Driven by growth in its data and broadband business, PLDT Inc. hauled in P190.1 billion revenues, up 4 percent in 2022 versus the preceding year, although reported earnings went down 60 percent to P10.5 billion due to Accelerated Depreciation booked for the year. Telco core income, minus some asset sales and Voyager Innovations, grew 10 percent to P33.1 billion in the comparative period. “Our core business remains to be sound, and continues to show solid EBITDA numbers,” says Alfredo S. Panlilio, PLDT and Smart President and CEO. “We have an excellent network, strong brands and attractive products. Wireless is simplifying its portfolio, Home continues to expand beyond connectivity, and Enterprise is pursuing its digital transformation initiatives,” he elaborated. Consolidated EBITDA also reached an all-time high, growing 4 percent year-on-year to ₱100.5 billion, excluding Manpower Rightsizing Program expenses of ₱5.0 billion. This marks the first time the company breached the ₱100-billion mark. “We breached ₱100 billion in EBITDA for the first time in 2022, and we will only continue to grow from there " Panlilio reiterated. "We are looking to increase our revenues by mid-single digit and Capex will recalibrate to between ₱80-85 billion. We have issued today a separate update on our disclosure last December 16, 2022 regarding Capex,” he added. The telco's consolidated Net Debt as of end-December 2022 amounted to ₱225.7 billion while Net-Debt-to EBITDA stood at 2.25x. Gross debt was at ₱251.9 billion, with maturities well spread out. Only 17 percent of Gross Debt is denominated in US dollars and 5 percent is unhedged. PLDT maintained its credit ratings from Moody’s and S&P Global at investment grade. “We still have one of the highest EBITDA margins in the region, a good indicator of how well the core telco business is performing,” Panlilio pointed out. In line with its transformation strategy and the Government’s Common Tower Policy, the PLDT Group signed agreements for the sale and leaseback of a third portfolio of 650 towers for ₱9.2 billion to Unity Digital Infrastructure Inc. (Unity) in December 2022, and a fourth portfolio of 1,012 towers for over ₱12.1 billion to Frontier Tower Associates Philippines, Inc. (Frontier) in March 2023. Backed by Aboitiz InfraCapital and Partners Group, Unity is an established independent tower company in the Philippines and an existing partner of the PLDT Group. The 650 towers being monetized are primarily located in the Visayas and Mindanao. On the other hand, Frontier is a subsidiary of Pinnacle Towers Pte. Ltd., an Asia-focused digital infrastructure platform with a strong focus on the rapidly growing Philippine market, which KKR invested in during 2020. The 1,012 towers being monetized are primarily located in Luzon. These transactions brought the total number of towers to be monetized via sale and leaseback transactions to over 7,500 for a total cash consideration of more than ₱98 billion. Overall, “2022 demanded practically everything that we had," according to PLDT Chairman Manuel V Pangilinan. "Despite the adversities, I remain convinced that PLDT will not only survive but thrive; our core business is strong," he underscored. "As we approach PLDT’s 100th year, we forge ahead in pursuit of the Group’s North Star—enabling a digital life for every Filipino and improving lives.”