THE Philippines’ most valuable telecommunications company, PLDT Inc., said on Tuesday its consolidated core net income dropped 21 percent in 2016 on lower revenues and as the cost of shifting its business to digital services pile up.

In a briefing in Makati City, PLDT Chief Financial Officer Annabelle Chua said consolidated core net income fell to P27.9 billion in 2016 from P35.2 billion in 2015, while consolidated service revenues fell 3 percent to P147.6 billion.

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