Capex fiasco slashed PLDT’s 2022 earnings by 60%

MANILA, Philippines -PLDT Inc. is ready to move on from the P48-billion budget overrun issue that dragged its 2022 net income and resulted in multiple class action suits in US as it wrapped up the investigation into the financial fiasco. The telco giant led by tycoon Manuel Pangilinan stressed that "no evidence of fraud, intentional concealment or bad faith conduct on the part of any employee of the company" has been uncovered from the forensic review conducted by external counsel, mirroring the initial probe done previously. The overspending concern was revealed in December, with the company admitting the amount has accumulated for a few years already. PLDT previously said the...

Keep on reading: Capex fiasco slashed PLDT’s 2022 earnings by 60%

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