Corporate GovernanceAug 13, 2026, 08:03 AM
PLDT identifies material weakness, auditor withdraws 2025 financial reliance
AI Summary
PLDT Inc. announced the identification of a material weakness in its internal controls over financial reporting as of December 31, 2025. As a result, its independent auditor, SyCip Gorres Velayo & Co. (SGV), has withdrawn reliance on the company's 2025 financial statements and internal control opinions. PLDT plans to amend its Form 20-F to reflect these changes, though the revisions are not expected to materially affect reported net income, earnings per share, cash flows, or key operating metrics.
Key Highlights
- PLDT Inc. identified a material weakness in internal controls over financial reporting as of December 31, 2025.
- Independent registered public accounting firm, SyCip Gorres Velayo & Co. (SGV), withdrew reliance on 2025 financial statements and internal control opinions.
- The company plans to amend its Form 20-F for the period ended December 31, 2025.
- Adjustments primarily relate to the recycling of "Net fair value losses on cash flow hedges."
- Revisions are not expected to materially affect net income, EPS, cash flows, or key operating metrics.
- The Audit Committee initiated an independent review of the identified errors and material weakness.
- Management is implementing remediation measures to address the control deficiencies.
Price Impact
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