19.	Prepayments

As at December 31, 2017 and 2016, this account consists of:

	2017		2016
	(in million pesos)
Prepaid taxes		10,451		11,311
Prepaid rent		2,126		433
Prepaid fees and licenses		848		1,194
Prepaid benefit costs (Note 26)		400		261
Prepaid selling and promotions (Note 25)		289		494
Prepaid repairs and maintenance		207		232
Prepaid insurance (Note 25)		105		105
Other prepayments (Note 25)		577		531
		15,003		14,561
Less current portion of prepayments		9,633		7,505
Noncurrent portion of prepayments		5,370		7,056

Prepaid taxes include creditable withholding taxes and input VAT.

Prepaid benefit costs represent excess of fair value of plan assets over present value of defined benefit obligations recognized in our consolidated statements of financial position. See Note 26 – Employee Benefits.