SGV, which had audited PLDT since 2002, stepped down on October 31 after finding that it no longer met US rules requiring auditors to remain independent of the companies they examine.
The resignation comes months after PLDT disclosed accounting errors involving financial hedges, which companies use to protect themselves against swings in exchange rates and interest rates.
What went wrong?
SGV had already withdrawn its audit opinions on PLDT's 2025 international financial statements and internal controls, meaning investors could no longer rely on those assessments.
The firm also withdrew its opinion on the 2024 financial statements after it was unable to finish reviewing certain accounting adjustments before resigning.
PLDT said the errors identified so far were not expected to significantly affect its profits, cash flows or other key financial figures, although it is still reviewing what went wrong and fixing weaknesses in its accounting controls.
An old name returns
PwC Philippines, formally known as Isla Lipana & Co., was appointed effective November 2 to audit PLDT's Philippine financial statements, while the search continues for a separate auditor to handle its international reporting.
The two assignments are important for PLDT, whose shares trade on both the Philippine Stock Exchange and the New York Stock Exchange.
PwC previously audited PLDT from 1999 to 2001 before SGV took over in 2002.
—Edited by Miguel R. Camus
