Competition is expected to intensify following the appointment of Globe’s new CEO, Carl Raymond Cruz, who set an ambitious goal to make Globe the “largest, most profitable and most admired telco operator” in the country.
Globe was once the underdog to PLDT before seizing mobile leadership in the past decade. Can it replicate that success across the broader telecom sector?
“If you look at pure telco numbers, they are far behind us,” Pangilinan said during the telco giant’s quarterly briefing on Thursday.
PLDT’s core earnings during the first quarter were stable at P8.9 billion, while Globe reported P4.5 billion, down 22 percent from a year ago.
But Pangilinan also acknowledged there was no question who was ahead in financial technology, citing the runaway success of GCash.
“For certain they are light years ahead when it comes to fintech,” he said.
Telco revenues slow
PLDT saw telco core revenues drop 6 percent to P8.8 billion, as wireless revenues slipped 1 percent to P21.3 billion.
“We’re navigating a softer market environment, but our fundamentals are intact,” Pangilinan said.
PLDT was hit by higher depreciation costs, which is an accounting charge tied to past infrastructure spending, including the period of its P48 billion spending budget overrun.
“We’re feeling the effects of that increased depreciation hitting our P&L [profit and loss statement],” Pangilinan said.
Challenges facing enterprise
The enterprise segment also started the year on a weaker note due to the exodus of Philippine Offshore Gaming Operator (POGO), SkyCable’s potential market switching to Converge ICT, and the Cavite WiFi project.
Pangilinan said this could set back the business by about P1 billion in sales, although he expects the division to “get in the groove” by the middle of 2025.
Guarded outlook
PLDT also skipped issuing its usual full-year guidance for 2025 during the first-quarter briefing.
“We labored over that, whether we should give [our outlook]. We typically do. I think things are so fluid nowadays whether in the economy front, the business front and political front,” he said.
“It’s difficult to size up. I think we will grow but to what extent we can grow [is not certain],” he added.
Home segment offers opportunity
Meanwhile, PLDT Home revenues rose 4 percent to P15.2 billion in the first quarter.
This was mainly comprised of fiber internet earnings, which jumped 7 percent to P14.7 billion.
“I think home is the most promising,” Pangilinan said.
Maya shines
Pangilinan also expects Maya, a super app with mobile payments and digital banking, to perform well for the rest of 2025 after it contributed P127 million to PLDT’s bottom line.
Can Maya can topple GCash in the future?
"I think, early days, right?" Pangilinan said.
Maya ended the first quarter with ₱44 billion in deposits and 6.8 million customers, helping maintain its lead as the Philippines’ top digital bank.
It disbursed ₱28 billion in loans, with P21 billion in loans outstanding, while bad loans were kept in check at 3.5 percent of its portfolio.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
