Multiple executives have left Philippine Long Distance Telephone Company, or PLDT, including its longtime chief financial officer, during an overrun budget of 48 billion pesos which caused a credit rating downgrade and a class action lawsuit. According to PLDT, the problem was caused by overspending on network equipment, which led to spending that was 12.7% higher than the capex budget for 2019–2022. Last month, PLDT announced that the inquiry into the problem was complete. PLDT, which is owned in part by Hong Kong-listed First Pacific and Japan's NTT Group, suffered a reputational hit as a result of the financial meltdown and a rapid stock sell-off. PLDT Chairman Manuel Pangilinan has stated last month that the management of the organization must now push forward and "focus on recovering whatever reputation we may have lost as a consequence of this incident." In early trade, PLDT shares rose 1.8%, defying a drop in Manila's benchmark stock index. Last month, PLDT sent out word to subscribers that they've prepared the network for the live-streaming of the Pacquiao-Clottey fight on WatchPad. Manny turned out a winner but how about PLDT's WatchPad? Last March 14, thousands of PLDT myDSL Watchpad subscribers saw every punch traded between Manny Pacquiao and Joshua Clottey for FREE. Read more in our articles including "PLDT executives quit after 48 billion peso overrun budget" and "How was PLDT Watchpad during the fight?".
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May 19, 2026Multiple executives have left Philippine Long Distance Telephone Company, or PLDT, including its longtime chief financial officer, during an overrun budget of 48 billion pesos which caused a credit rating downgrade and a class action lawsuit. According to PLDT, the problem was caused by overspending on network equipment, which led to spending that was 12.7% higher than the capex budget for 2019–2022.
Last month, PLDT announced that the inquiry into the problem was complete. PLDT, which is owned in part by Hong Kong-listed First Pacific and Japan's NTT Group, suffered a reputational hit as a result of the financial meltdown and a rapid stock sell-off. PLDT Chairman Manuel Pangilinan has stated last month that the management of the organization must now push forward and "focus on recovering whatever reputation we may have lost as a consequence of this incident." In early trade, PLDT shares rose 1.8%, defying a drop in Manila's benchmark stock index.
Our coverage of pldt exit includes: "PLDT executives quit after 48 billion peso overrun budget"; "How was PLDT Watchpad during the fight?"; "PLDT Call All extends Wireless Landline". Each article provides unique insights and information.