Manuel V. Pangilinan-led PLDT said its controversial budget overrun has been reduced to ₱33 billion following its settlement deals with major vendors.
The telco giant announced this development in a disclosure to the Philippine Stock Exchange on Thursday.
PLDT completed its discussions with major vendors representing approximately 80% of its outstanding capital expenditure commitments as of end-2022. The move allowed the firm to enter into settlement and mutual release agreements with the involved parties this month, it said. "Those agreements have the effect of reducing the company's outstanding commitments to these vendors for the acquisition of property and equipment post-2022 to approximately ₱33 billion, net of advances paid to these vendors," PLDT said.In the same filing, PLDT reiterated that its probe found"no evidence of fraud, intentional concealment, or bad faith conduct on the part of any employee of the company…"Net income for the period plunged by 60% to ₱10.
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