Prepayments

12 Months Ended

Dec. 31, 2018

Text Block1 [Abstract]

Prepayments

18. Prepayments

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

	2018			2017
			(in million pesos)
Prepaid taxes		11,466			10,451
Prepaid fees and licenses		915			848
Prepaid rent		672			2,126
Prepaid benefit costs (Note 25)		393			400
Prepaid repairs and maintenance		204			207
Prepaid insurance (Note 24)		63			105
Prepaid selling and promotions (Note 24)		6			289
Other prepayments (Note 24)		296			577
		14,015			15,003
Less current portion of prepayments		7,760			9,633
Noncurrent portion of prepayments		6,255			5,370

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 25 – Employee Benefits.