PLDT to borrow P16B from banks
Telco giant PLDT Inc. Is seeking a bank loan of P16 billion to refinance maturing debt.
“We have P16 billion of maturities this year. So we’re looking at more peso borrowings and there are lots of offers from banks,” said Anabelle Chua, chief financial officer of PLDT.
As of the end of December last year, PLDT’s gross debt stood at $3.5 billion, of which only eight percent was unhedged when available US dollar cash and hedges allocated for debt are taken into account.
Majority or 92 percent of PLDT’s debt are fixed-rate loans.
PLDT earlier reported a 33 percent drop in net income to P13.4 billion last year. Revenues fell three percent to P159.93 billion.