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PLDT’s first-half profit rose 10% to P18.45b
By Darwin G. Amojelar
PLDT Inc. said Thursday net income climbed 10 percent in the first half of 2023 from a year ago on the back of gains from tower sales and higher revenues from home broadband and enterprise businesses.
The company said net income amounted to P18.45 billion from January to June, up from P16.78 billion it earned in the same period last year.
PLDT said core income, which excludes the impact of asset sales and Voyager Innovations, reached P17.6 billion, up 3 percent from P17.11 billion in the same period last year. PLDT’s share in losses from Voyager was lower at P1.2 billion, compared to P1.6 billion in the previous year. PLDT expects core income to reach P33.5 billion to P34 billion this year.
PLDT chairman Manuel Pangilinan said innovation and continuous improvements are key to staying on top in an industry that is extremely challenged growth-wise.
“The maxim ‘if it ain’t broke, don’t fix it’ may seem like sound advice, but following it blindly is likely to have
Toll collection on NLEX-SLEX
Connector set to start Aug. 8
METRO Pacific Tollways Corp. said Thursday it secured the green light from the Toll Regulatory Board to start collecting toll for the Caloocan City to España Blvd. segment of the NLEXSLEX Connector on Aug. 8, 2023.
The company said starting Tuesday, motorists passing through the NLEXSLEX Connector would start paying P86 for Class 1 (cars and SUVs), P215 for Class 2 (minivans and buses) and P302 for Class 3 (large trucks and trailers).
The NLEX-SLEX Connector Section 1 (Caloocan to España) has provided toll-free passage to more than 14,000 motorists daily since it was opened to the public in March this year.
NLEX Corp., the operator of North Luzon Expressway, Subic Clark-Tarlac Expressway and the NLEX-SLEX Connector, expects to complete section 2 or the España to Sta. Mesa stretch by fourth quarter of 2023.
It aims to provide easier access to the
DBP raises P3.87b from bond issuance
STATE-RUN Development Bank of the Philippines raised P3.875 billion in fresh funds from its latest local bond issuance to fund various developmental projects and initiatives for key priority sectors, its top executive said Thursday.
DBP president and chief executive Michael de Jesus said the bank’s 1.5-year fixed rate series 4 bond issuance reached more than 3.6 times the announced minimum issue size of P2 billion, which culminates its four-year P55 billion sustainable bond program.
“Notwithstanding the volatile market backdrop, we are buoyed by the strong support from institutional investors, which allowed us to price at our tightest ever spread of 10 basis points over the relevant benchmark,” de Jesus said. He said the overwhelming reception of DBP’s issuance resulted in closing the offering period earlier than expected.
DBP earlier issued two bond offerings—an offshore bond that raised $300 million in 2021 which was rated “BBB” by Fitch Ratings and an onshore bond offering in 2022 that fetched P12 billion via private placement. Julito G. Rada
NOW, CEZA to deploy broadband in Cagayan
NOW Group teamed up with Cagayan Economic Zone Authority to deploy broadband and other information and communication technology services in Cagayan province, a top executive said Thursday.
“Our partnership with CEZA is a demonstration of our commitment to support the current administration’s Digital Philippines. As we advance in this era of digital transformation, we prioritize reducing the digital divide region by region,” said NOW Group chairman Mel Velarde in a statement.
“Our strategic intent is to leverage the power of technology and telecom, presenting a growth potential that can captivate international investors and locators,” he said.
Under the memorandum of agreement, NOW Corp. and NOW Telecom would deploy fixed wired, fixed wireless, terrestrial, satellite and other delivery systems to CEZA ensuring reliable and quality broadband and other ICT services to locators.
The initiative, embodied in the MOA signed by the parties, is designed to support the Marcos administration’s ambitious vision of “The Digital Philippines.”
CEZA administrator Katrina Ponce Enrile welcomed the initiative and interest of NOW Corp. and NOW Telecom “in pursuing this transformative project which underpins our commitment to national development. By attracting investments and fostering innovation, we are charting a course toward a digital future.”
Darwin G. Amojelar
Aboitiz to invest in Vena’s 102-MW wind power project
ABOITIZ Renewables Inc., a subsidiary of Aboitiz Power Corp., said Thursday it signed a joint venture agreement with Singapore-based Vena Energy to invest in the latter’s 102-megawatt wind power project in Rizal and Laguna.
The wind power project is expected to reach financial close and commercial operations in 2024 and 2025, respectively.
Aboitiz Power president and chief executive Emmanuel Rubio said in a disclosure to the Philippine Stock Exchange the joint venture would build on the company’s foothold in wind energy.
“This underscores our aspiration to be a significant contributor to a well-managed and just energy transition that will fuel the economic progress of the country. We continue to serve the critical needs of the Philippine energy system. We are confident we are able to deliver this project for our country’s renewable energy requirements,” he said.
Aboitiz Power’s partner Vena Energy is a leading RE company in the Asia-Pacific region that owns, develops, constructs, operates, manages, and commercializes a portfolio exceeding 40 gigawatts of solar, onshore wind, offshore wind, energy storage and hybrid RE projects. Alena Mae S. Flores the opposite desired effect. In his book ‘Legacy’ James Kerr writes that it is precisely when we are on top of our game that we need to change—be it exiting partnerships, letting people go, changing tactics or recalibrating strategies,” Panglinan said.
“The key is in timing these leaps. I believe we are on the cusp of such a leap. A mindset of continuous improvement is one thing we at PLDT need to not only espouse but practice in everything we do. This will be our path to continued and greater success,” he said.
Pangilinan said the prospects for growth of PLDT’s business had been a critical issue in recent years.
“The player with the Big Idea will likely prevail. Which brings to mind what Wayne Gretzky once said: ‘A good hockey player plays where the puck is. A great hockey player plays where the puck is going to be’,” he said.
PLDT’s consolidated service revenues grew 1 percent to P47.4 billion. Data and broadband, which grew by 4 percent to P77.5 billion, contributed 82 percent of consolidated service revenues.
Home’s fiber-only service revenues increased 11 percent to P25.7 billion. Fiber-only revenues accounted for 85 percent of total Home revenues of P30.1 billion, which were 3 percent higher than last year’s.
PLDT’s fiber subscribers reached 3.1 million as of end-June, with 123,000 fiber net additions in the first half.
The B2B arm of the PLDT Group increased revenues by 2 percent to P23.2 billion in the first half, driven by the
13-percent growth in ICT business, consisting of data center and Cloud business.
PLDT spent P40.8 billion in the first half out of its total 2023 capital expenditures of P80 billion to P85 billion.
PLDT Group further expanded its total fiber footprint to over 1.1 million kilometers, consisting of over 231,000 kilometers of international fiber and over 885,000 kilometers of domestic fiber as of end-June 2023.
Homes passed reached 17.2 million homes in 43 percent of the country’ barangays.
PLDT’s fiber infrastructure supports Smart’s 73,800 base stations, including around 4,700 5G base stations and about 38,800 4G/LTE base stations deployed nationwide.
University Belt and ease traffic congestion in the cities of Manila, Malabon, Navotas, Caloocan and Valenzuela.
The new expressway reduced travel time between C3 Road, Caloocan City and España, Manila from 30 to five minutes.
Catering to all expressway vehicle classifications, NLEX Connector aims to be a catalyst of growth as it increases worker efficiency and provides savings for motorists, commuters and companies.
It also boosts the local economy as the new road network plays a significant role in spurring business activities and unlocking land values.
Meanwhile, MPTC sees the future as barrier-free for its all expressway nationwide.
“By removing the traditional toll barriers, barrier-free technology provides seamless and enhanced traffic flow since motorists no longer need to stop at the toll booths,” the company said.
Darwin G. Amojelar
TAX CASES. The Bureau of Internal Revenue led by Commissioner Romeo Lumagui Jr. files 127 criminal cases for tax liability amounting to P6.1 billion against 214 corporate officers with the Department of Justice. This is the agency’s second nationwide filing under its Run After Tax Evaders program against businesses and corporations who were not paying proper taxes. Lumagui earlier led the BIR in its first nationwide filing in February 2023 with 74 criminal cases amounting to P3.58 billion. (See related story on A3)
