PLDT says business remains healthy amid capex overrun issue


Posted at Dec 21 2022 02:01 PM

MANILA — PLDT Inc on Wednesday said its business and outlook "remain healthy" despite the P48 billion budget overrun that it recently disclosed to the Philippine Stock Exchanged on Dec. 16.

In a disclosure to the stock exchange, PLDT stressed that it has not discovered any fraudulent activities in relation to the capital expenditure overrun.

The telco giant earlier reported that its capital expenditure from 2019 to 2022 overrun by P48 billion. 

"As stated in its disclosure, PLDT has not unearthed fraudulent activities in relation to the CAPEX overrun. It will make the necessary disclosures if this changes in the future. Furthermore, the business and the outlook for the business continue to remain healthy," PLDT said.

PLDT said it was cooperating with the investigations by the Securities and Exchange Commission (SEC), the Philippine Stock Exchange (PSE), and the Capital Markets Integrity Corporation on the capex overrun and in relation to the trading inquiry of its shares. 

"PLDT has responded to separate requests for clarifications and answers from SEC and PSE, and will continue to respond promptly to any further requests," it said. 

PLDT explained that its disclosure was made after it conducted its investigation of contracts and expenditures as well as meeting its major vendors for reconciliation of outstanding amounts and project status.

The SEC and the PSE earlier said they have launched independent investigations on the matter.


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