PLDT CFO retires after massive budget overrun

PLDT CFO retires after massive budget overrun

Key executives at PLDT have left their posts following the operator’s massive PHP48 billion (US$853 million) budget overspending, including the operator’s chief financial officer.

In a stock market filing, the Philippines-based operator revealed CFO Annabelle Chua took early retirement, as did network head Mario Tamayo. Chief procurement officer Mary Paz resigned, and VP Alexander Kibanoff was let go as part of PLDT’s ‘Manpower Reduction Programme’.

The Manila Times reported, Chua had been on leave since December as an investigation into the overspending was being conducted. The operator found no evidence of fraudulent activity in its investigation but its profits took plunged by 60%.

PLDT said in a statement the departures are “not expected to have any significant impact on the company's current or future operations, financial position, or results of operations." The budget overrun was due to the company rapidly expanding its network by purchasing infrastructure equipment.

In separate filings, the company also announced VP Wilson Bobier resigned and PLDT ambassador Albert Rosario had passed at the age of 83.

Elsewhere, the National Telecommunications Commission deputy commissioner Jon Paulo Salvahan, said the regulator and all operators are currently discussing options on SIM registration which is due to end on April 26. 

Operators harbour concerns that many customers will be cut off from connectivity services and have requested a deadline extension

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