This includes the P63-billion capex plans of the telco network. Rival PLDT Inc. also said it would “make the necessary adjustments” to its spending programs this year, including its planned P83-billion capex. The slashing of private company investments came as companies started to feel the bite of the coronavirus pandemic on their balance sheets. The decline in profits could linger in the second quarter with revenues seen “to decline by double-digits,” Globe President and Chief Executive Ernest Cu said in a statement. In the same regulatory filing, Globe said it reduced its cash dividend payout for stockholders in the second quarter to “conserve” cash.

Source: Philippine Star May 05, 2020 11:26 UTC