Tycoon Manuel V. Pangilinan appeared calm as he led his executives when they faced analysts and fund managers last week at Dusit Thani Manila to explain why PLDT Inc., the listed telco giant he chairs, incurred a P48-billion budget overrun.
The day after the Philippines’ largest phone company plunged by a record 19% following an audit disclosure that shocked investors, chairman Manuel Pangilinan tweeted that his arowana, a freshwater fish, had just died.
PLDT Inc. said Thursday it would start winding down on spending next year as the telco giant tackles massive capital expenditure overruns it endured in the past four years.
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