MANILA, PHILIPPINES — Billionaire businessman Manuel V. Pangilinan has put approximately ₱4.5 million of his personal money into PLDT Inc. shares, making a fresh investment in the telecommunications giant even as its stock struggles to recover from a damaging financial-reporting controversy.
The chairman, president and chief executive officer purchased 4,000 PLDT shares through a series of transactions on September 2 and September 10, 2026.
The purchases were made at prices ranging from ₱1,112 to ₱1,141 per share, averaging approximately ₱1,130.
But the timing proved unfavorable in the short term.
PLDT shares continued declining during September, approaching their lowest levels in six years before recovering slightly in early October.
The stock closed at ₱1,105 on October 6, approximately 2.2% below Pangilinan’s average purchase price.
While the difference represents a relatively modest paper loss on his latest purchases, the transaction highlights a much larger concern.
PLDT is trying to rebuild investor confidence after acknowledging serious weaknesses in its financial-reporting controls, even as its underlying telecommunications business continues generating billions of pesos in revenue and earnings.
The question now is whether Pangilinan’s additional investment will eventually be rewarded—or whether unresolved accounting concerns and sluggish growth will continue weighing on PLDT’s share price.
MVP Spends ₱4.5 Million on PLDT Shares
According to official disclosures filed with the Philippine Stock Exchange, Pangilinan acquired 2,000 shares on September 2 and another 2,000 shares on September 10.
The purchases were made at different market prices.
On September 2, the transactions ranged from ₱1,112 to ₱1,141 per share.
On September 10, the additional purchases were executed between ₱1,126 and ₱1,130.
The combined investment amounted to approximately ₱4.5 million.
The transactions were disclosed as indirect holdings through the Philippine Central Depository.
They increased Pangilinan’s total reported PLDT shareholdings to 379,521 shares.
Of that amount, 363,521 shares were held directly, while 16,000 were held indirectly.
The purchases were personal transactions reported under the disclosure rules governing company directors and senior executives.
They were not a corporate share-buyback program.
PLDT Shares Fall Toward Six-Year Low
Pangilinan’s investment came during a difficult period for PLDT shareholders.
After his September purchases, the company’s shares continued weakening.
Bilyonaryo reported that the stock approached a six-year low of approximately ₱1,065 toward the end of September.
Historical market records also confirm that the stock was trading near ₱1,070 during the final trading days of the month.
By October 6, PLDT had recovered to ₱1,105 per share.
But that remained below Pangilinan’s September purchase prices.
The decline demonstrates the difficulty of identifying a market bottom, even for executives with extensive knowledge of their own businesses.
Insider buying can communicate confidence.
It does not guarantee that a company’s shares will immediately recover.
How Much Is MVP’s PLDT Stake Worth?
Following the purchases, Pangilinan held approximately 379,521 PLDT shares.
Using the October 6 closing price of ₱1,105, those holdings had an estimated market value of ₱419.4 million.
That figure represents the market value of his reported PLDT shares at that price.
It is not the amount he spent acquiring his entire stake.
Nor does it represent his total personal wealth.
His latest ₱4.5 million investment accounts for only a small portion of the value of his overall PLDT holdings.
Nevertheless, the purchases are significant because they occurred during a period of heightened market uncertainty.
Investors often monitor transactions by company executives for indications of how management views the business.
But such transactions should be evaluated alongside financial results, company disclosures and market conditions.
The Real Problem Began With PLDT’s Accounting Disclosures
The share-price weakness followed troubling disclosures involving PLDT’s financial-reporting controls.
On August 13, the company announced that management had identified a material weakness in its internal controls over financial reporting as of December 31, 2025.
The issue involved the accounting treatment of certain structured hedging arrangements.
PLDT said the deficiencies affected how particular hedge-related gains and losses were classified in its financial statements.
Management subsequently reassessed the problems with assistance from its external auditor, SyCip Gorres Velayo & Co. (SGV), and accounting specialists.
The review concluded that the control deficiencies were sufficiently serious to constitute a material weakness.
That finding created a major credibility problem for the company.
Financial-reporting controls are designed to ensure that corporate financial statements are accurate and reliable.
When a material weakness is identified, investors may question whether the company’s reporting systems are sufficiently robust.
SGV Withdraws Earlier Audit Opinions
The accounting controversy became more serious when SGV informed PLDT that its earlier opinions covering the company’s 2025 financial statements and internal controls in its original U.S. Form 20-F could no longer be relied upon.
The auditor withdrew those opinions.
This is a significant development for a publicly listed company.
Audited financial statements are among the most important sources of information used by investors, lenders and regulators.
They help shareholders evaluate profitability, financial position and business performance.
When an auditor withdraws an earlier opinion, the company must address the underlying issues and restore confidence in its financial reporting.
However, an important distinction must be maintained.
The withdrawal of an audit opinion does not, by itself, establish that management committed fraud or intentionally misled investors.
PLDT has said it is reviewing the accounting deficiencies and implementing corrective measures.
Philippine Stock Exchange Halts Trading
The disclosure prompted the Philippine Stock Exchange to impose a temporary trading halt on PLDT shares on August 14.
Trading was suspended from 9:30 a.m. until 10:30 a.m.
The one-hour halt gave the market time to absorb the significant information.
It also underscored the seriousness of the disclosure.
PLDT is one of the Philippines’ largest telecommunications companies and a widely followed stock.
Its shares are listed on the Philippine Stock Exchange under TEL.
Its American Depositary Shares trade on the New York Stock Exchange under PHI.
Concerns affecting its financial reporting can therefore influence both domestic and international investors.
For the company, restoring confidence in its disclosures has become an important priority.
PLDT Clarifies the Scope of the Audit Withdrawal
The company later clarified that SGV had not withdrawn its audit opinion on PLDT’s 2025 financial statements as filed in its Philippine SEC Form 17-A.
The withdrawn opinions concerned the original U.S. Form 20-F.
That distinction matters.
The two filings operate under different regulatory reporting requirements.
Investors should not assume that every previously filed PLDT financial statement was automatically withdrawn.
Nevertheless, the U.S. filing issue remains important because PLDT is also listed in New York.
The company must satisfy reporting requirements in both markets.
Clear and consistent financial disclosures are essential to maintaining investor confidence.
An Independent Review Is Underway
PLDT’s audit committee has initiated an independent review with assistance from outside legal counsel and accounting experts.
The investigation concerns the identification, analysis and reporting of the accounting errors and the related internal-control weakness.
Management has also introduced measures intended to address the deficiencies.
However, the company acknowledged that the effectiveness of those corrective actions still needed to be evaluated.
PLDT previously said it expected to amend its original 2025 Form 20-F to reflect the reassessment and corrections.
The outcome of that process is important because investors need greater certainty about the reliability of future financial statements.
Until the problems are fully addressed, the controversy may continue influencing market sentiment.
PLDT’s Business Is Still Generating Billions
Despite the accounting concerns, PLDT’s telecommunications operations remain substantial.
For the first half of 2026, the company reported consolidated gross service revenues of ₱108.7 billion, an increase of 2% from the previous year.
Net service revenues reached ₱97.8 billion, up 1%.
Data and broadband services accounted for ₱84 billion, representing 86% of net service revenues.
That reflects the continued importance of internet connectivity, mobile data and digital services to PLDT’s business.
The company’s consolidated EBITDA reached ₱56.1 billion, an increase of 1%.
Meanwhile, core income remained stable at ₱17.3 billion.
These figures suggest that the company’s underlying operations continue generating substantial revenue and earnings.
However, growth remains relatively modest.
That creates another challenge for PLDT as it seeks to improve investor sentiment.
Net Income Declines Despite Stable Core Earnings
PLDT reported first-half 2026 net income of approximately ₱16.4 billion.
That represented a 6% decline from the corresponding period in 2025.
Core income remained stable, but the company’s financial performance was affected by higher depreciation and amortization expenses and foreign-exchange and derivative-related movements.
These pressures demonstrate why telecommunications companies can experience weaker reported earnings even when service revenues continue growing.
Telecommunications operators require substantial investments in infrastructure.
Network equipment, fiber systems and other assets generate depreciation expenses over time.
Financing costs and currency movements can also affect profitability.
For investors, the challenge is determining whether operating improvements will eventually produce stronger bottom-line earnings.
PLDT Is Reducing Capital Spending
One encouraging development is PLDT’s effort to control capital expenditure.
During the first half of 2026, the company spent ₱20.7 billion on capital projects.
That was lower than the ₱27.4 billion spent during the corresponding period a year earlier.
The reduction reflects efforts to manage investment more efficiently while maintaining network quality.
PLDT continues to invest in mobile connectivity, fiber broadband, information technology and digital infrastructure.
However, reducing capital expenditure must be balanced against the need to remain competitive.
Telecommunications companies cannot simply stop investing in their networks.
Customers expect reliable internet connections, improved coverage and faster services.
The company’s long-term performance will depend partly on whether it can maintain service quality while controlling costs.
Debt Remains Another Important Consideration
PLDT’s debt position is also relevant to its valuation.
As of June 30, 2026, the company reported consolidated net debt of approximately ₱287.3 billion.
Gross debt stood at ₱299.7 billion.
Its net debt-to-EBITDA ratio was approximately 2.6 times.
That ratio provides one measure of the company’s leverage relative to operating earnings.
PLDT maintains investment-grade credit ratings from Moody’s and S&P Global.
Nevertheless, debt remains an important factor in evaluating the company’s financial flexibility.
Borrowing costs, refinancing requirements and future investment needs can influence cash flow.
For shareholders, the company’s ability to manage debt while maintaining dividends is particularly important.
Dividend Investors Are Watching Closely
PLDT has traditionally attracted investors interested in dividend income.
In August, the company declared an interim cash dividend of ₱46 per common share.
The dividend was scheduled for payment on September 11.
At the October 6 share price of ₱1,105, that single interim dividend represents approximately 4.2% of the stock price.
However, investors should not mistake that figure for the company’s full-year dividend yield.
The annual yield depends on all dividends declared during the year and the share price used in the calculation.
Future dividends also depend on earnings, available cash and board decisions.
The dividend remains attractive to some income-oriented investors, but distributions alone cannot eliminate the risks associated with falling share prices or financial-reporting uncertainty.
Maya Provides Another Source of Earnings
PLDT’s financial interests extend beyond traditional telecommunications.
The company has an indirect economic interest in Maya, the digital financial-services platform.
Maya’s contribution to PLDT’s core income reached approximately ₱559 million during the first half of 2026, compared with ₱406 million in the same period last year.
The improvement demonstrates the growing importance of financial technology within the broader PLDT investment story.
Digital banking, payments and financial services provide potential opportunities outside conventional telecom operations.
But Maya’s earnings contribution remains much smaller than PLDT’s main telecommunications business.
Its growth could help diversify earnings.
It does not automatically offset all the financial pressures facing the parent company.
Why Executives Buy Shares During Market Declines
When a company executive purchases shares during a downturn, investors often interpret the move as a sign of confidence.
The reasoning is straightforward.
Executives are closely involved in the business.
They understand its operations, challenges and strategic priorities.
A personal investment may suggest that an executive believes the company’s long-term prospects remain attractive.
However, insider purchases should not be treated as guarantees.
Executives can misjudge market conditions.
External economic developments can affect share prices.
And problems may take longer than expected to resolve.
There can also be personal or financial considerations behind individual transactions.
The available disclosures confirm that Pangilinan acquired shares.
They do not independently establish his motivation or prove that he considered the stock undervalued.
That distinction is important for responsible financial reporting.
MVP’s Timing Shows How Difficult Markets Can Be
The most striking feature of Pangilinan’s purchases is their timing.
He acquired shares at an average price of approximately ₱1,130.
PLDT subsequently traded near ₱1,070 toward the end of September.
By October 6, the stock had recovered to ₱1,105.
Based on that closing price, the latest 4,000 shares were worth approximately ₱4.42 million.
That is roughly ₱100,000 below their estimated acquisition cost of ₱4.52 million, excluding transaction expenses.
The difference represents an unrealized, or paper, loss.
It does not mean Pangilinan sold the shares or realized that loss.
Market prices can change substantially after a purchase.
The immediate decline simply demonstrates that his latest investment had not yet produced a capital gain as of October 6.
What Could Help PLDT Shares Recover?
Several developments could influence the stock’s future performance.
The first is resolution of the accounting issues.
Investors will want to see credible corrective measures, reliable disclosures and progress in addressing the identified internal-control weaknesses.
The second is earnings growth.
PLDT needs to demonstrate that its investments in broadband, mobile services and digital infrastructure can support stronger profitability.
The third is cash flow.
The company’s ability to generate cash after capital expenditures will influence its capacity to reduce debt and maintain shareholder distributions.
Finally, broader market conditions matter.
Interest rates, foreign-investor sentiment and the performance of Philippine equities can affect valuations.
A recovery will likely depend on a combination of company-specific improvements and market confidence.
Investors Face a Choice Between Value and Risk
PLDT’s lower share price may attract investors looking for established companies trading below previous market levels.
The business has substantial infrastructure, recurring service revenue and an established customer base.
Its operations continue generating significant cash earnings.
But investors also face unresolved concerns.
These include financial-reporting controls, modest revenue growth, leverage and the need to maintain network investment.
A declining share price can create an attractive buying opportunity.
It can also indicate that investors are reassessing a company’s risks.
The challenge is distinguishing between the two.
Pangilinan’s purchases may attract attention.
But investors still need to evaluate the company’s fundamentals independently.
The Bigger Test Is Investor Confidence
PLDT’s September selloff cannot be explained by one factor alone.
Financial-reporting concerns have contributed to uncertainty.
The company’s relatively modest growth has also placed attention on profitability and future earnings.
Meanwhile, broader market conditions can influence the performance of large Philippine stocks.
For PLDT, rebuilding confidence requires more than assurances from management.
Investors will be looking for results.
They want transparent financial statements, effective internal controls, stable earnings and disciplined capital spending.
The company’s ability to deliver those outcomes could determine whether the recent share-price weakness becomes a temporary setback or a more persistent problem.
MVP Has Put His Money Into PLDT—But the Market Wants More
Pangilinan’s latest purchases add another dimension to the PLDT investment story.
The businessman personally spent approximately ₱4.5 million on shares in September.
The transactions increased his total reported holdings to 379,521 shares.
But the stock subsequently approached a six-year low before recovering slightly.
The timing illustrates the difference between management confidence and market confidence.
An executive can buy shares because of a belief in a company’s prospects.
Investors, however, may continue demanding stronger evidence that its risks are being addressed.
PLDT remains a major player in Philippine telecommunications.
Its service revenues exceed ₱100 billion over six months.
Its core earnings remain substantial.
And its digital businesses provide opportunities for future growth.
But the accounting controversy has placed greater attention on corporate governance and financial transparency.
Manuel V. Pangilinan has demonstrated a willingness to increase his financial exposure to PLDT while the stock is under pressure.
Yet the market’s response shows that executive buying alone is not enough to restore confidence.
The bigger question is whether PLDT can resolve its financial-reporting issues and deliver stronger results before investors lose further patience with one of the country’s largest telecommunications companies.
