Following the operator's sizable PHP48 billion (US$853 million) budget overspending, key executives at PLDT, including the operator's chief financial officer, have resigned from their current positions.
In a stock market filing, the Philippines-based operator disclosed that both Mario Tamayo, the network's executive vice president, and CFO Annabelle Chua had retired early. Within the framework of PLDT's "Manpower Reduction Program," the chief procurement officer, Mary Paz, resigned and the vice president, Alexander Kibanoff, was fired.
Chua had been on vacation since December, according to a newspaper source, while an inquiry into the overspending was being carried out. Despite the fact that its inquiry turned up no proof of fraud, the operator's profits dropped by 60%.
PLDT stated that the departures are not expected to have any significant impact on the company's current or future operations, financial position or results of operations. They explained furthermore that the budget overrun was due to the company rapidly expanding its network by purchasing infrastructure equipment.
The company also disclosed the resignations of vice president Wilson Bobier and the former PLDT ambassador Albert Rosario in separate filings.