PLDT Inc.
PLDT Inc. is a Philippine telecommunications group that provides fixed line, wireless, broadband, and digital services through its principal operating segments. The company also operates an international connectivity and enterprise services business, serving customers across the Philippines and selected cross-border markets through its network assets and subsidiaries.
Fiscal year 2025 · change from previous year
Development 2022–2025
Business
Share of revenueMobile voice, text, data, prepaid, postpaid, and 5G-related services.
Fiber internet, landline, and home connectivity offerings.
Connectivity, SD-WAN, ICT, and managed services for business customers.
Cross-border connectivity, wholesale carrier, and subsea capacity services.
Digital bundles, content, and adjacent telecom-related services.
Customers
PLDT serves households that buy fiber broadband, landline, and bundled home services for everyday connectivity and entertainment. It also serves mobile consumers, SMEs, large enterprises, public sector clients, carriers, and hyperscalers that need connectivity, network reliability, and cross-border links. Customer demand is shaped by usage intensity, coverage quality, and the need for integrated communications rather than a single standalone product.
Families and home users buying fiber, prepaid fiber, and bundled home entertainment services for reliable internet and content access.
Prepaid and postpaid subscribers purchasing wireless voice, data, and 5G-enabled services.
Businesses buying SD-WAN, connectivity, and managed services to support branch networks and operations.
Government and public institutions buying secure communications and enterprise connectivity.
Telecom operators, hyperscalers, and cross-border customers buying wholesale and international connectivity.
Strategy
PLDT's strategy centers on expanding and monetizing its fiber and wireless networks, with emphasis on broadband penetration, mobile data usage, and enterprise connectivity. It is also building higher-value services such as SD-WAN, bundled home products, prepaid fiber distribution, and international connectivity to deepen customer relationships and improve network utilization.
Fiber is central to fixed broadband growth and higher-value household connectivity.
Enterprise connectivity and managed services broaden the revenue mix and deepen client relationships.
Data traffic growth supports usage-based revenue and network utilization.
Sharing tower, in-building, and submarine capacity helps improve capital efficiency.
Geography
PLDT's core business is concentrated in the Philippines, where it operates nationwide fixed line, fiber, and wireless networks. It also has international connectivity assets and wholesale relationships that support cross-border traffic and carrier services. The company is listed in the Philippines and also has ADSs traded in the United States, but its revenue base and network footprint are primarily Philippine-focused.
Risks
PLDT faces regulatory and competitive risk because its Philippine telecom operations are subject to NTC oversight on services and pricing, while network quality and coverage directly affect customer retention. It is also exposed to technology transition risk, capital intensity, and execution risk around fiber, wireless, and systems migration, since service quality and network uptime are central to its value proposition. As a telecom operator, it remains exposed to impairment risk on network assets and goodwill, foreign exchange and valuation volatility on financial instruments, and customer churn in highly competitive consumer and enterprise markets.
- Regulatory oversight by the Philippine NTCImpact: HighLikelihood: High
The company needs regulatory approval for major services and some customer rates.
Exposure: Philippine fixed line and wireless operations
- Capital intensity and asset utilizationImpact: HighLikelihood: High
Network expansion and upgrades require large ongoing investment to maintain competitiveness.
Exposure - Network execution and service qualityImpact: HighLikelihood: Medium
Broadband and wireless businesses depend on reliable network performance and systems migrations.
Exposure - Competitive pricing pressureImpact: MediumLikelihood: High
Telecom services are commoditized in parts of the market and can face churn.
Exposure: Consumer broadband and mobile
- Impairment of goodwill and intangiblesImpact: MediumLikelihood: Medium
Telecom groups carry significant network-related assets and acquisition intangibles that require periodic testing.
Exposure
Accounting
Judgemental itemsAnnual and trigger-based testing can lead to charges if CGU recoverable values fall.
Impact: Could materially affect earnings and equity
Telecom networks are exposed to obsolescence, damage, and underutilization.
Impact: Affects asset carrying values and depreciation outlook
Tower, site, and facility leases create ROU assets and lease liabilities.
Impact: Affects EBITDA-like measures, leverage, and expense timing
Derivatives and pension assets require valuation inputs and assumptions.
Impact: Can introduce volatility in reported finance income or OCI
Changes in ownership interests and equity-accounted investments affect equity and earnings.
Impact: Can shift reported net income and non-controlling interests
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Last updated: 28/09/2026