Financial Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2023

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, 2023 and 2022:

	Financial instruments at amortized cost				Financial instruments at FVPL				Total financial instruments
	(in million pesos)
Assets as at December 31, 2023
Noncurrent:
Financial assets at fair value through profit or loss		—				578				578
Debt instruments at amortized cost – net of current portion		395				—				395
Derivative financial assets – net of current portion		—				96				96
Other financial assets – net of current portion		3,481		(1)		—				3,481
Current:
Cash and cash equivalents		16,177				—				16,177
Short-term investments		122				269		(2)		391
Trade and other receivables		26,086				—				26,086
Current portion of debt instruments at amortized cost		200				—				200
Current portion of other financial assets		320		(1)		—		(3)		320
Total assets		46,781				943				47,724
Liabilities as at December 31, 2023
Noncurrent:
Interest-bearing financial liabilities – net of current portion		243,152				—				243,152
Lease liabilities – net of current portion		41,625				—				41,625
Derivative financial liabilities – net of current portion		—				12				12
Customers' deposits		2,238				—				2,238
Deferred credits and other noncurrent liabilities		229				—				229
Current:
Accounts payable		77,050				—				77,050
Accrued expenses and other current liabilities		71,756				—				71,756
Current portion of interest-bearing financial liabilities		11,646				—				11,646
Current portion of lease liabilities		5,921				—				5,921
Dividends payable		1,912				—				1,912
Current portion of derivative financial liabilities		—				1,021				1,021
Liabilities associated with assets classified as held-for-sale		1,779				—				1,779
Total liabilities		457,308				1,033				458,341
Net liabilities		(410,527	)			(90	)			(410,617	)

(1)Includes refundable deposits and notes receivables.

(2)Includes investments in the funds of Credit Suisse and Julius Baer. In 2021, PLDT withdrew US$6.6 million from the Supply Chain Finance fund of Credit Suisse and impaired the remaining fund value of US$3.4 million. In November 2021, Smart invested US$5.0 million in the Focus Fixed Income Asia Defensive fund of Julius Baer. As at December 31, 2023, the fund’s value amounted to US$4.85 million.

(3)Includes RCBC Redemption Trust Account. See Note 19 – Equity – Redemption of Preferred Stock.

	Financial instruments at amortized cost				Financial instruments at FVPL				Total financial instruments
	(in million pesos)
Assets as at December 31, 2022
Noncurrent:
Financial assets at fair value through profit or loss		—				432				432
Debt instruments at amortized cost – net of current portion		596				—				596
Derivative financial assets – net of current portion		—				81				81
Other financial assets – net of current portion		3,489		(1)		—				3,489
Current:
Cash and cash equivalents		25,211				—				25,211
Short-term investments		129				254		(2)		383
Trade and other receivables		26,255				—				26,255
Current portion of other financial assets		206		(1)		—		(3)		206
Total assets		55,886				767				56,653
Liabilities as at December 31, 2022
Noncurrent:
Interest-bearing financial liabilities – net of current portion		217,288				—				217,288
Lease liabilities – net of current portion		31,958				—				31,958
Derivative financial liabilities – net of current portion		—				190				190
Customers' deposits		2,313				—				2,313
Deferred credits and other noncurrent liabilities		363				—				363
Current:
Accounts payable		101,135				—				101,135
Accrued expenses and other current liabilities		74,227				—				74,227
Current portion of interest-bearing financial liabilities		32,292				—				32,292
Current portion of lease liabilities		10,477				—				10,477
Dividends payable		1,821				—				1,821
Current portion of derivative financial liabilities		—				960				960
Liabilities associated with assets classified as held-for-sale		1,738				—				1,738
Total liabilities		473,612				1,150				474,762
Net liabilities		(417,726	)			(383	)			(418,109	)

(1)Includes refundable deposits and notes receivables.

(2)Includes investments in the funds of Credit Suisse and Julius Baer. PLDT withdrew US$6.6 million from the Supply Chain Finance fund of Credit Suisse in 2021. As at December 31, 2021, the fund’s value is US$3.4 million which was fully impaired as at year-end. In November 2021, Smart invested US$5.0 million in the Focus Fixed Income Asia Defensive fund of Julius Baer. As at December 31, 2022, the fund’s value is US$4.5 million.

(3)Includes RCBC Redemption Trust Account. See Note 19 – Equity – Redemption of Preferred Stock.

Summary of Consolidated Offsetting of Financial Assets and Liabilities

The following table sets forth our consolidated offsetting of financial assets and liabilities recognized as at
December 31, 2023 and 2022:

	Gross amounts of recognized financial assets and liabilities		Gross amounts of recognized financial assets and liabilities set-off in the consolidated  statements of financial position		Net amount presented in the consolidated statements of financial position
	(in million pesos)
December 31, 2023
Current Financial Assets
Trade and other receivables
Foreign administrations		4,606		3,480		1,126
Domestic carriers		332		145		187
Total		4,938		3,625		1,313
Current Financial Liabilities
Accounts payable
Suppliers and contractors		74,542		24		74,518
Carriers and others		4,713		2,351		2,362
Total		79,255		2,375		76,880
December 31, 2022
Current Financial Assets
Trade and other receivables
Foreign administrations		5,160		4,236		924
Domestic carriers		492		197		295
Total		5,652		4,433		1,219
Current Financial Liabilities
Accounts payable
Suppliers and contractors		98,700		44		98,656
Carriers and others		4,757		2,548		2,209
Total		103,457		2,592		100,865

Disclosure Of Carrying Amount And Fair Value Of Financial Instruments Explanatory

The following table sets forth our consolidated carrying values and estimated fair values of our financial assets and liabilities recognized as at December 31, 2023 and 2022 other than those whose carrying amounts are reasonable approximations of fair values:

	Carrying Value				Fair Value
	2023		2022		2023		2022
	(in million pesos)
Noncurrent Financial Assets
Debt instruments at amortized cost		395		596		387		573
Other financial assets – net of current portion		3,481		3,489		3,184		3,278
Total		3,876		4,085		3,571		3,851
Noncurrent Financial Liabilities
Interest-bearing financial liabilities:
Long-term debt – net of current portion		243,152		217,288		232,195		201,703
Customers' deposits		2,238		2,313		1,425		1,449
Deferred credits and other noncurrent liabilities		229		363		225		307
Total		245,619		219,964		233,845		203,459

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, 2023 and 2022. This classification provides a reasonable basis to illustrate the nature and extent of risks associated with those financial statements.

	2023								2022
	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		—		575		3		578		—		407		25		432
Derivative financial assets    – net of current portion		—		96		—		96		—		81		—		81
Current Financial Assets
Short-term investments		—		269		—		269		—		254		—		254
Current portion of derivative    financial assets		—		—		—		—		—		—		—		-
Current portion of other    financial assets		—		—		—		—		—		—		—		—
Total		—		940		3		943		—		742		25		767
Noncurrent Financial Liabilities
Derivative financial liabilities    – net of current portion		—		12		—		12		—		190		—		190
Current Financial Liabilities
Current portion of derivative    financial liabilities		—		1,021		—		1,021		—		960		—		960
Total		—		1,033		—		1,033		—		1,150		—		1,150

(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, 2023 and 2022:

									2023					2022
	Original Notional Amount	Trade Date	Underlying Transaction in U.S. Dollar	Termination Date	Weighted Average Hedge Cost		Weighted Average Foreign Exchange Rate		Notional Amount		Net Mark-to- market Gains (Losses) in Php			Notional Amount		Net Mark-to- market Gains (Losses) in Php
	(in millions)		(in millions)						(in millions)
Transactions not designated as hedges:
PLDT
Forward foreign exchange contracts	US$396	Various dates in October to December 2023	U.S. Dollar Liabilities	Various dates in January to June 2024		—	Php56.557		US$396			(448	)	US$257			(353	)
	US$206	Various dates in October to December 2023	U.S. Dollar Liabilities	Various dates in January to June 2024		—	Php56.432			—		—			—		—
Forward exchange options    capped forward	US$6	Various dates in October 2021	U.S. Dollar Liabilities	Various dates in April and May 2022		—	Php50.08			—		—			—		—
Foreign exchange options seagull(a)	US$7	June 10, 2022	U.S. Dollar Liabilities	January 9, 2023		—	Php52.64			—		—			7		(7	)
						—	Php52.96			—		—			—		—
						—	Php54.00			—		—			—		—
												(448	)				(360	)
Smart
Forward foreign exchange contracts	US$449	Various dates in June 2023 to December 2023	U.S. Dollar Liabilities	Various dates in January to October 2024		—	Php56.549		US$449			(493	)		—		—
	US$94	Various dates in June 2023 to December 2023	U.S. Dollar Liabilities	Various dates in October 2023 to February 2024		—	Php56.838			—		—			—		—
	US$369	Various dates in July to December 2022	U.S. Dollar Liabilities	Various dates in January to June 2023		—	Php57.08			—		—		US$369			(481	)
	US$157	Various dates in January and February 2023	U.S. Dollar Liabilities	Various dates in February to July 2023		—	Php54.93			—		—			—		—
Subsidized forwards(b)	US$52	Various dates in November 2021	U.S. Dollar Liabilities	Various dates in April and May 2022		—	Php50.38 Php51.65			—		—			—		—
Foreign exchange options seagull(c)	US$15	Various dates in June 2023	U.S. Dollar Liabilities	Various dates in February 2024		—	Php55.94		US$15			(1	)		—		—
	US$71	Various dates in June 2022	U.S. Dollar Liabilities	Various dates in October 2022 to February 2023		—	Php52.82 Php53.37 Php54.46			—		—		US$37			(40	)
												(494	)				(521	)
												(942	)				(881	)
Transactions designated as hedges:
PLDT
Interest rate swaps(d)	US$150	April and June 2015	200 Term Loan	February 25, 2022	2.70%			—		—		—			—		—
Long-term currency swaps(e)	US$27	November 2018 to August 2020	200 MUFG Bank, Ltd.	February 25, 2022	2.15%			—		—		—			—		—
Long-term foreign currency options(f)	US$290	Various dates in July 2020 and February to March 2021	300M Notes 2031	January 23, 2031	1.20%		Php49.61 Php55.28		US$290			(87	)	US$290			(265	)
												(87	)				(265	)
Smart
Long-term currency swaps(g)	US$6	August 2020	100 Mizuho	December 7, 2022	1.99%			—		—		—			—		—
Long-term foreign currency options(h)	US$109	February to April 2021	140 PNB	December 13, 2030	1.63%		Php48.00 Php53.34		US$77			92		US$88			77
												92					77
												5					(188	)
												(937	)				(1,069	)

If the Philippine Peso to U.S. dollar spot exchange rate on fixing date settles between Php52.96 to Php54.00, PLDT will purchase the U.S. Dollar for Php52.96. However, if on maturity, the exchange rate settles above Php54.00, PLDT will purchase the U.S. Dollar for Php52.96 plus the excess above Php54.00, and if the exchange rate is lower than Php52.96, PLDT will purchase the U.S. Dollar at the prevailing Philippine peso to U.S. Dollar spot exchange rate, subject to a floor of Php52.64

(b)If the Philippine Peso to U.S. Dollar spot exchange rate on fixing date settles above Php51.65, Smart will purchase the U.S. Dollar for Php50.38 plus the excess above Php51.65, and if the exchange rate is at or lower than Php51.65, Smart will purchase the U.S. Dollar at Php50.38.

(c)If the Philippine Peso to U.S. Dollar spot exchange rate on fixing date settles between Php55.85 to Php56.87, Smart will purchase the U.S. Dollar for Php55.85. However, if on maturity, the exchange rate settles above Php56.87, Smart will purchase the U.S. Dollar for Php55.85 plus the excess above Php56.87, and if the exchange rate is lower than Php55.85, Smart will purchase the U.S. Dollar at the prevailing Philippine Peso to U.S. Dollar spot exchange rate, subject to a floor of Php55.17.

(d)PLDT’s interest rate swap agreements, which matured on February 25, 2022, 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. There were no ineffective portion in the fair value recognized in our consolidated income statements for the years ended December 31, 2021.

(e)PLDT’s long-term principal only-currency swap agreements, which matured on February 25, 2022, were designated as cash flow hedges, wherein effective portion of the movements in the fair value is recognized in our consolidated statements of other comprehensive income, while any ineffective portion is recognized immediately in our consolidated income statements. The amounts 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 Php0.5 million was recognized in our consolidated income statements for the year ended
December 31, 2021.

(f)PLDT’s long-term foreign currency option agreements outstanding as at December 31, 2023 and 2022 were designated as cash flow hedges, wherein the effective portion of the movements in fair value is recognized in our consolidated statements of other comprehensive income, while any ineffective portion is recognized immediately in our consolidated income statements. Settlement of the foreign currency option agreements will depend on the spot exchange rate on the fixing date. If the Philippine peso to U.S. dollar spot exchange rate on fixing date is between Php49.61 and Php55.28, PLDT will purchase the U.S. dollar at Php49.61. However, if on fixing date, the exchange rate is beyond Php55.28, PLDT will purchase the U.S. dollar at the prevailing Philippine peso to U.S. dollar spot exchange rate minus a subsidy of Php5.67, and if the exchange rate is lower than Php49.61, PLDT will purchase the U.S. dollar at the prevailing Philippine peso to U.S. dollar spot exchange rate. The mark-to-market losses amounting to Php119 million and
Php190 million were recognized in our consolidated statement of other comprehensive income as at December 31, 2023 and 2022, respectively. Hedge cost accrual on the long-term foreign currency option agreements amounting to
Php32 million and Php75 million was recognized as at December 31, 2023 and 2022, respectively. The intrinsic value of the long-term foreign currency options recognized as other comprehensive income are transferred to profit or loss when the hedged loan is revalued for changes in the foreign exchange rate. The hedge cost portion of the movements in the fair value amounting to Php39 million, Php4 million and Php89 million were recognized in our consolidated income statements for the years ended December 31, 2023, 2022 and 2021, respectively.

(g)Smart’s long-term principal only-currency swap agreements, which matured on December 7, 2022, 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. The amounts 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 portions of the movements in the fair value amounting to Php309 thousand was recognized in our consolidated income statements for the year ended December 31, 2021.

(h)Smart’s long-term foreign currency option agreements outstanding as at December 31, 2023 and 2022 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 at the prevailing Philippine Peso to U.S. Dollar spot exchange rate minus a subsidy of Php5.34, 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 Php96 million and
Php81 million were recognized in our consolidated statement of other comprehensive income as at December 31, 2023 and 2022, respectively. Hedge cost accrual on the long-term foreign currency option agreements amounting to
Php3 million each was recognized as at December 31, 2023 and 2022. 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 Php12 million and Php5 million were recognized in our consolidated income statements for the years ended
December 31, 2023 and 2022, respectively.

Summary of Derivative Financial Instruments by Classification

Our derivative financial instruments as at December 31, 2023 and 2022 are presented in the statements of financial position as follows:

	2023			2022
	(in million pesos)
Noncurrent assets		96			81
Noncurrent liabilities (Note 28)		(12	)		(190	)
Current liabilities (Note 28)		(1,021	)		(960	)
Net liabilities		(937	)		(1,069	)

Summary of Movements of Consolidated Mark-to-Market Losses

Movements of our consolidated mark-to-market gains (losses) for the years ended December 31, 2023 and 2022 are summarized as follows:

	2023			2022
	(in million pesos)
Net mark-to-market losses at beginning of the year		(1,069	)		(74	)
Gains on derivative financial instruments (Note 4)		1,436			2,572
Settlements and interest expense		607			1,135
Effective portion recognized in the profit or loss for the cash flow hedges		(66	)		(77	)
Net fair value losses on cash flow hedges charged to other comprehensive income		(1,674	)		(3,228	)
Others		(171	)		(1,397	)
Net mark-to-market losses at end of the year		(937	)		(1,069	)

Disclosure Of Gains (Losses) On Derivative Financial Instruments Explanatory

Our consolidated analysis of gains on derivative financial instruments for the years ended December 31, 2023, 2022 and 2021 are as follows:

	2023				2022			2021
				(in million pesos)
Gains (losses) on derivative financial instruments (Note 4)		1,436				2,572			1,651
Hedge costs		(238	)			(250	)		(251	)
Net gains (losses) on derivative financial instruments (Notes 4 and 5)		1,198				2,322			1,400

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, 2023 and 2022:

	Total		Less than 1 year		1-3 years		3-5 years		More than 5 years
	(in million pesos)
December 31, 2023
Financial instruments at amortized cost:		54,271		50,127		3,530		412		202
Debt instruments at amortized cost		595		200		45		340		10
Other financial assets		4,069		320		3,485		72		192
Temporary cash investments		6,184		6,184		—		—		—
Short-term investments		122		122		—		—		—
Retail subscribers		19,894		19,894		—		—		—
Corporate subscribers		15,934		15,934		—		—		—
Foreign administrations		1,250		1,250		—		—		—
Domestic carriers		188		188		—		—		—
Dealers, agents and others		6,035		6,035		—		—		—
Financial instruments at FVPL:		1,021		443		—		—		578
Financial assets at fair value through profit or loss		578		—		—		—		578
Short-term investments		443		443		—		—		—
Total		55,292		50,570		3,530		412		780
December 31, 2022
Financial instruments at amortized cost:		53,604		48,929		3,740		852		83
Debt instruments at amortized cost		596		—		225		361		10
Other financial assets		4,285		206		3,515		491		73
Temporary cash investments		8,678		8,678		—		—		—
Short-term investments		129		129		—		—		—
Retail subscribers		17,216		17,216		—		—		—
Corporate subscribers		15,151		15,151		—		—		—
Foreign administrations		1,058		1,058		—		—		—
Domestic carriers		296		296		—		—		—
Dealers, agents and others		6,195		6,195		—		—		—
Financial instruments at FVPL:		860		428		—		—		432
Financial assets at fair value through profit or loss		432		—		—		—		432
Short-term investments		428		428		—		—		—
Total		54,464		49,357		3,740		852		515

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, 2023 and 2022:

	Payments Due by Period
	Total		Less than 1 year		1-3 years		3-5 years		More than 5 years
	(in million pesos)
December 31, 2023
Debt(1):		341,848		7,430		77,131		65,342		191,945
Principal		256,927		7,250		43,292		47,648		158,737
Interest		84,921		180		33,839		17,694		33,208
Lease obligations		151,905		36,287		49,856		36,924		28,838
Various trade and other obligations:		151,062		148,560		427		28		2,047
Suppliers and contractors		74,716		74,518		194		4		—
Utilities and related expenses		61,079		61,044		35		—		—
Carriers and others		2,362		2,362		—		—		—
Employee benefits		5,510		5,510		—		—		—
Customer deposits		2,238		—		167		24		2,047
Dividends		1,912		1,912		—		—		—
Others		3,245		3,214		31		—		—
Total contractual obligations		644,815		192,277		127,414		102,294		222,830
December 31, 2022
Debt(1):		320,907		30,001		65,159		55,632		170,115
Principal		251,859		29,203		37,885		41,593		143,178
Interest		69,048		798		27,274		14,039		26,937
Lease obligations		62,216		14,658		13,504		10,591		23,463
Various trade and other obligations:		178,246		175,566		610		38		2,032
Suppliers and contractors		98,972		98,656		307		9		—
Utilities and related expenses		63,613		63,609		4		—		—
Carriers and others		2,209		2,209		—		—		—
Customers’ deposits		2,313		—		252		29		2,032
Employee benefits		6,615		6,615		—		—		—
Dividends		1,821		1,821		—		—		—
Others		2,703		2,656		47		—		—
Total contractual obligations		561,369		220,225		79,273		66,261		195,610

(1)Consists of long-term and short-term debts, including current portion, gross of unamortized debt discount/premium and debt issuance costs.

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

Our consolidated future minimum lease commitments payable with non-cancellable leases as at December 31, 2023 and 2022 are as follows:

	2023		2022
	(in million pesos)
Within one year		36,287		14,658
After one year but not more than five years		86,780		24,095
More than five years		28,838		23,463
Total		151,905		62,216

Summary of Impact of Hedging Instruments

The impact of the hedging instruments on our consolidated statements of financial position as at December 31, 2023 and 2022 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, 2023
Long-term foreign currency options		367		96		Derivative financial assets – net of current portion
		—		(12	)	Derivative financial liabilities – net of current portion
		367		84
December 31, 2022
Long-term foreign currency options		378		81		Derivative financial assets – net of current portion
		—		(190	)	Derivative financial liabilities – net of current portion
		378		(109	)

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, 2023 and 2022 are as follows:

		2023					2022
		Cash flow hedge reserve			Cost of hedging reserve		Cash flow hedge reserve			Cost of hedging reserve
	(in million pesos)
PLDT:
US$300M Notes 2031			(4,546	)		75		(3,288	)		75
			(4,546	)		75		(3,288	)		75
Smart:
US$140M PNB			(1,599	)		3		(1,182	)		3
			(1,599	)		3		(1,182	)		3

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

The effect of the cash flow hedge on our consolidated statements of financial position as at December 31, 2023 and 2022 are as follows:

	Total hedging loss recognized in OCI			Line item in our Consolidated Statements of Financial Position
	(in million pesos)
December 31, 2023
Long-term foreign currency options		(6,145	)	Other comprehensive loss
		(6,145	)
December 31, 2022
Long-term foreign currency options		(4,470	)	Other comprehensive loss
		(4,470	)

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, 2023 and 2022:

	2023				2022
	U.S. Dollar		Php(1)		U.S. Dollar		Php(2)
	(in millions)
Noncurrent Financial Assets
Derivative financial assets – net of current portion		2		96		1		81
Other financial assets – net of current portion		—		—		—		1
Total noncurrent financial assets		2		96		1		82
Current Financial Assets
Cash and cash equivalents		76		4,232		287		16,002
Short-term investments		5		269		5		254
Trade and other receivables – net		115		6,411		132		7,385
Current portion of other financial assets		—		12		—		12
Total current financial assets		196		10,924		424		23,653
Total Financial Assets		198		11,020		425		23,735
Noncurrent Financial Liabilities
Interest-bearing financial liabilities – net of current portion		681		37,719		719		40,153
Derivative financial liabilities – net of current portion		—		12		3		190
Other noncurrent liabilities		—		27		—		27
Total noncurrent financial liabilities		681		37,758		722		40,370
Current Financial Liabilities
Accounts payable		1,314		72,797		1,339		74,720
Accrued expenses and other current liabilities		207		11,481		218		12,184
Current portion of interest-bearing financial liabilities		39		2,149		39		2,165
Current portion of derivative financial liabilities		18		1,021		17		960
Total current financial liabilities		1,578		87,448		1,613		90,029
Total Financial Liabilities		2,259		125,206		2,335		130,399

(1)The exchange rate used to convert the U.S. Dollar amounts into Philippine Peso was Php55.42 to US$1.00, the Philippine Peso-U.S. Dollar exchange rate as quoted through the Bankers Association of the Philippines, or BAP, as at December 31, 2023.

(2)The exchange rate used to convert the U.S. Dollar amounts into Philippine Peso was Php55.82 to US$1.00, the Philippine Peso-U.S. Dollar exchange rate as quoted through the BAP as at December 31, 2022.

Summary of Trade and Other Receivables

As at December 31, 2023 and 2022, this account consists of receivables from:

	2023		2022
	(in million pesos)
Retail subscribers (Note 27)		19,894		17,216
Corporate subscribers (Note 27)		15,934		15,151
Foreign administrations (Note 27)		1,250		1,058
Domestic carriers (Note 27)		188		296
Dealers, agents and others (Note 27)		6,035		6,195
		43,301		39,916
Less: Allowance for expected credit losses		17,215		13,661
		26,086		26,255

The gross carrying amount of financial assets not subject to impairment also represents our maximum exposure to credit risk as at December 31, 2023 and 2022 are as follows:

	2023		2022
	(in million pesos)
Financial assets at fair value through profit or loss		578		432
Derivative financial assets – net of current portion		96		81
Short-term investments		269		254
Total		943		767

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, 2023 and 2022, the gross exposure to credit risk equal their carrying amount.

For financial guarantees granted, the maximum exposure to credit risk is the maximum amount that we would have to pay if the guarantees are called upon. For loan commitments and other credit related commitments that are irrevocable over the life of the respective facilities, the maximum exposure to credit risk is the full amount of the committed facilities.

	December 31, 2023
	Stage 1 12-Month ECL		Stage 2 Lifetime ECL		Stage 3 Lifetime ECL		Total
	(in million pesos)
High grade		20,424		11,070		—		31,494
Standard grade		271		3,683		—		3,954
Substandard grade		—		11,333		—		11,333
Default		442		4,190		13,025		17,657
Gross carrying amount		21,137		30,276		13,025		64,438
Less allowance		442		4,190		13,025		17,657
Carrying amount		20,695		26,086		—		46,781
	December 31, 2022
	Stage 1 12-Month ECL		Stage 2 Lifetime ECL		Stage 3 Lifetime ECL		Total
	(in million pesos)
High grade		29,328		12,380		—		41,708
Standard grade		303		4,445		—		4,748
Substandard grade		—		9,430		—		9,430
Default		764		4,236		9,425		14,425
Gross carrying amount		30,395		30,491		9,425		70,311
Less allowance		764		4,236		9,425		14,425
Carrying amount		29,631		26,255		—		55,886

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, 2023 and 2022:

	2023
	Gross Maximum Exposure		Collateral and Other Credit Enhancements*		Net Maximum Exposure
	(in million pesos)
Financial instruments at amortized cost:		46,781		521		46,260
Debt instruments at amortized cost		595		—		595
Other financial assets		3,801		—		3,801
Cash and cash equivalents		16,177		146		16,031
Short-term investments		122		—		122
Corporate subscribers		9,988		338		9,650
Retail subscribers		10,196		37		10,159
Foreign administrations		1,126		—		1,126
Domestic carriers		187		—		187
Dealers, agents and others		4,589		—		4,589
Financial instruments at FVPL:		943		—		943
Financial assets at FVPL		578		—		578
Long-term foreign currency options		96		—		96
Short-term investments		269		—		269
Total		47,724		521		47,203

* Includes bank insurance, security deposits and customer deposits. We have no collateral held as at December 31, 2023.

	2022
	Gross Maximum Exposure		Collateral and Other Credit Enhancements*		Net Maximum Exposure
	(in million pesos)
Financial instruments at amortized cost:		55,886		505		55,381
Debt instruments at amortized cost		596		—		596
Other financial assets		3,695		—		3,695
Cash and cash equivalents		25,211		105		25,106
Short-term investments		129		—		129
Retail subscribers		10,327		46		10,281
Corporate subscribers		10,052		354		9,698
Foreign administrations		924		—		924
Domestic carriers		295		—		295
Dealers, agents and others		4,657		—		4,657
Financial instruments at FVPL:		767		—		767
Financial assets at FVPL		432		—		432
Long-term foreign currency options		81		—		81
Short-term investments		254		—		254
Total		56,653		505		56,148

* Includes bank insurance, security deposits and customer deposits. We have no collateral held as at December 31, 2022.

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, 2023 and 2022:

			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, 2023
Financial instruments at amortized cost:		64,264		31,494		3,954		11,333		17,483
Debt instruments at amortized cost		595		595		—		—		—
Other financial assets		4,069		3,800		1		—		268
Cash and cash equivalents		16,177		15,907		270		—		—
Short-term investments		122		122		—		—		—
Retail subscribers		19,894		8,083		266		1,847		9,698
Corporate subscribers		15,934		2,341		1,390		6,257		5,946
Foreign administrations		1,250		90		529		507		124
Domestic carriers		188		1		92		94		1
Dealers, agents and others		6,035		555		1,406		2,628		1,446
Financial instruments at FVPL:		1,117		701		242		—		174
Financial assets at FVPL		578		336		242		—		—
Long-term foreign currency options		96		96		—		—		—
Short-term investments		443		269		—		—		174
Total		65,381		32,195		4,196		11,333		17,657
December 31, 2022
Financial instruments at amortized cost:		70,137		41,708		4,748		9,430		14,251
Debt instruments at amortized cost		596		596		—		—		—
Other financial assets		4,285		3,694		1		—		590
Cash and cash equivalents		25,211		24,909		302		—		—
Short-term investments		129		129		—		—		—
Retail subscribers		17,216		7,782		458		2,087		6,889
Corporate subscribers		15,151		3,959		1,543		4,550		5,099
Foreign administrations		1,058		289		210		425		134
Domestic carriers		296		111		30		154		1
Dealers, agents and others		6,195		239		2,204		2,214		1,538
Financial instruments at FVPL:		941		604		163		—		174
Financial assets at FVPL		432		269		163		—		—
Long-term foreign currency options		81		81		—		—		—
Short-term investments		428		254		—		—		174
Total		71,078		42,312		4,911		9,430		14,425

(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, 2023 and 2022 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, 2023
Financial instruments at amortized cost:		64,264		35,448		3,505		618		7,210		17,483
Debt instruments at amortized cost		595		595		—		—		—		—
Other financial assets		4,069		3,801		—		—		—		268
Cash and cash equivalents		16,177		16,177		—		—		—		—
Short-term investments		122		122		—		—		—		—
Retail subscribers		19,894		8,349		1,603		223		21		9,698
Corporate subscribers		15,934		3,731		1,500		248		4,509		5,946
Foreign administrations		1,250		619		164		87		256		124
Domestic carriers		188		93		39		20		35		1
Dealers, agents and others		6,035		1,961		199		40		2,389		1,446
Financial instruments at FVPL:		1,117		943		—		—		—		174
Financial assets at FVPL		578		578		—		—		—		—
Long-term foreign currency options		96		96		—		—		—		—
Short-term investments		443		269		—		—		—		174
Total		65,381		36,391		3,505		618		7,210		17,657
December 31, 2022
Financial instruments at amortized cost:		70,137		46,456		3,289		1,709		4,432		14,251
Debt instruments at amortized cost		596		596		—		—		—		—
Other financial assets		4,285		3,695		—		—		—		590
Cash and cash equivalents		25,211		25,211		—		—		—		—
Short-term investments		129		129		—		—		—		—
Retail subscribers		17,216		8,240		1,439		372		276		6,889
Corporate subscribers		15,151		5,502		1,615		1,214		1,721		5,099
Foreign administrations		1,058		499		37		14		374		134
Domestic carriers		296		141		72		26		56		1
Dealers, agents and others		6,195		2,443		126		83		2,005		1,538
Financial instruments at FVPL:		941		767		—		—		—		174
Financial assets at FVPL		432		432		—		—		—		—
Long-term foreign currency options		81		81		—		—		—		—
Short-term investments		428		254		—		—		—		174
Total		71,078		47,223		3,289		1,709		4,432		14,425

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, 2023 and 2022. Financial instruments that are not subject to interest rate risk were not included in the table.

As at December 31, 2023

	In U.S. Dollars																			Fair Value
	Below 1 year		1-2 years		2-3 years		3-5 years		Over 5 years			Total		In Php		Discount/ Debt Issuance Cost In Php		Carrying Value In Php		In U.S. Dollar		In Php
																(in millions)
Assets:
Debt Instruments at Amortized Cost
Philippine Peso		4		—		—		6		—			10		595		—		595		10		587
Interest rate	2.3750% to 2.9000%		4.2500% to 4.2500%		6.2500% to 6.2500%		4.6250% to 4.8750%			6.5000	%		—		—		—		—		—		—
Cash in Bank
U.S. Dollar		15		—		—		—		—			15		850		—		850		15		850
Interest rate	0.0500% to 0.5000%			—		—		—		—			—		—		—		—		—		—
Philippine Peso		128		—		—		—		—			128		7,082		—		7,082		128		7,082
Interest rate	0.0500% to 1.5000%			—		—		—		—			—		—		—		—		—		—
Temporary Cash Investments
U.S. Dollar		35		—		—		—		—			35		1,933		—		1,933		35		1,933
Interest rate	4.9000% to 5.1250%			—		—		—		—			—		—		—		—		—		—
Philippine Peso		77		—		—		—		—			77		4,251		—		4,251		77		4,251
Interest rate	0.2500% to 6.2500%			—		—		—		—			—		—		—		—		—		—
Short-term Investments
Philippine Peso		2		—		—		—		—			2		122		—		122		2		122
Interest rate	0.5000% to 6.1000%			—		—		—		—			—		—		—		—		—		—
		261		—		—		6		—			267		14,833		—		14,833		267		14,825
Liabilities:
Long-term Debt
Fixed Rate
U.S. Dollar Notes		—		—		—		—		600			600		33,251		560		32,691		466		25,845
Interest rate		—		—		—		—	2.5000% to 3.4500%				—		—		—		—		—		—
Philippine Peso		72		377		227		564		334			1,574		87,225		748		86,477		1,471		81,545
Interest rate	5.1021% to 5.2813%		4.0000% to 5.3500%		4.0000% to 5.3500%		4.0000% to 5.2000%		4.0000% to 5.1560%				—		—		—		—		—		—
Variable Rate
U.S. Dollar Loans		25		28		14		42		14			123		6,816		28		6,788		123		6,816
Interest rate	SOFR + 1.47826%		SOFR + 1.31161%		SOFR + 1.31161%		SOFR + 1.31161%		SOFR + 1.31161%				—		—		—		—		—		—
Philippine Peso		33		99		36		254		1,916			2,338		129,635		793		128,842		2,339		129,635
Interest rate	0.5000% over PHP BVAL		0.6000% to 1.0000% over PHP BVAL (floor rate 4.5000% to 4.6250%)		0.6000% to 1.0000% over PHP BVAL (floor rate 4.5000% to 4.6250%)		0.6000% to 1.0000% over PHP BVAL (floor rate 4.5000% to 4.6250%)		0.6000% to 0.9000% over PHP BVAL (floor rate 4.5000% to 4.6250%)				—		—		—		—		—		—
Short-term Debt
Notes Payable
		130		504		277		860		2,864			4,635		256,927		2,129		254,798		4,399		243,841

As at December 31, 2022

	In U.S. Dollars																				Fair Value
	Below 1 year		1-2 years		2-3 years			3-5 years		Over 5 years			Total		In Php		Discount/ Debt Issuance Cost In Php		Carrying Value In Php		In U.S. Dollar		In Php
																	(in millions)
Assets:
Debt Instruments at Amortized Cost
Philippine Peso		—		4		1			6		—			11		596		—		596		10		573
Interest rate		—	2.3750% to 2.9000%			4.2500	%	4.6250% to 6.2500%			6.5000	%		—		—		—		—		—		—
Cash in Bank
U.S. Dollar		23		—		—			—		—			23		1,264		—		1,264		23		1,264
Interest rate	0.0500% to 1.0000%			—		—			—		—			—		—
Philippine Peso		123		—		—			—		—			123		6,863		—		6,863		123		6,863
Interest rate	0.0500% to 1.5000%			—		—			—		—			—		—		—		—		—		—
Temporary Cash Investments
U.S. Dollar		127		—		—			—		—			127		7,092		—		7,092		127		7,092
Interest rate	3.5000% to 4.7500%			—		—			—		—			—		—
Philippine Peso		28		—		—			—		—			28		1,586		—		1,586		28		1,586
Interest rate	2.8000% to 5.0000%			—		—			—		—			—		—		—		—		—		—
Short-term Investments
Philippine Peso		2		—		—			—		—			2		129		—		129		2		129
Interest rate	0.5000% to 2.0000%			—		—			—		—			—		—
		303		4		1			6		—			314		17,530		—		17,530		313		17,507
Liabilities:
Long-term Debt
Fixed Rate
U.S. Dollar Notes		—		—		—			—		600			600		33,489		597		32,892		435		24,316
Interest rate		—		—		—			—	2.5000% to 3.4500%				—		—		—		—		—		—
Philippine Peso		319		124		340			576		540			1,899		106,018		919		105,099		1,744		97,327
Interest rate	3.9500% to 4.0000%		3.9500% to 5.1560%		4.0000% to 5.3500%			4.0000% to 5.3500%		4.0000% to 5.2000%				—		—		—		—		—		—
Variable Rate
U.S. Dollar Loans		25		53		14			28		42			162		9,042		40		9,002		162		9,042
Interest rate	LIBOR + 1.0500%		LIBOR + 1.0500%		LIBOR + 1.0500%			LIBOR + 1.0500%		LIBOR + 1.0500%				—		—		—		—		—		—
Philippine Peso		34		93		55			141		1,383			1,706		93,310		723		92,587		1,672		93,310
Interest rate		—	0.5000% to 1.0000% over PHP BVAL (floor rate 4.5000% to 4.6250%)		0.6000% to 1.0000% over PHP BVAL (floor rate 4.5000% to 4.6250%)			0.6000% to 1.0000% over PHP BVAL (floor rate 4.5000% to 4.6250%)		0.6000% to 1.0000% over PHP BVAL (floor rate 4.5000% to 4.6250%)				—		—		—		—		—		—
Short-term Debt
Notes Payable
Philippine Peso		179		—		—			—		—			179		10,000		—		10,000		179		10,000
Interest rate	2.6000 to 5.1600%			—		—			—		—			—		—		—		—		—		—
		557		270		409			745		2,565			4,546		251,859		2,279		249,580		4,192		233,995