PLDT Inc. has finalized a three-year collective bargaining agreement (CBA) with labor union Manggagawa ng Komunikasyon ng Pilipinas (MKP), the Pangilinan-led telecommunications company said on Tuesday.

In a stock exchange disclosure, the company said it formalized its 2024-2027 collective bargaining agreement with the union after executing a memorandum of agreement, which will be ratified within 60 days from the signing.

“The parties have formalized their agreement by executing a memorandum of agreement (MoA) in the presence of the DoLE (Department of Labor and Employment) Secretary and other key officials of the DoLE,” it said.

MKP is the exclusive representative of the company’s rank-and-file employees.

Once ratified, the collective bargaining agreement will take effect from Nov. 9, 2024 until Nov. 8, 2027, PLDT said.

To recall, PLDT said in May that it was willing to start collective bargaining negotiations with MKP as the collective bargaining agreement was set to expire on Nov. 8 this year.

PLDT cited the Labor Code, noting that both parties must meet and negotiate the renewal or modification of the bargaining deal at least 60 days before it expires.

The company said previously that its management and the MKP had come to an amicable resolution for their collective bargaining negotiations, effectively averting a strike.

At the stock exchange on Tuesday, shares in the company closed unchanged at P1,260 apiece.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Ashley Erika O. Jose