phi-ex991

Exhibit Number

Page

99.1

Copies of the disclosure letters that we filed today with the Securities and Exchange Commission, the Philippine Stock Exchange, and the Philippine Dealing and Exchange Corporation regarding a press release entitled “PLDT CORE BUSINESS AND FUNDAMENTALS REMAIN VERY STRONG AMIDST CAPEX CHALLENGE”.

We submit herewith PSE Disclosure Forms 4-30 and 4-31 in relation to a press release entitled “PLDT CORE BUSINESS AND FUNDAMENTALS REMAIN VERY STRONG AMIDST CAPEX CHALLENGE”.

This shall also serve as the disclosure letter for the purpose of complying with PSE Revised Disclosure Rules.

Form Type

Department requiring the report

Secondary License Type, If Applicable

CONTACT PERSON INFORMATION
The designated contact person MUST be an Officer of the Corporation

Name of Contact Person

Email Address

Telephone Number/s

Mobile Number

Marilyn A. Victorio-Aquino

mvaquino@pldt.com.ph

82500254

Name of Contact Person

Email Address

Telephone Number/s

Mobile Number

Note: In case of death, resignation or cessation of office of the officer designated as contact person, such incident shall be reported to the Commission within thirty (30) calendar days from the occurrence thereof with information and complete contact details of the new contact person designated.

1.	December 22, 2022
	Date of Report (Date of earliest event reported)

2.	SEC Identification Number PW-55

3.	BIR Tax Identification No. 000-488-793

4.	PLDT Inc.
	Exact name of issuer as specified in its charter

5.	PHILIPPINES	6. ____________ (SEC Use Only)
	Province, country or other jurisdiction of Incorporation	Industry Classification Code

7.	Ramon Cojuangco Building, Makati Avenue, MakatiCity	1200
	Address of principal office	Postal Code

8.	(632) 82500254
	Issuer's telephone number, including area code

9.	Not Applicable
	Former name or former address, if changed since last report

10.	Securities registered pursuant to Sections 8 and 12 of the Securities Regulation Code and Sections 4 and 8 of the Revised Securities Act

Subject of the Disclosure

PLDT CORE BUSINESS AND FUNDAMENTALS REMAIN VERY STRONG AMIDST CAPEX CHALLENGE

Background/Description of the Disclosure

The highlights of the disclosure are as follows:

1.EBITDA for 2022 on track to hit P100B, to remain unaffected by the capex overrun

2.Expected 2022 telco core income of P32.6-33B in line with guidance

3.Dividends for full year 2022 anticipated at P134 per share, consisting of regular and special dividends of P92 and P42, respectively

4.Pangilinan welcomes PSE confirmation of no insider trading of PLDT shares in respect of 16 December 2022 disclosure

5.No fraud, no anomalies, no evidence of overpricing, and no unrecorded transactions in relation to the overrun

In a Special Briefing held on December 21, 2022 at Dusit Thani Manila, PLDT Inc. (PLDT) top management led by Chairman Manuel V. Pangilinan, President and CEO Alfredo S. Panlilio, and Chief Legal Counsel Marilyn A. Victorio-Aquino, assured the audience present, consisting of fund managers, investment analysts and bankers, that PLDT’s business overall remains healthy and robust even as it continues to address its elevated Capex spend and undergoes a comprehensive process review. Pangilinan said in particular that PLDT’s EBITDA for 2022 will remain unaffected by the Capex overrun and is on track to hit P100B as originally indicated, with telco core net income expected to reach between P32.6B to 33B as guided. In addition, PLDT expects to be able to pay the balance of the regular dividend for the full year 2022 estimated at P45 per share; and the remaining special dividend of P42 per share. This would bring total dividends for 2022 to P134 per share or 88% of 2022 expected earnings.

According to Pangilinan, PLDT’s ongoing review thus far has uncovered no fraud, no anomalies, no evidence of overpricing, and no unrecorded transactions in relation to the overrun. “The bulk of the P48B Capex overspend involves the procurement of network equipment necessary to provide stronger connectivity to subscribers, specifically 5G cell sites for our mobile network and fiber rollout. There will be no write-off of these assets,” Pangilinan said.

the telco sector with the then anticipated entry of DITO funded by China Tel, as well as the emergence of a competitor in the fiber space, Converge. Finally, the occurrence of the COVID-19 pandemic and the resultant lockdowns and quarantines, which required the installation of speedy fiber connections in millions of households for work and school, pushed network teams to fast-track rollouts. “However, to the extent of the Capex ordered, we plan to reduce fresh Capex starting in 2023. Thereafter, we expect Capex to reduce steadily. 2023 will be a year of consolidation as we continue to strengthen and grow the business. We strive to be better”, said Panlilio.

Atty. Victorio-Aquino added that the negotiations with vendors are ongoing, while simultaneous reviews of network project monitoring and process flows are being undertaken with a view to improving them. “Rest assured that we will provide additional disclosures in due course. What we want to avoid is premature disclosure, that could harm the public shareholders”, she said.

No fraudulent trading prior to disclosure

Pangilinan was asked after the briefing to comment on the statement of Philippine Stock Exchange (PSE) President Ramon Monzon earlier in the day that the PSE does not see any indication of any fraudulent trades prior to the disclosure. In reply, Pangilinan said that he “welcome(s) this bit of good news from the PSE” and added that “this confirms that no insider trading occurred in respect of last Friday’s disclosure.”

PSE Disclosure Form 4-31 Press Release References: SRC Rule 17 (SEC Form 17-C) and Section 4.4 of the Revised Disclosure Rules

Subject of the Disclosure

PLDT CORE BUSINESS AND FUNDAMENTALS REMAIN VERY STRONG AMIDST CAPEX CHALLENGE

Background/Description of the Disclosure

The highlights of the disclosure are as follows:

1.EBITDA for 2022 on track to hit P100B, to remain unaffected by the capex overrun

2.Expected 2022 telco core income of P32.6-33B in line with guidance

3.Dividends for full year 2022 anticipated at P134 per share, consisting of regular and special dividends of P92 and P42, respectively

4.Pangilinan welcomes PSE confirmation of no insider trading of PLDT shares in respect of 16 December 2022 disclosure

5.No fraud, no anomalies, no evidence of overpricing, and no unrecorded transactions in relation to the overrun

in capex; the threat from former President Rodrigo Duterte for telcos to shape up; intense competition in the telco sector with the then anticipated entry of DITO funded by China Tel, as well as the emergence of a competitor in the fiber space, Converge. Finally, the occurrence of the COVID-19 pandemic and the resultant lockdowns and quarantines, which required the installation of speedy fiber connections in millions of households for work and school, pushed network teams to fast-track rollouts. “However, to the extent of the Capex ordered, we plan to reduce fresh Capex starting in 2023. Thereafter, we expect Capex to reduce steadily. 2023 will be a year of consolidation as we continue to strengthen and grow the business. We strive to be better”, said Panlilio.

No fraudulent trading prior to disclosure

Form Type

Department requiring the report

Secondary License Type, If Applicable

CONTACT PERSON INFORMATION
The designated contact person MUST be an Officer of the Corporation

Attached hereto is a press release entitled “PLDT CORE BUSINESS AND FUNDAMENTALS REMAIN VERY STRONG AMIDST CAPEX CHALLENGE”.

Pursuant to the requirements of the Securities Regulation Code, the Company has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.

MANILA, 21 December 2022 - In a Special Briefing held on December 21, 2022 at Dusit Thani Manila, PLDT Inc. (PLDT) top management led by Chairman Manuel V. Pangilinan, President and CEO Alfredo S. Panlilio, and Chief Legal Counsel Marilyn A. Victorio-Aquino, assured the audience present, consisting of fund managers, investment analysts and bankers, that PLDT’s business overall remains healthy and robust even as it continues to address its elevated Capex spend and undergoes a comprehensive process review. Pangilinan said in particular that PLDT’s EBITDA for 2022 will remain unaffected by the Capex overrun and is on track to hit P100B as originally indicated, with telco core net income expected to reach between P32.6B to 33B as guided. In addition, PLDT expects to be able to pay the balance of the regular dividend for the full year 2022 estimated at P45 per share; and the remaining special dividend of P42

per share. This would bring total dividends for 2022 to P134 per share or 88% of 2022 expected earnings.

When asked about the context within which the overspend was made, Panlilio explained that a confluence of factors occurred, including: PLDT having to regain network leadership following years of underinvestment in capex; the threat from former President Rodrigo Duterte for telcos to shape up; intense competition in the telco sector with the then anticipated entry of DITO funded by China Tel, as well as the emergence of a competitor in the fiber space, Converge. Finally, the occurrence of the COVID-19 pandemic and the resultant lockdowns and quarantines, which required the installation of speedy fiber connections in millions of households for work and school, pushed network teams to fast-track rollouts. “However, to the extent of the Capex ordered, we plan to reduce fresh Capex starting in 2023. Thereafter, we expect Capex to reduce steadily. 2023 will be a year of consolidation as we continue to strengthen and grow the business. We strive to be better”, said Panlilio.

good news from the PSE” and added that “this confirms that no insider trading occurred in respect of last Friday’s disclosure.”

This press release may contain some statements which constitute “forward-looking statements” that are subject to a number of risks and opportunities that could affect PLDT’s business and results of operations. Although PLDT believes that expectations reflected in any forward-looking statements are reasonable, it can give no guarantee of future performance, action or events.

PLDT is the Philippines’ largest fully integrated telco company. Through its principal business groups – from fixed line to wireless – PLDT offers a wide range of telecommunications and digital services across the Philippines’ most extensive fiber optic backbone, and fixed line and cellular networks.

PLDT is listed on the Philippine Stock Exchange (PSE:TEL) and its American Depositary Shares are listed on the New York Stock Exchange (NYSE:PHI). PLDT has one of the largest market capitalizations among Philippine-listed companies.

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


Melissa V. Vergel de Dios	Cathy Y. Yang
pldt_ir_center@pldt.com.ph	cyyang@pldt.com.ph


		PLDT Inc.
By	:	/s/Marilyn A. Victorio-Aquino
Name	:	Marilyn A. Victorio-Aquino
Title	:	Corporate Secretary


Company’s Email Address	Company’s Telephone Number/s	Mobile Number


Contact Person’s Address
MGO Building, Legaspi St. corner Dela Rosa St., Makati City


Title of Each Class	Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding