"We slightly lowered our core income guidance for 2016 to P28 billion due to the decline in EBITDA (earnings before income, taxes, depreciation, amortization), increases in financing costs and depreciation due to higher capex (capital expenditure), equity losses from the telco business acquired from SMC, offset by the net gain from the sale of PLDT's 25% interest in Beacon Electric Assets Holdings," Pangilinan told reporters.