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Nov 20, 2016 @ 22:45

PLDT scales down 2017 spending

 

Biyonaryo Manuel V. Pangilinan-led PLDT Inc. is spending less for expansion next year to maintain positive cash-flow amid cutthroat competition.

The telco giant is looking at trimming its planned capital budget to about P40 billion in 2017 from a high of P48 billion this year, The cut in capital expenditures marks a transition to a sustainable level of investments.

“I think part of it is our desire to scrutinize our capex spend to ensure the money, each dollar is appropriately spent in the right places and produces the revenues, not necessarily this year but in the coming years,” Pangilinan said.

“What level we will settle, probably it will still be in the low 40s [billion pesos] in 2017, that’s my own preliminary estimate of where I want to see the capex (capital expenditures) moving forward,” he added.

PLDT’s third quarter earnings plunged 49 percent to P3.4 billion, weighed down by massive capital investments in the digital space.

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