Philippines’ PLDT to Revamp After $864 Million Capex Overrun (2)

Philippine telecommunications company PLDT Inc. said it will reorganize management after an internal audit uncovered up to 48 billion pesos ($864 million) in budget overrun for capital spending in the past four years.

PLDT, one of Philippine stocks widely held by foreign investors, said Friday an ongoing probe hasn’t found any fraud, and that it’s in talks with principal vendors to reconcile accounts and trim overruns. The vendors “have expressed flexibility to work with our commercial requests involving reduction of outstanding work,” it said in a statement to the stock exchange.

The company embarked on a massive network expansion from ...