Cash and Cash Equivalents

12 Months Ended

Dec. 31, 2018

Cash And Cash Equivalents [Abstract]

Cash and Cash Equivalents

15. Cash and Cash Equivalents

As at December 31, 2018 and 2017, this account consists of:

	2018			2017
			(in million pesos)
Cash on hand and in banks (Note 27)		5,982			6,351
Temporary cash investments (Note 27)		45,672			26,554
		51,654			32,905

Cash in banks earn interest at prevailing bank deposit rates.  Temporary cash investments are made for varying periods of up to three months depending on our immediate cash requirements, and earn interest at the prevailing temporary cash investment rates.  Due to the short-term nature of such transactions, the carrying value approximates the fair value of our temporary cash investments.  See Note 27 – Financial Assets and Liabilities.

Interest income earned from cash in banks and temporary cash investments amounted to Php957 million, Php612 million and Php582 million for the years ended December 31, 2018, 2017 and 2016, respectively.