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Key PLDT officials exit following P33B budget overrun

Pangilinan-led PLDT Inc. on Monday announced the official exit of key officers, months after the company reported a management reorganization after incurring a P33 billion budget overrun.

In a disclosure to the local bourse, PLDT announced the early retirement of chief financial officer Anabelle Chua effective April 16, 2023, and senior vice president and network head Mario Tamayo effective April 14, 2023.

The company also announced the voluntary resignation of senior vice president and chief procurement officer Mary Rose Dela Paz effective April 14, 2023, and the availability of the manpower reduction program by vice president Alexander Kibanoff.

PLDT disclosed late last year an initial budget overrun of P48 billion, representing 12.7% of its capital expenditure from 2019 to 2022. This was later scaled down to P33 billion after settlements with major vendors.

The announcement in December also disclosed a management reorganization process, leaving key officials on leave pending investigations with fraud ruled out.

The company saw its full-year telco core income climb 10% to P33.116 billion in 2022, while its net income declined by 60% to P10.485 billion from P26.367 billion.

Revenues climbed 6% to P205.245 billion, including P82.0 billion from the Individual business, P57.4 billion from Home, and P47.5 billion from Enterprise.

Shares in the company were trading up by P13.00 or 1.03% at P1,273.00 apiece as of 11:59 a.m. on Monday. —VAL, GMA Integrated News