The withdrawal of the auditor's opinion on the 20-F is a severe red flag that will likely pressure the stock. Traders should watch for the amended 20-F filing for the full scope of restated figures and the Audit Committee's findings. The stock may face a negative reaction until the remediation plan is detailed and the auditor re-engages.
Price Chart
Executive Summary
PLDT disclosed a material weakness in internal controls over financial reporting as of December 31, 2025, related to deficiencies in accounting for structured hedge arrangements. The company's auditor, SGV, has withdrawn its opinions on the original 20-F, and PLDT plans to amend the filing. Management states the revisions are not expected to materially affect net income, EPS, cash flows, or key operating metrics like EBITDA and Telco Core Income, but the withdrawal of the auditor's opinion and the ongoing independent review create significant uncertainty and reputational risk.
Key Facts
- PLDT's auditor, SyCip Gorres Velayo & Co. (SGV), has concluded a material weakness in internal control over financial reporting existed as of December 31, 2025.
- SGV has withdrawn its opinions on PLDT's internal control over financial reporting and financial statements for fiscal year 2025.
- PLDT plans to amend its 2025 Form 20-F to correct financial statement errors and reflect the material weakness.
- The Audit Committee has initiated an independent review of the errors and material weakness, which is ongoing.
- Management states the revisions are not expected to materially affect net income, EPS, cash flows, EBITDA, EBIT, Telco Core Income, or Core Income.
- The hedge-related adjustments arose from deficiencies in controls over accounting for certain structured hedge arrangements.
- The 20-F filed on April 27, 2026, reported total revenues of Php218.4 billion (+1% YoY) and net income of Php28.9 billion (-7% YoY).
Financial Impact
No material impact on net income, EPS, cash flows, or key operating metrics (EBITDA, EBIT, Telco Core Income, Core Income) expected from the revisions, per management. However, the withdrawal of the auditor's opinion on the financial statements creates significant uncertainty and potential for restatement risk.
Risk Factors
- Potential for additional financial statement errors or restatements beyond those currently identified.
- Regulatory scrutiny or SEC enforcement action related to the material weakness and control deficiencies.
- Loss of investor confidence and increased cost of capital due to the auditor's opinion withdrawal.
- The ongoing independent review could uncover further issues, delaying the amended filing and remediation.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001193125-26-347926 |
| Document: phi-ex99_1.htm | 0001193125-26-347926 |
| Document: 0001193125-26-347926-index-headers.html | 0001193125-26-347926 |
| Document: 0001193125-26-347926-index.html | 0001193125-26-347926 |
| Document: 0001193125-26-347926.txt | 0001193125-26-347926 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 8, 2026 18d ago | 6-K | $18.29 $19.73 | ▲ +7.87% | ▲ +8.15% | $18.44 (+0.82%) |
Oct 6, 2026 20d ago | 6-K | $18.09 $18.78 | ▼ −3.81% | ▼ −3.95% | $18.44 (−1.93%) |
Oct 2, 2026 24d ago | 6-K | $17.56 $18.40 | ▲ +4.78% | ▲ +3.62% | $18.44 (+5.01%) |
Sep 30, 2026 26d ago | 6-K | $17.79 $18.59 | ▲ +4.50% | ▲ +2.58% | $18.44 (+3.65%) |
Sep 25, 2026 4w ago | 6-K | $17.20 $17.56 | ▲ +2.09% | ▲ +2.31% | $18.44 (+7.21%) |
Sep 23, 2026 4w ago | 6-K | $17.46 $17.79 | ▲ +1.89% | ▲ +2.56% | $18.44 (+5.61%) |
Aug 14, 2026 10w ago | 6-K | $19.31 $19.38 | ▲ +0.36% | ▲ +1.73% | $18.44 (−4.51%) |
Aug 13, 2026 10w ago | 6-K | $19.46 $19.24 | ▼ −1.13% | ▲ +0.83% | $18.44 (−5.24%) |
Aug 13, 2026 10w ago | 6-K | $19.46 $19.24 | ▲ +1.13% | ▼ −0.83% | $18.44 (+5.24%) |
Aug 13, 2026 10w ago | 6-K | $19.46 $19.24 | ▼ −1.13% | ▲ +0.83% | $18.44 (−5.24%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Create a free account Live analysis, Telegram alerts, watchlists and the MCP server for subscribers