MVP back in PLDT’s driver seat

MANILA, Philippines — Business tycoon Manuel V. Pangilinan is returning as the president and CEO of telco giant PLDT Inc., replacing Alfredo Panlilio who is vacating his post due to health reasons.

In a disclosure before the Philippine Stock Exchange, PLDT announced that Pangilinan will lead the telco once again as president and CEO, concurrent to his chairman role, beginning Jan. 1, 2024.

Pangilinan will take over the position to be left behind by Panlilio, who will be retiring effective Dec. 31 to attend to his personal health.

Panlilio will leave PLDT with a mixed bag of accomplishments and issues to his name. Panlilio played a crucial role in keeping the telco profitable even at the height of the pandemic.

With Panlilio as head of PLDT, the company received multiple recognitions here and abroad for achievements on cybersecurity, network and sustainability. For this, Panlilio won as CEO of the Year last year at the Asia Communication Awards, organized by industry analyst Total Telecom.

Under Panlilio’s leadership, PLDT was also named the most valuable brand in the Philippines by consultancy giant Brand Finance, recording the highest worth at $2.57 billion in 2022.

On the other hand, Panlilio navigated PLDT through one of its toughest times when the company uncovered a budget overrun of P33 billion from 2019 and 2022.

The telco attributed the capital overspend to the purchase of several assets, particularly 5G sites, that it failed to maximize on the slow adoption of the new technology.

As a result, PLDT was forced to operate on an elevated capex this year ranging from P80 billion to P85 billion this year to pay commitments to some of its major vendors. Nevertheless, the telco is positioned to overcome the impact of its budget mess and nurse finances to the pink of health.

After retiring on Dec. 31, Panlilio will remain a director of PLDT and its mobile subsidiary, Smart Communications Inc. He will also stay as an executive of several Pangilinan-led units like Maya Bank and MediaQuest Holdings Inc.

“I would like to thank Al profusely for his service and his loyalty, and we wish him the very best,” Pangilinan said.

Pangilinan said he will serve as president and CEO of the largest telco in the Philippines until the board of directors appoints a new one.