Enterprise and Maya lead an evolving Philippine telecom
- Enterprise is now the primary growth driver, with revenues up 5 percent led by corporate data and ICT.
- Home fiber faces temporary installation lags from a recent system migration.
- Maya delivered its first full year of profitability with ₱1.7 billion in net income.
- VITRO Santa Rosa is expanding its AI-ready data center capacity, targeting 10 more megawatts by year-end.
- The Data Rollover Bill and Konektadong Pinoy present serious regulatory risks to future pricing power.
Better mix, new regulatory clouds
PLDT is slowly becoming a cleaner growth story. Core service revenue grows better when the old copper and voice lines are stripped out. Home fiber, mobile data, enterprise ICT, VITRO data centers, and Maya are now doing more of the work. Enterprise is the strongest growth driver, expanding 5 percent in the first half of 2026.
The two strongest proof points are Maya and VITRO. Maya delivered ₱1.7 billion of net income in 2025, its first full profitable year. VITRO Santa Rosa is preparing to activate another 10 megawatts of capacity by the end of 2026, which shows there is real demand for its data center space.
The bear case is heavily regulatory. The Konektadong Pinoy Bill could force wider access to PLDT assets, depending on the access list and final rules. Additionally, the Data Rollover Bill threatens to reduce breakage revenue by mandating that unused data carries over to the next billing cycle.
This is why the thesis stays balanced. PLDT has better growth engines than it used to, but net income is still pressured by depreciation and financing costs from past investments. A data center REIT IPO could help pay down debt. A Maya IPO in late 2026 or 2027 would add another possible catalyst.
Subscriptions, loads, contracts, and new platforms
PLDT runs fixed and wireless networks across the Philippines. It makes money when people buy mobile loads, pay monthly home broadband bills, or sign enterprise contracts for data, cloud, cybersecurity, managed IT, and data center services.
The best part of the model is scale. Once the network is built, more data use can add revenue without rebuilding the whole system. That is why mobile data, home fiber, and enterprise ICT matter so much. Recently, the Home segment faced a system migration issue that suppressed installations, but recovery has started.
The weak part is cost. Telecom networks need constant spending, and PLDT's past investment cycle still shows up as higher depreciation. That is an accounting cost for using long-lived assets over time, and it reduces reported profit even when cash revenue holds up.
Maya and VITRO add upside that is not typical for a plain phone company. Maya can earn from deposits, lending, merchant payments, and cards. VITRO can earn rent-like data center fees from companies that need secure computing space, including AI workloads.
What PLDT sells
Mobile and 5G
PLDT sells mobile data through Smart and related brands. Mobile data is the center of the wireless business, and 5G traffic continues to rise as more users move to newer devices.
Home fiber
Home fiber is the core home broadband product. Fiber made up 97 percent of Home revenue, showing how far PLDT has moved away from older home access lines.
Prepaid fiber and fixed wireless
These products help reach homes that may not want a full postpaid fiber plan. The risk is price competition, especially in prepaid fiber.
Enterprise ICT
Enterprise sells corporate data, SD-WAN, cybersecurity, cloud, managed IT, and other tech services. It is the strongest growth driver, with revenues up 5 percent in early 2026.
VITRO data centers
VITRO sells data center colocation and AI-ready infrastructure. VITRO Santa Rosa targets an additional 10 megawatts of activation by late 2026.
Maya
Maya is PLDT's digital bank and fintech platform. It offers deposits, loans, merchant acquiring, and credit cards, and it earned ₱1.7 billion in 2025.
2025 revenue mix
The mix uses 2025 revenue figures from PLDT's 2025 Q4 earnings transcript: Individual or wireless consumer revenue of ₱85.0 billion, Home revenue of ₱61.0 billion, and Enterprise revenue of ₱48.4 billion.
What could break the case
Regulatory access rules
High impact · Medium oddsThe Konektadong Pinoy Bill could require PLDT to provide broad access to parts of its network assets. If the rules are too broad or pricing is weak, PLDT could lose some control over assets it paid to build.
Data Rollover Bill
Medium impact · High oddsThe Data Rollover Bill awaits Senate action. It mandates the carryover of unused data allocations for prepaid and postpaid users. This would reduce breakage revenue and make consumption behavior less predictable.
Home installation lags
Medium impact · Medium oddsA recent system migration from a legacy platform created bottlenecks for Home activations and installs. While recovery began in May 2026, prolonged friction could stunt Home segment growth.
Debt and depreciation drag
High impact · Medium oddsPLDT spent heavily on its network and digital assets in prior years. That spending now creates higher depreciation, and debt also brings financing costs. Even if service revenue grows, reported net income can stay under pressure.
In one breath
What does PLDT Inc. do?
PLDT sells telecom and digital services in the Philippines. Its main businesses are mobile data, home fiber broadband, enterprise technology services, VITRO data centers, and Maya digital banking.
Is PLDT still mainly a phone company?
PLDT still owns major telecom networks, but the mix is shifting. Fiber, mobile data, enterprise ICT, data centers, and Maya are becoming more important than legacy copper and voice.
Why does Maya matter to PLDT?
Maya used to be a loss-making growth bet. It earned ₱1.7 billion in net income in 2025, which makes it a real contributor and a possible IPO candidate for late 2026 or 2027.
What is the biggest risk for PLDT?
The biggest single risk is regulatory uncertainty. The Konektadong Pinoy Bill could force asset sharing, and the Data Rollover Bill threatens data breakage revenue.
Sources and research notes
This page combines Finn's company research with public filings and other cited materials. The thesis is reviewed when material company information changes; Finn Scores use the latest available scoring data.
- Thesis reviewed
- August 16, 2026
- Score data
- September 6, 2026
- Reviewed by
- Shivam Bharuka
Comparable Telecom Services companies
Companies near PLDT Inc. in Finn's Telecom Services industry ranking.
