“There’s always a time to give up and I think the time is soon. So don’t worry I will keep my word,” 74-year old Pangilinan said when asked for an update on his plan to step down from the country’s largest telco company.
Pangilinan earlier said he would relinquish the post of CEO once PLDT returns to stability and growth. He reassumed the role of president when Napoleon Nazareno retired in 2015.
PLDT’s aggressive spending to transform its networks into the country’s most extensive and data capable infrastructure has brought the telco back to life. It has managed to sustain its growth trajectory for two years now, driven by strong data and broadband.
Partly owned by Hong Kong’s First Pacific Co. Ltd. and Japan’s NTT, PLDT managed to post an eight percent rise in profit to P24.3 billion last year despite the disruptions caused by the pandemic.
PLDT’s core income, which excludes the impact of asset sales and Voyager Innovations, rose 4 percent to P28.1 billion. Consolidated services revenues went up by 9 percent to P171.5 billion, the highest full year revenue ever attained, surpassing 2019’s P157.7 billion.
“Despite PLDT’s stellar performance, it is with great relief that we put 2020 behind us. It is tempting to say that we have seen the worst but 2021 comes with its own set of challenges — a worrisome economic outlook, prolonged uncertainty on the pandemic with possible new waves, mutations and a delayed vaccine rollout and of course, the entry of heightened competition from both new and current players,” Pangilinan said.
“But with confidence built on how we not only weathered but thrived despite the ‘year from hell’ that was 2020, we anticipate more growth in 2021,” he added.