Overview

Bank of China provides PHP 2 billion loan to PLDT, Inc. for unspecified purposes

Commitments (Constant USD, 2023)$39,881,739

Commitment Year•2019Country of Activity•PhilippinesDirect Recipient Country of Incorporation•PhilippinesOverseas Jurisdiction•PhilippinesSector•Unallocated/unspecifiedFlow Type•Loan

Status

Project lifecycle

Implementation

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Apr 11, 2019

Start (actual): Sep 6, 2019

Last repayment (originally scheduled): Apr 9, 2026

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Commercial Banks

Bank of China (BOC)

Receiving agencies

Private Sector

PLDT Inc.

Implementing agencies

Private Sector

PLDT Inc.

Loan description

Bank of China provides PHP 2 billion loan to PLDT, Inc. for unspecified purposes

Grant element•24.0877%Interest rate (t₀)•1%Interest type•Fixed Interest RateMaturity•7 years

Narrative

Full Description

Project narrative

On April 11, 2019, PLDT, Inc., and Bank of China (Manila Branch) signed a PHP 2 billion loan agreement for unspecified purposes. The loan was fully disbursed on September 6, 2019. The annual amortization rate was equivalent to 1% of the amount of loan payable on the first-year anniversary up to the sixth-year anniversary of the initial drawdown date and the balance payable upon the loan’s final maturity date (September 7, 2026). The loan’s (principal) amount outstanding was PHP 1.949 billion as of December 21, 2021 and PHP 1.931 billion as of September 30, 2022.

Staff comments

1. PLDT, Inc., formerly known as the Philippine Long Distance Telephone Company (Filipino: Kompanya ng Teleponong Pangmalayuan ng Pilipinas), is a private telecommunications, internet, and digital service holdings company in the Philippines. It is one of the country's major telecommunications providers, along with Globe Telecom. Founded in 1928, it is the oldest and largest telecommunications company in the Philippines, in terms of assets and revenues.