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I.

INTRODUCTION

A.

Brief Background and History of the Company

Philippine Long Distance Telephone Company was incorporated and given the franchise to establish and operate telephone services in the country on November 28, 1928, a typhoon had just ravaged Eastern Visayas, Bicol Peninsula, and Samar. The ability to communicate amongst loved ones and across the country became crucial. Sadly, phone networks then were like disconnected intercom systems and you could only call people within your own small city. Filipinos were disconnected from neighboring towns, disconnected from friends in the other island and, needless to say, disconnected from the rest of the world. It was under this scenario that the law was signed giving birth to PLDT. The first president of PLDT was Theodore Vail Halsey while Major J.E. Hamilton Stevenot, who represented the American firm General Telephone and Electronics Corp. (GTE), was elected executive vice president and general manager. Under the American owners of PLDT, many small phone companies in the provinces were acquired by the Company to help speed up the rollout and connection of these different phone systems all over the country. The management of PLDT was then set to lay the groundwork towards linking Filipinos

to

each

other

and,

more

importantly,

to

the

world.

Just a year after PLDT was given its nationwide franchise, the link between Manila and Baguio was established, making the first national long Page | 1

distance

calls

possible.

Overseas

radio-telephone

service

was

also

established between the Philippines and the US and other parts of the world in 1933. The first network of PLDT employed the open-wire system that was difficult to maintain and vulnerable to rain, winds, dirt, and tampering. Horsedrawn service vehicles bulky wall-mounted telephones were employed in those times. PLDT then charged a sum of P7.50 a month. The war years in the 1940's that followed proved to be devastating to PLDT as the US armed forces destroyed the PLDT system to prevent the Japanese from using it in 1941. By the time the Americans regained control, only

10

percent

of

the

original

facilities

were

operational.

By 1968, a new era of PLDT leadership was ushered in, PLDT finally became a Filipino-controlled corporation when Ramon Cojuangco and his group of Filipino industrialists and businessmen bought the controlling stake of GTE of New York. It was a symbol of national pride and a moment of triumph for Filipinos. Under Cojuangco's leadership, PLDT embarked on ambitious expansion campaigns that led to more Filipinos owning and benefiting from phones. Several milestones were realized in Cojuangco's time. In the same year when his group came in, the first major television broadcast via the facilities of Intelsat II-F4 and PLDT was brought to the Philippines direct from the US during the funeral of Senator Robert F. Kennedy. Another milestone in satellite communications was achieved, with PLDT playing a major role, in the subsequent

remote

TV

coverage

of

the

Apollo

8

flight.

Page | 2

Another significant PLDT milestone was the establishment of the country's first cellular telephone network in 1987. Cellular phones then were bulky and installed only in cars. With this new service, people were able to communicate while on the go. Coverage, just like with the mobile radio-telephone service introduced in 1959, was wider, though still limited compared today. Subscribers then could make calls within Metro Manila and any place from Cavite to Baguio.

A slew of new services were also introduced beginning 1992. Through a partnership with American Telephone and Telegraph Co. (AT&T). PLDT introduced the USA Direct Roving Van Service, a mobile van equipped with cellular phones, to provide toll service to some previously unserved rural communities. Other services introduced were USA Direct Mabuhay (dial access code 105-12) and Fibernet, a point-to-point international digital leased line service capable of handling simultaneous voice and data transmissions using fiber optic cables. Intelligent

pay

phones,

which

can

accept

coins

of

several

denominations, were introduced. The Fonkard also came into vogue. Fonkard allowed the caller to make direct-dial national and international long distance calls through the use of prepaid magnetic telephone cards instead of coins. A significant milestone that changed the face of communication was the successful launching of Agila II, the country's first communications satellite, in 1997 by PLDT subsidiary Mabuhay Philippines Satellite Corp. The Page | 3

satellite serves the needs of customers not only in the Philippines but also other countries within the satellite's footprint in the Asia Pacific region. With the increasing importance of the Internet, PLDT signed a network deal with US-based software giant Oracle Corp. to jointly advance the development of a network computing infrastructure in the Philippines dubbed Phil-Net. A milestone for PLDT and the development of the Internet in the Philippines would be the establishment of the country's first Internet hub called the Philippine Internet Exchange or PhIX. The late '90's was a time of formidable challenges for PLDT, especially after the 1997 Asian financial crisis. Inauspicious as it may seem at the time, however, Manuel V. Pangilinan of Hong Kong-based First Pacific Co. Ltd. saw a great opportunity in taking control of PLDT. So on Nov. 24,1998, just four days before the company's anniversary, PLDT announced the entry of First Pacific which acquired a 17.5-percent stake in PLDT for approximately P29.7 billion or some $749 million at that time. The entry of First Pacific brought in a new culture in PLDT and new enterprise. Manuel V. Pangilinan replaced Antonio O. Cojuangco as president and chief executive officer. Cojuangco then assumed the position of chairman of the board. The following year, PLDT forged a strategic partnership with NTT Communications Corp (NTTCom), a wholly-owned subsidiary of Nippon Telegraph

and

Telephone

Corp.

of

Japan,

the

world's

leading

telecommunications company in terms of revenues. Smart Communications,

Page | 4

Inc. (Smart), the country's largest mobile phone operator, was also acquired by PLDT. The acquisition of Smart proved to be a wise decision, especially now that Smart is contributing greatly to PLDT's bottom line, thus buffering the telecoms giant from the debilitating effects of declining revenues from the fixed line business. Other innovative services were introduced: Text 135, the country's first landline texting service; Premium Phone Services (1-908), which employed strategic tie-ups with TV game shows; Budget card for international calls; and bundling

of value-added phone services such as Call Waiting, Call

Forwarding, 3-party conference calls, Speed Calling, and Caller ID. In 2004, the PLDT Board of Directors appointed Manuel V. Pangilinan to the position of Chairman of the Board while retaining his post as Chairman of the Board of Smart and ePLDT. Napoleon L. Nazareno is the concurrent President and CEO of PLDT and Smart. It's all part of PLDT's culture of innovation to bring its operations to world-class standards and become the best telecommunications company in the region. Today, PLDT leads the wireless race, dominates the landline domain, operates the premiere satellite company, and has raced to the #1 position in the Internet world, both broadband and narrow band. No doubt, PLDT is set to conquer whatever the future holds for the telecommunications industry.1

1

(PLDT, Company Timeline | Enabling the Nation)

Page | 5

B.

Ownership Structure

Figure 1.0

C.

Board of Directors and Management Corporate Governance in PLDT is shaped by governance structure and

values. These are embodied in two fundamental policies. Their corporate governance structure entrusts authority and resources for the performance of corporate functions and delineates responsibilities for the exercise of such authority.2

2

(PLDT, Governance Strucure)

Page | 6

PLDT’s Governance Structure Figure 2.0

Page | 7

Manuel V. Pangilinan Director of PLDT since November 24, 1998 and Chairman of the Governance and Nomination, Executive Compensation and Technology Strategy Committees. Mr. Pangilinan was appointed as Chairman of the Board of Directors of PLDT after serving as its President and Chief Executive Officer from November 1998 to February 2004. Effective January 1, 2016, he concurrently holds the position of President and Chief Executive Officer of PLDT and Smart Communications, Inc. (Smart). He also serves as Chairman of Metro Pacific Investments Corporation (MPIC), Manila Electric Company (Meralco) and Philex Mining Corporation and Vice Chairman of Roxas Holdings, Inc., all of which are PSE-listed companies, and of several subsidiaries or affiliates of PLDT or MPIC, including, among others: Smart, Digitel Mobile Philippines, Inc., Digital Telecommunications Phils., PLDT Communicatinos & Energy Ventures, Inc., Beacon Electric Assets Holdings Inc. (Beacon), Manila North Tollways Corporation, Maynilad Water Services Corporation (Maynilad), Landco Pacific Corporation, Metro Pacific Hospital Holdings, Inc., Medical Doctors Inc. (Makati Medical Center), Colinas Verdes Corporation (Cardinal Santos Medical Center), Davao Doctors Incorporated, Riverside Medical Center Incorporated, Our Lady of Lourdes Hospital and Asian Hospital Incorporated. He is also the Chairman of MediaQuest Holdings Inc. (MediaQuest), Associated Broadcasting Corporation (TV5) and PLDTSmart Foundation. Mr. Pangilinan founded First Pacific Company Limited (First Pacific), a Hongkong Stock Exchange-listed company, in 1981 and served as Managing Page | 8

Director until 1999. He was appointed as Executive Chairman until June 2003, when he was named as Chief Executive Officer and Managing Director. Within the First Pacific Group, he also holds the position of President Commissioner of P.T. Indofood Sukses Makmur Tbk, the largest food company in Indonesia. Outside the First Pacific Group, Mr. Pangilinan is the Chairman of the Board of Trustees of San Beda College and the Hong Kong Bayanihan Trust, a non-stock, non-profit foundation which provides vocational, social and cultural activities for Hongkong’s foreign domestic helpers. He is the Chairman of Philippine Business for Social Progress, the largest private sector

social action organization made

up

of the

country's

largest

corporations. He is a Co-Chairman of the Philippine Disaster Resilience Foundation, Inc., a non-stock, non-profit foundation established to formulate and implement a reconstruction strategy to rehabilitate and rebuild areas devastated by floods and other calamities, and of the US-Philippine Business Society, a non-profit society which seeks to broaden the relationship between the United States and the Philippines in the areas of trade, investment, education, foreign and security policies and culture. Mr. Pangilinan graduated cum laude from the Ateneo de Manila University, with a Bachelor of Arts Degree in Economics. He received his Master’s Degree in Business Administration from Wharton School of Finance & Commerce at the University of Pennsylvania, where he was a Procter & Gamble Fellow. He was conferred a Doctor of Humanities Degree (Honoris

Page | 9

Causa) by the San Beda College (2002), Xavier University (2007), Holy Angel University (2009) and Far Eastern University (2010).

Page | 10

II.

ANALYSIS OF COMPANY’S DATA

A.

Financial Analysis

Table 1.0 Liquidity Ratios

2019 (Projected)

2018 (Projected)

2017

2016

2015

Current Ratio

0.6x

0.6x

0.6x

0.5x

0.6x

Quick Ratio

0.6x

0.6x

0.5x

0.5x

0.6x

As presented in the three years historical current ratio and quick ratio shown in the financial analysis of PLDT (0.6x, 0.5x, and 0.6x), the firm does not shows ability to cover its current liabilities with its current assets. Therefore, based on the firm’s historical current and quick ratio, the expected ratio for the next year is in the average of the historical data since it has not moved or changed significantly.

Page | 11

Table 2.0

Leverage Ratios

2019 (Projected)

2018 (Projected)

2017

2016

2015

Total Debt / Equity

154.5%

159.1%

168.9%

178.3%

148.6%

Total Debt / Assets

39.3%

38.9%

39.2%

40.6%

36.9%

LT Debt / Total Capital

58.0%

56.0%

54.9%

50.4%

51.0%

The total debt-equity ratio of the firm shows that in the recent data shown (2017), the firm is 168.9% financed by debt. In the same year, the firm has 39.2% assets that are supported by debt financing. The firm has also 54.9% total capitalization which shows the relative importance of long-term debt to the long-term financing of the firm.

Table 3.0

Coverage Ratios

2020 (Projected)

2019 (Projected)

2018

2017

2016

2015

EBIT Interest coverage

2.8x

2.5x

2.0x

1.7x

3.4x

5.9x

In the most recent data, the firm can cover interest charges up to 1.7x from its earnings before income taxes. This shows a good sign since the firm has borrowings as well and it is good to identify if they will be able to pay interest charges associated to that.

Page | 12

Table 4.0 Activity Ratios

2019 (Projected)

2018 (Projected)

2017

2016

2015

Receivable Turnover

6.0

6.0

5.5x

6.7x

6.33

Avg. Collection Period

79 days

79 days

66 days

54 days

58 days

Inventory Turnover

19.8

19.8

19.17

19.67

19.5

Total Asset Turnover

0.38

0.38

0.34

0.35

0.38

Based on the most recent financials of PLDT, receivable turnover of the firm is 5.5x,6.7x, and 6.33x respectively. Average collection period are 66, 54, and 58 days respectively.

Table 5.0

Profitability Ratios

2019 (Projected)

2018

2017

2016

2015

Gross Margin

94.9%

92.9%

54.0%

50.3%

52.6%

EBITDA Margin

41.5%

41.3%

41.4%

37.8%

41.8%

EBIT Margin

18.6%

17.4%

8.7%

16.4%

22.8%

Pretax Margin

17.4%

17.4%

7.3%

12.6%

13.7%

Net Margin

13.1%

13.7%

8.4%

12.1%

12.9%

ROA

4.7%

4.8%

2.9%

4.3%

4.9%

ROE

18.3%

19.7%

12.4%

18.0%

17.8%

Page | 13

For the year ended 2015, 2016, and 2017, the gross margin of the firm is at 54%, 50.3%, and 52.6% respectively. The firm also has 8.4%, 12.1%, and 12.9% net margin.

B.

Historical / Behavioral Analysis (include stocks behavior which

could be daily, weekly, monthly or yearly)

Table 6.0

Page | 14

Table 7.0

C. Industry Analysis Customer Analysis

Businesses, school and individuals are mostly the customer of the products of service that is offered by PLDT. Businesses need internet connection or other computer-generated products to be able to communicate well with their customers, investors and shareholders. While school also needs internet connection to help the students, whenever they are doing research and such. Individuals like workers, student, man, woman also uses PLDT’s telephone service that helps them communicate with one another, and it also provide faster communication form people living abroad.

PLDT is the first in the telecommunication company who introduced an expansive fixed line network that reached United States and other parts of the world. PLDT is known to be the leading telecommunication digital services

Page | 15

provider in the Philippines that started operating since 1928. With their long existence in the telecommunication industry helped them by gaining the trust and loyalty of the customers. It is considered as the pioneer in this type of industry whether be it from different places.

PLDT is also known for their state of the art facilities and data center which costs more than a billion peso. Technically almost all of the data of their customers and its products is in the said data center that’s why it’s really important for the company. The data center caters the “colocation and other data center service requirements of large corporations, and the banking and finance companies with headquarters in the business district.” According to ePLDT Coo Nerisse Ramos “We have always been committed to investing in and expanding our data center business not only in building world-class facilities adhering to global standards but also in offering globally recognized services from colocation, hosting platforms, network and security services to big data dynamic platform. Proof to our commitment is our investment on the training and expertise certification for our personnel, to provide our enterprise customers with best-in-class service experience.”

When applying to PLDT’s service, all you have to do is fill up their form in their website or you can call them. However, once you filled up the form there comes the problem with installing the product because of the amount of customers requesting for it. Having skilled workers can increase the efficiency, quality and productivity of the service. The operations manager Page | 16

must handle these situations fully. They should always reach customers satisfaction and must have capacity utilization per each type of product.

Competitor Analysis a.

Market Size

Telecommunication companies are important nowadays because it is the key that helps people to communicate with one another. It is important for everyone because of the purpose that it transmits data by internet, telephony, video conferencing, instant messaging, email and etc. It also helps a business to grow more innovatively.

Philippine Long Distance Telephone Company is still the largest company together with its subsidiary, SMART, in the telecommunication industry in the country. Being the largest, PLDT holds the highest market share with Globe as its competitor.

b.

Number of Players in the Market

The telecommunications industry in the Philippines particularly the mobile service market is dominated by two (2) major players, namely Philippine Long Distance Telephone Co. (PLDT) and GLOBE Telecom. These two big mobile service providers – PLDT and GLOBE Telecom, contributes a lot in the gross domestic product (GDP) of the Philippines. Page | 17

c.

Factors Affecting Costs of Doing Business

Filipinos are really passionate in doing business, it doesn’t matter if it is small business or large. Passion is what makes them decide on doing it, and of course the need of money. And starting a business requires a lot. Patience, effort, determination, commitment and, of course, money.

d.

Technology Developments

PLDT recently partnered up with Netflix which is an multinational provider of on-demand movies that can be watched via internet streaming media, because of this ““We recently increased the speeds of all Fibr plans while we continuously deploy more LTE sites for wider coverage in anticipation of customers’ growing appetite for bandwidth heavy apps like video streaming,” PLDT and Smart EVP and Consumer Business Group Head Ariel P. Fermin said.”

e.

Critical Success Factors in the Industry



Financial Position It is the main factors of success, because it shows the financial

soundness of a company. Financial Position is very important to every business because this can determine the company’s profitability and can help managers in making important decisions. Page | 18



Network Coverage

One of the factors is a wide network coverage area of each company. It must be able to reach provinces and remote areas.



Product Quality

Product Quality is very important to keep a customers from patronizing your products. They should give an excellent product quality to be able to keep loyal customers. Excellent quality will win every customers heart.



Customer Service

They should give their customer a good service because it can help build up loyalty for their products. Having a good customer service quality will make customers happy. A successful business has happy customers. Although it’s only a customer service they should always serve their customers by giving their best shot.



Competitive Price

They should offer prices that match with the quality of their service and products; they should be able to present a competitive price for a products or services that is essentially worth buying.

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

Customer Loyalty

One of the biggest factors of the business is to keep their customers. Loyal customers are the ones that will patronize all the products to be offered by the business. It can help the company to be more reliable and to improve their products for the customers that patronize them.



Maintenance and Repairs

Maintenance and repairs is important especially when customers encountered a problem using their products. Maintenance and repairs will be assisting the customers experiencing problems with the products they purchased. Having a good maintenance and repairs can help customers build up trust to their products.

Climate PEST Analysis

Political and Legal Aspects •

The Senate Bill 2238 will help PLDT achieve their set goal or it can do

much better than expected. Who wouldn’t want a fast internet right? Even though PLDT has one of the fastest internet connections, many people will be happy for a more improve internet. And if the company has it, they can have a lot people subscribe to them. •

Information and communication technology (ICT) is a vast field

encompassing virtually all technologies that can store, receive or transmit Page | 20

signals electronically. ICT is a wide range of new communications, and it is good to the company but ICT will also be hard because it can give a personal detail to others which can result to losing money, or worse a reputation.

Changes in Environment •

PLDT is affected with the different changes in technologies happening

in environment. When the technologies changes, PLDT also changes. Nowadays, almost all person have their respective phones. So the demand on the market for making a mobile phone or telecommunications is high.

Socio-cultural Changes •

Telecommunications is a way of life. Telecommunications affects how

and where you do everything—live, work, play, socialize, entertain, serve, study, teach, rest, heal, and protect. Telecommunications has served a critical role in shaping society and culture, as well as in shaping business and economics. •

Technology supports not just the needs of a business enterprise, but

also those of the consumers. The revolution in integrated media is transforming all aspects of human activity related to communication and information. •

By the use of internet, social networks are increasingly being used by

teachers and learners as a communication tool.

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•

Teachers create chat rooms, forums and groups to extend classroom

discussion to posting assignments, tests and quizzes, to assisting with homework outside of the classroom setting. •

The availability of social media technologies and services, content

sharing and user interaction has become relatively easy and efficient by the use of internet.

Technological Developments •

Netflix has become a widespread streaming application and was

already welcomed by PLDT. They already started offering unlimited packages for Netflix Chromecast, however this can be an opportunity for PLDT to partner up with different television brand maker to be able to optimize and innovate the use of Netflix. •

With the Philippines undergoing a digital transformation in almost all

sectors, Filipino freelancers are learning to make smarter use of their available resources to gain more reliable Internet access. This is in light not only of the sluggish Internet speed, but also of the occasional typhoons and power outages that cause interruptions for several hours, even days. •

As the Philippines continues to encounter a slow internet connection is

one of the reasons for PLDT to make a new product or service that will help solve

this

issue. This is an opportunity for PLDT to be the first

telecommunication company to be able to give a fast internet connection while other companies can’t. This can also help them to build more company confidence by its continuous fast connection. Page | 22

SWOT Analysis Strengths 1.

Widely Known Brand Name. An instrument that the company (SMART)

will be able to differentiate its product/service offerings to competitors. It is no doubt that everyone knows the brand name of this networks. 2. Cutting-edge fiber-optics technology (e.g. 3G, 4G, LTE). Because of technology innovations and re occurring development, the factors of having huge demand for new mobile services such as 3G, 4G, and LTE, smart communications and other competitors are expanding their play by offering these cutting-edge fibre-optics services to cater the demand of their markets. 3. High Growth Rate. The growth rate of the telecommunication industry in the Philippines is considered high. 4. Huge Demand of Telecommunication subscribers. The demand for telecommunication products and services is considerably high in the Philippines. According to the International Telecommunications Union (ITU), the United Nations specialized agency for information and communication technologies, as cited in the online article alliance.com.ph (2014), there were 87.3 million mobile subscribers in the Philippines 5. Wide range of product services. Strong technology adaptation 6. Diversified Business Operations across the telecommunication domain 7. Advanced Integrated Network helping to provide better services 8. Over 18,000 people form the backbone of the workforce 9.

Total

mobile,

broadband

and

other service

subscriber base

is

approximately 100 million Page | 23

Weaknesses 1. Poor Telecommunication Infrastructure. The infrastructure needed by telecommunication companies entails huge amount of investment. One of the sad facts about telecommunication infrastructure in the Philippines is its slow internet connection, a service also provided by the two players in the market. Over dependence on a smaller market without huge global operation 2. Too much resources can be hard to maintain 3. Outdated technology

Opportunities For the

opportunities, having strategic partnerships across the

geographies for growth can help PLDT maintain and improve their market position in the Philippines. For the threats, the Rapid Technological Changes needing constant strategic changes because technology changes rapidly nowadays with this kind of rapid change some or maybe all strategies of PLDT will be affected.

1. Strategic Partnerships across the geographies for growth 2. Network Expansion helping to serve wider number of customers 3. Growing demand for Wireless services in Philippines

Threats 1.

Regulation

of

the

Telecommunication

Industry

by

National

Telecommunication Commission (NTC) In the Philippines, the government Page | 24

through NTC regulates the telecommunication industry. The heavy regulation imposed by NTC means a major threat for telecommunication companies. 2. Intense Competition causing margin pressures 3. Rapid Technological Changes needing constant strategic changes 4.

Currency Fluctuations impacting foreign revenues

Market Analysis Segmenting Prospect customer segments for PLDT include those who are included in the business type category and residential type. When dealing with residential customers, PLDT should be interested in the individual, in the person using the service and paying from his/her own wallet; or from mom’s or dad’s, but not from a company budget. There are several approaches PLDT may use to segment its customer base. They may all work fine in different business environments. They may have two or more segmentation platforms at the same time (often one is considered more strategic and the other one more operational/tactical).

Targeting Three major ways to segment residential customers are value, behavior, and life cycle. Value is how much profit the consumer ultimately makes for the company, and becomes a measure of how much effort a company should put into gaining and retaining a consumer, as the top ten percent of customers tend to generate. Information and communications Page | 25

technology sectors, as well as the operation of data center, customer interaction solutions and knowledge processing solutions business and serves all customer categories

Positioning It offers the largest and most diversified range of telecommunications services across the country through its three principal business groups, namely:

Fixed

Line,

Wireless,

and

Information

and

Communication

Technology. The company uses the most extensive fiber optic backbone and fixed line, cellular and satellite networks to provide the best services for their consumers.

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III.

RECOMMENDATION Philippine

Long

Distance

Company

being

the

leading

telecommunications and digital service provider in the Philippines, is one of the largest market capitalizations among publicly listed companies in the Philippines. With that being said the shares of stocks offered by PLDT, which is listed as TEL in the Philippine Stock Exchange, is considered as one the blue chip stocks offered in the financial market. Based on my further assessment and review of the financial reports presented by PLDT for the year ended 2017, since the financials for the year ended 2018 has not yet been released, as an investor I will still choose to invest and retain my investments in PLDT but with reservations. If one chose to place his/her money in the stock market in particular in the stocks of PLDT, one should continue monitor the market. Reviewing quarterly financial assessments will help a lot specially when running a report on financial ratios. This will help an investor determine whether certain investments or stock are to be bought, pulled out, or retain. In the case of PLDT, by looking into its financial reports, the company has a stable financial condition and with plans for expansion. This is why I chose to retain my investments with them with reservations. My reservation will include me monitoring the market closely, especially now that there are other players that intend to enter the telecommunications industry. I will also take initiative in making myself always well-aware of the different current events especially news about the third telecommunications industry player.

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IV.

ATTACHMENTS

Financial Statements

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Ownership Summary

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Price Summary

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Competitors

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V.

REFERENCES / CITATIONS

Bibliography Arpista, J. C. (n.d.). The Smart Communication and PLDT Inc. Public Relations Research Study: Welcome Change. Retrieved from Public Relation Com: https://publicrelationcom.wordpress.com/2016/07/27/marketing-strategies-of-smart-and-pldt-inc/ Desiderio, L. (2016, June 14). A new day unfolds for PLDT, Smart. Retrieved from phil star Global: https://www.philstar.com/headlines/2016/06/14/1592820/new-day-unfolds-pldtsmart#u0uEay7l6cOb2O4a.99 PLDT. (n.d.). Company Timeline | Enabling the Nation. Retrieved from PLDT: http://www.pldt.com/corporate-governance-in-pldt/governance-structures PLDT. (n.d.). Governance Strucure. Retrieved from PLDT: http://www.pldt.com/corporategovernance-in-pldt/governance-structures PLDT. (n.d.). Shareholding Structure. Retrieved from PLDT: http://www.pldt.com/investorrelations/shareholder-information/shareholding-structure TESDA. (n.d.). LABOR MARKET INTELLIGENCE REPORT. Retrieved from https://www.tesda.gov.ph/uploads/File/Planning2013/Hot%20skills%20for%20Hot%20jobs_final.pdf Touré, D. H. (n.d.). The Economic Impact of Broadband in the Philippines. Retrieved from ITU: https://www.itu.int/ITU-D/treg/broadband/BB_MDG_Philippines_BBCOM.pdf Zolla, J. (2012, November 18). Telecommunications. Retrieved from Awesome Telecommunicati ons: http://awesometelecommunications.blogspot.com/2012/10/market-segmentation.html Financial Data retrieved from Factset Research Systems, Inc.

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