PLDT eyes new president

MANILA, Philippines — Telco giant PLDT Inc. may appoint within the year a new president and CEO who will be tasked to lead the company in a period of growth uncertainty.

PLDT chairman, president, and CEO Manuel V. Pangilinan believes the telco can find a new head within this year, admitting that whoever will take charge of PLDT next will face the difficult task of growing the business.

“We just started [the search for a president and CEO]. It is ongoing now, it is a bit new. Too early to say who the candidates could be at this stage,” Pangilinan said.

“At this stage, I cannot tell you how many [the candidates would be]. Hopefully, before the year ends, we can find the right person,” he added.

The last time that PLDT looked for a new president and CEO, it took it about four years to finish the process. It can be recalled that Pangilinan returned to the driver’s seat of PLDT in 2015 to fill in the shoes left behind by Napoleon Nazareno who retired that year.

In 2017, the largest telco in the Philippines initiated a market scan for executives most qualified to head it, a search that ended in 2021 with the appointment of Alfredo Panlilio as president and CEO of the company.

However, Panlilio retired at the end of 2023 for health reasons, forcing Pangilinan to retake the president and CEO positions concurrent to his chairmanship.

Pangilinan said the next president and CEO of PLDT would have to take on the burden of trying to expand the business in the face of economic risks, particularly inflation, which has compelled Filipinos to cut their spending on several items, including connectivity.

“The problem with the industry has always been growth. It is also getting tougher and tougher to realize growth across the board,” Pangilinan said.

For this year, PLDT plans to reduce capital expenditures to below the 2023 guidance range of P80 billion to P85 billion. The company is scheduled to report by March its financial performance for 2023 and growth plans for 2024.

Based on latest figures, PLDT’s net income went up by a measly one percent to P27.88 billion in the nine months to September 2023 from P27.5 billion during the same period in 2022.

For 2023, PLDT expects to record a profit of at least P34 billion, showcasing the industry that it can withstand a tough environment pressured by elevated borrowing and inflation rates.