Capex fiasco slashed PLDT’s 2022 earnings by 60%

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Capex fiasco slashed PLDT’s 2022 earnings by 60%
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PLDT Inc. is ready to move on from the P48-billion budget overrun issue that dragged its 2022 net income and resulted in multiple class action suits in US as it wrapped up the investigation into the financial fiasco. | TyronePiad /PDI

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“It is incumbent upon the management and the board to get back on the saddle and move on, move forward, and demonstrate that despite this big hump on the road, the financial and operating conditions of the company remain strong and robust,” the billionaire said during a press briefing in Makati on Thursday.

“There is also improvement to project management systems to efficiently monitor capex spending,” he added. Pangilinan said the company would borrow P19 billion this year to finance some of the telco giant’s expenses.“We will focus on bilateral loans provided to us by our bankers. We still have bank lines,” said PLDT treasurer Leo Posadas.As for the lifting of the suspension of key officials amid the financial debacle, Pangilinan said they have yet to address the issue.

Olsson is represented by The Rosen Law Firm, P.A. Law firms Bernsteid Liebhard LLP and Robbins LLP likewise filed class action suits, according to their separate notices.

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TyronePiad mygaddddd!! pldt 10 days na nga kami walang internet!! wala ngang resolution!!

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