Pangilinan-led PLDT Inc. reported that its income fell by eight percent in the first quarter of the year as the telecommunications giant faces a market slump driven by global economic uncertainties.

In a disclosure to the Philippine Stock Exchange (PSE), PLDT said its overall core income declined to ₱9.03 billion by the end of March, down from ₱9.82 billion in the first three months of 2024.

Its telco core income, which excludes asset sales and attributable profit from fintech firm Maya, posted a six-percent dip to ₱8.78 billion from ₱9.32 billion.

In a media briefing on Thursday, May 15, PLDT Chairman and Chief Executive Officer (CEO) Manuel V. Pangilinan said this decline was influenced by the sluggish growth of the country’s gross domestic product (GDP).

“You’ve seen the growth in GDP economy is sub-six percent for the first quarter. So, it's slightly concerning that the overall macroenvironment is softening in relation to the last year,” said Pangilinan.

According to the Philippine Statistics Authority (PSA), GDP growth in the first quarter stood at 5.4 percent, slower than the 5.9-percent growth seen in the same period last year.

“The overall global environment has been tough in the first quarter. And in part, with what you said about [US President Donald] Trump,” Pangilinan added.

Last month, stock markets across the globe stumbled after the United States (US) government announced a slew of tariffs against its trading partners, just as it intensified its trade dispute against China.

Despite these uncertainties, Pangilinan said there were two “bright spots” during the three-month period—the steady growth of PLDT Home and rising momentum of Maya.

“We’re navigating a softer market environment, but our fundamentals are intact. Broadband and fiber continue to anchor the business, while digital finance is emerging as a strong new driver,” he said.

PLDT saw its revenues rise by two percent in the reference period to ₱55.28 billion from ₱54.22 billion in the previous year.

Data and broadband, which grew by two percent to ₱41.4 billion, accounted for 85 percent of total revenues.

PLDT Home, in particular, continued its upward trajectory in the quarter by seven percent to ₱15.2 billion, with fiber accounting for 97 percent of that, totaling ₱14.7 billion in revenues—up from 92 percent in 2024.

By the end of March, PLDT had around 3.47 million Home subscribers, with the industry-high average revenue per user (ARPU) at ₱1,493 and the lowest churn rate at just 1.99 percent.

Maya, which achieved net income profitability in the first quarter, contributed ₱127 million in net income, driven by robust lending, growth in deposits, and strong payments volume.

The country’s leading digital bank ended March with ₱44 billion in deposits and a customer base of approximately 6.8 million.

Maya’s disbursal in the period reached nearly ₱28 billion, with cumulative disbursements hitting ₱120 billion.

Meanwhile, PLDT’s total expenses increased by five percent to ₱40.55 billion versus last year’s ₱38.62 billion.

This, despite its capital expenditure (capex) slumping to ₱6.3 billion from ₱11.3 billion, with a capex intensity ratio of 20 percent.

PLDT said the decrease in the first quarter “was partly due to timing,” as the company charts the completion of key projects by the second half of the year.

The full-year capex guidance is expected to be around ₱68 billion to ₱70 billion, with a focus on continued network investments to reinforce the company’s direction.

“We’re staying the course—focused on execution, customer experience, and building the connectivity infrastructure and IT solutions for future growth,” Pangilinan said.

“Our priorities remain clear: to deliver value to our stakeholders, expand digital access and solutions, and position the Group for long-term presence as the largest integrated digital company,” he added.

Pangilinan said the rise in PSE shares last week as a result of the Trump administration’s announcement of a trade deal framework with the United Kingdom (UK) could signal positive developments on the horizon.