Employee Benefits (Tables)

12 Months Ended

Dec. 31, 2018

Defined Benefit Pension Plans [member]

Disclosure Of Defined Benefit Plans [Line Items]

Summary of Changes in Present Value of Defined Benefit Obligations, Fair Value of Plan Assets and Components of Net Periodic Benefit Costs

PLDT’s actuarial valuation is performed every year-end.  Based on the latest actuarial valuation, the actual present value of accrued (prepaid) benefit costs, net periodic benefit costs and average assumptions used in developing the valuation as at and for the years ended December 31, 2018, 2017 and 2016 are as follows:

	2018			2017			2016
				(in million pesos)
Changes in the present value of defined benefit obligations:
Present value of defined benefit obligations at beginning of the year		21,503			23,142			21,602
Interest costs on benefit obligation		1,227			1,180			1,071
Service costs		1,063			1,158			1,066
Actual benefits paid/settlements		(887	)		(2,723	)		(241	)
Actuarial losses – experience		419			423			369
Actuarial gains – economic assumptions		(2,611	)		(1,277	)		(694	)
Curtailments and others (Note 5)		(31	)		(400	)		(31	)
Present value of defined benefit obligations at end of the year		20,683			21,503			23,142
Changes in fair value of plan assets:
Fair value of plan assets at beginning of the year		12,534			11,960			11,439
Actual contributions		5,110			5,122			5,708
Interest income on plan assets		770			641			600
Actual benefits paid/settlements		(887	)		(2,723	)		(241	)
Return on plan assets (excluding amount included in net interest)		(3,988	)		(2,466	)		(5,546	)
Fair value of plan assets at end of the year		13,539			12,534			11,960
Unfunded status – net		(7,144	)		(8,969	)		(11,182	)
Accrued benefit costs		7,159			8,984			11,197
Prepaid benefit costs (Note 18)		15			15			15
Components of net periodic benefit costs:
Service costs		1,063			1,158			1,066
Interest costs – net		457			539			471
Curtailment/settlement losses and other adjustments		21			(341	)		—
		1,541			1,356			1,537

Summary of Expected Future Settlements

The following table sets forth the expected future settlements by the Plan of maturing defined benefit obligation as at December 31, 2018:

	(in million pesos)
2019		368
2020		396
2021		566
2022		768
2023		1,102
2024 to 2064		105,007

Summary of Weighted Average Assumptions Used to Determine Pension Benefits

The weighted average assumptions used to determine pension benefits for the years ended December 31, 2018, 2017 and 2016 are as follows:

	2018			2017			2016
Rate of increase in compensation		6.0	%		6.0	%		6.0	%
Discount rate		7.3	%		5.8	%		5.3	%

Summary of Sensitivity Analysis on Defined Benefit Obligation

The sensitivity analysis below has been determined based on reasonably possible changes of each significant assumption on the defined benefit obligation as at December 31, 2018 and 2017, assuming if all other assumptions were held constant:

	Increase (Decrease)
	(in million pesos)
Discount rate	1%	(664	)
	(1%)	1,011
Future salary increases	1%	1,015
	(1%)	(679	)

Summary of Plan Assets

The following table sets forth the fair values, which are equal to the carrying values, of PLDT’s plan assets recognized as at December 31, 2018 and 2017:

	2018			2017
			(in million pesos)
Noncurrent Financial Assets
Investments in:
Unlisted equity investments		10,707			9,372
Shares of stock		2,066			2,510
Corporate bonds		133			111
Government securities		31			22
Mutual funds		4			30
Investment properties		—			4
Total noncurrent financial assets		12,941			12,049
Current Financial Assets
Cash and cash equivalents		499			396
Receivables		8			4
Total current financial assets		507			400
Total PLDT’s Plan Assets		13,448			12,449
Subsidiaries Plan Assets		91			85
Total Plan Assets of Defined Benefit Pension Plans		13,539			12,534

Defined Benefit Pension Plans [member] | Investment property [member]

Disclosure Of Defined Benefit Plans [Line Items]

Summary of Allocation of Fair Value of Plan Assets

The allocation of the fair value of the assets for the PLDT pension plan as at December 31, 2018 and 2017 are as follows:

	2018			2017
Investments in listed and unlisted equity securities		95	%		95	%
Temporary cash investments		4	%		3	%
Debt and fixed income securities		1	%		1	%
Mutual funds		—			1	%
		100	%		100	%

Defined Benefit Pension Plans [member] | Unlisted Equity Investments [member]

Disclosure Of Defined Benefit Plans [Line Items]

Summary of Plan Assets

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

	2018			2017			2018		2017
	% of Ownership						(in million pesos)
MediaQuest		100	%		100	%		10,022		8,696
Tahanan Mutual Building and Loan Association, Inc.,    or TMBLA, (net of subscriptions payable of    Php32 million)		100	%		100	%		474		435
BTFHI		100	%		100	%		211		201
Superior Multi Parañaque Homes, Inc., or SMPHI		100	%		100	%		—		39
Bancholders, Inc., or Bancholders		100	%		100	%		—		1
								10,707		9,372

Defined Benefit Pension Plans [member] | Shares of stock [Member]

Disclosure Of Defined Benefit Plans [Line Items]

Summary of Plan Assets

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

	2018			2017
			(in million pesos)
Common shares
PSE		1,185			1,555
PLDT		30			39
Others		491			556
Preferred shares		360			360
		2,066			2,510

Defined Contribution Plans [member]

Disclosure Of Defined Benefit Plans [Line Items]

Summary of Changes in Present Value of Defined Benefit Obligations, Fair Value of Plan Assets and Components of Net Periodic Benefit Costs

Smart’s and certain of its subsidiaries’ actuarial valuation is performed every year-end.  Based on the latest actuarial valuation, the actual present value of prepaid benefit costs, net periodic benefit costs and average assumptions used in developing the valuation as at and for the years ended December 31, 2018, 2017 and 2016 are as follows:

	2018		2017			2016
			(in million pesos)
Changes in the present value of defined benefit obligations:
Present value of defined benefit obligations at beginning of the year		2,490		2,177			2,116
Service costs		314		269			284
Interest costs on benefit obligation		—		113			94
Actuarial losses – economic assumptions		—		29			1
Actuarial gains – experience		—		(6	)		(77	)
Actual benefits paid/settlements		—		(92	)		(226	)
Curtailment and others		—		—			(15	)
Present value of defined benefit obligations at end of the year		2,804		2,490			2,177
Changes in fair value of plan assets:
Fair value of plan assets at beginning of the year		2,862		2,414			2,388
Actual contributions		297		335			201
Interest income on plan assets		—		131			125
Return on plan assets (excluding amount included in net interest)		—		74			(74	)
Actual benefits paid/settlements		—		(92	)		(226	)
Fair value of plan assets at end of the year		3,159		2,862			2,414
Funded status – net		355		372			237
Accrued benefit costs		23		13			9
Prepaid benefit costs (Note 18)		378		385			246
Components of net periodic benefit costs:
Service costs		314		269			284
Interest costs – net		—		(18	)		(31	)
Curtailment/settlement gain		—		—			(15	)
Net periodic benefit costs (Note 5)		314		251			238

Summary of Expected Future Settlements

The following table sets forth the expected future settlements by the Plan of maturing defined benefit obligation as at December 31, 2018:

	(in million pesos)
2019		75
2020		160
2021		87
2022		114
2023		147
2024 to 2060		1,360

Summary of Weighted Average Assumptions Used to Determine Pension Benefits

The weighted average assumptions used to determine pension benefits for the years ended December 31, 2018, 2017 and 2016 are as follows:

	2018			2017			2016
Rate of increase in compensation		7.3	%		5.0	%		5.0	%
Discount rate		6.0	%		5.8	%		5.2	%

Summary of Sensitivity Analysis on Defined Benefit Obligation

The sensitivity analysis below has been determined based on reasonably possible changes of each significant assumption on the defined benefit obligation as at December 31, 2018, assuming if all other assumptions were held constant:

	Increase (Decrease)
	(in million pesos)
Discount rate	(1%)	11
	1%	(6	)
Future salary increases	1%	11
	(1%)	(6	)

Summary of Plan Assets

The following table sets forth the fair values, which are equal to the carrying values, of Smart’s plan assets recognized as at December 31, 2018 and 2017:

	2018			2017
			(in million pesos)
Noncurrent Financial Assets
Investments in:
Domestic fixed income		1,854			1,721
International equities		550			557
Domestic equities		333			555
Philippine foreign currency bonds		165			373
International fixed income		—			361
Total noncurrent financial assets		2,902			3,567
Current Financial Assets
Cash and cash equivalents		891			153
Receivables		1			8
Total current financial assets		892			161
Total plan assets		3,794			3,728
Employee’s share, forfeitures and mandatory reserve account		635			866
Total Plan Assets of Defined Contribution Plans		3,159			2,862

Summary of Allocation of Fair Value of Plan Assets

The allocation of the fair value of Smart and certain of its subsidiaries pension plan assets as at December 31, 2018 and 2017 is as follows:

	2018			2017
Investments in debt and fixed income securities and others		77	%		70	%
Investments in listed and unlisted equity securities		23	%		30	%
		100	%		100	%