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MarketScreener Homepage  >  Equities  >  PHILIPPINE STOCK EXCHANGE, INC.  >  PLDT Inc    TEL   PHY7072Q1032

PLDT INC (TEL)
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November 10, 2017: Clarification on PLDT Group's 2018 Capex guidance Read more

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11/10/2017 | 10:04am CEST

November 10, 2017‌‌

Philippine Stock Exchange

3/F Philippine Stock Exchange Plaza Ayala Triangle, Ayala Avenue

Makati City

Attention: Mr. Jose Valeriano B. Zuno Ill

OIC - Head, Disclosure Department Gentlemen:

We refer to your letter dated November 10, 2017 requesting for clarification and/or confirmat ion of the news article entitled " PLOT to spend P46 billion next year'' posted in Business Mirror (Internet Edition) on November 9, 2017.

The article reported in part that:

"PLOT Inc. said its capital expenditure (capex) will hit at least P46 billion next year as the company works to improve its infrastructure. The amount is higher than the P38 billion in capex for the year.

PLOT Chairman Manuel V. Pangilinan, however, warns that the company's profitability will take until 2019 to recover as it spends over the next two years to boost its network. From this year through 2018, its profitability will be flattish to down, Pangilinan said.

'We're looking at P46 [billion] to P48-billion capex for 2018 or do we push it further than that because we want to have an affirmative response to the criticism being leveled at the industry that the services is lousy, ' Pangilinan said in a news briefing on November 9. 'I think we can handle P46 billion out of our cash flow.'

We confirm that during our 9M 2017 results announcement on 9 November 2017, our Chairman and CEO indicated that PLOT is currently preparing its budget for 2018. Part of that exercise is determining the level of capital expenditures (capex) for 2018. One option is for PLOT to consider P46 billion as the normative capex level to support our various network initiatives to further expand the reach of PLDT's home broadband network as well as enhance the coverage and capacity of our 3G/LTE network across the country. These investments are in line with our commitment to build an unparalleled fixed and wireless network that will provide our customers with a superior data experience, The P46 billion is equivalent to our original capex budget guidance for this year and is a level which we believe would be well supported by our operating cash flows .

As captured in the news article, a higher level of capex is also being considered for 2018 as PLDT's affirmative response to the increased expectations and criticisms being leveled against

PLOT General Office PO. Box 2148 Makat1 City. Ph1l1pp1nes

PLD 1

the industry about network quality . However, as we need to be mindful of our debt levels, such higher amount of capex would have to be funded from other than additional debt , possibly through a sale of assets.

As the budget for 2018 has not been finalized, the abovementioned numbers are preliminary indications at this point. We expect to provide our guidance for 2018 capex when we announce our full year results in March 2018 .

Respectfully yours,

,( 11(

MA. LOURDES C. RAUSA-CHAN

Corporate Secretary

November 10, 2017

SECURITIES & EXCHANGE COMMISSION

Secretariat Building, PICC Complex Roxas Boulevard, Pasay City

Attention: Mr. Vicente Graciano P. Felizmenio, Jr.

Director - Markets and Securities Regulation Dept Gentlemen:

In compliance with Section 17.1 (b) of the Securities Regulation Code and SRC Rule 17.1.1.1.3(a) , we submit herewith two (2) copies of our letter dated November 10, 2017 to the Philippine Stock Exchange, Inc. in response to their letter dated November 10, 2017 requesting for clarification and/or confirmation of the news article entitled "PLOT to spend P46 billion next year" posted in Business Mirror (Internet Edition) on November 9, 2017.

Respectfully yours,

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MA. LOURDES C. RA CHAN

Corporate Secretary

PLOT General Off ice P.O. Box 2148 Makati City. Philippines

PLO 1 COVER SHEET

Company Name

SEC Registration Number

Principal Office (No./Street/Barangay/Cityrrown/Province)

I R IA IM l 0 I N I lc l o l J l u lA IN I G l c l o l

IM IA I K I A I T I II I A l v l E IN l u l E I I I

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l s l u l I I L I D I I IN I G I I I I

Form Type Department requiring the report Secondary License Type, If Applcable

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COMPANY INFORMATION

Company's EmailAddress Company's Telephone Number/s Mobile Number

8168553

No.of Stockholders

Annual Meeting Month/Day

FiscalYear Month/Day

11,723

Every 2°d Tuesday of June December 31

As of October 31, 2017

CONTACT PERSON INFORMATION

The designated contact person MUST be an Officer of the Corporation

Name of Contact Person

Email Address

Telephone Number/s

Mobile Number

j Ma. Lourdes C.Rausa-Chan

j

j lrchan@pldt.com .ph I

j 8168553 j

'--

Contact Person's Address

MGO Building,Legaspi St. corner Dela Rosa St.,MakatiCity

Note: In case of death,resignation or cessation of office of the officer designated as contact person, such incident shall be reported to the Commission within thirty (30) calendar days from the occurrence thereof with information and complete contact details of the new contact person designated.

PLDT Inc. published this content on 10 November 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 10 November 2017 09:03:05 UTC.

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