php

 

full on

 

Php

 

 

Php

 

 

 

 

 

 

 

(in millions)

 

 

 

(in millions)

 

 

Term Loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unsecured Term Loans(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php2,000M

March 20,
2012

RCBC

Annual amortization rate of 1% on the fifth-year up to the
ninth-year from the initial drawdown date and the balance
payable upon maturity on April 12, 2022

April 12,
2012

 

2,000

 

 

—

 

January 12, 2022

 

 

—

 

 

 

1,900

 

 

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php1,500M

April 2, 2014

AIA Life

Payable in full upon maturity on April 4, 2024

April 4, 2014

 

1,500

 

 

—

 

January 31,
2022

 

 

—

 

 

 

1,500

 

 

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php1,000M

May 23, 2014

AIA Life

Payable in full upon maturity on May 28, 2024

May 28, 2014

 

1,000

 

 

—

 

February 28, 2022

 

 

—

 

 

 

1,000

 

 

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php1,000M

June 9, 2014

LBP

Annual amortization rate of 1% on the first-year up to the
ninth-year from initial drawdown date and the balance
payable upon maturity on June 13, 2024

June 13, 2014

 

1,000

 

 

—

 

June 13,
2022

 

 

—

 

 

 

930

 

 

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php1,500M

July 28, 2014

Union Bank

Annual amortization rate of 1% on the first-year up to the
ninth-year from initial drawdown date and the balance
payable upon maturity on July 31, 2024

July 31, 2014

 

1,500

 

 

—

 

 

—

 

 

1,380

 

 

 

1,395

 

 

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php2,000M

February 25,
2015

BPI

Annual amortization rate of 1% on the first-year up to the
ninth-year from initial drawdown date and the balance
payable upon maturity on March 24, 2025

March 24, 2015

 

2,000

 

 

—

 

 

—

 

 

1,811

 

(*)

 

1,810

 

 

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php3,000M

June 26, 2015

BPI

Annual amortization rate of 1% on the first-year up to the
ninth-year from initial drawdown date and the balance
payable upon maturity on June 30, 2025

June 30, 2015

 

3,000

 

 

—

 

 

—

 

 

2,790

 

 

 

2,820

 

 

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php5,000M

August 3, 2015

Metrobank

Annual amortization rate of 1% on the first-year up to the
ninth-year from initial drawdown date and the balance
payable upon maturity on September 23, 2025

Various dates in
2015

 

5,000

 

 

—

 

 

—

 

 

4,650

 

 

 

4,700

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10,631

 

 

 

16,055

 

 

 

(*) Amounts are net of unamortized debt discount/premium and/or debt issuance cost.

(1)
The purpose of this loan is to finance the capital expenditures and/or refinance existing loan obligations, which were utilized for service improvements and expansion programs.

 

 

 

 

 

 

Drawn

 

Cancelled
Undrawn

 

 

 

Outstanding Amounts

 

 

 

Date of Loan

 

 

 

Amount

 

Amount

 

Paid in

 

2022

 

 

2021

 

 

Loan Amount

Agreement

Lender(s)

Terms

Dates Drawn

Php

 

Php

 

full on

 

Php

 

 

Php

 

 

 

 

 

 

 

(in millions)

 

 

 

(in millions)

 

 

Smart

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php5,000M

August 11, 2015

Metrobank

Annual amortization rate of 1% of the principal amount on
the first-year up to the ninth-year commencing on the first-year anniversary of the initial drawdown date and the balance payable
upon maturity on September 1, 2025

September 1, 2015

 

5,000

 

 

—

 

 

—

 

 

4,642

 

(*)

 

4,690

 

(*)

Smart

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php5,000M

December 11, 2015

BPI

Annual amortization rate of 1% of the principal amount on
the first-year up to the ninth-year commencing on the first-year anniversary of the initial drawdown date and the balance payable upon maturity on December 21, 2025

December 21, 2015

 

5,000

 

 

—

 

 

—

 

 

4,642

 

(*)

 

4,689

 

(*)

Smart

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php5,000M

December 16, 2015

Metrobank

Annual amortization rate of 1% of the principal amount up
to the tenth-year commencing on the first-year anniversary
of the initial drawdown and the balance payable upon maturity
on June 29, 2026

December 28, 2015

 

5,000

 

 

—

 

 

—

 

 

4,641

 

(*)

 

4,688

 

(*)

Smart

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php7,000M

December 18, 2015

China Banking Corporation,
or CBC

Annual amortization rate of 1% of the principal amount on
the third-year up to the sixth-year from the initial drawdown
date, with balance payable upon maturity on December 28,
2022

December 28,
2015 and
February 24,
2016

 

7,000

 

 

—

 

June 28,
2022

 

 

—

 

(*)

 

4,199

 

(*)

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php3,000M

July 1, 2016

Metrobank

Annual amortization rate of 1% on the first-year up to the
ninth-year from initial drawdown date and the balance
payable upon maturity on February 22, 2027

February 20,
2017

 

3,000

 

 

—

 

 

—

 

 

2,843

 

(*)

 

2,872

 

(*)

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php6,000M

July 1, 2016

Metrobank

Annual amortization rate of 1% on the first-year up to the
sixth-year from initial drawdown date and the balance
payable upon maturity on August 30, 2023

August 30, 2016
and November 10,
2016

 

6,000

 

 

—

 

 

—

 

 

5,637

 

(*)

 

5,692

 

(*)

 

 

 

 

 

 

 

 

 

 

 

 

22,405

 

 

 

26,830

 

 

 

(*) Amounts are net of unamortized debt discount/premium and/or debt issuance cost.

 

 

 

 

 

 

 

Drawn

 

Cancelled
Undrawn

 

 

 

Outstanding Amounts

 

 

 

Date of Loan

 

 

 

Amount

 

Amount

 

Paid in

 

2022

 

 

2021

 

 

Loan Amount

Agreement

Lender(s)

Terms

Dates Drawn

Php

 

Php

 

full on

 

Php

 

 

Php

 

 

 

 

 

 

 

(in millions)

 

 

 

(in millions)

 

 

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php8,000M

July 14, 2016

Security Bank

Annual amortization rate of 1% of the total amount drawn payable semi-annually starting from the end of the first-year after the initial drawdown date until the ninth-year and the balance payable on maturity on March 1, 2027

February 27,
2017

 

8,000

 

 

—

 

 

—

 

 

7,182

 

(*)

 

7,338

 

(*)

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php6,500M

September 20, 2016

BPI

Annual amortization rate of 1% on the first- year up to
the sixth-year from initial drawdown date and the
balance payable upon maturity on November 2, 2023

November 2,
2016 and
December 19,
2016

 

6,500

 

 

—

 

 

—

 

 

6,105

 

(*)

 

6,165

 

(*)

Smart

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php3,000M

September 28, 2016

BDO

Annual amortization rate of 1% of the principal
amount on the first-year up to the ninth-year
commencing on the first-year anniversary of the
initial drawdown date and the balance payable upon
maturity on October 5, 2026

October 5, 2016

 

3,000

 

 

—

 

 

—

 

 

2,820

 

 

 

2,850

 

 

Smart

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php5,400M

September 28, 2016

Union Bank

Annual amortization rate of 1% of the principal amount
on the first-year up to the sixth-year commencing on
the first-year anniversary of the initial drawdown date
and the balance payable upon maturity on October 24,
2023

October 24,
2016 and
November 21,
2016

 

5,400

 

 

—

 

 

—

 

 

5,074

 

(*)

 

5,126

 

(*)

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php5,300M(1)

October 14, 2016

BPI

Annual amortization rate of 1% on the first-year up to the
sixth-year from initial drawdown date and the balance
payable upon maturity on December 19, 2023

December 19, 2016

 

5,300

 

 

—

 

 

—

 

 

981

 

(*)

 

5,027

 

(*)

Smart

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php2,500M(2)

October 27, 2016

CBC

Annual amortization rate of 10% of the amount drawn
starting on the third-year up to the sixth-year, with
balance payable upon maturity on December 8, 2023

December 8, 2016

 

2,500

 

 

—

 

December 9, 2022

 

 

—

 

 

 

1,750

 

 

 

 

 

 

 

 

 

 

 

 

 

 

22,162

 

 

 

28,256

 

 

 

(*) Amounts are net of unamortized debt discount/premium and/or debt issuance cost.

(1)
The amounts of Php1,500 million and Php2,500 million were prepaid on September 19, 2022 and December 19, 2022, respectively.
(2)
The outstanding balance amounting to Php1,750 million was prepaid on December 9, 2022.

 

 

 

 

 

 

Drawn

 

Cancelled
Undrawn

 

 

 

Outstanding Amounts

 

 

 

Date of Loan

 

 

 

Amount

 

Amount

 

Paid in

 

2022

 

 

2021

 

 

Loan Amount

Agreement

Lender(s)

Terms

Dates Drawn

Php

 

Php

 

full on

 

Php

 

 

Php

 

 

 

 

 

 

 

(in millions)

 

 

 

(in millions)

 

 

Smart

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php4,000M(1)

October 28,
2016

Security Bank

Semi-annual amortization rate of 1% of the total amount
drawn from first-year up to the ninth-year and the
balance payable upon maturity on April 5, 2027

April 5, 2017

 

4,000

 

 

—

 

 

—

 

 

1,881

 

(*)

 

1,899

 

(*)

Smart

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php1,000M

December 16,
2016

PNB

Annual amortization rate of 1% of the amount drawn
starting on the first anniversary of the advance up to
the ninth anniversary of the advance and the
balance payable upon maturity on December 7, 2027

December 7, 2017

 

1,000

 

 

—

 

 

—

 

 

920

 

(*)

 

925

 

(*)

Smart

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php2,000M

December 22,
2016

LBP

Annual amortization rate of 1% of the amount drawn
starting on the first anniversary of the advance up to
the ninth anniversary of the advance and the
balance payable upon maturity on January 21, 2028

January 22, 2018

 

2,000

 

 

—

 

 

—

 

 

1,878

 

(*)

 

1,940

 

 

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php3,500M

December 23,
2016

LBP

Annual amortization rate of 1% on the first-year up to
the ninth-year after the drawdown date and the
balance payable upon maturity on April 5, 2027

April 5, 2017

 

3,500

 

 

—

 

 

—

 

 

3,317

 

(*)

 

3,350

 

(*)

Smart

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php1,500M

April 18,
2017

PNB

Annual amortization rate of 1% of the amount drawn
starting on the first anniversary of the advance up to
the sixth-year anniversary of the advance and the
balance payable upon maturity on January 3, 2025

January 3, 2018

 

1,500

 

 

—

 

 

—

 

 

1,418

 

(*)

 

1,455

 

 

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php2,000M

May 24, 2017

Security Bank

Semi-annual amortization rate of Php10 million starting on October 5, 2017 and every six months thereafter with the
balance payable upon maturity on April 5, 2027

May 29, 2017

 

2,000

 

 

—

 

 

—

 

 

1,890

 

 

 

1,910

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11,304

 

 

 

11,479

 

 

 

(*) Amounts are net of unamortized debt discount/premium and/or debt issuance cost.

(1)
The amount of Php2,000 million was prepaid on May 29, 2017.

 

 

 

 

 

 

Drawn

 

Cancelled
Undrawn

 

 

 

Outstanding Amounts

 

 

 

Date of Loan

 

 

 

Amount

 

Amount

 

Paid in

 

2022

 

 

2021

 

 

Loan Amount

Agreement

Lender(s)

Terms

Dates Drawn

Php

 

Php

 

full on

 

Php

 

 

Php

 

 

 

 

 

 

 

(in millions)

 

 

 

(in millions)

 

 

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php3,500M

July 5, 2017

LBP

Annual amortization rate of 1% on the first- year up to
the ninth-year after the drawdown date and the
balance payable upon maturity on July 12, 2027

July 10, 2017

 

3,500

 

 

—

 

 

—

 

 

3,325

 

 

 

3,360

 

 

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php1,500M

August 29, 2017

LBP

Annual amortization rate equivalent to 1% of the total
loan payable on the first-year up to the ninth-year
after the drawdown date and the balance payable
upon maturity on April 3, 2028

April 2, 2018

 

1,500

 

 

—

 

 

—

 

 

1,443

 

(*)

 

1,458

 

(*)

Smart

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php1,000M

September 28, 2017

Union Bank

Annual amortization rate of 1% of the amount drawn
starting on the first-year anniversary of the advance
up to the ninth- year anniversary of the advance and
the balance payable upon maturity on February 21, 2028

February 19, 2018

 

1,000

 

 

—

 

December 10,
2021

 

 

—

 

 

 

—

 

 

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php2,000M

April 19, 2018

LBP

Annual amortization rate equivalent to 1% of the total
loan payable on the first-year up to the ninth-year
after the drawdown date and the balance payable
upon maturity on April 25, 2028

April 25, 2018

 

2,000

 

 

—

 

 

—

 

 

1,770

 

(*)

 

1,767

 

(*)

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php1,000M

April 20, 2018

LBP

Annual amortization rate equivalent to 1% of the total
loan payable on the first-year up to the ninth-year
after the drawdown date and the balance payable
upon maturity on May 3, 2028

May 3, 2018

 

1,000

 

 

—

 

 

—

 

 

879

 

(*)

 

878

 

(*)

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php2,000M

May 9, 2018

BPI

Annual amortization rate equivalent to 1% of the
amount drawn starting on the first- year anniversary
of the advance up to the ninth-year anniversary of
the advance and the balance payable upon maturity
on May 10, 2028

May 10, 2018

 

2,000

 

 

—

 

 

—

 

 

1,773

 

(*)

 

1,773

 

(*)

 

 

 

 

 

 

 

 

 

 

 

 

9,190

 

 

 

9,236

 

 

 

(*) Amounts are net of unamortized debt discount/premium and/or debt issuance cost.

 

 

 

 

 

 

Drawn

 

Cancelled
Undrawn

 

 

 

Outstanding Amounts

 

 

 

Date of Loan

 

 

 

Amount

 

Amount

 

Paid in

 

2022

 

 

2021

 

 

Loan Amount

Agreement

Lender(s)

Terms

Dates Drawn

Php

 

Php

 

full on

 

Php

 

 

Php

 

 

 

 

 

 

 

(in millions)

 

 

 

(in millions)

 

 

Smart

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php2,000M

May 25, 2018

BPI

Annual amortization rate equivalent to 1% of the amount
drawn starting on the first- year anniversary of the
advance up to the fifth-year anniversary of the advance
and the balance payable upon maturity on May 28, 2024

May 28, 2018

 

2,000

 

 

—

 

 

—

 

 

1,916

 

(*)

 

1,933

 

(*)

Smart

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php1,500M

June 27, 2018

Development
Bank of the
Philippines,
or DBP

Annual amortization rate equivalent to 1% of the
amount drawn starting on the third- year anniversary
of the advance up to the fifth-year anniversary of the
advance and the balance payable upon maturity on
June 28, 2024

June 28, 2018

 

1,500

 

 

—

 

September 28,
2022

 

 

—

 

 

 

1,485

 

 

Smart

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php3,000M

July 31, 2018

BPI

Annual amortization rate equivalent to 1% of the
amount drawn starting on the first-year anniversary
of the advance up to the ninth-year anniversary
of the advance and the balance payable upon maturity
on May 10, 2028

August 10, 2018

 

3,000

 

 

—

 

 

—

 

 

2,867

 

(*)

 

2,894

 

(*)

Smart

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php5,000M

January 11, 2019

DBP

Annual amortization rate equivalent to 1% of the
amount drawn starting on the third-year anniversary
of the advance up to the ninth-year anniversary of the
advance and the balance payable upon maturity on
May 6, 2029

May 6, 2019
September 2, 2019

2,000
3,000

 

 

—

 

 

—

 

 

4,830

 

(*)

 

4,865

 

(*)

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php8,000M

February 18, 2019

Union Bank

Annual amortization rate equivalent to 1% of the
amount drawn starting on the first-year anniversary
up to the ninth-year anniversary of the initial
drawdown date and the balance payable upon
maturity on July 11, 2029

July 11, 2019
September 6,
2019
October 1,
2019
November 5,
2019

3,000
2,000

1,000
2,000

 

 

—

 

 

—

 

 

8,053

 

(*)

 

7,822

 

(*)

Smart

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php4,000M

February 21, 2019

PNB

Annual amortization rate equivalent to 1% of the
amount drawn starting on the first-year anniversary
up to the seventh-year anniversary of the initial
drawdown date and the balance payable upon maturity
on March 11, 2027

March 11, 2019

 

4,000

 

 

—

 

 

—

 

 

3,704

 

(*)

 

3,708

 

(*)

 

 

 

 

 

 

 

 

 

 

 

 

21,370

 

 

 

22,707

 

 

 

(*) Amounts are net of unamortized debt discount/premium and/or debt issuance cost.

 

 

 

 

 

 

 

Drawn

 

Cancelled
Undrawn

 

 

 

Outstanding Amounts

 

 

 

Date of Loan

 

 

 

Amount

 

Amount

 

Paid in

 

2022

 

 

2021

 

 

Loan Amount

Agreement

Lender(s)

Terms

Dates Drawn

Php

 

Php

 

full on

 

Php

 

 

Php

 

 

 

 

 

 

 

(in millions)

 

 

 

(in millions)

 

 

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php2,000M

April 11, 2019

Bank of China (Hong Kong) Limited, Manila Branch

Annual amortization rate equivalent to 1% of the
amount of loan payable on the first-year anniversary
up to the sixth-year anniversary of the initial
drawdown date and the balance payable upon maturity
on September 7, 2026

September 6, 2019

 

2,000

 

 

—

 

 

—

 

 

1,931

 

(*)

 

1,949

 

(*)

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php2,000M

July 1, 2019

PNB

Annual amortization rate equivalent to 1% of the total amount
drawn from the facility on the first-year anniversary up to the
sixth-year anniversary of the initial drawdown date and the
balance payable upon maturity on September 7, 2026

September 6, 2019

 

2,000

 

 

—

 

 

—

 

 

1,931

 

(*)

 

1,949

 

(*)

Smart

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php8,000M

September 25, 2019

CBC

Annual amortization rate equivalent to 10% of the
total amount drawn starting on the third-year
anniversary up to the ninth-year anniversary of the
initial drawdown date and the balance payable upon
maturity on October 2, 2029

October 2, 2019

 

8,000

 

 

—

 

 

—

 

 

6,901

 

(*)

 

7,635

 

(*)

Smart

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php4,000M

December 9, 2019

DBP

Annual amortization rate equivalent to 1% of the total
amount drawn starting on the third-year anniversary up
to the ninth-year anniversary of the initial drawdown
date and the balance payable upon maturity on
December 12, 2029

December 12, 2019

 

4,000

 

 

—

 

 

—

 

 

3,938

 

(*)

 

3,975

 

(*)

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php4,500M

December 12, 2019

BPI

Annual amortization rate equivalent to 1% of the
advance on the first year up to the ninth-year
anniversary of the drawdown date and the balance
payable upon maturity on December 18, 2029

December 15, 2019

 

4,500

 

 

—

 

 

—

 

 

4,340

 

(*)

 

4,382

 

(*)

Smart

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php3,000M

January 20, 2020

BDO

Annual amortization rate equivalent to 1% of the total
amount drawn starting on the first-year anniversary up
to the ninth-year anniversary of the drawdown date
and the balance payable upon maturity on January 24,
2030

January 24, 2020

 

3,000

 

 

—

 

 

—

 

 

2,871

 

(*)

 

2,893

 

(*)

 

 

 

 

 

 

 

 

 

 

 

 

21,912

 

 

 

22,783

 

 

 

(*) Amounts are net of unamortized debt discount/premium and/or debt issuance cost.

 

 

 

 

 

 

Drawn

 

Cancelled
Undrawn

 

 

 

Outstanding Amounts

 

 

 

Date of Loan

 

 

 

Amount

 

Amount

 

Paid in

 

2022

 

 

2021

 

 

Loan Amount

Agreement

Lender(s)

Terms

Dates Drawn

Php

 

Php

 

full on

 

Php

 

 

Php

 

 

 

 

 

 

 

(in millions)

 

 

 

(in millions)

 

 

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php5,000M

January 29, 2020

BDO

Annual amortization rate equivalent to 1% of the total
amount drawn starting on the first-year anniversary up
to the ninth-year anniversary of the drawdown date and
the balance payable upon maturity on January 31, 2030

January 31, 2020

 

5,000

 

 

—

 

 

—

 

 

4,814

 

(*)

 

4,854

 

(*)

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php4,000M

March 24, 2020

RCBC

Annual amortization rate equivalent to 1% of the
advance starting on the first-year anniversary of the
drawdown date and the balance payable upon
maturity on March 27, 2028

March 26, 2020

 

4,000

 

 

—

 

 

—

 

 

3,800

 

(*)

 

3,827

 

(*)

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php2,500M

March 30, 2020

MUFG Bank, Ltd.

Amortization rate equivalent to: (1) 20% of the
amount drawn payable on the 30th, 48th, 54th and 72nd
month from the drawdown date; (2) 0.50% of the
amount drawn payable on the 36th, 42nd, 60th and 66th
month from the drawdown date; and (3) 18% of the
amount drawn payable upon maturity on October 2, 2026

April 2, 2020

 

2,500

 

 

—

 

 

—

 

 

1,992

 

(*)

 

2,488

 

(*)

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php3,000M

May 20, 2020

LBP

Annual amortization rate equivalent to 1% of the
advance starting on the first-year up to the ninth-year
anniversary of the drawdown date and the balance
payable upon maturity on May 28, 2030

May 28, 2020

 

3,000

 

 

—

 

 

—

 

 

2,923

 

(*)

 

2,951

 

(*)

Smart

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php4,000M

May 20, 2020

LBP

Annual amortization rate equivalent to 1% of principal
amount of the loan starting on the first-year up to the
ninth-year anniversary of the initial advance and the
balance payable upon maturity on November 20, 2030

November 20, 2020

 

4,000

 

 

—

 

 

—

 

 

3,895

 

(*)

 

3,933

 

 

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php3,000M

May 21, 2020

LBP

Annual amortization rate equivalent to 1% of the
advance starting on the first-year up to the ninth-year
anniversary of the drawdown date and the balance
payable upon maturity on December 18, 2030

December 18, 2020

 

3,000

 

 

—

 

 

—

 

 

2,921

 

(*)

 

2,949

 

(*)

 

 

 

 

 

 

 

 

 

 

 

 

20,345

 

 

 

21,002

 

 

 

(*) Amounts are net of unamortized debt discount/premium and/or debt issuance cost.

 

 

 

 

 

 

Drawn

 

Cancelled
Undrawn

 

 

 

Outstanding Amounts

 

 

 

Date of Loan

 

 

 

Amount

 

Amount

 

Paid in

 

2022

 

 

2021

 

 

Loan Amount

Agreement

Lender(s)

Terms

Dates Drawn

Php

 

Php

 

full on

 

Php

 

 

Php

 

 

 

 

 

 

 

(in millions)

 

 

 

 

 

(in millions)

 

 

 

 

 

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php5,000M

February 9, 2021

BPI

Annual amortization rate equivalent to 1% of the
advance starting on the first-year up to the
tenth-year anniversary of the drawdown date and
the balance payable upon maturity on February 16, 2032

February 15, 2021

 

5,000

 

 

—

 

 

—

 

 

4,918

 

(*)

 

4,965

 

(*)

Smart

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php3,000M

March 4, 2021

LBP

Annual amortization rate equivalent to 1% of the
advance starting on the first-year up to the
ninth-year anniversary of the drawdown date and
the balance payable upon maturity on March 9, 2031

March 9, 2021

 

3,000

 

 

—

 

 

—

 

 

2,951

 

(*)

 

2,979

 

(*)

Smart

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php3,000M

March 5, 2021

LBP

Annual amortization rate equivalent to 1% of the
advance starting on the first-year up to the
ninth-year anniversary of the drawdown date and
the balance payable upon maturity on May 25, 2031

May 25, 2021

 

3,000

 

 

—

 

 

—

 

 

2,951

 

(*)

 

2,979

 

(*)

Smart

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php4,000M

March 8, 2021

LBP

Annual amortization rate equivalent to 1% of the
advance starting on the first-year up to the
ninth-year anniversary of the drawdown date and
the balance payable upon maturity on March 30, 2031

March 30, 2021

 

4,000

 

 

—

 

 

—

 

 

3,935

 

(*)

 

3,972

 

(*)

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php3,000M

March 31, 2021

BPI

Annual amortization rate equivalent to 1% of the
advance starting on the first-year up to the
tenth-year anniversary of the drawdown date and
the balance payable upon maturity on April 14, 2032

April 14, 2021

 

3,000

 

 

—

 

 

—

 

 

2,950

 

(*)

 

2,979

 

(*)

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php2,000M

March 31, 2021

BPI

Annual amortization rate equivalent to 1% of the
advance starting on the first-year up to the
tenth-year anniversary of the drawdown date and
the balance payable upon maturity on April 29, 2032

April 29, 2021

 

2,000

 

 

—

 

 

—

 

 

1,980

 

 

 

2,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

19,685

 

 

 

19,874

 

 

 

(*) Amounts are net of unamortized debt discount/premium and/or debt issuance cost.

 

 

 

 

 

 

Drawn

 

Cancelled
Undrawn

 

 

 

Outstanding Amounts

 

 

 

Date of Loan

 

 

 

Amount

 

Amount

 

Paid in

 

2022

 

 

2021

 

 

Loan Amount

Agreement

Lender(s)

Terms

Dates Drawn

Php

 

Php

 

full on

 

Php

 

 

Php

 

 

 

 

 

 

 

(in millions)

 

 

 

(in millions)

 

 

Smart

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php4,000M

April 14, 2021

Metrobank

Annual amortization rate equivalent to 1% of the
advance starting on the second-year up to the
tenth-year anniversary of the drawdown date and
the balance payable upon maturity on June 8, 2032

June 8, 2021

 

4,000

 

 

—

 

 

—

 

 

3,974

 

(*)

 

3,971

 

(*)

Smart

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php3,000M

April 15, 2021

Metrobank

Annual amortization rate equivalent to 1% of the
advance starting on the second-year up to the
tenth-year anniversary of the drawdown date and
the balance payable upon maturity on September 1, 2032

September 1, 2021

 

3,000

 

 

—

 

 

—

 

 

2,980

 

(*)

 

2,978

 

(*)

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php3,000M

April 30, 2021

Metrobank

Annual amortization rate equivalent to 1% of the
advance starting on the second-year up to the
tenth-year from drawdown date and the balance of
91% payable upon maturity on June 21, 2032

June 21, 2021

 

3,000

 

 

—

 

 

—

 

 

2,980

 

(*)

 

2,978

 

(*)

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php3,000M

June 14, 2021

RCBC

Annual amortization rate equivalent to 1% of the
advance starting on the first-year up to the
eighth-year and tenth-year from drawdown date and
equal amortization equivalent to 45.5% of the
advance on the ninth-year and upon maturity on
July 15, 2032

July 15, 2021

 

3,000

 

 

—

 

 

—

 

 

2,951

 

(*)

 

2,978

 

(*)

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php4,000M

June 14, 2021

RCBC

Annual amortization rate equivalent to 1% of the
advance starting on the first-year up to the
eighth-year and tenth-year from drawdown date and
equal amortization equivalent to 45.5% of the
advance on the ninth-year and upon maturity on
September 1, 2032

September 1, 2021

 

4,000

 

 

—

 

 

—

 

 

3,934

 

(*)

 

3,971

 

(*)

Smart

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php1,000M

September 28,
2021

BDO

Annual amortization rate equivalent to 1% of the
advance starting on the first-year up to the
ninth-year from the drawdown date and the balance
of 91% payable upon maturity on October 15, 2031

October 15, 2021

 

1,000

 

 

—

 

 

—

 

 

990

 

 

 

1,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

17,809

 

 

 

17,876

 

 

 

(*) Amounts are net of unamortized debt discount/premium and/or debt issuance cost.

 

 

 

 

 

 

 

Drawn

 

Cancelled
Undrawn

 

 

 

Outstanding Amounts

 

 

 

Date of Loan

 

 

 

 

Amount

 

Amount

 

Paid in

 

2022

 

 

2021

 

 

Loan Amount

Agreement

Lender(s)

Terms

Dates Drawn

 

Php

 

Php

 

full on

 

Php

 

 

Php

 

 

 

 

 

 

 

 

(in millions)

 

 

 

(in millions)

 

 

Smart

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php3,000M

November 17, 2021

BDO

Annual amortization rate equivalent to 1% of the
advance starting on the first-year up to the sixth-year
from the drawdown date and the balance of 94%
payable upon maturity on November 22, 2028

November 22, 2021

 

 

3,000

 

 

—

 

 

—

 

 

2,951

 

(*)

 

2,978

 

(*)

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php1,000M

November 24, 2021

BPI

Annual amortization rate equivalent to 1% of the
advance starting on the first-year up to the
tenth-year anniversary of the drawdown date and
the balance payable upon maturity on March 1, 2033

December 1, 2021

 

 

1,000

 

 

—

 

 

—

 

 

990

 

 

 

1,000

 

 

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php3,000M

November 24, 2021

BPI

Annual amortization rate equivalent to 1% of the
advance starting on the first-year up to the
tenth-year anniversary of the drawdown date and
the balance payable upon maturity on March 17, 2033

December 17, 2021

 

 

3,000

 

 

—

 

 

—

 

 

2,949

 

(*)

 

2,978

 

(*)

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php4,000M

November 24, 2021

BPI

Annual amortization rate equivalent to 1% of the
advance starting on the first-year up to the
tenth-year anniversary of the drawdown date and
the balance payable upon maturity on March 17, 2033

December 17, 2021

 

 

4,000

 

 

—

 

 

—

 

 

3,932

 

(*)

 

3,970

 

(*)

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php2,500M

December 10, 2021

LBP

Annual amortization rate equivalent to 1% of the
advance starting on the first-year up to the ninth-year
anniversary of the drawdown date and the balance
payable upon maturity on December 17, 2031

December 17, 2021

 

 

2,500

 

 

—

 

 

—

 

 

2,475

 

 

 

2,500

 

 

Smart

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php3,000M

December 14, 2021

DBP

Annual amortization rate equivalent to 1% of the
advance starting on the first-year up to the seventh-year
from the drawdown date and the balance of 93%
payable upon maturity on January 21, 2030

January 20, 2022

 

 

3,000

 

 

—

 

 

—

 

 

2,980

 

(*)

 

—

 

 

Smart

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php2,000M

December 14, 2021

DBP

Annual amortization rate equivalent to 1% of the
advance starting on the first-year up to the eight-year
from the drawdown date and the balance of 92%
payable upon maturity on January 20, 2031

January 20, 2022

 

 

2,000

 

 

—

 

 

—

 

 

2,000

 

 

 

—

 

 

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php10,000M

January 31, 2023

BPI

Annual amortization rate equivalent to 1% of the
advance starting on the first-year up to the ninth-year
anniversary of the drawdown date and the balance
payable upon maturity

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

 

—

 

 

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php5,500M

February 27, 2023

LBP

Annual amortization rate equivalent to 1% of the
advance starting on the first-year up to the ninth-year
anniversary of the drawdown date and the balance
payable upon maturity

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

 

—

 

 

ePLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php8,000M

March 10, 2023

BPI

Semi-annual amortizations equivalent to 1% of the advance
on the 1st to 5th year after drawdown date, 5% of the advance
on the 6th to 9th year after drawdown date, and the balance
of 75% payable on maturity date

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

 

—

 

 

PLDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Php2,000M

March 22, 2023

BPI

Annual amortization rate equivalent to 1% of the advance
starting on the first-year up to the ninth-year anniversary
of the drawdown date and the balance payable upon maturity

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

18,277

 

 

 

13,426

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

195,090

 

 

 

209,524

 

 

 

(*) Amounts are net of unamortized debt discount/premium and/or debt issuance cost.

Short-term Debt

In March and April 2020, PLDT and Smart availed unsecured short-term debt from various banks amounting to Php6,000 million and Php4,000 million, respectively, with an interest rate ranging from 5.00% to 5.75%. In May 2020, PLDT and Smart prepaid their outstanding short-term debt amounting to Php3,000 million and Php4,000 million, respectively. PLDT prepaid its remaining short-term debt in the aggregate amount of Php3,000 million in June 2020.

In March and April 2022, PLDT and Smart availed unsecured short-term debt from various banks amounting to Php6,000 million and Php4,000 million, respectively, with an interest rate of 2.60%. In July 2022, PLDT prepaid its outstanding short-term debt amounting to Php2,000 million. In October 2022, Smart paid its outstanding short-term debt amounting to Php4,000 million. In November 2022, PLDT and Smart availed unsecured short-term debt amounting to Php4,000 million and Php2,000 million, respectively, with an interest rate of 5.16%. As at December 31, 2022, PLDT and Smart have an outstanding short-term debt amounting to Php10,000 million. In March 2023, PLDT paid its outstanding short-term debt amounting to Php3,000 million.

U.S. Dollar Fixed Rate Notes

On June 23, 2020, PLDT issued US$300 million 10-year and US$300 million 30-year senior unsecured fixed-rate notes with coupon of 2.50% and 3.45%, respectively. Proceeds from the issuance of these notes have been used to refinance maturing debt obligations, prepay outstanding loans and partially finance capital expenditures. The 2031 Notes will mature on January 23, 2031 and the 2050 Notes will mature on June 23, 2050.

Compliance with Debt Covenants

PLDT’s debt instruments contain restrictive covenants, including covenants that require us to comply with specified financial ratios tests, such as total debt to EBITDA and interest cover ratio, at relevant measurement dates, principally at the end of each quarterly period. We have complied with all of our maintenance financial ratios as required under our loan covenants and other debt instruments.

The principal factors that could negatively affect our ability to comply with these financial ratio covenants and other financial tests are poor operating performance of PLDT and its subsidiaries, depreciation of the Philippine Peso relative to the U.S. Dollar, impairment or similar charges in respect of investments or other long-lived assets that may be recognized by PLDT and its subsidiaries, and increases in our interest expense. Interest expense may increase as a result of various factors including issuance of new debt, the refinancing of lower cost indebtedness by higher cost indebtedness, depreciation of the Philippine Peso relative to the U.S. Dollar, the lowering of PLDT’s credit ratings or the credit ratings of the Philippines, increase in reference interest rates, and general market conditions. Of our total consolidated debts (net of consolidated debt discount), approximately 17% and 16% were denominated in U.S. Dollars as at December 31, 2022 and 2021, respectively. Considering our consolidated outstanding hedges, the unhedged portion of the PLDT’s net debt amounts was approximately 7% (or 5%, net of our consolidated U.S. Dollar cash balances allocated for debt) as at December 31, 2022 and 8% (or 5%, net of our consolidated U.S. Dollar cash balances allocated for debt) as at December 31, 2021. Therefore, the financial ratio and other tests are expected to be negatively affected by any weakening of the Philippine Peso relative to the U.S. Dollar. See Note 28 – Financial Assets and Liabilities – Foreign Currency Exchange Risk.

PLDT’s debt instruments contain a number of other negative covenants that, subject to certain exceptions and qualifications, restrict PLDT’s ability to take certain actions without lenders’ approval, including: (a) making or permitting any material change in the character of its business; (b) selling, leasing, transferring or disposing of all or substantially all of its assets or any significant portion thereof other than in the ordinary course of business; (c) creating any lien or security interest; (d) permitting set-off against amounts owed to PLDT; (e) merging or consolidating with any other company; and (f) making or permitting any preference or priority in respect of any other relevant indebtedness of PLDT.

PLDT’s debt instruments also contain customary and other default provisions that permit the lender to accelerate amounts due or terminate their commitments to extend additional funds under the debt instruments. These default provisions include: (a) cross-defaults that will be triggered only if the principal amount of the defaulted indebtedness exceeds a threshold amount specified in these debt instruments; (b) failure by PLDT to meet certain financial ratio covenants referred to above; (c) the occurrence of any material adverse change in circumstances that a lender reasonably believes materially impairs PLDT’s ability to perform its obligations under its debt instrument with the lender; (d) the revocation, termination or amendment of any of the permits or franchises of PLDT in any manner unacceptable to the lender; (e) the nationalization or sustained discontinuance of all or a substantial portion of PLDT’s business; and (f) other typical events of default, including the commencement of bankruptcy, insolvency, liquidation or winding up proceedings by PLDT.

Smart’s debt instruments contain certain restrictive covenants that require Smart to comply with specified financial ratios and other financial tests at semi-annual measurement dates. Smart’s loan agreements include compliance with financial tests such as Smart’s consolidated debt to consolidated EBITDA and interest coverage ratio. The agreements also contain customary and other default provisions that permit the lender to accelerate amounts due under the loans or terminate their commitments to extend additional funds under the loans. These default provisions include: (a) cross-defaults and cross-accelerations that permit a lender to declare a default if Smart is in default under another loan agreement. These cross-default provisions are triggered upon a payment or other default permitting the acceleration of Smart debt, whether or not the defaulted debt is accelerated; (b) failure by Smart to comply with certain financial ratio covenants; and (c) the occurrence of any material adverse change in circumstances that the lender reasonably believes materially impairs Smart’s ability to perform its obligations or impair the guarantors’ ability to perform their obligations under its loan agreements.

The loan agreements with banks (foreign and local alike) and other financial institutions provide for certain restrictions and requirements with respect to, among others, maintenance of percentage of ownership of specific shareholders, incurrence of additional long-term indebtedness or guarantees and creation of property encumbrances.

As at December 31, 2022 and 2021, we were in compliance with all of our debt covenants. See Note 28 – Financial Assets and Liabilities – Derivative Financial Instruments.