“The capex overrun issues have largely been resolved; it is time in 2023 for PLDT to face forward, and move on. We should now channel our energies towards keeping the PLDT Group well-positioned for growth amidst this challenging macro-economic environment,” Pangilinan said in a disclosure to the Philippine Stock Exchange.
Businessman Manuel V. Pangilinan, the chairman of PLDT Inc., on Thursday said the multi-billion peso capital expenditure overrun issue which hounded the Philippines’ largest telco has been “largely resolved.”
In December last year, PLDT disclosed it incurred P48 billion in capex overrun or unexpected budgetary increment from 2019 to 2022, blamed on speedy installations of fiber connections, COVID-19 pandemic, and intense competition as the telco works to regain market leadership.The budget overrun issue triggered awas also filed against current and former PLDT executives in relation to the capex overspend issue before a United States court.
At a press briefing in Makati City, PLDT chief financial officer Danny Yu said as of the first quarter of 2023, the telco has already settled with vendors about P11 billion to P14 billion of the P33-billion capex overrun. Despite resolving the capex overspend issue, Panlilio said PLDT will stick with its capex guidance of P80 billion to P85 billion this year, which is lower than the around P97 billion it spent last year.
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