The Philippines’ telco/communications giant, PLDT, ended December 2023 in what looks like a happy place.

For the fourth quarter of 2023, the company reported its highest revenues in nine quarters since the end of 2021; consolidated EBITDA was up 4% year-on-year to a record Ps104.3 billion/US$1.9 billion in 2023; EBITDA margin was at 52% for the period; and company bosses said sustained growth signalled recovery. Reported net income grew by 154% to Ps26.6 billion/US$479 million in 2023 from 2022. 

Showing no sign of regret for the sudden exit of a deal to acquire the broadband business of ABS-CBN’s Sky Cable Corporation, PLDT/Smart chairman/CEO, Manuel Pangilinan, said the company was “aiming not just for higher profits but to return PLDT and Smart to their premier positions, where they rightfully belong”. 

No further light has been shed on the sudden collapse of the deal with ABS-CBN. Both parties continue to insist that the 11th hour decision was mutual and the result of failure to agree on undisclosed revisions to commercial terms.