31 March 2023
PLDT has stated that there was no fraudulent activity in relation to its PHP48 billion capex overspending last year, but profit fell in its full 2022 financial year due to the overrun.
The operator said in a stock exchange filing that it had completed a forensic review of the elevated capex spend in December. It was conducted by an external party, focusing on the financial year between 2019-20.
PLDT stated that it found: “no evidence of fraud, intentional concealment, or bad faith conduct on the part of any employee of the company and no basis to restate the company’s historical financial statements.”
Discussions have been completed this month with significant vendor partners to reduce 80% of the outstanding debt which equates to PHP33 billion, and discussions are ongoing with other vendors.
