PLDT Inc (PHI) 2023 Q1 法說會逐字稿

Good afternoon, and thank you for joining us today to discuss the company's financial and operating results for the first quarter of 2023. A copy of today's presentation is posted on our website.

下午好，感謝您今天加入我們討論公司 2023 年第一季度的財務和運營業績。今天的演示文稿副本已發佈在我們的網站上。

For those who have not been able to do so, you may download the presentation from www.pldt.com under the Investor Relations section. Kindly note that this briefing is being recorded. Podcast of this event will be available on our website after the call. QR codes for the presentation, the MD&A, FS and the podcast are on the screen and in the confirmation notices e-mailed to you.

對於那些無法這樣做的人，您可以從 www.pldt.com 的投資者關係部分下載演示文稿。請注意，本簡報正在錄製中。電話會議結束後，我們的網站上將提供本次活動的播客。演示文稿、MD&A、FS 和播客的二維碼顯示在屏幕上以及通過電子郵件發送給您的確認通知中。

In today's presentation, we have with us our Chairman, Mr. Manny Pangilinan; Al Panlilio, our President and CEO; Mr. Danny Yu, our newly appointed Chief Finance Officer; Attorney Marilyn Aquino, our CorSec and Chief Legal Officer; Mr. Shailesh Baidwan, President of Voyager Innovations and Maya Philippines; as well as other members of the PLDT management. At this point, let me turn the floor over to Mr. Panlilio to begin the presentation.

在今天的演講中，我們的主席 Manny Pangilinan 先生也出席了會議。 Al Panlilio，我們的總裁兼首席執行官；我們新任命的首席財務官余丹尼先生；瑪麗蓮·阿基諾 (Marilyn Aquino) 律師，我們的 CorSec 兼首席法務官； Voyager Innovations 和 Maya 菲律賓公司總裁 Shailesh Baidwan 先生；以及 PLDT 管理層的其他成員。現在請潘利里奧先生開始介紹。

Thank you, Melissa. Good afternoon to all, and thank you for joining us today. I'm happy to report the first quarter result. But as you all know, the first quarter has been very tough for us, challenges that we had in the first quarter that we would do [resolve] at the end of the first quarter.

謝謝你，梅麗莎。大家下午好，感謝您今天加入我們。我很高興報告第一季度的業績。但眾所周知，第一季度對我們來說非常艱難，我們在第一季度遇到的挑戰將在第一季度末[解決]。

(inaudible), I think last year, we also defined our purpose. I think first time, (inaudible) Smart. I just wanted to share that, we are a Filipino company (inaudible) and meaningful connections (inaudible) that has been purpose of (inaudible) management and working with the entire organization also.

（聽不清），我想去年我們也明確了我們的目標。我認為第一次，（聽不清）聰明。我只是想分享這一點，我們是一家菲律賓公司（聽不清），並且具有有意義的聯繫（聽不清），這也是（聽不清）管理和與整個組織合作的目的。

We've also defined our vision and mission, as you can read them on the screen. Next page, please. So that purpose drives us in our key business priorities. We sustainably shape the market with innovation, with new products, even looking into new areas of business for PLDT. As we continue, obviously, to grow our core business, we continue to strengthen this, very healthy businesses that we have from Individual, Wireless, Home to Enterprise, EBITDA level still at the very healthy 52% margin in the first quarter compared to 51% ending 2022.

我們還定義了我們的願景和使命，您可以在屏幕上閱讀它們。請下一頁。因此，這一目標推動我們實現關鍵業務優先事項。我們通過創新、新產品，甚至探索 PLDT 的新業務領域，可持續地塑造市場。顯然，隨著我們繼續發展我們的核心業務，我們繼續加強我們從個人、無線、家庭到企業的非常健康的業務，與 51% 相比，第一季度 EBITDA 水平仍然保持在非常健康的 52% 利潤率% 截至 2022 年。

And also, of course, (inaudible) part of our (inaudible) streamline our operations, bringing cost to serve down, having more efficiencies and really being more productive as a company.

當然，（聽不清）我們（聽不清）的一部分簡化了我們的運營，降低了服務成本，提高了效率，並真正提高了公司的生產力。

So we continue to reinforce our core infrastructure, PLDT-Smart, homes passed by the end of the period is 11% up. We're now hitting 17.2 million homes close to, I think, Jeremiah, about how many barangays? About...

因此，我們繼續加強我們的核心基礎設施 PLDT-Smart，期末通過的房屋數量增長了 11%。我們現在正在覆蓋 1720 萬戶家庭，我想，耶利米，大約有多少個描籠涯？關於...

17,000 (inaudible).

17,000（聽不清）。

About 17,000 barangays also out of the 42,000 barangays. And we continue to expand obviously our domestic and international fiber footprint, reaching now to 1.1 million kilometers.

42,000 個描籠涯中約有 17,000 個描籠涯。我們繼續明顯擴大我們的國內和國際光纖足跡，目前已達到 110 萬公里。

We're the fast and most extensive network in the country. The next page, please. And happy to share with you -- next page. Happy to share that we are still the undisputed fastest integrated network in the country. In Barcelona, during the Mobile Congress in Feb, Smart was awarded Philippines' Fastest and Best Mobile Network. Fastest for 5 years now, and then only 2 weeks ago, Ookla (inaudible) and awarded PLDT as the Philippines' Fastest Fixed Network for 5 straight years also. So a lot of hard work and a lot of our CapEx, obviously, is getting -- going to the network, making sure that we have the most reliable and fastest integrated network.

我們是該國快速、最廣泛的網絡。請翻到下一頁。很高興與您分享——下一頁。很高興與大家分享，我們仍然是該國無可爭議的最快的綜合網絡。在 2 月份巴塞羅那移動大會期間，Smart 榮獲菲律賓最快、最佳移動網絡獎。現在是 5 年來最快的網絡，而就在兩週前，Ookla（聽不清）還連續 5 年將 PLDT 授予菲律賓最快的固定網絡。因此，顯然，我們的大量努力和大量資本支出正在進入網絡，確保我們擁有最可靠、最快速的集成網絡。

Next page, please. So our 2022 -- sorry, there's a typo here, 2023 Q1 performance, holding to fort amidst challenges, we continue to strengthen the offerings in -- at Home, increasing our Fixed Line subscription despite the installation challenges that we face and the group -- the Home team is developing new product variations to cater to the varying -- I hope this is better.

請下一頁。因此，我們的 2022 年 - 抱歉，這裡有一個拼寫錯誤，2023 年第一季度的表現，在挑戰中堅守陣地，我們繼續加強在國內的產品，增加我們的固定線路訂閱，儘管我們和集團面臨安裝挑戰 - - 主團隊正在開發新的產品變體，以滿足不同的需求 - 我希望這會更好。

And then for Smart, maybe living more for today. I think the new tagline for Smart is Live More Today and really able to have stable revenues this past few quarters and the efforts of Francis to really strengthen the Smart brand because TNT is already very strong, so Smart -- strengthen Smart brand and the Mobile business. And also, again, offering more products in the market that also offer live events powered by our fastest mobile network.

然後對於斯瑪特來說，也許今天會活得更多。我認為 Smart 的新口號是“Live More Today”，在過去的幾個季度中確實能夠獲得穩定的收入，弗朗西斯為真正加強 Smart 品牌所做的努力，因為 TNT 已經非常強大，所以 Smart——加強 Smart 品牌和移動商業。此外，我們還再次在市場上提供更多產品，這些產品還提供由我們最快的移動網絡支持的現場活動。

For Enterprise, continue to aspire to be the trusted partner for growth for our Enterprise business and our SMEs. So growing core business driven by higher digital adoption and business transformation, integrating connectivity management to enable core businesses in the Philippines. So again, aspiration to really be a partner in their digital transformation journey.

對於企業而言，繼續立志成為值得信賴的合作夥伴，促進我們的企業業務和中小企業的發展。因此，在更高的數字化採用和業務轉型的推動下，核心業務不斷增長，整合連接管理以支持菲律賓的核心業務。再次強調，渴望真正成為他們數字化轉型之旅的合作夥伴。

Next page. So this is just one of the solutions that we brought to the market, and we continue to push solution services, managed services to the market. This is only like a couple of weeks ago, PLDT Enterprise partnered with Toyota in their myTOYOTA Connect with Smart IoT eSIM solutions that are put in the cars. Smart's platform will enable Toyota to maximize the benefits of an integrated connectivity management platform, giving more -- offering more data to Toyota in terms of how they can manage the cars. And it's a similar solution that you could not only use in the automobile industry, but also have revolutionized other industries like logistics and fleet management and the like. So we will continue to push a lot of these kinds of solutions to the market and really making sure that the digital transformation across huge and small to medium enterprises happen in our country.

下一頁。所以這只是我們推向市場的解決方案之一，我們會繼續向市場推出解決方案服務、託管服務。就在幾週前，PLDT Enterprise 與豐田合作推出 myTOYOTA Connect，該解決方案配備在汽車中的智能物聯網 eSIM 解決方案。 Smart 的平台將使豐田能夠最大限度地發揮集成連接管理平台的優勢，為豐田提供更多有關如何管理汽車的數據。這是一個類似的解決方案，您不僅可以在汽車行業中使用，而且還可以徹底改變物流和車隊管理等其他行業。因此，我們將繼續向市場推出大量此類解決方案，並真正確保我國大型和中小企業的數字化轉型發生。

Next page, please. And of course, sustainability is in our DNA, focusing on business continuity, energy efficiency and embedding ESG in our DNA. So we are ISO certified for Security and Resilience and focus on -- to minimize and manage service disruptions. We are also certified in terms of Energy Management Systems, and this is true for -- for example, our ePLDT data centers in Clark, Makati, Pasig and Cebu, an aim to really improve energy usage and development of an energy management system.

請下一頁。當然，可持續發展已融入我們的 DNA，專注於業務連續性、能源效率並將 ESG 融入我們的 DNA。因此，我們獲得了安全性和彈性方面的 ISO 認證，並專注於最大限度地減少和管理服務中斷。我們還獲得了能源管理系統方面的認證，例如，我們位於克拉克、馬卡蒂、巴石和宿務的 ePLDT 數據中心就是如此，其目標是真正改善能源使用和能源管理系統的開發。

Just yesterday, we signed up a partnership with FirstGen, Energy Development Corp in terms of our renewable contract for our PLDT-Smart facilities. The source will be a geothermal energy that will power up 7 facilities in Visayas amounted about 3.7 megawatts. And once Mindanao opens up (inaudible) access, there's another 3.5 -- or 3.45 megawatt of renewable power that we can source from EDC.

就在昨天，我們與 FirstGen、能源開發公司就 PLDT-Smart 設施的可再生合同簽署了合作夥伴關係。來源將是地熱能，將為米沙鄢群島的 7 個設施提供電力，總發電量約為 3.7 兆瓦。一旦棉蘭老島開放（聽不清）接入，我們還可以從 EDC 獲取另外 3.5 或 3.45 兆瓦的可再生電力。

Again, this is part of our commitment to reduce our Scope 1 and Scope 2 greenhouse gas emissions by 40% in -- by 2030. So at this point, I'd like to move the mic to Danny -- sorry, last slide. Just to summarize despite those challenges that we have faced in the first quarter, we have shown growth behind all this adversity. We've shown resilience. Telco Core is up 5% to PHP 8.6 billion compared to last year's PHP 8.2 billion. Net service revenues are up 2% to PHP 47.1 billion versus last year's PHP 46.1 billion. And EBITDA, which is a high -- all-time high quarterly EBITDA of PHP 26 billion or plus 2% versus same period last year. Again, at a 52% margin for EBITDA. So I'll move you to Danny to go to more detail in terms of our financial performance. Danny, please.

再說一次，這是我們承諾的一部分，即到 2030 年將範圍 1 和範圍 2 溫室氣體排放量減少 40%。因此，在這一點上，我想把麥克風移到丹尼身上——抱歉，是最後一張幻燈片。總而言之，儘管我們在第一季度面臨這些挑戰，但我們在所有這些逆境背後都表現出了增長。我們表現出了韌性。 Telco Core 的收入比去年的 82 億比索增長了 5%，達到 86 億比索。淨服務收入比去年的 461 億比索增長 2%，達到 471 億比索。 EBITDA 創歷史新高，季度 EBITDA 達到 260 億比索，比去年同期增長 2%。同樣，EBITDA 利潤率為 52%。因此，我將請您聯繫丹尼，詳細了解我們的財務業績。丹尼，請。

Good afternoon. Allow me to share PLDT's financial and operating results for the first quarter of '23. Next. Consolidated service revenue for the first quarter of '23 amounted to PHP 47.1 billion or higher by 2% from last year. EBITDA for the quarter also rose 2% to PHP 26 billion, an all-time high quarterly high. EBITDA margin remained strong at 52% higher than the full year margin of 51% in '22. Telco Core Income, excluding the impact of asset sales and Voyager grew 5% to PHP 8.6 billion from last year's PHP 8.2 billion.

下午好。請允許我分享 PLDT 2023 年第一季度的財務和運營業績。下一個。 2023 年第一季度的綜合服務收入達到 471 億比索，比去年同期增長 2%。該季度的 EBITDA 也增長了 2%，達到 260 億比索，創歷史新高。 EBITDA 利潤率保持強勁，達到 52%，高於 2022 年全年利潤率 51%。電信核心收入（不包括資產出售和 Voyager 的影響）增長了 5%，從去年的 82 億比索增長至 86 億比索。

Next, please. Looking at the segment performance. Our Home business continued to be the main driver of growth with a 6% year-on-year increase to PHP 15 billion. Fiber Only revenues rose by 14% to PHP 12.8 billion. Our Enterprise business improved by 5% to PHP 11.8 billion. In the phase of industry headwinds, our Individual business remained stable year-on-year registering revenues of PHP 19.8 billion.

下一位。看看分部的表現。我們的家居業務繼續成為增長的主要推動力，同比增長 6%，達到 150 億比索。 Fiber Only 收入增長 14%，達到 128 億比索。我們的企業業務增長了 5%，達到 118 億比索。在行業逆風階段，我們的個人業務同比保持穩定，收入達 198 億比索。

Let me now go through the segments in greater detail. The Home Broadband business continued to show growth, albeit at a slower pace post-pandemic. The market remains underpenetrated. However, unserved demand is more at lower segments, thereby more sensitive to inflation. Fiber Home revenues now account for 85% of the total Home revenues, up from 81% for full year of '22. Home ARPU grew 3% year-on-year. Fiber net adds of 81,000 in the first quarter are more than 3x that in the fourth quarter due to lower churn and higher migrations.

現在讓我更詳細地介紹一下這些部分。家庭寬帶業務繼續呈現增長，儘管疫情后增速放緩。市場仍然滲透不足。然而，未滿足的需求更多地集中在較低的細分市場，因此對通脹更加敏感。光纖家庭收入目前佔家庭總收入的 85%，高於 22 年全年的 81%。家庭 ARPU 同比增長 3%。由於客戶流失率下降和遷移率上升，第一季度光纖淨增數量為 81,000 戶，是第四季度的 3 倍多。

PLDT's competitive advantages remain to be strong brand equity, superior network quality and having a fixed and wireless portfolio, which allows us to offer varied technologies and price points to address different markets.

PLDT 的競爭優勢仍然是強大的品牌資產、卓越的網絡質量以及固定和無線產品組合，這使我們能夠提供不同的技術和價位來滿足不同的市場需求。

Next, please. We're also seeing strong emerging revenue growth drivers in the Enterprise business. Corporate data grew 7% due to higher fiber, managed IT and i-Gate revenues. ePLDT rose 14%, mainly from data center and cloud services. In addition, PLDT Global registered a 42% increase in revenues from the Enterprise IPLC, data center and carrier hubbing. PLDT's data center -- 11th data center expected to be operational in the first quarter of '24. Next, please.

下一位。我們還看到企業業務中出現了強勁的新興收入增長動力。由於光纖、託管 IT 和 i-Gate 收入的增加，企業數據增長了 7%。 ePLDT上漲14%，主要來自數據中心和雲服務。此外，PLDT Global 來自企業 IPLC、數據中心和運營商樞紐的收入增長了 42%。 PLDT 的數據中心——第 11 個數據中心預計將於 2024 年第一季度投入運營。下一位。

The Individual business managed to keep revenues stable compared to the same quarter last year despite industry pressures. Mobile data revenues grew by 4% to PHP 17 billion as data usage per sub and data traffic continued to register year-on-year increases despite a dip in data users, which declined due to impact of SIM registration.

儘管面臨行業壓力，個人業務仍設法保持收入與去年同期相比穩定。儘管由於 SIM 註冊的影響，數據用戶有所下降，但由於每個用戶的數據使用量和數據流量繼續同比增長，移動數據收入增長了 4%，達到 170 億比索。

Except for the impact of inflation on our low-end brand, TNT, Smart prepaid and Smart postpaid revenues were higher year-on-year. Initial impact of SIM registration reduced gross adds but this had minimal impact on revenues. Network superiority in terms of speed, low latency, reliability and nationwide reach remain Smart's competitive differentiator.

除了通貨膨脹對我們的低端品牌的影響外，TNT、Smart預付費和Smart後付費收入同比較高。 SIM 註冊的最初影響減少了總增加量，但這對收入的影響很小。速度、低延遲、可靠性和覆蓋全國范圍方面的網絡優勢仍然是 Smart 的競爭優勢。

Next. In the first quarter of '23, data now accounted for 82% of the consolidated service revenues. By service type, mobile data grew 4% year-on-year, while Home Broadband rose 8% and Corporate data by 7%. ICT registered a 20% increase, which included a 19% rise in data service revenues. Consolidated EBITDA in the first quarter amounted to PHP 26 billion or 2% higher versus last year as the PHP 1.11 billion increase in revenues fully absorb the PHP 500 million rise in costs. Next, please.

下一個。 2023 年第一季度，數據目前佔綜合服務收入的 82%。按服務類型劃分，移動數據同比增長4%，家庭寬帶增長8%，企業數據增長7%。 ICT 增長了 20%，其中數據服務收入增長了 19%。第一季度綜合 EBITDA 達到 260 億比索，比去年增加 2%，因為 11.1 億比索的收入增長完全消化了 5 億比索的成本增長。下一位。

Telco Core registered a strong start for the year at PHP 8.6 billion. This is 5% or PHP 400 million higher than last year as higher EBITDA and lower depreciation fully offset increases in financing costs and tax provision. Next, please.

Telco Core 今年開局強勁，收入達 86 億比索。這比去年增加了 5%，即 4 億菲律賓比索，因為較高的 EBITDA 和較低的折舊完全抵消了融資成本和稅收撥備的增加。下一位。

On a reported basis, PLDT's income stood at PHP 9 billion or slightly lower than last year, mainly due to lower nonrecurring gains. Last year, the company recorded a (inaudible) gain from the prescription of the preferred shares redemption liability and MRP expenses of PHP 4.6 billion. Next, please.

根據報告，PLDT 的收入為 90 億比索，略低於去年，主要是由於非經常性收益減少。去年，該公司從優先股贖回責任規定和 MRP 費用中獲得了 46 億比索的（聽不清）收益。下一位。

PLDT's balance sheet remained strong with net debt-to-EBITDA in the first quarter having improved to 2.18 from last year's 2.25 and 2021, 2.38. This resulted from a reduction in net debt and an improvement in EBITDA. Gross debt amounted to PHP 247.7 billion, of which 16% are dollar-denominated and 5% unhedged. Interest cost for the quarter stood at 4.17%, while average life of debt is 6.6 years. Next, please.

PLDT 的資產負債表依然強勁，第一季度的淨債務與 EBITDA 之比從去年的 2.25 和 2021 年的 2.38 改善至 2.18。這是由於淨債務減少和 EBITDA 改善所致。總債務達 2,477 億比索，其中 16% 以美元計價，5% 未對沖。本季度利息成本為 4.17%，平均債務期限為 6.6 年。下一位。

Total CapEx for the quarter amounted to PHP 19.3 billion, consisting of network and IT CapEx of PHP 17.7 billion and business CapEx of PHP 1.6 billion. Included in the CapEx spend are investment in capacity to drive revenue growth and support continuing rise in network traffic and the construction of our 11th data center, among others. To optimize CapEx spend, PLDT is pushing to further improve port utilization and is undertaking a network optimization program, which aims to repurpose underutilized 5G base stations for LTE use. The latter is expected to improve CX and achieve OpEx, CapEx and spectrum efficiencies. Note that CapEx is expected to trend downward in line with the company's goal to achieve CapEx intensity and achieve positive free cash flow. Next, please.

本季度資本支出總額為 193 億比索，其中網絡和 IT 資本支出為 177 億比索，業務資本支出為 16 億比索。資本支出包括對容量的投資，以推動收入增長、支持網絡流量的持續增長以及我們第 11 個數據中心的建設等。為了優化資本支出，PLDT 正在推動進一步提高端口利用率，並正在進行網絡優化計劃，旨在將未充分利用的 5G 基站重新用於 LTE。後者預計將改善客戶體驗並實現運營支出、資本支出和頻譜效率。請注意，資本支出預計將呈下降趨勢，與公司實現資本支出強度和實現正自由現金流的目標一致。下一位。

This page shows our usual network highlights. On the fixed network, we passed 17.2 million homes and cover about 17,900 barangays, representing 42% of all barangays in the Philippines. Total fiber ports stood at PHP 6.1 million. Utilization of these ports remain high at 50 to 60 level, and as I mentioned earlier, we intend to further improve the utilization.

此頁面顯示了我們通常的網絡亮點。在固定網絡上，我們通過了1720萬個家庭，覆蓋了約17900個描籠涯，佔菲律賓所有描籠涯的42%。光纖端口總數為 610 萬比索。這些端口的利用率仍然很高，在50到60個水平，正如我前面提到的，我們打算進一步提高利用率。

PLDT total fiber footprint remains unparalleled with a total of over 1.1 million kilometers. In so far as our wireless network is concerned, our population coverage stands at 97%, with a total of 76,500 base stations. We have about 38,800 LTE base stations. About 82% of the total handsets on the network are LTE.

PLDT 光纖總足跡仍然無與倫比，總計超過 110 萬公里。就無線網絡而言，人口覆蓋率達97%，共有基站76,500個。我們擁有約 38,800 個 LTE 基站。網絡上的手機總數中約 82% 是 LTE。

You may note that there was a minimal movement in the statistics from the end of '22. This was a natural consequence of the deep dive review of internal processes related to CapEx. Next, please.

您可能會注意到，自 22 年底以來，統計數據變化很小。這是對與資本支出相關的內部流程進行深入審查的自然結果。下一位。

A few of our 5G stats are found on this page. The number of unique 5G devices and 5G data traffic continue to rise. Our 5G speeds remain faster than that of competition based on Ookla's speed test. That ends my report. Let me now turn you over to SB for Maya presentation.

在此頁面上可以找到我們的一些 5G 統計數據。獨特的5G設備數量和5G數據流量持續上升。根據 Ookla 的速度測試，我們的 5G 速度仍然快於競爭對手。我的報告到此結束。現在讓我將您交給 SB 進行 Maya 演示。

Thank you, Danny. Good afternoon, everyone. So we are coming to our first year anniversary of the launch of Maya Bank. Last year in May is when we launched Maya Bank. And we're very pleased with the recognition that we've seen from customers, in particular, on the consumer bank side as you roll that out for us to be also recognized by external forums like the Forbes as part of the World's Best Banks (inaudible) Digital Bank from the Philippines to make that list has been extremely rewarding.

謝謝你，丹尼。大家下午好。我們即將迎來瑪雅銀行成立一周年紀念日。去年五月我們推出了 Maya Bank。我們非常高興看到客戶對我們的認可，特別是在消費者銀行方面，因為你們推出這一舉措，我們也被福布斯等外部論壇認可為世界最佳銀行的一部分（聽不清）來自菲律賓的數字銀行進入該名單是非常有價值的。

Just to remind, while we have the bank, which we put at the heart of our fintech ecosystem, we have 2 other large pieces of the business where the bank is now powering additional financial services. One of those is where we service enterprises, large, medium, small by providing them payment processing facilities. We are the #1 merchant acquirer, whether it is Visa, Mastercard, domestic debit or QR, we process all transactions. And that is a large part of our business where we are, by far, the leader in transaction processing.

只是提醒一下，雖然我們擁有銀行，我們將其置於金融科技生態系統的核心，但我們還有其他兩大業務領域，銀行現在正在為其他金融服務提供支持。其中之一是我們為大型、中型、小型企業提供支付處理設施。我們是排名第一的商戶收單機構，無論是 Visa、Mastercard、國內借記卡還是二維碼，我們都會處理所有交易。這是我們業務的很大一部分，到目前為止，我們是交易處理領域的領導者。

On the other side of the house, from the consumer side of the house, we have the Maya app, which was erstwhile PayMaya, where we completely revamped the facilities, the customer experience and have been, again, very richly rewarded by the ratings that we have got on whether it is on the Android or on the Apple Play Stores with very high ratings. So we put the bank at the heart of our ecosystem, which was payments and now expanded that beyond payments into a fuller suite of services.

在房子的另一邊，從房子的消費者一側來看，我們有 Maya 應用程序，即以前的 PayMaya，我們徹底改造了設施、客戶體驗，並再次獲得了非常豐厚的回報：無論是在 Android 還是在 Apple Play Stores 上，我們都獲得了非常高的評價。因此，我們將銀行置於支付生態系統的核心，現在將其擴展到支付以外的更全面的服務。

On the next slide, if you look at our business on the merchant acquiring, which is what I spoke about, where we have a very, very large market share, where we are the market leaders, we have gone beyond now the large enterprises and providing them with omnichannel payment solution to really expanding in a big way into the micro and SME. And by putting the bank at the heart of it, we will be now providing not just payment solutions, but really helping SMEs with a full banking (inaudible) by providing them with short-term working capital loans, enabling them to use that as the deposit/settlement account, helping them with disbursements and payments that they need to make as part of their business processes.

在下一張幻燈片中，如果你看看我們在商家收單方面的業務，這就是我所說的，我們擁有非常非常大的市場份額，我們是市場領導者，我們現在已經超越了大型企業和為他們提供全渠道支付解決方案，以真正大規模擴展到微型和中小企業。通過將銀行置於核心地位，我們現在不僅提供支付解決方案，而且通過向中小企業提供短期營運資金貸款，真正幫助他們獲得完整的銀行業務（聽不清），使他們能夠將其用作存款/結算賬戶，幫助他們支付業務流程中所需的支出和付款。

On the consumer side of the house, that is where the bank is already deeply entrenched and integrated in its first year of operation, where the customers now are able to use their balances, save their balances through our high engagement banking product, through our personal goals and other innovations that we have and on the back of rich transaction data that we had for millions and millions of customers, we launched our first lending product, Maya Credit.

在消費者方面，銀行在運營的第一年就已經根深蒂固並進行了整合，客戶現在可以使用他們的餘額，通過我們的高參與度銀行產品、通過我們的個人賬戶保存餘額。憑藉我們擁有的目標和其他創新，以及我們為數百萬客戶提供的豐富交易數據，我們推出了第一個貸款產品 Maya Credit。

And now we'll be rolling out the subsequent next set of products with things like Maya Pay in 4 and others to follow through the course of the next 6 to 8 weeks.

現在，我們將在接下來的 6 到 8 週內推出下一組產品，例如 Maya Pay in 4 等。

To give you some statistics on the performance of the bank in its first year, this is data as of March this year. So in the first year of operation, we hit 1.8 million customers. We're pretty confident that before we complete the full year of operation, which is end of this month, we should be at over 2 million customers, which is a big milestone for us.

為了給大家提供一些關於該銀行第一年業績的統計數據，這是截至今年 3 月份的數據。因此，在運營的第一年，我們的客戶數量就達到了 180 萬。我們非常有信心，在本月底完成全年運營之前，我們的客戶數量應該會超過 200 萬，這對我們來說是一個重要的里程碑。

These customers as of March deposited over PHP 21 billion with us, and this has become a primary account for these customers where they're using us not just to save the money but also to do all the transactions, whether they're paying their Smart, PLDT bill or whether they're buying goods online or any other transaction that they need to do.

截至 3 月份，這些客戶在我們這裡存入了超過 210 億比索，這已成為這些客戶的主要賬戶，他們使用我們不僅是為了省錢，而且還可以進行所有交易，無論他們是否支付智能費用、PLDT 賬單或者他們是否在線購買商品或他們需要進行的任何其他交易。

On the back of our in-house proprietary credit scoring of (inaudible), we have been able to start dispensing loans to our customers. Our key product over there is a short-term credit product called Maya Credit, which we launched for the consumers, an instant in-app product, and we have already dispensed -- disbursed more than PHP 6 billion worth of loan through the course of its launch in the April-May time frame through to the first quarter -- ending of first quarter.

在我們內部專有信用評分（聽不清）的支持下，我們已經能夠開始向客戶發放貸款。我們在那裡的主要產品是一種名為 Maya Credit 的短期信貸產品，我們為消費者推出了一款即時應用內產品，並且我們已經發放了價值超過 60 億比索的貸款。它在四月至五月的時間範圍內推出，一直到第一季度——第一季度末。

So these were some just early statistics to show you the progress that we have made by integrating the bank into the heart of the rest of our ecosystem, which spans both consumers and on the Enterprise side. And as we go forward over the coming weeks and months, newer, newer products, both for the consumer side of the house and of course, for the micro-SME segment, which is an area, again, which is deeply underserved in the Philippines. So this was a quick update on Maya. Hand it over to Al.

因此，這些只是一些早期統計數據，旨在向您展示我們通過將銀行整合到我們生態系統其餘部分的核心中所取得的進展，該生態系統涵蓋消費者和企業方面。隨著我們在未來幾周和幾個月的發展，更新、更新的產品不僅適用於家庭消費者，當然也適用於微型中小企業領域，這也是菲律賓服務嚴重不足的一個領域。這是 Maya 的快速更新。把它交給阿爾。

Yes. Thank you, SB. Just as a few updates. First, SIM registration. As you know, it has been extended until July 25, 2023. But as of May 3, Smart has registered 44.7 million of its subscribers, roughly 67% of our base -- declared base before and over 80% of our revenues are actually coming from this 44.7 million. So we'll continue to work on this balance and hopefully looking for another 9 million to 10 million subscribers to July.

是的。謝謝你，SB。就像一些更新一樣。首先，SIM卡註冊。如您所知，它已延長至 2023 年 7 月 25 日。但截至 5 月 3 日，Smart 已註冊了 4470 萬訂戶，大約占我們之前宣布的基礎的 67%，並且我們超過 80% 的收入實際上來自從這4470萬。因此，我們將繼續努力實現這一平衡，並希望在 7 月份之前再增加 900 萬到 1000 萬訂戶。

On the Class suit developments, just to update, there have been 2 individuals, each presented by different law firms. They submitted separate motions to serve as lead plaintiffs for the Class suit. Total numbers of shares owned by the 2 is 37 shares, and the total losses claimed is only $263. So lead plaintiff and lead counsel appointed by the court. So PLDT will have the opportunity to file a motion to dismiss the U.S. Class Action after it is served a copy of the amended complaint filed by the newly appointed lead plaintiff.

關於集體訴訟的進展，更新一下，有兩個人，每個人都由不同的律師事務所提出。他們分別提交了擔任集體訴訟主要原告的動議。兩人持有的股票總數為37股，索賠的總損失僅為263美元。因此，首席原告和首席律師均由法院指定。因此，PLDT 在收到新任命的主要原告提交的修改後的投訴副本後，將有機會提出駁回美國集體訴訟的動議。

For the purchase of Sky Cable Corporation's broadband business, we've already filed a notice with the Philippine Competition Commission on 30 March 2023 and just awaiting to start Phase I -- of the Phase 1 review. Ongoing technical, legal and labor, finance and tax due diligence review is happening as we speak. So we're hoping -- I think we will be also sending some more documents further review and hoping for an approval soon after.

對於購買 Sky Cable Corporation 的寬帶業務，我們已於 2023 年 3 月 30 日向菲律賓競爭委員會提交了通知，正等待啟動第一階段審查。就在我們發言時，正在進行的技術、法律、勞工、財務和稅務盡職調查審查正在進行中。因此，我們希望——我認為我們還將發送更多文件進行進一步審查，並希望很快獲得批准。

Just on the sale and leaseback of the first set, Stratosphere 1, 5,907 towers, that was closed April of last year. As of -- after a year, as of 30 April, total number of towers sold and leaseback at 5,182 or 88% for a total consideration of close to PHP 68 billion. We will include those additional 135 towers closing in this April, close to PHP 1.9 billion. And the balance of the 725 towers expected to be transferred on or before August 23.

就在第一套 Stratosphere 1 的售後回租中，該項目共有 5,907 座塔樓，已於去年 4 月關閉。一年後，截至 4 月 30 日，出售和回租的塔樓總數為 5,182 座，即 88%，總價接近 680 億比索。我們將包括今年 4 月份關閉的另外 135 座塔樓，耗資接近 19 億比索。 725座塔樓的剩餘部分預計將在8月23日或之前完成移交。

And for Stratosphere 2, sale and leaseback of 650 towers in December and 1,112 (sic) [1,012] towers In March, we see clear -- we've already gotten PCC clearance for the transaction of Unity Digital Infrastructure, which is the 650 towers closed in December of last year. And we expect a closing of about 125 towers amounting to about PHP 1.7 billion on May 2023. Sorry, for the typo. I think that's it, Melissa.

對於 Stratosphere 2，12 月出售和回租 650 座塔樓，3 月出售和回租 1,112 座（原文如此）[1,012] 座塔樓，我們清楚地看到，我們已經獲得 PCC 批准進行 Unity Digital 基礎設施交易，即 650 座塔樓去年12月關閉。我們預計將於 2023 年 5 月關閉約 125 座塔樓，總金額約為 17 億比索。抱歉，打錯字了。我想就是這樣，梅麗莎。

We're now ready to take your questions. You may type your questions in the Q&A box in the upper right side of the screen. You may also click the Raise Hand button and wait for the moderator to call your name before you unmute your microphone. You may also send your questions via e-mail to pldt_ir_center@pldt.com.ph. Please indicate your name and company name so that we can back -- get back to you. For any additional information, you may -- we have a hand raised from Arthur Pineda, Citi. Arthur, you may unmute your mic.

我們現在準備好回答您的問題。您可以在屏幕右上角的問答框中輸入您的問題。您還可以單擊“舉手”按鈕，等待主持人叫出您的名字，然後再取消麥克風靜音。您也可以通過電子郵件將您的問題發送至 pldt_ir_center@pldt.com.ph。請註明您的姓名和公司名稱，以便我們回复您。如需任何其他信息，您可以——花旗集團的 Arthur Pineda 向我們舉手。亞瑟，你可以取消麥克風靜音。

Just 3 questions, please. First, on the Class Action lawsuit, if I may just clarify. Am I to understand that this is done in dusted at $263 and there's no subsequent case related to the CapEx, which is pending? The second question I had is with Maya. I do know that you've got PHP 21 billion on your deposit base against a loan disbursement of just around PHP 6 billion. What's holding the company back from more aggressively monetizing on the deposit base? Any guidance on the drive to profitability would be useful. And the third question I had is with regard to the SIM registration process. It seems like it's been quite slow in terms of registering the sub. So I'm just wondering, what are the key bottlenecks to this? Is there any risk that you could actually see a revenue drop off by the deadline in July if these are not addressed?

請提 3 個問題。首先，請允許我澄清一下集體訴訟。我是否可以理解，這是以 263 美元完成的，並且沒有與資本支出相關的後續案件，該案件正在懸而未決？我的第二個問題是關於瑪雅的。我確實知道您的存款基礎為 210 億比索，而貸款支出約為 60 億比索。是什麼阻礙了該公司在存款基礎上更積極地貨幣化？任何關於推動盈利的指導都會有用。我的第三個問題是關於 SIM 卡註冊過程。看來註冊子程序的速度相當慢。所以我只是想知道，這方面的關鍵瓶頸是什麼？如果不解決這些問題，是否存在在 7 月截止日期之前實際看到收入下降的風險？

Hi, Arthur. Let me answer the third question first and then maybe the first by Attorney MaVA and second by SB. I think the process has been quite easy for us. Actually we've invested in the system to make it happen. That's why we're already at a 67% clip. What's coming out is really maybe your real active base of subscribers. We will obviously continue to push for the balance. But as I said, 67% of our base has been registered, which carries over 80% plus of our revenue.

嗨，亞瑟。讓我先回答第三個問題，然後可能是 MaVA 律師的第一個問題和 SB 的第二個問題。我認為這個過程對我們來說非常容易。事實上，我們已經對該系統進行了投資以實現這一目標。這就是為什麼我們已經達到了 67% 的水平。出來的內容可能真的是您真正的活躍訂閱者基礎。顯然，我們將繼續推動平衡。但正如我所說，我們 67% 的基地已經註冊，占我們收入的 80% 以上。

So we don't see -- on our part, we don't see any risk on the revenues as we're able to -- we're close to, I guess, maintaining the base that are really active for our Smart base. Our job is to be the primary SIM to -- in the market, and make sure that we're able to gain the customers unless Francis wants to add anything else. I think -- again, I think the process has been very, very simple on our part.

所以我們沒有看到——就我們而言，我們沒有看到任何收入風險，因為我們能夠——我想，我們接近維持對我們的智能基地真正活躍的基礎。我們的工作是成為市場上的主要 SIM 卡，並確保我們能夠贏得客戶，除非 Francis 想添加任何其他內容。我想——再說一遍，我認為這個過程對我們來說非常非常簡單。

Just to add, I think the challenge, I think that all of us facing, all the telcos faces really -- we don't have a (inaudible) other countries. But again, we've been working closely with the NTC to provide solutions on that one. And the other challenge, of course, would be still going out there for subscribers who are, either not on smartphones or are not techy. It's really -- what have we done in the past few months, we've been very aggressive in really reaching out to them both online and on-site. And like as we said, I think we're quite confident that they will be able to secure our business.

只是補充一點，我認為我們所有人、所有電信公司都面臨著真正的挑戰 - 我們沒有（聽不清）其他國家。但我們再次與 NTC 密切合作，提供解決方案。當然，另一個挑戰仍然是那些要么不使用智能手機，要么不懂技術的訂戶。過去幾個月我們確實做了什麼，我們非常積極地在網上和現場與他們接觸。正如我們所說，我認為我們非常有信心他們能夠確保我們的業務。

MaVA, maybe you can answer the Class suit question.

MaVA，也許你可以回答職業套裝的問題。

Yes. The first question is whether they are the only holders of the depositary receipts that filed for our Class suit, right? And the answer is yes. They are the only ones that filed within the deadline set by the court. So no others joined the Class suit process. So that's it. And it's going to be a long process. We expect that the process of filing an amended complaint and motion to dismiss, and the resolution on the motion to dismiss can -- will take at least a year. So sometime next year in -- June next year 2024.

是的。第一個問題是，他們是否是提起集體訴訟的唯一存託憑證持有人，對吧？答案是肯定的。他們是唯一在法院規定的期限內提交的案件。因此沒有其他人加入集體訴訟程序。就是這樣了。這將是一個漫長的過程。我們預計，提交修改後的投訴和駁回動議的過程以及駁回動議的決議可能至少需要一年的時間。所以明年的某個時候——2024 年 6 月。

But obviously, Arthur, the amount is very, very small.

但顯然，亞瑟，這個數額非常非常小。

Yes, the lawyer fees are probably bigger than the (inaudible).

是的，律師費可能比（聽不清）還要高。

Yes. Yes, we've already lost more. SB? Go ahead, MaVA. Do you want to add?

是的。是的，我們已經失去了更多。 SB？繼續吧，瑪瓦。您要添加嗎？

It's okay. I have nothing more to add.

沒關係。我沒有什麼可補充的了。

SB?

SB？

Thanks, Arthur. So on your question on monetization. So first of all, a lot of the excess liquidity that we have, we are placing it in things like the BSP overnight deposits and other short-term highly liquid and 0 -- close to 0 risk assets. And those are yielding us today close to 5% to 6%. So that has been extremely helpful to us during this period of heightened interest rate in terms of being able to place that. But that has helped us to manage the kind of gap that we have between the loans and the deposit ratio.

謝謝，亞瑟。關於你關於貨幣化的問題。首先，我們擁有大量過剩流動性，我們將其投入央行隔夜存款和其他短期高流動性和 0 接近 0 風險的資產。如今，這些收益為我們帶來了接近 5% 至 6% 的收益。因此，在利率高漲的時期，這對我們能夠放置這一點非常有幫助。但這幫助我們控制了貸款和存款比率之間的差距。

The second part I would say is that our deposits, the way we have designed the products, we call it the high-engagement banking for customers to earn the interest, they have to transact with us because we know that the transaction data is actually the richest way of us getting a data asset that tells us insight into the customer.

我要說的第二部分是我們的存款，我們設計產品的方式，我們稱之為高參與度銀行業務，讓客戶賺取利息，他們必須與我們進行交易，因為我們知道交易數據實際上是我們獲得數據資產的最豐富方式，可以讓我們深入了解客戶。

If I know what the size of the electricity bill that you pay, the kind of transactions you do on a monthly basis, what are the purchases you make and what other transactions you do, that then goes into my credit scoring model. So our whole saving proposition is built around high engagement where in order to enjoy different slabs of interest rate, you have to do and show us more and more transaction and spend with us.

如果我知道您支付的電費金額、您每月進行的交易類型、您購買的商品以及您進行的其他交易，這些信息就會進入我的信用評分模型。因此，我們的整個儲蓄主張是圍繞高參與度建立的，為了享受不同的利率，您必須向我們展示越來越多的交易和支出。

That data is feeding into our proprietary in-house AI-driven credit scoring model. And that, in turn, is helping to drive the loans disbursement and you're absolutely right, at this stage, at a little over PHP 6 billion, that loan book -- disbursement is still growing. But just to give you a sense, on the back of that transaction data, we have over 1 million customers today who are now eligible for some of these short-term loans. Of course, not everybody is going to take it up. But it is telling you about the opportunity set that we are developing over here.

這些數據正在輸入我們專有的內部人工智能驅動的信用評分模型。而這反過來又有助於推動貸款支付，在現階段，貸款總額略高於 60 億比索，您的說法絕對正確——貸款支付仍在增長。但讓您了解一下，根據這些交易數據，我們今天有超過 100 萬客戶現在有資格獲得其中一些短期貸款。當然，並不是每個人都會接受它。但它告訴你我們在這裡開發的機會集。

And of course, we have a number of new products coming out. Our Pay in 4 product will be launching. We're already testing it actually in the market. We'll be going live with that over the coming weeks. Longer-term installment loans for consumers will be going live again within the next 4 to 6 weeks, which will give longer tenure and larger loan sizes. And then on the MSME side of the house, we are already testing again short-term working capital loans and those will get expanded out.

當然，我們還有許多新產品問世。我們的 Pay in 4 產品即將推出。我們已經在市場上進行了實際測試。我們將在未來幾週內實施這一點。面向消費者的長期分期貸款將在未來 4 至 6 週內再次上線，這將帶來更長的期限和更大的貸款規模。然後，在中小微企業方面，我們已經在再次測試短期流動資金貸款，這些貸款將得到擴大。

On your question on profitability, given that the business is made up of different components. So for us, one of the key markers is segment EBITDA. So for us, 2 businesses, the merchant acquiring business and the bank are already segment EBITDA positive. So that was a big milestone that we hit in the first quarter of this year. And before this year is through, we will be segment EBITDA positive across all our businesses and in the course of -- towards the end of 2024, the company aims to be positive on EBITDA basis. So that is our plan on the (inaudible).

關於你關於盈利能力的問題，考慮到該業務是由不同的組成部分組成的。因此，對我們來說，關鍵指標之一是 EBITDA 部分。因此，對於我們來說，商戶收單業務和銀行這 2 項業務已經實現了 EBITDA 正值。這是我們今年第一季度實現的一個重要里程碑。在今年結束之前，我們將在所有業務中實現 EBITDA 為正值，並且到 2024 年底，公司的目標是在 EBITDA 基礎上實現正值。這就是我們的計劃（聽不清）。

Understood.

明白了。

Arthur, any follow-up questions?

亞瑟，還有什麼後續問題嗎？

That's very clear. Thank you very much.

這非常清楚。非常感謝。

Hussaini, you have your hand raised.

侯賽尼，你舉手了。

Several questions from me. First is on the fiber adds or net adds of around 81,000 in -- at the aggregate level, it was a 33,000 net subscriber additions, broadband subscriber addition. Just wanted to understand, is this the new run rate? Or do we expect this to accelerate potentially going to second and third quarter? That's question number one.

我提出幾個問題。首先是光纖新增用戶或淨新增用戶約 81,000 人——總體而言，淨新增用戶、寬帶用戶新增人數為 33,000 人。只是想了解，這是新的運行率嗎？或者我們預計這種情況會加速到第二季度和第三季度嗎？這是第一個問題。

Second is on the CapEx. I understand that the CapEx intensity remains high. But just wanted to understand that over the medium term, where it is expected to settle down? Is Philippines in a different structure where CapEx intensity over the medium term will be around, say, 20% to 25%? Or can it go to, say, mid-teens kind of level, which we had seen in markets like Malaysia? And then just on the -- and just maybe one -- just one housekeeping. Is -- are we done with the tower sale? Or are there more towers, which could potentially be divested?

其次是資本支出。據我所知，資本支出強度仍然很高。但只是想了解，從中期來看，預計會穩定在哪裡？菲律賓是否處於不同的結構，其中中期資本支出強度約為 20% 至 25%？或者它能達到我們在馬來西亞等市場看到的十幾歲左右的水平嗎？然後只是——也許只是一項——一項家政服務。我們的塔樓出售完成了嗎？或者是否還有更多可能被剝離的塔樓？

Thank you. I'll have Jeremiah answer the first question, and I'll take on the second and third question. Go ahead, Jeremiah.

謝謝。我將讓耶利米回答第一個問題，然後我將回答第二個問題和第三個問題。繼續吧，耶利米。

Thank you, Al. Thank you for question. I'll start off the question, I think you had kind of 2 parts to the question. One was around fiber net adds. The second one was you're looking at the total net adds across the PLDT base and across the technologies that we have. The 81,000 is -- what we are seeing is we are seeing an actually, on a couple of fronts, an improvement on a churn perspective. We mentioned it, I think, in the last full year results that in quarter 3, quarter 4, we were going through a cleanup. So we've seen our total churn actually start to recede, and actually start to go down.

謝謝你，艾爾。謝謝你的提問。我將從這個問題開始，我認為你的問題分為兩部分。其中之一是圍繞光纖網絡添加。第二個是您正在查看 PLDT 基礎和我們擁有的技術的總淨增加量。 81,000 是——我們所看到的是，我們實際上在幾個方面看到了客戶流失角度的改善。我想，我們在去年全年業績中提到過，在第三季度、第四季度，我們正在進行清理工作。因此，我們已經看到我們的總客戶流失率實際上開始減少，並且實際上開始下降。

But what we have seen is we've actually had an impact in terms of our new customer acquisition. That's impacted on 2 fronts. The first one is, as you would note in the -- in our release, we have actually had a limited greenfield rollout in the first quarter. Part of that is because we have been very focused on CapEx cleanup, and we have actually diverted some of our attention from rolling out actually ensuring that we have taken stock of all of the CapEx deployment that we have had.

但我們看到的是，我們實際上在獲取新客戶方面產生了影響。這在兩個方面受到影響。第一個是，正如您在我們的發布中註意到的那樣，我們實際上在第一季度進行了有限的綠地部署。部分原因是我們一直非常關注資本支出清理，實際上我們已經將一些注意力從實際確保我們已經盤點了我們擁有的所有資本支出部署上轉移了。

The second one is we also worked on actually some tighter credit controls, so credit control process for new applications. I think it's been pointed out that we have seen a slightly higher default rate for our new customers. And we're looking to make some adjustments to see how we could improve on that to ensure that we maximize profitability.

第二個是我們實際上還致力於一些更嚴格的信用控制，因此新應用程序的信用控制流程。我認為有人指出，我們的新客戶的違約率略高。我們正在尋求做出一些調整，看看如何改進，以確保我們最大限度地提高盈利能力。

Both of those fronts are things that we're actively working on. So now that the CapEx crisis is well and truly behind us now. The network team are focused in on accelerating as much of that deployment as much as we can towards the latter part of this year.

這兩個方面都是我們正在積極努力的事情。現在資本支出危機已經完全過去了。網絡團隊致力於在今年下半年盡可能加速部署。

And the second one is we've made adjustments to that credit control process to ensure that we have that fine balance between taking on the right proportion of risk as well as making sure that we continue to get the growth available in the market.

第二個是我們對信貸控制流程進行了調整，以確保我們在承擔適當比例的風險和確保我們繼續獲得市場增長之間取得良好的平衡。

So we do -- that is quarter 1. There's actually a slight increase from our quarter 4 performance, not quite at the same level as quarter 3. Our ambition is to actually increase that. So I wouldn't say that we actually want to be staying at that level. It's our ambition to actually continue to drive that up back towards numbers that you've seen in the past.

所以我們確實這樣做了——這是第一季度。實際上，我們的第四季度業績略有增長，與第三季度的水平不太一樣。我們的目標是真正提高這一水平。所以我不會說我們真的想保持在這個水平。我們的目標是繼續推動這一數字回到您過去看到的水平。

On your second question, I think I don't think it's possible to have our CapEx ratios in the teams. I think what we're looking at is maybe somewhere in vicinity of 25%, 30%, maybe in the midterm, and that's the target. So we're bringing down to the level maybe of PHP 55 billion in the next few years. But maybe 25%, 30% ratio is a more reasonable ratio for us.

關於你的第二個問題，我認為團隊中不可能有我們的資本支出比率。我認為我們所關注的可能是 25%、30% 左右，也許是中期，這就是目標。因此，我們將在未來幾年內將資金減少到 550 億比索的水平。但也許25%、30%的比例對我們來說是更合理的比例。

On the towers, I think we still have to complete, obviously, a lot of Stratosphere 1. We have pending about 750 towers yet to be sold and Stratosphere 2, total of 1,100 -- sorry, 1,012 on Portfolio 1 with Frontier and about 650 for Unity. We're still waiting approval for -- we got approval for PCC on Unity, and still awaiting approval for Frontier. But I think for now, we'd like to complete Stratosphere 1 and 2 first. And again, based on the chart I showed earlier, Stratosphere 1 will be completed, hopefully, by August 2023.

在塔樓上，我認為顯然我們仍然需要完成很多平流層 1。我們還有大約 750 座塔樓尚未出售，平流層 2 總共有 1,100 座——抱歉，投資組合 1 上有 1,012 座，Frontier 和大約 650 座為了團結。我們仍在等待批准 - 我們已獲得 Unity 上 PCC 的批准，並且仍在等待 Frontier 的批准。但我認為現在我們想先完成平流層 1 號和平流層 2 號。同樣，根據我之前展示的圖表，平流層 1 號有望在 2023 年 8 月之前完成。

So you expect Stratosphere 2 to follow suit maybe in the third, fourth quarter. So we'd like to focus on that. So the balance of 4,500 or so towers left with us. We have not had any internal discussion to sell more of that. We just want to complete what we've sold so far. I hope we've answered your questions.

所以你預計平流層 2 可能會在第三、第四季度跟進。所以我們想重點關注這一點。所以剩下的 4,500 座左右的塔樓就留給了我們。我們還沒有進行任何內部討論以出售更多產品。我們只是想完成迄今為止所銷售的產品。我希望我們已經回答了您的問題。

Next question, VR, you have your hand raised.

下一個問題，VR，你舉手了。

Hello?

你好？

Hi, VR. We can hear you.

你好，虛擬現實。我們能聽到你的聲音。

This is Aishwarya from JPMorgan. I have 2 questions. One is on the accelerated depreciation for 1Q, what is the recorded accelerated depreciation and also the breakdown for that? And the second thing you mentioned that the CapEx overrun budget issue has been resolved. So could you share more details on what the resolution was?

我是摩根大通的艾西瓦婭。我有 2 個問題。一是關於第一季度的加速折舊，加速折舊記錄是多少，以及具體情況是多少？您提到的第二件事是資本支出超支預算問題已經解決。您能否分享有關決議內容的更多詳細信息？

What's that? What's the latter part?

那是什麼？後半部分是什麼？

Accelerated depreciation (inaudible). The second one, CapEx budget, this risk, what are the details for that.

加速折舊（聽不清）。第二個，資本支出預算，這個風險，具體細節是什麼。

(inaudible) answer the first one?

（聽不清）回答第一個？

For the first one, there's 0 upside depreciation in the first quarter.

對於第一個，第一季度的上行貶值為零。

Good answer.

好答案。

I guess, for the CapEx (inaudible), when you say details, what do you mean by that? We've actually brought down that overrun to about PHP 33 billion, and that's what we're working through for the next few years.

我想，對於資本支出（聽不清），當你說細節時，你的意思是什麼？事實上，我們已將超支金額減少到約 330 億比索，這就是我們未來幾年要解決的問題。

Okay. So that would be the CapEx overrun? PHP 33 billion?

好的。那麼這就是資本支出超支嗎？ 330億比索？

PHP 33 billion, yes.

330 億比索，是的。

Okay. And so if there's no accelerated depreciation, what are the adjustments which lead to Telco Core Income?

好的。那麼，如果沒有加速折舊，那麼電信核心收入會發生哪些調整？

Can you show that slide, (inaudible). Well, the major adjustment on the Telco, are you referring to reported income? Or is it the Telco Core Income.

你能展示那張幻燈片嗎（聽不清）。那麼，電信公司的重大調整，您指的是報告的收入嗎？或者是電信核心收入。

Yes, I'm referring to the Telco Core Income, like from the reported income, how do we arrive at that?

是的，我指的是電信核心收入，就像報告的收入一樣，我們如何得出這一點？

Can we show that slide again. Al, can we show that slide. Our Telco Core Income has PHP 8.6 billion. After taking out the losses of Voyager, it's down to PHP 8 billion. Then you have nonrecurring items there, which include sale -- gain on sale of towers, that's about PHP 2.1 billion. There's also ForEx, derivatives and others of around PHP 0.5 billion. Then you have MRP costs around PHP 1.5 billion plus gain on sale of [Mabalacat] property of around PHP 0.3 billion. So including tax effect, we reported net income, plus PHP 9 billion.

我們可以再展示一下那張幻燈片嗎？艾爾，我們可以展示那張幻燈片嗎？我們的電信核心收入為 86 億比索。扣除 Voyager 的損失後，損失降至 80 億比索。然後還有非經常性項目，其中包括銷售塔的銷售收益，約為 21 億比索。還有外匯、衍生品和其他價值約 5 億比索的交易。那麼您的 MRP 成本約為 15 億比索，加上 [Mabalacat] 財產的銷售收益約為 3 億比索。因此，考慮到稅收影響，我們報告了淨利潤，加上 90 億比索。

Yes, that's helpful. And congrats on the results.

是的，這很有幫助。並對結果表示祝賀。

Just to clarify, the PHP 33 billion is the CapEx carryover net of advances to vendors -- for the 4 major vendors. So -- and we're negotiating with the other -- the nonmajor vendors this year to bring down also the CapEx carryover from them. The nonmajor vendors, I think, constituted at the beginning around 15% to 20% of the total CapEx for network.

需要澄清的是，330 億菲律賓比索是對供應商預付款的資本支出結轉淨額——對於 4 家主要供應商而言。因此，我們今年正在與其他非主要供應商談判，以降低他們的資本支出結轉。我認為，非主要供應商一開始約佔網絡總資本支出的 15% 到 20%。

When you say carryover, which year does the CapEx pertain to? Is this FY '23?

當您說結轉時，資本支出涉及哪一年？這是 23 財年嗎？

Yes. The PHP 33 billion for the major vendors will be a carryover CapEx for 2023 and possibly 2024 depending on the completion of the projects, when the projects are delivered, then their [book in] the year of the delivery.

是的。主要供應商的 330 億比索將是 2023 年甚至 2024 年的結轉資本支出，具體取決於項目的完成情況、項目交付時間以及交付年份。

Arthur, you have a follow-up question?

亞瑟，您還有後續問題嗎？

Yes, sorry, just a follow-up question on the broadband side. You mentioned higher default rates and tighter credit controls for the broadband users now. Are you looking to launch prepaid broadband as well as per what your competitors have been talking about? I'm just curious because I know that your focus has been mainly on postpaid broadband. But if it does pick up, how quickly can PLDT launch a similar product?

是的，抱歉，只是寬帶方面的後續問題。您提到現在寬帶用戶的違約率更高，信用控制更嚴格。您是否希望像您的競爭對手所談論的那樣推出預付費寬帶？我只是很好奇，因為我知道您的重點主要是後付費寬帶。但如果它確實回升，PLDT 能多快推出類似產品？

I'll pick up with that one if that's okay, Arthur. We constantly evaluate the different product and proposition options that we do have. Prepaid is one of them that we have had a look at. But as you're familiar with prepaid, there is a difference in the way that the fixed network actually runs versus Mobile. So if you look at the fixed network to be able to connect up a home, we actually still have to do the last mile truck roll as well as the modem CPE, et cetera.

如果可以的話我會接的，亞瑟。我們不斷評估我們現有的不同產品和主張選項。預付費是我們研究過的其中之一。但正如您熟悉預付費一樣，固定網絡的實際運行方式與移動網絡的運行方式有所不同。因此，如果您考慮固定網絡能夠連接家庭，我們實際上仍然需要進行最後一英里上門服務以及調製解調器 CPE 等。

When you look at all of those things kind of added together, then you'll -- it's actually quite a high (inaudible) you'll be looking at, which kind of defeats the purpose of trying to target a prepaid segment because more often than not, it's that segment that doesn't have the cash to be able to avail of those services.

當你把所有這些東西加在一起時，你會發現——實際上你會看到一個相當高的（聽不清），這違背了嘗試瞄準預付費細分市場的目的，因為更多時候事實上，這個細分市場沒有足夠的現金來利用這些服務。

So it's one of those things that we are looking at, we're balancing and evaluating. Rather than just only looking at our fiber option, we are looking at a couple of things. Can we look at, say, for example, a lower price plan but still postpaid, bringing that in with greater value using our fiber plan.

所以這是我們正在關注、平衡和評估的事情之一。我們不僅僅關注我們的光纖選擇，還關註一些事情。例如，我們可以考慮一個價格較低但仍然是後付費的計劃，利用我們的光纖計劃帶來更大的價值。

And alternatively, we also have the benefit of also having the Fastest Mobile Network. So we're able to offer fixed wireless to customers on a prepaid basis or a postpaid basis and targeting customers that perhaps may not be able to afford the PHP 1,400, PHP 1,500 ARPU area.

另外，我們還擁有最快的移動網絡。因此，我們能夠以預付費或後付費的方式向客戶提供固定無線服務，並針對那些可能無法負擔 1,400 比索、1,500 比索 ARPU 區域的客戶。

From the question-and-answer chat box, we have a question from Ken Gotianse of ATR on Maya. How much of the last fundraising is remaining? And when do you expect to close another round?

在問答聊天框中，我們收到了來自 ATR 的 Ken Gotianse 的關於 Maya 的問題。上次募集的資金還剩下多少？您預計什麼時候結束另一輪融資？

So yes, as I mentioned, we already have a number of businesses which are moving into -- have moved into segment EBITDA positive. But as we spoke, the opportunity for us to expand and grow the full footprint of our financial services, especially as we go into the Micro SME segment in a big way, which is massively underserved and also on the consumer side of the house as we continue to add products.

所以，是的，正如我提到的，我們已經有許多業務正在進入 EBITDA 為正值的領域。但正如我們所說，我們有機會擴大和發展我們金融服務的全面覆蓋，特別是當我們大規模進入微型中小企業領域時，該領域的服務嚴重不足，而且在我們的消費者方面也是如此。繼續添加產品。

So we had raised [200 million] around this time last year. We do have a large part of that still with us. But as we expand and look at the opportunity over here, we are talking of those existing shareholders. We've also had (inaudible) from some of the other [potential] shareholders. So it is early at this stage for us to discuss what our plans are and [discuss] on that front. We'll come back when we have more details. But as I mentioned, we have the existing shareholders as you're well aware, KKR, Tencent, IFC and of course, Smart, PLDT are all very much supportive of our growth plans and the support we need to deliver on the numbers.

所以我們去年這個時候籌集了[2億]。我們確實還保留著其中的很大一部分。但當我們擴大規模並尋找這裡的機會時，我們談論的是那些現有股東。我們還收到了（聽不清）其他一些[潛在]股東的意見。因此，現階段我們討論我們的計劃並在這方面進行[討論]還為時過早。當我們有更多細節時我們會回來。但正如我所提到的，正如您所知，我們現有的股東，KKR、騰訊、IFC，當然還有 Smart、PLDT 都非常支持我們的增長計劃以及我們實現數字所需的支持。

There's a question from Stephen Gabriel Oliveros of China Bank. I just wanted to ask what is the reason behind the lower depreciation charges in the first quarter of '23?

中國銀行的 Stephen Gabriel Oliveros 有一個問題。我只是想問23年第一季度折舊費用較低的原因是什麼？

It's basically savings from accelerated depreciation book in '22.

這基本上是 22 年加速折舊賬上的節省。

From (inaudible). Should we expect special dividends from pending tower sales in the same proportion as the previous tower sales? Or how would the proceeds of the future tower sales be used?

來自（聽不清）。我們是否應該期望待售塔樓銷售與之前的塔樓銷售比例相同的特別股息？或者未來塔樓銷售的收益將如何使用？

Maybe not. I guess the proceeds will be obviously used for the CapEx and [requirements].

也許不吧。我想收益顯然將用於資本支出和[需求]。

There's a question from (inaudible). Is there an updated guidance for full year 2023 Telco Core Income? Is the growth rate for the first quarter Telco Core Income expected to be sustained?

（聽不清）有一個問題。 2023 年全年電信核心收入是否有更新的指導？第一季度電信核心收入的增長率預計會持續嗎？

Well, it's a tough question. At this point, we're also still settling down on all the settlements (inaudible). But basically, I think it will be north of PHP 33.1 billion. It will be north of that.

嗯，這是一個很難回答的問題。目前，我們仍在確定所有解決方案（聽不清）。但基本上，我認為它將超過 331 億比索。它將位於該處以北。

So we're working very hard and we're seeing some of the -- we're looking at the (inaudible) expenses, which are still very high, like electricity and the like. So we're trying to manage some of the cost elements of the business. A lot of initiatives to really control costs. So I guess for now, we'll just say it's north of PHP 33.1 billion.

因此，我們正在非常努力地工作，我們正在考慮一些（聽不清）費用，這些費用仍然非常高，例如電費等。因此，我們正在嘗試管理業務的一些成本要素。採取了很多舉措來真正控製成本。所以我想現在我們只能說它超過 331 億比索。

Question from [Francis Chua]. On Internet service with workers and students returning to work and school, has there been a decline in connections or downgrade in plans? Do you see this as a challenging move forward in terms of growth?

[Francis Chua] 提出的問題。復工復課、學生返校期間的互聯網服務是否出現了連接下降或計劃降級的情況？您認為這對於增長而言是一個具有挑戰性的進步嗎？

I'll jump in with that one, Al, if that's okay. I think there's a couple of things in play that are actually still playing itself out in the marketplace. I'll start with number one, to your point, the pandemic is over, fortunately, and everybody is out and about. And so the burning platform with the need to get broadband in the home is perhaps not as critical as it has been in the past.

如果可以的話，阿爾，我會加入其中。我認為有一些因素實際上仍在市場上發揮作用。我先從第一點開始，就你的觀點而言，幸運的是，大流行已經結束，每個人都出去活動了。因此，需要在家庭中獲得寬帶的燃燒平台可能不像過去那麼重要。

Secondly, it is quite well documented that we have quite a lot -- quite high inflation and the pressure on the wallet is starting to affect a lot of households. The third element that I'll talk about is really the fact that if you look at the number of broadband households, our postpaid plan that equates for about 6 million households. When you look at the total penetration in the market, that's actually very, very high in terms of postpaid, probably beyond, say, for example, the total -- total pool of, say, credit cards or other sort of postpaid services.

其次，有充分證據表明，我們有相當高的通貨膨脹，錢包的壓力開始影響很多家庭。我要討論的第三個因素實際上是這樣一個事實：如果你看看寬帶家庭的數量，我們的後付費計劃相當於大約 600 萬個家庭。當你看看市場的總滲透率時，就後付費而言，實際上非常非常高，可能超出了信用卡或其他類型後付費服務的總池。

What that means is we are actually starting to push deeper and deeper into the households in the market on not only in terms of their affordability, but secondly, also with regards to their comfort level with regards to postpaid plans. All of these things are coming together, and it -- actually, we are starting to see some pressure on that front. And that's why we had -- as I had mentioned, there was some pressure for us to have a look at our credit policy to see what changes and tweaks we can make to ensure that we maximize. They need the capacity we have available to us to make sure that they are going to paying subscribers that are going to stay with us, right?

這意味著我們實際上開始越來越深入地進入市場中的家庭，不僅在他們的負擔能力方面，而且在他們對後付費計劃的舒適度方面。所有這些事情都匯集在一起，實際上，我們開始看到這方面的一些壓力。這就是為什麼我們——正如我所提到的，我們面臨著一些壓力，要求我們審視我們的信貸政策，看看我們可以做出哪些改變和調整，以確保我們最大化。他們需要我們提供的容量來確保他們向那些願意留在我們身邊的訂戶付費，對嗎？

So there is some of those elements in place in the marketplace. We are still seeing demand in the market, especially in areas where they're still underserved. So we are still seeing quite a bit of demand in the marketplace. So I think the challenge now is for us to get out there and say, for example, the greenfield environment, all being able to share competitive customers to show them that actually our network is far superior than their current service provider.

因此，市場上已經具備了其中一些要素。我們仍然看到市場上的需求，特別是在服務仍然不足的地區。因此，我們仍然看到市場上有相當多的需求。因此，我認為現在的挑戰是我們要走出去，例如，綠地環境，所有這些都能夠共享有競爭力的客戶，向他們展示我們的網絡實際上遠遠優於他們當前的服務提供商。

A follow-up question from (inaudible) on Home Broadband. Can you give more color on the installation challenges cited in the Fixed Line, which was mentioned in the earlier part of the presentation?

來自（聽不清）關於家庭寬帶的後續問題。您能否對演示文稿前面部分提到的固定線路中提到的安裝挑戰提供更多信息？

From a [color] point of view, I think the -- as I mentioned, there are 2 things. You'll take note that in the first quarter of 2023, we deployed our 12,000 new ports, right? So those 12,000 new ports. When you compare that to the previous first quarters in the last 2 years, that's actually significantly down. We have mentioned in the past that we have seen a high take-up rate, an extremely fast take-up rate whenever we go greenfield. And that has been our strategy for the last 2 years.

從[顏色]的角度來看，我認為——正如我提到的，有兩件事。您會注意到，在 2023 年第一季度，我們部署了 12,000 個新端口，對嗎？這就是 12,000 個新端口。當你將其與過去兩年的前幾個季度進行比較時，你會發現這一數字實際上顯著下降。我們過去提到過，每當我們進入綠地時，我們都看到很高的使用率，非常快的使用率。這就是我們過去兩年的戰略。

And when we don't have the greenfield deployments, you can see that whilst we're selling in the brownfield and there is still a market there, it is actually much harder, not only because some -- a lot of these customers have existing services but also because it means we are going deeper into the pyramid actually lower into the different socioeconomic sectors on that front.

當我們沒有綠地部署時，你可以看到，雖然我們在棕地進行銷售並且那裡仍然有市場，但實際上要困難得多，不僅因為一些客戶——很多客戶已經存在服務，還因為這意味著我們正在深入金字塔，實際上深入到這方面的不同社會經濟部門。

The second thing I mentioned was really in working with and trying to improve the level of defaults for new customers, we actually tightened up our credit policies. This is actually quite -- we were out in the market, and we asked for all customers to have 1 AMSF. So we actually ask all customers, irrespective of which area you're in to be able to provide a 1 AMSF.

我提到的第二件事是在與新客戶合作並努力提高新客戶的違約水平時，我們實際上收緊了信貸政策。這實際上是相當的——我們在市場上，我們要求所有客戶都有 1 個 AMSF。因此，我們實際上要求所有客戶，無論您位於哪個區域，都能夠提供 1 AMSF。

What we saw, quite frankly, was -- we saw quite a big hit in terms of our new connections. And that's simply because of the readiness for customers to be able to pay that AMSF. And as a consequence, we actually made a tweak to that policy, right?

坦率地說，我們看到的是——就我們的新聯繫而言，我們看到了相當大的打擊。這僅僅是因為客戶願意支付 AMSF。結果，我們實際上對該政策進行了調整，對吧？

So we've actually made a change to that policy where we focused in on collecting that 1 AMSF in areas that we have seen the higher default rates, whereas other areas, which we haven't seen a sort of default rates were actually working back in terms of our original policy. We've seen our install volumes improve since then. So we'll continue to work on that front to ensure that we have the right balance between growth as well as managing any bad debt or customers that are actually not going to be long-term customers for PLDT.

因此，我們實際上對該政策進行了更改，我們專注於在我們看到違約率較高的領域收集 1 AMSF，而我們沒有看到某種違約率的其他領域實際上正在回升。就我們原來的政策而言。從那時起，我們的安裝量就有所提高。因此，我們將繼續在這方面努力，以確保我們在增長與管理任何壞賬或實際上不會成為 PLDT 長期客戶的客戶之間取得適當的平衡。

Hussaini, you have your hand raised again.

侯賽尼，你再次舉手了。

Just going back to the previous question on fixed wireless as a potential option. I just wanted to understand, will it be on 4G? Or will it be on 5G? And just looking at your fixed wireless subscribers, which had been coming down to an extent, something similar is happening with one of your competitors as well. So I wanted to understand that does that proposition need a bit of reset before we see growth coming into that base once again. That's question number one.

回到上一個關於固定無線作為潛在選擇的問題。我只是想了解一下，可以用4G嗎？或者會是5G嗎？只要看看您的固定無線用戶數量，您的固定無線用戶數量已經在一定程度上下降，您的競爭對手之一也發生了類似的情況。所以我想知道，在我們再次看到該基礎的增長之前，這個主張是否需要進行一些重置。這是第一個問題。

Second question is on the Mobile side. I just wanted to understand how is the competitive dynamics in the market? Is macro a bigger factor or competition leading to a softer growth? And just a bit of clarification, which is on figure -- sorry, on Slide 22. If I see the base station count, even from 2021, it is relatively stable. So I understand from 2022 going to first quarter of '23 because of the CapEx overrun issue. But why is this stable even from 2021 levels?

第二個問題是關於移動端的。我只是想了解市場的競爭動態如何？宏觀因素是更大的因素，還是競爭導致增長放緩？只是一點澄清，這是在圖上 - 抱歉，在幻燈片 22 上。如果我看到基站數量，即使從 2021 年開始，它也相對穩定。因此，我了解到，由於資本支出超支問題，從 2022 年到 23 年第一季度。但為什麼即使從 2021 年的水平來看，這一數字仍然穩定呢？

I might start with fixed wireless, if that's okay, Hussaini? I'll start with the fixed wireless question. We have also similar to your observation, fixed wireless numbers in total market has declined. We think that originally, the explosion in fixed wireless subscribers across the board was obviously, I guess, exacerbated by the pandemic. So everyone rushing to be able to get connectivity within the home. As we've increased our fiber rollout capacity, and we've actually seen that across all competitors, we've seen some correction in the marketplace.

我可能會從固定無線開始，如果可以的話，Hussaini？我將從固定的無線問題開始。我們也有與您類似的觀察，固定無線市場總量有所下降。我們認為，最初，固定無線用戶的全面爆炸顯然是因疫情而加劇的。因此，每個人都爭先恐後地希望能夠在家中實現連接。隨著我們增加光纖鋪設能力，並且我們實際上在所有競爭對手中都看到了這一點，我們已經看到市場出現了一些調整。

What we are doing now with fixed wireless is we are actually going to be using it for 2 main areas. Number one, we will be using it as a postpaid offering for our existing fiber customers. So it becomes a backup service to ensure that they have 24/7 365 days a year connectivity. And so it helps them support and ensure that they stay online as a family.

我們現在對固定無線所做的實際上是將其用於兩個主要領域。第一，我們將把它用作現有光纖客戶的後付費服務。因此它成為一項備份服務，以確保他們擁有全年 365 天 24/7 的連接。因此，它可以幫助他們支持並確保他們作為一個家庭保持在線。

The second market that we are actually using fixed wireless to target is going to be -- to reach areas where we currently don't have fiber. So as Al had mentioned, we currently have 17,000 barangays that we cover. But as you know, there are still about 42,000 -- not additional, but total 42,000 barangays in the market. So still at least another 20,000, 25,000 barangays that currently don't have any connectivity options. And that's where we're going to be leveraging fixed wireless to be able to get out there and reach out to those customers and connect those homes.

我們實際上使用固定無線的第二個目標市場是——到達我們目前沒有光纖的地區。正如 Al 所提到的，我們目前覆蓋了 17,000 個描籠涯。但如您所知，市場上仍有大約 42,000 個描籠涯——不是額外的，而是總共 42,000 個描籠涯。因此，至少還有 20,000、25,000 個描籠涯目前沒有任何連接選項。這就是我們將利用固定無線技術到達那裡並聯繫這些客戶並連接這些家庭的地方。

Your other question that you asked was really is it going to be around 4G and 5G. At the moment, the current fixed wireless offering is leveraging our 4G network. That's not to say that we haven't had a fixed wireless offering with our 5G historically. We have actually had that. I think it was in 2021 -- 2022, sorry. But what we will be doing is actually revamping the whole portfolio, so you will have an option for different types of 4G devices as well as 5G.

你問的另一個問題是，它真的會圍繞 4G 和 5G 發展嗎？目前，當前的固定無線產品正在利用我們的 4G 網絡。這並不是說我們的 5G 歷史上沒有提供固定無線產品。我們確實有過這樣的經歷。我想是在 2021 年 - 2022 年，抱歉。但我們要做的實際上是改進整個產品組合，這樣您就可以選擇不同類型的 4G 設備以及 5G。

That will offer different levels of quality of service, as you would know, whether it's Rx diversity on, say, for example, some slightly lower end, (inaudible) for fixed wireless, still leveraging the 4G network, but also having a much superior 4G devices as well to be able to give them the maximum bandwidth available as well as a range of 5G devices.

這將提供不同級別的服務質量，如您所知，無論是 Rx 多樣性，例如，固定無線的一些稍低端（聽不清），仍然利用 4G 網絡，但也具有更優越的性能4G 設備以及一系列 5G 設備也能夠為其提供最大可用帶寬。

I'll give Francis the second question. Francis, please.

我將向弗朗西斯提出第二個問題。弗朗西斯，請。

I'll take on your questions for Mobile. I think this quarter, there are 2 external factors that affected all the telcos. The first one is SIM registration. I think what we have seen this quarter is there was a significant reduction in new activation because of SIM registration. So I guess -- I'm sure that all the telcos were also affected in that same way.

我將回答您關於移動的問題。我認為本季度有兩個外部因素影響了所有電信公司。第一個是SIM卡註冊。我認為本季度我們看到的是，由於 SIM 卡註冊，新激活量顯著減少。所以我想——我確信所有電信公司也都受到了同樣的影響。

The second external factor would be inflation. Our inflation in January hit the highest in 14 years to 8.7%. That's more than double compared to the inflation we had same quarter of last year. And for the whole -- for February and March, we saw that the inflation remained elevated with February at 8.6% and around 8% in March. And I guess, and I'm sure that our competitors are also felt that affecting our subscribers, consumer wallets. Especially for our value brands, in our case, it's TNT. We really saw that they are more affected by these headwinds or this inflation. Now to what extent our competitors are affected? We have yet to find out when they release their results in the upcoming days.

第二個外部因素是通貨膨脹。我們一月份的通脹率達到 8.7%，創下 14 年來的最高水平。與去年同一季度的通脹率相比，這是兩倍多。就整體而言，2 月和 3 月，我們看到通脹仍然較高，2 月為 8.6%，3 月為 8% 左右。我想，而且我確信我們的競爭對手也感受到了影響我們的訂戶和消費者錢包的影響。特別是對於我們的價值品牌來說，就我們而言，它是 TNT。我們確實看到他們更容易受到這些逆風或通貨膨脹的影響。現在我們的競爭對手受到的影響有多大？我們尚未得知他們在未來幾天何時發布結果。

What was the third question?

第三個問題是什麼？

Actually, the competitive dynamics, macro or competition, that's already answered.

事實上，競爭動態，無論是宏觀還是競爭，已經有了答案。

I thought there was a third question.

我以為還有第三個問題。

Hussaini, any follow-ups?

侯賽尼，有後續行動嗎？

Yes. Sorry, the third question was on Slide 22 on the base station.

是的。抱歉，第三個問題是關於基站的幻燈片 22。

The base stations count for 4G, 3G and 5G seems to have been relatively flat from 2021 onwards. I think that was your question, Hussaini?

從 2021 年起，4G、3G 和 5G 的基站數量似乎相對持平。我想這就是你的問題，侯賽尼？

Yes, for 2022, I think there was a focus on building out the fixed network in 2022 because we did have a lot of towers built, both for 5G and 4G. What we're doing now is looking at -- and if you compare the first quarter, obviously, not much [have happened] in the first quarter for us.

是的，對於 2022 年，我認為重點是在 2022 年建設固定網絡，因為我們確實建造了很多 5G 和 4G 塔。我們現在正在做的是——如果你比較第一季度，顯然，第一季度對我們來說並沒有發生太多事情。

So -- but moving forward, I think you will now see some new towers for the Wireless space. We're also increasing capacity for 4G/LTE, where the majority of our client base is on. We're trying to maximize where 5G is, trying to repurpose 5G stations that are not -- with very low traffic and use that for 4G, also use the spectrum for 4G.

所以，但展望未來，我認為您現在將看到一些無線領域的新塔。我們還增加了 4G/LTE 的容量，這是我們大部分客戶群所在的網絡。我們正在努力最大限度地利用 5G，嘗試重新利用那些流量非常低的 5G 基站，並將其用於 4G，同時也將頻譜用於 4G。

So these are the things that we're doing in terms of making sure that we're able to optimize the network. But yes, there was -- there was really -- that was intended in 2022 to really focus a lot of the investments on the fixed network.

這些是我們正在做的事情，以確保我們能夠優化網絡。但是，是的，確實有計劃在 2022 年將大量投資真正集中在固定網絡上。

There are no more questions in the queue. Last chance to ask the questions. There are none. I'll now turn the floor over back to Mr. Panlilio for closing remarks.

隊列中沒有更多問題。最後一次提問的機會。沒有了。現在我將把發言權交還給潘利利奧先生致閉幕詞。

Well, again, thank you very much for being here today. We look forward to AGM -- June 13, AGM. And again, thank you.

好吧，再次非常感謝您今天來到這裡。我們期待年度股東大會——6 月 13 日，年度股東大會。再次謝謝您。

If you have any questions, please feel free to reach out to Investor Relations. Thank you very much. This conference is over.

如果您有任何疑問，請隨時聯繫投資者關係部。非常感謝。這次會議結束了。