PLDT net income plunges by 60% amid network upgrades

Telco giant PLDT Inc. reported a 60 percent decline in its profit, primarily due to the cost of accelerated network and technology upgrades.

Despite the decline, PLDT’s core business remains sound, with solid EBITDA numbers, according to Alfredo S. Panlilio, the company’s president and CEO.

PLDT’s consolidated service revenues increased by 6.2 percent to P205.24 billion, while total expenses rose to P210.74 billion.

Bilyonaryo Manuel V. Pangilinan, PLDT’s chairman, expressed optimism for the future and vowed to continue pursuing the company’s mission of enabling a digital life for every Filipino and improving lives as they approach their 100th year.

Inflation eases to 6.1% in May

The country’s inflation rate eased to 6.1 percent in May, the lowest year-on-year figure recorded since July 2022, according to a report released by the Philippine Statistics Authority (PSA).

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