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Investments in Associates and Joint Ventures (Tables)

12 Months Ended

Dec. 31, 2021

Investment In Associates And Joint Ventures [Line Items]

Disclosure of Detailed Information of Investments in Associates and Joint Ventures

As at December 31, 2021 and 2020, this account consists of:

	2021			2020
	(in million pesos)
Carrying value of investments in associates:
MediaQuest PDRs		9,984			9,914
VIH		7,080			6,702
Appcard, Inc.		110			102
Asia Outsourcing Beta Limited, or Beta		32			33
Digitel Crossing, Inc., or DCI		—			241
AF Payments, Inc., or AFPI		—			—
Asia Netcom Philippines Corp., or ANPC		—			—
		17,206			16,992
Carrying value of investments in joint ventures:
VTI, Bow Arken and Brightshare		33,596			32,625
Multisys		2,521	⁽¹⁾		2,466	⁽¹⁾
Telecommunications Connectivity, Inc., or TCI		39			40
Paymaya Finserve Corporation, or PFC		1			—
Voyager Finserve Corporation, or VFC		1			—
Beacon		—			—
		36,158			35,131
Total carrying value of investments in associates and joint ventures		53,364			52,123

⁽¹⁾

Including subscription payable of Php620 million and Php800 million as at December 31, 2021 and 2020, respectively.

Changes in the cost of investments for the years ended December 31, 2021 and 2020 are as follows:

	2021		2020
	(in million pesos)
Balances at beginning of the year		60,110		59,516
Additions during the year		1,777		609
Translation and other adjustments		99		(15	)
Balances at end of the year		61,986		60,110

Changes in the accumulated impairment losses for the years ended December 31, 2021 and 2020 are as follows:

	2021		2020
	(in million pesos)
Balances at beginning of the year		2,603		2,543
Additional impairment (Note 4)		60		60
Translation and other adjustments		92		—
Balances at end of the year		2,755		2,603

Disclosure Of Changes In Accumulated Equity Share In Net Earnings Of Associates And Joint Ventures Explanatory

Changes in the accumulated equity share in net earnings (losses) of associates and joint ventures for the years ended December 31, 2021 and 2020 are as follows:

	2021			2020
	(in million pesos)
Balances at beginning of the year		(5,384	)		(3,110	)
Share in the other comprehensive income (losses) of associates and joint ventures accounted for using the equity method		23			(37	)
Equity share in net losses of associates and joint ventures:		(1,101	)		(2,328	)
VTI, Bow Arken and Brightshare		971			87
MediaQuest PDRs		70			166
Multisys		55			(73	)
DCI		33			(116	)
Appcard, Inc.		8			—
TCI		(1	)		—
VIH		(2,237	)		(2,392	)
Dividends		—			(316	)
Translation and other adjustments		595			407
Balances at end of the year		(5,867	)		(5,384	)

Summarized Financial Information of Associates

The following table presents the summarized financial information of our individually immaterial investments in associates for the years ended December 31, 2021, 2020 and 2019:

	2021		2020			2019
	(in million pesos)
Income Statements:
Revenues		20		66			107
Net income (loss)		25		(116	)		90
Other comprehensive income		—		—			—
Total comprehensive income (loss)		25		(116	)		90

Summary of Sale of Beacon's Meralco Shares to MPIC

In relation to PCEV’s previous investment in Beacon Common and Preferred shares amounting to Php40,966 million, PCEV has entered into the following Share Purchase Agreements with MPIC:

Date	Number of Shares Sold	Selling Price (Php)		Deferred Gain Realized (Php)
	(in millions)
June 6, 2012	282 Preferred Shares		3,563		2,012
May 30, 2016	646 Common shares and 458 Preferred Shares		26,200		4,962
June 13, 2017	646 Common shares and 458 Preferred Shares		21,800		4,962

Summary of Financial Information of Individually Immaterial Joint Investments in Joint Ventures

The following table presents the summarized financial information of our individually immaterial joint investments in joint ventures for the years ended December 31, 2021, 2020 and 2019:

	2021		2020		2019
	(in million pesos)
Income Statements:
Revenues		754		166		367
Net income		13		320		200
Other comprehensive income		—		—		—
Total comprehensive income		13		320		200

VTI, Bow Arken and Brightshare [Member]

Investment In Associates And Joint Ventures [Line Items]

Carrying Value of Investments

The carrying value of PLDT’s investment in VTI, Bow Arken and Brigtshare as at December 31, 2021 and 2020 are as follows:

	2021			2020
	(in million pesos)
VTI, Bow Arken and Brightshare equity		70,164			69,779
PLDT's share		50	%		50	%
Share in net assets of VTI, Bow Arken and Brightshare		35,082			34,890
Share in adjustment based on liability and ETPI net cash balance		442			442
Reimbursements		(155	)		(145	)
Share in SMC's advances in VTI, Bow Arken and Brightshare		(840	)		(840	)
Non-controlling interests		(857	)		(748	)
Others		(76	)		(974	)
Carrying amount of interest in VTI, Bow Arken and Brightshare		33,596			32,625

Satventures, Inc. [Member]

Investment In Associates And Joint Ventures [Line Items]

Summarized Financial Information of Associates

The table below presents the summarized financial information of Satventures and subsidiaries as at December 31, 2021 and 2020, and for the years ended December 31, 2021, 2020 and 2019:

	2021		2020
	(in million pesos)
Statements of Financial Position:
Noncurrent assets		22,402		22,287
Current assets		7,942		6,064
Noncurrent liabilities		2,304		2,567
Current liabilities		11,440		10,294
Equity⁽¹⁾		16,600		15,490
Carrying amount of interest in Satventures		9,984		9,914
Additional Information:
Cash and cash equivalents		749		1,350
Current financial liabilities⁽²⁾		386		478
Noncurrent financial liabilities⁽²⁾		1,319		1,413

⁽¹⁾

Including Php1 billion deposit for preferred stock subscriptions by Mediaquest in 2021.

⁽²⁾

Excluding trade, other payables and provisions.

	2021		2020		2019
	(in million pesos)
Income Statements:
Revenues		11,467		9,127		7,367
Depreciation and amortization		1,268		1,049		920
Interest income		2		16		4
Interest expense		219		241		235
Provision for income tax		200		153		165
Net income		110		260		308
Other comprehensive income		—		—		—
Total comprehensive income		110		260		308
Equity share in net income of Satventures		70		166		485

VIH [Member]

Investment In Associates And Joint Ventures [Line Items]

Summarized Financial Information of Associates

The summarized financial information of VIH as at December 31, 2021 and 2020, and for the years ended December 31, 2021, 2020 and 2019 is shown below:

	2021		2020
	(in million pesos)
Statements of Financial Position:
Noncurrent assets		2,403		1,374
Current assets		10,146		8,940
Noncurrent liabilities		115		682
Current liabilities		5,310		5,980
Equity		7,124		3,652
Carrying amount of interest in VIH		7,080		6,702
Additional Information:
Cash and cash equivalents		6,597		5,347
Current financial liabilities*		5,253		5,944

Excluding statutory payables and accrued taxes.

	2021			2020			2019
	(in million pesos)
Income Statements:
Revenues		5,336			4,717			1,291
Depreciation and amortization		218			237			254
Interest income (expense)		9			(516	)		146
Provision for (benefit from) income tax		2			5			(4	)
Net loss		(5,541	)		(4,880	)		(4,576	)
Other comprehensive gains (losses)		30			(47	)		(124	)
Total comprehensive income (losses)		(5,511	)		4,927			4,700
Equity share in net losses of VIH		(2,237	)		(2,392	)		(2,268	)

Carrying Value of Investments

The carrying value of PCEV’s investment in VIH as at December 31, 2021 and 2020 are as follows.

	2021			2020
	(in million pesos)
VIH Equity⁽¹⁾		6,398			3,224
PCEV's noncontrolling interests		38.45	%		43.97	%
Share in net assets of VIH		2,460			1,418
Goodwill arising from acquisition		4,620			5,283
Carrying amount of interest in VIH		7,080			6,701
Minority interest's share in net losses		—			1
Carrying amount of interest in VIH		7,080			6,702

⁽¹⁾

VIH Equity is net of Php726 million and Php427 million Stock Option in 2021 and 2020, respectively.

AF Payments, Inc. [Member]

Investment In Associates And Joint Ventures [Line Items]

Summary of investment

The summary of investments in AFPI made by Smart as at December 31, 2021 and 2020 is shown below:

	2021		2020
	(in million pesos)
Common shares	625.7		625.7
Preferred shares		314.2		254.3

VTI, Bow Arken and Brightshare [Member]

Investment In Associates And Joint Ventures [Line Items]

Summarized Financial Information of VTI Bow Arken and Brightshare

The table below presents the summarized financial information of VTI, Bow Arken and Brightshare as at December 31, 2021 and 2020, and for the years ended December 31, 2021, 2020 and 2019:

	2021		2020
	(in million pesos)
Statements of Financial Position:
Noncurrent assets		76,925		77,099
Current assets		4,836		5,974
Noncurrent liabilities		9,442		11,204
Current liabilities		2,155		2,090
Equity		70,164		69,779
Carrying amount of interest in VTI, Bow Arken and Brightshare		33,596		32,625
Additional Information:
Cash and cash equivalents		3,183		3,074
Current financial liabilities*		60		66
Noncurrent financial liabilities*		—		—

Excluding trade, other payables and provisions.

	2021		2020		2019
	(in million pesos)
Income Statements:
Revenues		3,772		3,413		3,339
Depreciation and amortization		1,490		1,445		1,337
Interest income		16		25		64
Provision for income tax		174		196		216
Net income		157		175		70
Other comprehensive income		—		—		—
Total comprehensive income		157		175		70
PLDT's share		79		87		35
CREATE adjustment		892		—		—
Equity share in net income of VTI, Bow Arken and Brightshare		971		87		35