PLDT 2023 ANNUAL REPORT
1
OUR PURPOSE
We are a Filipino company inspiring innovation and meaningful connections through generations.
OUR VISION
We aspire to be a happy space that uses technology to empower consumers and build bridges of collaboration across sectors and
communities towards a sustainable future.
OUR MISSION
We deliver meaningful connections and experiences so our customers can live fuller lives.
ABOUT THE COVER
The cover features the iconic PLDT Ramon Cojuangco Building
located in the Makati Central Business District. In the foreground
is an upward streak of lights, symbolizing PLDT’s commitment
to breaking boundaries with innovative and cutting-edge
solutions.
OUR VALUES
The Customer is our North Star.
• We all work together for customer happiness.
• We go the extra mile to build meaningful connections.
• We enable our employees to drive great customer
experiences.
We trust each other to do the right thing.
• We empower and equip our people to make decisions.
• We are transparent yet respectful with each other even
during difficult conversations.
• We keep our promises.
We are one.
• We seek out the voices of others before making our own
voices heard.
• We tap into each other’s uniqueness to turn our differences
into strengths.
• We check our biases regularly.
Our people are our family.
• We have fun at work and celebrate big or small
achievements together.
• We invest time in building ourselves and those around us.
• We create a safe space to be our best selves at work.
Malasakit is our strength.
• We prioritize the wellbeing of our people.
• We go out of our way to help those in need.
• We care for the business like it’s our own.
Together, we can do great things at speed.
• We innovate, fail fast, and pause to learn.
• We make choices that enable quick execution.
• We collaborate and build partnerships.
PLDT 2023 ANNUAL REPORT
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TABLE OF CONTENTS
PRODUCTS & SERVICES
Fixed Line
• Broadband
• Corporate Data
• Voice
Wireless
• Mobile (Data, Voice, SMS)
• Wireless Broadband
• Wireless Platforms
• Internet of Things Solutions
ABOUT PLDT
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, 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.
03
Comparative Highlights
04
Consolidated Financial Performance Highlights
05
Message from the Chairman, President and CEO
09
Awards and Recognitions
11
Corporate Milestones
23
Corporate Citizenship
27
People and Culture
31
Corporate Governance Report
57
Enterprise Risk Management (ERM)
59
Board of Directors
65
Executive Officers
69
Officers List
72
Contact Information
ICT
• Data Center
• Cloud Tech Services
• Cybersecurity
Others
• Digital Platforms
PLDT 2023 ANNUAL REPORT
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1 To be comparable with 2023, certain amounts for the years ended December 31, 2022 and 2021 have been reclassified to reflect the discontinued operations
of certain ePLDT subsidiaries.
2 Gross of unamortized debt discount.
3 Net debt is derived by deducting cash and cash equivalents, short-term investments, and debt instruments at amortized cost from nominal value of of debts.
FINANCIAL INFORMATION
2023
20221
20211
2020
2019
(in million pesos, except cash dividends declared per common share)
Revenues
210,953
204,362
192,186
181,004
169,187
Service revenues
201,832
195,344
184,680
173,634
161,355
Non-service revenues
9,121
9,018
7,506
7,370
7,832
Expenses
170,259
209,427
151,315
144,822
129,786
Selling, general, and administrative expenses
81,876
84,476
77,686
75,255
68,230
Depreciation and amortization
58,441
98,631
52,072
47,480
39,656
Cost of sales and services
15,092
14,172
12,917
12,295
13,429
Interconnection costs
10,418
6,104
3,698
2,146
3,638
Asset impairment
4,432
6,044
4,942
7,646
4,833
EBITDA (excluding MRP) from continuing operations
104,297
100,588
96,182
88,783
83,111
Telco core income
34,341
33,301
30,354
28,087
27,080
Core income from continuing operations
32,462
30,752
30,058
27,129
25,111
Net income (loss)
26,824
10,735
26,676
24,580
22,786
Continuing operations
26,865
11,335
26,797
24,580
22,786
Discontinued operations
(41)
(600)
(121)
-
-
Capital expenditures
85,083
96,810
88,983
71,904
72,871
Short and Long-term debts2
256,927
251,859
255,414
224,047
193,047
Net Debt3
239,764
225,669
228,659
181,648
168,214
Equity attributable to equity holders of PLDT
105,218
108,727
123,216
115,408
111,987
Cash dividends declared per common share
out of the earnings for the year
95
134
84
78
75
Comparative
Highlights
OPERATING INFORMATION
2023
20221
20211
2020
2019
Number of mobile subscribers
57,827,126 66,304,761
71,221,952 72,933,839
73,118,155
Number of fixed line voice subscribers
3,766,105
3,825,424
3,619,372
3,042,815
2,765,209
Number of broadband subscribers
3,709,541
3,992,303
3,951,844
3,090,118
2,161,484
Fixed Line
3,268,996
3,247,979
2,966,886
2,273,602
1,931,333
Fixed Wireless
440,545
744,324
984,958
816,516
230,151
Total number of subscribers
65,302,772 74,122,488 78,793,168 79,066,772
78,044,848
Number of stockholders
11,397
11,427
11,510
11,575
11,596
Number of employees
15,596
17,579
18,822
18,848
18,784
Fixed Line
11,373
12,855
13,389
13,065
12,877
Wireless
4,223
4,724
5,433
5,783
5,907
PLDT 2023 ANNUAL REPORT
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SUBSCRIBER BASE (in millions)
SERVICE REVENUES NET OF INTERSEGMENT TRANSACTIONS (in billion pesos)
EBITDA, EXCLUDING MRP (in billion pesos)
TELCO CORE INCOME (in billion pesos)
DIVIDEND PER SHARE (in pesos)
MARKET CAPITALIZATION (year-end, in billion pesos)
0
10
20
30
40
50
60
70
80
90
100
0
20
40
60
80
100
120
140
160
180
200
0
5
10
15
20
25
30
35
0
20
40
60
80
100
120
140
0
10
20
30
40
50
60
70
80
0
50
100
150
200
250
300
350
400
Fixed Line
Fixed Line
Broadband
Consolidated Financial
Performance Highlights
2023
2022
2021
2020
2019
2023
2022
2021
2020
2019
2023
2022
2021
2020
2019
2023
2022
2021
2020
2019
2023
2022
2021
2020
2019
2023
2022
2021
2020
2019
195.3
184.7
173.6
161.4
134
84
78
75
100.6
96.2
88.8
83.1
74.1
78.8
79.1
78.0
284.5
391.5
289.5
213.5
33.3
30.4
28.1
27.1
Wireless
Mobile
95.0
106.8
57.8
3.8
3.7
95.1
100.2
66.3
3.8
4.0
95.7
77.9
72.9
3.1
3.1
88.3
73.1
73.1
2.8
2.1
98.5
86.2
71.2
3.6
4.0
276.3
95
65.3
34.3
104.3
201.8
201.8
PLDT 2023 ANNUAL REPORT
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2023 was historic for PLDT. From the start of the year, we knew we had a
2023 was historic for PLDT. From the start of the year, we knew we had a
tough year ahead of us. We were impacted by geopolitical uncertainties,
tough year ahead of us. We were impacted by geopolitical uncertainties,
an industry that is widely regarded to be ex-growth, and the imperative
an industry that is widely regarded to be ex-growth, and the imperative
to catch up with competition and the market—after we have put to bed
to catch up with competition and the market—after we have put to bed
our capex issues.
our capex issues.
Despite these challenges, your Company delivered all-time highs in Net
Despite these challenges, your Company delivered all-time highs in Net
Service Revenues, EBITDA, and Telco Core Income—which rose by 3%
Service Revenues, EBITDA, and Telco Core Income—which rose by 3%
to 34.3 billion pesos. This wasn’t easy—but we made it through—thanks
to 34.3 billion pesos. This wasn’t easy—but we made it through—thanks
to the perseverance, dedication, and innovation of our people.
to the perseverance, dedication, and innovation of our people.
If one were to zoom into the year that was—and the year that will
If one were to zoom into the year that was—and the year that will
be which is 2024—perhaps it is logical to believe your Company’s future
be which is 2024—perhaps it is logical to believe your Company’s future
can be quite rosy. But for those of us wearing combat boots, tasked
can be quite rosy. But for those of us wearing combat boots, tasked
with building that future, we do not have the luxury of optimism even
with building that future, we do not have the luxury of optimism even
careful, reasoned optimism. This is why we’ve embraced ESCAPE
careful, reasoned optimism. This is why we’ve embraced ESCAPE
VELOCITY as our theme for 2024.
VELOCITY as our theme for 2024.
ESCAPE VELOCITY is a term borrowed from Astrodynamics which refers
ESCAPE VELOCITY is a term borrowed from Astrodynamics which refers
to the speed it takes to break free from the Earth’s gravity—that force
to the speed it takes to break free from the Earth’s gravity—that force
which pulls you down to the ground literally.
which pulls you down to the ground literally.
We try our best to grow each year—and our 2023 numbers are evidence
We try our best to grow each year—and our 2023 numbers are evidence
of that. But it cannot be denied that there continues to be significant
of that. But it cannot be denied that there continues to be significant
gravity in the telco space.
gravity in the telco space.
Reports of analysts have the total shareholder return (TSR) for telcos
Reports of analysts have the total shareholder return (TSR) for telcos
over the last three years averaging around 7%—versus a market median
over the last three years averaging around 7%—versus a market median
of 13%. Our mobile business is combating market saturation—there are
of 13%. Our mobile business is combating market saturation—there are
87 million smartphone users in the country—so how much more,
87 million smartphone users in the country—so how much more,
one might ask, can this market grow? Our margins have compressed
one might ask, can this market grow? Our margins have compressed
as we transitioned from higher margin voice and text messages
as we transitioned from higher margin voice and text messages
to larger capex, lower margin data and broadband.
to larger capex, lower margin data and broadband.
We acknowledge these realities as facts—but your Company does not
We acknowledge these realities as facts—but your Company does not
accept them as excuses not to deliver growth.
accept them as excuses not to deliver growth.
ESCAPE VELOCITY represents a call to action for the organization—to
ESCAPE VELOCITY represents a call to action for the organization—to
destroy constructively in pursuit of higher shareholder values;
destroy constructively in pursuit of higher shareholder values;
to encourage risk but not recklessness; bravery without being heroic.
to encourage risk but not recklessness; bravery without being heroic.
We are hyper-focused on delivering growth for you.
We are hyper-focused on delivering growth for you.
Escape
Velocity
PLDT Annual Report | Message From the Chairman and CEO
PLDT 2023 ANNUAL REPORT
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MANUEL V PANGILINAN
Chairman of the Board, President and CEO
DigiCo is perhaps the first manifestation of this concept.
DigiCo is perhaps the first manifestation of this concept.
It is—I believe—a compelling answer to the question we’ve
It is—I believe—a compelling answer to the question we’ve
continuously asked ourselves: How do we create more value—beyond
continuously asked ourselves: How do we create more value—beyond
just being a telco—but as a digital organization? And in so doing,
just being a telco—but as a digital organization? And in so doing,
how do we deliver growth as well?
how do we deliver growth as well?
Our broader Group has access to a treasure trove of data—and when
Our broader Group has access to a treasure trove of data—and when
we handle it productively and responsibly, we have the potential
we handle it productively and responsibly, we have the potential
to build something that can well and truly launch us into digital orbit.
to build something that can well and truly launch us into digital orbit.
The principles behind DigiCo are simple enough: Go Digital,
The principles behind DigiCo are simple enough: Go Digital,
Be Digital, and go Beyond Digital.
Be Digital, and go Beyond Digital.
For us, this means making the most of the data available, validating
For us, this means making the most of the data available, validating
and enriching our insights about our customers, and using that
and enriching our insights about our customers, and using that
to add value to our offerings, and to our business.
to add value to our offerings, and to our business.
Thank you to our shareholders, and to our Management and Staff,
Thank you to our shareholders, and to our Management and Staff,
for their continued support, trust and confidence.
for their continued support, trust and confidence.
PLDT Annual Report | Message From the Chairman and CEO
PLDT 2023 ANNUAL REPORT
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Awards and
Recognitions
TIME Magazine
World’s Best Companies 2023 – PLDT (one of six
PH companies)
Global Child Forum and Boston Consulting
Corporate Sector and Children’s Rights Benchmark Leader
Status - PLDT
Ookla Q1-Q2 2023
Best Mobile Network - Smart
Best Mobile Coverage - Smart
Fastest Mobile Network – Smart
Opensignal
Best 5G Availability - Smart
Best 5G Coverage - Smart
Best 5G Download Speed - Smart
Best 5G Upload Speed - Smart
Best Overall Download Speed – Smart
umlaut
Best in Test – Smart
ASEAN Corporate Governance Scorecard (ACGS)
Recognition
Three Golden Arrows Award - PLDT
Brand Finance
#1 Most Valuable Filipino Brand: PLDT
Highest Sustainability Perception Value: PLDT
Institutional Investor 2023 Asia Executive Team
#4 overall (small and midcap): PLDT
Best CEO: Mr. Alfredo S. Panlilio
#3: Combined Buyside and Sellside
#2: Buyside
Best CFO: Ms. Anabelle L. Chua
#3: Combined Buyside and Sellside
#3: Buyside
Best Investor Relations Professional:
Ms. Melissa V. Vergel de Dios
#3: Combined Buyside and Sellside
#1: Buyside
Best Investor Relations Team: PLDT
#2: Buyside
Digital Pilipinas and Asia 200 Digital Leaders Awards
Visionary - Angel T. Redoble
4th ASEAN PR Excellence Awards
Gold Award - Best Public Relations Program – PLDT Home’s
Madiskarte Moms
3rd UN Global Compact Network Philippines’ SDG Awards
SDG Award – PLDT Home’s Madiskarte Moms PH
World Communication Awards
Finalists
• Best Operator in an Emerging Market - Smart
• Crisis Response Award - PLDT and Smart Ligtas Kit
• Cybersecurity Award - PLDT and Smart Child Protection
Platform
• Social Contribution Award - FarmSmart
International Business Awards
• Gold Stevie – PLDT Enterprise’s PH Digicon 2022: Boundless
• Bronze Stevie - FarmSmart: Changing Lives and Livelihood
Asia-Pacific Stevie® Awards
• Gold Stevie – PLDT Enterprise’s PH Digicon 2022: Boundless
• Silver Stevie - Thought Leader of the Year: Albert Mitchell L.
Locsin
• Silver Stevie – PLDT Better Today
Clio Sports Awards 2023
•
Bronze - FIBA World Cup 2023
Bestadsontv.com
•
Best Outdoor Ad - FIBA World Cup 2023 – MOA Ball
•
Best TV material - TNT Sim Registration “Tattoo” Video
PLDT 2023 ANNUAL REPORT
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2023 Boomerang Awards
•
Silver Entertainment Category -TNT Sim Registration
Campaign - “Mother” Video
Korea’s MAD Stars 2023
•
Crystal Award for Script writing (TNT Sim Registration
Series)
•
Crystal Award for Direction (TNT Sim Registration
Campaign - “Kalapati” Video)
58th Anvil Awards
• Company of the Year – PLDT and Smart
• Grand Anvil – PLDT Home’s Madiskarte Moms PH
• Platinum Anvil - An Election Campaign: Usap Tayo
Gold Anvil Awards
• An Election Campaign: Usap Tayo
• Better Today for Kids
• Better Today Time Capsule Project
• Innovation Generation
• Madiskarte Moms PH
• PLDT & Smart Aurora Transformation Communications
• TNT Tuloy ang Saya
Silver Anvil Awards
• Better Today Power Move Project
• Buy Local, Buy Smart: Newsletter Campaign
• Cybersecurity Awareness Campaign: Sustaining a Cyber-
Vigilant Corporate Culture
• FarmSmart
• FarmSmart Farm
• Gawad Madiskarte 2022
• Next Upgrade by PLDT Home
• Pivoting Filipinos’ Digital Home Life
• PLDT Home Biz
• PLDT 2021 Annual Report “The Fiber Life”
• Project MOSAIC: Safeguarding and Internet Safety
of Children
• Smart Giga Arena
• Smart Free TikTok for All & Power All
• Smart K-Life Campaign
• Stand Up for Privacy Learning and Awareness Campaign
• TNT Affordaloads
• TNT Free Tiktok for All
20th Philippine Quill Awards
Excellence Awardees
• Company of The Year – PLDT and Smart
• Bossing for the Win! by PLDT Global’s TINBO
• PLDT Home empowers Filipinos to #DoItBetter at Home
• TNT Affordaloads
• TNT Free Tiktok For All
• Better Today for Kids: Championing Children’s Rights and
Safety in the Digital World
• Better Today Power Move Project
• Better Today Time Capsule Project
• Buy Local, Buy Smart: E-newsletter Campaign
• FarmSmart Farm: A Tech-Enhanced Climate-Friendly and
Sustainable Farming Program for Filipino Farmers
• Innovation Generation: Creating an innovation mindset
among the youth
• Project MOSAIC (Movement On Safeguarding And
Internet safety of Children)
• 2022 PLDT & Smart Mind Your Health Program
• 2022 PLDT Pamana Service Awards
Merit Awardees
• Smart Free TikTok for All and Power All
• Smart Giga Arena
• Smart K-Life
• TNT Tuloy Ang Saya
• PLDT-Smart Cybersecurity Awareness Campaigns
Sustaining a Cyber-Vigilant Corporate Culture
• Stand Up For Privacy: A Learning and Campaign by the
PLDT Privacy Office
• Digital Farmers Program: Cultivating a Digital Future for
Filipino Farmers Through Technology Training
PLDT Annual Report | Awards and Recognitions
PLDT 2023 ANNUAL REPORT
9
Enabling
Meaningful Connections
for Families at Home
C O R P O RAT E M I L E STO N E S
PLDT Home:
PLDT Home remains the country’s leading home broadband service provider,
serving 3.1 million customers nationwide.
Through PLDT Home, customers can enjoy up to 10 Gbps of symmetrical internet
speeds or equal upload and download speeds. Thus, PLDT Home has been
recognized as the Philippines’ fastest broadband for the 5th consecutive year by
Ookla®, the company behind Speedtest® and the global leader in fixed broadband
and mobile network testing applications and data analysis.
To give customers the best digital experience at home, PLDT increased the speeds
of all its Fiber Unli plans up to two times faster while maintaining the same price
as previous plans. The new speed upgrade enables customers to enjoy up to 600
Mbps for as low as P2699 monthly.
In 2023, PLDT also achieved a five-peat win at the Ookla® Speedtest Awards™ 2022
-- a first for PLDT and for the Philippines. Global benchmarking company Ookla®
announced that PLDT, the country’s largest digital services provider, achieved a
top speed score of 86.52 in 2022, affirming the telco’s dominance and consistent
performance in delivering the country’s fastest Internet speeds for the fifth
consecutive year.
PLDT is the only telco in the Philippines that has ever achieved a five-peat win for
the highest award from Ookla®. According to Ookla®, only a handful of internet
service providers have won the prestigious award worldwide. In Southeast
Asia, only PLDT, as the leading telco in the Philippines, has this honor, alongside
Singapore’s ViewQWest.
PLDT Home also introduced the Fiber Unli All plans, an all-in-one broadband
service that gives subscribers unlimited access to the internet, Pay TV, and call-
to-mobile services. The plans offer a bundled package that comes with unlimited
fiber internet, entertainment from Cignal TV, and unlimited calls to PLDT, Smart,
and TNT. The Fiber Unli All plans also come with a health pass from mWell, the
Philippines’ healthcare mega app, which gives subscribers access to online
consultations, Emergency Quick Response services by Lifeline, e-prescriptions,
e-medical certificates, e-lab requests, fitness and nutrition programs, and the app’s
wellness recipe library at no cost.
As part of the PLDT Group’s long-standing commitment to help the Philippines
attain the United Nations Sustainable Development Goals (UNSDG) particularly
SDG No. 9 – Industry, Innovation, and Infrastructure, PLDT Home relentlessly
pushes its initiatives to provide connectivity for more households in the country.
In 2023, PLDT rolled out its fiber-to-the-home services in key tourist islands in the
country, including the Island Garden City of Samal and Siargao Island.
PLDT 2023 ANNUAL REPORT
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Home Lifestyle
Committed to fulfilling its customers’ digital lifestyle needs,
PLDT Home also gives access to a complete Smart Home
ecosystem of relevant solutions and devices built on the
following pillars: connectivity, entertainment, and security.
PLDT Home was the first to offer the powerful WiFi Mesh
Systems, the country’s first smart home WiFi technology
designed to cover the entire home with wireless connectivity,
eliminating deadspots and making homes smart-home ready.
Leading its roster of mesh systems are top-of-the-line WiFi 6
solutions that give a significant boost in performance, speed,
and reliability.These systems are well-suited for homes with
multiple devices – with up to 150 devices able to simultaneously
engage in high bandwidth activities such as 4K streaming,
online gaming, and video conferencing. They can cover up to
7,500 square feet, ensuring strong WiFi connectivity anywhere
within the home.
PLDT Home also aims to promote peace of mind and wellness
for the whole family, with security as one of the top priorities
in each household. PLDT Home introduced a comprehensive
home security device line from Eufy and has also partnered with
mWell, the country’s first fully integrated health and wellness
app designed to transform health care services for Filipinos.
In the Entertainment category, PLDT Home has strengthened
its broadband plans by bundling Cignal TV over Fiber for the
Unli All 1399 and 1799 Plans, which consists of 72 channels
with 12 high-definition channels. Customers have the option
to upgrade to a higher Cignal postpaid plan to enjoy a greater
variety of channels. PLDT Home is also dedicated to providing
its subscribers with a diverse range of entertainment options
through its partnerships with renowned global content
providers, including HBO’s video-on-demand service HBO Go,
America’s most popular basketball league NBA through its
live game subscription in NBA League Pass, PCCW’s leading
regional streaming service Viu, and Lionsgate Entertainment’s
subscription platform for streaming of motion pictures,
television series, and global awards like the Oscars and the
Emmys in Lionsgate Play. PLDT Home customers were the first
to experience Lionsgate Play for free as part of their broadband
subscription for 1 year.
PLDT Home customers can conveniently subscribe to all
these digital services and device offerings and avail them in
installments, charged to their monthly billing.
Home Rewards
As a way of giving back to its valued subscribers, PLDT Home
continues to reward subscribers with its loyalty program, PLDT
Home Rewards. Under the program, subscribers can earn and
PLDT Annual Report | Corporate Milestones
exchange Crystals for credits and discount vouchers from a
variety of partner merchants, including Maya, SM, Lazada, and
Grab, to name a few. Members can also accumulate instant raffle
entries for regular promos throughout the year for a chance to
win exciting prizes.
In December 2023, PLDT Home also treated customers with the
best Holideals offers by giving away free Disney on Ice passes
and up to P250,000 worth of gift certificates.
Powered by the fastest and strongest connections, subscribers
get to enjoy better digital experiences at home with more
exciting deals and exclusive treats through the PLDT Home
Rewards program.
Advocacies
As PLDT Home ushers in the digital transformation among
Filipino households, it also highlights its role in enabling
responsible use of smart technologies.
At the Philippine Digital Convention (DigiCon) 2023 – a
hub for innovation, digital transformation, and technology
advancements in the country – PLDT Home headlined its role
in fostering meaningful connections and responsible use of
technology for parents and households. At the DigiCon session
called “Family Perspectives on Smart Home and Artificial
Intelligence,” PLDT Home gathered industry thought leaders
to discuss building sustainable smart homes, cyber security
and safety, and the impact of new technologies and Artificial
Intelligence in the overall life of families.
PLDT Home also partnered with Google for the Be Internet
Awesome series, exclusively available on YouTube, which aimed
to educate children on becoming responsible and discerning
digital citizens.
In 2023, PLDT Home also underscored its commitment to enrich
the country’s sports and athletes. PLDT Home powered up the
2023 Men’s Volleyball Nations League (VNL), an annual men’s
international volleyball tournament that was hosted by the
Philippines.
PLDT Home was also recognized at the 3rd United Nations
Global Compact Network Philippines’ Sustainable Development
Goals (SDG) Awards for its outstanding contribution towards
sustainable development through its Madiskarte Moms PH
community program, which promotes digital inclusion among
women in the Micro, Small, and Medium-sized Enterprises
(MSME) sector.
Scan here for more information on PLDT HOME:
PLDT 2023 ANNUAL REPORT
11
PLDT Annual Report | Corporate Milestones
Trusted Partner for
Business Transformation
PLDT Enterprise, the corporate business arm of PLDT, continues
its commitment to catalyzing business transformation through
its comprehensive range of fixed, wireless, and ICT solutions.
With a strong focus on multi-cloud, tech services, and data
center solutions, supported by robust telco infrastructure,
PLDT Enterprise has maintained its leadership position in the
business-to-business avenue, closing 2023 strong with PhP 47.1
billion in net service revenues.
Pioneering a cloud-based ecosystem with
ePLDT and VITRO Inc.
In 2023, PLDT Enterprise’s growth was driven by ePLDT and its
multi-cloud services, which played a pivotal role in addressing
businesses’ needs. Leading conglomerates in banking,
real estate, and government entities are among the major
customers who entrusted their cloud solutioning requirements
to ePLDT.
Additionally, the ICT arm of PLDT introduced Pilipinas Cloud,
marking the Philippines’ first sovereign cloud designed to host
and safeguard sensitive government data and applications.
Meanwhile, VITRO Inc., the data center arm of the PLDT Group
and home to 10 state-of-the-art facilities, brings the largest
network of data centers in the Philippines, including the
upcoming VITRO Sta. Rosa (VSR), set to double its ultimate
facility capacity to 99.5 MW.
PLDT Enterprise:
PLDT 2023 ANNUAL REPORT
12
Fixed and Wireless Solutions
remain steadfast
Committed to empowering businesses of all sizes with
connectivity-driven solutions, PLDT Enterprise achieved
significant milestones in its fixed and wireless segments. The
fixed business continued to deliver reliable solutions catering
to key industry sectors such as SMBiz, BFSI, global enterprises,
carriers, and hyperscalers. These sectors generated strong
demand for internet, international connectivity, and SD-WAN
solutions, emphasizing PLDT Enterprise’s dedicated to delivering
reliable and secure solutions to businesses.
Expanding the Global Digital Footprint
PLDT Global, the global arm of the PLDT Group, has been
strategically expanding its digital reach on an international scale.
This expansion includes the establishment of its fifth global
point-of-presence in Guam to meet the dynamic digital needs
between Asia Pacific and North America. In addition, PLDT
Global aims to extend further its network reach across Australia,
Taiwan, South Korea, Indonesia, Vietnam, and Europe.
These strategic initiatives underscore PLDT’s commitment
to global digital innovation, offering enhanced services and
connectivity options to customers and partners worldwide.
Championing Visionary Innovation and Digital
Transformation
Continuing the telco group’s legacy of fostering digital
transformation through technology and innovative solutions,
PLDT Enterprise showcased its leadership by providing a
platform for visionaries to share their expertise and dedication to
their businesses.
This was prominently showcased through initiatives like the
Philippine Digital Convention (PH Digicon) 2023. Themed
“VISION: Reimagining Tomorrow’s Enterprise,” the 9th iteration
of the annual digital conference brought together industry
experts, students, executives from large conglomerates, small
and medium-sized businesses, international partners, and local
government units to delve into innovative technologies and
business trends. The event was also the avenue for the launch
of ePLDT Pilipinas Cloud (ePPC) and the #LipadLGU campaign,
both of which highlight PLDT Enterprise’s leadership in driving
innovation and supporting the country’s digitalization efforts.
As PLDT Enterprise continues to spearhead digital
transformation initiatives and collaborate with global and local
partners, its steadfast dedication to empowering businesses,
fostering digital inclusion, and promoting sustainability remains
at the core of its mission. Through innovative solutions and
strategic partnerships, PLDT Enterprise continues to be the
trusted partner for businesses’ digital transformation journey.
PLDT 2023 ANNUAL REPORT
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Driving Enterprises’
Digital Transformation
ePLDT:
With ePLDT’s suite of secure multi-cloud and data center
solutions empowering its enterprise and government
customers to be agile, efficient, and resilient, ePLDT has
become organizations’ trusted digitalization adviser and
achieved these 2023 results.
• A Net Promoter Score (NPS) of 58 that puts ePLDT on par
with global system integrators’ NPS.
• The launch of its “Elevating Tech with You” brand awareness
campaign to communicate ePLDT’s new and unique
value proposition.
Building ahead in anticipation of future
data center needs
Driven by rapid digitalization that triggered demand for
colocation services, ePLDT’s VITRO Data Center pillar
contributed 63% to ePLDT’s 2023 revenues or P3.1 billion,
representing a 17% year-on-year increase.
ePLDT will also soon launch VITRO Sta Rosa (VSR), the country’s
first and largest hyperscale data center that will cement VITRO’s
leadership in the local data center market and the Philippines
as the next transit and data center hub in Asia Pacific.
Featuring 4,500 racks and 50MW capacity, VSR will double
VITRO’s ultimate facility capacity to 99.5 MW once fully
operational in Q2 2024. Additionally, VSR signed strategic
partnerships with numerous local and international
connectivity providers to augment its resiliency and
redundancy as well as validate it as a telco-neutral facility.
Lastly, to enhance its data center connectivity and open
avenues to expand its cloud provider partnerships, VITRO
started offering AWS Direct Connect. This service enables
PLDT Annual Report | Corporate Milestones
customers to seamlessly connect their private infrastructure
to their AWS cloud resources via the first AWS direct connect
location in the country hosted in VITRO Makati 2.
Elevating businesses with Cloud advantage
ePLDT’s Cloud business contributed P1.9 billion, which is a
30 km from the airport
Directly connected to JUPITER and
other major CLS
34 km from VITRO Makati 2
Minimum of 20% in renewable energy
At least three points of entrance
for telco diversity
Dedicated substation
PLDT 2023 ANNUAL REPORT
14
total of 37% to its 2023 revenues. This 20% jump from 2022 was
fueled by a 24% revenue increase from cloud consumption and
professional services. Significantly, professional services boasted
the largest revenue growth indicating strong, rising market
demand for cloud solutioning.
Crucially, ePLDT unveiled its latest effort to support the
government’s Cloud-First policy by launching Pilipinas Cloud,
the nation’s first sovereign cloud. This cloud infrastructure
will safeguard highly sensitive government data and
applications and reinforce the safe storage and delivery of
government services.
ePLDT also diversified its premium partnership portfolio of
global cloud technology brands by bringing in generative AI
solutions provider, WIZ.AI. Through this strategic partnership,
ePLDT offers talkbots that will enhance enterprises’ customer
service by deftly conversing in 11 languages, including Tagalog,
Taglish, and English.
Furthermore, after recognition by Google as an Education
Professional Development Partner in 2023, ePLDT has positioned
itself to elevate the education sector’s tech. This designation
is only awarded to select organizations worldwide who meet
Google’s rigorous standards for deploying its technology in the
educational space.
Through its secure outcome-based data center and multi-
cloud solutions, ePLDT is at the forefront of advancing the
PLDT Group’s vision to play an instrumental role in realizing
the nation’s digital future by championing the Philippines’
digitalization thrust.
Scan here for more information on ePLDT:
PLDT 2023 ANNUAL REPORT
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PLDT Annual Report | Corporate Milestones
Empowering
Overseas Filipinos through
Digital Connectivity
PLDT Global:
2023 has been a year marked by significant strides in PLDT
Global’s commitment of empowering Filipinos worldwide.
Steadfast in the mission of being in the service of Filipinos living
overseas and their families, PLDT Global continues to scale up
its suite of offerings via the digital consumer platform TINBO
(Tindahan ni Bossing), strategic partnerships, and offline/online
campaigns. Beyond offering digital solutions, PLDT Global
also kicked off a CSR campaign together with partners from
the private and government sectors to provide upskilling and
livelihood opportunities to overseas Filipino workers (OFWs) who
are reintegrating into the community.
Elevating Digital Solutions for
Global Pinoys
One of the highlights of 2023 for PLDT Global’s consumer
business is the successful integration of the Smart Virtual
Number (SVN) in Maya. Filipinos living abroad can now use
the Maya app using their Smart Virtual Number. They can
conveniently and securely receive one-time passwords (OTP)
for their Maya transactions via the SVN. This solution will
encourage more Filipinos living abroad to take advantage of
digital banking services available in Maya. As a one-stop digital
marketplace, TINBO continues to expand its digital products
and services to offer Filipinos living abroad more options to care
for their loved ones back at home. Currently, TINBO has over
a hundred brands across load, e-gift vouchers, gaming PINs,
and billers that are available for overseas Filipinos and their
families in the Philippines. Lazada and Shopee e-gift vouchers
are now available on TINBO, offering overseas Pinoys who want
to send gifts to their relatives in the Philippines a practical and
more affordable alternative to traditional balikbayan boxes.
Additionally, Filipinos abroad can also purchase the mWell
Healthsavers Plan on TINBO and send vouchers to their loved
ones in need of teleconsultation.
Stronger Government Alliance for
OFW Welfare
PLDT Global has strengthened its partnerships with the
Department of Migrant Workers (DMW) and Overseas Workers
Welfare Administration (OWWA) to reach more Filipinos and
provide them with relevant tools to empower them at every
phase of their global journey. Together with the DMW, PLDT
Global has successfully implemented initiatives that support the
digital literacy and empowerment of Overseas Filipino
Workers. These initiatives include the hosting of social media
etiquette training sessions for aspiring OFWs, the awarding of
upskilling grants to repatriated Filipinos, and the installation of
free WiFi at the DMW building.
PLDT 2023 ANNUAL REPORT
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Digital Lifeline for Global Pinoys
In December 2023, PLDT Global activated the OWWA Helpline
1348 on the Smart Virtual Number in TINBO to offer Pinoys
overseas with zero-rated calls 24/7 to the OWWA Operations
Center in the Philippines. Through this platform, Filipinos
anywhere in the world will have a direct communication line to
OWWA to get the government assistance they need, especially
in times of emergencies and crises.
Puso sa Puso for Global Pinoys
The well-being of overseas Filipinos is at the heart of PLDT
Global’s business. Guided by this, the company launched an
OFW-focused CSR campaign together with the PLDT-Smart
Foundation. Among the first beneficiaries were a repatriated
overseas Pinoy from Sudan, who was awarded with a Microsoft
training grant, and the children of a Qatar-based OFW
recovering from an illness, who were provided with Learn Smart
kits and gadgets. Since then, a few reintegrated Filipinos from
the Middle East have been awarded with upskilling and cacao
farming grants, as well as gadgets through the help of PLDT
Global’s local and international partners.
Fostering Connections with
Filipino Communities
Beyond digital activations, PLDT Global has participated in
events overseas to amplify the awareness and acquisition for
TINBO and the Smart Virtual Number. Such events included
the Philippine Independence Day celebration in Qatar and
the Philippine Festival in Tokyo, Japan, which were attended
by a significant number of Filipinos. Through these events,
PLDT Global had the opportunity to connect with the Filipino
community, onboard OFWs to TINBO’s reseller initiative,
and strengthen the network with international partners for
future collaborations.
Scan here for more information on PLDT Global:
Recognitions
•
20th Philippine Quill Excellence Award for
TINBO’s Bossing for the Win Livestream
•
Gawad Galing Most Innovative Health App
for OFWs
TINBO & Smart Virtual
Number in 2023
•
2255% - 2023 growth in TINBO users vs. 2022
•
135 Brands on TINBO (Load, e-gifts, and billers)
PLDT 2023 ANNUAL REPORT
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Powering Filipinos’
Mobile Digital Lifestyles
Smart:
Prepaid eSIM launch – First in PH
Smart ushered in a new era of convenience and flexibility for
mobile users as it unveiled the new Smart Prepaid embedded
SIM or eSIM – the Philippines’ first prepaid eSIM. The digital
version of the physical SIM card, the eSIM, allows for a quick and
hassle-free way for mobile users to enjoy local data, call, and text
services without having to insert a physical SIM card into their
devices.
Smart also set the pace for wider adoption in the country by
making both prepaid and postpaid eSIM offers conveniently
available via digital delivery. This means mobile users may now
simply order their Smart Prepaid eSIM or Smart Postpaid eSIM
at the Smart Online Store and have it conveniently delivered to
their email instantly. Upon receiving their prepaid or postpaid
eSIM, users only need to scan the unique QR code and then
register it after activation to start enjoying data, call, and text
services on Smart’s award-winning mobile network.
Smart dials into Google Cloud AI to help
personalize digital services for Filipinos
Through the collaboration with Google Cloud, Smart became
one of the first communication services providers (CSPs) in
the Asia Pacific region to adopt Telecom Subscriber Insights,
Google Cloud’s AI-powered solution that ingests data from
various sources, provides contextual insights on subscribers’
propensity to consume services, and presents personalized
recommendations to their devices for activation.
Smart will also use Telecom Subscriber Insights to design more
inclusive mobile services for subscribers by identifying both
patterns and gaps in connectivity. With real-time insights from
customer data, Smart could, for instance, help subscribers
optimize their data consumption while streaming content
by alerting the user to adjust the resolution of their video.
Subscribers could also be prompted to top up their prepaid plan
on their device through integrations with local digital payments
services, instead of having to locate a physical store to purchase
prepaid load.
PLDT, Smart unveil first ever Experience Hub
with Smart Home in the Philippines
In May, both PLDT and Smart unveiled their first ever Experience
Hub with Smart Home in the country at Festival Mall in
Alabang, Muntinlupa City. The first of its kind, the PLDT and
Smart Experience Hub has an interactive Smart Home setup
that allows customers to reimagine a future-ready home for
their families.
SIM Registration - overtakes in terms
of subs, award winning TNT SIM Reg ad
(“Tattoo”)
Smart regained mobile market leadership in terms of subscriber
numbers after seven years following the implementation of SIM
(subscriber identity module) card registration.
Smart encouraged subscribers to register their SIM with the
multi-platform public service campaign, ‘Mag-SIM Reg para
hindi SIM Dead.’ For its part, Smart’s value brand, TNT, also
launched three public service videos to urge subscribers to
register their SIMs. These videos went viral and drove more
awareness to the SIM Registration campaign. One of the videos,
entitled “Tattoo” was recognized as Best TV material by Bestads,
the world’s best global ad industry website.
TNT sets Guinness World Record for Longest
Travel Livestream
TNT put the Philippines on the world map in November
by clinching the Guinness World Record for Longest Travel
Livestream. To achieve this milestone feat, TNT tapped content
creators to join the “TNT Petmaloop Challenge” and stream their
journeys live on their smartphone uninterrupted from Bustos,
Bulacan to Rizal Park in Manila using a single TNT-powered
smartphone. The journey, which covered 75 kilometers, lasted
26 hours, 15 minutes, and 29 seconds as creators shared their
real-time travel experiences and featured significant sites and
cultural locations.
Award Winning Network
Ookla® Awards - Fastest and Best Mobile
Network for Smart
In July, Smart achieved a remarkable feat as it was recognized
as the Philippines’ Fastest and Best Mobile Network in the
Philippines for the third consecutive reporting period of Ookla®,
an internationally-recognized leader in network measurement
and connectivity intelligence.
According to Ookla®’s analysis for Q1-Q2 2023, Smart delivered
the fastest mobile speeds and best mobile coverage to
customers, clinching the “Best Mobile Network” award, a
prestigious distinction for mobile operators around the
world. Smart initially made history by becoming the first and
only mobile operator in the Philippines to receive Ookla®’s
recognition as the “Best Mobile Network” during Q1-Q2 2022,
as well as in Q3-Q4 2022.
PLDT Annual Report | Corporate Milestones
PLDT 2023 ANNUAL REPORT
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PLDT Annual Report | Corporate Milestones
umlaut - Best in Test Award
In October, Smart received the ‘Best in Test’ award from
independent benchmarking organization umlaut, which also
cited Smart for having the best rated upload speeds, download
speeds, and latency experience.
Smart makes history with PH’s epic hosting
of FIBA Basketball World Cup 2023
Smart pulled out all the stops to bring epic FIBA Basketball
World Cup experiences to subscribers. Ten days before the
games, Smart transformed the MOA Ball into a giant basketball
with a hoop for one of the most awe-inspiring basketball
tributes ever seen. The giant installation — measuring 1.5 meters
in diameter, inside a ring with 111 meters in circumference —
officially signaled the country’s all-out efforts to kick off the
hosting of the FIBA World Cup 2023, as well as the larger-than-
life passion and energy that Filipinos have for basketball.
The Smart MOA Ball won a bronze award in the prestigious 2023
CLIO Sports Awards. Smart was the first CLIO Sports winner and
the only Filipino brand on the list, which also includes Adidas,
ESPN, NBA, NFL, Nike, Under Armour, and Xbox. The massive
installation also scored a ‘Best Outdoor Ad’ recognition from
Bestads, a global ad industry website.
Smart also drummed up the excitement of fans by unveiling
an interactive LED billboard with a massive basketball ring and
augmented reality integration along EDSA, complete with a QR
code allowing fans to view FIBA stars’ signature moves on their
smartphones. Smart also took it a step further, captivating fans
and spectators with an interactive 3D Billboard featuring the
FIBA official mascot JIP at Bonifacio Global City (BGC).
Smart left no stone unturned when it came to using technology
to bring FIBA closer to every Filipino. As a huge treat, Smart gave
all its subscribers FREE access to all FIBA games via the Smart
LiveStream App. By downloading the app and connecting to
the Smart mobile network, fans could stream the games live
anytime, anywhere, or replay and relive all the FIBA hardcourt
action.
Smart also introduced GILAS POWER 399, a prepaid data pack
that comes with 78 GB valid for 30 days, including access to
FIBA World Cup Games via the Smart LiveStream App.
Leveled-up Esports experiences
Smart continued to empower Filipinos in their passion for
esports and mobile gaming by supporting some of the
biggest esports tournaments, including Mobile Legends:
Bang Bang (MLBB) Professional League, the MLBB M5 World
Championship, and Liga Adarna Season 7, the country’s biggest
all-female esports league.
In May, Smart supported SIBOL, the national esports team, at
the 32nd SEA Games. It also teamed up with TikTok to launch
The Greatest Gamer Philippines, a search for the most promising
MLBB player.
Smart also teamed up with Dark League Studios to further
promote esports at the grassroots level and discover and hone
the next generation of national esports athletes.
Value-Packed Data Offers for Filipinos
Smart also continued to empower Filipinos with data-packed
offers to cover all their online activities. These included Power All
offers which come with open access data, Unli TikTok, and Unli
Texts to All Networks, Magic Data, which offers non-expiring data
offers, and Unli 5G + Non-Stop Data, which enable subscribers to
enjoy seamless connectivity across 5G and 4G-covered areas.
Smart’s value brand TNT continued to bring saya to ordinary
Filipinos with its most affordable offer, Doble GIGA+ 50, which
comes with 8 GB data plus Unli Texts to All Networks, valid for
three days, for only Php50. TNT also teamed up with Meta to
introduce FB+Chat 50, a promo that gives access to all the go-to
Meta apps, including Facebook, Messenger, WhatsApp, and
Instagram. In December, TNT launched its own Prepaid eSIM to
make it easier and more convenient for Filipinos to experience
Smart’s award-winning mobile network.
Smart also boosted its Signature Plan 599 by adding more
data and shortening the lock-in period to cater to a growing
number of subscribers who need bigger data allocation for their
productivity and entertainment needs. The revamped Signature
Plan 599 comes with 10 GB data every month, which is double
its previous 5 GB monthly data allocation. It also also comes with
Unlimited Calls & Texts to all networks, and Landline Calls. To cap
it off, the lock-in period has been shortened from 12 months to 6
months only.
Scan here for more information on Smart:
PLDT 2023 ANNUAL REPORT
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In 2022, Maya changed the game. For the first time, consumers and
businesses could enjoy payments and banking on a single digital
platform. A year later, Maya pushed even further, accelerating
game-changing innovations from high engagement banking to
credit powered by Artificial Intelligence (AI).
Maya’s strategy of offering innovative banking services through its
existing payment platforms has created a unique model that is
being embraced by millions of customers. It has drawn in a rapidly
expanding community of new and existing users who have leveled
up and engaged deeply across its multiple product offerings.
By the end of 2023, bank customers had more than doubled to
3 million.
The year 2023 marked Maya’s significant growth, solidifying its
position as the #1 Fintech Ecosystem in the Philippines powered by
the #1 Digital Bank and #1 Omni-Channel Payments Processor.
Opening Doors to Credit
Maya’s growth tells a story of breaking down barriers. Maya has
widened access to credit for hundreds of thousands of Filipinos,
disbursing loans of over PhP22 billion in 2023 and setting the
company up for rapid growth going forward.
It is the first digital bank to introduce a broad range of credit
solutions for the unbanked, underbanked, and unhappily banked –
no collateral, no long lines, no lengthy documentation. Consumers
can borrow up to PhP30,000 with Maya Easy Credit and up to
PhP250,000 with Personal Loan. Micro-entrepreneurs can get a
loan of up to PhP350,000 with Maya Advance, while SMEs can
borrow up to PhP2 million unsecured credit line via Flexi Loan –
unprecedented in the market.
Now, accessing credit is as easy as a few taps on a phone and is
available in mere seconds thanks to Maya’s AI-driven proprietary
credit scoring model that evaluates borrowers beyond traditional
criteria and assesses creditworthiness based on their payment
history and account usage.
Changing the Game
for the Unbanked,
Underbanked,
& Unhappily Banked
Maya:
PLDT Annual Report | Corporate Milestones
PLDT 2023 ANNUAL REPORT
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PLDT Annual Report | Awards and Recognitions
Banking for the New Generation of Filipinos
The early success of Maya’s credit business lies in making
banking intuitive. It has integrated banking into the daily lives
of its users to help them build their financial standing and
enhance their credit profile. Beyond financial inclusion, Maya is
trailblazing in driving financial well-being and independence.
Maya expanded its pioneering high engagement banking,
rewarding smart financial habits with attractive offers. Users
enjoy up to 15% interest rates p.a., credited daily on their savings
accounts for simply using Maya for daily essentials. As a result,
user transactions have soared, resulting in Maya’s deposit
balance growing by 69% to PhP25 billion in 2023.
Capitalizing on its easy-to-use and reliable platform, Maya has
also enriched the financial journey of its users, rolling out new
offerings that further drive user engagement. Users can open
a time deposit with any amount; trade local stocks with real-
time transactions via partner brokers; invest in Unit Investment
Trust Funds (UITFs) and Mutual Funds (MFs) via its marketplace
partners; and buy, sell, send, and receive crypto. Users can easily
reinvest or use their earnings within the app.
Integrating Maya further into the everyday life of its user is
the Maya Card. This stylish black card provides a personalized
@username feature and unlocks global shopping for over 130
million merchants. It is now the fastest-growing prepaid card in
the market.
Revolutionizing Banking for SMEs
Maya did not stop with consumers. In 2023, it reimagined what
banking could be for SMEs, launching its one-of-its-kind 1-2-3
Grow Bundle, offering higher business deposit interest rates and
an unsecured credit line of up to PhP2 million. This initiative not
only boosts their digital footprint but also their financial growth.
Because of its game-changing innovations and next-level
customer experience, Maya is the undisputed #1 Digital Bank
in the Philippines, capturing 51% of the total digital bank
depositors as of December 2023. It is globally recognized as the
“Best Digital Bank” in the Philippines by the World Best Digital
Bank Award, Retail Banking Awards, and World’s Best Consumer
Digital Bank Awards, to name a few.
Serving as the PH’s Payments Backbone
At the core of Maya’s banking success is its robust
payments ecosystem.
This foundation allows Maya to seamlessly extend banking
services to its existing customer base. This also empowers Maya
to harness vast data from payments transactions to offer hassle-
free credit and more.
Maya continues to lead the digital transformation of businesses
and industries, as the “Payments Backbone of the Philippines.”
Maya powers businesses big or small to accept debit, credit,
e-wallet, QR, and other emerging methods seamlessly in-store,
online, and via mobile apps.
Maya has solidified its position as the #1 Payments Processor,
processing the majority of the credit, debit, and QR Ph for
peer-to-merchant payments transactions based on Visa and
BancNet data.
Maya has proven in 2023 that banking can be simple, innovative,
and inclusive. With its unique model of harnessing payments
to deliver safe and reliable banking services, Maya is the easiest
and fastest way to get all Filipinos banked!
Scan here for more information on Maya:
PLDT 2023 ANNUAL REPORT
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PLDT, Smart, and ATRIEV share a vision to leverage ICT to
create equal opportunities and economic independence for
persons with disabilities (PWDs). Assistive technology and
internet connectivity, provided through our collaboration,
enable PWDs to participate fully in e-commerce from home,
generating income and supporting their families. Together,
we’ve ushered in a new era of digitally empowered PWDs,
harnessing technology, where PWDs can thrive alongside
everyone else paving the way for a truly inclusive society.”
ANTONIO D. LLANES, JR.
Executive Director
ATRIEV (Adaptive Technology for Rehabilitation, Integration, and
Empowerment of the Visually Impaired)
“
PLDT Annual Report | Corporate Citizenship
Corporate
Citizenship
PLDT 2023 ANNUAL REPORT
22
PLDT & Smart Communities is the Company’s Corporate
Shared Value Program that delivers positive impact
to the communities we serve and contributes to
the achievement of the United Nations Sustainable
Development Goals (UN SDGs) while helping advance
business objectives.
We implement programs in the areas of education,
disaster resilience, livelihood, internet safety, and inclusion
that leverage on technology that empowers communities
and helps bridge the digital divide to ensure that no one is
left behind.
PLDT 2023 ANNUAL REPORT
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PLDT Annual Report | Corporate Citizenship
Creating #FarmSmart and #MSMEmpowered communities (SDG 1, 2, 8, 17)
11,464
MSMEs and coops trained on digital
entrepreneurship & e-commerce
2,946
Farmers supported through trainings &
access to market
120
MSMEs on-boarded to e-commerce
platforms
6
Edible gardens constructed
3,890
Planting kits deployed to communities
Ensuring #NoLearnerLeftBehind (SDG 4, 9, 17)
3,326
Teachers & students reached by School-
in-a-Bag
2,748
Teachers & students trained
68
Technopreneurship learning sessions
conducted
245
LearnSmart Kits deployed
2023 Milestones
LIVELIHOOD
EDUCATION
18
Prototypes produced
C O R P O RAT E C I T I Z E N S H I P
PLDT 2023 ANNUAL REPORT
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PLDT Annual Report | Corporate Citizenship
Creating #SafeAndSmart Communities (SDG 11, 17)
4,219
Relief aid distributed in 2023
33
Ligtas Kits deployed
33
LGUs trained on emergency
communications
31
Emergency communications stations
set up in 2023
EWS
Connectivity provided for Early Warning
System for Bauan and Calatagan LGUs in
Batangas, in partnership with the PDRF
DISASTER RESILIENCE
Promoting #SafeSpaces Online (SDG 3, 16, 17)
6,983
Participants in webinars on internet
safety & mental health
100
Volunteers trained on Psychological
First Aid
Recognitions for Child Protection efforts
Leader status in Global Child Forum
Best practice from Council for the Welfare of Children & IACAT Region 7
Enabling participation through #InclusiveTechnology (SDG 5, 10, 17)
800
Employees attended cultural
sensitivity webinar
51
People with orthopedic disabilities
were trained on digital skills for
entrepreneurship
43
People with visual impairment were
trained on Android accessibility
37
Scholars for pilot run of digital skills for
employment
INTERNET SAFETY
INCLUSION
PLDT 2023 ANNUAL REPORT
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In 2023, PLDT and Smart remained focused on their
transformation and introduced a renewed purpose, vision,
mission, core values, and signature behaviors (“PVMV”).
The company’s vision goes beyond creating a fun work
environment for its employees – it aims to empower individuals
and teams to perform work that is both purpose-driven and
meaningful while having an enriching and rewarding career.
To achieve this, human capital investments were focused
on providing capability building and career development
opportunities, facilitating culture building initiatives that
promoted collaboration and inclusion, and creating strategic
alignment that focused on sustaining high performance
and growth.
Nurturing Talent
PLDT and Smart’s talent and learning strategy were revamped
in 2023 to focus on coaching, capability building, performance
ownership and succession planning while promoting a unified
holistic learning experience.
The company’s revitalized learning ecosystem adopted a
more deliberate and impactful approach to training which
better suited the employees’ ways of working. It introduced
democratic and self-paced learning courses that were short
and relevant, while also leveraging partnerships to enhance the
learning experience.
Under the new PLDT & Smart University, the company
launched six new academies catering to employees’ learning
and development needs: Leadership Academy, Power Skills
Academy, Skills Boost Academy, Onboarding Academy, Agile
Academy, and Innovation Hub. These academies aim to boost
efficiency in employees’ respective roles.
To propel digital learning, the company partnered with
global brand LinkedIn Learning to offer relevant and up-to-
date modules which 100% of its users accessed. Face-to-face
Community Learning sessions were facilitated by leaders
who tackled relevant topics for employees such as influencing
workplace culture, understanding Artificial Intelligence, and
sharing critical thinking knowledge, among others. As a result,
79% of active employees nationwide joined on-site workshops,
e-learning sessions, and webinars, giving their overall learning
satisfaction experience a rating of 94%.
Instilling a coaching culture was essential in 2023 to remain
mission-focused and promote empowerment and ownership.
Under the NEXT Leadership Program, 94% of team leaders
attended training on coaching and inspiring performance with
87% of the participants’ direct reports responding favorably
to the practices of their immediate heads. Other initiatives
included conducting Emerging Leaders Program interventions
and certifying 21 employees as Executive Coaches.
Several certifications were also acquired by employees
under the Global Technical Certification Program to boost
the expertise of technical staff to support corporate bids,
network resilience, and efficiency, with a total of 879 certified
Employees. In addition, domain capability building anchored
on new competency models was also delivered to enhance
the practice of information technology, business analytics, and
network operations.
Nurturing Talent,
Building Culture,
Fostering Growth
PLDT Annual Report | People & Culture
P E O P L E & C U LT U R E
PLDT 2023 ANNUAL REPORT
26
PLDT Annual Report | People & Culture
With all these various learning initiatives, PLDT and Smart
display a commitment to career development. In 2023 alone,
76% of new executives were developed and promoted from
within the organization, underscoring the organization’s internal
mobility priorities over external hiring.
Building Culture
PLDT and Smart initiated their culture transformation journey
by introducing the new PVMV, giving rise to the “Magic of WE”
campaign aimed at fostering inclusivity and collaboration within
the organization.
The initiative began with a leadership launch, fostering
commitment from the organization’s leaders to integrate the
company values in their ways of working. This paved the way for
a companywide launch featuring a hybrid event with Manny V.
Pangilinan and the top leaders personally unveiling the PVMV
to employees. The nationwide celebration showcased a Magic
of WE anthem, video messages featuring employees, a live Q&A
session, exciting activities, a legacy lane showcasing PLDT and
Smart’s history, and strong employee participation through
watch parties and nationwide pocket events located in Makati,
Davao, Cebu, Pasig, and Pampanga.
To further embed the PVMV and create a sense of shared
understanding, Culture Connect workshops were conducted.
These sessions equipped employees with the tools to integrate
the PVMV into their daily work, while Culture Champions –
passionate employees chosen to champion the values – hosted
workshops and served as positive role models.
In line with the “Magic of WE” campaign and its focus on
collaborative work, PLDT and Smart also implemented an
open-office layout and encouraged face-to-face interactions
through its return-to-office initiative. The company enhanced
the workspace with visuals reflecting this theme, especially
in common areas, reinforcing the importance of teamwork
throughout the office environment.
The “Magic of WE” also aimed to bring the company’s values
to life though the launch of the employee news portal of PLDT
and Smart called Touchpoint. Touchpoint stories are real-life
experiences shared by employees that exemplify what the
company stands for and its values in action, creating a relatable
and inspiring narrative for the workforce.
In line with the culture strategy, PLDT and Smart introduced
the PLDT and Smart Excellence Awards (“PSEA”). This program
aligns recognition with core values and business objectives.
The “Brilliance” themed PSEA Night honored 117 finalists for
excellence in Service, Innovation, Sustainability, Leadership,
and Culture.
PLDT 2023 ANNUAL REPORT
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PLDT Annual Report | People & Culture
Creating the Workplace Experience
PLDT and Smart consistently rank among the top workplaces
in the Philippines. Beyond offering employee benefits,
performance rewards, and career opportunities, the
company fosters a culture that prioritizes employee well-
being, engagement, and inclusion, creating a fulfilling work
environment. Various employee experience efforts contribute to
making the company a rewarding place to work for:
• Championing Diversity and Inclusion (D&I): PLDT
and Smart understand that a varied workforce fosters
innovation and creativity. This commitment earned
recognition from the Philippine Business Coalition for
Women Empowerment (PBCWE) in 2023 for gender
equality initiatives. The “Yes, SHE Can” program offered a
comprehensive approach, such as workshops and visuals,
to empower women employees at every stage of their
personal and professional lives. PLDT and Smart also
launched the #EveryColorEveryYou campaign during
June Pride Month, celebrating the unique identities of
all employees while cultivating a safe and supportive
environment, regardless of sexual orientation or gender
identity. For the first time, PLDT and Smart marched in
the Quezon City Pride Parade, publicly demonstrating
their support for the LGBTQIA+ community. Educational
webinars were also conducted on self-acceptance and
authenticity, and how to be an ally. A digital activity was
aimed at fostering a sense of community and inclusivity
within the organization.
• In 2023, PLDT and Smart sustained the #InclusionAbles
campaign, dedicated to educating employees and
celebrating individuals with disabilities. During Persons
with Disabilities (PWD) Month, the company conducted
webinars such as the Understanding Neurodiversity and
Disability Sensitivity Workshop held in partnership with
non-profit organization for people with visual impairments,
ATRIEV. Donation drives and fundraising bazaars were held
to support ATRIEV’s initiatives, showcasing the ongoing
commitment of PLDT and Smart to promote inclusivity and
improve workplace accessibility.
• Prioritizing Wellness and Wellbeing: Recognizing the
importance of holistic well-being, PLDT and Smart offer
a comprehensive suite of programs for their employees.
This includes preventative healthcare measures like flu
vaccinations for over 2,800 employees in 2023. Additionally,
they expanded their dental network, leading to a significant
increase in clinic visits and consultations.
• Beyond physical health, PLDT and Smart prioritized
mental and emotional well-being through webinars and
the Mind Your Health campaign, which features monthly
reminders and informative learning sessions. Employees
also have opportunities to connect spiritually through
various programs like Food for the Soul and Simbang
Gabi during the Christmas season. Wellness Revolution
provides a diverse range of activities, from workshops on
stress management and personal finances to virtual and
PLDT 2023 ANNUAL REPORT
28
regional fitness sessions. Free well-being consultations
with counselors or psychiatrists are also conducted for
employees who need support.
• Fun in the Workplace: PLDT and Smart prioritize employee
well-being through tailored engagement events fostering
connection and recognition. Anniversary events like
#PLDTat95 and #SmartAt32 celebrate milestones, instilling
company pride. Themed events like “Magical World of PLDT
& Smart” for Halloween and “Magic of Christmas” enhance
team spirit. Initiatives for Mother’s Day and Father’s
Day support working parents. PAMANA: PLDT’s Service
Awards honor loyal employees, fostering appreciation
and excellence.
• Empowering Employee Volunteerism: PLDT and Smart
employees demonstrated bayanihan spirit, contributing
significantly to the success of the 2023 FIBA Basketball
World Cup. Collaborating with organizers, employee
volunteers facilitated the event, organized games, boosted
ticket sales, and coordinated promotions. These efforts
strengthened the MVP Group’s engagement and fostered
collaboration with Samahang Basketbol ng Pilipinas,
contributing to a record-breaking crowd of 38,115 at the
Philippine Arena.
Fostering Productivity and Growth
Human capital initiatives that advocate performance,
productivity, and alignment are essential for fostering a positive
work environment, achieving organizational goals, and securing
a competitive advantage in the market.
To promote alignment with the company’s strategic objectives,
several enhancements were implemented in the performance
management process. The corporate goals and targets were
presented to managers and executives, providing a clear
overview of the company’s organizational priorities and shared
performance indicators. A workshop on goal setting was
conducted and structured around the balanced scorecard
which included targets related to customer satisfaction,
operational efficiency, growth, sustainability, and organizational
health. In addition, coaching conversations that aided goal
tracking were institutionalized and incorporated into the digital
process. Supplemental digital webinars on using the Talent
Management Portal for performance management activities
were also delivered.
Over 16,000 coaching sessions were facilitated and
documented which resulted in 10,073 positive outcomes and
the successful attainment of established goals. This concerted
effort not only strengthened the alignment of employees with
strategic goals but also contributed significantly to overall
performance improvement.
In addition to performance management initiatives,
organizational reviews were likewise undertaken. Structural
changes were implemented in Network, Transformation and
Customer Experience, Zones, Supply Chain, and IT to further
enhance coordination and overall program implementation.
PLDT and Smart’s success in 2023 is a testament to the
dedication and talent of its employees. By nurturing talent,
building culture, and fostering growth, the company has
created a space where individuals can thrive and contribute
their best. Looking ahead, PLDT and Smart remain committed
to continuous improvement and innovation, solidifying their
position as industry leaders and employers of choice in the
years to come.
PLDT Annual Report | People & Culture
PLDT 2023 ANNUAL REPORT
29
Adhering to our Core Principles of
Accountability
Integrity
Fairness
& Transparency
PLDT Annual Report | Corporate Governance Report
PLDT 2023 ANNUAL REPORT
30
“Governance is everyone’s business
- the Board, top management, middle
management, rank and file. For all of us,
Corporate Governance should not just
be a set of rules to comply with, but a
way of life, a set of habits, an attitude.
Indeed, it is part of the culture that will
ensure PLDT’s success and prosperity
in the long term.”
MANUEL V. PANGILINAN
Chairman of the Board and CEO
PLDT 2023 ANNUAL REPORT
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PLDT Annual Report | Corporate Governance Report
15
33
Meetings of the
PLDT Board of
Directors (“Board”)
Board Committee Meetings with focus on Management Oversight,
Financial Reporting, Internal Controls and Independent Audit,
Strategic Direction & Corporate Performance, Risk Management,
and Governance and Sustainability
10
Regular
Board
Meetings 4
Special
Board
Meetings 1
Organizational
Board
Meeting
9
Audit
Committee
Meetings 4
Governance, Nomination
and Sustainability
Committee Meetings
3
Data Privacy and
Information Security
Committee Meetings
3
Executive
Compensation
Committee Meetings 4
Risk
Committee
Meetings 10
Technology
Strategy Committee
Meetings
Election of 13 Directors, including 3 Independent Directors, in the Annual Stockholders’ Meeting (“ASM”)
PLDT held its ASM on June 13, 2023 in hybrid format. Holders of 82.99% of the total outstanding Common and Voting
Preferred Shares as of the Record Date, April 14, 2023, were present or represented during the meeting. Stockholders elected
to the PLDT Board: Directors Mr. Manuel V. Pangilinan, Hon. Manuel L. Argel, Jr., Ms. Helen Y. Dee, Atty. Ray C. Espinosa,
Mr. James L. Go, Mr. Kazuyuki Kozu, Mr. Alfredo S. Panlilio, Atty. Marilyn A. Victorio-Aquino, Mr. Naoki Wakai, and Ms. Marife B.
Zamora; and Independent Directors Hon. Artemio V. Panganiban, Mr. Bernido H. Liu and Ms. Bernadine T. Siy.
Appointment of the Chairman of the Board, Lead Independent Director, Members of the Advisory Board/Committee,
Chairpersons, Members and Advisors of the Board Committees, President and Chief Executive Officer (“CEO”), and
Other Officers of PLDT in the Organizational Board Meeting
The organizational meeting of the PLDT Board was held immediately after the adjournment of the ASM on June 13, 2023.
Director Manuel V. Pangilinan was appointed Chairman of the Board, Hon. Artemio V. Panganiban was appointed Lead
Independent Director, and the following were appointed to the Advisory Board/Committee: Mr. Benny S. Santoso,
Mr. Orlando B. Vea, and Mr. Christopher H. Young. The chairpersons, members and advisors of the following Board
Committees were likewise appointed: (i) Governance, Nomination and Sustainability Committee, (ii) Audit Committee,
(iii) Executive Compensation Committee, (iv) Risk Committee, (v) Technology Strategy Committee, and (vi) Data Privacy
and Information Security Committee. Mr. Alfredo S. Panlilio was appointed President and CEO.1
Corporate
Governance Report
Year 2023
At A
Glance
1 On December 5, 2023, the PLDT Board accepted the retirement of Mr. Alfredo S. Panlilio as President and CEO effective December 31, 2023 due to
health reasons.
PLDT 2023 ANNUAL REPORT
32
Board’s, Board Committees’, and Individual Directors’ Performance Assessment for 2022, including a review of the
performance of Management headed by the President and CEO
The PLDT Board, its six Board Committees, and directors accomplished their Annual Performance Self-Assessment for the
preceding year 2022. The performance assessment process uses a set of questionnaires containing criteria based on leading
practices and principles on good governance. These questionnaires are accomplished individually by directors as members of
the Board and, as applicable, the Board Committees.
Adoption of Incentive-based Compensation Clawback Policy (“the Clawback Policy”) effective October 2, 2023
As a foreign private issuer with American Depositary shares listed on the New York Stock Exchange (“NYSE”) under the
symbol “PHI”, PLDT issued the Clawback Policy in compliance with NYSE listing standards and the US Securities Exchange
Act and relevant rules and regulations. In the event that the Company is required to prepare an accounting restatement, this
policy aims to recover from current or former PLDT executive officers, including Executive Directors, erroneously awarded
incentive-based compensation.
Adoption of Human Rights Policy
Approved and adopted by the PLDT Board on January 30, 2024, PLDT’s Human Rights Policy aligns with its Code of Business
Conduct and Ethics (“Code of Ethics” or “Code”). The policy recognizes the Company’s role in building a digital society that
upholds human rights and ensures that business operations align with human rights laws, principles, and standards.
17th Annual In-House Corporate Governance Enhancement Session (“ACGES”) for the Board and Management
On November 9, 2023, the PLDT Board, through its Governance, Nomination and Sustainability Committee, held its 17th
ACGES on the topic: Artificial Intelligence (“AI”) with keynote speaker, Dr. Max Tegmark, President and Co-founder of the
Future of Life Institute, New York Times best-selling author, professor, and Physics and AI researcher at the MIT Institute
for AI and Fundamental Interactions and the Center for Brains, Minds and Machines. Dr. Tegmark spoke on “Governance
Imperatives, Opportunities, and Challenges in the Age of AI”; and Atty. Anthony Edsel F. Tupaz, Data Privacy, Cybersecurity,
AI Initiatives and Special Projects (Infrastructure) Head and Partner at Gorriceta Africa Cauton & Saavedra spoke on “Global
Developments in AI Standards and Regulations”.
PLDT’s Three Golden Arrow Award at the 2022 ASEAN Corporate Governance Scorecard (“ACGS”) Golden Arrow Awards
On September 28, 2023, PLDT received recognition from the Institute of Corporate Directors for its exemplary governance
standards and practices, which are aligned with the Philippine Code of Corporate Governance for Publicly Listed Companies
as well as the internationally recommended corporate governance practices in the ACGS.
Review of the PLDT Group Top Risks as identified by Management
On July 20, 2023, the PLDT Board reviewed and approved the PLDT Group Top Risks as identified by Management.
Additionally, through its Risk Committee, the Board discussed with Group Heads the risk profiles of their business and
support groups.
Adoption of the Revised Audit Rating System
Reviewed and approved by the Board’s Audit Committee, the Revised Audit Rating System serves as one audit language
of audit results for key stakeholders, including the Audit Committee, and Senior and Line Management. The System is
designed to promote a culture of ownership and accountability, as well as effective governance, risk management, and
controls processes.
Publication of Supplier Code of Conduct (“Supplier Code”) and Supplier Qualification Process
In 2023, the Company published its Supplier Code and Supplier Qualification Process on its website for stakeholders’
reference. The Supplier Code includes behavioral standards on the environment, human rights, data privacy and cyber
security, responsible business operations, and business ethics. It informs suppliers of the Company’s reporting lines for
concerns and violations.
PLDT 2023 ANNUAL REPORT
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Corporate Governance Framework
Corporate Governance in PLDT is shaped by our governance
structure and is animated by the Company’s principles, values,
and policies. Our corporate governance structure is outlined in
our Manual on Corporate Governance (“CG Manual”), along with
the Company’s Articles of Incorporation and By-Laws. Together,
they entrust authority and resources for the performance
of corporate functions and delineate responsibilities for the
exercise of such authority. The conduct of Company business
is anchored on the corporate governance principles of
Accountability, Integrity, Fairness and Transparency that are
defined in our Code of Ethics. The Code applies to our directors,
officers, executives, and employees. Commitment to the
principles and values established by the Code is likewise asked
of the Company’s business partners.
BOARD OF DIRECTORS
DUTIES AND RESPONSIBILITIES. Our Board is the body
entrusted by shareholders with authority to act for and on behalf
of the Company. As the Company’s governing body, the Board is
responsible for fostering the long-term success of the Company
and securing its sustained competitiveness and profitability
consistent with corporate objectives and the best interest of the
Company, its stockholders, customers, and other stakeholders.
It sets the standards and tone of corporate action through the
adoption of policies and processes that are compliant with the
law, aligned with best practices, and appropriate for the needs
of the Company. Directors perform their duties diligently and
in good faith and devote sufficient time and attention for such
purposes.
PLDT Annual Report | Corporate Governance Report
PLDT 2023 ANNUAL REPORT
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Corporate Governance
The Board, with the assistance of the Governance,
Nomination and Sustainability Committee, establishes the
Company’s corporate governance framework, principles,
and policies aligned with business objectives, as well as
oversees their implementation and the implementation of
continuing education and communication programs on good
governance.
Determination and Review of Company Vision, Mission,
and Strategic Objectives
The Board, in coordination with Management, determines
the Vision, Mission and Strategic Objectives of the Company
and reviews the same annually in relation to corporate
performance in its annual strategic planning session
with Management.
Management Oversight
The Board exercises oversight on Management in its
execution of the strategic direction and implementation
of policies set by the Board. Included in the Board’s
annual assessment is an evaluation of the performance of
Management led by the President and CEO.
Sustainability, Corporate Shared Value and
Stakeholder Engagement
The Board, with the assistance of the Governance,
Nomination and Sustainability Committee, establishes and
oversees the implementation of the Company’s sustainability
strategy, framework, programs, and policies; and oversees
the Company’s social investments and commitments to
making meaningful impact to communities. It ensures
that the Company has an investor relations program to
engage with its shareholders and the investing community
at large, as well as programs to interact and communicate
with the communities where the Company operates. It
oversees the Company’s disclosure of material and reportable
information regarding non-financial and sustainability
matters, including those concerning the management of
economic, environmental, social, and governance aspects of
the business.
Financial Reporting, Internal Control, Internal Audit,
and Independent Audit
The Board, with the assistance of the Audit Committee,
carries out its oversight responsibilities for the Company’s
financial reporting, internal control system, internal audit, and
independent audit mechanisms, and reviews material related
party transactions.
Enterprise Risk Management
The Board, with the assistance of the Risk Committee, fulfills its oversight responsibilities for the Company’s assessment,
management, and monitoring of key enterprise risks. It reviews Management reports on the Company’s major risk exposures
and their corresponding mitigation measures. The Board likewise reviews, on an annual basis, the Company’s capital and debt
structure and its compatibility with the Company’s strategic goals and associated risk appetite.
To ensure a high standard of governance for the Company,
the Board performs the following functions and duties with
the assistance of the Board Committees:
Technology
The Board, with the assistance of the Technology Strategy
Committee, reviews and approves the Company’s technology
strategy and roadmap, as well as its capital expenditures for
network and technology.
PLDT Annual Report | Corporate Governance Report
Data Privacy and Information Security
The Board, with the assistance of the Data Privacy and
Information Security Committee, oversees data privacy and
information security governance; reviews and approves the
Company’s strategic plans on data privacy and information
security; and oversees the adoption and implementation of a
system for identifying, assessing, monitoring, and managing
enterprise-wide data privacy and information security risks,
including its framework, structure, policies, standards,
and processes.
Succession Planning, Professional Development,
and Executive Compensation
The Board, through its Executive Compensation Committee,
reviews the criteria for employment, promotion, and
professional development plans for Senior Management,
keeps track of their performance, and evaluates their
potential for other critical roles and leadership paths. The
succession planning process facilitated within the PLDT
Group is referred to as the critical talent program. The Board
is assisted by the Executive Compensation Committee
in developing the compensation philosophy or policy of
the Company consistent with its strategy, culture, and
control environment.
Selection Process for Directors and Appointment
of Officers
The Board, with the assistance of the Governance,
Nomination and Sustainability Committee, implements a
selection process to ensure that the Board has an effective
and balanced mix of knowledge, expertise, experience, and
diversity in terms of, among others, age, gender, business
and industry experience, and ethnicity, and reviews the
qualifications of officers to be appointed or promoted.
External sources, such as professional search firms, director
databases and/or other reputable sources are used to
further enhance the search and widen the base of potential
nominees.
Annual Board Assessment
The Board conducts an annual self-assessment to evaluate
the performance of the Board as a whole, the Board
Committees, and the individual directors, including the
President and CEO. Each Board Committee likewise conducts
an annual self-assessment of its performance.
PLDT 2023 ANNUAL REPORT
35
contributing to the performance evaluation of the Chairman, as
may be required.2
TERM LIMIT. As a rule, our Independent Directors shall only
serve for a maximum of nine consecutive years reckoned from
2012 (the “Term Limit”). However, in case the stockholders
who have a legal right to vote for the election of directors
desire to re-elect an Independent Director beyond the Term
Limit for meritorious justifications, the Company upholds
the stockholders’ legal right and discloses the meritorious
justifications for retaining an Independent Director beyond
the Term Limit during its annual meeting of stockholders,
pursuant to the CG Code for PLCs.3 In 2023, based on
meritorious justifications disclosed during its June 13, 2023
ASM, PLDT stockholders exercised their legal right to re-elect
Hon. Panganiban for another term of one year.
BOARD CHARTER. The PLDT Board adopted its Charter on
November 9, 2017. The Charter is intended to serve as the guide
for the Board and each director in performing their functions
and fiduciary duties.
The Charter may be viewed and downloaded from
the PLDT website through the QR code:
DIVERSITY PLDT considers having an optimally
performing, diverse Board an essential element in the
attainment of the Company’s strategic objectives and its
sustainable development. PLDT’s Board Diversity Policy
articulates the Company’s recognition of the enhanced quality
of performance and decision-making capabilities of a Board
that is composed of a mix of directors who are equipped with
knowledge, skills, professional or business experience, cultural
and educational background, ethnicity, gender, age, length
of service; and is a combination of executive, non-executive,
and independent directors. The Company’s Board Diversity
Policy provides that, without infringing the cardinal right of the
stockholders to nominate and vote for the election of directors,
the Governance, Nomination and Sustainability Committee and
the Board shall consider the appropriate mix, complementation,
and interplay of the various diversity aspects in the selection of
qualified director-nominees, including independent director-
nominees, who will be recommended for election by the
stockholders or the Board, as the case may be, for the Company
to achieve the benefits of Board diversity, as well as to fairly
and effectively promote the interest of all the stakeholders,
particularly the long-term interests of the stockholders of
the Company.
For the purpose of selecting the members of our Board, the
Governance, Nomination and Sustainability Committee follows
the Company’s Guidelines on the Search, Screening and
Selection of Directors and Screening Checklist which contain,
among others, the criteria and qualifications for directorship
and a matrix on the skills, expertise and experience relevant to
the responsibilities of the Board, and considers other relevant
factors, such as conflict of interest and directorships and/or
positions in other corporations. The process ensures that the
selection of directors and independent directors is aligned with
the Board Diversity Policy and the Company’s Vision, Mission,
and strategic objectives.
PLDT Annual Report | Corporate Governance Report
BOARD COMPOSITION Our Board is composed of
13 members, with 11 non-executive directors, which include
three independent directors, and two executive directors.
Four directors are female and two are Japanese citizens.
All the members of our Board are qualified and competent
directors with diverse and complementing skills, expertise,
experience, and knowledge which enrich the collective
processes and practices of our Board. Our directors have
extensive experience in their respective fields or industries,
such as telecommunications, Information and Communication
Technology (“ICT”), accounting and finance, banking, insurance,
investments, consumer and retail industry, infrastructure and
property development, legal and public administration, risk
management, audit and internal controls, environment and
natural resources, and corporate governance. At least four of
our non-executive directors have extensive experience in the
telecommunications industry.
CHAIRMAN. Our Chairman provides leadership for the Board
and ensures that the Board works effectively and performs
its duties responsibly. He presides and facilitates discussions
in Board meetings, focusing on strategic matters, risk
management, key issues, and governance concerns that will
affect business operations. The Chairman ensures that the
lines of communication and the flow of information between
Management and the Board are maintained. He also ensures
that the Board receives accurate, timely, relevant, insightful,
concise, and clear information to enable it to make sound
decisions. On June 13, 2023, the Board appointed Mr. Manuel V.
Pangilinan as its Chairman at the Organizational Board meeting
following the adjournment of the Company’s ASM.
INDEPENDENT DIRECTORS. The Board, having three
independent directors out of 13 directors, meets the
requirement under Section 38 of the Philippine Securities
Regulation Code that at least two or twenty percent (20%)
of the total members of the Board, whichever is less, must
be independent; and Section 22 of the Revised Corporation
Code that corporations vested with public interest shall have
independent directors constituting at least twenty percent
(20%) of their Boards. Our independent directors, namely,
Retired Supreme Court Chief Justice Artemio V. Panganiban,
Mr. Bernido H. Liu, and Ms. Bernadine T. Siy, were selected
pursuant to the specific independence criteria set out under
applicable laws and rules, our By-Laws and CG Manual. Under
our CG Manual, an independent director is, broadly, a person
who is independent of Management and who, apart from his or
her fees and shareholdings, is free from any business or other
relationship with the Company which could, or could reasonably
be perceived to, materially interfere with his or her exercise of
independent judgment in carrying out his or her responsibilities
as a director of the Company. More specific independence
standard criteria are enumerated in our By-Laws and CG Manual.
LEAD INDEPENDENT DIRECTOR. Pursuant to the
recommendation in the Code of Corporate Governance
for Publicly Listed Companies (“CG Code for PLCs”) for the
appointment of a lead independent director, the Board
appointed Hon. Panganiban as PLDT Lead Independent Director
on June 13, 2023. The functions of the lead independent director
include, among others, serving as an intermediary between
the Chairman and the other directors, as needed, convening
and leading meetings of the non-executive directors, and
2 Philippine Securities and Exchange Commission Memorandum Circular No. 19, Code of Corporate Governance for Publicly Listed Companies,
November 22, 2016, Recommendation 5.5
3 PLDT Manual on Corporate Governance, 2.1.2.b
PLDT 2023 ANNUAL REPORT
36
2023
Board Activities
DIRECTORSHIPS IN OTHER CORPORATIONS
Our Board adheres to a performance-based standard in
determining whether directorships in other companies
compromise the capacity of a director to diligently and
efficiently serve or perform his or her duties and responsibilities
to the Company. Differences in individual capabilities and the
nature and demands of directorships in other companies are
given due consideration in determining fitness and capacity to
serve in our Board.
MEETINGS Our Board meets, more or less, on a monthly
basis, in accordance with the schedule of meetings that it sets
at the end of the preceding year. Invariably, some of these
meetings are devoted to the review and/or approval of the
Company’s Vision and Mission, the strategic plans and budget,
business operations updates, network and technology updates,
capital expenditures and investments, risk management
reports, and sustainability programs. Once every quarter,
our Board reviews the quarterly financial reports. The Board
holds executive sessions with independent directors and non-
executive directors, excluding executive directors, at least once a
year and at such other times as the Board may deem necessary
or appropriate. The Board held one executive session in the year
PLDT Annual Report | Corporate Governance Report
●
Management Oversight
37%
●
Financial Reporting, Internal Controls
and Independent Audit
19%
●
Corporate Governance
17%
●
Strategic Direction & Corporate
Performance
14%
●
Stakeholder Engagement and CSR
7%
●
Enterprise Risk Management
6%
2023. Board meeting materials are provided to each director at
least five business days in advance of each Board meeting.
There were 15 Board meetings in 2023, of which ten were regular
Board meetings, four were special Board meetings, and one was
an organizational Board meeting. In each meeting, a quorum
of at least two-thirds (2/3) of the Board members, including at
least one independent director, was present. All the 13 directors,
including the Chairman of the Board, the Chairpersons of
the Audit, Risk, Governance, Nomination and Sustainability,
Executive Compensation, Technology Strategy, and Data Privacy
and Information Security Committees, the President and CEO,
and other key officers of the Company, were present at the ASM.
ATTENDANCE IN BOARD MEETINGS. Each director attends
and actively participates in all meetings of the Board, except
when justifiable causes, defined in the Board Charter, prevent
a director from attending. A director’s absence in more than
fifty percent (50%) of all Board meetings during such director’s
incumbency or any 12 month period during the director’s
incumbency, unless due to justifiable causes, may disqualify a
director for purposes of the succeeding election.
Board Diversity Factors
As of December 31, 2023
Independent
3
Male
9
40-60
4
Filipino
11
<10
4
1-10
8
>10-30
4
>30
1
10-20
2
>20
7
Japanese
2
61-70
4
71-80
3
>80
2
Female
4
Non-Executive
8
Executive
2
Role/Directorship
Gender
Age
Ethnicity
Telecom and/or ICT Business Experience in Years
Years in PLDT as Director
23% 62% 15%
69% 31%
31% 31% 23% 15%
85% 15%
31% 15% 54%
62% 31% 7%
BOARD DIVERSITY FACTORS
EDUCATION
Manuel
V.
Pangilinan
Alfredo
S.
Panlilio
Marilyn
A.
Victorio-Aquino
Manuel
L.
Argel, Jr.
Business Administration /Management
•
•
Engineering / Math / Computer Science / Architecture
Economics
•
Commerce / Accounting / Finance
Law /International Relations / Political Science
•
•
INDUSTRY EXPERIENCE, SKILLS AND EXPERTISE
Telecommunications / ICT
•
•
•
•
Accounting / Finance
•
Banking / Insurance / Investments
•
•
•
Consumer / Retail Industry
•
Infrastructure / Property Development
•
Law / Public Administration
•
•
Risk Management / Audit and Internal Control
•
•
•
•
Environment and Natural Resources
•
•
Corporate Governance
•
•
•
•
PLDT 2023 ANNUAL REPORT
37
COMPENSATION All our directors are entitled to a per diem of
Php250 thousand for attendance in each Board meeting and Php125
thousand for attendance in each meeting of the Board Committees
in which some of them are members. Save for executive directors, our
directors do not receive stock options, performance incentives, bonuses,
or any other form of compensation from the Company, as such.
When applicable, shareholders representing at least a majority of the
outstanding shares of the Company entitled to vote may grant directors
with compensation and approve the amount thereof at any annual or
special shareholders meeting.
EXECUTIVE DIRECTORS AND CEO COMPENSATION. The
compensation of Executive Directors, including the CEO and other
officers, is aligned with the long-term strategy of the Company and
consistent with its culture and the business environment in which
it operates. It is subject to review and approval by the Executive
Compensation Committee, and equity-based plans and long-
term incentive plans for officers are approved by the Board and, as
applicable, the stockholders. On October 2, 2023, the Board instituted
the Clawback Policy for the recovery of erroneously awarded incentive-
based compensation from current or former PLDT executive officers
in the event that the Company is required to prepare an accounting
restatement, provided, that such incentive-based compensation
was received during the three completed fiscal years immediately
preceding the date the Company is required to prepare the accounting
restatement. As a foreign private issuer with American Depositary
Shares listed in the NYSE under the symbol “PHI”, the Clawback Policy
complies with applicable NYSE Listing Standards and US Securities laws
and regulations.
2023 BOARD MEETINGS AND ANNUAL STOCKHOLDERS’
MEETING (ASM) ATTENDANCE
Director
Board Meetings
Attended/Held
(%)
ASM Attendance
Manuel V. Pangilinan
15/15 (100%)
✓
Manuel L. Argel, Jr.1
15/15 (100%)
✓
Helen Y. Dee
14/15 (93%)
✓
Albert F. Del Rosario2
6/6 (100%)
n/a
Ray C. Espinosa
15/15 (100%)
✓
James L. Go
15/15 (100%)
✓
Kazuyuki Kozu
15/15 (100%)
✓
Bernido H. Liu
15/15 (100%)
✓
Artemio V. Panganiban
15/15 (100%)
✓
Alfredo S. Panlilio
15/15 (100%)
✓
Bernadine T. Siy
15/15 (100%)
✓
Marilyn A. Victorio-Aquino3
8/8 (100%)
✓
Naoki Wakai
13/15 (87%)
✓
Marife B. Zamora
15/15 (100%)
✓
Advisory Board/ Committee
Benny S. Santoso
14/15 (93%)
✓
Orlando B. Vea
14/15 (93%)
✓
Christopher H. Young
15/15 (100%)
✓
Roberto C. Yap4
4/5 (80%)
n/a
PLDT Annual Report | Corporate Governance Report
1 Until December 31, 2023
2 Until April 18, 2023
3 Elected as Director effective May 8, 2023 vice Amb. Albert F. Del Rosario (†)
4 Appointed to the Advisory Board/Committee effective August 3, 2023
Helen
Y.
Dee
Ray
C.
Espinosa
James
L.
Go
Kazuyuki
Kozu
Bernido
H.
Liu
Artemio
V.
Panganiban
Bernadine
T.
Siy
Naoki
Wakai
Marife
B.
Zamora
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
PLDT 2023 ANNUAL REPORT
38
2023 BOARD REMUNERATION (in PhP)
Board Meetings & ASM1
Board Committee Meetings
Total
Manuel V. Pangilinan
3,500,000
2,250,000
5,750,000
Manuel L. Argel, Jr.
3,500,000
-
3,500,000
Helen Y. Dee
3,250,000
-
3,250,000
Albert F. Del Rosario2
1,500,000
375,000
1,875,000
Ray C. Espinosa
3,500,000
1,625,000
5,125,000
James L. Go
3,500,000
2,625,000
6,125,000
Kazuyuki Kozu
3,500,000
4,125,000
7,625,000
Bernido H. Liu
3,500,000
2,625,000
6,125,000
Artemio V. Panganiban
3,500,000
2,500,000
6,000,000
Alfredo S. Panlilio
3,500,000
1,875,000
5,375,000
Bernadine T. Siy
3,500,000
2,500,000
6,000,000
Marilyn A. Victorio-Aquino3
1,750,000
-
1,750,000
Naoki Wakai
3,000,000
-
3,000,000
Marife B. Zamora
3,500,000
-
3,500,000
Total
44,500,000
20,500,000
65,000,000
1 Only one per diem was given to directors for attendance in the ASM, Regular Board Meeting and Organizational Board Meeting on June 13, 2023
2 Until April 18, 2023
3 Elected as Director effective May 8, 2023 vice Amb. Albert F. Del Rosario (†)
PLDT Annual Report | Corporate Governance Report
PLDT 2023 ANNUAL REPORT
39
TRAINING For the orientation of new directors, the
Chairman, the President and CEO, Chief Financial Officer,
Corporate Secretary, and Chief Governance Officer give a
briefing on the Company’s structure, business, operating and
financial highlights, and the responsibilities of the Board and
its Committees and how each operates. The new director is
furnished with copies of all relevant corporate documents,
including the Company’s Articles of Incorporation, By-Laws,
Annual Report, CG Manual, Code of Ethics, and the Charters
of the Board and Board Committees. Updates on business
and governance policies and requirements principally from
the Philippine Securities and Exchange Commission (“PSEC”),
US SEC, and NYSE, and new laws applicable or relevant to the
Company and its business, particularly on financial reporting
and disclosures and corporate governance, are presented in
Board meetings and/or furnished to the directors.
The Board keeps abreast of industry developments, business
trends, and legal requirements relevant to the Company and
its operations. Since 2007, the Company has organized its
Annual In-house Corporate Governance Enhancement Sessions
(“ACGES”), which provide opportunity for leadership to engage
in discussion with international and local experts on relevant
topics, including emerging trends and technologies, new laws,
and best business practices. The Company conducted the
ACGES for the Board and Management in collaboration with
Philippine-based affiliate companies of First Pacific Company
Ltd. on November 9, 2023. Dr. Max Erik Tegmark, President and
Co-founder of the Future of Life Institute, New York Times best-
selling author of “Life 3.0: Being Human in the Age of AI”, and
ATTENDANCE IN BOARD COMMITTEE MEETINGS
Board Committee Members
Audit
Committee
Governance,
Nomination
and
Sustainability
Committee
Executive
Compensation
Committee
Risk
Committee
Technology
Strategy
Committee
Data
Privacy and
Information
Security
Committee
Manuel V. Pangilinan
4/4
3/3
9/10
2/3
Albert F. Del Rosario1
3/3
Ray C. Espinosa
10/10
3/3
James L. Go2
8/9
3/4
10/10
Kazuyuki Kozu2
9/9
4/4
3/3
4/4
10/10
3/3
Alfredo S. Panlilio3
4/4
8/10
3/3
Artemio V. Panganiban4
9/9
4/4
3/3
4/4
Bernido H. Liu4
7/9
4/4
3/3
4/4
3/3
Bernadine T. Siy4
9/9
4/4
3/3
4/4
Board Committee Advisor
Corazon S. de la Paz-Bernardo2
9/9
Non-voting Members
Gina Marina P. Ordoñez
4/4
3/3
Orlando B. Vea
10/10
Melissa V. Vergel de Dios
4/4
Danny Y. Yu5
3/3
1 Until April 18, 2023
2 Audit Committee Advisor
3 Governance, Nomination and Sustainability Committee and Data Privacy and Information Security Committee Advisor
4 Independent Director
5 Appointed as Non-voting Member to the Risk Committee on May 4, 2023
PLDT Annual Report | Corporate Governance Report
professor and AI and Physics researcher at the Massachusetts
Institute of Technology as part of the Institute for AI and
Fundamental Interactions and the Center for Brains, Minds and
Machines, discussed “Governance Imperatives, Opportunities,
and Challenges in the Age of AI”. Atty. Anthony Edsel F. Tupaz,
Data Privacy, Cybersecurity, AI Initiatives and Special Projects
(Infrastructure) Head and Partner at Gorriceta Africa Cauton and
Saavedra focused his discussion on “Global Developments in AI
Standards and Regulations”. In PLDT, the ACGES was attended
by 10 of our Directors,4 all of our Advisory Board and Board
Committee Advisors,4 and 78 of the Company’s Officers.
4 PLDT Director, Mr. James L. Go has been granted by the PSEC permanent exemption from its governance training requirement.
L to R: PLDT and SMART President and CEO - Al S. Panlilio, First Pacific
Company Ltd. General Counsel and Corporate Secretary - Fiona Chiu,
Maya Bank Independent Director - Paco S.A. Sandejas, Maynilad Chief
Information Officer - Francisco Castillo [on screen], ACGES keynote
speaker – Max Erik Tegmark, and ACGES Host, also PLDT and SMART
Corporate Communications Head – Cathy Y. Yang.
PLDT 2023 ANNUAL REPORT
40
PERFORMANCE ASSESSMENT Our directors
take part in an annual assessment process which reviews and
evaluates the performance of the whole Board, the Board
Committees, and the individuals that comprise these bodies.
This process enables the Board to identify its strengths and
areas for improvement and elicit individual director feedback
and views on the Company’s strategies, performance, and future
direction. Each Board Committee also conducts an annual self-
assessment of its performance. Consistent with best practice,
a performance management framework is in place to monitor
and annually assess the performance of Management, including
the President and CEO.
The Board and Board Committees’ assessment questionnaires
contain the following criteria based on leading principles and
practices on good governance: (i) for the Board - Structure,
Leadership, Roles and Responsibilities, Internal Control, Code
of Conduct and other CG Policies, Independence, Stewardship,
Resources, Internal Governance, Reporting and Disclosure, and
Shareholder and other Stakeholder Engagement; (ii) for the
Board Committees - the respective purposes, functions and
duties of the Committees; and (iii) for individual directors - the
specific duties and responsibilities of a director. On the other
hand, the Board Committees’ self-assessment questionnaires
contain the following criteria: performance, compliance,
and committee governance. The assessment criteria for the
President and CEO’s performance are based on (i) specific duties
and responsibilities outlined in the CG Manual and By Laws, and
(ii) the Company’s performance and relative shareholder return.
The report on the results of the assessment process for the 2022
performance period was submitted to and reviewed by the
directors in 2023. Prospectively, the annual self-assessment shall,
as practicable, be supported by an external facilitator every three
years and allow for a feedback mechanism for stockholders, to
conform with the recommendation in the CG Code for PLCs.
BOARD COMMITTEES
To aid in ensuring compliance with the principles of good
corporate governance, our Board has constituted the following
Board Committees: Audit; Governance, Nomination and
Sustainability; Risk; Executive Compensation; Technology
Strategy; and Data Privacy and Information Security.
ADVISORY BOARD/COMMITTEE
Our Board is supported by an Advisory Board/Committee that
provides guidance and suggestions, as necessary, on matters
deliberated upon during Board meetings. Our Advisory Board/
Committee is composed of Mr. Benny S. Santoso, Mr. Orlando
B. Vea, Mr. Christopher H. Young, and from August 3, 2023, Mr.
Roberto C. Yap, S.J.5 PLDT’s other Board Committees, namely,
Audit; Governance, Nomination and Sustainability; Executive
Compensation; Risk; Technology Strategy; and Data Privacy
and Information Security Committees, assist the Board in the
performance of its functions and responsibilities. The respective
charters of the Board Committees provide that each shall
have the necessary resources and authorities to discharge
their responsibilities, including obtaining external legal or
professional advice.
AUDIT COMMITTEE (“AC”)
Composition. Our AC is composed of three members, all of
whom are independent directors, and three advisors. The AC
members are retired Supreme Court Chief Justice Artemio V.
Panganiban, Mr. Bernido H. Liu, and Ms. Bernadine T. Siy, who
is the chairperson. The AC advisors include Mr. Kazuyuki Kozu
and Mr. James L. Go, who are non-executive directors, and
Ms. Corazon S. de la Paz Bernardo, a former member of our
Board. All the members of our AC are financially literate. Ms.
Siy holds a master’s degree in Management with majors in
Finance and Accounting from the J.L. Kellogg Graduate School
of Management of Northwestern University in Chicago, Illinois,
USA. Ms. de la Paz-Bernardo has expertise in accounting and
financial management. She is a former Chairperson and Senior
Partner of Joaquin Cunanan & Company, now Isla Lipana & Co., a
member firm of Pricewaterhouse Coopers (“PwC”).
Functions. The AC assists the Board in fulfilling its oversight
responsibility for: (i) the integrity of the Company’s accounting
and financial reporting principles, policies, and system of
internal controls, including the integrity of financial statements
(“FS”) and the independent audit thereof; (ii) the Company’s
compliance with legal and regulatory requirements; and (iii)
the Company’s audit process and the performance of the
Internal Audit organization and the external auditors (including
the external auditors’ qualifications and independence). For
efficiency, the Board has determined that in lieu of creating
a distinct Related Party Transactions (“RPT”) Committee,
the AC’s functions shall include the review of material RPTs
and significant unusual transactions, in accordance with
the materiality threshold set in the Material Related Party
Transactions Policy and the Guidelines on the Proper Handling
of RPTs or by the Board. The purposes, duties and powers of the
AC are set forth in its charter.
The charter of the AC may be viewed and
downloaded from the PLDT website through the
QR code:
Activities. The PLDT AC held a total of nine regular joint
meetings with the Audit Committees of Smart Communications,
Inc. (“Smart”) and Digital Telecommunications Philippines, Inc.
(“DTPI”). The joint meetings of the PLDT, Smart, and DTPI Audit
Committees covered a variety of topics including the approval
of the Group-wide Internal Audit (“IA”) Plan for 2023 and
subsequent changes to the plan to address emerging risks. The
AC likewise discussed, reviewed, and noted the comprehensive
reports of the PLDT Group Internal Audit Head on various topics
supporting risk management, governance, and internal control
processes of the different areas and units, including assessment
on operational efficiencies, revenue opportunities and cost
savings, among others. The AC discussed and noted the reports
by IA on its Sarbanes-Oxley Act Section 404 (“SOX 404”) year-
round activities in coordination with Finance and the Control
Owners across the PLDT Group. As part of IA’s initiatives to
strengthen the culture of ownership and accountability across
the PLDT Group, the AC likewise approved the revised Audit
Rating System that serves as one audit language of audit results
for key stakeholders (i.e., Audit Committee, Senior Management
and Line Management), and regularly monitored and received
updates on: (i) the timely remediation of audit issues, (ii) the
conduct of relevant learning sessions and sharing of business
insights by various groups during the year through IA’s Project
OWN program, and (iii) various other IA projects such as Project
WinSOX, which aims to have a sustainable, value-driven and
robust SOX 404 Compliance Program, and Project Ripple which
PLDT Annual Report | Corporate Governance Report
5 Mr. Roberto C. Yap, S.J. holds a PhD in Environmental Economics from University College London and a Master’s Degree in Public Policy from the
Kennedy School of Government, Harvard University.
PLDT 2023 ANNUAL REPORT
41
aims to integrate and align the assurance activities across the
three lines of defense in the organization.
The AC reviewed and discussed with the Chief Financial Officer
(“CFO”) and the PLDT Group Controller the quarterly unaudited
financial results, as prepared and provided by Management,
with particular focus on significant accounting policies, new
accounting standards and their impact to the PLDT Group, and
major management estimates and judgments, among others.
The AC also discussed with them the Company’s 2022 Annual
Reports on Form 17-A for the PSEC, and on Form 20-F for the
U.S. SEC. The AC approved the appointment of SyCip, Gorres,
Velayo & Co. (“SGV”) as the external auditor for the Company and
its subsidiaries for 2023 based on a review of SGV’s performance
and qualifications, including consideration of Management’s
recommendation. It reviewed and approved SGV’s various
audit and non-audit engagements and verified that such non-
audit services would not compromise its independence. The
AC discussed with SGV their plan and status reports for the
integrated audit of the FS for 2023 and their assessment of the
effectiveness of internal controls over financial reporting (“ICFR”).
In 2023, the AC reviewed and approved all Related Party
Transactions discussed and endorsed by the CFO. The AC also
reviewed the Corporate Governance Office’s status reports on
complaints received pursuant to the Company’s Expanded
Whistleblowing Policy. It also confirmed the continued validity
of both the IA Charter and the AC Charter until its next review
in 2024. The AC likewise invited the Chief Legal Counsel, the
concerned Heads of the Network Group, IT Group, Consumer
Business Home, Consumer Business Individual, and Finance
Group to provide updates on risk mitigation or remediation for
the noted audit items.
GOVERNANCE, NOMINATION AND
SUSTAINABILITY COMMITTEE (“GNSC”)
Composition. Our GNSC is composed of five voting members,
all of whom are members of our Board of Directors, two non-
voting members, and an advisor. Three of the voting members
are independent directors, namely, Retired Supreme Court
Chief Justice Artemio V. Panganiban, Mr. Bernido H. Liu, and Ms.
Bernadine T. Siy, and two are non-executive directors, namely,
Mr. Kazuyuki Kozu and Mr. Manuel V. Pangilinan,6 who is the
chairman of this committee. The two non-voting members are
the Chief People Officer, Ms. Gina Marina P. Ordoňez and the
Chief Sustainability Officer, Ms. Melissa V. Vergel de Dios. The
GNSC advisor is executive director, Mr. Alfredo S. Panlilio.7
Functions. The GNSC assists the Board in the performance
of its functions to: (i) establish the Company’s corporate
governance framework, principles, and policies and oversee
their implementation, and the implementation of continuing
education and communication programs on good governance;
(ii) develop and implement the Board’s performance evaluation
process, as well as the evaluation process for the annual review
of Board Committees’ and individual directors’ performance,
including the President and CEO; (iii) review and evaluate the
qualifications of the persons nominated to the Board and to
other positions requiring appointment by the Board; (iv) identify
persons qualified to become members of the Board and/or the
Board Committees; (v) make an assessment of the effectiveness
of the Company’s nomination and selection process for the
Board and Board Committees, which includes access to
external sources; (vi) establish the Company’s sustainability
strategy, framework, programs, and policies and oversee
their implementation; and (vii) oversee the Company’s social
investments and commitments to making meaningful impacts
on communities. The purposes, duties, and powers of the GNSC
are set forth in its charter.
The charter of the GNSC may be viewed and
downloaded from the PLDT website through the
QR code:
Activities. The GNSC held four meetings in 2023. The GNSC’s
activities pursuant to its oversight function on governance
related matters included the following: On policy review and
development, the GNSC noted that the following policies
continue to be compliant and are generally effective and
appropriate for the Company: (i) Policy on Gifts, Entertainment
and Sponsored Travel Policy, (ii) Policy on Gift-Giving Activities,
(iii) Expanded Whistleblowing Policy, and (iv) Supplier/
Contractor Relations Policy. The aforementioned Policies
will be aligned with updates to the Code of Ethics, which is
currently undergoing periodic review. The GNSC instructed the
Corporate Governance Office to continue to strengthen the
implementation of the said policies through evaluation and
benchmarks. The GNSC likewise reviewed and approved PLDT’s
Integrated Annual Corporate Governance Report that was
submitted to the PSEC and PSE in compliance with the CG Code
for PLCs and related PSEC and PSE memorandum circulars.
For the purposes of education and communication, the GNSC
provided guidance on and approved the topics, speakers,
and the content of PLDT’s Annual Corporate Governance
Enhancement Session for Directors and Officers. The GNSC
likewise reviewed and approved PLDT’s Corporate Governance
Report for 2022. For the purposes of compliance and
enforcement, the GNSC noted the implementation of PLDT’s
Expanded Whistleblowing (“EWB”) Policy and the monitoring of
cases or reports, including those endorsed to line management
for handling. The GNSC also noted the EWB reports of PLDT
subsidiaries, Smart, PLDT Global Corporation (“PGC”), ePLDT,
Inc., DTPI and Digitel Mobile Philippines, Inc. (“DMPI”). The
GNSC likewise reviewed and noted or approved, as applicable,
the COI disclosures and the appropriate risk mitigation plans of
key PLDT employees. In line with annual COI compliance, PLDT
and Smart recorded 100% employee disclosure compliance
for the year 2023. The GNSC likewise assisted in implementing
the Board Performance Assessment for the year 2022, which
included the performance evaluation of the Board Committees
and individual directors, as well as the President and CEO.
The GNSC’s activities pursuant to its oversight function on
nomination-related matters included the following: (i) pre-
screened candidates nominated to become Directors as well as
the qualifications of candidates for Independent Directors and
submitted to the Board the final list of qualified Director and
Independent Director nominees for election at the 2023 ASM;
(ii) screened and recommended to the Board the appointment
of a Lead Independent Director and reviewed and confirmed
People Group’s evaluation of the qualifications of officers, and
recommended their appointment or re-appointment as such at
the 2023 Organizational Meeting of the Board; and
PLDT Annual Report | Corporate Governance Report
6 On December 5, 2023, the PLDT Board appointed Mr. Manuel V. Pangilinan as President and CEO effective January 1, 2024, vice Mr. Alfredo S. Panlilio
who retired due to health reasons.
7 Supra note 1.
PLDT 2023 ANNUAL REPORT
42
(iii) reviewed and confirmed People Group’s evaluation of
proposed appointments of new officers and promotions to
officer rank for approval by the Board. In identifying persons
potentially qualified to become members of the Board and/
or the Board Committees in 2023, the Committee took into
consideration the appropriate mix, complementation, and
interplay of the various diversity aspects in an optimally-
performing board and considered external sources of
potentially qualified nominees. The Committee then assessed
the effectiveness of the Company’s nomination and selection
process for the members of the Board and Board Committees.
The GNSC’s activities pursuant to its oversight function on
sustainability-related matters included the following:
(i) discussed the results of various ESG assessments for 2022,
including the S&P Global Corporate Sustainability Assessment,
MSCI, CDP, FTSE4Good, TIME Magazine and Brand Finance,
PLDT’s and Smart’s various sustainability programs covering
management of climate-related issues, including the electronic
waste management program, biodiversity conservation, and
environmental stewardship initiatives, stakeholder engagement
framework and digital transformation programs, greening
the supply chain, diversity and inclusion activities, such as
organizational learning initiatives, updates on PLDT’s co-
headship of the Planet Pillar - United Nations Global Compact
Network Philippines, PLDT’s and Smart’s best practices on
Child Protection and measures against online sexual abuse
and exploitation of children, championship of responsible
digital and AI use in the Smart Home concept at the Philippine
Digital Convention 2023, PLDT’s Three Golden Arrow Award at
the ASEAN Corporate Governance Scorecard; (ii) reviewed and
endorsed to the Board the PLDT Clawback Policy and the PLDT
and Smart Human Rights Policies, (iii) reviewed and approved
the year 2022 Sustainability Report, (iv) as well as discussed the
enhancement of the Company’s policies review process.
EXECUTIVE COMPENSATION COMMITTEE
(“ECC”)
Composition. Our ECC is composed of five voting members, all
of whom are members of our Board of Directors, and one non-
voting member. Three of the voting members are independent
directors, namely, Retired Supreme Court Chief Justice Artemio
V. Panganiban, Ms. Bernadine T. Siy, and Mr. Bernido H. Liu, and
two are non-executive directors, namely, Mr. Kazuyuki Kozu and
Mr. Manuel V. Pangilinan,8 who is the chairman. The non-voting
member is the Chief People Officer, Ms. Gina Marina P. Ordoňez.
Functions. The ECC assists the Board in the performance of its
functions to: (i) oversee the development of a compensation
philosophy or policy consistent with the strategy, culture, and
control environment of PLDT; (ii) oversee the development and
administration of PLDT’s executive compensation programs,
including long-term incentive plans and equity-based plans
for officers and executives; (iii) oversee the development and
administration of the Company’s performance management
framework to monitor and assess the performance of
Management; (iv) review the succession plan for officers,
including the CEO; and (v) oversee the development and
implementation of professional development programs for
officers. The purposes, duties, and powers of the ECC are set
forth in its charter.
The charter of the ECC may be viewed and
downloaded from the PLDT website through the
QR code:
Activities. The ECC held three meetings in 2023. Its activities for
the year included the review and/or approval of the following:
the (i) differentiated Short-Term Incentive Plan (“STIP”) based on
the achievement of organizational and individual performance
objectives and in line with the Company’s differentiated rewards
strategy; (ii) award of the 2022 STIP; (iii) proposed 2023 STIP
target and payout based on differentiated STIP structure;
(iv) updated proposed 2022-2024 Long-Term Incentive Plan
(“LTIP”), which includes sustainability, ESG performance and
customer satisfaction metrics, duly approved by the Board; and
the (v) Incentive-based Compensation Clawback Policy. The ECC
likewise reviewed and approved corporate goals and objectives
relevant to the compensation of the President and CEO,
evaluated the performance of the President and CEO in light of
such goals and objectives, and set the compensation level of the
President and CEO based on such evaluation; and determined
the long-term incentive component of the compensation
of the President and CEO considering, among other factors,
the Company’s performance and relative shareholder return,
the value of similar incentive awards to CEOs at comparable
companies, and the awards given to the President and CEO in
the previous years.
RISK COMMITTEE (“RC”)
Composition. Our RC is composed of five voting members, all
of whom are members of our Board of Directors, and a non-
voting member. Three of the voting members are independent
directors, namely, Ms. Bernadine T. Siy, Mr. Bernido H. Liu, and
Retired Supreme Court Chief Justice Artemio V. Panganiban,
who is the chairman. Two voting members are non-executive
directors, namely, Mr. Kazuyuki Kozu and Mr. James L. Go. The
non-voting member is the Chief Risk Management Officer,
Mr. Danny Y. Yu.9
Functions. The RC assists the Board in the performance
of its functions to: (i) oversee Management’s adoption and
implementation of a system for assessing, monitoring, and
managing key risk areas; (ii) review Management’s reports
on the Company’s major risk exposures; and (iii) review
Management’s plans and actions to minimize, control or
manage the impact of such risks. The purposes, duties, and
powers of the RC are set forth in its charter.
The charter of the RC may be viewed and
downloaded from the PLDT website through the
QR Code:
Activities. The RC held four meetings in 2023. Its activities for
the year included the following: (i) review of the PLDT Group
Top Risks as identified by the Management Team; (ii) review
and endorsement of the renewal of the Property Policy with the
Center Head for Insurance, (iii) review of the Risk Committee
Charter; and (iv) review and discussion with Heads and relevant
officers of the risk profiles of the following: (a) Corporate
Sustainability Office, (b) Regulatory and Strategic Affairs Group,
(c) Network Group, (d) Information Technology Group, (e) Supply
Chain Management Group, (f) Customer Experience Group, (g)
People Group, (h) Transformation Office, and (i) Cyber Security
Operations Group.
PLDT Annual Report | Corporate Governance Report
8 Supra note 6.
9 The Board appointed Chief Risk Management Officer, Mr. Danny Y. Yu, as a non-voting member of the RC effective May 4, 2023.
10 Supra note 6.
PLDT 2023 ANNUAL REPORT
43
TECHNOLOGY STRATEGY COMMITTEE
(“TSC”)
Composition. Our TSC is composed of five voting members
and one non-voting member. The five voting members are
non-executive directors Mr. Manuel V. Pangilinan,10 who serves
as chairman, Atty. Ray C. Espinosa, Mr. James L. Go, and Mr.
Kazuyuki Kozu; and executive director, Mr. Alfredo S. Panlilio.11
The non-voting member is Mr. Orlando B. Vea, who is a member
of our Advisory Board/Committee.
Functions. The TSC assists and enables the Board to: (i) review
and approve the strategic vision for the role of technology in
PLDT’s overall business strategy, including the technology
strategy and roadmap of PLDT; (ii) fulfill its oversight
responsibilities for PLDT’s effective execution of its technology-
related strategies; and (iii) ensure the optimized use and
contribution of technology to PLDT’s business and strategic
objectives and growth targets. The purposes, duties, and powers
of the TSC are set forth in the TSC Charter.
The charter of the TSC may be viewed and
downloaded from the PLDT website through the
QR Code:
Activities. The TSC held ten meetings in 2023. Its activities
included review and discussion together with the Technology
Group and Management, and where appropriate, endorsement
to the Board for approval of the following: (i) technology budget
items; (ii) state of the network and technology roadmap;
(iii) technology strategies, programs, projects, initiatives, and
plans, including, among others, the Core Network Capacity
Expansion and Primary Outside Plant Maintenance; and (iv)
projects in support of business operations including, among
others, the consolidated device buying plan. In addition to
holding ten meetings in 2023, the TSC also adopted one written
resolution in September pursuant to and in compliance with
Section 4.1(h)(iii) of the TSC Charter.
DATA PRIVACY AND INFORMATION
SECURITY COMMITTEE (“DPISC”)
Composition. Our DPISC is composed of four voting members
and an advisor. The four voting members are non-executive
directors Mr. Manuel V. Pangilinan,12 who is the Chairman,
Atty. Ray C. Espinosa, Mr. Kazuyuki Kozu, and independent
director, Mr. Bernido H. Liu. Its advisor is Executive Director,
Mr. Alfredo S. Panlilio.13
Functions. The DPISC assists the Board in the performance of
its functions to (i) promote and foster a culture of data privacy
and information security governance; (ii) review and approve
the Company’s strategic plans on data privacy and information
security; (iii) ensure accountability for compliance with
regulatory standards and best practices on data privacy and
information security; and (iv) oversee Management’s adoption
and implementation of a system for identifying, assessing,
monitoring, and managing enterprise-wide data privacy and
information security risks, including its framework, structure,
policies, standards, and processes. The purposes, duties, and
powers of the DPISC are set forth in its charter.
A copy of the charter of the DPISC may be viewed
and downloaded from the PLDT website through
the QR code:
Activities. The DPISC held three meetings in 2023. Its activities
for the year with respect to information security included the
review and discussion of the following: (i) global news and
developments on cyber security, including latest research on the
global costs of ransomware attacks and cybercrime; (ii) strategic
focus of the Cyber Security Operations Group, particularly on
strengthening the Group’s cyber security posture through
vendor partnership and fortifying its supply chain; (iii) PLDT and
Smart statistics in blocking cyber attacks, noting the increase
in attacks immediately after the launch of the SIM Registration
platform; (iv) PLDT’s community partnerships toward addressing
online sexual abuse and exploitation of children (“OSAEC”), with
the Department of Social Welfare and Development’s Council for
the Welfare of Children and the National Bureau of Investigation,
among others; and (v) awards and recognition received by PLDT,
including a Silver Anvil Award for its cyber security awareness
campaign and the inclusion of the Company in the shortlists of
the ASEAN Tech for ESG Awards and the World Communication
Awards for PLDT’s Child Protection Platform.
The DPISC’s activities for the year with respect to privacy
and data protection included the review and discussion of
the following: (i) regulatory updates on privacy and data
protection, which included new issuances of the National
Privacy Commission and the implementation of new legislation
such as the SIM Registration Act, as well as their impacts on
PLDT’s privacy operations; (ii) statistics on the handling of
privacy incidents, comprised of personal data breaches and the
exercise of the rights of data subjects, and trends observed on
the types of incidents recorded and complaints received from
data subjects; (iii) the Privacy Office’s program focus for 2023,
which were: (a) privacy operations through standards, privacy by
design, risk management, and compliance; (b) privacy capability
through technology enablement; (c) privacy capability through
learning and awareness; (iv) pivot to hybrid privacy operations
anchored on a risk-based approach to DPA compliance; and
the (v) emerging regulatory landscape on AI in the Philippines
and globally.
MANAGEMENT
Our Board exercises oversight on Management in accordance
with the standards set forth in our CG Manual. The roles
of Management and other offices involved in ensuring
implementation of the corporate governance policies and
requirements are discussed below.
President and CEO. The President and CEO has general care,
management, and administration of the business operations of
the Company. He ensures that the business and affairs of the
Company are managed in a sound and prudent manner and
that operational, financial, and internal controls are adequate
and effective to ensure reliability and integrity of financial
and operational information, effectiveness, and efficiency
of operations, safeguarding of assets, and compliance with
laws, rules, regulations, and contracts. He provides leadership
for Management in developing and implementing business
strategies, plans, and budgets to the extent approved by the
Board. To enable the members of the Board to properly fulfill
their duties and responsibilities, the CEO provides the Board
with a balanced and understandable account of the Company’s
performance, financial condition, results of operations, and
prospects on a regular basis. He directs Management to provide
PLDT Annual Report | Corporate Governance Report
11 Supra note 1.
12 Supra note 6.
13 Supra note 1.
PLDT 2023 ANNUAL REPORT
44
the Board/directors with adequate and timely information
about the matters to be taken up in their Board meetings. He
likewise ensures that the directors have independent access
to Management. The President and CEO communicates and
implements the Company’s Vision, Mission, Values, and overall
strategy and promotes the appropriate enhancement in the
organization or its stakeholder engagement in relation to
the same. The President and CEO likewise serves as the link
between internal operations and external stakeholders.
Under the leadership of the President and CEO, Management
formulates, with the oversight of the Audit Committee, financial
reporting and internal control systems, rules and procedures. On
June 13, 2023, the PLDT Board appointed Mr. Alfredo S. Panlilio
as President and CEO14 at the Organizational Board meeting
following the adjournment of the Company’s ASM. Other duties
of the President and CEO are set forth in the CG Manual.
Corporate Secretary. The Corporate Secretary assists the Board
in the conduct of its meetings, including the preparation of
the schedule and agenda of Board meetings, and ensures that
all Board procedures, rules, and regulations are observed by
the directors, and that Management provides the Board with
complete and accurate information necessary for judicious
decision making. The Corporate Secretary is responsible for the
safekeeping and preservation of the integrity of the minutes of
the meetings of the Board and Board Committees, as well as
other official records of the Company, and contributes to the
flow of information between the Board and Management, the
Board and its Committees, and the Board and the Company’s
stakeholders, including stockholders. The Board appointed
Atty. Marilyn A. Victorio-Aquino as Corporate Secretary at the
Organizational Board meeting following the adjournment of the
Company’s ASM.
Chief Financial Officer. The Chief Financial Officer (“CFO”) is
responsible for overseeing the Company’s financial operations
and decision-making based on short and long term strategic
financial objectives. The CFO works closely with the President
and CEO in establishing best practices in the implementation
and communication of finance functions, programs, and
operations covering business finance, financial controllership, tax
management and advocacy, treasury, and revenue assurance
and fraud risk management. The CFO likewise oversees
asset management, strategic investor relations functions,
compliance with relevant public disclosure requirements and
financial standards, and the development of strategic plans to
improve the Company’s overall financial health and long-term
viability. The Board appointed Mr. Danny Y. Yu as CFO at the
Organizational Board meeting following the adjournment of the
Company’s ASM.
Chief Audit Officer/Internal Audit Head. Our Chief Audit
Officer/Internal Audit Head oversees and is responsible for the
internal audit activities of the Company, including any portion
thereof that is outsourced to a third-party service provider.
He reports functionally to the AC and administratively to the
President and CEO. In the discharge of his duties, the Chief
Audit Officer/Internal Audit Head is required to provide an
annual assessment on the adequacy and effectiveness of the
Company’s processes for controlling activities and managing
risks; report significant issues related to the processes for
controlling activities, including potential improvements to
such processes, as well as provide the status of management
remediation concerning such issues; and periodically provide
information on the status and results of the annual internal
audit plan and the sufficiency of our internal audit organization’s
resources. The Audit Committee approved the appointment
of the Internal Audit Head, Mr. Luis S. Reñon and the Board
confirmed his reappointment at the Organizational Board
meeting following the adjournment of the Company’s ASM.
Other duties of the Chief Audit Officer/Internal Audit Head are
set forth in the CG Manual.
Internal Audit Organization. Our Internal Audit organization
determines whether the Company’s structure of risk
management, control, and governance processes are
adequate and functioning, and provides reasonable assurance
that, among others, significant financial, management, and
operating information are accurate, reliable, and timely, and that
employees’ actions are in compliance with policies, standards,
procedures, and applicable laws and regulations. It provides
a systematic and disciplined approach to the evaluation and
improvement of the effectiveness of such processes. Internal
audit examinations cover, at the minimum, the evaluation of the
adequacy and effectiveness of controls covering the Company’s
financial reporting, governance, operations, and information
systems, including the reliability and integrity of financial
and operational information, effectiveness and efficiency of
operations, protection of assets, and compliance with laws, rules,
regulations, and contracts. It also provides recommendations
on revenue opportunities, cost savings, and operational
improvements. The internal audit organization complies with
the International Standards for the Professional Practice of
Internal Auditing.
External Auditor. The Company’s external auditor is appointed
by the AC which reviews its qualifications, performance, and
independence. To ensure objectivity in the performance of its
duties, the external auditor or its lead audit partner is subject
to the rules on rotation and change every five years; general
prohibition on hiring by the Company of the external auditor’s
staff; and full and appropriate disclosure to, and prior approval
by the AC of all audit and non-audit services and related fees.
Approval of non-audit work by the external auditor is principally
tested against the standard of whether such work will conflict
with its role as an independent auditor or would compromise its
objectivity or independence as such. Our external auditor is SGV
& Co., a member practice of EY.
Chief Governance Officer. The primary responsibilities of the
Chief Governance Officer include monitoring compliance with
the provisions and requirements of corporate governance laws,
rules, and regulations; reporting violations and recommending
the imposition of disciplinary actions; and adopting measures to
prevent the repetition of such violations. The Chief Governance
Officer assists the Board and the GNSC in the performance of
their governance functions. Under the supervision and direction
of the Chief Governance Officer, the Corporate Governance
Office assists in the implementation of the corporate
governance policies adopted by the Board.
Chief Risk Management Officer. The Chief Risk Management
Officer (“CRMO”) is tasked to: (i) plan the overall strategy of the
different risk management units of the PLDT Group; review
individual risk management activities and controls of the
operational units; (iii) review internal and external factors that
can negatively affect the PLDT Group risk profile; (iv) influence,
and when necessary, challenge material risk decisions and
initiatives; (v) monitor to ensure that risks are within the
PLDT Annual Report | Corporate Governance Report
14 Supra note 1.
PLDT 2023 ANNUAL REPORT
45
bounds of the risk appetite of the PLDT Group; and (vi) review
and escalate risks to Management, the Risk Committee
and the Board, as necessary, advising them on requisite
actions. The Board appointed Mr. Danny Y. Yu as CRMO at the
Organizational Board meeting following the adjournment of the
Company’s ASM.
Group Enterprise Risk Management Department Head.
Our Group Enterprise Risk Management Department Head
supervises the Enterprise Risk Management (“ERM”) process
and spearheads the development, implementation, and
improvement of ERM processes and documentation, as well as
communicates the top risks and status of implementation of
risk management strategies and action plans to the CRMO, CEO,
and the Risk Committee.
Group Enterprise Risk Management Department. The Group
Enterprise Risk Management Department (“GRMD”) provides
support to the CRMO by implementing an integrated risk
management program with the goal of identifying, analyzing,
and managing the PLDT Group’s risks to an acceptable level
in order to enhance opportunities, reduce threats, and sustain
competitive advantage. The implementation of the ERM process
ensures that critical risks are well understood and effectively
managed across all functions and units within the PLDT Group.
This is achieved through the operationalization of the Enterprise
Risk Management Framework (“ERMF”), a standardized
approach to risk identification, assessment, and management.
The ERMF is aligned to the ISO 31000 Risk Management
Standard, COSO’s Enterprise Risk Management Framework, risk
considerations found in the S&P Global Corporate Sustainability
Assessment, and GRI Standards. The GRMD manages execution
of the Three Lines of Defense Model to ensure that all layers
of the organization contribute to managing enterprise risks
through the implementation of identified controls and
mitigation strategies. The GRMD facilitates the risk assessment
exercise of Management, implements activities to build an
effective culture of risk management across the organization,
and communicates and reports significant risk exposures,
including business risks, control issues, and risk mitigation plans
to the Risk Committee.
Chief Sustainability Officer. The Chief Sustainability Officer
(“CSO”) heads the Corporate Sustainability Office and assists
the President and CEO and the Board in overseeing the
Company’s overall sustainability strategy. The CSO champions
the enterprise-wide adoption of sustainability as part of business
strategy, operational execution, and organizational culture,
and works to ensure that the Company aligns with global
best practices for ESG and doing business responsibly. The
Board appointed Ms. Melissa V. Vergel de Dios as CSO at the
Organizational Board meeting following the adjournment of the
Company’s ASM.
Chief Data Privacy Officer. The Chief Data Privacy Officer
(“CDPO”) heads the Privacy Office and is tasked to (i) ensure
the PLDT Group’s compliance with data privacy laws,
regulations, and best practices; (ii) provide direction to and
coordinate closely with PLDT Group business units to ensure
effective implementation of data privacy strategies including
policies, procedures, processes, and compliance review; and
(iii) collaborate with data protection authorities on behalf of
the PLDT Group. The Board appointed Ms. Leah Camilla R.
Besa-Jimenez as CDPO at the Organizational Board meeting
following the adjournment of the Company’s ASM.
Chief Information Security Officer. The Chief Information
Security Officer (“CISO”) heads the Cyber Security Operations
Group and is tasked to (i) improve, develop, and implement
information and cyber security-related policies, processes,
and technologies; (ii) ensure compliance with applicable
laws, regulations, and standards; (iii) manage cybercrime
related cases filed for or against the PLDT Group; (iv) develop
and maintain partnerships with government and other
private entities in the campaign against cyber threats and/or
cybercrimes, foreign and domestic; and (v) ensure alignment of
all PLDT Group companies on information and cyber security-
related practices.
POLICIES & PRACTICES
PLDT follows the corporate governance and sustainability
standards prescribed by Philippine law or recommended under
rules and regulations of the PSEC and the PSE. As a foreign
private issuer with American Depositary Shares listed in the
NYSE, PLDT also complies with governance standards laid
out in the relevant laws of the US and rules and regulations of
the US SEC and NYSE. Being an associated company of First
Pacific Company Ltd., a company listed in the Hong Kong
Stock Exchange, PLDT also benchmarks with the governance
standards of Hong Kong.
Corporate Governance Framework. PLDT’s corporate
governance framework is embodied in the integrated system
of governance structures, policies, and processes set forth in
PLDT’s Articles of Incorporation, By-Laws, Manual on Corporate
Governance, Code of Business Conduct and Ethics, and
Corporate Shared Value Statement. Our business principles are
embodied in implementing policies including the Supplier/
Contractor Relations Policy, Conflict of Interest Policy, Expanded
Whistleblowing Policy, Policy on Gift-Giving Activities, Policy
on Gifts, Entertainment and Sponsored Travel, Material
Related Party Transactions Policy, Guidelines on Related Party
Transactions, and Disclosure Rules, among others. PLDT’s key
subsidiaries have adopted corporate governance rules and
policies similar in substance and form to the foregoing corporate
governance policies and suited to their business environments
and contexts, and appointed their respective corporate
governance or compliance officers according to the same
policies.
All corporate governance policies of the Company are reviewed
at least once every two years to ensure that they are appropriate
for PLDT, benchmarked with global best practices, and
compliant with applicable laws and regulations.
Manual on Corporate Governance (“CG Manual”). Our CG
Manual defines our corporate governance framework and
structure. Supplementary to PLDT’s Articles of Incorporation and
By-Laws, it assigns and delineates functions and responsibilities,
and entrusts powers, authorities, and resources for the execution
of such functions and responsibilities. The CG Manual provides,
among other matters, the composition and responsibilities of
the Board, the Company’s duties towards its shareholders in
general, its minority shareholders and its other stakeholders, and
the Company’s obligation to comply with applicable disclosure
rules.
A copy of the CG Manual can be found on the PLDT
website through the QR code:
Code of Business Conduct and Ethics (“Code of Ethics”). Our
Code of Ethics defines the Company’s corporate governance
PLDT Annual Report | Corporate Governance Report
PLDT 2023 ANNUAL REPORT
46
principles of Integrity, Accountability, Transparency and
Fairness, which the Company shall observe in the conduct of its
business. It sets the governance and ethical standards that shall
govern and guide all business relationships of the Company, its
directors, officers, and employees.
A copy of the Code of Ethics is found at the PLDT
website through the QR code:
The implementation of the Code of Ethics is reinforced by
enabling policies such as the Supplier/Contractor Relations
Policy; Expanded Whistleblowing Policy; Policy on Gifts,
Entertainment and Sponsored Travel; and Policy on Gift-
Giving Activities which, in conjunction with the Code of Ethics,
embodies the Company’s anti-corruption policy.
Conflict of Interest Policy (“COI Policy”). This policy enjoins
PLDT’s directors, employees, and consultants to promptly
disclose conflict of interest situations to relevant authorities. If
warranted, the person concerned should obtain appropriate
approvals and inhibit from any action, transaction, or decision
involving an existing or potential conflict of interest. The
Company has established an online conflict of interest disclosure
system to facilitate the immediate disclosure of conflicts
of interest.
Material Related Party Transactions (“MRPT”) Policy
and Guidelines on the Proper Handling of Related Party
Transactions (“RPT Guidelines”). The Policy provides the
processes, controls, and safeguards for the proper handling
of related party transactions, including review, approval, and
disclosure, consistent with applicable laws and regulations.
The MRPT Policy applies to related party transactions that
meet the Materiality Threshold as therein defined and covers
PLDT and the PLDT Group. On the other hand, related party
transactions that are below the Materiality Threshold in the
MRPT Policy are covered by the RPT Guidelines. The RPT
Guidelines provides the process of review, approval, and
disclosure of the Company’s RPTs that are subject to review
and approval by the designated authorities. The review’s
principal focus is whether an RPT is on arm’s length terms
and is in the best interest of PLDT and its shareholders as
a whole, considering all relevant circumstances. MRPTs are
reviewed by the Audit Committee, which is composed entirely
of independent directors, and subject to approval by the Board.
The Head of Financial Controllership Sector, in coordination
with the Company’s Disclosure Committee, is responsible for
the disclosure of RPTs in the relevant financial reports of the
Company as required under Philippine Accounting Standard
24, Related Party Disclosures, and other applicable disclosure
requirements.
Policy on Gifts, Entertainment and Sponsored Travel
(“Gifts Policy”). The Gifts Policy provides safeguards on the
receipt and acceptance of gifts given by Third Parties to ensure
that such gifts will not affect the objective, independent, or
effective performance by directors, officers, and employees of
their duties to the Company. The Company has established
an online Gifts disclosure system to facilitate the immediate
disclosure of offers or receipt of Gifts from Third Parties.
Policy on Gift-Giving Activities (“Gift-Giving Policy”). The
Gift-Giving Policy, which, together with the Code of Ethics,
embodies the Company’s anti-corruption policy, prohibits direct
and indirect bribery and corrupt practices in compliance with
applicable laws and regulations. The Policy provides guidance
and procedural safeguards with respect to gift-giving activities
to government officials and employees and to business
partners, for or on behalf of the Company. The Policy seeks
to ensure that such activities are compliant with applicable
laws, respectful of the intended recipient’s gifts policy, and
consistent with PLDT’s core values and policies. For the effective
implementation of the anti-corruption policy: (i) the Gift-Giving
Policy provides procedural safeguards and internal controls
pertaining to the offering or giving of gifts which are prohibited
or those which are regulated by law; (ii) its implementation
is reinforced by related policies such as the CG Guidelines for
Suppliers which prohibits bribery in connection with business
transactions involving the Company and its suppliers, as well
as Company policies on gifts, entertainment and sponsored
travel, whistleblowing, supplier relations, and conflict of interest;
and (iii) it is carried out through appropriate monitoring and
preventive measures, which include internal controls, training
and communication programs, whistleblowing facilities,
Third Party due diligence and enforcement mechanisms, and
participation in multi-sectoral anti-corruption initiatives to
eliminate graft and corruption.
Supplier/Contractor Relations Policy. This Policy establishes
clear rules for arm’s length transactions and fair treatment of
prospective and existing suppliers. The Policy specifically adopts
the processes of vendor accreditation and competitive bidding
as the general rule to ensure that contracts are awarded only to
qualified and duly accredited vendors who offer the best value
for money for PLDT’s requirements.
External parties, including suppliers and contractors, may
report concerns and violations of the Policy to the Corporate
Governance Office at CGOHotline@pldt.com.ph.
Expanded Whistleblowing Policy (“EWB Policy”). This Policy
provides guidelines on handling employee disclosures or
complaints regarding (i) violations of corporate governance
rules, including the aforementioned CG policies; (ii) questionable
accounting and auditing matters; and (iii) violations or offenses
(other than those in (i) and (ii) above) covered by the Company’s
Human Resources Manual. Under the EWB Policy, all employees
and stakeholders who come forward in good faith to report
violations or any act that may be considered as contrary to
the Company’s values may submit a disclosure or complaint
regarding such violation to the Corporate Governance Office
(“CGO”) through Whistleblowing Helplines. The Helplines
include a confidential intranet ONE Hub whistleblowing
reporting system provided by an independent third party,
electronic mail at CGOHotline@pldt.com.ph, or by visiting
the CGO located at the 4th Floor, Makati General Office
Building, De la Rosa corner Legaspi Streets, Makati City. As
for Smart, disclosure or complaints may be reported via the
Whistleblowing web portal at https://Smart.com.ph/About/
Smart-whistleblower-report-form. For both PLDT and Smart,
anonymous disclosures or complaints are allowed and duly
processed, subject to certain conditions. In all processes and
activities related to a whistleblowing disclosure/ complaint,
utmost confidentiality is observed to ensure the integrity of
the process and protect the parties, employees, or officers
who are allegedly involved therein. The Policy likewise protects
whistleblowers and witnesses from retaliation, while also
protecting alleged violators from malicious, baseless, and
fabricated complaints. The periodic Whistleblowing Reports and
the Whistleblowing System are reviewed by the GNSC and the
AC, the latter of whose members are all independent directors.
As of December 31, 2023, four new whistleblowing cases were
received by PLDT: (i) one case, which was consolidated with
the EWB case received and pending as of December 31, 2022,
PLDT Annual Report | Corporate Governance Report
PLDT 2023 ANNUAL REPORT
47
was closed and resolved with appropriate action taken by the
Management, and (ii) three cases are under investigation. PLDT
did not receive any case that would fall under the jurisdiction of
line management and/or outside the scope of the EWB Policy.
For Smart, one new whistleblowing complaint was received and
closed during the covered period. Four new cases, which were
determined to fall under the jurisdiction of line management
and/or were outside the scope of the EWB Policy, were received:
(i) two cases were closed and resolved, (ii) one case was archived
due to lack of supporting evidence, and (iii) the other case is still
pending investigation.
No new whistleblowing complaint was received by PGC, ePLDT,
Inc., DTPI, and DPMI. No complaint on retaliation was received
by PLDT and its subsidiaries in 2023. However, a new case
deemed to be outside the scope of the EWB Policy was received
and closed by PGC during the covered period.
Blackout Periods/Restrictions on Trading of Shares. PLDT’s
Code of Ethics prohibits directors, officers, and employees from
PLDT Annual Report | Corporate Governance Report
dealing in the Company’s shares when in possession of material
non-public information about and involving the Company. In
any exceptional case, prior notice to the Company should be
made of any such dealing, in accordance with the Company’s
Policy on Blackout Periods/Restriction on Trading of Shares. To
enable the timely filing of the required disclosures to the PSEC
and the PSE, directors and officers are enjoined to report to
the Company their dealings in the Company’s shares, within
three trading days from the date of the transaction, regardless
of whether such dealings were made during or outside the
blackout periods.
The Blackout Periods in 2023 are presented in
the following table and are also available on the
website through the QR code:
RESTRICTED PERIODS ON BUYING AND/OR SELLING PLDT SHARES
2023 PLDT Results/Reports
Results/Reports Release Date
Blackout Period
Q1 Financial Results
May 4, 2023
April 19 – May 8, 2023
Q2 Financial Results
August 3, 2023
July 19 – August 7, 2023
Declaration of Cash Dividend on Outstanding Shares
of Voting Preferred Stock
August 29, 2023
August 29 – August 31, 2023
Q3 Financial Results
November 7, 2023
October 23 – November 9, 2023
Declaration of Cash Dividend on Outstanding Shares
of Voting Preferred Stock
December 5, 2023
December 5 – December 7, 2023
Declaration of Cash Dividend on Outstanding Shares
of Voting Preferred Stock
January 30, 2024
January 30 – February 1, 2024
Full Year Unaudited Financial Results
March 7, 2024
February 6 – March 11, 2024
Full Year Audited Financial Results
March 26, 2024*
February 6 – April 1, 2024
*Release of Full Year 2023 Audited Financial Results was rescheduled from March 21 to March 26, 2024 with end of Blackout Period
extended from March 25 to April 1, 2024.
PLDT 2023 ANNUAL REPORT
48
Directors’ and Officers’ Shareholdings
in the Company in the Year 2023
The Company has clear policies regarding the trading by directors, officers, and employees in the Company’s own
securities that are intended to align their interests with those of the shareholders and other stakeholders.
Trading in Company shares by directors and officers in the year 2023 is presented in the following table.
Number of Company Shares1
Starting Balance2
Acquired
Disposed
Ending Balance3
A. Directors
1.
Manuel V. Pangilinan4
311,911
311,911
2.
Manuel L. Argel, Jr.5
1
1
3.
Marilyn A. Victorio-Aquino
27,395
27,395
4.
Helen Y. Dee
25,1206
28,615
53,735
5.
Ray C. Espinosa
42,743
42,743
6.
James L. Go
950,724
32,000
982,724
7.
Kazuyuki Kozu
1
1
8.
Bernido H. Liu
1
1
9.
Artemio V. Panganiban
7,771
7,771
10.
Alfredo S. Panlilio7
30,505
3,000
33,505
11.
Bernadine T. Siy
1,500
1,500
12.
Naoki Wakai
1
1
13.
Marife B. Zamora
60
60
B. Officers
1.
Victorico P. Vargas
16,465
620
17,085
2.
Danny Y. Yu
0
0
3.
Emmanuel Ramon C. Lorenzana8
09
0
4.
Gina Marina P. Ordoñez
5,141
5,141
5.
Joseph Ian G. Gendrano
897
897
6.
John Gregory Y. Palanca10
7939
793
7.
Alejandro O. Caeg11
9,315
9,31512
8.
Jeremiah M. De la Cruz
0
0
9.
Menardo G. Jimenez, Jr.
8,044
8,044
10.
Luis S. Reñon
55
55
11.
Leo I. Posadas
9,70513
9,705
12.
Melissa V. Vergel de Dios
4,025
4,025
13.
Gil Samson D. Garcia
33
33
14.
Katrina L. Abelarde
1,381
170
1,211
15.
Benedict Patrick V. Alcoseba
1,454
1,454
16.
Marco Alejandro T. Borlongan
3,053
3,053
17.
Mary Julie C. Carceller
0
0
18.
Bernard H. Castro
0
0
19.
Darlene Stephanie D. Chiong14
759
75
1 Includes directly and indirectly owned shares in the Company. Changes in shareholdings were disclosed in the Statements of Changes in Beneficial
Ownership of Securities filed with the Securities Exchange Commission and Philippine Stock Exchange, Inc. and are posted on the Company website
at PLDT Investor Relations>Shareholder Information>Beneficial Ownership.
2 As at December 31, 2022.
3 As at December 31, 2023.
4 Appointed as President and Chief Executive Officer effective January 1, 2024, concurrent to his role as Chairman.
5 Judge Manuel L. Argel, Jr. resigned as a member of the Board of Directors of the Company effective on January 1, 2024.
6 Includes 2,780 shares for the account of Michelle Y. Dee-Santos and 245 shares under the name of Helen Y. Dee, both under PCD Nominee
Corporation, and 21,957 shares owned by Hydee Management Corporation.
7 Retired as President and Chief Executive Officer effective December 31, 2023.
8 Appointment as Senior Vice President/Chief Transformation and Customer Officer effective January 1, 2023 was approved by the Board of Directors
in its meeting held on December 15, 2022. Separated effective March 1, 2024.
9 As of date of appointment.
10 Appointment as First Vice President effective August 15, 2023 was approved by the Board in its meeting held on August 3, 2023. Promoted
to Senior Vice President effective March 21, 2024.
11 Separated effective August 15, 2023.
12 As of date of separation.
13 Includes 140 shares for the account of Jose Antonio G. Posadas under PCD Nominee Corporation.
PLDT Annual Report | Corporate Governance Report
PLDT 2023 ANNUAL REPORT
49
Number of Company Shares1
Starting Balance2
Acquired
Disposed
Ending Balance3
20.
Joseph Michael Vincent G. Co
0
0
21.
Joan A. De Venecia-Fabul
244
244
22.
Victor Emmanuel S. Genuino II
3,000
3,000
23.
John John R. Gonzales
1,128
1,128
24. Ma. Criselda B. Guhit
2,694
2,694
25.
Leah Camilla R. Besa-Jimenez
3,480
3,480
26.
Gary Manuel Y. Kho
0
0
27.
Albert Mitchell L. Locsin
8
8
28.
Loreevi Gail O. Mercado
1,312
1,312
29.
Angel T. Redoble15
1,105
1,105
30.
Anna Karina V. Rodriguez
0
0
31.
Jeanine R. Rubin
0
0
32.
Bernadette C. Salinas
669
669
33.
Roderick S. Santiago
0
0
34. Patrick S. Tang
0
0
35.
Victor Y. Tria
2,167
2,167
36.
Jude Michael H. Turcuato
0
0
37.
Catherine L. Yap-Yang
1,900
1,900
38.
John Henri C. Yanez
968
968
39.
Ma. Magdalene A. Tan
0
0
40. Abner Tito L. Alberto16
92
9212
41.
Mark David P. Martinez
116
116
42. Minerva M. Agas
1,625
1,625
43.
Cecille M. Alzona
266
266
44. Roy Victor E. Añonuevo
551
551
45.
Tito Rodolfo B. Aquino, Jr.
890
890
46. Mitchie M. Arcaina23
250
250
47.
Maria Cecilia A. Arevalo
633
633
48. Rona M. Erfe-Aringay17
09
0
49. Jerameel A. Azurin
1,304
1,304
50.
Francis A. Bautista
767
767
51.
Dianne M. Blanco
20
20
52.
Luis Gregorio D. Casas18
321
32112
53.
Benjamin Jose C. Causon, Jr.
297
297
54. Melvin Jeffrey C. Chan24
0
0
55.
Ma. Monica M. Consing
298
298
56.
Branden B. Dean
0
0
57.
Ramil C. Enriquez
553
553
58.
Aniceto M. Franco III
756
756
59.
Gene S. de Guzman19
1,132
1,13212
60. Rai Antonio A. De Jesus
95
95
61.
Leonard A. Gonzales
0
120
120
62.
Silverio S. Ibay, Jr.
1,375
1,375
63.
Gary F. Ignacio
1,108
1,108
64. Javier C. Lagdameo
1,875
1,875
65.
Ser John S. Layug
565
135
700
66. John Henry S. Lebumfacil
150
150
67.
Armando Dodjie T. Lim
532
532
68. Czar Christopher S. Lopez
1,970
1,970
69.
Paolo Jose C. Lopez
1,500
1,500
0
70.
Ma. Carmela F. Luque
1,635
1,635
71.
Evert Chris R. Miranda
0
0
72.
Ruby S. Montoya20
3749
374
73.
Oliver Carlos G. Odulio
1,484
1,484
PLDT Annual Report | Corporate Governance Report
14 Appointment as First Vice President effective April 1, 2023 was confirmed by the Board in its meeting held on November 7, 2023.
15 Separated effective April 1, 2024.
16 Separated effective September 1, 2023.
17 Promoted to Vice President effective November 7, 2023.
PLDT 2023 ANNUAL REPORT
50
Number of Company Shares1
Starting Balance2
Acquired
Disposed
Ending Balance3
74.
Audrey Lyn S. Oliva
0
0
75.
Charles Louis L. Orcena
25
25
76.
Ivan G. Pablo20
2,40021
2,400
77.
Regina P. Pineda17
4479
447
78.
Emerson C. Roque17
6519
651
79.
Marielle M. Rubio
0
0
80. Genaro C. Sanchez22
5,723
5,72312
81.
Maria Christina C. Semira
969
969
82.
Arvin L. Siena
1,488
1,488
83.
Jerone H. Tabanera17
5119
511
84. Carla Elena A. Tabuena
1,362
1,362
85.
Jecyn Aimee C. Teng
52
52
86. Milan M. Topacio
457
457
87.
Ma. Delia V. Villarino
0
0
88. Radames Vittorio B. Zalameda
382
382
PLDT Annual Report | Corporate Governance Report
TRAINING & EDUCATION
The Company provides orientation and continuous training for
its Board, Management, and employees. Updates on business
and governance policies and requirements, as well as new laws
applicable or relevant to the Company and its business, are
presented in Board meetings or furnished to directors. For its
directors and officers, the Board, acting through its Governance,
Nomination and Sustainability Committee, conducts an
Annual In-House Corporate Governance Enhancement Session
(“ACGES”) that provides an opportunity for leadership to engage
in discussion with international and local experts on relevant
topics, including emerging trends and technologies, new laws,
and best business practices.
For employees, the People Group (“PG”) in collaboration with
various support teams in PLDT and Smart, conducts orientation
and periodic training and refresher sessions on Company
policies, skills building, and wellness and development. For
new officers, the CG Office in collaboration with PG, conducts
orientation on the Company’s governance structure, corporate
governance and related policies, and Management’s role
and responsibilities. At the end of such orientation, copies of
all corporate governance policies, including the CG Manual
and Code of Ethics, are furnished to new officers. Corporate
governance orientation sessions for officers and employees
include a discussion of the Gift-Giving Policy that prohibits
bribery and corruption in compliance with applicable laws.
In 2023, an online corporate governance refresher course
was made available to PLDT and Smart employees, and
online refresher courses were likewise conducted for newly
promoted PLDT management employees and Groups in PLDT
and Smart with specific training needs. Employee training is
supplemented by appropriate communication materials and
feedback mechanisms.
To ensure that lines of communication between employees
and Management are available and accessible, Whistleblowing
Helplines and advisories were issued, an online knowledge
hub of all Corporate Governance Policies was kept available,
and guidance on conflict of interest disclosure, whistleblowing,
and Gift-Giving and Gift-Receiving Policies were cascaded to
employees. In Smart, as part of continuing culture building
initiatives, the #CGSerye, #CGQandA, and #CGStory were
regularly issued to provide guidance on the application of
corporate governance policies, while the #CGVACS initiative
provided inspirational weekly quotes for employees, with
express permission from “The Conscience Code” author, scholar,
and Wharton School professor, Mr. G. Richard Shell.
MONITORING & EVALUATION
PLDT monitors and evaluates the effectiveness of its corporate
governance through the following, among other initiatives:
(i) an annual performance self-assessment conducted by the
Board and the Board Committees, (ii) the periodic review of
the effectiveness of the implementation of the Company’s
CG policies, (iii) the annual compliance evaluation conducted
by Management, and other tools employed to monitor the
implementation of the CG policies.
In 2023, an annual self-assessment was conducted by the Board
to evaluate its 2022 performance as the Board, as well as each
Board Committee, and the individual directors. The process,
which also includes an evaluation of the performance of the
CEO and Management, enables the Board to identify strengths
and areas for improvement and to elicit individual director’s
feedback and views on the Company’s strategy, performance,
and future direction. The members of the Board and the Board
Committees accomplished their respective self-assessment
questionnaires for this purpose.
PLDT monitors and evaluates its compliance with CG rules
through a cross-functional evaluation system whereby the
heads of the various business and support groups/units
conduct an evaluation of their group/unit’s CG compliance. The
periodic process uses an evaluation questionnaire consisting
of the governance standards recommended in the CG Code
for PLCs which are applicable and relevant to their respective
functions. The results of the evaluation conducted by the heads
are consolidated as input to the Company’s Integrated Annual
Corporate Governance Report (“I-ACGR”) submitted to the PSEC
18 Separated effective July 21, 2023.
19 Separated effective December 1, 2023.
20 Appointment as Vice President effective January 1, 2023 was confirmed by the Board in its meeting held on November 7, 2023.
21 Shares owned by Jemily Summer Sy Uy Pablo, spouse of Mr. Ivan G. Pablo and registered under PCD Account.
22 Separated effective June 1, 2023.
23 Separated effective May 16, 2024.
24 Separated effective May 6, 2024.
PLDT 2023 ANNUAL REPORT
51
and PSE. In compliance with the respective memorandum
circulars of the PSEC and the PSE, PLDT filed its I-ACGR on May
30, 2023. PLDT likewise confirmed its compliance with its CG
Manual which contains relevant provisions of the CG Code for
PLCs and certain corporate governance standards under the US
Securities Exchange Act and NYSE Listed Company Manual.
PLDT has incorporated CG standards in the performance
evaluation of employees and has included violations of CG rules
as a cause for disqualification from incentives and rewards in its
Policy on Employee Qualification for Incentives and Rewards.
In 2023, PLDT was recognized by the Institute of Corporate
Directors, in cooperation with the PSEC and PSE, as a top
performing Philippine Publicly Listed Company as it achieved
the ACGS Three Golden Arrow Award based on standards
and best practices in the ASEAN Corporate Governance
Scorecard (“ACGS”). The ACGS measures the performance of
companies in the areas of rights and equitable treatment of
shareholders, engagement with stakeholders, transparency and
accountability, and Board oversight, among other criteria.
STAKEHOLDER ENGAGEMENT
In fulfilling our commitments to our stakeholders, we are guided
by our Code of Ethics and the Company’s General Practice on
Stakeholder Engagement (“GP on Stakeholder Engagement”).
The GP on Stakeholder Engagement aims to promote a
culture of good governance through the observance of the
Company’s core principles of integrity, accountability, fairness
and transparency in dealings with its stakeholders. Together
with our Code of Ethics, the GP on Stakeholder Engagement
is the articulation of our belief in empowering Filipinos across
sectors through meaningful connections that can help improve
overall well-being. We believe that, as we seek to enhance
value for our shareholders, we have a responsibility to provide
quality products and services for our customers, develop the
talents and skills of our employees, work with our suppliers and
business partners in an ethical and mutually beneficial manner,
and enable our communities to participate in nation-building.
Investors/Shareholders. PLDT fosters the values of transparency
and fairness in its dealings with investors and shareholders. It
respects, promotes and upholds shareholders’ rights such as:
the right to vote; preemptive right; the right to inspect corporate
books and records, including minutes of Board meetings and
stock registries, subject to certain conditions; the right to the
timely receipt of relevant information, whether in print or digital
form; the right to dividends; and appraisal right.
The Board promotes transparency and fairness in the conduct of
the annual and special stockholders’ meetings of the Company;
explores and implements steps to expand opportunities for
stockholders to participate in annual and special stockholders’
meetings, whether purely in-person, hybrid, or virtual-only; and
for in-person meetings, reduce excessive or unnecessary costs
to attend. Stockholders are encouraged to personally attend
such meetings, raise questions, and exercise their voting rights.
Online voting and participation by remote communication
was made available to all stockholders from 2020, consistent
with the Revised Corporation Code, related PSEC issuances,
and in keeping with Covid-19 precautions and the Company’s
Amended By-Laws.
Within a reasonable period before the annual and/or special
stockholders’ meeting/s, stockholders are apprised of their
right to appoint a proxy in case they are unable to attend such
meeting whether personally or virtually, and give their voting
instructions in the proxy form provided. Relevant meeting
materials such as the Notice, Agenda, Information Statement,
and Annual Report are made available to the stockholders
in print or digital form and through the Company’s website
to enable them to make a sound and informed judgment
on all matters tabled for their consideration or approval. In
2023, pursuant to PSEC guidelines, the electronic copy of the
Information Statement, 2022 Management Report, 2022 Annual
Report in PSEC Form 17-A, including the Sustainability Report,
and Quarterly Report for the first quarter 2023 in PSEC Form
17-Q were posted on the Company’s website and the PSE EDGE
portal, and the Notice and Agenda were published in two
newspapers of general circulation (in print and online format).
The Company held its ASM in hybrid format on June 13, 2023.
Holders of 82.99% of the Company’s total outstanding shares
of Common and Voting Preferred Stocks, as of the Record
Date April 14, 2023, were present in-person or via remote
communication, or represented by proxies in the meeting. The
recorded webcast of the ASM was posted on the Company’s
website for two consecutive weeks.
To view the Minutes of the 2023 PLDT ASM, please
access the QR code:
The Company ensures the disclosure and filing of reports with
the PSEC, PSE, Philippine Dealing & Exchange Corp. (“PDEx”)
and, as applicable, the US SEC and NYSE, as well as the posting
of such reports on the Company’s website, immediately after or
on the day after the Board, annual and/or special stockholders’
meeting. Such reports cover all significant actions taken in the
said meeting and, where appropriate, the votes obtained for
each of such actions.
PLDT ensures that the material information and transactions
that could potentially affect the market price of the Company’s
shares are disclosed in a timely manner and filed with the PSEC,
PSE, PDEx, and as applicable, with the US SEC and NYSE. In
this regard, information on, among other matters, financial and
operating results, including sustainability initiatives, acquisition
or disposal of significant assets, related party transactions, Board
membership changes, shareholdings of directors and officers
and any changes thereto, and remuneration of directors and
officers are promptly and accurately disclosed.
Disclosures/organizational announcements for
the year 2023 may be accessed on the Company’s
website through the QR code:
PLDT regularly conducts quarterly analysts’ and investors’
briefings to discuss financial and operating results, podcasts of
which are posted in the Investor Relations section of the PLDT
website. In addition, the Company publishes on its website the
appropriate reference materials, disclosures, and press releases,
among others, covering significant topics of interest to the
Shareholders. As warranted, the Company conducts special
briefings to discuss other important Company developments.
Our Investor Relations Center has regular engagements and
meetings with fund managers, investors, and analysts, which
may include access to PLDT’s Top Management. Shareholders
who wish to raise matters or concerns relating to the business
of the Company, their investments, and rights may elevate such
matters to the Corporate Secretary, the Head-Investor Relations,
or concerned members of PLDT’s Management or the Board.
Dividend Policy. The Company’s dividend policy provides for
a regular dividend payout rate of 60% of Telco Core Earnings
Per Share as regular dividends. The dividend policy considers,
among others: (i) the levels of capital expenditures to build a
robust, superior network to support customer demand and
the continued growth of data traffic; (ii) plans to invest in
new adjacent businesses that will complement the current
business and provide future sources of profits and dividends;
PLDT Annual Report | Corporate Governance Report
PLDT 2023 ANNUAL REPORT
52
and (iii) management of cash and gearing levels. Depending on
business funding requirements and investments opportunities,
the Company may consider the option of returning additional
cash to shareholders in the form of special dividends or share
buybacks. PLDT was able to pay out regular dividends of
approximately 60% of its telco core earnings for the year 2023
and a special dividend of P14 per share from the proceeds of
tower sales.
Information on PLDT’s 2023 Dividend Declarations
is available through the QR code:
Customers. PLDT serves a broad range of customers from
individuals, residential, micro, small and medium enterprises
(“SME”), and large enterprises, including the public sector. We
continuously endeavor to provide best-in-class experiences
to fulfill our customers’ needs and expectations regarding
responsive products and services, quality of service, pricing,
application, service provisioning processes, repair and
restoration services, and billing and payment services. We
engage with our customers through various traditional and
digital touchpoints and empower them to resolve their concerns
through self-help channels with the end view of knowing and
understanding their product and service needs. These channels
help us to promptly address their concerns and identify areas
where we can further enhance customer experience.
PLDT’s and Smart’s customer experience is underpinned by the
principle, “Count on Us”, which sets the foundation for delivering
experiences that are reliable, safe, secure, accessible, fast, and
personable. This principle extends beyond mere transactions
to embody a holistic relationship where customers are valued,
understood, and confident in the reliability and quality of the
services provided. It is about ensuring that customers can rely
on PLDT and Smart to deliver on promises, protect customers’
data, be easily reachable, provide swift service, and interact in a
way that is both understanding and vibrant.
In 2023, PLDT and Smart embarked on a bold journey to
enhance our customer experience through various strategic
initiatives, underscored by a commitment to being customer-
led and insights driven, cultivating a customer-centric culture,
reinforcing digital engagement, elevating service levels, and
empowering the frontline staff with technology.
Cultivating a Customer-Centric Culture. The Company
embarked on a CX Congress, a series of nationwide events
that brought together employees from all levels to align on CX
strategies, share insights, and foster a collective commitment
to delivering exceptional customer service. The Company also
organized bi-weekly CX CoLab sessions, Journey Reviews, and
strengthened the CX- IT Partnership. Altogether, these programs
represent strategic strides towards embedding a customer-
centric ethos across our organization. These platforms facilitated
cross-functional collaboration and alignment on CX objectives,
enhancing our collective commitment to customer satisfaction.
Revolutionizing Collections through Technology-enabled
Talkbots. Demand for broadband and connectivity during
the pandemic has fueled the growth in the PLDT and Smart
subscriber base since 2020. With the increase in customers
came a corresponding increase in our collections activities, such
as keeping customers informed of their balance, reminding
them of past due accounts, and informing them of available
payment channels.
Anchored on our vision, mission, and purpose, PLDT and Smart
have continuously explored ways to digitize our collections
and credit operations. We are transforming credit processes,
digitizing, and optimizing billing and payments, all while
maintaining a strong focus on our North Star– our customers.
With a firm drive to elevate the quality of customer experience,
PLDT and Smart are leveraging innovation to expand our
traditional contact methods with more personalized ways to
individually connect with our customers.
Among the solutions employed by the Company to streamline
our collections reminders was the use of talkbots. Wiz.AI, in
partnership with ePLDT, has helped develop our talkbots
– robots that sound like human agents, are conversational,
and can respond to customers’ inquiries during a call. For
transparency, customers are advised that the assistance
provided to them is technology-enabled.
Empowering Frontline Staff with Technology. Recognizing
the crucial role of our contact center agents in delivering
exceptional customer service, technology-enabled trainings
were likewise conducted. This program, featuring simulators,
animated videos, and gamified courses, was designed to
enhance agents’ proficiency and confidence in effectively
addressing customer issues from initial interaction.
These initiatives, among others, underscore PLDT’s and Smart’s
holistic and strategic approach to sustained and excellent
customer experience. Our journey towards customer obsession
is characterized by putting the customer at the center of our
strategy and operations. It is a business orientation that is
customer led, insights driven, fast, connected, reliable, safe
and secure, accessible, and personable so that customers can
Count on Us.
Employees. PLDT values the dignity, rights, and interests of
its employees, including the right to self- organization, safe
and healthy working conditions, professional development,
and community-building social activities. The importance of
employees to the business is highlighted by the inclusion of
people and culture transformation among the shared Company
goals. Identifying, developing, and retaining talent is a core
responsibility and accountability of every leader.
Anchored on the foundational premise that the Company’s
treatment of its employees influences how, in turn, employees
deliver service to customers, PLDT places employee experience
at the core of all people initiatives, programs, and processes.
Three principles guide the employee experience design: leader-
led, employee-owned, and digital-enabled.
The vision for achieving digital market leadership hinges on
a high-performing culture, and PLDT continuously engages
employees to aspire for this goal by aligning groups and
individuals within the Company’s shared objectives. This
is achieved by ensuring that the Company’s performance
management system is performance-driven and centered on
coaching. A digital platform is in place to enable a standard
performance management system across PLDT and Smart.
In support of the objective of shaping a high-performing
culture is a Total Rewards Program which is merit-based and
addresses both short-term and long-term transformation
goals. Compensation and incentives are determined based
on performance and accomplishment. Two major rewards
programs are in place: the STIP and the LTIP.
To ensure the successful execution of our integrated telco
strategy, PLDT is dedicated to advancing its agenda on
succession management. An urgent groundwork activity
involves collaborating with our leaders to address current
requirements while simultaneously creating a talent pipeline
and ecosystem for the next horizon of products and services.
This includes continuous employer branding initiatives to attract
top talent, the development and implementation of capability-
PLDT Annual Report | Corporate Governance Report
PLDT 2023 ANNUAL REPORT
53
building initiatives, a series of targeted hires in local and global
markets, the revival of the Internship and Cadetship Programs,
and the Emerging Leaders and Future Leaders Programs.
In a digital environment, fostering a strong learning culture
is essential. This is supported by PLDT’s corporate university,
which utilizes various learning modalities for the best and
most inclusive reach, as well as an internal career opportunity
marketplace to facilitate internal talent mobility for
all employees.
PLDT also organizes engagement programs that prioritize
employee well-being and strengthens the quality of work
relationships. These programs allow employees to be active
participants in a wide range of character-developing and
relationship building activities, including CSV and sustainability
initiatives, sports, special interest groups, and family-oriented
programs. Formal channels for employee feedback are
made available through engagement surveys conducted at
regular intervals, providing employees with the opportunity
to share their perspectives on relevant Company matters.
Additionally, digital and social platforms are optimized for
employee crowdsourcing and internal communication, while
management-led digital dialogues offer employees from
various regions of the country the opportunity to interact
directly with Management and share their suggestions
and recommendations.
Regulators. PLDT operates within relevant legislative and
regulatory frameworks and complies with the requirements
thereunder which are applicable to it. We participate in
public policy forums, conferences, and hearings conducted
by government and regulatory agencies on policies and
regulations that have implications on and affect the
operations of the telecommunications industry. PLDT also
participates in legislative hearings relative to initiatives and
proposed legislation in the fields of ICT, corporate governance,
cybersecurity, digital transformation, and labor-related matters.
Our “Internet for All” advocacy and investments in network
infrastructure and technologies to provide the widest coverage
and superior quality of service at affordable prices are aligned
with and support the Government’s objectives set out in the
Public Telecommunications Policy Act.
Suppliers. PLDT maintains mutually beneficial relationships
with similarly principled suppliers that uphold PLDT’s core
values of fairness, accountability, integrity, and transparency
in their own businesses. Suppliers undergo an accreditation
process before they engage in business with PLDT. Among the
criteria for accreditation are financial and technical capability,
as well as compliance with applicable laws, including those
pertaining to industrial relations, environment, health and
safety, intellectual property rights, cyber security, data privacy,
and sustainability. The Company’s purchases, as a rule, are made
based on competitive bidding among accredited and qualified
suppliers.
Creditors. In accordance with our Code of Ethics, we protect
the rights of our creditors by publicly disclosing all material
information, such as earnings results and risk exposures relating
to loan covenants. Our disclosure controls and procedures
also include periodic reports to our creditors such as our latest
certified financial statements, no default certification, and
certification on compliance with financial ratio limits. PLDT’s
credit has been rated at investment grade by two major
international credit-rating agencies and rated with the highest
issuer rating by a local credit-rating agency as of yearend 2023.
Communities. PLDT strives to engage local communities
where it operates through corporate citizenship programs that
support the business while contributing to nation building and
the achievement of the United Nations Sustainable Development
Goals. We uphold a community engagement strategy that is
inclusive, collaborative, ethical, and sustainable. Leveraging on core
businesses and infrastructure, we act as enabler in the promotion
of digital inclusion in communities in the areas of digital wellness,
disaster resilience, education, and livelihood.
ADVOCACY & NETWORKING
To demonstrate its commitment to the United Nations Global
Compact (“UNGC”), PLDT and Smart are participant signatories
to the Statement from Business Leaders for Renewed Global
Cooperation. Participants actively engage with the UNGC at the
global level to integrate into their companies’ operations the
UNGC’s Ten Principles on human rights, labor, environment,
and anti-corruption.
PLDT and Smart continue to be the only telecommunications
companies that are members of the National Economic
Development Authority (“NEDA”)-led Stakeholders’ Chamber
on Sustainable Development Goals. This membership facilitates
PLDT’s and Smart’s active participation in various multi-sectoral
fora and dialogues on the Philippine contribution to the 2030
Agenda for Sustainable Development. PLDT and Smart likewise
continue to be members of the UK-based Internet Watch
Foundation (“IWF”). As the first companies in the Philippines to
join the global coalition of more than 150 organizations in the
fight against online sexual abuse and exploitation of children
(“OSAEC”), our membership serves as a concrete expression of the
Group’s commitment to curtail OSAEC and enables continuous
compliance with Republic Act 11930 or the Anti-Online Sexual
Abuse and Exploitation of Children Law. As IWF members, PLDT
and Smart have access to a wide database of OSAEC materials
which are integrated into the Group’s own child protection
platform, an industry-leading solution that protects children by
blocking access to URLs and online content linked to OSAEC.
To strengthen transparency and alignment with global standards
on environmental strategy and performance, PLDT remains
a supporter of the Task Force on Climate-related Financial
Disclosures and the Task Force on Nature-related Financial
Disclosures.
PLDT continues to work with institutions and organizations
engaged in programs and advocacy efforts in the field of corporate
governance, compliance, and business ethics. As a sponsoring
partner member of the Ethics and Compliance Initiative (“ECI”),
with membership comprised of multinational organizations, the
PLDT Group has access to ECI’s vast online library on governance
and related topics and opportunities to attend and participate in
discussion groups and training sessions, as well as interact with
other governance and ethics professionals around the world. In the
process, the Group is able to benchmark its governance practices
against those of leading companies. Locally, PLDT is a premium
member of the Integrity Initiative, Inc. and PLDT and Smart are
members of the Good Governance Advocates and Practitioners
of the Philippines. PLDT also participates in the activities of the
Institute of Corporate Directors and its sister institute in the public
sector, the Institute for Solidarity in Asia.
The Group likewise has in place an approach consisting of multiple
layers of defense designed to reduce exposure to emerging
threats, provide visibility into the threat landscape, slow down
attackers’ progress, and detect attacks before they can do serious
damage. The PLDT Group continues to strive to protect the delivery
of digital services that the organization needs to be successful,
agile, and resilient. Beyond protection, the Group aims to continue
its pursuit of cyber security operational excellence, mature and
sustain its competencies, and serve as a frontline contributor to the
growth of business.
PLDT Annual Report | Corporate Governance Report
PLDT 2023 ANNUAL REPORT
54
PLDT Annual Report | Enterprise Risk Management
Enabling unified risk-based decisioning at scale continued to be the focal point of GRMD
operations in 2023. Throughout the year, the Group Enterprise Risk Management Department
(GRMD) built on the previous year’s groundwork and continued its efforts to fortify the company’s
data-driven risk management practice. With the aim of supporting internal stakeholders’
transition to a robust and unified risk practice, the GRMD focused on generating comprehensive
risk data as well as harmonizing governance, risk, and control frameworks with Internal Audit
through the Project Ripple effort. The ongoing digitization builds for the ServiceNow Governance,
Risk & Compliance Platform were likewise folded in the data construct alignments of Ripple and
executed in tandem to ensure a smooth transition to digitized risk assessment by the line in 2024.
The team continued engagements with both the Privacy Office and Cyber Security Operations
Group concurrently to facilitate the transition of their risk practice in operating as a Second Line
of Defense (2LoD). Relevant alignments of data constructs and area-specific risk assessment
guidelines were also made alongside Project Ripple to ensure consistency of risk data generation.
With its commitment to proactive risk mitigation and resilience across the organization, the
GRMD likewise worked closely with Management to sustain enhanced Board-level oversight,
monitoring, and support of the company’s overall risk management practice.
Enterprise
Risk Management
The PLDT Group’s commitment to the proactive management
of existing and emerging risks is reinforced by the Group
Enterprise Risk Management Department (GRMD). The GRMD,
under the leadership of the Chief Risk Management Officer
(CRMO), develops and manages a comprehensive integrated
risk management program that is implemented across all
levels of the organization. Its goal is to manage the Group’s
risks to an acceptable level, so as to enhance opportunities,
reduce threats, and thus create even more value for the
business and its stakeholders.
PLDT 2023 ANNUAL REPORT
55
PLDT Annual Report | Enterprise Risk Management
The PLDT Group Risk Management Philosophy Statement
The PLDT Group adopts a risk philosophy that recognizes risks as integral to its business. The Group thus commits itself to managing
these risks with the aim of attaining its business objectives and enhancing shareholder value.
The PLDT Group operates in a complex and dynamic business environment, which gives rise to a variety of risks that can serve
as both threat and opportunity. Recognizing that these risks are an integral part of its business, the PLDT Group is committed
to managing its overall risk exposure systematically and in such a manner that supports its strategic decision-making process.
Accordingly, the PLDT Group employs a comprehensive, integrated risk management program effected across all levels of the
organization. This program aims to identify, analyze, and manage the Group’s risks to an acceptable level, so as to enhance
opportunities, reduce threats, and thus sustain its competitive advantage. The PLDT Group believes that an effective risk
management program will contribute to the attainment of the objectives set by PLDT and its subsidiaries, thus creating value for the
business and its stakeholders.
The Enterprise Risk Management Framework and Process
The GRMD promulgates and encourages the adoption of a standard risk evaluation process focused on the need to properly identify,
analyze, evaluate, treat, and monitor risks that may affect the achievement of business objectives. The ERM process implemented
is based on the International Standard ISO 31000. The implementation of the ERM process ensures that high-priority risks are well
understood and effectively managed across all functions and units within the PLDT Group.
To assist in the execution of the ERM process, the GRMD has
adopted The Committee of Sponsoring Organizations of the
Treadway Commission’s (COSO) Three Lines of Defense Model.
This model safeguards the contribution of all organizational
levels to managing enterprise risks by ensuring controls are in
place and crafting appropriate mitigation strategies.
Risk Committee
The Risk Committee assists the PLDT Board in overseeing
Management’s adoption and implementation of a system
for identifying, assessing, monitoring, and managing key risk
areas. The committee reviews Management’s reports on the
Company’s major risk exposures as well as Management’s
plans and actions to minimize, control, or manage the impacts
of such risks.
The GRMD reports to the PLDT Risk Committee on a quarterly
basis and to the PLDT Board of Directors on a semi-annual
basis on developments with regard to the Group’s risk
management activities.
PLDT Group Top Risks
The GRMD, under the leadership of the Chief Risk Management Officer, promulgates and encourages the adoption of a standard
risk evaluation process focused on properly identifying, analyzing, evaluating, treating, and monitoring risks that may affect the
achievement of business objectives. A risk assessment exercise was undertaken by the Top Management Team to identify and
prioritize the most important risks affecting the PLDT Group for 2023. The top risks for 2023, listed in no particular order of criticality,
are: (i) CAPEX management; (ii) the complexities of the current competitive landscape; (iii) the Group’s ability to deliver on customer
experience commitments; (iv) the Group’s ability to scale transformation initiatives; (v) sophisticated attacks and eroded consumer
trust catalyzed by the complex cyber landscape; (vi) the impact of evolving geopolitical and economic conditions on business
operations; (vii) the challenges in enforcing third-party accountabilities, (viii) the evolving role of external partnerships in the
extended enterprise, (ix) the physical impacts of climate change; and (x) the failure to deliver on the company’s sustainability strategy.
ISO 31000: RISK MANAGEMENT PROCESS
PLDT 2023 ANNUAL REPORT
56
PLDT Annual Report | Enterprise Risk Management
Protection of Technology Resources and
Information
The PLDT Group has in place a Corporate Information Security
Policy that is applicable to PLDT, Smart, and DMPI, which
contains policy statements and standards relating to the proper
use of social media, data security, as well as the protection of
information assets and the proper use of technology resources.
PLDT’s Cyber Security Operations Group (“CSOG”), headed by
the CISO, creates, implements, and operationalizes the Group’s
Information Security Management Systems framework and
supports the review and update of its security policy and its
supporting standards. The Group’s cyber security strategy
focuses on protecting the Company’s critical infrastructure
and information assets. Using its own operational framework
consisting of Predictive, Preventive, Detective and Responsive
capabilities, the approach supports the establishment of a
cyber-resilient and trusted telecommunications and digital
infrastructure. The Group’s end-to-end operations were
especially customized by taking into careful consideration
the threat landscape, our network infrastructure, and the
Group’s products and services. The Group’s investment in
protection technologies integrates the Predictive, Preventive,
Detective and Responsive capabilities as follows: the Predictive
framework applies to the pre-attack stage, where cyber threats
are proactively identified long before they reach the PLDT
and Smart environments; while the Preventive and Detective
framework applies during an attack, in order to minimize
exposure; and the Responsive framework applies to the post-
attack stage, to accelerate response and minimize impact to
operational, legal, financial, reputational, and compliance risks.
The processes and tools being implemented to be able to
perform these functions are reflected in the diagram below.
Personal Data Protection
In preparation for the implementation of the SIM Registration
Act, which was in full swing in 2023, PLDT and Smart actively
worked with the National Privacy Commission (“NPC”) and
the National Telecommunications Commission (“NTC”) in
drafting the implementing rules and regulations of the law. The
Privacy Office played a key role in this, as well as in the design
of the portal and the process for SIM registration. Smart’s SIM
registration process employed privacy by design to ensure
compliance with the Data Privacy Act. The portal aimed to
provide excellent customer experience and secure personal data
collection in a manner that also respected the subscriber’s right
to control the use of their personal data.
The NPC conducted compliance visits to all telecommunications
companies as part of the implementation of the SIM Registration
Act. The NPC visited Smart’s corporate headquarters to conduct
interviews with Smart’s different business units and assess the
Company’s compliance with the Data Privacy Act. As part of
this process, Smart was asked to present documentary artifacts
such as its Certificate of Registration, sample data processing
agreements, sample privacy notices, and consent forms. The
Company was also queried on its privacy operations and privacy
practices, and Smart took the opportunity to showcase its
privacy and information security framework. The Cybersecurity
Operations Group presented efforts to combat ICT, including
the online sexual abuse and exploitation of children. The NPC’s
visit also included a tour of the Smart store located at the Smart
Tower, where store personnel demonstrated how customers
may opt to have their Smart SIMs registered at the store. The
Company has completed all additional requirements of the NPC
within the year.
* As of June 11, 2024.
PLDT 2023 ANNUAL REPORT
57
Mr. Manuel V. Pangilinan, 77, Filipino
He has been a director of PLDT since November 24, 1998. He was appointed as Chairman of the
Board of Directors of PLDT in February 2004 and the President and Chief Executive Officer in
December 2023 with effect January 1, 2024. Since January 1, 2016, he also held the position of
President and Chief Executive Officer of PLDT until June 7, 2021, and served as President and Chief
Executive Officer of Smart Communications, Inc. (“Smart”) until August 7, 2019. Mr. Pangilinan
is the Chairman of the Governance, Nomination and Sustainability, Executive Compensation,
Technology Strategy, and Data Privacy and Information Security Committees of the Board of
Directors of PLDT. He also serves as Chairman and President of Metro Pacific Investments
Corporation (“MPIC”), Chairman and CEO of Manila Electric Company (“Meralco”), and Chairman
of PXP Energy Corporation and Philex Mining Corporation, and of several subsidiaries or affiliates
of PLDT or MPIC, including, among others, Smart, Digitel Mobile Philippines, Inc. (“DMPI”), Digital
Telecommunications Phils (“Digitel”), PLDT Communications & Energy Ventures, Inc., ePLDT,
Inc., Beacon Electric Assets Holdings Inc., Philex Petroleum Corporation, Manila North Tollways
Corporation, Maynilad Water Services Corporation, Landco Pacific Corporation, Metro Pacific
Hospital Holdings, Inc., Medical Doctors Incorporated (Makati Medical Center), and Colinas Verdes
Corporation (Cardinal Santos Medical Center). He is also the Chairman of MediaQuest Holdings Inc.,
TV5 Network, Inc. and PLDT-Smart Foundation.
Mr. Pangilinan founded First Pacific Company Limited (“First Pacific”), a Hongkong Stock Exchange-
listed company, in 1981 and serves as its Managing Director and Chief Executive Officer. Within the
First Pacific Group, he also holds the position of President Commissioner of P.T. Indofood Sukses
Makmur Tbk, the largest food company in Indonesia.
Outside the First Pacific Group, Mr. Pangilinan is the Chairman of the Board of Trustees of San
Beda College and the Chairman Emeritus of the Samahang Basketbol ng Pilipinas. He is also
the Chairman of Philippine Business for Social Progress, the largest private sector social action
organization made up of the country’s largest corporations and a Co-Chairman of the Philippine
Disaster Resilience Foundation, Inc., a non-stock, non-profit foundation established to formulate
and implement a reconstruction strategy to rehabilitate and rebuild areas devastated by floods and
other calamities.
Mr. Pangilinan graduated cum laude from the Ateneo de Manila University, with a Bachelor of Arts
Degree in Economics. He received his Master’s Degree in Business Administration from Wharton
School of Finance & Commerce at the University of Pennsylvania, where he was a Procter & Gamble
Fellow. He was conferred a Doctor of Humanities Degree (Honoris Causa) by the San Beda College
(2002), Xavier University (2007), Holy Angel University (2009) and Far Eastern University (2010).
Atty. Marilyn A. Victorio-Aquino, 68, Filipino
She has been a member of the Board of Directors of PLDT since May 8, 2023. She also concurrently
serves as PLDT’s Chief Legal Counsel, Head of Legal and Regulatory and Strategic Affairs Group,
Head of Supply Chain, Head of Risk and Privacy, and Corporate Secretary. She was elected into the
Philippine Stock Exchange Board in June 2023. She joined First Pacific Company Limited (“First
Pacific”) in 2012 as Assistant Director. She holds various positions in Philippine subsidiaries and
affiliates of First Pacific and Metro Pacific Investments Corporation (an affiliate of First Pacific),
including President of First Coconut Manufacturing Inc., and director of Philex Mining Corporation,
PSE-listed companies PXP Energy Corporation and Lepanto Consolidated Mining Company, Philex
Gold Philippines, Inc., Silangan Mindanao Mining Company, Inc., and Maynilad Water Services Inc.
Prior to joining First Pacific, Atty. Victorio-Aquino retired as a Senior Partner at SyCip Salazar
Hernandez and Gatmaitan Law Offices (SyCipLaw). Atty. Victorio-Aquino graduated cum laude
(class salutatorian) from the University of the Philippines with a Bachelor of Laws Degree in 1980,
placed second in the Philippine Bar Examinations, and was admitted to the Philippine Bar in 1981.
She obtained her Bachelor of Arts degree from the University of Santo Tomas. She is a member
of the International Pacific Bar Association, Women Lawyers Circle, Federacion International de
Abogadas, Philippine Bar Association, and Integrated Bar of the Philippines.
Board of Directors*
PLDT Annual Report | Board of Directors
PLDT 2023 ANNUAL REPORT
58
Ms. Helen Y. Dee, 80, Filipino
She has been a director of PLDT since June 18, 1986. She is the Chairperson of House of
Investments, Petro Energy Resources Corporation, and Rizal Commercial Banking Corporation, all
of which are PSE-listed companies. She is the Chairperson, Vice Chairperson, or a director of several
companies engaged in banking, insurance and real property businesses. Ms. Dee received her
Master’s Degree in Business Administration from De La Salle University.
Atty. Ray C. Espinosa, 68, Filipino
He has been a director of PLDT since November 24, 1998, and is a member of the Technology
Strategy and Data Privacy and Information Security Committees of the Board of Directors of PLDT.
He was Senior Advisor to the President and CEO of PLDT from January 28, 2019 until June 8, 2021.
He was PLDT’s Chief Corporate Services Officer from December 2016 until January 28, 2019, and
previously served as President and CEO of ePLDT Inc. and its subsidiaries from July 2000 until April
2010 and as President and CEO of TV5 Network Inc. and Cignal TV Inc. from December 2009 until
May 2013. He was the Deputy Chief Executive of Manila Electric Company from January 28, 2019
until May 27, 2019, and President and Chief Executive Officer from May 28, 2019 until May 31, 2023. He
was the chairman of the Philstar Group of Companies from June 11, 2014 until August 17, 2023 and
BusinessWorld Publication Corporation from September 16, 2013 until August 17, 2023. In June 2013,
he joined First Pacific Company Limited as Associate Director.
Atty. Espinosa is a director of Roxas Holdings Inc., an independent director of Lepanto Consolidated
Mining Company and chairman of its Audit Committee. He is also an independent director of
Maybank Philippines Inc., chairman of its Related Party Transaction Committee, and Vice chairman
of its Corporate Governance Committee. He is a trustee of the PLDT-Smart Foundation Inc. and the
Beneficial Trust Fund of PLDT.
He has a Master of Laws Degree from the University of Michigan School of Law and a Bachelor
of Laws Degree from the Ateneo de Manila University School of Law, and is a member of the
Integrated Bar of the Philippines. He was a partner at SyCip Salazar Hernandez & Gatmaitan from
1982 to 2000, a foreign associate at Covington and Burling (Washington, D.C.) from 1987 to 1988,
and a law lecturer at the Ateneo de Manila University School of Law from 1983 to 1985 and 1989. He
placed first in the 1982 Philippine Bar Examinations.
Mr. James L. Go, 85, Filipino
He has been a director of PLDT since November 3, 2011. He is a member of the Technology Strategy
and Risk Committees and Advisor of the Audit Committee of the Board of Directors of PLDT. He
is the Chairman of JG Summit Holdings, Inc. and a Board Advisor of Cebu Air, Inc. since January
1, 2023, the Chairman and Chief Executive Officer of Oriental Petroleum and Minerals Corporation,
and the Chairman Emeritus of Universal Robina Corporation, Robinsons Land Corporation, and
JG Summit Olefins Corporation. He is the Vice Chairman of Robinsons Retail Holdings, Inc. and a
Director of the Manila Electric Company. He is also the President and Trustee of the Gokongwei
Brothers Foundation, Inc. Mr. Go obtained his Bachelor of Science Degree and Master of Science
Degree in Chemical Engineering from Massachusetts Institute of Technology, USA.
Mr. Kazuyuki Kozu, 51, Japanese
He has been a director of PLDT since July 6, 2021. He was the Director of Core Network
Development Department of NTT DOCOMO, INC., Tokyo, Japan. Prior to that, he served as Senior
Manager of Packet Network System Development Department of DOCOMO Technology, Inc.,
Tokyo, Japan from September 2016 to June 2020, Director of System Management Department of
mmbi Inc., Tokyo, Japan from September 2013 to August 2016, and Senior Manager of Networking
Research Group of DOCOMO Communications Laboratories, Munich, Germany from April 2010
to August 2013. He started his career in NTT DOCOMO INC., Tokyo, Japan, as Engineer from April
1997 to March 2002 then Manager of the Core Network Development Department from April 2002
to March 2010. He graduated with a Bachelor’s Degree in Electrical Engineering and Computer
Science from the Yokohama National University, Kanagawa, Japan and obtained his Master’s
Degree in Electrical Engineering and Computer Science from the same university.
PLDT Annual Report | Board of Directors
* As of June 11, 2024.
PLDT 2023 ANNUAL REPORT
59
Mr. Bernido H. Liu, 61, Filipino (Independent Director)
He has been an independent director of PLDT since September 28, 2015, and is an independent
member of the Audit, Governance, Nomination and Sustainability, Executive Compensation,
Risk, and Data Privacy and Information Security Committees of the Board of Directors of PLDT.
Concurrently, he is the Chairman and Chief Executive Officer of GOLDEN ABC, Incorporated.
(“GABC”), a fashion retail company which designs and sells its own clothing, personal care,
and accessory lines marketed and retailed under a dynamic portfolio of well-differentiated
proprietary brands, namely Penshoppe, OXGN, ForMe, Memo, Regatta, and BOCU. He is also the
Group Chairman of LH Paragon Incorporated, a business holdings company which has under its
management GABC and other companies in various industries, namely, Matimco Incorporated,
Oakridge Realty Development Corporation, Keralty Prime, and Greentree Food Solutions, Inc.
Mr. Liu and GABC under his leadership have been recognized by different award-giving bodies.
Awards include the Agora for outstanding Achievement in Entrepreneurship from the Philippine
Marketing Association, Ten Outstanding Young Men for Entrepreneurship from JCI Philippines,
Global Retailer of the Year from the Philippine Retailers Association and the Department of Trade
and Industry, and the ASEAN Business Award’s Priority Integration Sector Excellence Award for
Retail. Mr. Liu graduated with a Bachelor of Science Degree in Architecture from the University of
San Carlos and completed the Executive Education Owner/President Management Program of the
Harvard Business School.
Mr. Rolando L. Macasaet, 63, Filipino
He has been a director of PLDT since January 1, 2024. He assumed the post as the President and
Chief Executive Officer of the Social Security System (“SSS”) on January 5, 2023. As the highest
Executive Officer in SSS, he oversees and supervises the general conduct of operations of the state
pension fund and is responsible for carrying out the programs of the SSS. He is also the concurrent
Vice-Chairperson of the Social Security Commission (“SSC”), the governing board of the SSS. He
is a member of the following SSC committees: Executive, Governance, Risk Management and
Investments, and Information Technology and Coverage Collection.
Aside from his present position, Mr. Macasaet is also a Director of Union Bank of the Philippines and
is a member of the following committees: Executive, Trust, Corporate Governance, and Information
Technology & Cybersecurity. He also served as a Director of Philex Mining Corporation and was a
member of its Audit Committee until December 31, 2023.
Mr. Macasaet previously held the position of President and General Manager of the Government
Service and Insurance System (“GSIS”) from 2019 to 2022, and Chairperson of the GSIS’ Board of
Trustees in 2018.
Prior to joining the SSS, Mr. Macasaet had extensive experience in public service as he served as
President and CEO in several government-owned and controlled corporations (“GOCCs”) from 1988
to 2005, such as the Philippine National Construction Corporation, Dasmariñas Industrial Steel
Corporation, Skyway Corporation, and Tierra Factors Corporation.
Moreover, he has more than two decades of professional experience in financial servces, banking,
and public-private partnerships. His work with the Philippine National Bank (“PNB”) included
postings overseas as Vice President and General Manager in Los Angeles, California, USA and as
Regional Vice President-ASEAN in Singapore. His other stints in the banking sector included a two-
year service as Corporate Account Manager at BMO Bank of Montreal, Vancouver, and President and
Vice Chairman of the Philippine Postal Bank from 2005 to 2007. He also served as a Board Member
of various companies such as San Miguel Corporation, Bank of Commerce, Private Infrastructure
and Development Corporation, Bancard, and PCI Bank, to name a few. He further served as Director
of the Asian Infrastructure and Investment Bank (“AIIB”) in Beijing (China’s counterpart of the World
Bank and Asian Development Bank).
Mr. Macasaet is an Outstanding Alumnus of the University of the Philippines and was recognized as
an Atenean of the Year.
He holds a Bachelor of Science in Business Economics, cum laude, from the University of the
Philippines and has earned a Master of Business Administration degree (Honors Program) from
the same university. He also finished an Executive Program in Finance at Columbia University
in New York and has a Diploma in Management Development at Harvard Business School in
Boston, Massachusetts.
PLDT Annual Report | Board of Directors
PLDT 2023 ANNUAL REPORT
60
Retired Chief Justice Artemio V. Panganiban,
87, Filipino (Independent Director)
He has been an independent director of PLDT since April 23, 2013 and is serving as an independent
member of the Audit, Governance, Nomination and Sustainability and Executive Compensation
Committees, as well as Chairman of the Risk Committee of the Board of Directors of PLDT. He was
appointed as Lead Independent Director effective March 21, 2019. He served as an independent
member of the Advisory Board and an independent non-voting member of the Governance
and Nomination Committee of the Board of Directors of PLDT from June 9, 2009 to May 6, 2013.
Currently, he is also an independent director of Meralco, Petron Corporation, GMA Network, GMA
Holdings, JG Summit Holdings, Inc., Asian Terminals, Inc., and RL Commercial REIT, Inc., and a
non-executive director of Jollibee Foods Corporation, all of which are PSE-listed companies, as well
as Senior Adviser of Metropolitan Bank and Trust Company, a member of the Advisory Council of
the Bank of the Philippine Islands, and an adviser of Double Dragon Properties Corp. and Merry
Mart Consumer Corp. He is an Independent Advisor of Metro Pacific Investments Corporation, a
large non-listed company, and Independent Director of several large non-listed companies such
as Asian Hospital, Inc., Metro Pacific Tollways Corporation, and TeaM Energy Corporation. He is also
the Chairman of the Board of Trustees of the Foundation for Liberty and Prosperity and of the
Board of Advisers of Metrobank Foundation, Inc., a trustee of Tan Yan Kee Foundation and Claudio
Teehankee Foundation, President of the Manila Metropolitan Cathedral-Basilica Foundation, a
member of the Advisory Board of World Bank (Philippines), Chairman-Emeritus of the Philippine
Dispute Resolution Center, Inc., Chairman Emeritus of the Philippine National Committee of the
Asean Law Association, and a column writer for the Philippine Daily Inquirer.
Hon. Panganiban served the Supreme Court of the Philippines for more than 11 years, first as
Associate Justice (October 10, 1995 to December 20, 2005) and later as Chief Justice (December 21,
2005 to December 6, 2006), during which he sat concurrently as Chairperson of the Presidential
Electoral Tribunal, Judicial and Bar Council and Philippine Judicial Academy. He has received over
250 awards in recognition of his role as jurist, practicing lawyer, professor, civic leader, Catholic lay
worker, and business entrepreneur, including “The Renaissance Jurist of the 21st Century” given by
the Supreme Court on the occasion of his retirement from the Court. Hon. Panganiban graduated
cum laude from Far Eastern University with a Bachelor of Laws Degree in 1960, and was conferred
a Doctor of Laws Degree (Honoris Causa) by the University of Iloilo (1997), Far Eastern University
(2002), University of Cebu (2006), Angeles University (2006) and Bulacan State University (2006). He
was co-founder and past president of the National Union of Students of the Philippines.
Mr. Alfredo S. Panlilio, 61, Filipino
He has been a Director of PLDT since June 8, 2021 and Smart since August 8, 2019. He served as
President and CEO of PLDT from June 8, 2021 and of Smart from August 8, 2019 until his retirement
as President and CEO of PLDT and Smart on December 31, 2023. Despite his retirement as President
and CEO of PLDT and Smart, Mr. Panlilio has remained as a Director of PLDT and Smart, and has
continued to hold various leadership positions within the PLDT Group as Chairman of Maya Bank,
Inc.; Director of Multisys Technologies Corporation and Multipay Corporation; and Trustee of Asian
Carriers Conference Inc.
Mr. Panlilio is also a Trustee of the Kapampangan Development Foundation and Philpop Musicfest
Foundation. With PLDT as a longtime supporter of the Philippines’ digital transformation, Mr.
Panlilio is among the founding members under the Digital Infrastructure pillar of the Private Sector
Advisory Council (PSAC), formed in July 2022.
During Mr. Panlilio’s tenure as President and CEO of PLDT, he served as Chairman, President
and CEO of IP Converge Data Services, Inc., and Mabuhay Investments Corporation. He was also
Chairman and President of ABM Global Solutions, Inc., Curo Tecknika, Inc., ePDS, Inc., IPC Rack It
Data Center, Inc., VITRO Inc., ACeS Philippines Cellular Satellite Corporation, and Smart Broadband,
Inc. He was also Chairman of ePLDT, Inc., Telesat, Inc., PLDT Clark Telecom, Inc., PLDT Subic Telecom,
Inc., PLDT-Maratel, Inc., and PLDT-Philcom, Inc. He also served as Director, President and CEO of
Digitel Telecommunications, Inc., and Digitel Mobile Philippines, Inc. (DMPI). Mr. Panlilio was also
Director and President of I-Contacts Corporation, and Director of PLDT’s international business unit,
PLDT Global. He was also President and CEO of Talas Data Intelligence, Inc. and President of MVP
Rewards and Loyalty Solutions, Inc. (MRSI), Airborne Access Corporation, PLDT Communications
and Energy Ventures, Inc., and Primeworld Digital Systems, Inc. Mr. Panlilio was also a Trustee of the
PLDT-Smart Foundation (PSF).
PLDT Annual Report | Board of Directors
* As of June 11, 2024.
PLDT 2023 ANNUAL REPORT
61
During Mr. Panlilio’s previous tenure in PLDT before returning as its Chief Revenue Officer on July 1,
2019, he served as Senior Vice President from May 2001 to December 2010 and was the President of
PLDT Global from June 2004 to December 2010.
Prior to returning to the PLDT Group, Mr. Panlilio was the Senior Vice President and Head of
Customer Retail Services and Corporate Communications at Meralco from September 10, 2010 to
June 30, 2019. Within the Meralco Group, Mr. Panlilio served as Chairman of Radius Telecoms, Inc.,
e-Meralco Ventures Inc., Paragon Vertical Corporation, Powersource First Bulacan Solar, Inc. and
Pure Meridian Hydropower Corporation. He was also a Vice Chairman of Aclara Meters Philippines,
Inc., and Director of CIS Bayad Center Inc., Corporate Information Solutions, Inc., Customer Frontline
Solutions, Inc., Meralco Energy, Inc., MRAIL Inc., Meralco Industrial Engineering Services Corporation,
Comstech Integration Alliance, Inc., and MSpectrum, Inc. Mr. Panlilio was also a Trustee of One
Meralco Foundation, Inc. (OMFI) and Meralco Power Academy, and Associate Board Member of
Semiconductor and Electronics Industries in the Philippines, Inc. (SEIPI).
An advocate of the value of sports in maintaining a strong republic, Mr. Panlilio sits as President
of the MVP Sports Foundation, a Member of the FIBA Central Board, Second Vice President of
FIBA Asia Central Board, First Vice President of the Philippine Olympic Committee and heads
the FIBA Basketball World Cup 2023 local organizing committee. He is also the President of the
Samahang Basketbol ng Pilipinas (SBP), the country’s governing basketball federation, and is the
Treasurer of the National Golf Association of the Philippines (NGAP) and Director of the Philippine
Badminton Association.
Bearing testament to his achievements, Mr. Panlilio was named CEO of the Year by London-based
award-giving body Total Telecom at the 2022 Asia Communication Awards. He was previously
honored as CEO Excel Awardee of the International Association of Business Communicators
Philippines in 2013, was one of seven finalists in the Rising Star (individual) category of the PLATTS
Global Energy Awards 2015 held in New York, and has received multiple local and international
awards for customer management and business communication excellence throughout his career.
Mr. Panlilio holds a Bachelor of Science Degree in Business Administration (Computer Information
Systems) from San Francisco State University. He obtained his Master in Business Administration
at J. L. Kellogg School of Management of Northwestern University and the Hongkong University of
Science and Technology.
Ms. Bernadine T. Siy, 65, Filipino (Independent Director)
She has been an Independent Director of PLDT since June 8, 2021. She is a director of Epicurean
Partners Exchange Inc. (EPEI), and of Fil-Pacific Apparel Corporation (FPAC), both leading players in
the food service and apparel industry. She previously served as President and Chief Executive Officer
of EPEI Inc. from 1994 to 2011, and President and Chief Executive Officer of FPAC from 1987 to 1997
and again, from 2004 to 2013. She has been a trustee in the Board of Ateneo de Manila University
since 2014, and currently holds the position of Board chair. She is currently an independent director
of Cebu Air, Inc. having been appointed in March 2021. She is also a trustee in the Board of the
Foundation for Economic Freedom, an economic policy advocacy organization and a member of
the Management Association of the Philippines. She was a Consultant to the Board of Directors
of the Development Bank of the Philippines from November 2012 to June 2014. She obtained her
Bachelor of Arts Degree in Economics, magna cum laude from Ateneo de Manila University and a
Master’s Degree in Management major in Accounting and Finance from the J.L. Kellogg Graduate
School of Management of Northwestern University in Chicago, Illinois, USA.
Mr. Naoki Wakai, 58, Japanese
He has been a director of PLDT since August 26, 2021. He is the Senior Vice President in charge
of Global Business in Business Solution Division of NTT Communications Corporation (NTT Com).
He joined Nippon Telegraph and Telephone Company (NTT) in 1989 and has been engaged in
global telecoms and IT business for the past 28 years. Mr. Wakai was involved in the establishment
of subsidiaries and branch offices in China, Taiwan, and Korea, and played a major role in the
construction of international submarine cable systems. After serving as Senior Manager of IP Transit
Business at NTT Com Asia (Hong Kong) and Director of International Business at Verio (USA), he
moved to NTT Com in Japan and became Head of Server Hosting Team in 2006, Head of Carrier
Relations in 2008, and Vice President of Global IP Network in 2009. Mr Wakai moved to London as
Deputy Managing Director and COO of NTT Europe Limited in 2012. In 2017, he moved to Singapore
to serve as President and CEO of NTT Singapore Pte. Limited. He graduated with a Bachelor’s
Degree in Political Science from Keio University in Tokyo, Japan, and holds a Master’s Degree in
International Relations from International University in Niigata, Japan.
PLDT Annual Report | Board of Directors
PLDT 2023 ANNUAL REPORT
62
Advisory Board
Mr. Benny S. Santoso
Mr. Orlando B. Vea
Mr. Christopher H. Young
Fr. Roberto C. Yap S.J.
PLDT Annual Report | Board of Directors
Ms. Marife B. Zamora, 71, Filipino
She has been a director of PLDT since November 14, 2016. She is the Chairman of the Board of Willis
Towers Watson Insurance and Reinsurance Brokers, Inc., and a member of the Board of Trustees of
the Asian Institute of Management. She is also an Independent Board Member of Pru Life Insurance
Corporation of U.K and Cemex Holdings Philippines. She is also a Board Director of MediaQuest
Holdings Inc. She co-founded the Filipina CEO Circle. She was Chairman of Convergys Philippines,
Managing Director for Asia Pacific, Europe, Middle East, Africa for Convergys Corporation, and also
served as the first Country Manager of Convergys Philippines, leading its growth as the country’s
largest private employer. Prior to this, Ms. Zamora served as Managing Director of Headstrong Phils.
She was also with IBM Philippines where she held a number of sales, marketing and management
positions during her 18-year tenure with the company. She is the 3rd woman President and the 68th
President of the Management Association of the Philippines. Ms. Zamora received her Bachelor of
Arts Degree (major in Mathematics & History) from the College of the Holy Spirit and studied in the
University of the Philippines and the University of Pennsylvania.
* As of June 11, 2024.
PLDT 2023 ANNUAL REPORT
63
Mr. Victorico P. Vargas, 72, Filipino
He is presently the Head of Talent Culture and Cultivation - Office of the Chairman, as well as PLDT
Leadership Transition Officer. He has served as an Associate Director of First Pacific since January
2016, overseeing First Pacific Group businesses operating in the Philippines and its region, with
particular focus on leading the Business Transformation of PLDT. He is also a director of Smart
Communications Inc., Meralco, MGen Global Business Power, Maya Bank, Inc., PLDT Global Corp.,
PLDT Subic Telecom, Inc., PLDT Clark Telecom, Inc., Beacon Electric Asset Holdings, Inc., Beacon
PowerGen Holdings, Inc., MQuest Ventures, Inc., Cignal TV, Inc., TV5 Network, Inc. and Media5
Marketing Corporation. Chairman of Hastings Holdings Inc., Philstar Global, Inc., Pilipino Star
Ngayon, Inc., Pilipino Star Printing, and Philstar Daily, Inc. He is President and Member of the
Board of Trustees of the First Pacific Leadership Academy, Trustee of the MVP Sports Foundation,
PLDT-Smart Foundation, Inc. and Ideaspace Foundation, and President of the PhilPop Music Fest
Foundation. Mr. Vargas is also the immediate past President of the Philippine Olympic Committee
and is currently a member of the Board of Trustees of said organization. Additionally, Mr. Vargas is
the Chairman of the Association of Boxing Alliances in the Philippines and was a former member
of the Executive Committee of the Asian Boxing Confederation. He is one of the Executive Board
Members of World Boxing Council and Chairman of the Philippine Basketball Association for
seasons 2017-present. He is also the Vice President of the Samahang Basketbol ng Pilipinas. Prior
thereto, Mr. Vargas was the President and Chief Executive Officer of Maynilad Water Services, Inc.
since August 2010. He joined PLDT in 2000 as its Human Resources Group Head and through
his stay at PLDT became involved in managing the PLDT Business Transformation Office, Asset
Protection and Management Group, and the PLDT International Carrier Business. He has also
worked in senior roles at Union Carbide, Pepsi Cola, Colgate Palmolive and Citibank, NA (both in
Manila and in Southeast Asia). Mr. Vargas was educated at Ateneo de Manila and University of Santo
Tomas with a Bachelor of Science Degree in Psychology.
Mr. Danny Y. Yu, 62, Filipino
He is Chief Financial Officer and Chief Risk Management Officer, and served as the PLDT Group
Controller from November 17, 2022 to May 3, 2023. He likewise served as Senior Vice President and
Chief Financial Officer, Chief Governance Officer and Chief Risk Officer of Philex Mining Corporation
from September 2013 to August 2019, Chief Finance Officer of Digital Telecommunications
Philippines, Inc. and Digitel Mobile Philippines, Inc. (Sun Cellular) from November 2011 to July 2013,
Chief Financial Officer of ePLDT, Inc. from November 2010 to December 2011, Chief Financial Officer
Executive Officers*
Mr. Manuel V. Pangilinan, 77, Filipino
Atty. Marilyn A. Victorio-Aquino, 68, Filipino
PLDT Annual Report | Executive Officers
PLDT 2023 ANNUAL REPORT
64
of PLDT Global Corporation from June 2004 to November 2010, Chief Financial Officer of Mabuhay
Satellite Philippines Corporation & Aces Satellite Philippines Corporation from March 1999 to May
2004, and Vice President for Corporate Development of Fort Bonifacio Development Corporation
from March 1997 to March 1999. He started his career at SGV & Co. where he was a senior auditor.
Mr. Yu graduated magna cum laude from the University of San Carlos with a Bachelor of Science
in Commerce, Major in Accounting and holds a Master in Management from the Asian Institute of
Management. He is also a Certified Public Accountant. In 2016, he was awarded the ING-FINEX CFO
of the Year.
Ms. Gina Marina P. Ordoñez, 62, Filipino
She is the Chief People Officer for PLDT, Inc. and its wireless subsidiary, Smart Communications,
where she drives the strategic direction and execution of human capital initiatives, workplace
design, and employee experience programs. By aligning people-centric strategies with business
objectives, she aims to create a workplace where employees are empowered to do meaningful work
and deliver organizational goals. She also contributed to the development and implementation
of the PLDT Group Talent Management strategy, ensuring alignment with present and future
business requirements. Throughout the pandemic, Gina served as Co-Chairperson of the MVP
Group Vaccine Task Force, leading the planning and operations of COVID-19 vaccination efforts for
employees and their families nationwide. She has been with the PLDT Group for over eight years,
and initially joined the Business Transformation Office (BTO) in 2016 to oversee process and quality
management. She transitioned to the role of Smart People Group Head before being appointed as
Chief People Officer for both PLDT and Smart organizations in 2019. Ms. Ordoñez was formerly Vice
President for Service Operations and Quality Management at Makati Medical Center where she
implemented best practices in service quality throughout the hospital, enhancing service delivery,
operational efficiency, and end-to-end processes to improve patient satisfaction. She also served as
Head of Customer Experience for Consumer Banking at Citi where she occupied several leadership
roles over a span of 16 years. During her tenure, she attained a Six Sigma Black Belt certification.
She is a registered Corporate Coach and Quality Management consultant, holding membership in
the International Coach Federation. With more than 23 years of extensive experience, she has held
leadership roles in People, Process, Customer Experience, and Quality Management.
Mr. Joseph Ian G. Gendrano, 47, Filipino
He is the Enterprise Business Head, Chief Information Security Officer, and Head of the Cyber
Security Operations Group, and has been in PLDT’s service since May 2013. Prior to joining PLDT, he
worked with Verizon Business, Cisco Systems and Goldman Sachs in the United States. He has held
technical, sales, consulting and leadership roles in these organizations as well as gained industry
experience in the global financial services vertical. He served as Vice President of Goldman Sachs’
Network Voice and Multimedia Division and Chief Architect for Unified Communications platforms.
Mr. Gendrano obtained his Bachelor of Science degree in Electronics and Communications
Engineering from De La Salle University and Master of Science degree in Electrical Engineering,
Major in Telecommunications and Networking from the University of Pennsylvania.
Mr. Jeremiah M. de la Cruz, 47, Filipino
He is Consumer Business–Home Head and is an accomplished strategic leader with solid
experience in managing cross functional teams in delivering revenue and growth. He oversees day-
to-day operations for the Home business, covering product, marketing, sales, customer experience,
and field operations. Prior to joining PLDT Inc., Mr. de la Cruz has led enterprise-wide business
transformation in various companies in the APAC region. He directed the Digital Strategy of Hoytz
and handled senior leadership roles in Globe Telecoms, PT XL Axiata Tbk, Optus, and Vodafone. Mr.
de la Cruz earned his Post Graduate Certificate in Management from the Australian Graduate School
of Management.
PLDT Annual Report | Executive Officers
* As of June 11, 2024.
PLDT 2023 ANNUAL REPORT
65
Mr. Menardo G. Jimenez, Jr., 61, Filipino
He is Senior Vice President and Network Head. Since joining PLDT in December 2001, he has served
in various capacities as Corporate Communications and Public Affairs Group Head, Retail Business
Group Head, Fixed Line Business Transformation Office Head, Human Resources Group Head, Fixed
Line Business Transformation Office Head, and Consumer Home Business Group Head. He holds
directorships in several subsidiaries of PLDT. Prior to joining PLDT, he had a stint at GMA Network,
Inc., where he served as Head of Creative Services and Network Promotions. Mr. Jimenez received
his AB Economics degree from the University of the Philippines.
Mr. John Gregory Y. Palanca, 56, Filipino
He is Head of Sales & Development. He also served as the First Vice President and Regional
Customer Development - Luzon Head of Smart from November 2020 to July 2022. Prior to
his promotion to First Vice President, Mr. Palanca served as the Vice President and Regional
Customer Development - Luzon Head of Smart from December 2017 to November 2020. Before Mr.
Palanca’s stint with Smart, he served as the Managing Director of PLDT Japan GK from June 2016
to December 2017, General Manager of PLDT Malaysia Sdn Bhd. from January 2014 to May 2016,
General Manager of PLDT HK Ltd. from May 2011 to December 2013, Country President of Motorola
Communications Phils. Inc. from January 2006 to January 2011, Vice President of Nextel, Next Mobile
from January 2000 to January 2006, and Principal Consultant of Islanet Information Technology
from January 1998 to January 2000.
Mr. Luis S. Reñon, 54, Filipino
He is Internal Audit Group Head, and joined PLDT in July 2018. Prior thereto, he was the Emerging
Markets Chief Finance Officer of Pfizer Inc. and handled teams across the Philippines, Thailand,
Malaysia, Indonesia, Vietnam, and Pakistan. He started his professional career in the Audit and
Business Advisory Division of Ernst & Young Manila and Singapore, where he worked for six years. He
then moved to Novartis Asia Pacific in Singapore as Regional Auditor and Team Leader, managing
APAC auditors in conducting business reviews and compliance tests of operations in Asia Pacific
and Europe. He moved back to the Philippines in 2000 where he became the Head of Finance,
Administration and Operations of Novartis’ Animal Health Business Unit. He pursued a rewarding
career in Wyeth Philippines and Pfizer, Inc., where he took on various roles with increasing
responsibilities in Strategic Planning and Business Finance as Pfizer’s Country CFO in 2011 during
the Pfizer-Wyeth integration and as Emerging Markets CFO in 2014. Mr. Reñon is a Certified Public
Accountant. He completed his Bachelor’s degree in Commerce, major in Accounting at Araullo
University, and his Master’s degree in Business Administration at the Ateneo de Manila University,
where he garnered the Gold Medalist Award. He attended the Management Development Program
of the Asian Institute of Management in 2005 and the Financial Excellence Program of Harvard
Business School in 2002.
Mr. Leo I. Posadas, 57, Filipino
He is Treasurer of the PLDT Group and concurrent Treasury Head of PLDT and Smart, and handles
the treasury management and treasury operations of several companies under the PLDT Group. He
is a director and Chief Financial Officer of PLDT Global Corporation, a director and Treasurer of PLDT
Global Investments Holdings, a director and Vice President for Treasury of Mabuhay Investments
Corporation, a director of PLDT Communication and Energy Ventures, a director of Philstar and
BusinessWorld, and the Treasurer of the Vega Telecom group. He is also the Treasurer of Smart,
ePLDT, Digital Telecommunications, Digitel Mobile, PLDT-Smart Foundation, and several other
subsidiaries of PLDT and Smart. Prior to joining PLDT in September 2000, he served as Treasury
Manager of Total Petroleum Philippines, and as Manager for Foreign Exchange Management
of San Miguel Corporation. Mr. Posadas received his Bachelor of Arts Degree in Economics and
Bachelor of Science Degree in Commerce Major in Management of Financial Institutions from
De La Salle University.
PLDT Annual Report | Executive Officers
PLDT 2023 ANNUAL REPORT
66
Ms. Melissa V. Vergel de Dios, 61, Filipino
She is Chief Sustainability Officer effective November 4, 2021 and concurrent Corporate
Sustainability Office Head and Investor Relations Head. She has been in PLDT’s service since
May 2001 and served as Property Management Center Head until May 2003 and as Property and
Facilities Management Center Head until September 2007. Prior to joining PLDT, she was the Chief
Operating Officer of Wharton Credit Corp. and from June 2000 to May 2001 was the Group Chief
Finance Officer of Global 3 Internet Holdings, Inc. She held various positions in San Miguel Group
of Companies from 1984 to 2000. Ms. Vergel de Dios obtained her Bachelor of Science Degree in
Marketing and Management and Bachelor of Arts degree in Economics from Assumption College.
Mr. Gil Samson D. Garcia, 52, Filipino
He is the Financial Controllership Head. He served as Group CFO of the ePLDT Group from May 2015
to August 2023, and MVP Rewards & Loyalty Solutions, Inc. (MRSI) from September 2018 to August
2023. He served as Controller of PCEV from June 2022 to June 2023. He holds directorships in several
subsidiaries of ePLDT. Prior to joining PLDT, he was a Senior Director until January 2007 of the
Business Risk Services Group of SGV & Co. / Ernst & Young, where he gained a wide range of local
and international experience in external audit and business process review and advisory including
Sarbanes Oxley (SOX) 404 evaluation & consultancy, risk management, corporate governance,
business fraud investigation, and fraud prevention and detection, among others. He graduated
cum laude from the University of Santo Tomas with a Bachelor of Science Degree in Commerce,
Major in Accounting. He is a CPA and a globally Certified Internal Auditor (CIA) and Certified Fraud
Examiner (CFE). He completed the Management Development Program in the Asian Institute of
Management School of Executive Education in cooperation with PLDT & Smart in August 2016, and
the High Potential Program / Leadership Talent Assessment facilitated by Development Dimensions
International in October 2020. He was certified as Executive Coach Level 3 by the Global Learning
Solutions Singapore in October 2023.
PLDT Annual Report | Executive Officers
* As of June 11, 2024.
PLDT 2023 ANNUAL REPORT
67
Officers List*
PLDT Annual Report | Officers List
MANUEL V. PANGILINAN
President and Chief Executive Officer
ATTY. MARILYN A. VICTORIO-AQUINO
Senior Vice President, Chief Legal Counsel,
and Corporate Secretary
GINA MARINA P. ORDOÑEZ
Senior Vice President and Chief People Officer
VICTORICO P. VARGAS
Leadership Transition Officer
DANNY Y. YU
Senior Vice President, Chief Financial Officer, and Chief Risk
Management Officer
MENARDO G. JIMENEZ, JR.
Senior Vice President and Head of Network
JEREMIAH M. DE LA CRUZ
Senior Vice President and Head of Consumer Business Home
JOSEPH IAN G. GENDRANO
Senior Vice President and Head of Enterprise Business
JOHN GREGORY Y. PALANCA
Senior Vice President and Head of Sales and Development
LUIS S. REÑON
Senior Vice President and Head of Internal Audit
LEO I. POSADAS
First Vice President and Treasurer
MELISSA V. VERGEL DE DIOS
First Vice President and Chief Sustainability Officer
KATRINA L. ABELARDE
First Vice President, Office of the President & CEO
BENEDICT PATRICK V. ALCOSEBA
First Vice President and Head of Enterprise Product
Management and Marketing
MARCO ALEJANDRO T. BORLONGAN
First Vice President, Consumer Business Home
MARY JULIE C. CARCELLER
First Vice President and Head of Strategic
Program Management
BERNARD H. CASTRO
First Vice President and Head of Network Quality Assurance
DARLENE STEPHANIE D. CHIONG
First Vice President and Head of Quality Management
JOSEPH MICHAEL VINCENT G. CO
First Vice President and Head of PG Operations
ATTY. JOAN A. DE VENECIA-FABUL
First Vice President, Deputy Chief Legal Counsel, and Head of
Legal Practice
GIL SAMSON D. GARCIA
First Vice President and Head of Financial Controllership
VICTOR EMMANUEL S. GENUINO, II
First Vice President, Office of the President & CEO
JOHN JOHN R. GONZALES
First Vice President and Head of Enterprise Digital Solutions
Engagement and Technical Services
ATTY. MA. CRISELDA B. GUHIT
First Vice President and Head of Tax Management and Advocacy
LEAH CAMILLA R. BESA-JIMENEZ
First Vice President and Chief Data Privacy Officer
GARY MANUEL Y. KHO
First Vice President and Head of IT Architecture, Planning
and Governance
ALBERT MITCHELL L. LOCSIN
First Vice President, Enterprise Business
LOREEVI GAIL O. MERCADO
First Vice President, Head of Talent/Learning and Development
ANNA KARINA V. RODRIGUEZ
First Vice President and Head of Horizon Planning
and Integration
JEANINE R. RUBIN
First Vice President and Head of Customer Care
BERNADETTE C. SALINAS
First Vice President, Office of the President & CEO
RODERICK S. SANTIAGO
First Vice President, Network
PATRICK S. TANG
First Vice President and Head of Home Customer Management
VICTOR Y. TRIA
First Vice President and Head of Enterprise Revenue Group 1
JUDE MICHAEL H. TURCUATO
First Vice President and Head of Sports
JOHN HENRI C. YANEZ
First Vice President and Head of Home Marketing
CATHERINE L. YAP-YANG
First Vice President and Group Corporate
Communications Officer
ATTY. MA. MAGDALENE A. TAN
Vice President and Head of Corporate Governance
MINERVA M. AGAS
Vice President and Head of Logistics
CECILLE M. ALZONA
Vice President and Head of Home and Enterprise Finance
Business Partnering
ROY VICTOR E. AÑONUEVO
Vice President and Head of Home Product and
Portfolio Management
1 Separated as of May 16, 2024.
2 Separated as of May 6, 2024.
3 Separated as of May 4, 2024.
PLDT 2023 ANNUAL REPORT
68
PLDT Annual Report | Officers List
MITCHIE M. ARCAINA1
Vice President and Head of Culture
MARIA CECILIA A. AREVALO
Vice President and Head of Customer Care Channel Operations
JERAMEEL A. AZURIN
Vice President and Head of ICT Product Management
FRANCIS A. BAUTISTA
Vice President and Head of Finance and Digital Innovation Hub
DIANNE M. BLANCO
Vice President and Head of Consumer Credit and Accounts
Management
BENJAMIN JOSE C. CAUSON, JR.
Vice President and Head of Customer Service Area GMM East
MELVIN JEFFREY C. CHAN2
Vice President and Head of Enterprise Innovations and IOT
Business Development
MA. MONICA M. CONSING
Vice President and Head of PG Policy Development
and Governance
RAI ANTONIO A. DE JESUS
Vice President and Head of Category Management
BRANDEN B. DEAN
Vice President and Head of IT Intelligent Automation
Technologies
RAMIL C. ENRIQUEZ
Vice President and Head of Home Business Analytics
and Market Development
RONA M. ERFE-ARINGAY
Vice President and HR Business Partner - Technology
ANICETO M. FRANCO III
Vice President and Head of National Key Accounts Partnerships
LEONARD A. GONZALES
Vice President and Head of Property and Facilities Management
SILVERIO S. IBAY, JR.
Vice President and Head of Technology Finance Business
Partnering
GARY F. IGNACIO
Vice President and Head of Enterprise Strategic
Business Development
JAVIER C. LAGDAMEO
Vice President and Head of CRM Conglomerate 1
SER JOHN S. LAYUG
Vice President and Head of GMM Project Delivery
JOHN HENRY S. LEBUMFACIL
Vice President and Head of IT Talant Studio
ARMANDO DODJIE T. LIM
Vice President and Head of Customer Service Area GMM North
CZAR CHRISTOPHER S. LOPEZ
Vice President, Network
PAOLO JOSE C. LOPEZ
Vice President and Head of Emerging Channels
MA. CARMELA F. LUQUE
Vice President and Head of Financial Audit
ATTY. MARK DAVID P. MARTINEZ
Vice President, Assistant Corporate Secretary and Head of
Revenue Contracts
EVERT CHRIS R. MIRANDA
Vice President and Head of Product Management - Digital
Products and Services
RUBY S. MONTOYA
Vice President and Head of Enterprise Strategic Accounts
Management
ATTY. OLIVER CARLOS G. ODULIO
Vice President and Head of Asset Protection and Security
Risk Governance
AUDREY LYN S. OLIVA
Vice President and Head of Strategic Analytics
CHARLES LOUIS L. ORCENA
Vice President and Head of Advanced Analytics and
Decision Science
IVAN G. PABLO3
Vice President and Business Partner - Revenue
REGINA F. PINEDA
Vice President and Head of Acquisition Marketing
EMERSON C. ROQUE
Vice President and Head of Enterprise Insights and Strategic
Programs
MARIELLE M. RUBIO
Vice President and Head of Organization Planning
and Optimization
MARIA CHRISTINA C. SEMIRA
Vice President and Head of Finance Operations Order to Cash
ARVIN L. SIENA
Vice President and Head of Network Strategy and
Transformation Office
JERONE H. TABANERA
Vice President and Head of Financial Reporting
CARLA ELENA A. TABUENA
Vice President and Head of Enterprise Business Service
Operations Management
JECYN AIMEE C. TENG
Vice President and Head of CRM Banking and Financial
Services Institutions
MILAN M. TOPACIO
Vice President and Head of Network Field Operations
MA. DELIA V. VILLARINO
Vice President and Head of Enterprise Revenue Group 3
RADAMES VITTORIO B. ZALAMEDA
Vice President and Head of Network Optimization
PLDT 2023 ANNUAL REPORT
69
PLDT 2023
Financial Review
PLDT 2023 ANNUAL REPORT
70
Contact
Information
DEPOSITARY OF AMERICAN
DEPOSITARY SHARES
AMERICAN DEPOSITARY RECEIPT FACILITY
JPMorgan Chase Bank, N.A.
P.O. Box 64504
St. Paul, MN 55164-0504
U.S. Domestic Toll Free
(1-800) 990-1135
International Telephone No. (632) 8892-3139
Email address
https://www.shareowneronline.
com/informational/contact-us
Website
www.adr.com
SUPPLIER MANAGEMENT
(for inquiries on vendor accreditation)
Telephone
(632) 8844-2361 / 8856-9506 / 8846-1131
/ 8815-1988 / 8843-0038
Fax
(632) 8860-6551
Email Address
mcyasa@pldt.com.ph
ccespiritu@pldt.com.ph
msargonia@pldt.com.ph
vmendoza@pldt.com.ph
adabella@pldt.com.ph
jctungcod@pldt.com.ph
pequinones@pldt.com.ph
CUSTOMER CARE SERVICES
(for service-related concerns)
PLDT CUSTOMER CARE
Call Center
171
Non-PLDT subscribers who
wish to contact PLDT
(632) 8888-171
Facebook
PLDT Home
Twitter
@PLDT_Cares
Internet users can access information about PLDT and its
products and services at: www.pldthome.com
ENTERPRISE GROUP
(for corporate accounts concerns)
Telephone
(632) 8840-5433
Fax
(632) 8860-6112
Email Address
pldtenterprise@pldt.com
INVESTOR RELATIONS
(for financial and operating information on PLDT)
PLDT INVESTOR RELATIONS CENTER
12F Ramon Cojuangco Building Makati Avenue,
Makati City, Philippines
Telephone
(632) 8816-8024
Email Address
pldt_ir_center@pldt.com.ph
PLDT RECRUITMENT
Follow facebook.com/PLDTCareers
CONTACT INFORMATION
Information (for general inquiries)
RAMON COJUANGCO BUILDING (RCB)
Telephone
(632) 8893-0015
MAKATI GENERAL OFFICE (MGO)
Telephone
(632) 8816-8659
CORPORATE GOVERNANCE OFFICE
Email Address
corpgov@pldt.com.ph
Email Address for governance
related concerns/reports
CGOHotline@pldt.com.ph
PLDT’s Corporate Governance Manual, Code of Business
Conduct and Ethics, Human Rights Policy, other Corporate
Governance Policies and NYSE Section 303A.11 Disclosure,
which summarizes the difference between PLDT’s corporate
governance practices and those required of U.S. companies
listed on the NYSE, and its reports on Form 17-A (Philippines)
and 20-F (US) may be accessed and/or downloaded from:
• Corporate Governance Manual
https://pldt.com/docs/default-source/corporate-governance-
files/cg-manual-/pldt-manual-on-corporate-governance.pdf
• Code of Business Conduct and Ethics
https://pldt.com/docs/default-source/policies/pldt-code-of-
business-conduct-and-ethics.pdf
• Human Rights Policy
cms.pldt.com/drupal/sites/default/files/corporategovernancedocs/2024-02/
pldt-human-rights-policy.pdf
• Other Corporate Governance Policies
https://main.pldt.com/corporate-governance-in-pldt/policies-
processes-and-practices
• NYSE 303A.11 Disclosure
https://main.pldt.com/corporate-governance-in-pldt/policies-
processes-and-practices/disclosures
• Form 20-F
https://main.pldt.com/investor-relations/annual-and-
sustainability-reports#us-sec-filing
• Form 17-A
https://main.pldt.com/investor-relations/annual-and-
sustainability-reports#phil-sec-filing
SHAREHOLDER SERVICES
(for inquiries on dividends, stock certificates and related matters)
PLDT SHAREHOLDER SERVICES
Telephone
(632) 8843-1285
Email Address
pldtshareholderservices@pldt.com.ph
COMMON STOCK AND VOTING PREFERRED STOCK
Philippine Registrars and Transfer Agents
BDO Unibank, Inc. – Trust & Investments Group Securities
Services (Stock Transfer)
46th Floor BDO Corporate Center, Ortigas, East Tower 12 ADB
Avenue, Mandaluyong City
Trunkline
(632) 8840-7000
Direct Line
(632) 8878-4961; (632) 8840-7000 local 57050
Email Address
bdo-stocktransferteam2@bdo.com.ph
NON-VOTING SERIAL PREFERRED STOCK
10% CUMULATIVE CONVERTIBLE PREFERRED STOCK
SERIES IV CUMULATIVE NON-CONVERTIBLE
REDEEMABLE PREFERRED STOCK
Rizal Commercial Banking Corporation
3/F West Wing, 221 GPL (Grepalife) Building,
Sen. Gil Puyat Avenue, Makati City, Philippines
Telephone
(632) 8553-6937
Fax
(632) 8892-3139
Email Address
abmadrid@rcbc.com; errebulado@rcbc.com
PLDT 2023 ANNUAL REPORT
71