The management team of PLDT Inc. admitted fault on oversight functions over the P48-billion budget overruns it recently unearthed within the organization, an irregularity that they blame on Typhoon Odette and the pandemic. Know more:
THE management team of PLDT Inc. admitted fault on oversight functions over the P48-billion budget overruns it recently unearthed within the organization, an irregularity that they blame on Typhoon Odette and the pandemic.
The analyst further explained that they were told that when personnel requested for capex disbursement, the management “did not ask if this was within the budget.” Friday last week saw PLDT announcing that it had a “budget overrun” of P48 billion, which represents 12.7 percent of its total capital expenditures spend of P379 billion over the last four years. The overruns, uncovered through “ongoing internal forensics,” were incurred when PLDT Chairman Manuel V. Pangilinan was the concurrent president and CEO of the telco titan.
“PLDT has responded to separate requests for clarifications and answers from SEC and PSE, and will continue to respond promptly to any further requests. The company is also gathering all the information requested by CMIC,” PLDT Assistant Corporate Secretary Abner T. Alberto said in a regulatory filing to the local bourse.
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