Pension and Other Employee Benefits (Tables)

12 Months Ended

Dec. 31, 2021

Defined Benefit Pension Plans [Member]

Disclosure Of Defined Benefit Plans [Line Items]

Summary of Changes in Present Value of Defined Benefit Obligations, Fair Value of Plan Assets and Components of Net Periodic Benefit Costs

PLDT’s actuarial valuation is performed every year-end.  Based on the latest actuarial valuation, the actual present value of accrued (prepaid) benefit costs, net periodic benefit costs and average assumptions used in developing the valuation as at and for the years ended December 31, 2021, 2020 and 2019 are as follows:

	2021			2020			2019
	(in million pesos)
Changes in the present value of defined benefit obligations:
Present value of defined benefit obligations at beginning of the year		28,197			22,638			20,683
Service costs		1,614			1,313			1,043
Interest costs on benefit obligation		922			1,056			1,338
Actuarial losses on obligations – experience		538			265			570
Actual benefits paid/settlements		(3,471	)		(369	)		(4,558	)
Actuarial losses on obligations – economic assumptions		(5,502	)		3,507			3,829
Actuarial losses on obligations – demographic assumptions		—			—			4
Curtailments and others		—			(213	)		(271	)
Present value of defined benefit obligations at end of the year		22,298			28,197			22,638
Changes in fair value of plan assets:
Fair value of plan assets at beginning of the year		15,000			13,724			13,539
Actual contributions		3,614			3,227			7,598
Interest income on plan assets		605			322			1,360
Return on plan assets (excluding amount included in net interest)		(1,065	)		(1,904	)		(4,215	)
Actual benefits paid/settlements		(3,471	)		(369	)		(4,558	)
Fair value of plan assets at end of the year		14,683			15,000			13,724
Unfunded status – net		(7,615	)		(13,197	)		(8,914	)
Accrued benefit costs		7,760			13,342			8,985
Prepaid benefit costs (Note 19)		145			145			71
Components of net periodic benefit costs:
Service costs		1,614			1,313			1,043
Interest costs – net		317			734			(22	)
Curtailment/settlement gains and other adjustments		—			(99	)		(181	)
Net periodic benefit costs (Note 5)		1,931			1,948			840

Summary of Expected Future Settlements

The following table sets forth the expected future settlements by the Plan of maturing defined benefit obligation as at December 31, 2021:

	(in million pesos)
2022		373
2023		427
2024		597
2025		888
2026		1,275
2027 to 2031		13,763

Summary of Weighted Average Assumptions Used to Determine Pension Benefits

The weighted average assumptions used to determine pension benefits for the years ended December 31, 2021, 2020 and 2019 are as follows:

	2021			2020			2019
	(in million pesos)
Rate of increase in compensation		5.7	%		6.0	%		6.0	%
Discount rate		5.3	%		3.5	%		4.8	%

Summary of Sensitivity Analysis on Defined Benefit Obligation

The sensitivity analysis below has been determined based on reasonably possible changes of each significant assumption on the defined benefit obligation as at December 31, 2021 and 2020, assuming if all other assumptions were held constant:

	Increase (Decrease)
	(in million pesos)
Discount rate	1%	(2,869	)
	(1%)	3,448
Future salary increases	1%	3,328
	(1%)	(2,835	)

Summary of Plan Assets

The following table sets forth the fair values, which are equal to the carrying values, of PLDT’s plan assets recognized as at December 31, 2021 and 2020:

	2021		2020
	(in million pesos)
Noncurrent Financial Assets
Investments in:
Unquoted equity investments		11,332		10,728
Shares of stock		2,316		1,903
Corporate bonds		242		255
Government securities		7		76
Mutual funds		17		21
Total noncurrent financial assets		13,914		12,983
Current Financial Assets
Cash and cash equivalents		518		1,771
Receivables		5		8
Total current financial assets		523		1,779
Total PLDT’s Plan Assets		14,437		14,762
Subsidiaries Plan Assets		246		238
Total Plan Assets of Defined Benefit Pension Plans		14,683		15,000

Defined Benefit Pension Plans [Member] | Shares of Stocks [Member]

Disclosure Of Defined Benefit Plans [Line Items]

Summary of Plan Assets

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

	2021		2020
	(in million pesos)
Common shares
PSE		1,401		1,026
PLDT		48		35
Others		507		482
Preferred shares		360		360
		2,316		1,903

Defined Benefit Pension Plans [Member] | Unlisted Equity Investments [Member]

Disclosure Of Defined Benefit Plans [Line Items]

Summary of Plan Assets

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

	2021			2020			2021		2020
	% of Ownership						(in million pesos)
MediaQuest		100	%		100	%		10,508		9,955
Tahanan Mutual Building and Loan Association, Inc.,    or TMBLA, (net of subscriptions payable of    Php32 million)		100	%		100	%		584		542
BTFHI		100	%		100	%		240		231
								11,332		10,728

Defined Benefit Pension Plans [Member] | Investment Property [Member]

Disclosure Of Defined Benefit Plans [Line Items]

Summary of Allocation of Fair Value of Plan Assets

The allocation of the fair value of the assets for the PLDT pension plan as at December 31, 2021 and 2020 are as follows:

	2021			2020
	(in million pesos)
Investments in listed and unlisted equity securities		94	%		86	%
Temporary cash investments		4	%		12	%
Debt and fixed income securities		2	%		2	%
		100	%		100	%

Defined Contribution Plans [Member]

Disclosure Of Defined Benefit Plans [Line Items]

Summary of Changes in Present Value of Defined Benefit Obligations, Fair Value of Plan Assets and Components of Net Periodic Benefit Costs

Smart’s and certain of its subsidiaries’ actuarial valuation is performed every year-end.  Based on the latest actuarial valuation, the actual present value of prepaid benefit costs as at December 31, 2021 and 2020, and for the years ended December 31, 2021, 2020 and 2019 are as follows:

	2021			2020			2019
	(in million pesos)
Changes in the present value of defined benefit obligations:
Present value of defined benefit obligations at beginning of the year		2,775			2,813			2,804
Service costs		313			294			239
Interest costs on benefit obligation		101			118			174
Actuarial losses – experience		12			69			100
Actuarial losses – economic assumptions		(40	)		28			13
Actual benefits paid/settlements		—			(567	)		(37	)
Curtailment and others		103			20			(480	)
Present value of defined benefit obligations at end of the year		3,264			2,775			2,813
Changes in fair value of plan assets:
Fair value of plan assets at beginning of the year		3,651			3,084			3,159
Actual contributions		306			282			281
Interest income on plan assets		132			142			190
Return on plan assets (excluding amount included in net interest)		(18	)		143			100
Actual benefits paid/settlements		—			—			(37	)
Others		66			—			(609	)
Fair value of plan assets at end of the year		4,137			3,651			3,084
Funded status – net		873			876			271
Prepaid benefit costs (Note 19)		873			876			271
Components of net periodic benefit costs:
Service costs		313			294			239
Interest costs – net		(31	)		(24	)		(16	)
Curtailment/settlement gains		—			—			(6	)
Others		—			—			(39	)
Net periodic benefit costs (Note 5)		282			270			178

Summary of Expected Future Settlements

The following table sets forth the expected future settlements by the Plan of maturing defined benefit obligation as at December 31, 2021:

	(in million pesos)
2022		88
2023		108
2024		162
2025		209
2026		234
2027 to 2061		1,877

Summary of Weighted Average Assumptions Used to Determine Pension Benefits

The weighted average assumptions used to determine pension benefits for the years ended December 31, 2021, 2020 and 2019 are as follows:

	2021			2020			2019
	(in million pesos)
Rate of increase in compensation		5.0	%		5.0	%		5.0	%
Discount rate		5.0	%		3.5	%		7.3	%

Summary of Sensitivity Analysis on Defined Benefit Obligation

The sensitivity analysis below has been determined based on reasonably possible changes of each significant assumption on the defined benefit obligation as at December 31, 2021 and 2020, assuming if all other assumptions were held constant:

	Increase (Decrease)
	(in million pesos)
Discount rate	(0.30%)	(10	)
	0.62%	20
Future salary increases	0.61%	20
	(0.30%)	(10	)

Summary of Plan Assets

The following table sets forth the fair values, which are equal to the carrying values, of Smart’s plan assets recognized as at December 31, 2021 and 2020:

	2021		2020
	(in million pesos)
Noncurrent Financial Assets
Investments in:
Domestic fixed income		2,833		2,416
Domestic equities		997		832
International equities		844		902
International fixed income		224		74
Philippine foreign currency bonds		558		240
Total noncurrent financial assets		5,456		4,464
Current Financial Assets
Cash and cash equivalents		37		388
Total current financial assets		37		388
Total plan assets		5,493		4,852
Less:  Employee’s share, forfeitures and mandatory reserve account		1,356		1,201
Total Plan Assets of Defined Contribution Plans		4,137		3,651

Summary of Allocation of Fair Value of Plan Assets

The allocation of the fair value of Smart and certain of its subsidiaries pension plan assets as at December 31, 2021 and 2020 are as follows:

	2021			2020
	(in million pesos)
Investments in debt and fixed income securities and others		67	%		64	%
Investments in listed and unlisted equity securities		33	%		36	%
		100	%		100	%