MANILA, Philippines — Tycoon Manuel V. Pangilinan is retiring next month as president and chief executive of telco giant PLDT Inc.
In a report by Shyla Francisco of TV5, Pangilinan, 74, was quoted as saying during an online briefing on Thursday: “I will retire as president and CEO (of) PLDT and pass the baton over to Al Panlilio.”
Panlilio, 57, currently serves as chief revenue officer of the company. While leaving his post as president in June, Pangilinan, nonetheless, will stay as chairman of board.
Pangilinan is leaving PLDT’s top post while the firm faces new competition from Dennis Uy’s Dito Telecommunity. He is nonetheless leaving PLDT with solid financial standing and set for a record capital investments this year that would allow the telco firm to power through the wider telco space.
Unlike other businesses that suffered from the pandemic, telcos highly benefited from an abrupt shift to work-from-home arrangements that ushered in new broadband customers. This was evident on PLDT’s financial performance in the first quarter that showed its core income up 9% year-on-year to P7.5 billion.
Although net income dipped 2% year-on-year to P5.8 billion, revenues rose a tenth to P47.92 billion, financial results showed. Under this segment, consolidated service revenues increased a smaller 8% annually to P44.8 billion.
PLDT’s performance was buoyed by an expansion of its fiber connections and 5G network, as well as the establishment of new base stations of Smart Communications Inc., its wireless unit.
Investments in its 5G network are likewise beginning to pay off. In the first 3 months, PLDT spent P20.7 billion in capital investments.
Shares at PLDT closed up 1.12% at P1,264 apiece on Thursday.