PLDT Inc (PHI) 2023 Q3 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 9 months of 2023.

下午好，感謝您今天加入我們，討論公司 2023 年 9 個月的財務和經營業績。

Copy of today's presentation is posted on our website. 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. A podcast of this event will be available on our website after the call. Your code for the presentation is on the screen, and the MD&A, FS and podcast will be made available after the call.

今天簡報的副本已發佈在我們的網站上。對於無法這樣做的人，您可以從 www.pldt.com 的投資者關係部分下載簡報。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。您的演示代碼顯示在螢幕上，MD&A、FS 和播客將在通話後提供。

For today's presentation, we have with us Mr. Al Panlilio, President and CEO of PLDT and Smart; Mr. Danny Yu, Chief Financial Officer and Chief Risk Officer; Marilyn Victorio-Aquino, our Corporate Secretary and Chief Legal Counsel; Mr. Shailesh Baidwan, President of Maya Philippines and Co-Founder of Maya Bank, as well as other members of the PLDT management team.

今天的演講邀請到了 PLDT 和 Smart 總裁兼執行長 Al Panlilio 先生；於丹尼先生，財務長兼首席風險官； Marilyn Victorio-Aquino，我們的公司秘書兼首席法律顧問； Maya菲律賓公司總裁、Maya銀行共同創辦人Shailesh Baidwan先生、PLDT管理團隊其他成員。

At this point, let me turn the floor over to Mr. Panlilio to begin the presentation.

現在請潘利裡歐先生開始介紹。

Thank you, Melissa. Good afternoon to all, and thank you for joining us this afternoon. And I'd like to start off the presentation with a few highlights of the business, and then I'll pass it on to Danny, for more detailed financial highlights report, and then (inaudible).

謝謝你，梅麗莎。大家下午好，感謝您今天下午加入我們。我想以一些業務亮點開始演示，然後我會將其傳遞給丹尼，以獲取更詳細的財務亮點報告，然後（聽不清楚）。

Happy to report the first 9 months performance for PLDT Smart. Growth was made possible in 9 months, 2023 performance. To start with, we have PHP 142.3 billion or 1% growth in revenues, which are 9-month high revenues for PLDT. We also had an all-time 9-month high for our EBITDA, of PHP 78.4 billion, which counts for the same period of last year, able to maintain margin at 52%, EBITDA margin.

很高興能報告 PLDT Smart 前 9 個月的表現。 2023 年 9 個月的業績使成長成為可能。首先，我們的收入為 1,423 億菲律賓比索，即成長 1%，這是 PLDT 9 個月以來的最高收入。我們的 EBITDA 也創下了 9 個月以來的新高，達到 784 億比索，與去年同期相比，能夠將 EBITDA 利潤率維持在 52%。

Telco core have shown growth also, plus 2%, PHP 26.1 billion for the period. And also on to the CapEx being managed down PHP 55.3 billion versus PHP 67.3 billion, of same period last year. So because of that, the Cap intensity gone down to 37% from a high of 46%. That's clear.

電信核心業務也出現成長，年增 2%，同期收入達 261 億菲律賓比索。資本支出也從去年同期的 673 億披索下降了 553 億披索。因此，上限強度從 46% 的高點下降到 37%。很清楚。

Next page. So we continue to expand the network, countrywide. We improved -- we increased our fiber footprint -- our domestic fiber footprint by 4%, and that's now up to almost 894,000 kilometers. And if you add the fiber backbone of -- in terms of [IFC], is about 1.1 kilometer of fiber. Homes passed is PHP 17.31 million, up from PHP 16.78 million, last year.

下一頁。因此，我們繼續在全國範圍內擴展網路。我們改善了——我們增加了光纖足跡——我們的國內光纖足跡增加了 4%，現在已達到近 894,000 公里。如果加上光纖主幹——就 [IFC] 而言，大約是 1.1 公里的光纖。房屋過戶金額為 1,731 萬比索，高於去年的 1,678 萬比索。

I'm also happy to report that there are no more device latched on to our network, passive return, 74% growth.

我還很高興地報告，沒有更多的設備鎖定在我們的網路上，被動回報，成長了 74%。

Now we have 3.64 million who are latched on to 5G devices environment network. Jupiter Cable Systems, which we launched last year, and was also got certification for IS022301 BCMS. And just an update on the tower sales that we started about 1.5 years ago, 2 years ago. We closed 1,319 closed towers as of November 3, generating proceeds of about PHP 17.4 billion. And in total, from the first sale that we have, we've already completed, turnover 5,984 towers, equivalent to approximately PHP 78 billion.

現在我們有 364 萬用戶連接到 5G 設備環境網路。我們去年推出的Jupiter Cable Systems也獲得了IS022301 BCMS認證。這是我們大約 1.5 年前、2 年前開始的塔式銷售的最新情況。截至 11 月 3 日，我們關閉了 1,319 座封閉塔，收益約 174 億披索。總的來說，從我們的第一次銷售開始，我們已經完成了 5,984 座塔樓的營業額，相當於約 780 億披索。

Next page, please. Happy to report also -- next page. The recognition that we've gotten as a group, both locally to back market -- locally and globally. Umlaut has rated Smart as the best in test, both upload speeds, download speeds, and latency experience, and has been a consistent winner since 2019.

請下一頁。也很高興報告——下一頁。我們作為一個團隊獲得了本地和全球市場的認可。 Umlaut 將 Smart 評為測試中最佳的上傳速度、下載速度和延遲體驗，並且自 2019 年以來一直是獲勝者。

Time Magazine actually also put PLDT as the only Philippine telco named, and is ranked highest in Sustainability among six cited Philippine companies, recently. And continue to also get awards in terms of the governance initiatives, and scorecard and recognition, which recognize PLDT, upholding high standards of corporate governance.

《時代》雜誌實際上也將 PLDT 列為唯一一家被提名的菲律賓電信公司，最近在六家被引用的菲律賓公司中可持續發展排名最高。並繼續在治理舉措、記分卡和認可方面獲得獎項，以表彰 PLDT 堅持高標準的公司治理。

Next page. Our 3 business units continue to push for growth through innovation. Smart, we continue to empower digital lifestyles through exciting, personalized offers. And we have Alex (inaudible) here today who can answer your questions on what's in store for our wireless customers. And by the way, we have now the highest in terms of sub base 55 -- sorry, 55.2 million subscribers now on Smart, and PLDT being the #1 prepaid brand in country.

下一頁。我們的 3 個業務部門繼續透過創新推動成長。聰明的是，我們繼續透過令人興奮的個人化優惠來增強數位生活方式。今天，亞歷克斯（聽不清楚）在這裡，他可以回答您關於我們的無線客戶將享受什麼服務的問題。順便說一句，我們現在擁有最高的 55 個子基地 - 抱歉，Smart 上現在有 5520 萬訂戶，PLDT 是該國排名第一的預付費品牌。

PLDT Home, Jeremiah De La Cruz is here, he can also share with you some of the plans, and keeping families safe, connected, productive and entertained, of both offers on the fiber and fixed wireless products that we have launched in the market. And PLDT Enterprise, both Mitch Locsin and (inaudible), ensuring that we're able to provide innovative solutions for the digital transformation of the industries that we cover, both large companies and also (inaudible).

PLDT Home，Jeremiah De La Cruz 就在這裡，他還可以與您分享我們在市場上推出的光纖和固定無線產品的一些計劃，並確保家庭安全、互聯、高效和娛樂。 PLDT Enterprise，包括 Mitch Locsin 和（聽不清楚），確保我們能夠為我們所涵蓋的產業（包括大公司和（聽不清楚））的數位轉型提供創新的解決方案。

Next page, please. Next page. So staying true to our company core, on sustainability. We did put -- we had a digital convention held last October, called Vision, and talked about -- discussions in the Digi Hub, was about sustainability -- in-depth discussions on sustainability and the program that we have embarked as PLDT, that we have School-in-a-Bag turnover, with guest of honor, DICT Sec. Ivan, during that time. And we also implemented E-Waste Collection Stations for delegates, same with the second pillar here where we put it in our businesses where we're collecting all phones, chargers, devices, modems to properly dispose. And in (inaudible) for sustainability where we collect PET bottles, plastic bottles that we want to also expose sustainably.

請下一頁。下一頁。因此，要忠於我們公司的核心，即永續發展。去年 10 月，我們舉辦了一次名為 Vision 的數位會議，並在 Digi Hub 上進行了關於可持續性的討論，深入討論了可持續性以及我們作為 PLDT 啟動的計劃，我們有「袋子裡的學校「營業額，主賓是DICT Sec。伊万，那時候。我們還為代表建立了電子垃圾收集站，與這裡的第二個支柱相同，我們將其放在我們的業務中，收集所有手機、充電器、設備、數據機以進行妥善處理。為了（聽不清楚）永續發展，我們收集 PET 瓶、塑膠瓶，我們也希望可持續地暴露它們。

Next page. Our push for vision building through a public and private collaboration remains to be strong. PLDT Group joined the call for the creation of a Connectivity Index Rating through (inaudible), to elevate internet quality in the country, which could bring great things for customers and for people to be able to raise building its -- connectivity. We also partnered with Maya, backed by the GDP, DTI, Cashless Expo 2023, which should -- just happening this month.

下一頁。我們仍然大力推動透過公共和私人合作來建立願景。 PLDT 集團加入了透過（聽不清楚）創建連通性指數評級的呼籲，以提高該國的互聯網質量，這可以為客戶帶來偉大的事情，並讓人們能夠提高其連通性的建設。我們也與 Maya 合作，並得到了 GDP、DTI 和 2023 年無現金世博會的支持，這應該會在本月發生。

And during also the DIGICON, we launched the first ever sovereign cloud, with DICT, to help fast-track digital transformation of the country's public sector. But it should also be used, obviously by private sector, as soon as the IRR permit guidelines have been submitted by government.

在 DIGICON 期間，我們透過 DICT 推出了首個主權雲，以協助快速追蹤國家公共部門的數位轉型。但一旦政府提交了 IRR 許可指南，它也應該被使用，顯然是私營部門。

Next page, please. Our PLDT Smart Foundation remains to be very busy, in serving our communities. Just to highlight, our Lab for All public health initiative by the First Lady, is supported not only by PLDT, but also MVP group of companies, others that we continue to grow.

請下一頁。我們的 PLDT 智慧基金會仍然非常忙碌，為我們的社區提供服務。需要強調的是，我們的全民實驗室公共衛生倡議由第一夫人發起，不僅得到了 PLDT 的支持，還得到了 MVP 集團公司以及我們不斷發展的其他公司的支持。

Next page. So at this point, we will continue to innovate for tomorrow, but we're excited for innovations today, and we will continue to push this last quarter to make sure that we end the year -- not behind.

下一頁。因此，在這一點上，我們將繼續為明天創新，但我們對今天的創新感到興奮，我們將繼續推動最後一個季度，以確保我們在今年結束時——而不是落後。

So at this point, I'd like to move the presentation to Danny, for more details regarding our financials.

因此，現在我想將演示移交給丹尼，以了解有關我們財務狀況的更多詳細資訊。

Thank you. Good afternoon, everyone. I'll be presenting the financial and operating highlights for the first 9 months of 2023.

謝謝。大家下午好。我將介紹 2023 年前 9 個月的財務和營運亮點。

Service revenues of PHP 142.3 billion for the first 9 months of 2023, were higher by 1% compared to the same period last year. On gross basis, service revenues of PHP 149.8 billion were up 3% from PHP 145.7 billion in 2022. Operating expenses decreased by 3% or PHP 1.7 billion to PHP 63.9 billion. Consolidated EBITDA rose by 4% to PHP 78.4 billion, an all-time 9-month high with EBITDA margin at 52%. Telco core income, excluding the impact of asset sales and Maya, grew to PHP 26.1 billion, up 2% year-on-year.

2023 年前 9 個月的服務收入為 1,423 億比索，比去年同期成長 1%。以總額計算，服務收入為 1,498 億比索，比 2022 年的 1,457 億比索成長 3%。營運支出下降 3%，即 17 億比索，降至 639 億比索。綜合 EBITDA 成長 4%，達到 784 億披索，創 9 個月以來新高，EBITDA 利潤率為 52%。剔除資產出售和 Maya 的影響，電信核心收入成長至 261 億披索，年增 2%。

Next page. On a segment basis, revenue growth was broad-based. Individual revenues representing about 43% of consolidated revenues rose 1% to PHP 60.6 billion. Record highs were adjusted in the Home and Enterprise segments. Home revenues rose 2% to PHP 45.3 billion, with Fiber Only revenues having risen 10% to PHP 39.3 billion. Home revenues -- our Enterprise business grew by 1% to PHP 34.8 billion.

下一頁。從細分市場來看，收入成長基礎廣泛。佔綜合收入約 43% 的個人收入成長了 1%，達到 606 億比索。家庭和企業領域的調整創歷史新高。家庭收入成長 2%，達到 453 億披索，僅光纖收入成長 10%，達到 393 億披索。家庭收入－我們的企業業務成長了 1%，達到 348 億比索。

Let me now go through the segments in greater detail. Next, please. Home Broadband revenues grew by 2%, Fiber Only revenues, which now account for 87 total Home revenues, were higher by 10% or PHP 3.6 billion compared to the same period last year. As a result, across our installation plus migration and low churn, Fiber net adds re-accelerated in the third quarter with 88,000, compared to 42,000 in the second quarter, bringing the total net adds for the year to 210,000.

現在讓我更詳細地介紹一下這些部分。下一個。家庭寬頻收入成長了 2%，僅光纖收入目前佔家庭總收入的 87%，與去年同期相比成長了 10%，即 36 億菲律賓比索。因此，在我們的安裝、遷移和低流失率方面，第三季光纖網路新增數量再次加速，達到 88,000 個，而第二季為 42,000 個，使全年淨新增總數達到 210,000 個。

The gross of our Fiber Only revenues and the sequential albeit modest improvement of revenues from our fixed wireless broadband business, underscore our view that the home broadband market remains underpenetrated, we can serve demand more at the lower market segments that's more sensitive to price. Unique to PLDT is the ability to complement our fiber offer with others, at different price points, using varied fixed and wireless technologies to address market affordability. PLDT continues to enjoy strong brand equity and superior network quality, making it a formidable competitor in the market.

我們的純光纖收入總額以及固定無線寬頻業務收入的環比雖然小幅增長，強調了我們的觀點，即家庭寬頻市場仍然滲透不足，我們可以在對價格更敏感的較低細分市場提供更多的需求。 PLDT 的獨特之處在於能夠以不同的價格點，使用各種固定和無線技術來補充我們的光纖產品，以滿足市場的承受能力。 PLDT 繼續享有強大的品牌資產和卓越的網路質量，使其成為市場上強大的競爭對手。

Next, please. Data and ICT remain the key drivers of our enterprise business, which registered a revenue increase of 1% to PHP 34.8 billion from the same period last year, with third quarter revenues up by 2%. Corporate data grew by 6% due to higher fiber and managed IT data revenues. ePLDT recorded a 10% increase in revenues mainly from data center and cloud services.

下一個。數據和ICT仍是我們企業業務的主要驅動力，企業業務收入較去年同期成長1%，達到348億披索，其中第三季營收成長2%。由於光纖和託管 IT 數據收入增加，企業數據增長了 6%。 ePLDT 的營收成長了 10%，主要來自資料中心和雲端服務。

With the Santa Rosa Data Center capacity expected to come on stream ahead of competition in the first half in '24, ePLDT is well positioned -- actually the robust demand from hyperscalers. In addition, our growth pipeline is fueled by our enterprise team's focus on enabling digital transformation of corporate SMEs and government, through the creation of smart cities and the first sovereign cloud.

聖羅莎資料中心的容量預計將於 2024 年上半年在競爭中領先，因此 ePLDT 處於有利位置——實際上是來自超大規模企業的強勁需求。此外，我們的企業團隊致力於透過創建智慧城市和第一個主權雲來實現中小企業和政府的數位轉型，從而推動了我們的成長管道。

Next, please. Positive trends are also manifesting in the individual segment which has faced various challenges over the years. Revenue for our individual business rose by 1% in the first 9 months of the year. In the third quarter, which is historically low, revenues were higher by PHP 100 million versus first quarter, and PHP 400 million higher than the same quarter in 2022. 2% and 6% growth in prepaid and postpaid revenues in the third quarter supported (inaudible) revenue implements compared to last year.

下一個。多年來面臨各種挑戰的各個細分市場也出現了積極的趨勢。今年前9個月，我們個人業務的收入成長了1%。在處於歷史低點的第三季度，營收比第一季度增加了 1 億比索，比 2022 年同期增加了 4 億比索。第三季預付費和後付費收入分別成長 2% 和 6%（聽不清）收入與去年相比實現。

Mobile data revenues jumped PHP 52.4 billion, with active data users of almost 38 million and following a 15% price in data traffic. Average monthly data usage per customer escalated to 10.8 gigabytes, up by 23% from last year and 17% from full year 2022.

行動數據收入暴增 524 億披索，活躍數據用戶近 3,800 萬，數據流量價格上漲 15%。每位客戶的平均每月數據使用量升至 10.8 GB，比去年增長 23%，比 2022 年全年增長 17%。

While the industry availments of number portability remains small since the implementation of MNP in 2020, the majority of customers that ported their numbers, moved to Smart, reflecting recognition of PLDT's network advantage.

儘管自2020年實施MNP以來，攜號轉網的產業效益仍然較小，但大多數攜號轉網的客戶都轉向了Smart，反映出對PLDT網路優勢的認可。

Next please. In the first 9 months of 2023, 82% of our consolidated service revenues were from data and broadband. By service type, mobile data rose by 3% year-on-year while broadband and corporate data grew by 4% and 6%, respectively. ICT revenues were up 10%, including an 8% price in data center revenues. Our broad-based cost management effort -- next, please -- was undertaken, resulting in a 3% or PHP 1.7 billion in total expenses, including provisions and subsidies. The combined impact of increase in revenues and decline in costs, is a 4% rise in consolidated EBITDA to PHP 78.4 billion, a 9-month record high, with margin up 52%.

下一個。 2023 年前 9 個月，我們綜合服務收入的 82% 來自數據和寬頻。依業務類型劃分，行動數據較去年同期成長3%，寬頻和企業數據分別成長4%和6%。 ICT 收入成長了 10%，其中資料中心收入上漲了 8%。我們進行了廣泛的成本管理工作（請接下來），導致總支出減少了 3%，即 17 億菲律賓比索，其中包括規定和補貼。收入增加和成本下降的綜合影響使綜合 EBITDA 增長 4%，達到 784 億比索，創 9 個月新高，利潤率增長 52%。

Next, please. Telco core income for the period grew by 2% to PHP 26.1 billion year-on-year, reflecting the impact of higher EBITDA, partly offset by higher depreciation, higher financing costs and higher tax provision. Telco core for the third quarter is stable compared to the same quarter last year.

下一個。該期間電信核心收入年增 2%，達到 261 億比索，反映了 EBITDA 增加的影響，但部分被較高的折舊、較高的融資成本和較高的稅收撥備所抵消。第三季的電信核心業務與去年同期相比保持穩定。

Next, please. On a reported basis, PLDT income grew by 1% to PHP 27.9 billion, mainly from the gain from the tower sale and leaseback transactions, ForEx and derivative gains, partly offset by MRP costs. Note that our share in losses from Maya stood at PHP 1.7 billion, lower than the PHP 2.4 billion reported last year. This moderation in losses is in line with the expectation of breakeven and profitability towards the end of 2024.

下一個。根據報告，PLDT 營收成長 1%，達到 279 億披索，主要來自塔樓銷售和回租交易的收益、外匯和衍生性商品收益，部分被 MRP 成本抵銷。請注意，我們在 Maya 的損失中所佔的份額為 17 億比索，低於去年報告的 24 億比索。虧損的放緩符合 2024 年底盈虧平衡和獲利的預期。

Next, please. PLDT's balance sheet remains healthy. With net debt-to-EBITDA at the end of September at 2.44x, lower than the 2.48x at the end of June. We expect this to further improve with the receipt of the remaining tower sales proceeds. Gross debt amounted to PHP 274.5 billion, of which 15% are dollar denominated and 5% unhedged. Interest costs for the period stood at 4.49% pretax, while the average life of debt is 6.7 years.

下一個。 PLDT 的資產負債表保持健康。 9 月底的淨債務與 EBITDA 比率為 2.44 倍，低於 6 月底的 2.48 倍。我們預計，隨著收到剩餘的塔樓銷售收入，這種情況將進一步改善。總債務達 2,745 億比索，其中 15% 以美元計價，5% 未對沖。該期間的稅前利息成本為 4.49%，而平均債務期限為 6.7 年。

Next please. Total CapEx for 9 months amounted to PHP 55.3 billion, consisting of network and IT CapEx of PHP 49.4 billion, and business CapEx of PHP 6 billion. In line with our objective of bringing down CapEx and aiming for positive free cash flow, CapEx intensity for the period has fallen below the 40% mark to 37%, and is lower than the 46% recorded last year.

下一個。 9 個月的總資本支出達 553 億披索，其中網路和 IT 資本支出為 494 億披索，業務資本支出為 60 億披索。根據我們降低資本支出和實現正自由現金流的目標，該期間的資本支出強度已降至 40% 以下，降至 37%，低於去年記錄的 46%。

In addition, the CapEx of PHP 55.3 billion is PHP 23.1 billion lower than EBITDA for the period of PHP 78.4 billion. We maintain our CapEx guidance for the year of between PHP 80 billion and PHP 85 billion. This includes approximately about PHP 11 billion out of the PHP 33 billion prior year's commitment.

此外，553 億比索的資本支出比 784 億比索期間的 EBITDA 低 231 億比索。我們維持今年資本支出指引在 800 億比索至 850 億比索之間。這包括去年承諾的 330 億比索中的約 110 億比索。

We continue to tightly screen and closely monitor our CapEx, especially multiyear projects, as well as introduce end-to-end process improvements in the value chain covering plan-to-budget approval, procure to pay, build to provision and related record to report.

我們繼續嚴格篩選和密切監控我們的資本支出，特別是多年期項目，並在價值鏈中引入端到端流程改進，涵蓋計劃到預算審批、採購到付款、構建到供應以及相關報告記錄。

Next page, please. This page shows the usual network highlights. On the fixed network, we passed 17.3 million homes and cover about 18,100 barangays representing 43% of the total barangays in the Philippines. Total fiber ports grew to 1 -- to 6.2 million, as we have accelerated port rollout. We continue to carefully rationalize the rollout of the ports to ensure optimal utilization.

請下一頁。此頁面顯示通常的網路亮點。在固定網路上，我們通過了 1,730 萬戶家庭，涵蓋了約 18,100 個描籠涯，佔菲律賓描籠涯總數的 43%。隨著我們加快連接埠部署，光纖連接埠總數增加到 1 到 620 萬個。我們繼續仔細合理化港口的部署，以確保最佳使用率。

PLDT total fiber footprint remains unparalleled, with a total of over 1.1 million kilometers. Population coverage of our wireless network stands at 97%, about 82% of the total handsets on the network are LTE or 4G.

PLDT 光纖總足跡仍然無與倫比，總計超過 110 萬公里。我們的無線網路人口覆蓋率為97%，網路上手機總數的約82%是LTE或4G。

Next page, please. The number of unique 5G devices and 5G data traffic continue to register improvements from the end of 2022. As part of our network optimization to realize operational CapEx and spectrum efficiencies, we reduced the number of our 5G base stations. Nevertheless, our 5G speed remain faster than that of competition based on Ookla's speed test. Let me...

請下一頁。從 2022 年底開始，獨特 5G 設備的數量和 5G 數據流量繼續增長。作為實現營運資本支出和頻譜效率的網路優化的一部分，我們減少了 5G 基地台的數量。儘管如此，根據 Ookla 的速度測試，我們的 5G 速度仍然快於競爭對手。讓我...

Thank you, Danny. So in 2023, we continue to push the boundaries of our FinTech ecosystem with Maya Digital Bank at the heart of it, and continue to launch new products and growing all our businesses.

謝謝你，丹尼。因此，到 2023 年，我們將繼續突破以 Maya 數位銀行為核心的金融科技生態系統的界限，並繼續推出新產品並發展我們的所有業務。

So in the Philippines, we are the #1 digital bank in terms of number of depositors and the deposit balance, and we continue to see very good growth across our loans portfolio, and I'll touch upon that.

因此，在菲律賓，就儲戶數量和存款餘額而言，我們是排名第一的數位銀行，而且我們的貸款組合繼續保持良好的增長，我將談到這一點。

On the merchant acquiring business, which is where we process Visa, Mastercard to our PH domestic debit. Again, we are the leaders in number of transactions processed in the Philippines across all these various fund sources, and continue to see that market share expand. And we are the #1 finance app in the Philippines, which is our Maya consumer app.

在商家收單業務上，我們處理 Visa、Mastercard 到菲律賓國內金融卡的業務。同樣，我們在菲律賓處理的各種資金來源的交易數量方面處於領先地位，並且市場份額繼續擴大。我們是菲律賓排名第一的金融應用程序，這是我們的 Maya 消費者應用程式。

So let me give a little more color across each of these. So if we look at, on the Maya consumer app, which was largely a payment-centric app and now has gone on and evolved into an all-in-one full financial service app for consumers. We introduced a high-engagement saving product, last year. Customers look forward at the start of the month to pay the electricity bill, to pay various utility bills, to do their various purchases, which then helps them to earn higher interest rate.

因此，讓我對每一個都給出更多的色彩。因此，如果我們看一下 Maya 消費者應用程序，它主要是一款以支付為中心的應用程序，現在已經發展成為一款面向消費者的一體化完整金融服務應用程式。去年，我們推出了一款高參與度的節能產品。客戶期待在月初支付電費，支付各種公用事業費用，進行各種購買，從而幫助他們賺取更高的利率。

And the bulk of that information that we are able to collect on customers, we are able to create better profiles and deeper understanding of the behavior, which then goes into our credit scoring models and allows us to provide them with our credit products as and when they need those.

我們能夠收集到的大部分客戶信息，我們能夠創建更好的檔案並更深入地了解客戶的行為，然後將其納入我們的信用評分模型，使我們能夠及時向他們提供我們的信用產品他們需要那些。

Very pleased, we have launched our first credit product last year, Maya Credit. And last month, we expanded that with a longer tenure product, Maya Personal Loans. And we've seen extremely positive take-up of that in the early stages of its launch. We continue to expand our services by adding on investments. So now customers are able to purchase and invest in a number of funds, and we will add the ability to purchase individual stocks on the Philippines Stock Exchange over the coming weeks.

非常高興，我們去年推出了第一個信貸產品—Maya Credit。上個月，我們透過更長期限的產品瑪雅個人貸款擴大了這一範圍。我們在其推出的早期階段就看到了非常積極的接受。我們繼續透過增加投資來擴大我們的服務。因此，現在客戶可以購買和投資多種基金，我們將在未來幾週內增加在菲律賓證券交易所購買個股的功能。

So what this has enabled is, really helped the Maya consumer app to become the all-in-one primary financial services app for the customers, and we are seeing them generating 2 to 4x more ARPU and profit per user versus of payments only. We see the same story when we look at the enterprise side of the business, this is a business where we provide with a large online player, a multi -- an omnichannel there, providing you with a full suite of payment solutions including, whether it's just for QR or whether it's Visa, Mastercard or any other fund source, including domestic debit.

因此，這確實幫助 Maya 消費者應用程式成為客戶的一體化主要金融服務應用程序，我們看到它們為每用戶帶來的 ARPU 和利潤比僅支付高出 2 到 4 倍。當我們審視企業方面的業務時，我們看到了同樣的故事，在這個業務中，我們提供了一個大型在線播放器，一個多渠道的全渠道，為您提供全套支付解決方案，包括，無論是僅適用於QR，無論是Visa、Mastercard 或任何其他資金來源（包括國內金融卡）。

As I mentioned, our share in a number of transactions today in this business is over 50% across Visa, Mastercard, QRPH, that's a market. And with the addition of Maya Bank, we've now been able to integrate the ability for merchants, especially the SME, the MSMEs to be able to use Maya Bank deposit to put their settlement account. And we have now started testing and piloting better products to both macro and to small SMEs. So in the same portal, where they do all their transactions for payments, they are now able to draw down on credit, on working capital products, which we are able to provide on the back of seeing their payment transactions and business flows. So this is another area where we have piloted a number of products and are now scaling those and rolling those out through the course of the rest of 2023.

正如我所提到的，我們今天在該業務的許多交易中所佔的份額超過了 Visa、Mastercard、QRPH 市場的 50%。隨著瑪雅銀行的加入，我們現在已經能夠整合商家的能力，特別是中小企業、中小微型企業能夠使用瑪雅銀行的存款來存入他們的結算帳戶。我們現在已經開始向宏觀和小型中小企業測試和試點更好的產品。因此，在同一個入口網站中，他們進行所有支付交易，他們現在可以提取信貸和營運資金產品，我們可以在查看他們的支付交易和業務流程後提供這些產品。因此，這是我們試點了許多產品的另一個領域，現在正在擴展這些產品，並在 2023 年剩餘時間內推出這些產品。

And if you go to the next slide. To give you some color around the numbers, the number of depositors that we have in Maya Bank grew to 2.6 million. In fact, as of now, the number is pretty much close to 3 million depositors. And that has resulted in us having a deposit balance of nearly PHP 24 billion. We have been, as I mentioned, we started with dispersing consumer loans, adding on newer product consumers and (inaudible) on the micro and SME products. We have disbursed over PHP 16 billion of loans in the last month, and as a result of this expansion and the Maya, both the business on the enterprise side and on the consumer side, becoming key drivers. We've seen (inaudible) EBITDA across the business have become profitable in the third quarter of 2023. And as Danny mentioned, thanks for that.

如果您轉到下一張投影片。為了讓您對數字有所了解，瑪雅銀行的儲戶數量已增加至 260 萬。事實上，截至目前，儲戶人數已接近 300 萬人。這導致我們的存款餘額接近 240 億比索。正如我所提到的，我們從分散消費貸款開始，增加新產品消費者以及（聽不清楚）微型和中小企業產品。上個月我們發放了超過 160 億比索的貸款，由於這項擴張和 Maya，企業端和消費者端的業務都成為關鍵驅動力。我們已經看到（聽不清楚）整個業務的 EBITDA 已在 2023 年第三季實現盈利。正如丹尼所提到的，謝謝。

Not only have we been able to grow it more than double our net income year-on-year, but we've been able to bring down our cash burn by nearly 40% versus last year, and with the expansion that we are seeing in the business with the continued growth in the net income as we launch new product and scale new products, we are looking at making the business cash flow positive towards the end of 2024.

我們不僅能夠將淨利潤同比增長一倍多，而且我們還能夠將現金消耗比去年減少近 40%，並且隨著我們在隨著我們推出新產品和擴大新產品規模，該業務的淨利潤持續增長，我們希望在2024 年底前實現業務現金流為正。

With that, I'm going to hand us back to Al.

說到這裡，我要把我們交還給阿爾。

Thank you. Thank you, S.B. I just wanted to give the outlook guidance for 2023. Service revenue growth, low-single-digit growth for the group. EBITDA will also be low-single-digit growth. Telco core income will be at least PHP 24 billion. CapEx (inaudible) for this year. And we will try to, we will continue, obviously, in dividends -- sorry, in this year. And then for dividend, we will obviously try to maintain a 60% dividend (inaudible), MVP, if you might want to add a few things?

謝謝。謝謝你，S.B.我只是想給予 2023 年的展望指引。服務收入成長，集團的低個位數成長。 EBITDA 也將呈現低個位數成長。電信公司的核心收入將至少達到 240 億比索。今年的資本支出（聽不清楚）。我們將努力，顯然，我們將繼續股息——對不起，今年。然後對於股息，我們顯然會盡力維持 60% 的股息（聽不清楚），MVP，您是否想添加一些東西？

No, I'm good, Al. Thank you. Thank you.

不，我很好，阿爾。謝謝。謝謝。

(Operator Instructions) The first set of questions comes from Stephen Olivero of China Bank Securities. The first one, how does TEL plan to sustain its top line momentum in 2024, given projected period of elevated interest rates and inflation?

（操作員說明）第一組問題來自華銀證券的Stephen Olivero。第一個問題是，鑑於利率和通膨將持續上升，TEL 計劃如何在 2024 年維持其營收動能？

I can just start, but I think, we haven't signed a term budgets for next year, but obviously, we're going to target growth for revenue line. Some of the initiatives that will be on stream next year will be our 11th data center, which will be on stream by June of next year. So we will have the 6-month benefit of that, and hopefully full year in the following year.

我可以開始了，但我認為，我們還沒有簽署明年的任期預算，但顯然，我們的目標是收入線的成長。明年將投產的一些舉措包括我們的第 11 個資料中心，該資料中心將於明年 6 月投產。因此，我們將獲得 6 個月的收益，並希望在下一年獲得全年的收益。

I think we're showing a positive momentum on mobile and we continue to grow that. There's still some growth areas still in -- that we are also pursuing. Although Danny did say that, it's starting to get to maybe a financially-challenged market -- segment of the market. That's why I think the ability of Home, to offer both fiber and fixed wireless solutions, will be helpful in that push. And I know that Enterprise continues to push digital transformation across the Enterprise space of customers. Do you want to add a few things? (inaudible)

我認為我們在移動領域表現出了積極的勢頭，並且我們將繼續發展這一勢頭。我們仍在追求一些成長領域。儘管丹尼確實這麼說過，但它正開始進入一個可能面臨財務挑戰的市場——細分市場。這就是為什麼我認為 Home 提供光纖和固定無線解決方案的能力將有助於推動這一進程。我知道 Enterprise 繼續推動整個企業客戶領域的數位轉型。您想添加一些內容嗎？ （聽不清楚）

The next question, how does Maya Bank plan to strike a balance between funding costs and interest income, given the attractive deposit rates your currently offering?

下一個問題是，鑑於你們目前提供的存款利率頗具吸引力，瑪雅銀行計劃如何在融資成本和利息收入之間取得平衡？

Yes, we absolutely are trying to strike a balance, in fact, what we have managed and seen as a deliberate effort on our part, is ensure that the (inaudible) it's high engagement banking, see a growth in both the customers and all the balances over there, which is where we get a lot of rich information on the customers, and these are customers who, for certain periods of time -- positive balances, but also over a period of time, need access to credit. And by virtue of seeing the transaction behavior, we are able to score them and provide them with Maya Credit and that piece has worked really well.

是的，我們絕對在努力取得平衡，事實上，我們已經管理並視為我們刻意努力的事情，是確保（聽不清）它是高參與度的銀行業務，看到客戶和所有客戶的增長那裡的餘額，這是我們獲得大量有關客戶的豐富資訊的地方，這些客戶在某些時期內有正餘額，但也在一段時間內需要獲得信貸。透過查看交易行為，我們能夠對他們進行評分並為他們提供 Maya Credit，這部分效果非常好。

What we did see was that we had balances in our personal loans product, which was a time deposit-equivalent product. And in that, we had some customers with high balances because of the interest rate. What we have done is we are reworking that product. And as a result of that, we have seen some reduction in the balances on that product. So if you look at our performance quarter-on-quarter, the number of customers that we have in Maya Bank has actually gone up, but the number of -- the amount of deposit balance has actually stayed pretty much flat, but that's helped us.

我們確實看到的是，我們的個人貸款產品有餘額，這是一種相當於定期存款的產品。在這方面，由於利率的原因，我們有一些客戶的餘額很高。我們所做的是重新加工該產品。因此，我們發現該產品的餘額減少。因此，如果你看一下我們季度環比的業績，我們在瑪雅銀行的客戶數量實際上有所增加，但存款餘額的數量實際上幾乎保持不變，但這對我們有幫助。

And the second is, of course, growing the loan book. At this stage, as I mentioned, we have disbursed over PHP 16 million -- PHP 16 billion of loan. These are largely short tenure loans. So as a result, of course, our outstanding loan book is modest. But as we expand into longer tenure rules, as I mentioned, personal loans, SME loans, we will also start seeing our loan-to-deposit ratio go up. So we've had a deliberate strategy of making sure that we're growing the number of customers that we have. We are getting the transaction behavior and payment behaviors, which is helping us, and that helps us with high engagement banking, but we're very conscious of making sure that we're not -- at this stage, getting encumbered with high balance deposits at high interest rates, and that's what we have pretty much worked on over the course of the last couple of quarters and we continue to refine that.

第二當然是增加貸款規模。正如我所提到的，現階段我們已經支付了超過 1,600 萬比索——160 億比索的貸款。這些主要是短期貸款。因此，當然，我們的未償還貸款規模不大。但正如我所提到的，隨著我們擴展到更長的期限規則，個人貸款、中小企業貸款，我們也將開始看到我們的貸存比上升。因此，我們制定了一項深思熟慮的策略，以確保我們的客戶數量不斷增加。我們正在了解交易行為和支付行為，這對我們有幫助，也有助於我們實現高參與度的銀行業務，但我們非常有意識地確保我們在現階段不會受到高餘額存款的困擾高利率，這就是我們在過去幾個季度中所做的大部分工作，我們將繼續完善它。

Use the Raise Hand, Arthur.

請舉手，亞瑟。

Can you hear me?

你聽得到我嗎？

Yes, we can.

我們可以。

Several questions, please. Firstly, on Mobile. I'm just wondering what can be done to address the revenue growth caps versus your competitor? Now it's -- PLDT has had the benefit of network upgrades for quite a while now with the network advantages being claimed. What are the challenges in taking the premium users away from your competitor?

有幾個問題請教一下。首先，在行動裝置上。我只是想知道與競爭對手相比，可以採取哪些措施來解決收入成長上限問題？現在，PLDT 已經受益於網路升級相當長一段時間了，並且聲稱具有網路優勢。從競爭對手手中奪走優質用戶面臨哪些挑戰？

Second question I had is with regard to the data center. Can you get some idea on the expected contributions from this, you've mentioned contribution or commercialization by early 2024. How much can this generate into the year? And is this immediately profitable? Or is there a ramp-up phase needed with utilization?

我的第二個問題是關於資料中心的。您能否從中了解預期的貢獻，您提到了 2024 年初的貢獻或商業化。今年可以產生多少？這能立即盈利嗎？或者利用率是否需要一個提升階段？

And final question comes back to Mobile. I'm just wondering what does it take to get industry revenue growth tracking alongside broader GDP growth. When you look at other markets in Asia, it seems to be tracking well. Philippines seems to be an outlier, as I'm just wondering what can be done so that you're back to mid-single digits.

最後一個問題回到行動裝置。我只是想知道如何才能使行業收入成長與更廣泛的 GDP 成長同步。當你看看亞洲其他市場時，你會發現它似乎進展順利。菲律賓似乎是一個異常值，因為我只是想知道可以採取什麼措施才能回到中個位數。

I'll let Alex answer the Mobile, (inaudible) exactly.

我會讓亞歷克斯準確地回答行動電話（聽不清楚）。

Yes, we're looking at our growth for 2024, riding on the restart of our network expansion, as well as the delivery of platform capabilities that will allow us to deploy targeted, customized and very timely offers, that are indeed relevant and value part. Obviously, there's a SKU for our customers on postpaid business. We realize that we have work to do there in order to not just upsell, but also to encourage even better acquisition (inaudible).

是的，我們正在考慮2024 年的成長，依靠網路擴張的重啟以及平台功能的交付，這將使我們能夠部署有針對性的、客製化的和非常及時的產品，這些產品確實是相關且有價值的部分。顯然，我們的後付費業務客戶有一個 SKU。我們意識到，我們在這方面還有很多工作要做，不僅是為了追加銷售，也是為了鼓勵更好的收購（聽不清楚）。

Of course, we'll have to bank on the strength of the network. We have been looking at improvements in terms of speed as well as quality. And we also continue to work on our (inaudible) where most of the mobile consumption has shifted even as increased mobility has already been seen for the first few quarters this year.

當然，我們必須依靠網路的力量。我們一直在尋求速度和品質方面的改進。我們也持續致力於（聽不清楚）大部分行動消費已經發生轉變，儘管今年前幾季行動性已經增加。

Yes, so for -- if you look at the sub numbers were ahead based on this third quarter report, we're at (inaudible). So our task is how to be -- is it up on revenues is something that we have to work on going forward.

是的，如果您查看基於第三季報告的子數據，我們會發現（聽不清楚）。所以我們的任務是如何——是否取決於收入，這是我們未來必須努力的。

Revenue growth on the Fiber Homes from (inaudible) revenue growth?

光纖家庭的收入成長來自（聽不清楚）收入成長嗎？

Well, the programs that we have lined up are geared towards accelerating mobile data burn. A number of our customers have continued to enjoy the better offers, but I think we have to see velocity. That's why the emphasis on asset burn, as well as understanding the segments which require a higher bandwidth allocations. And at the same time, the related offers that might be interesting for this target market, whether it involves fintech solution, entertainment and the like.

嗯，我們列出的計劃旨在加速行動數據消耗。我們的許多客戶繼續享受更好的優惠，但我認為我們必須看到速度。這就是為什麼強調資產消耗以及了解需要更高頻寬分配的部分的原因。同時，該目標市場可能感興趣的相關產品，無論是涉及金融科技解決方案、娛樂等。

Thank you, Alex. I'll ask [Biboy] to answer the data center question.

謝謝你，亞歷克斯。我會請[Biboy]回答資料中心的問題。

Thank you for the question on data centers. I think the advantage of the PLDT platform is, we have available capacity. And secondly, we will be the first to market, to actually have a hyperscale data center in the country. This is very advantageous for us because as companies in the public sector transform digitally, they're looking for colocation services to meet their digital infrastructure requirements. And we will be in the best position to capture most of this, given those 2 factors of available capacity, and the first to market with a hyperscaler data center by the middle of next year.

感謝您提出有關資料中心的問題。我認為PLDT平台的優勢在於，我們有可用的容量。其次，我們將成為第一個在該國實際擁有超大規模資料中心的市場。這對我們來說非常有利，因為隨著公共部門的公司進行數位轉型，他們正在尋找託管服務來滿足其數位基礎設施要求。考慮到可用容量這兩個因素，以及在明年年中率先將超大規模資料中心推向市場，我們將處於捕獲大部分資料的最佳位置。

Also, can you monetize on both businesses?

另外，您可以透過這兩項業務獲利嗎？

Yes. So if you look at the data center, obviously, it is like building a house that you need tenants. So we would need to find the tenants to fill it up. There will be a ramp-up phase. We are looking for an anchor tenant to fill up the space that we have, and the anchor tenants will come in the form of hyperscalers -- Eastern or Western hyperscalers. And as soon as they ramp up, then it will be easier for us to monetize the colocation space that they've taken in our data center.

是的。因此，如果你看看資料中心，顯然，這就像建造一座需要租戶的房子。所以我們需要找到租戶來填補它。將有一個加速階段。我們正在尋找一個主力租戶來填補我們現有的空間，而主力租戶將以超大規模企業的形式出現——東方或西方的超大規模企業。一旦他們的數量增加，我們就可以更輕鬆地將他們在我們資料中心佔用的託管空間貨幣化。

We did -- we have started serving the space and we think -- very warm on a few big engagements with hyperscalers, one from the West, one from the East, so maybe 2 from the West. And that's something that we'll really be working hard on. So we want to make sure that we can get it as soon as possible. And in part -- we're looking -- at what's available by June next year, is 10 megawatts, the third portion for not by November, in early part of 2024, would be the balance 16 megawatt. So the teams are pushing very hard to get contracted, or even prior to the completion of the biggest (inaudible). I hope Arthur, we've answered your questions.

我們確實——我們已經開始為這個領域提供服務，我們認為——對與超大規模企業的一些大型合作非常熱情，其中一個來自西方，一個來自東方，所以可能有兩個來自西方。這才是我們真正要努力的。所以我們想確保我們能夠盡快得到它。我們正在研究的一部分是，到明年 6 月可用的容量為 10 兆瓦，第三部分到 11 月（即 2024 年年初）可用，剩餘容量為 16 兆瓦。因此，球隊正在非常努力地爭取合同，甚至在最大的合約完成之前（聽不清楚）。我希望亞瑟，我們已經回答了你的問題。

Just maybe to clarify, are there any plans to find any strategic partner which would help you accelerate take-up levels on your data centers?

也許需要澄清一下，是否有計劃尋找任何策略合作夥伴來幫助您加快資料中心的使用水準？

We're undergoing a process now, in fact, we shared it with the Board. And we actually have a very short list, and we're expecting some binding offers, hopefully by the latter part of November. Just precise -- exactly which time, we're looking for a strategic partner that will grow the business and operate it more efficiently, because of the experience of the partner that we are bringing.

我們現在正在進行一個流程，事實上，我們已與董事會分享了這個流程。我們實際上有一個非常短的清單，我們期待一些具有約束力的報價，希望在 11 月下旬之前。確切地說，正是在這個時候，我們正在尋找一個能夠發展業務並更有效地經營業務的策略夥伴，因為我們帶來了合作夥伴的經驗。

The next question is on Mobile. Have you seen any impact from DITO after it received fresh funding?

下一個問題是關於移動設備的。您是否看到 DITO 獲得新資金後產生的影響？

Alex?

亞歷克斯？

There has been on ground, as well as online action from the challenger. So obviously, they will have to ride on marketing offers that will go with the expansion of the network. We understand that a number of customers either from our side or from the other competitor, might be if I may say, frankly, trying to experiment and understand the impact, merit being second scene, inside of devices.

挑戰者在地面和網路上都採取了行動。顯然，他們將不得不利用隨著網路擴張而提供的行銷優惠。我們知道，坦白說，來自我們這邊或其他競爭對手的許多客戶可能會嘗試嘗試並了解影響，值得作為第二個場景，在設備內部。

But we have seen from the marketplace that a number of the customers have actually gone back to their primary service providers after understanding that the service is more reliable, more consistent and more predictable.

但我們從市場上看到，許多客戶在了解到服務更可靠、更一致和更可預測後，實際上已經回到了他們的主要服務提供者。

Thank you, Alex. Next, here's a question. What are your views on prepaid home broadband?

謝謝你，亞歷克斯。接下來，有一個問題。您對預付費家庭寬頻有何看法？

(inaudible), take that?

（聽不清楚），接受嗎？

Yes. Thanks, Al. So first, before I answer the question on prepaid home broadband, particularly prepaid fiber. I just want to remind everybody that PLDT is in a great position to be able to leverage 2 very, very strong networks. Our mobile network actually rated extremely high, in fact, performing both 5G as well as 4G, which enables us to be able to sell fixed wireless as an offering to customers to be able to service not only areas that we don't have fiber, but to also service a different demographic and customer that may be looking for more of a sachet-based sort of infrequent usage for various reasons.

是的。謝謝，艾爾。首先，在回答有關預付費家庭寬頻，特別是預付費光纖的問題之前。我只是想提醒大家，PLDT 處於有利地位，能夠利用 2 個非常非常強大的網路。事實上，我們的行動網路評級極高，同時支援 5G 和 4G，這使我們能夠向客戶銷售固定無線網絡，不僅能夠為我們沒有光纖的地區提供服務，但也為了服務不同的人群和客戶，他們可能會出於各種原因尋求更多基於香袋的不頻繁使用。

The second one is our fiber network, which we have actually had quite an extensive rollout and we currently do enjoy about 60% utilization, right? So we actually have about 60% of all of our ports with tolling customers. So we have 2 weapons that we're able to leverage, but because of the situation that we're in, I guess we're approaching the market a little bit differently from our competition.

第二個是我們的光纖網絡，我們實際上已經進行了相當廣泛的部署，目前利用率約為 60%，對嗎？因此，實際上我們大約 60% 的港口都有收費客戶。因此，我們有兩種可以利用的武器，但由於我們所處的情況，我想我們對待市場的方式與競爭對手略有不同。

We've lent our push into the prepaid space with fixed wireless, so we've actually seen fixed wireless as a category has been challenged in the market for the last 9 months. But what we are very pleased to be able to report back, is we've seen 2 consecutive quarters of growth in our fixed-wireless space. So we've actually seen a 5% quarter-on-quarter growth in terms of fixed wireless revenues. Now whilst that may still be somewhat small compared to, let's say, for example, fiber revenues, it does show that there is a role for firxed wireless to play in being able to service the different customer needs for the different segments.

我們已經透過固定無線技術進軍了預付費領域，因此我們實際上看到固定無線技術這個類別在過去 9 個月中在市場上受到了挑戰。但我們很高興能夠報告，我們的固定無線領域已經連續兩季實現成長。因此，我們實際上看到固定無線收入較上季成長了 5%。現在，雖然與光纖收入相比，這可能仍然有點小，但它確實表明固定無線在能夠滿足不同細分市場的不同客戶需求方面可以發揮作用。

From a fiber perspective, we are actually -- as we mentioned in the half year results, we do have plans to go into the prepaid fiber space. In fact, we are currently trialing with some of our existing customers now, our prepaid offering. The approach we are taking is much more measured approach though, we want to be very, very targeted with the areas that we make, prepaid fiber available, because we do currently enjoy the largest fiber base with a very, very high utilization rate. We want to make sure that prepaid fiber is something that's revenue accretive as opposed to revenue dilutive.

從光纖的角度來看，正如我們在半年業績中提到的，我們確實有計劃進入預付費光纖領域。事實上，我們目前正在與一些現有客戶一起試用我們的預付費產品。不過，我們採取的方法是更謹慎的方法，我們希望對我們提供的預付費光纖領域非常非常有針對性，因為我們目前確實擁有最大的光纖基地和非常非常高的利用率。我們希望確保預付費光纖能夠增加收入，而不是稀釋收入。

We've seen through some of the other information released by the competition that the prepaid fiber ARPUs are significantly lower than postpaid ARPUs. So we want to make sure that we do prioritize where it is possible, for our ports to be sold to postpaid customers where we get a higher yield. And where we do have an abundance of prepaid, that's where we'll be using prepaid fiber.

我們透過競爭對手發布的一些其他資訊看到，預付費光纖ARPU明顯低於後付費ARPU。因此，我們希望確保盡可能優先考慮將我們的連接埠出售給後付費客戶，從而獲得更高的收益。在我們確實有大量預付費的地方，我們將使用預付費光纖。

So to answer your question maybe in a shorter way, we do I think there is a role for prepaid fiber to actually play in the market. But we're not only dependent on prepaid fiber to be able to service that segment. We also have the benefit of also using fixed wireless to be able to attack that segment of the market.

因此，也許可以用更簡短的方式回答您的問題，我認為預付費光纖在市場上確實可以發揮作用。但我們不僅僅依靠預付費光纖來為該細分市場提供服務。我們還擁有使用固定無線來攻擊該市場部分的優勢。

The next question is you mentioned about the launch of a sovereign cloud, what are the potentials of this business? And what is the traction so far?

下一個問題是您提到推出主權雲，這個業務的潛力是什麼？到目前為止，牽引力有多大？

Thank you for that question. When we built the sovereign cloud, we really had target markets in mind. One was the government services and the other one is the private sector. We felt that as part of our role to help digitalize the economy and help the administration also digitalize most of its public services, building a sovereign cloud in the Philippines was a first step for us in being able to offer that solution. This is a service that is similarly implemented or rolled out in other markets. We are actually the sixth or the seventh market in Asia to be able to roll out a sovereign cloud. So we feel that there's going to be usage and traction for this. We cannot obviously say who the government agencies are given the sensitivity of data that we will be hosting. But it has been a welcome solution for a need that government agencies have been looking for quite some time.

謝謝你提出這個問題。當我們建立主權雲端時，我們確實考慮了目標市場。一是政府服務，二是私部門。我們認為，作為我們幫助經濟數位化和幫助政府實現大部分公共服務數位化的職責的一部分，在菲律賓建立主權雲是我們能夠提供該解決方案的第一步。這項服務在其他市場也有類似的實施或推出。我們實際上是亞洲第六個或第七個能夠推出主權雲的市場。所以我們認為這將會被使用和吸引。我們不能明確地說誰政府機構被賦予了我們將託管的資料的敏感性。但這是一個受歡迎的解決方案，滿足了政府機構長期以來一直在尋找的需求。

There's a question on Maya. Are there any plans for fund raising?

有一個關於瑪雅的問題。有籌集資金的計畫嗎？

Yes, we are very much, as I mentioned, a couple of quick pointers to that. The business -- actually all the business became segment EBITDA positive in the third quarter of this year, and we continue to push towards the overall company becoming cash positive towards the end of 2024.

是的，正如我所提到的，我們對此有一些快速的指導。事實上，所有業務在今年第三季都實現了 EBITDA 正值，我們將繼續推動整個公司在 2024 年底實現現金正值。

In the interim, while we are funded on a lot of the operating side as we expand our loan book, we do need access to capital for some of the regulatory capital and to grow the loan book. So we are concluding external funding round with our existing shareholders, to fund for the requirements that we have until 2024, we should be able to conclude that over the coming days and should be able to share details.

在此期間，雖然隨著我們擴大貸款帳簿，我們在許多營運方面獲得了資金，但我們確實需要獲得一些監管資本的資金並擴大貸款帳簿。因此，我們正在與現有股東完成一輪外部融資，以滿足 2024 年之前的要求，我們應該能夠在未來幾天內得出結論，並且應該能夠分享細節。

I just wanted to add to that, that PLDT will actually participate in a round in fact, we've increased its equity, and (inaudible) increase equity in Maya.

我只是想補充一點，PLDT 實際上將參與一輪融資，事實上，我們已經增加了其股權，並且（聽不清楚）增加了 Maya 的股權。

There's a question on CapEx intensity. You've reduced your CapEx intensity significantly. How much lower can that go? And when do you expect it to get to the 25% level similar to other telcos in the region?

有一個關於資本支出強度的問題。您已顯著降低了資本支出強度。還能低多少？您預計什麼時候會達到與該地區其他電信公司類似的 25% 水準？

I'm not sure whether 25% is possible for us, Philippines, that hasn't been done. Initially what we would like to do is, bring it down to 30% CapEx intensity. That's a target maybe for next year or so.

我不確定25%對我們菲律賓來說是否可能，這還沒有做到。最初我們想做的是將資本支出強度降低至 30%。這可能是明年左右的目標。

There's a question on whether we're planning to do any more tower sales?

有人問我們是否計劃進行更多塔樓銷售？

Right now, we want to just complete first, what we have sold. There's still quite a bit of -- since we've done a lot in my summary, as I said that we have 5,900 towers, I think that we're ready. I think for that we already closed in -- so it's only 79% to 80%. So there's a bit -- there's still 20% that we continue to close, that we think is a big part of the chunk that we gave to you.

現在，我們只想先完成我們已經售出的東西。還有很多——因為我們在總結中做了很多工作，正如我所說，我們有 5,900 座塔，我認為我們已經準備好了。我認為我們已經接近了——所以只有 79% 到 80%。所以，我們仍然有 20% 的項目需要繼續關閉，我們認為這是我們給你們的大部分資金。

Are there any other questions? There's nothing in the queue. (Operator Instructions) And would you like to share some comments? There are no other questions in the queue.

還有其他問題嗎？隊列中沒有任何東西。 （操作員說明）您想分享一些意見嗎？隊列中沒有其他問題。

(foreign language), nothing significant. So better stay quiet, which I didn't, in the media, right?

（外語），沒什麼重要的。所以最好保持安靜，我在媒體上沒有這樣做，對吧？

You will not quote your own way. I think there's a question from Herman Dela Paz.

你不會引用你自己的方式。我認為赫爾曼·德拉巴斯提出了一個問題。

Let me see. Herman, please unmute your mic.

讓我看看。赫爾曼，請取消麥克風靜音。

I'm okay. Yes. I have unmuted. Can you hear me?

我很好。是的。我已經取消靜音了你聽得到我嗎？

Yes. Yes, we can. Okay. There's a question from Herman Dela Paz. Herman?

是的。我們可以。好的。赫爾曼·德拉巴斯 (Herman Dela Paz) 有一個問題。赫爾曼？

If there are no further questions, I turn the floor over to our Chairman, Mr. Pangilinan, for any final words.

如果沒有其他問題，我請我們的主席邦吉利南先生發表最後發言。

Nothing really special by way of closing, except to thank you for joining us this afternoon for the for the third quarter briefing. And we look forward to seeing you again perhaps sometime in February or March next year. So in the meantime, on behalf of all of us, we wish all of you a very merry Christmas.

最後，除了感謝您今天下午參加我們的第三季簡報之外，沒有什麼特別的。我們期待明年二月或三月的某個時候再次見到您。因此，同時，我們代表我們所有人祝大家聖誕快樂。

And that concludes today's briefing. As always, should you have any further questions and clarifications. Please reach out to PLDT Investor Relations. Thank you for your participation. Good afternoon.

今天的通報會到此結束。像往常一樣，如果您有任何進一步的問題和澄清。請聯絡 PLDT 投資者關係部。感謝您的參與。午安.

Thank you.

謝謝。

Thank you.

謝謝。