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2008 Annual Financial Report
Government-owned or Controlled Corporations
Commission on Audit Commonwealth Avenue, Quezon City
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TABLE OF CONTENTS
Page
Chapter 1 Introduction
Mandate... 1 Objective.. Content, organization and limitation.............. Clustering of GOCCs .............. 2 Methodology 3 2008 priorities . How to use the AFR.. 4 Disclaimer Chapter 2 Financial highlights
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Financial position.. 5 Financial performance.. 6 Changes in equity.. 7 Cash flows... 7 Chapter 3 Summary financial statements
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Overall summary financial statements of GOCCs (Balance sheet; Statement of income; Statement of changes in equity;
Statement of cash flow; Notes). 9
Summary financial statements by Cluster & GOCC. Cluster A 14 Cluster B 70 Cluster C 142 (Balance sheet; Statement of income; Statement of changes in
equity; Statement of cash flow; Notes to FS)
Chapter 4 Summary audit results
194
Audit opinions.. 195 Significant and common audit findings and recommendations.............. 196 Status of implementation of prior years recommendations. 210
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Annexes 1 List of GOCCs by cluster, abbreviation and status of audit 2 Roster of members of governing boards 3 List of GOCCs with unsubmitted financial statements 4 General functions of GOCCs under each cluster 5 Ranking by total assets 6 Ranking by domestic loans 7 Ranking by foreign borrowings 8 Ranking by total liabilities 9 Ranking by total equity 10 Ranking by gross income 11 Ranking by total expenditures 12 Summary of discretionary, representation, extraordinary, promotional,
confidential and consultancy expenses
13 Subsidy income from other agencies 14 Annual growth of subsidy income from the national government 15 Top 20 GOCC taxes payers 16 Top 20 GOCCs with dividends remittances 17 Audit opinions
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Chapter 1 Introduction
Mandate 1. In undertaking the mandate of auditing public sector entities and to comply with, the provisions of Section 4, Article IX-D of the Philippine Constitution and Section 41 of Presidential Decree 1445 (Government Auditing Code of the Philippines), the Commission on Audit has the honor to submit the Annual Financial Report (AFR) summarizing the financial statements of Government-owned or Controlled Corporations (GOCCs) and their subsidiaries, including water districts, hereinafter collectively referred as GOCCs, for the year ended December 31, 2008, with corresponding figures for 2007.
Objective 2. The objectives of the AFR include the provision of information on the financial position, performance, changes in equity, and cash flows of GOCCs the government business enterprises considered useful to a wide range of users in making economic decisions, particularly the Congress, being in charge of governance, and the President, in its task of managing the affairs of government. It is for this purpose that information on the audit observations and value-added measures recommended by the Commission on Audit, including the status of implementation of the previous audit recommendations are presented in capsule form. The inclusion thereof is also expected to enhance the relevance and reliability of the financial reporting and management or operational processes of the GOCCs. The AFR also aims to satisfy the information needs of other stakeholders and users which may include present and potential investors, employees, lenders, suppliers and other trade creditors, customers, governments and their agencies, and the public.
Content, organization and limitation 3. Essentially, the AFR presents the summarized information culled from the audited financial statements of GOCCs for the year ended December 31, 2008 and the un-audited financial reports of several water districts as the audit thereof are still on-going or have not yet started. It reports, in capsule, the financial position as of December 31, 2008, the financial performance, changes in equity, cash flows, for the year then ended, and the summary of significant accounting policies and other explanatory information of the auditees, except those that failed to submit their financial reports. The AFR, being in summarized form, is designed to be read in conjunction with the financial statements and the findings and recommendations reported in the Annual Audit Report (AAR) of the respective GOCC which can be accessed from the COA website at www.coa.gov.ph. The individual AAR, in view of its detailed layout and propriety of the agency-specific financial information, does not only supplement the information in the AFR in case of inadequacy but shall prevail in case of conflict.
http://www.coa.gov.ph/
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4. Overall, there are 494 GOCCs included in the present AFR, representing 77.19 percent of the total 640 GOCCs under the audit jurisdiction and supervision of the Corporate Government Sector (CGS), this Commission, for the year 2008. Of the 494 presented in the report, 135 or 27.33 percent are audited. The bulk of financial statements not audited, due to reasonable circumstance/s, pertain to water districts which were transferred to the audit jurisdiction of the COA regional offices effective December 1, 2008. As of September 14, 2009, a total of 119 financial statements (84 water districts and 35 other GOCCs) are not presented in the present AFR for reasons that audit thereof are still ongoing/awaiting schedule for audit. Annex 1 details the (i) total number of GOCCs under the audit jurisdiction of this Sector, (ii) the categories, (iii) information on whether audited or not including status thereof, and (iv) reason/s of being not audited. Annex 2 presents a roster of the members of the governing board of GOCCs. 5. Apart from the 84 water districts, the financial statements of 35 other GOCCs are not presented as these were not submitted as of the timeline. Complete listing of such other GOCCs is in Annex 3 (List of GOCCs with financial statements not submitted for audit). 6. For purposes of the current AFR, it presents the 2007 figures if the CY 2008 financial statements are included. Thus, it does not disclose the 2007 financial statements included in the 2007 AFR if the corresponding 2008 financial data are unavailable. Consequently the 2007 figures, as restated in the present AFR, may not necessarily correspond to the figures in previous years AFR more so since these are presented in their summarized form while in the 2007 AFR the financial statements are disclosed in their detailed form. 7. The summarized financial statements are presented in conformity with the requirements of P.D. 1445, rules and regulations, and the pertinent provisions of the Philippine Standards on Auditing 810, applicable in the public sector. These regulatory and financial reporting frameworks both require summarization of financial information based on the audited financial statements. However, the Commission on Audit is prevailed on the inclusion of the unaudited financial data of the water districts as these are the available information at the time of the AFR preparation. Reference to the COA website, subsequent to the cut-off date of September 14, 2009 is advised to consider the published AAR of GOCCs including the audited financial statements.
Clustering of GOCCs 8. The government owned/controlled corporations including government financing institutions that are under the audit jurisdiction of the Corporate Government Sector of the Commission on Audit, is clustered in accordance with the nature and functions of GOCCs benchmarking the classification of corporations followed by the Special Presidential Reorganization Committee. As a result of COAs re-organization, the clustering of GOCCs evolved over time. For the 2007 AFR, the GOCCs were classified into six clusters, namely: Cluster 1-Financial A, Cluster 2-Financial B, Cluster 3-Public Utilities, Cluster 4-Industrial, area development, and regulatory, Cluster 5-Agricultural, trading, and promotional, and Cluster 6- Social, cultural, and scientific. In line with the 2008 COA Organizational Restructuring, the GOCCs are grouped under three clusters. GOCCs previously assigned to Clusters 1 and 2 which are mostly financial
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institutions are assigned to Cluster A; agencies previously under the defunct Clusters 3 and 4 to Cluster B; and, GOCCs previously under the defunct Clusters 5 and 6 to Cluster C. The re-grouping also rectified the situation where audit jurisdiction and supervision over some GOCCs were misplaced. Listed in Annex 1 are the GOCCs under the supervision and audit jurisdiction of each cluster. Accordingly, stand alone GOCCs situated in the regions including the water districts are placed under the audit jurisdiction of the respective COA regional director. The respective functions of the GOCCs under the audit supervision of each cluster are summarized in Annex 4.
Methodology 9. There are two levels of summarization that employ line by line combination of the components or items in the financial statements. The financial information of individual GOCCs are summarized at the cluster level observing the homogeneity of the nature of the corporate business and conforming to the clustering of GOCCs under the 2008 COA Organizational Restructuring. The financial data at the cluster level is further summarized at the sector level. For purposes of the AFR, the financial information of water districts are included in Cluster B. 10. The summarization includes all the components of the financial statements: balance sheet, income statement, statement of changes in equity, cash flows statement, and the summary of significant accounting policies and other explanatory information. Also considered are the significant and/or common audit findings and recommendations on the completed 2008 audits, reports of which had been formally transmitted to the respective GOCC management. 11. GOCCs adopt and implement varied applicable financial reporting frameworks in their presentation and preparation of financial statements, which include among others the Philippine Financial Reporting Standards (PFRS), accounting principles generally accepted in the Philippines, and accounting principles enunciated in the New Government Accounting System (NGAS). A significant number of GOCCs under Cluster A, adopts PFRS which are in harmony with the various regulatory frameworks like those promulgated by the Bangko Sentral ng Pilipinas and the Insurance Commission.
COAs priority areas in 2008 12. Fulfilling its strategic directions for 2008, the Commission on Audit continues to reinvent its business processes. It emphasizes primordial concern over the development of competencies of its human resources, gives performance-based rewards, ensures that auditing practices and accounting rules and regulations are kept abreast with international standards; strengthens relations with other Supreme Audit Institutions; provides value-added audit services to the public sector entities through the conduct of information system and risk based audits. It likewise intensifies monitoring of audit recommendations and coordination with prosecutorial bodies. Consistent therewith, the Corporate Government Sector, in each audit engagement, continually evaluates the values behind every GOCCs business strategies, corporate culture, and fiduciary responsibilities. Above and beyond the essential adherence to laws and regulations, it
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reviews whether or not the GOCCs corporate governance cultivates a tradition of integrity, responsibility, and business leadership that strongly advocates long-term sustainable growth and stakeholder value creation. The Commission on Audit believes that good corporate governance is critical to fulfilling its obligations to stakeholders and this is acknowledged by the GOCCs.
How to use the AFR 13. The report comprises four chapters, namely: (1) Introduction; (2) Financial highlights; (3) Summary financial statements; and (4) Summary audit results. Should reference to the financial information or audit findings and recommendations in the individual AAR, be inevitable, the waterfall approach of tracing may be undertaken. The first set of summary financial data, presented in Chapter 2, pertain only to those GOCCs considered in the summarization. This is supported by another set of summarized financial statements showing financial information by Cluster which is further explained by the lower level set of summary financial statements by individual GOCCs, data for which are lifted from the financial statements and audit results as presented in the individual AAR.
Disclaimer 14. The AFR is designed to comply with the requirements of the Philippine Constitution and PD 1445, otherwise known as the Government Auditing Code of the Philippines, in presenting the financial condition as of December 31, 2008, and the results of operations, including changes in equity and cash flows of the GOCCs for the year then ended. It is not intended to substitute the individual Annual Audit Report rendered for each GOCC. There are no audit procedures performed in the summarization of the financial statements, as the Commission on Audit does not and is not legally bound to render an opinion on the summarization thereon. As such, the Commission disclaims any responsibility or liability that may occur, directly or indirectly, as a consequence of the use and reliance on the AFR. It however gives assurance as to the integrity of the financial information lifted from the individual AARs.
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Chapter 2 Financial highlights 15. In arriving at the financial profile of GOCCs, including the analysis and interpretation thereof, consideration is given to the summary total of each of the major line items or the bottom line figures in the components of the individual financial statements of the GOCCs. Thus, it is not reflective of the individual GOCC financial position and performance, including changes in equity and its cash flows. Indicators used in the analyses of the summary financial statements are stated in general terms, which imply that users will subsequently evaluate, in meticulous fashion, the qualitative and quantitative factors surrounding the nature of each of the components of the individual financial statements. To achieve this, the financial highlights of each of the GOCC may be obtained from the respective individual AAR.
Financial position 16. The balance sheet reflects a more stable financial position this year, denoting GOCCs ability to seize opportunities for more sustainable growths and profits in the coming year. The build-up in assets is vital to the future of GOCCs and virtually important to their ability to deliver relevant and reliable services and benefits to the public and stakeholders, thereby striking the balance between profits and public services. 17. In terms of availability of resources to sustain operations, the GOCCs total assets reached the level of P4,290.75 billion, an increase of P444.29 billion or 11.55 percent higher than the 2007 level of P3,846.47 billion. As of year-end, claims by creditors amounted to P3,174.79 billion which represents 73.99 percent, against these assets. The remaining 26.01 percent or P1,115.96 billion of the total assets are available for claims by the government as the stakeholder of the GOCCs. Annex 5 shows the top 20 GOCCs ranked by total assets from among those that submitted their financial statements. 18. The working capital or liquidity ratio (current assets to current liabilities) of GOCCs shows a modest improvement of P1.14 current assets for every P1.00 of current liabilities compared to previous years P0.97 for every P1.00 . 19. The long-term obligations of GOCCs amounted to P691.13 billion as of December 31, 2008, net of current portion of P9.28 billion. Of the total, P295.39 billion or 42.74 percent pertains to domestic borrowings (refer to Annex 6 for breakdown per GOCC) while P206.70 billion or 29.91 percent represent foreign borrowings (refer to Annex 7 for the breakdown per GOCC). Other borrowing represents the balance of 27.35 percent. Borrowings by the GOCCs help finance their operations on top of governments equity contributions and GOCCs own financial performance. 20. Capital structure and solvency is used in assessing the long-term financing structure and credit risk of an agency including the financial leverage of creditors over the government. In 2008, the long term debt-to-equity ratio leveled at P0.62:1. From among the GOCCs that submitted their financial statements, the top 20 GOCCs ranked by total liabilities is shown in Annex 8.
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21. Government equity of GOCCs in 2008 is P118.45 billion, a decrease of 0.76 percent compared to the 2007 level of P119.36 billion. From among the GOCCs that submitted their financial statements, the top 20 GOCCs ranked by total equity are shown in Annex 9.
Financial performance 22. The income statement shows a total revenue of P476.57 billion in 2008, an increase of 5.92 percent over the 2007 level of P449.93 billion. Notably, the growth in business and service income, posted at 9.64 percent (from the 2007 level of P362.73 billion to P397.70 billion earned in 2008) compensates the 10.99 percent decline in the revenues generated from gains and premiums (from the 2007 level of P50.66 billion down to P45.09 billion grossed in 2008). Other income for the year registered a slight 7.55 percent decrease, from the 2007 level of P36.54 billion to P33.79 billion in 2008. From among the GOCCs that submitted their financial statements, the top 20 GOCCs ranked by gross income is shown in Annex 10. 23. Total expenditures for the year 2008 amounted to P425.25 billion, which is composed of: business expenses at P224.68 billion, or 52.83 percent of total expenditures; personal services at P34.58 billion, or 8.13 percent; maintenance and other operating expenses at P114.41 billion, or 26.90 percent; financial expenses at P17.31 billion or 4.07 percent and other expenses at P34.28 billion, or 8.07 percent. From among the GOCCs that submitted their financial statements, the top 20 GOCCs ranked by total expenditures is shown in Annex 11. 24. Expenditures for the year of P 425.25 billion showed a slight decline of 8.09 percent compared to previous years total of P462.70 billion, thus, indicating that GOCCs collectively continue to provide overall positive bottom line figures in their income statement. Of the total expenditures, P1.70 billion or 0.40 percent represent expenses incurred for discretionary, representation, extraordinary, promotional, confidential and consultancy, which are also necessary in carrying out corporate business activities. From among the GOCCs that submitted their financial statements, the top 20 GOCCs that incurred said expenditures is shown in Annex 12. 25. Subsidy income obtained by GOCCs in 2008 from the national government (NG) and other government agencies are presented in Annex 13. Comparison of the subsidies received by GOCCs from the national government, shown in Annex 14, reveal a slight (11.76 percent) decline for 2008 at P14.99 billion, vis--vis 2007 figures of P16.40 billion. 26. Taxes paid and remitted by GOCCs to the national government for the year 2008 amount to P31.65 billion. From among the GOCCs that submitted their financial statements, the top 20 GOCC taxpayers is shown in Annex 15. The current year figure suggests that out of P1 revenue earned, the GOCC averagely pays P0.08 in taxes. 27. Dividends paid to the national government in 2008, representing 50 percent of GOCCs current year gross income, total P2.76 billion. From among the GOCCs that submitted their financial statements, the top 20 GOCCs that remitted dividends is shown in Annex 16.
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Changes in equity 28. Total net worth of GOCCs in 2008 closed at P1,115.96 billion, higher by P77.83 billion or 7.50 percent from the previous years P1,038.13 billion. 29. The components in equity with significant changes in the year-end balance pertain to; (i) net unrealized losses, with year end balance of P2.80 billion which is 93.58 percent lower than the 2007 year-end balance of P43.61 billion; (ii) increase in year-end surplus reserves by 15.04 percent (from 2007 level of P862.23 billion to P991.88 billion in 2008; and, iii) the 13.14 percent increase in year-end balance of members equity as the account closed at P165.50 billion in 2008 from the 2007 balance of P146.28 billion.
Cash flows 30. The cash position of GOCCs at year end increased by P314.22 billion. This is 60.47 percent higher from P519.62 billion in 2007 to P833.84 billion in 2008. The net increase in the account was provided by: i) the positive effect of the exchange rate fluctuations on cash and cash equivalents, which for 2008 reflected a positive balance of P294,543.92 billion or equivalent to a 238.41 percent increase from previous years negative balance of P212.81 billion; and ii) net increase in cash provided by financing activities which posted a 27.57 percent increase from the 2007 balance of P202.93 billion to the 2008 balance of P258.86 billion, as indicated by the excess in cash inflows over cash outflows from said activity. 31. Cash outflows from investing activities at P678.72 billion exceeded cash inflows of P589.49 billion by P89.23 billion. It is 3.44 percent lower than the net outflows of 2007 posted at P92.41 billion. 32. Cash outflows for operating activities at P612.43 billion also exceeded the cash inflows of P462.47 billion for 2008 thereby requiring additional cash infusion of P149.97 billion. On the other hand 2007 figures show net cash provided from operating activities at P191.37 billion .
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Chapter 3 Summary financial statements 33. The summary financial statements hereunder presented pertain to the top level/ overall GOCC summary comprising of the balance sheet, income statement, statement of changes in equity, cash flow statements, and a summary of significant accounting policies and other explanatory information. The balance sheet presents the total financial position of GOCCs as of December 31, 2008 while the income statement shows their entire financial performance for the year ended December 31, 2008. The statement of changes in equity provides information on all the changes in equity or changes other than those with equity holders and the cash flow statement imparts information on cash flows from operating, investing and financing activities as well as the effects of exchange rate changes. 34. At the next level summarization is the presentation of financial statements showing the total of GOCCs by cluster. 35. Going down to the next level summarization is the presentation of financial statements showing the total GOCCs under each cluster, with the overall total of water districts included under Cluster B. 36. As the summary financial statements of water districts are presented under Cluster B in the summary financial statements by GOCCs, they are further summarized by region, by province, and by specific water districts, details for which are the contents of Volume II-A.
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Over all summary financial statements
Republic of the Philippines Government-Owned and/or Controlled Corporations
Summary Balance Sheet Year Ended December 31, 2008
(With corresponding figures for 2007) In thousand pesos
TOTAL 2008 2007 Assets Current assets
Cash and cash equivalents
128,205,436
75,814,833
Gross International reserves
1,782,750,474
1,391,938,352
Short-term investments
411,126,410
443,525,521
Receivables (net)
419,868,478
336,797,689
Inventories (net)
71,570,273
49,688,053
Prepayments and deferred charges
5,248,308
5,415,489
Others
2,604,009
2,515,146
2,821,373,388
2,305,695,083 Non-current assets
Long term receivables (net)
440,902,295
423,845,468
Long term investments (net)
521,830,838
518,055,058
Property, plant and equipment (net)
50,109,825
46,725,041
Investment property
393,848,189
381,933,251
Others
62,687,184
170,212,514
1,469,378,331
1,540,771,332
Total assets
4,290,751,719
3,846,466,415
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TOTAL 2008 2007 Liabilities Current liabilities
Deposit liabilities
632,582,654
678,796,002
Currency in circulation
545,094,930
433,854,412
Securities sold under agreements to repurchase
654,882,830
680,690,242
Trade and non-trade payables
196,299,047
130,583,060
Current portion of long-term debt
9,280,371
8,447,606
Others
445,522,561
439,094,258
2,483,662,393
2,371,465,580 Non-current liabilities
Bills payable
12,104,114
12,662,887
Notes payable
2,359,127
1,389,906
Mortgage payable
812,869
818,927
Bonds payable
62,467,150
61,169,337
Loans and advances payable
382,854,072
274,241,156
Lease contracts payable
14,172
476
Accrued retirement benefits
3,743,614
3,488,035
Deferred credits
49,424,196
39,520,661
Others
177,348,077
43,576,712
691,127,391
436,868,097 Total liabilities
3,174,789,784
2,808,333,677
Equity
1,115,961,935
1,038,132,738
Total liabilities and equity
4,290,751,719
3,846,466,415
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Republic of the Philippines Government-Owned and/or Controlled Corporations
Summary Income Statement Year Ended December 31, 2008
(With corresponding figures for 2007) In thousand pesos
TOTAL 2008 2007 Income
Business and service income
397,698,608
362,732,537
Gains and Premiums
45,090,628
50,657,398
Others
33,785,498
36,543,535
Total
476,574,734
449,933,470
Share of National Government
(803,338)
(867,316)
Income after share of National Government
475,771,396
449,066,154 Expenses
Business expenses
224,675,880
196,157,294
Personal services
34,581,881
32,713,809
Maintenance and other operating expenses
114,406,679
83,464,298
Financial expenses
17,307,395
17,919,797
Others
34,275,670
132,441,707
Total
425,247,505
462,696,905
Net income (loss) before subsidy
50,523,891
(13,630,751)
Subsidy income
14,988,417
16,399,379
Net income (loss) before tax
65,512,308 2,768,628
Income tax expense
5,167,620 4,770,276
NET INCOME (LOSS) AFTER TAX
60,344,688
(2,001,648)
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Government Owned or Controlled Corporations Summary Statement of Changes in Equity
Year ended December 31, 2008 (with corresponding figures for 2007)
(In thousand pesos)
TOTAL 2008 2007 Government equity Balance, beginning of period 119,363,199 115,679,044 Additions/deductions (908,971) 3,684,154 Balance, end of period 118,454,228 119,363,198 Share capital Balance, beginning of period 83,503,222 82,903,886 Additions/deductions 1,672,322 599,336 Balance, end of period 85,175,544 83,503,222 Share premium Balance, beginning of period 22,425 22,425 Additions/deductions - - Balance, end of period 22,425 22,425 Deposit on subscription Balance, beginning of period 383,843 370,808 Additions/deductions (289) 13,035 Balance, end of period 383,554 383,843 Restricted capital Balance, beginning of period (236,261) (216,690) Additions/deductions (8,136) (19,571) Balance, end of period (244,397) (236,261) Appraisal increment Balance, beginning of period 95,128,168 89,696,830 Additions/deductions 2,261,431 5,431,338 Balance, end of period 97,389,599 95,128,168 Members' equity Balance, beginning of period 146,283,130 138,589,501 Additions/deductions 19,214,812 7,693,629 Balance, end of period 165,497,942 146,283,130 Net unrealized gains and losses Balance, beginning of period 43,614,854 37,527,607 Additions/deductions (40,814,417) 6,087,247 Balance, end of period 2,800,437 43,614,854 Donated capital Balance, beginning of period 13,695,809 12,775,205 Additions/deductions 83,803 920,605 Balance, end of period 13,779,612 13,695,810 Surplus reserves Surplus reserves, beginning of period 862,232,066 858,653,913 Additions/deductions 132,643,657 3,578,153 Balance, end of period 994,875,723 862,232,066 Retained earnings Balance, beginning of period (326,152,049) (325,152,345) Additions/deductions (36,315,012) (999,701) Balance, end of period (362,467,061) (326,152,046)
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TOTAL 2008 2007 Equity in joint venture Balance, beginning of period 295,064 295,064 Additions/deductions - - Balance, end of period 295,064 295,064 Treasury shares Balance, beginning of period (735) (735) Additions/deductions - - Balance, end of period (735) (735)
Total equity 1,115,961,935 1,038,132,738
Republic of the Philippines Government-Owned and/or Controlled Corporations
Summary Cash Flow Statement Year Ended December 31, 2008
(With corresponding figures for 2007) In thousand pesos
TOTAL 2008 2007 Cash flows from operating activities
Cash inflows
462,465,529 518,398,512
Cash outflows
612,432,674 327,031,544
Net cash provided by (used in) operating activities
(149,967,145) 191,366,968 Cash flows from investing activities
Cash inflows
589,489,034 348,013,165
Cash outflows
678,720,414 440,419,350
Net cash provided by (used in) investing activities
(89,231,380)
(92,406,185) Cash flows from financing activities
Cash inflows
516,230,233 441,447,820
Cash outflows
257,365,912 238,522,228
Net cash provided by (used in) financing activities
258,864,321 202,925,592 Effects of exchange rate changes on cash and cash equivalents
294,543,921
(212,806,686)
Variance by water districts 112,964 126,450 Net increase (decrease) in cash and cash equivalents
314,322,681
(120,760,313)
Cash and cash equivalents, beginning of period
519,514,492 640,381,721
CASH AND CASH EQUIVALENTS, END OF PERIOD
833,837,173 519,621,408
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Cluster ASummary Balance SheetDecember 31, 2008(With corresponding figures for 2007)In thousand pesos
Note 2008 2007AssetsCurrent assetsCash and cash equivalents 3 83,711,122 45,492,644 Gross International reserves 4 1,782,750,474 1,391,938,352 Short-term investments 5 406,132,545 441,434,966 Receivables (net) 6 385,746,656 302,426,846 Inventories (net) 7 10,223,359 18,463,027 Prepayments and deferred charges 8 391,254 376,179 Others 1,340,435 977,028
2,670,295,845 2,201,109,042 Non-current assetsLong-term receivables (net) 9 382,859,213 365,596,318 Long-term investments (net) 10 458,022,631 455,738,680 Property, plant and equipment (net) 11 26,405,629 25,904,741 Investment property 12 56,349,201 53,373,817 Others 13 48,000,710 155,734,419
971,637,384 1,056,347,975
Total assets 3,641,933,229 3,257,457,017
Liabilities and equityLiabilitiesCurrent liabilitiesDeposit liabilities 14 632,582,654 678,796,002 Currency in circulation 15 545,094,930 433,854,412 Securities sold under agreements to repurchase 654,882,830 680,690,242 Trade and non-trade payables 16 44,056,200 35,297,921 Current portion of long-term debt 1,526,060 1,547,978 Others 17 434,085,660 431,493,349
2,312,228,334 2,261,679,904 Non-current liabilitiesBills payable 12,104,114 12,662,887 Notes payable 135,566 137,924 Bonds payable 18 55,828,645 54,530,832 Loans and advances payable 19 211,191,477 138,271,694 Lease contracts payable 14,172 476 Accrued retirement benefits 20 3,402,769 3,133,423 Deferred credits 21 19,777,248 16,817,670 Others 22 160,630,976 28,083,790
463,084,967 253,638,696
2,775,313,301 2,515,318,600
Equity 23 866,619,928 742,138,417
Total liabilities and equity 3,641,933,229 3,257,457,017
See Notes to Summary Financial Statements.
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et)
205,
405,
963
16
3,61
4,91
8
75
9,55
1
764,
352
46
,319
28
,907
37
,022
54,2
14
Inve
ntor
ies
(net
)9,
246,
720
17,7
25,5
50
-
-
11,3
62
10,8
36
-
-
Pr
epay
men
ts a
nd d
efer
red
char
ges
-
-
42
-
16
26
257
733
Oth
ers
-
-
1,
045,
631
688,
979
-
-
-
-
Non
-cur
rent
ass
ets
29,4
77,3
44
13
2,48
1,85
0
-
-
28
,605
18
,544
23
,506
26,5
90
Prop
erty
, pla
nt a
nd e
quip
men
t (ne
t)12
,277
,010
12,3
02,1
58
-
-
-
-
12,5
78
14
,752
In
vest
men
t pro
perty
9,96
5,87
8
10
,364
,109
-
-
-
-
-
-
Oth
ers
7,23
4,45
6
10
9,81
5,58
3
-
-
28
,605
18
,544
10
,928
11,8
38
Tota
l ass
ets
2,34
4,81
6,75
3
2,
035,
050,
989
1,
860,
222
1,49
7,10
1
46
1,33
7
446,
698
71,0
58
89
,009
Liab
ilitie
s an
d eq
uity
Liab
ilitie
sC
urre
nt li
abili
ties
1,83
1,83
1,93
0
1,
794,
516,
846
41
6,50
5,43
0
415,
925,
692
13
2,37
9
91,1
90
14,0
65
35
,163
D
epos
it lia
bilit
ies
627,
188,
828
67
4,51
2,59
6
-
-
-
-
-
-
Cur
renc
y in
circ
ulat
ion
545,
094,
930
43
3,85
4,41
2
-
-
-
-
-
-
Secu
ritie
s so
ld u
nder
agr
eem
ents
to re
purc
hase
654,
882,
830
68
0,69
0,24
2
-
-
-
-
-
-
Trad
e an
d no
n-tra
de p
ayab
les
-
-
1,
754,
351
1,66
5,48
4
10
7,33
8
77,4
96
13,4
73
34
,901
O
ther
s4,
665,
342
5,45
9,59
6
41
4,75
1,07
9
414,
260,
208
25
,041
13
,694
59
2
26
2
N
on-c
urre
nt li
abili
ties
271,
984,
466
66
,114
,592
-
-
9,
418
7,63
3
12
,251
10,7
54
Bond
s pa
yabl
e33
,399
,804
32,6
02,8
81
-
-
-
-
-
-
Lo
ans
and
adva
nces
pay
able
78,0
35,7
87
5,
856,
002
-
-
-
-
-
-
Ac
crue
d re
tirem
ent b
enef
its1,
715,
566
1,69
7,89
0
-
-
-
-
12
,251
10,7
54
Oth
ers
158,
833,
309
25
,957
,819
-
-
9,
418
7,63
3
-
-
2,10
3,81
6,39
6
1,
860,
631,
438
41
6,50
5,43
0
415,
925,
692
14
1,79
7
98,8
23
26,3
16
45
,917
Eq
uity
241,
000,
357
17
4,41
9,55
1
(4
14,6
45,2
08)
(4
14,4
28,5
91)
31
9,54
0
347,
875
44,7
42
43
,092
Tota
l lia
bilit
ies
and
equi
ty2,
344,
816,
753
2,03
5,05
0,98
9
1,86
0,22
2
1,
497,
101
461,
337
44
6,69
8
71
,058
89,0
09
PIC
CI
BSP
DC
IC
B-B
OL
15
-
Clu
ster
AB
alan
ce S
heet
Dec
embe
r 31,
200
8(W
ith c
orre
spon
ding
figu
res
for 2
007)
In th
ousa
nd p
esos
As re
stat
edAs
rest
ated
As re
stat
ed20
0820
0720
0820
0720
0820
0720
0820
07As
sets
Cur
rent
ass
ets
9,78
740
,881
152,
731
159,
218
6,24
5,25
66,
271,
762
291,
580
299,
191
Cas
h an
d ca
sh e
quiv
alen
ts8,
169
39
,223
41
,366
68,9
36
66
1,83
4
129,
480
8,
018
2,
465
Shor
t-ter
m in
vest
men
ts-
-
-
-
596,
177
2,
956,
525
188,
944
16
6,00
0
Rec
eiva
bles
(net
)1,
618
1,
658
111,
213
90,1
92
4,
987,
245
3,18
5,75
7
55
,512
58,9
80
In
vent
orie
s (n
et)
-
-
73
18
-
-
31
,345
63,9
04
Pr
epay
men
ts a
nd d
efer
red
char
ges
-
-
73
69
-
-
7,
761
7,
842
Oth
ers
-
-
6
3
-
-
-
-
Non
-cur
rent
ass
ets
62,0
76
33,1
63
325,
370
358,
391
17
,924
9,74
0
11
4,70
0
121,
109
Lo
ng-te
rm re
ceiv
able
s (n
et)
-
-
32
3,33
9
35
6,39
3
-
-
-
-
Long
-term
inve
stm
ents
(net
)57
,903
28
,990
-
-
-
-
23,6
26
28
,209
Prop
erty
, pla
nt a
nd e
quip
men
t (ne
t)-
-
2,01
8
1,98
3
52
73
90
1
1,
085
Inve
stm
ent p
rope
rty4,
173
4,
173
-
-
10,1
30
34
82,6
36
84
,298
Oth
ers
-
-
13
15
7,74
2
9,63
3
7,
537
7,
517
Tota
l ass
ets
71,8
63
74,0
44
478,
101
517,
609
6,
263,
180
6,28
1,50
2
40
6,28
0
420,
300
Liab
ilitie
s an
d eq
uity
Liab
ilitie
sC
urre
nt li
abili
ties
1,19
1
2,13
8
1,
356
62
,254
151,
173
20
7,09
2
66,0
94
95
,306
Trad
e an
d no
n-tra
de p
ayab
les
1,19
1
2,13
8
1,
086
27
,426
25,5
20
29
,665
28
,428
26,4
47
C
urre
nt p
ortio
n of
long
-term
deb
t-
-
-
34
,401
125,
653
17
7,42
7
-
-
O
ther
s-
-
270
427
-
-
37,6
66
68
,859
Non
-cur
rent
liab
ilitie
s-
-
114,
842
397,
950
61
0,86
4
736,
517
55
9
4,
399
Loan
s an
d ad
vanc
es p
ayab
le-
-
-
24
4,80
7
610,
864
73
6,51
7
-
-
Le
ase
cont
ract
s pa
yabl
e-
-
-
-
-
-
36
0
47
6
Def
erre
d cr
edits
-
-
11
4,84
2
15
3,14
3
-
-
19
9
3,
923
1,19
1
2,13
8
11
6,19
8
46
0,20
4
762,
037
94
3,60
9
66,6
53
99
,705
Equi
ty70
,672
71
,906
36
1,90
3
57
,405
5,50
1,14
3
5,
337,
893
339,
627
32
0,59
5
Tota
l lia
bilit
ies
and
equi
ty71
,863
74
,044
47
8,10
1
51
7,60
9
6,26
3,18
0
6,
281,
502
406,
280
42
0,30
0
DM
LCLB
RD
CD
BPM
CIG
LF
16
-
Clu
ster
AB
alan
ce S
heet
Dec
embe
r 31,
200
8(W
ith c
orre
spon
ding
figu
res
for 2
007)
In th
ousa
nd p
esos
As re
stat
edAs
rest
ated
2008
2007
2008
2007
2008
2007
2008
2007
Asse
tsC
urre
nt a
sset
s9,
082
12,5
1171
,567
97,7
991,
696,
342
1,45
3,98
273
,504
83,3
32C
ash
and
cash
equ
ival
ents
6,12
6
57
2
39,8
06
70
,082
44,9
23
37
,442
23,8
10
21
,554
Sh
ort-t
erm
inve
stm
ents
-
-
1,13
1
1,14
5
-
2,
214
-
6,87
4
Rec
eiva
bles
(net
)2,
139
11,6
82
28,6
66
25
,473
1,65
1,41
9
1,41
4,32
6
22
,983
29,8
88
Inve
ntor
ies
(net
)83
93
-
-
-
-
21
,997
18,7
10
Prep
aym
ents
and
def
erre
d ch
arge
s73
4
164
1,
656
77
3
-
-
3,37
8
4,
988
O
ther
s-
-
30
8
32
6
-
-
1,33
6
1,
318
Non
-cur
rent
ass
ets
79,3
75
71,4
23
635,
378
546,
244
26
7,38
9
48
1,23
1
15,0
03
12
,034
Lo
ng-te
rm re
ceiv
able
s (n
et)
-
-
-
-
-
-
4,
829
-
Lo
ng-te
rm in
vest
men
ts (n
et)
75,5
27
68,1
37
603,
876
513,
498
15
1,45
4
37
0,12
9
57
57
Pr
oper
ty, p
lant
and
equ
ipm
ent (
net)
3,69
8
3,
136
30,5
59
32
,680
43,4
57
39
,958
2,98
6
3,
690
In
vest
men
t pro
perty
-
-
-
-
24,9
24
26
,867
7,13
1
8,
287
O
ther
s15
0
150
94
3
66
47,5
54
44
,277
-
-
Tota
l ass
ets
88,4
57
83,9
34
706,
945
644,
043
1,
963,
731
1,
935,
213
88,5
07
95
,366
Liab
ilitie
s an
d eq
uity
Liab
ilitie
sC
urre
nt li
abili
ties
1,57
7
82
2
54,9
95
53
,603
910,
763
1,00
7,28
0
15
,948
25,8
43
Trad
e an
d no
n-tra
de p
ayab
les
1,57
7
82
2
54,3
31
52
,966
50,8
49
23
2,64
1
12,1
77
19
,739
C
urre
nt p
ortio
n of
long
-term
deb
t-
-
-
-
82
3,67
3
75
9,41
6
-
-
O
ther
s-
-
66
4
63
7
36
,241
15,2
23
3,
771
6,10
4
Non
-cur
rent
liab
ilitie
s-
-
-
-
18
4,52
5
14
1,74
4
-
-
Bi
lls p
ayab
le-
-
-
-
55
,883
20,6
99
-
-
Def
erre
d cr
edits
-
-
-
-
128,
642
121,
045
-
-
1,57
7
82
2
54,9
95
53
,603
1,09
5,28
8
1,14
9,02
4
15
,948
25,8
43
Equi
ty86
,880
83
,112
65
1,95
0
59
0,44
0
868,
443
786,
189
72
,559
69,5
23
Tota
l lia
bilit
ies
and
equi
ty88
,457
83
,934
70
6,94
5
64
4,04
3
1,96
3,73
1
1,93
5,21
3
88
,507
95,3
66
LCD
FILI
BI
LLC
MSI
17
-
Clu
ster
AB
alan
ce S
heet
Dec
embe
r 31,
200
8(W
ith c
orre
spon
ding
figu
res
for 2
007)
In th
ousa
nd p
esos
20
0820
0720
0820
0720
0820
0720
0820
07As
sets
Cur
rent
ass
ets
3,55
2,85
93,
413,
492
4,83
7,52
94,
215,
915
3,26
4,84
72,
764,
182
58,9
24,5
1044
,874
,846
Cas
h an
d ca
sh e
quiv
alen
ts26
2,10
0
508,
838
18
1,94
7
74
,859
831,
953
515,
657
6,87
4,11
1
8,
882,
641
Shor
t-ter
m in
vest
men
ts-
-
624,
876
815,
097
55
5,13
0
47
0,35
8
46
,394
,660
31
,733
,055
Rec
eiva
bles
(net
)3,
288,
891
2,90
2,34
4
3,
876,
421
3,
178,
285
1,87
7,76
4
1,77
8,16
7
5,54
6,60
2
4,
190,
475
Inve
ntor
ies
(net
)41
9
275
-
-
-
-
-
-
Prep
aym
ents
and
def
erre
d ch
arge
s1,
449
2,03
5
12
7,93
8
11
9,68
3
-
-
-
-
O
ther
s-
-
26,3
47
27,9
91
-
-
10
9,13
7
68,6
75
Non
-cur
rent
ass
ets
127,
472
11
4,58
6
1,54
3,55
9
593,
373
13
9,05
1,67
3
12
8,87
8,84
8
17
4,19
7,68
1
20
2,86
2,36
6
Long
-term
rece
ivab
les
(net
)-
-
582,
145
364,
535
46
,673
,525
44
,473
,851
66,8
21,2
36
65,0
93,4
68
Lo
ng-te
rm in
vest
men
ts (n
et)
-
-
75
1,64
9
-
87
,224
,981
77
,563
,636
87,3
38,9
19
118,
747,
904
Pr
oper
ty, p
lant
and
equ
ipm
ent (
net)
8,30
8
11
,345
83
,059
89
,297
163,
450
149,
420
2,88
5,73
4
2,
586,
332
Inve
stm
ent p
rope
rty-
-
-
-
-
-
10,7
90,9
97
9,99
0,89
1
O
ther
s11
9,16
4
103,
241
12
6,70
6
13
9,54
1
4,98
9,71
7
6,69
1,94
1
6,36
0,79
5
6,
443,
771
Tota
l ass
ets
3,68
0,33
1
3,
528,
078
6,38
1,08
8
4,80
9,28
8
14
2,31
6,52
0
13
1,64
3,03
0
23
3,12
2,19
1
24
7,73
7,21
2
Liab
ilitie
s an
d eq
uity
Liab
ilitie
sC
urre
nt li
abili
ties
251,
728
11
9,09
5
5,98
0,24
7
4,41
8,05
6
9,
372,
845
7,
848,
337
5,
871,
018
3,31
4,83
4
D
epos
it lia
bilit
ies
-
-
5,
393,
826
4,
283,
406
-
-
-
-
Tr
ade
and
non-
trade
pay
able
s22
6,82
0
96,6
49
46,8
65
46,2
79
9,
372,
845
7,
848,
337
2,
771,
932
2,54
8,89
3
O
ther
s24
,908
22,4
46
539,
556
88,3
71
-
-
3,
099,
086
765,
941
Non
-cur
rent
liab
ilitie
s2,
276,
158
2,12
4,91
0
-
-
72
,481
,966
69
,528
,761
1,64
8,22
8
1,
405,
722
Bills
pay
able
2,23
6,29
8
2,
088,
457
-
-
-
-
-
-
Lo
ans
and
adva
nces
pay
able
-
-
-
-
72
,481
,966
69
,528
,761
-
-
Le
ase
cont
ract
s pa
yabl
e-
-
-
-
-
-
13,8
12
-
Ac
crue
d re
tirem
ent b
enef
its-
-
-
-
-
-
1,63
4,41
6
1,
405,
722
Oth
ers
39,8
60
36
,453
-
-
-
-
-
-
2,52
7,88
6
2,
244,
005
5,98
0,24
7
4,41
8,05
6
81
,854
,811
77
,377
,098
7,51
9,24
6
4,
720,
556
Equi
ty1,
152,
445
1,28
4,07
3
40
0,84
1
39
1,23
2
60,4
61,7
09
54,2
65,9
32
22
5,60
2,94
5
24
3,01
6,65
6
Tota
l lia
bilit
ies
and
equi
ty3,
680,
331
3,52
8,07
8
6,
381,
088
4,
809,
288
142,
316,
520
131,
643,
030
233,
122,
191
247,
737,
212
SSS
PPSB
IPD
ICPC
FC
18
-
Clu
ster
AB
alan
ce S
heet
Dec
embe
r 31,
200
8(W
ith c
orre
spon
ding
figu
res
for 2
007)
In th
ousa
nd p
esos
As re
stat
edAs
rest
ated
As re
stat
edAs
rest
ated
2008
2007
2008
2007
2008
2007
2008
2007
Asse
tsC
urre
nt a
sset
s12
4,63
3,54
310
4,60
5,24
58,
860,
195
8,23
9,31
022
3,02
818
9,60
050
,551
,266
35,6
65,0
48C
ash
and
cash
equ
ival
ents
45,0
03,5
8510
,124
,260
4,70
7,13
059
4,83
617
9,52
4
159,
691
16
,948
,144
14,6
85,7
73
Sh
ort-t
erm
inve
stm
ents
3,30
9,33
238
,546
,750
160,
771
4,25
4,75
4-
-
30
,992
,555
18,0
38,6
35
R
ecei
vabl
es (n
et)
76,3
20,6
2655
,934
,235
3,99
2,29
43,
389,
720
43,0
11
29,3
40
2,50
4,83
5
2,85
6,92
4
In
vent
orie
s (n
et)
-
-
-
-
-
-
40
,744
40
,361
Prep
aym
ents
and
def
erre
d ch
arge
s-
-
-
-
168
58
34,9
15
16,7
06
O
ther
s-
-
-
-
325
51
1
30,0
73
26,6
49
Non
-cur
rent
ass
ets
329,
053,
214
31
2,12
5,83
8
23,0
43,8
66
22
,481
,398
65,8
82
71,3
13
39,5
66,8
45
43
,310
,641
Long
-term
rece
ivab
les
(net
)12
2,86
6,60
712
5,85
2,55
8-
-
-
-
-
-
Lo
ng-te
rm in
vest
men
ts (n
et)
175,
547,
885
158,
197,
265
11,1
34,8
2111
,456
,251
-
-
38,2
40,9
36
41
,878
,462
Prop
erty
, pla
nt a
nd e
quip
men
t (ne
t)4,
303,
025
4,04
5,72
5-
-
51,7
57
58,3
98
793,
374
749,
724
In
vest
men
t pro
perty
26,2
71,1
0723
,967
,573
9,14
7,29
98,
914,
764
13,7
24
12,8
21
-
-
O
ther
s64
,590
62,7
172,
761,
746
2,11
0,38
340
1
94
53
2,53
5
68
2,45
5
Tota
l ass
ets
453,
686,
757
41
6,73
1,08
3
31,9
04,0
61
30
,720
,708
288,
910
26
0,91
3
90,1
18,1
11
78
,975
,689
Liab
ilitie
s an
d eq
uity
Liab
ilitie
sC
urre
nt li
abili
ties
10,1
36,9
68
7,
330,
982
4,
414,
085
4,
183,
510
14,5
34
16,0
55
4,60
8,15
8
3,26
9,23
7
Tr
ade
and
non-
trade
pay
able
s5,
553,
956
2,24
7,12
02,
955,
827
3,02
1,90
614
,153
15
,682
4,
260,
882
2,
991,
715
Oth
ers
4,58
3,01
25,
083,
862
1,45
8,25
81,
161,
604
381
37
3
347,
276
277,
522
Non
-cur
rent
liab
ilitie
s-
-
1,
170,
422
1,
400,
981
-
-
-
-
D
efer
red
cred
its-
-
1,
068,
066
943,
498
-
-
-
-
O
ther
s-
-
10
2,35
645
7,48
3-
-
-
-
10,1
36,9
68
7,
330,
982
5,
584,
507
5,
584,
491
14,5
34
16,0
55
4,60
8,15
8
3,26
9,23
7
Equi
ty44
3,54
9,78
940
9,40
0,10
126
,319
,554
25,1
36,2
1727
4,37
6
244,
858
85
,509
,953
75,7
06,4
52
Tota
l lia
bilit
ies
and
equi
ty45
3,68
6,75
7
416,
731,
083
31
,904
,061
30,7
20,7
08
28
8,91
0
260,
913
90
,118
,111
78,9
75,6
89
GSI
S-AF
GSI
S-SI
FPH
ICEC
C
19
-
Clu
ster
AB
alan
ce S
heet
Dec
embe
r 31,
200
8(W
ith c
orre
spon
ding
figu
res
for 2
007)
In th
ousa
nd p
esos
As re
stat
edAs
rest
ated
2008
2007
2008
2007
2008
2007
2008
2007
Asse
tsC
urre
nt a
sset
s81
5,00
275
1,09
071
,324
,460
67,1
93,6
062,
489,
208
2,53
8,66
869
8,01
556
0,01
8C
ash
and
cash
equ
ival
ents
103,
900
10
0,00
6
3,97
9,70
8
3,
361,
116
1,
411,
112
1,
269,
602
63
0,02
9
48
6,06
2
Sh
ort-t
erm
inve
stm
ents
675,
361
62
3,55
3
1,45
9,31
2
13
,564
,726
-
-
-
-
R
ecei
vabl
es (n
et)
29,5
37
23,5
31
65
,774
,196
50
,122
,852
1,
036,
975
1,
227,
544
66
,122
66
,439
In
vent
orie
s (n
et)
-
-
-
-
-
-
1,47
4
777
Prep
aym
ents
and
def
erre
d ch
arge
s4,
599
3,32
2
-
-
40,6
27
41,0
58
19
3
20
2
O
ther
s1,
605
678
111,
244
14
4,91
2
49
4
464
197
6,53
8
Non
-cur
rent
ass
ets
359,
854
38
5,83
8
156,
097,
094
135,
437,
651
35,1
16,8
69
35,0
90,1
91
7,
503,
990
7,
025,
652
Lo
ng-te
rm re
ceiv
able
s (n
et)
343,
975
37
4,36
6
112,
087,
304
95,4
87,0
74
23,5
05,8
58
23,5
44,4
60
7,
288,
053
6,
841,
504
Lo
ng-te
rm in
vest
men
ts (n
et)
2,04
4
2,
044
35
,184
,321
31
,339
,514
9,
735,
743
9,
611,
494
-
-
Prop
erty
, pla
nt a
nd e
quip
men
t (ne
t)13
,835
9,
428
1,
546,
381
1,51
0,60
0
48,0
66
49,1
57
21
5,93
7
17
9,65
2
O
ther
s-
-
7,27
9,08
8
7,
100,
463
1,
827,
202
1,
885,
080
-
4,
496
Tota
l ass
ets
1,17
4,85
6
1,
136,
928
227,
421,
554
202,
631,
257
37,6
06,0
77
37,6
28,8
59
8,
202,
005
7,
585,
670
Liab
ilitie
s an
d eq
uity
Liab
ilitie
sC
urre
nt li
abili
ties
43,2
54
52,9
35
9,
492,
236
7,28
5,15
0
2,87
4,18
0
2,94
4,63
5
427,
461
435,
827
Trad
e an
d no
n-tra
de p
ayab
les
40,7
29
49,2
77
6,
713,
812
4,85
4,88
5
1,35
3,42
9
1,40
6,35
3
330,
259
342,
240
Cur
rent
por
tion
of lo
ng-te
rm d
ebt
-
-
57
6,73
4
576,
734
-
-
-
-
Oth
ers
2,52
5
3,
658
2,
201,
690
1,85
3,53
1
1,52
0,75
1
1,53
8,28
2
97,2
02
93,5
87
Non
-cur
rent
liab
ilitie
s18
7,48
2
164,
884
31
,559
,367
30
,457
,846
42
,792
,588
43
,739
,641
7,54
0,52
6
6,98
6,99
7
Not
es p
ayab
le-
-
-
-
135,
566
137,
924
-
-
Bo
nds
paya
ble
-
-
9,
000,
000
9,00
0,00
0
-
-
-
-
Loan
s an
d ad
vanc
es p
ayab
le13
0,07
9
132,
344
8,
316,
217
8,89
2,95
2
40,0
31,7
55
41,9
25,4
09
7,
540,
526
6,
986,
997
Ac
crue
d re
tirem
ent b
enef
its40
,536
19
,057
-
-
-
-
-
-
Def
erre
d cr
edits
16,8
67
13,4
83
14
,243
,150
12
,564
,894
2,
044,
437
1,
116,
931
-
-
Oth
ers
-
-
-
-
58
0,83
0
55
9,37
7
-
-
230,
736
21
7,81
9
41,0
51,6
03
37,7
42,9
96
45,6
66,7
68
46,6
84,2
76
7,
967,
987
7,
422,
824
Eq
uity
944,
120
91
9,10
9
186,
369,
951
164,
888,
261
(8,0
60,6
91)
(9
,055
,417
)
23
4,01
8
16
2,84
6
To
tal l
iabi
litie
s an
d eq
uity
1,17
4,85
6
1,
136,
928
227,
421,
554
202,
631,
257
37,6
06,0
77
37,6
28,8
59
8,
202,
005
7,
585,
670
PCIC
NH
MFC
SHFC
HD
MF
20
-
Clu
ster
AB
alan
ce S
heet
Dec
embe
r 31,
200
8(W
ith c
orre
spon
ding
figu
res
for 2
007)
In th
ousa
nd p
esos
As re
stat
edAs
rest
ated
As re
stat
ed20
0820
0720
0820
0720
0820
0720
0820
07As
sets
Cur
rent
ass
ets
3,22
8,01
03,
680,
854
7,04
0,11
77,
014,
616
2,11
7,14
91,
274,
356
12,9
1923
,085
Cas
h an
d ca
sh e
quiv
alen
ts82
8,67
5
2,
775,
581
33
1,82
0
329,
657
50,8
44
63
0,39
6
3,41
1
3,84
0
Shor
t-ter
m in
vest
men
ts75
8,31
7
3,
450
486,
671
40
7,01
8
1,
984,
324
538,
985
8,
732
15
,508
Rec
eiva
bles
(net
)1,
536,
795
81
1,60
3
6,
151,
409
6,17
9,80
1
70,3
34
97
,051
14
8
2,
810
In
vent
orie
s (n
et)
4,25
8
4,41
0
10
,834
12,6
99
-
-
-
-
Prep
aym
ents
and
def
erre
d ch
arge
s99
,965
85
,810
57
,298
83,3
81
-
-
62
8
92
7
O
ther
s-
-
2,
085
2,06
0
11,6
47
7,
924
-
-
Non
-cur
rent
ass
ets
24,3
74,8
17
22
,605
,276
6,
053,
299
6,59
8,57
0
667,
009
61
6,53
6
9,60
3
6,96
2
Long
-term
rece
ivab
les
(net
)1,
110,
891
1,
101,
994
1,
251,
451
2,10
6,11
5
-
-
-
-
Long
-term
inve
stm
ents
(net
)7,
632,
333
1,
703,
802
4,
252,
730
3,92
6,01
0
-
23
9,45
2
1,89
2
1,89
2
Prop
erty
, pla
nt a
nd e
quip
men
t (ne
t)54
,712
55
,818
66
,027
79,9
72
146,
549
18
8,15
1
7,58
5
4,96
4
Inve
stm
ent p
rope
rty-
-
-
-
31
,202
-
-
-
O
ther
s15
,576
,881
19,7
43,6
62
483,
091
48
6,47
3
48
9,25
8
188,
933
12
6
10
6
Tota
l ass
ets
27,6
02,8
27
26
,286
,130
13
,093
,416
13
,613
,186
2,78
4,15
8
1,
890,
892
22,5
22
30,0
47
Liab
ilitie
s an
d eq
uity
Liab
ilitie
sC
urre
nt li
abili
ties
4,46
5,51
9
5,36
7,68
0
2,90
5,60
9
2,
110,
161
1,
273,
226
501,
314
11
,470
11
,475
Trad
e an
d no
n-tra
de p
ayab
les
4,46
5,51
9
5,36
7,68
0
2,58
6,93
2
1,
799,
598
1,
151,
116
419,
598
9,
781
11
,215
Oth
ers
-
-
318,
677
31
0,56
3
12
2,11
0
81,7
16
1,68
9
260
Non
-cur
rent
liab
ilitie
s16
,015
,452
15,3
34,6
54
9,84
4,47
3
10
,611
,942
12,2
23
13
,299
-
-
Bills
pay
able
-
-
9,81
1,93
3
10
,553
,731
-
-
-
-
Bond
s pa
yabl
e13
,428
,841
12,9
27,9
51
-
-
-
-
-
-
Def
erre
d cr
edits
1,52
4,39
5
1,34
4,66
5
32,5
40
58
,211
12
,223
13,2
99
-
-
O
ther
s1,
062,
216
1,
062,
038
-
-
-
-
-
-
20,4
80,9
71
20
,702
,334
12
,750
,082
12
,722
,103
1,28
5,44
9
51
4,61
3
11,4
70
11,4
75
Equi
ty7,
121,
856
5,
583,
796
34
3,33
4
891,
083
1,49
8,70
9
1,
376,
279
11,0
52
18,5
72
Tota
l lia
bilit
ies
and
equi
ty27
,602
,827
26,2
86,1
30
13,0
93,4
16
13,6
13,1
86
2,
784,
158
1,89
0,89
2
22
,522
30
,047
PSC
TID
CO
RP
HG
CQ
UED
ANC
OR
21
-
Clu
ster
AB
alan
ce S
heet
Dec
embe
r 31,
200
8(W
ith c
orre
spon
ding
figu
res
for 2
007)
In th
ousa
nd p
esos
2008
2007
2008
2007
Asse
tsC
urre
nt a
sset
s17
,312
14,9
541,
476,
112
1,11
4,66
8C
ash
and
cash
equ
ival
ents
13,3
68
9,54
2
95,4
03
17
0,90
6
Rec
eiva
bles
(net
)3,
628
5,
205
51
7,41
8
350,
173
In
vent
orie
s (n
et)
316
211
853,
734
58
5,18
3
Prep
aym
ents
and
def
erre
d ch
arge
s-
(4
)
9,55
7
8,40
6
Non
-cur
rent
ass
ets
30,7
04
32,8
54
3,
727,
283
3,94
9,76
3
Lo
ng-te
rm in
vest
men
ts (n
et)
-
-
61
,934
61,9
34
Pr
oper
ty, p
lant
and
equ
ipm
ent (
net)
30,6
63
32,8
13
3,
613,
908
3,70
4,43
0
O
ther
s41
41
51,4
41
18
3,39
9
Tota
l ass
ets
48,0
16
47,8
08
5,
203,
395
5,06
4,43
1
Liab
ilitie
s an
d eq
uity
Liab
ilitie
sC
urre
nt li
abili
ties
4,06
1
5,13
4
394,
834
44
2,25
8
Trad
e an
d no
n-tra
de p
ayab
les
4,06
1
5,13
4
146,
961
55
,635
Oth
ers
-
-
24
7,87
3
386,
623
Non
-cur
rent
liab
ilitie
s2,
987
2,
987
4,
636,
170
4,45
2,48
3
Lo
ans
and
adva
nces
pay
able
-
-
4,
044,
283
3,96
7,90
5
D
efer
red
cred
its-
-
591,
887
48
4,57
8
Oth
ers
2,98
7
2,98
7
-
-
7,04
8
8,12
1
5,03
1,00
4
4,
894,
741
Equi
ty40
,968
39
,687
172,
391
16
9,69
0
Tota
l lia
bilit
ies
and
equi
ty48
,016
47
,808
5,20
3,39
5
5,
064,
431
PIA
SUM
SI
22
-
23
Note 2008 2007
Income 24 363,025,963 337,748,520
290,807,193 267,466,64842,362,992 39,864,35129,855,778 30,417,521
Expenses 25 262,558,152 360,374,855
220,451,629 308,313,51119,602,802 18,873,13013,502,958 12,143,2785,314,089 6,228,9093,686,674 14,816,027
Net income (loss) before subsidy 100,467,811 (22,626,335)
Subsidy income 3,299,764 3,536,145
Net income (loss) before tax 103,767,575 (19,090,190)
677,627 1,207,142
103,089,948 (20,297,332)
Business and service incomeGains and premiumsOthers
Financial expenses
Business expenses
See Notes to Summary Financial Statements.
Personal servicesMaintenance and other operating expenses
Others
Net income (loss) after tax
Income tax
In thousand pesos
Cluster ASummary Statement of Income For the year ended December 31, 2008(With corresponding figures for 2007)
-
2008
2007
2008
2007
2008
2007
2008
2007
Inco
me
95,7
41,9
0393
,811
,357
2,48
12,
740
158,
372
183,
668
84,2
8010
1,49
1
69,9
31,9
9764
,053
,692
2,46
22,
712
137,
315
170,
487
84,0
5310
1,35
223
,005
,574
26,8
69,4
99-
-
-
-
-
-
2,
804,
332
2,88
8,16
619
2821
,057
13,1
8122
713
9
Expe
nses
86,4
55,3
2818
0,75
4,64
722
5,66
22,
542,
463
187,
076
181,
761
82,2
9410
2,44
3
76,8
23,3
7217
1,88
3,53
316
7,20
62,
371,
766
-
-
-
-
7,10
5,36
66,
365,
835
1,27
21,
256
50,0
3447
,635
54,1
1256
,947
2,52
6,59
02,
505,
279
2,32
61,
477
137,
042
134,
126
28,1
8245
,496
-
-
54
,858
167,
964
-
-
-
-
-
-
-
-
-
-
-
-
Net
inco
me
(loss
) bef
ore
subs
idy
9,28
6,57
5(8
6,94
3,29
0)(2
23,1
81)
(2,5
39,7
23)
(28,
704)
1,90
71,
986
(952
)
Subs
idy
inco
me
-
-
-
-
-
-
-
-
Net
inco
me
(loss
) bef
ore
tax
9,28
6,57
5(8
6,94
3,29
0)(2
23,1
81)
(2,5
39,7
23)
(28,
704)
1,90
71,
986
(952
)
Inco
me
tax
359,
459
-
-
-
-
-
61
6-
Net
inco
me
(loss
) afte
r tax
8,92
7,11
6(8
6,94
3,29
0)(2
23,1
81)
(2,5
39,7
23)
(28,
704)
1,90
71,
370
(952
)
24
Oth
ers
Busi
ness
exp
ense
sPe
rson
al s
ervi
ces
Mai
nten
ance
and
oth
er o
pera
ting
expe
nses
Fina
ncia
l exp
ense
sO
ther
s
CB
-BO
LPI
CC
ID
CI
Busi
ness
and
ser
vice
inco
me
Gai
ns a
nd p
rem
ium
s
In th
ousa
nd p
esos
For t
he y
ear e
nded
Dec
embe
r 31,
200
8(W
ith c
orre
spon
ding
figu
res
for 2
007)
Clu
ster
A
Stat
emen
t of I
ncom
e
BSP
-
As re
stat
ed20
0820
0720
0820
0720
0820
0720
0820
07
Inco
me
3,08
53,
090
41,5
3343
,355
287,
350
296,
011
130,
818
145,
421
1,53
91,
484
41,2
1942
,108
274,
685
291,
081
130,
748
138,
332
-
-
15-
-
2,
274
-
-
1,54
61,
606
299
1,24
712
,665
2,65
670
7,08
9
Expe
nses
1,37
81,
336
36,4
3552
,739
34,4
3068
,046
110,
130
122,
249
-
-
-
-
23
,159
24,2
8489
,009
103,
724
-
-
9,96
09