Listed PLDT Inc. is considering slashing its 2020 capital expenditures (capex) by 24 percent as the coronavirus disease 2019 (Covid-19) pandemic is restricting its network buildup. In a virtual briefing on Thursday, PLDT Chairman Manuel Pangilinan said the telecommunications titan planned to cut its spending budget this year from P83 billion to P63 billion. Of the initial amount, P64.6 billion had been set aside for network and information technology (IT) projects and P18.5 billion for broadband installations. According to Alfredo Panlilio, PLDT chief revenue officer and Smart Communications president and chief executive officer, the telco has seen its traffic rise by 20 to 25 percent. Core income slipped by 5 percent to P6.87 billion from P7.2 billion in the same period in 2019.

Source: Manila Times May 07, 2020 16:27 UTC