2010AFR GOCCs Vol2

Republic of the Philippines
COMMISSION ON AUDIT
Commonwealth Avenue, Quezon City
Annual
Financial
Report
Government Owned and/or Controlled Corporations

Volume II
2010
Annual
Financial
Report
Volume II
Government-Owned or Controlled
Corporations and Government
Financial Institutions
TABLE OF CONTENTS
Page
Chapter I - Introduction
Legal basis of the Annual Financial Report………………………... 1

The report’s objectives……………………………………………….. 1
Structure, contents, and limitations………………………………… 2
Clustering of GOCCs…………………………………………………. 3
Methodology of summarization……………………………………... 3
2010 Priorities of the Commission..………………………………… 4
Guide to users………………………………………………………… 4
Disclaimer…………………………………………………………….... 5
Chapter II - Financial Highlights and Analysis
Financial condition………………………...………………………….. 6
Financial performance……………………………..…………………. 7
Changes in equity………………………………………………..…… 9
Cash flows……………………………………………………………... 10
Chapter III - Summary Financial Statements
Over-all summary financial statements

(Balance Sheet, Income Statement, Statement of Changes in
Equity, and Cash Flow Statement)……………………………….. 11
Summary financial statements by Cluster and GOCCs
Cluster A…………………………………………………………….. 17
Cluster B…………………………………………………………….. 85
Cluster C…………………………………………………………….. 173
(Balance Sheet, Income Statement, Statement of Changes
in Equity, Cash Flow Statement and Notes to Financial
Statements)
Chapter IV – Summary Audit Results
Summary audit opinions……………………………………………… 220

Summary of significant and common audit findings and
corresponding recommendations..…......……..………………... 222
Summary status of implementation of prior years’
recommendations……………..……...………………………….. 258
ANNEXES
1 - List of government-owned or controlled corporations by cluster,

abbreviation, and status of audit as of September 16, 2011
2 - Roster of Members of Governing Boards of Government-owned or

controlled corporations
3 - List of GOCCs with Unsubmitted CY 2010 Financial Statements
4 - Summary Functions of GOCCs
5 - Ranking by Total Assets
6 - Ranking by Total Liabilities
7 - Breakdown of Domestic Loans
8 - Breakdown of Foreign Borrowings
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 - Annual Growth of Subsidy Income from the National Government
14 - Subsidy Received from Other Government Agencies
15 - Top 20 GOCC Taxpayers
16 - Top 20 GOCCs with Dividend Remittances
17 - Tabulation of Audit Opinions Rendered
18 - Status of Implementation of Prior Years’ Audit Recommendations

Chapter I
INTRODUCTION
Legal basis of the Annual Financial Report
1. The Commission on Audit (COA) is mandated under Section 4, Article IX-D of

the Philippine Constitution and Section 41 of Presidential Decree 1445, otherwise
known as the Government Auditing Code of the Philippines, to submit the Annual
Financial Report (AFR) for government-owned or controlled corporations
(GOCCs) and their subsidiaries, including the water districts (herein collectively
referred to as GOCCs). Presented in the AFR is a summary of the financial
statements of GOCCs, for the year ended December 31, 2010, with corresponding
figures for 2009. The financial statements comprise the balance sheet, income
statement, statement of changes in equity, cash flow statement, and the summary
of significant accounting policies and other explanatory information or notes to the
financial statement. The AFR also presents in concise and summarized form the
results of the audits conducted by the COA on the GOCCs for the year 2010,
consisting of the audit observations/findings and recommendations or measures to
improve the effectiveness and efficiency of corporate governance as well as the
status of implementation of prior year’s audit recommendations. In essence, the
audit observations and status of implementation of recommendations presented
herein are merely lifted from the annual audit reports rendered by COA for its
auditees.
The report’s objectives
2. The Annual Financial Report aims to make available to a wide range of users the
necessary information on the financial position, performance, changes in equity,
and cash flows not only of the individual GOCC but also of the entire corporate
government. These wide range of users include, among others, the Congress, the
branch of government in charge of governance, the President and the executive
branch tasked to manage the affairs of the entire bureaucracy, relative to its
rendition of economic decisions. It also provides information, in capsule form, on
the audit observations and the corresponding value-added measures recommended
by the Commission, including the status of implementation of the previous years’
audit recommendations, intended to enhance the relevance and reliability of
financial reporting and management or operational processes of GOCCs. The
report’s contents are aimed at satisfying the information needs of government
stakeholders, present and potential investors, employees, lenders, suppliers and
other trade creditors, customers, governments and their agencies, and the public.
1
Structure, contents, and limitations
3. The AFR presents in capsule form the audited financial statements of the GOCCs
for the year ended December 31, 2010. It reports, in a summarized structure, the
financial position as of December 31, 2010, 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 these agencies. The
details of the CY 2010 financial statements comprising the AFR, including the
findings and recommendations and status of implementation of prior years’ audit
recommendations are in the individual Annual Audit Report (AAR) of the
respective GOCCs which can be accessed from the COA website
(www.coa.gov.ph). Reference to the individual AAR is necessary in view of its
detailed layout and propriety of the agency-specific financial information. Thus,
the data in the individual AARs shall necessarily prevail over the information
presented in this AFR.
4. Featured in the 2010 AFR are the financial reports of 532 (425 water districts and
107 other) GOCCs, representing 82.87 percent of the total 642 agencies, under the
audit jurisdiction and supervision of the Corporate Government Sector of the
Commission on Audit. The greater number of GOCCs, at 425 are water districts,
the summarized financial reports for which are reported separately in Volume II-
A. The summarized data as of September 16, 2011 for all other 107 GOCCs are
combined in Volume II hereof.
5. Of the financial reports highlighted in the two volumes, 229 or 43.05 percent were
audited while the rest had not undergone COA examination in CY2011 due to
some reasonable circumstances. The bulk of GOCCs not audited pertain to water
districts under the audit jurisdiction of the COA regional offices as only 122
Annual Audit Reports or 28.71 percent of 425 financial statements included in
Volume II-A hereof were rendered for water districts nationwide. This AFR
(Volume II) presents 107 or about 60.45 percent audited financial statements of
the 177 other GOCCs. Annex 1 details the: (i) total number of GOCCs under the
audit jurisdiction of the different Clusters of the Corporate Government Sector,
Commission on Audit, (ii) category of each agency (parent or subsidiary), (iii)
information if the agency had been audited in 2010, (iv) reason/s of being not
audited, and (v) status of audit; Annex 2 presents the roster of CY 2009
membership in the GOCCs’ governing boards including the acronyms of the
respective agencies with which they were affiliated for the year; and Annex 3 is
the roster of GOCCs, financial data for which are not incorporated in the this
year’s summarization.
6. Presented in Chapter II hereof are the CY 2010 summarized financial statement
data for GOCCs and their corresponding 2009 financial figures. Omitted from this
report are the 2009 financial data of GOCCs that were included in the previous
year AFR but the corresponding 2010 data for which are unavailable.
Consequently, the overall 2009 restated figures as herein presented for both the
Clusters and Sector levels may not correspond to the figures in previous year’s
AFR. The details of the changes bearing on the 2009 financial data and the
corresponding GOCC are discussed in detail in the notes to the financial
statements of the respective Clusters.
2
7. The CY 2010 summarized financial statements of GOCCs are presented in
conformity with the requirements of P.D. 1445, rules and regulations, and the
extant auditing standards applicable in the public sector. Both regulatory and
auditing frameworks require summarization of financial information based on the
audited financial statements. The summarized financial data as presented in
Volume II-A includes the unaudited financial statements of the water districts, as
these are the proximate available data at the time of the AFR preparation. The
unaudited summarized financial information as presented may not carry the level
of reliability as the audited financial data of other GOCCs. The reader is therefore,
advised to periodically refer to the COA website for the published AARs of the
GOCCs, subsequent to the cut-off date of September 16, 2011.
Clustering of GOCCs
8. The Corporate Government Sector of the Commission on Audit has audit

jurisdiction over government owned/controlled corporations (GOCCs) including
the government financing institutions. In line with the 2008 COA Organizational
Restructuring, these GOCCs are grouped into three main Clusters: A, B and C.
Listed in Annex 1 are the GOCCs under the supervision and audit jurisdiction of
each of the three Clusters. 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 of summarization
9. The summarized financial data as presented, incorporate all the components of the
financial statements, namely: the balance sheet, income statement, statement of
changes in equity, and cash flow statement. The compilation of the significant
accounting policies and explanatory information of the respective GOCCs is
presented at the Cluster level depicting the contents of the notes to the financial
statements.
10. The overall data in the financial statements were derived thru line by line
summarization of the components or items in the financial statements of the
GOCCs. The financial information of the individual entities were summarized at
the Cluster level having auditorial supervision/jurisdiction thereto, in conformity
with the clustering of these agencies under the 2008 COA Organizational
Restructuring. On the other hand, the financial information of water districts were
initially summarized at the regional level. The inputs coming from the fifteen
regions for the water districts are combined at the Office of the Assistant
Commissioner for Corporate Government Sector (CGS) to generate the overall
figures and presented as one combined data for the water districts nationwide in
the summarized financial statements of Cluster B. The top level summarization
done at the Office of the Assistant Commissioner for CGS combines the financial
data summarized at the Cluster level.
3
11. The audit findings and recommendations and status of implementation of prior
year’s audit recommendations include only the data of GOCCs that were examined
prior to the cut-off data of September 16, 2011. The summarized data thereon,
particularly the audit opinions, significant and common audit observations, and
status of implementation of prior years recommendations are further discussed in
Chapter IV of this AFR.
12. The financial reporting framework adopted by the GOCCs in the presentation and
preparation of the financial statements are varied. A significant number of GOCCs
grouped under Cluster A adopt the Philippine Financial Reporting Standards
(PFRS) and to some extent not in contrary, the various regulatory frameworks
such as those prescribed by the Bangko Sentral ng Pilipinas and the Insurance
Commission. All the other GOCCs adopt a variety of financial reporting
frameworks ranging from the PFRS, the accounting principles generally accepted
in the Philippines, and the accounting principles enunciated under the New
Government Accounting System (NGAS).
2010 Priorities of the Commission
13. In keeping with the 2010 theme of the Commission of “Upholding Public
Accountability Through Efficient Audit Service,” the Corporate Government
Sector endeavors to maintain the balance of the requirements of the law and the
evolving international and specific Philippine government audit standards and
their applicability in the audit of GOCCs. In facing the challenges that emphasize
the delivery of quality audits, it initiated measures to promote the advancement of
its workforce through professional development and competence enhancement
focusing on the confluence of international standards in the fields of accounting
and auditing, and the continuous commitment to the expectations as defined in
COA’s mission and vision. In optimizing the benefits from the audit services
delivered, it continually evaluates the values behind every GOCC’s business
strategies, corporate culture, and fiscal responsibilities. Such review is generally
geared toward the determination that the GOCC’s corporate governance cultivates
a tradition of integrity, responsibility, and business leadership advocating long-
term sustainable growth and stakeholder value creation.
Guide to users
14. Volume II of the AFR is divided into four parts, namely the (I) introduction; (II)
financial highlights; (III) financial statements; and (IV) summary audit results; and
annexes. The financial data as presented are summarized/combined to provide
readers an overview of the financial position and results of performance not only
of the entire corporate government sector but also that of the individual GOCC.
4
15. The first set of summary financial statements, presented in Chapter III, depict the
overall financial figures for the entire government corporate sector. This is
supported by another set of financial statements showing the summarized financial
information by Cluster.
16. The Cluster summarization comprising Volume II is broken down further by a

lower level set of summary financial statements by individual GOCC, which
financial information are lifted from the financial statements and audit results in
the individual AARs of the GOCC. Should reference to the financial information
or audit finding and recommendations in the individual AAR be desired, the reader
is advised to access the AAR of the pertinent GOCC at the COA Website at
www.coa.gov.ph.
17. As emphasized earlier, Volume II-A portrays the summarized financial

information of water districts. The provincial level summaries are directly culled
from the individual financial statements of water districts which is further
combined to comprise the second level summary representing the regional level.
The overall summarized data from the fifteen regions are presented as one
financial statement for water districts and included in the summarization of Cluster
B.
Disclaimer
18. The AFR in presenting the financial condition, as of December 31, 2010, and the
results of operations, including changes in equity and cash flows of the GOCCs for
the year then ended, is prepared in line with the requirements of the Philippine
Constitution and PD 1445, otherwise known as the Government Auditing Code of
the Philippines. The financial statements in its summarized form do not substitute
the individual Annual Audit Report (AAR) rendered for each GOCC. There were
no audit procedures performed in the summarization of the financial statements,
therefore, the only assurance provided is the integrity of the financial information
lifted from the individual AARs, as the Commission on Audit does not and is not
legally bound to render an opinion on the summarization thereon.
5
Chapter II
FINANCIAL HIGHLIGHTS AND ANALYSIS
19. The following discussions on the financial profile including the analysis and
interpretation of the financial data of government-owned or controlled
corporations (GOCCs), as presented in Chapter III hereof, was arrived at by using
the over-all financial data as well as summary totals of each of the major line
figures extracted from the four combined financial statement components (balance
sheet, income statement, statement of changes in equity and statement of cash
flow). It is not reflective of the individual GOCC financial position and
performance, changes in equity and corresponding cash flows. The indicators
selected for purposes of these analyses are stated in general terms. The financial
highlights of each of the individual GOCC can be obtained from the respective
individual AAR which are posted in the COA website (http://www.coa.gov.ph).
Financial condition
20. For CY 2010, the combined total resources of GOCCs reached the level of
P7,637.93 billion. It is P641.17 billion or 9.16 percent higher than the P6,996.76
billion reported in 2009.
&KDUW,,
21. Chart II-1 is a graphical Comparative financial condition
comparison of the over-all (in billion pesos)
financial condition of GOCCs
for CYs 2010 and 2009.
22. The same chart also shows a

rise in the combined liabilities
of GOCCs from P5,324.67
billion in the previous year to
P5,918.78 billion in the year
2010, or an increase of 11.16
percent or P594.11 billion.
23. The combined equity at year-
end is P1,703.45 billion,
which increased by P54.02
billion or 3.28 percent from the 2009 balance of P1,649.43 billion.
24. Portrayed in the foregoing data is a generally stable financial position for GOCCs.
The total assets of P7,637.93 billion exceeded claims by the creditors of P5,918.78
billion. This is indicative of the GOCC’s ability to deliver the expected services
and benefits to the public, its constituents and its varied stakeholders. The
liabilities are 77.49 percent of total assets. The balance between the total assets
and total liabilities of P1,703.45 billion or 22.30 percent represents the equity that
are available for the claims of the government as its major stakeholder. Annex 5
shows the top 20 GOCCs ranked by total assets from among those that submitted
the required financial data.
6
25. The working capital or liquidity ratio (current assets of P4,190.85 billion vis-à-vis
current liabilities of P4,367.99 billion) shows P0.96 current assets to every P1.00
of current liabilities, while the CY 2009 ratio is 1:1.
26.
Long term obligations,
Chart II - 2 at year-end reached
P1,550.79 billion. The
Composition of long-term obligations figure is inclusive of
(in billion pesos and percentage) domestic and foreign
borrowings, totaling
P263.79 billion and
P523.43 billion,
representing 17.01
percent and 33.75
percent, of the long-
term obligations,
respectively. From
among the GOCCs that
submitted financial
reports, the top 20
ranked by total
liabilities are presented
in Annex 6 while the breakdown, of the domestic and foreign borrowings are
shown in Annexes 7 and 8, respectively.
27. The long-term debt to equity ratio of 0.91:1 indicates that for every P1.00 in
government equity, the collective creditors’ claim is P0.91. From among the
GOCCs included in the summarized overall financial statements, presented in
Annex 9 are the top 20 ranked by total equity.
Financial performance
28. For CY 2010, overall operations of GOCCs resulted in a net comprehensive

income of P70.56 billion, a decrease of P86.38 billion or 55.04 percent, compared
to the P156.94 billion reported in 2009.
29. Total revenues generated for the year posted a moderate increase of 6.03 percent
or P36.47 billion. Gross income for CY 2010 closed at P641.01 billion compared
to P604.54 billion in 2009.
7
30. Business and service Chart II - 3
income posted a slight
increase of P0.98 billion or Composition of income
0.21 percent as it grossed (in billion pesos and percentage)
P465.18 billion compared
with the 2009 figure of
P464.20 billion. Gains and
premiums showed a modest
6.13 percent increase or
P6.71 billion additional
revenues from the 2009 data
of P109.45 billion to
P116.16 billion in 2010.
Substantial increase was
posted for Other income at
93.23 percent from P30.88
billion to P59.67 billion for
CYs 2009 and 2010, respectively. From among the GOCCs that submitted their
financial statements, the twenty top grossers in revenues is presented in Annex 10.
Chart II - 4 31. Total expenditures for

the year which closed at
Composition of expenses P581.48 billion was
(in billion pesos and percentage) higher by 24.56 percent
or P114.65 billion,
compared to the 2009
totals of P466.83 billion.
Business expenses at
P199.77 billion,
comprised 34.36 percent
of the total expenditures;
personal services at
P56.77 billion is 9.76
percent; maintenance
and operating expenses
at P78.02 billion has as
13.42 percent share;
financial expenses of P115.67 billion is 19.89 percent and other expenses of
P131.25 billion or 22.57 percent of total expenses. The top 20 GOCCs ranked by
total expenditures, culled from among those that submitted their financial
statements, is shown in Annex 11.
32. Likewise, extracted from the financial data of GOCCs herein presented as Annex
12, is a summary of discretionary (P42.44 million), representation and
entertainment (P990.51 million), extraordinary and miscellaneous (P127.28
million), promotional/advertising (P757.52 million), confidential/intelligence
(P403.74 million), and consultancy (P1,050.78 million) expenditures, or a total of
P3,372.27 million, accounting for 0.58 percent of the total expenditures incurred
for CY 2010.
8
33. Subsidy income provided to GOCCs by the national government (NG) and other
government agencies declined by 51.72 percent from P11.00 billion in 2009 to
P5.31 billion in 2010. Annex 13 shows a list of GOCCs, with comparative figures,
on subsidy received from the NG for the last two years while Annex 14 details the
subsidy received from other government agencies.
34. Taxes imposed by the NG on income earned by GOCCs decreased by 24.89
percent or P1.68 billion as it closed at P5.07 billion in CY 2010 from 2009 data of
P6.75 billion. Annex 15 shows the top 20 GOCC taxpayers.
35. The GOCCs declared a total dividend of P14.36 billion as share of the national
government from their income, which is lesser by P0.20 billion or 1.36 percent
from the 2009 level of P14.56 billion. Annex 16 presents a list of the top 20
GOCCs that remitted dividends to the NG.
Changes in equity
36. Total net worth of GOCCs slightly increased by P53.90 billion or 3.27 percent
from the 2009 total equity of P1,649.87 billion to P1,703.77 billion in 2010.
37. Surplus reserves at P1,131.89 billion comprised 66.43 percent of the total net
worth. Other major components of government’s net worth are: government equity
at P320.71 billion or 18.82 percent, share capital with P140.72 billion or 8.26
percent, appraisal increment at P159.56 billion or 9.36 percent and members’
equity with P202.61 billion or 11.89 percent. Retained earnings figures closed at
negative balance of P309.56 billion or 18.17 percent. All other equity accounts
collectively contributed 3.39 percent.
Chart II - 5
Composition of equity
(in billion pesos)
9
Cash flows
38. The combined Cash Flow Statement showed cash and cash equivalents amounting
to P616.82 billion in CY 2010. The figure is 31.91 percent or P289.05 billion
lower than the 2009 year-end balance of P905.87 billion.
39. CY 2010 net cash used in operating activities registered a total of P1.78 billion. It
shows a substantial decrease of 247.72 billion or 100.72 percent from the 2009 net
cash provided in operating activities of P245.94 billion. Cash outflows for
investing activities also outpaced cash inflows by P125.68 billion. This figure is,
however, 25.43 percent lower compared to previous year’s net cash used in
investing activities of P168.54 billion. Net cash infused for financing activities in
CY 2010 amounted to P45.21 billion. This represents a 17.20 percent decrease or
P9.39 billion from previous year’s net infusion of P54.60 billion.
Chart II - 6
Comparative cash flow activities

(in billion pesos)
10
Chapter III
SUMMARY FINANCIAL STATEMENTS
40. The financial statements in the succeeding pages pertain to the summarized
financial data from the balance sheet, income statement, statement of changes in
equity, cash flow statements, and a summary of significant accounting policies and
other explanatory information.
41. The overall balance sheet presents the total financial position of GOCCs, as of
December 31, 2010 while the income statement shows their entire financial
performance for the year ended December 31, 2010. The statement of changes in
equity provides information on all the changes in equity. The cash flow statement
imparts information on the cash flow from operating, investing and financing
activities as well as the effects of exchange rate changes.
42. At the next level of summarization is the presentation of financial statement

components showing the GOCCs totals by Cluster and the corresponding
summary of significant accounting policies and other explanatory information.
43. Further, at the next level is the presentation of summarized financial statements
showing the total per GOCCs under each cluster. The overall total for the water
districts is incorporated in Cluster B.
44. While the summary financial statements of water districts are presented under
Cluster B in the summary financial statements by GOCCs, these are further
summarized by region, by province and by specific water districts, details of which
are presented in Volume II – A of the AFR.
11
Government-Owned and/or Controlled Corporations
Summary Balance Sheet
December 31, 2010
(With corresponding figures for 2009)
In thousand pesos
2010 2009
Assets
Current Assets 4,190,854,445 3,577,963,030
Cash and cash equivalents 337,974,771 347,193,668
Gross international reserves 2,721,643,697 2,047,580,459
Short-term investments 415,837,888 376,573,775
Receivables (net) 648,870,897 749,998,153
Inventories (net) 22,729,374 22,404,116
Prepayments and deferred charges 15,484,509 13,663,637
Others 28,313,309 20,549,222
Non-current assets 3,431,372,915 3,396,136,996

Long-term receivables (net) 1,340,468,409 1,197,049,715
Long-term investments (net) 1,114,304,939 1,031,850,833
Property, plant and equipment (net) 646,854,455 649,512,699
Investment property 79,806,884 79,806,044
BOT electric plants under capital lease 51,424,339 237,203,980
Intangible assets 207,917 249,723
Others 198,305,972 200,464,002
Temporary registry 15,702,323 22,663,600

Total assets 7,637,929,683 6,996,763,626
Liabilities and equity

Current liabilities 4,367,992,415 3,582,554,272
Deposit liabilities 1,240,007,366 1,208,811,573
Currency in circulation 601,274,828 582,532,888
Securities sold under agreements to repurchase 1,524,329,441 814,496,290
Trade and non-trade payables 298,748,924 235,452,689
Current portion of long-term debt 82,207,812 92,239,688
BOT lease obligation 32,571,318 34,044,161
Others 588,852,726 614,976,983
Non-current liabilities 1,550,789,060 1,742,114,790

Deposit liabilities 65,614,710 48,365,094
Bills payable 117,795,168 113,231,727
Mortgage payable 17,766 20,633
Notes payable 24,383,512 24,765,405
Bonds payable 319,342,093 337,666,118
Loans and advances payable 479,973,633 477,296,155
Provision for estimated liabilities 532,205 478,733
Lease contracts payable 10,749 11,544
Contracts payable 43,786 35,420
Accrued retirement benefits 2,934,877 2,905,941
Deferred credits 71,912,406 232,183,318
Others 106,573,662 97,656,978
Liabilities 5,918,781,475 5,324,669,062

Equity 1,703,445,885 1,649,430,964
Temporary registry 15,702,323 22,663,600
Total liabilities and equity 7,637,929,683 6,996,763,626
12
Summary Income Statement
Year ended December 31, 2010
In thousand pesos
2010 2009
Income 641,007,032 604,536,347
Business and service income 465,180,567 464,204,828

Gains and premiums 116,157,418 109,447,985
Others 59,669,047 30,883,534
Share of National Government (14,361,121) (14,559,477)
Income after share of National Government 626,645,911 589,976,870
Expenses 581,476,990 466,833,589
Business expenses 199,772,966 179,469,043

Personal services 56,769,597 54,303,220
Maintenance and other operating expenses 78,017,100 75,162,759
Financial expenses 115,667,021 108,140,367
Others 131,250,306 49,758,200
Net income before subsidy 45,168,921 123,143,281
Subsidy income 5,311,353 11,000,235
Net income before tax 50,480,274 134,143,516
Income tax expense 5,069,001 6,749,172
Net income after tax 45,411,273 127,394,344
Other comprehensive income 25,150,552 29,546,425
Total comprehensive income 70,561,825 156,940,769
13
Summary Statement of Changes in Equity
In thousand pesos
2010 2009
Government equity
Balance, beginning of period 318,855,795 305,621,594
Additions/deductions 1,853,625 13,234,201
Balance, end of period 320,709,420 318,855,795
Share capital
Contingent capital
Balance, beginning of period 39,785 39,785
Additions/deductions 231 -
Balance, end of period 40,016 39,785
Share premium
Additions/deductions (137,844) 780,262
Invested capital
Additions/deductions (341,589) (336,787)
Other equity instrument – Hybrid Tier 1

Additions/deductions - -
Restricted capital
Balance, beginning of period 2,404,538 922,445
Appraisal increment
Additions/deductions 36,252,278 714,549
Member’s equity
14
2010 2009
Net unrealized gains and losses
Donated capital
Equity in joint venture

Miscellaneous expense
Surplus reserves
Balance, beginning of period 1,034,002,250 967,863,998
Balance, end of period 1,131,894,668 1,034,002,250
Deposit for future subscriptions

Additions/deductions 3,967 9,808
Treasury shares
Balance, beginning of period (735) (735)
Balance, end of period (735) (735)
Retained earnings
Balance, beginning of period (197,842,876) (246,749,670)
Additions/deductions (111,719,146) 48,905,445
Balance, end of period (309,562,022) (197,844,225)
Accumulated other comprehensive income

Additions/deductions 822,142 (5,723,139)
Balance, end of period (13,836,252) (14,658,394)
TOTAL EQUITY 1,703,767,055 1,649,872,667
15
Summary Cash Flow Statement
In thousand pesos
2010 2009
Cash flow from operating activities

Cash inflows 818,806,381 975,055,762
Cash outflows (820,587,133) (729,115,390)
Net cash provided by (used in) operating activities (1,780,752) 245,940,372
Cash flow from investing activities

Cash inflows 812,183,532 697,190,714
Cash outflows (937,862,531) (865,725,929)
Net cash used in investing activities (125,678,999) (168,535,215)
Cash flow from financing activities

Cash inflows 540,855,521 456,707,319
Cash outflows (586,066,955) (511,309,509)
Net cash used in financing activities (45,211,434) (54,602,190)
Net decrease in cash and cash equivalents (172,671,185) (79,884,338)
Effects of exchange rate changes on cash and cash

equivalents (116,406,980) (79,884,338)
Cash and cash equivalents, beginning of period 905,896,292 962,946,443
Cash and cash equivalents, end of period 616,818,127 905,865,072
16
Financial
Statements
of
GOCCs
Cluster A
Cluster A
Summary Statement of Financial Position
December 31, 2010
In thousand pesos
Total
Note 2010 2009

Assets
Current assets
Cash and cash equivalents 2 255,698,588 231,661,446
Gross international reserves 3 2,721,643,697 2,047,580,459
Short-term investments 4 406,841,521 369,907,946
Receivables (net) 5 443,033,052 505,458,844
Inventories (net) 6 12,295,769 9,235,310
Prepayments and deferred charges 7 407,477 384,249
Others 8 1,502,202 1,250,789
3,841,422,306 3,165,479,043
Non-current assets
Long-term receivables (net) 9 731,803,661 649,946,825
Long-term investments (net) 10 864,279,561 795,121,096
Property, plant and equipment (net) 11 31,466,283 31,666,882
Investment property 12 71,185,130 71,215,525
Others 13 79,851,422 86,156,242
1,778,586,057 1,634,106,570
Total assets 5,620,008,363 4,799,585,613

Liabilities
Current liabilities
Deposit liabilities 14 1,240,007,366 1,208,811,573
Currency in circulation 15 601,274,828 582,532,888
Securities sold under agreements to repurchase 16 1,524,329,441 814,496,290
Trade and non-trade payables 17 72,634,084 60,675,789
Current portion of long-term debt 19 27,397,069 37,636,061
Others 18 581,645,376 607,505,830
4,047,288,164 3,311,658,431
Non-current liabilities
Deposit Liabilities 14 65,614,710 48,365,094
Bills payable 19 117,795,168 113,231,727
Notes payable 20 22,360,000 22,714,000
Bonds payable 21 47,677,180 53,062,455
Loans and advances payable 22 135,120,171 129,410,696
Lease contracts payable 10,749 11,544
Accrued retirement benefits 23 2,934,877 2,905,941
Deferred credits 24 32,806,968 30,131,104
Others 25 31,342,902 34,217,700
455,662,725 434,050,261
4,502,950,889 3,745,708,692
Equity 26 1,117,057,474 1,053,876,921
See Notes to Summary Financial Statements.
19
Cluster A
Statement of Financial Position
December 31, 2010
In thousand pesos
BSP PICCI CB-BOL DBP
As Restated
2010 2009 2010 2009 2010 2009 2010 2009
Assets
Current assets 3,166,875,033 2,538,132,726 392,584 359,958 1,267,450 1,437,613 220,798,233 175,324,055
Gross International reserves 2,721,643,697 2,047,580,459 - - - - - -
Cash and cash equivalents - - 253,276 298,049 73,155 75,911 56,918,852 70,736,926
Short-term investments 245,655,479 249,397,873 36,902 9,835 - - 69,185,257 44,904,426
Receivables (net) 187,400,112 232,048,433 91,235 40,806 777,841 764,352 94,694,124 59,682,703
Inventories 12,175,745 9,105,961 11,007 11,115 - - - -
Prepayments and deferred charges - - 164 153 - - - -
Others - - - - 416,454 597,350 - -
Non-current assets 28,512,798 28,537,317 35,589 29,788 660,617 150,231 76,294,790 116,421,489
Long-term receivables (net) - - - - - - 49,873,481 87,526,793
Long-term investments (net) - - - - - - 13,394,885 14,834,407
Property, plant and equipment (net) 12,881,285 12,411,525 - - - - 2,062,031 1,911,248
Investment property 9,884,025 9,931,272 - - - - 460,970 293,159
Others 5,747,488 6,194,520 35,589 29,788 660,617 150,231 10,503,423 11,855,882
Total assets 3,195,387,831 2,566,670,043 428,173 389,746 1,928,067 1,587,844 297,093,023 291,745,544

Liabilities
Current liabilities 2,990,938,596 2,279,413,732 201,698 177,941 416,574,331 416,469,691 124,112,603 120,677,246
Deposit liabilities 734,553,637 729,618,045 - - - - 88,236,774 83,508,004
Currency in circulation 601,274,828 582,532,888 - - - - - -
Securities sold under agreements to repurchase 1,524,329,441 814,496,290 - - - - - -
Trade and non-trade payables 5,372,980 695,337 113,294 81,954 775,581 1,194,516 - -
Current portion of long-term debt - - - - - - 22,735,170 24,879,447
Others 125,407,710 152,071,172 88,404 95,987 415,798,750 415,275,175 13,140,659 12,289,795
Non-current liabilities 33,079,201 48,447,540 - - 11,539 16,161 133,565,242 131,084,305
Deposit liabilities - - - - - - 42,465,886 40,507,433
Bills payable - - - - - - 82,249,356 81,726,872
Notes Payable - - - - - - 8,850,000 8,850,000
Bonds Payable 21,903,305 32,524,747 - - - - - -
Loans and advancs payable 2,675,807 4,213,918 - - - - - -
Accrued retirement benefits 1,542,087 1,534,437 - - - - - -
Others 6,958,002 10,174,438 - - 11,539 16,161 - -
3,024,017,797 2,327,861,272 201,698 177,941 416,585,870 416,485,852 257,677,845 251,761,551
Equity 171,370,034 238,808,771 226,475 211,805 (414,657,803) (414,898,008) 39,415,178 39,983,993
Total liabilities and equity 3,195,387,831 2,566,670,043 428,173 389,746 1,928,067 1,587,844 297,093,023 291,745,544
20
Cluster A
December 31, 2010
In thousand pesos
AIIBP DBPMC DCI DLC
As Restated
2010 2009 2010 2009 2010 2009 2010 2009
Assets
Current assets 1,090,907 874,591 29,226 22,945 41,864 58,301 184,172 295,942
Cash and cash equivalents 1,021,694 852,873 27,055 21,074 16,681 19,752 49,157 186,348
Receivables (net) 54,669 - 2,171 1,871 24,972 38,300 131,657 109,518
Inventories 1,625 - - - - - 31 73
Prepayments and deferred charges 801 - - - 211 249 2,903 -
Others 12,118 21,718 - - - - 424 3
Non-current assets 29,098 9,978 63,356 67,798 9,269 4,661 942,910 552,025
Long-term receivables (net) - - - - - - 565,163 495,653
Long-term investments (net) 616 640 33,900 35,901 5,000 - - -
Property, plant and equipment (net) 22,401 3,257 - - 2,385 2,597 3,244 1,743
Investment property 6,081 6,081 3,916 4,087 - - 374,150 54,629
Others - - 25,540 27,810 1,884 2,064 353 -
Total assets 1,120,005 884,569 92,582 90,743 51,133 62,962 1,127,082 847,967

Liabilities
Current liabilities 582,273 216,379 5,967 6,550 8,857 14,046 58,162 47,610
Deposit liabilities 549,623 153,129 - - - - - -
Trade and non-trade payables 11,741 10,952 5,967 6,550 1,610 1,915 3,071 324
Others 20,909 52,298 - - 7,247 12,131 55,091 47,286
Non-current liabilities - 93,930 2,667 2,667 8,022 12,329 469,907 217,639
Bills payable - 93,930 - - - - - -
Loans and advances payable - - - - - - 200,000 -
Accrued retirement benefits - - - - 8,022 12,329 - -
Deferred credits - - 2,667 2,667 - - 269,907 217,639
582,273 310,309 8,634 9,217 16,879 26,375 528,069 265,249
Equity 537,732 574,260 83,948 81,526 34,254 36,587 599,013 582,718
Total liabilities and equity 1,120,005 884,569 92,582 90,743 51,133 62,962 1,127,082 847,967
21
Cluster A
December 31, 2010
In thousand pesos
IGLF LBP LBRDC LCDFI
As restated As restated
2010 2009 2010 2009 2010 2009 2010 2009
Assets
Current assets 6,421,456 6,283,096 153,196,579 208,174,151 278,346 273,930 8,675 4,424
Cash and cash equivalents 1,823,152 1,156,750 106,410,451 88,616,375 3,714 1,923 6,316 2,561
Short-term investments 863,631 761,659 41,064,528 38,996,509 157,864 170,700 - -
Receivables (net) 3,734,673 4,364,687 5,721,600 80,561,267 70,666 65,270 1,221 1,605
Inventories (net) - - - - 30,971 26,437 39 82
Prepayments and deferred charges - - - - 15,131 9,600 67 176
Others - - - - - - 1,032 -
Non-current assets 16,576 16,623 415,817,825 305,586,392 134,060 135,532 83,863 90,647
Long-term receivables (net) - - 233,444,966 143,823,224 - - - -
Long-term investments (net) - - 159,607,303 135,566,739 44,013 44,013 80,471 86,924
Property, plant and equipment (net) 52 52 4,623,481 4,617,935 2,078 688 3,242 3,573
Investment property 15,181 15,259 7,917,074 8,541,297 79,313 84,022 - -
Others 1,343 1,312 10,225,001 13,037,197 8,656 6,809 150 150
Total assets 6,438,032 6,299,719 569,014,404 513,760,543 412,406 409,462 92,538 95,071

Liabilities
Current liabilities 62,626 60,908 416,061,154 395,302,261 53,358 59,277 2,439 6,337
Deposit Liabilities - - 410,366,194 388,767,125 - - - -
Trade and non-trade payables 16,778 15,060 1,446,869 3,059,622 31,871 25,942 2,439 2,145
Current portion of long-term debt 43,633 43,633 - - - - - -
Others 2,215 2,215 4,248,091 3,475,514 21,487 33,335 - 4,192
Non-current liabilities 523,598 567,231 86,343,809 66,984,698 136 296 - -
Deposit Liabilities - - 23,148,824 7,857,661 - - - -
Bills payable - - 32,803,604 28,658,547 - - - -
Notes payable - - 13,510,000 13,864,000 - - - -
Loans and advances payable 523,598 567,231 - - - - - -
Lease contract payable - - - - 62 222 - -
Deferred credits - - - - 74 74 - -
Others - - 16,881,381 16,604,490 - - - -
586,224 628,139 502,404,963 462,286,959 53,494 59,573 2,439 6,337
Equity 5,851,808 5,671,580 66,609,441 51,473,584 358,912 349,889 90,099 88,734
Total liabilities and equity 6,438,032 6,299,719 569,014,404 513,760,543 412,406 409,462 92,538 95,071
22
Cluster A
December 31, 2010
In thousand pesos
LIBI LLC MSI PCFC
2010 2009 2010 2009 2010 2009 2010 2009
Assets
Current assets 341,731 357,694 642,821 850,551 105,179 101,774 3,618,958 3,678,669
Cash and cash equivalents 298,061 314,603 67,395 23,102 50,138 34,343 283,971 423,665
Short-term investments 847 994 - - 10,001 - - -
Receivables (net) 41,973 40,777 566,549 821,995 22,582 28,152 3,274,265 3,202,338
Inventories (net) - - - - 21,484 37,837 - -
Prepayments and deferred charges 637 1,077 2,623 1,073 327 486 2,112 1,922
Others 213 243 6,254 4,381 647 956 58,610 50,744
Long-term receivables (net) - - 1,962,821 1,608,492 - - - -
Long-term investments (net) 487,233 455,485 16,097 30,464 57 57 - -
Property, plant and equipment (net) 28,694 30,763 37,174 38,297 1,026 2,013 9,653 7,530
Investment property - - 17,158 16,014 4,850 7,131 43,111 12,322
Others 2,837 2,157 40,173 33,290 - - 105,357 109,645
Total assets 860,495 846,099 2,716,244 2,577,108 111,112 110,975 3,777,079 3,808,166

Liabilities
Current liabilities 118,484 133,099 1,252,843 1,214,502 21,470 25,132 130,036 167,133
Deposit liabilities
Trade and non-trade payables 117,438 129,834 1,202,869 80,663 16,840 22,279 64,494 108,883
Current portion of long-term debt - - - 798,950 - - - -
Others 1,046 3,265 49,974 334,889 4,630 2,853 65,542 58,250
Non-current liabilities 927 1,481 405,558 413,149 - - 2,433,558 2,438,345
Bills payable - - 308,650 314,033 - - 2,433,558 2,438,345
Lease contract payable 927 1,481 - - - - - -
Deferred credits - - 96,908 99,116 - - - -
Others - - - - - - - -
119,411 134,580 1,658,401 1,627,651 21,470 25,132 2,563,594 2,605,478
Equity 741,084 711,519 1,057,843 949,457 89,642 85,843 1,213,485 1,202,688
Total liabilities and equity 860,495 846,099 2,716,244 2,577,108 111,112 110,975 3,777,079 3,808,166
23
Cluster A
December 31, 2010
In thousand pesos
NLDC PPSBI PDIC GSIS

As Restated As Restated
2010 2009 2010 2009 2010 2009 2010 2009
Assets
Current assets 1,858,992 1,847,534 3,291,183 3,320,007 4,907,560 4,334,085 83,355,380 63,757,789
Cash and cash equivalents 290,049 436,852 98,993 125,921 4,788,462 4,305,796 54,738,160 41,101,062
Short-term investments - - 85,220 130,753 - - - -
Receivables (net) 1,563,899 1,407,231 2,524,584 2,809,827 - - 28,617,220 22,656,727
Inventories (net) 515 147 - - - - - -
Prepayments and deferred charges 2,995 1,770 6,956 6,961 - - - -
Others 1,534 1,534 575,430 246,545 119,098 28,289 - -
Non-current assets 3,379,063 3,312,910 2,025,495 2,269,079 151,821,521 145,718,814 495,079,846 448,384,671
Long-term receivables (net) 916,912 947,407 648,309 706,491 37,453,320 35,462,780 159,536,269 133,239,697
Long-term investments (net) 1,829,973 1,726,036 1,162,485 1,313,665 108,351,388 103,504,153 286,208,009 262,391,520
Property, plant and equipment (net) 554,305 560,913 81,355 90,785 155,380 182,796 4,298,446 4,194,874
Investment property - - 86,632 106,330 - - 32,627,226 33,632,221
Others 77,873 78,554 46,714 51,808 5,861,433 6,569,085 12,409,896 14,926,359
Total assets 5,238,055 5,160,444 5,316,678 5,589,086 156,729,081 150,052,899 578,435,226 512,142,460
Liabilities
Current liabilities 240,685 174,748 4,871,538 5,175,533 19,534,189 17,164,375 12,959,632 15,931,067
Deposit liabilities - - 4,555,925 4,629,485 - - - -
Trade and non-trade payables 117,336 6,330 31,116 40,886 19,534,189 17,164,375 1,465,887 1,824,994
Others 123,349 168,418 284,497 505,162 - - 11,493,745 14,106,073
Non-current liabilities 181,955 183,095 209 201 72,606,203 72,629,408 11,528,825 10,725,085
Bills payable - - - - - - - -
Loans and advances payable 121,069 121,969 - - 72,606,203 72,629,408 - -
Accrued retirement benefits payable - - - - - - - -
Deferred Credits 4,119 4,359 - - - - 11,521,625 10,725,085
Others 56,767 56,767 209 201 - - 7,200 -
422,640 357,843 4,871,747 5,175,734 92,140,392 89,793,783 24,488,457 26,656,152
Equity 4,815,415 4,802,601 444,931 413,352 64,588,689 60,259,116 553,946,769 485,486,308
Total liabilities and equity 5,238,055 5,160,444 5,316,678 5,589,086 156,729,081 150,052,899 578,435,226 512,142,460
24
Cluster A
December 31, 2010
In thousand pesos
GSISFB GMFI GPI MPCP
2010 2009 2010 2009 2010 2009 2010 2009
Assets
Current assets 1,229,295 2,403,891 132,456 111,803 87,151 84,499 1,130 4,064
Cash and cash equivalents 229,117 150,515 118,487 73,546 26,507 76 1,130 3,924
Short-term investments - - - - 60,644 84,423 - -
Receivables (net) 815,603 2,020,227 13,969 38,257 - - - 140
Inventories 1,232 1,095 - - - - - -
Prepayments and deferred charges 183,343 232,054 - - - - - -
Non-current assets 2,346,057 1,522,956 4,549,589 3,416,493 - - - 824,602
Long-term receivables (net) 12,328 10,946 - - - - - -
Long-term investments (net) 1,663,232 905,317 4,549,589 3,416,493 - - - -
Property, plant and equipment (net) 34,346 35,217 - - - - - 824,602
Investment property 585,585 507,807 - - - - - -
Others 50,566 63,669 - - - - - -
Total assets 3,575,352 3,926,847 4,682,045 3,528,296 87,151 84,499 1,130 828,666
Liabilities
Current liabilities 2,885,296 3,212,155 51,361 53,700 - - - 78,720
Deposit Liabilities 1,745,213 2,135,785 - - - - - -
Trade and non-trade payables 1,018,861 1,042,878 44,327 42,745 - - - 78,720
Others 121,222 33,492 7,034 10,955 - - - -
Non-current liabilities - - - - - - - 14,857

Bonds payable - - - - - - - -
Loans and advances payable - - - - - - - -
Lease contracts payable - - - - - - - -
Accrued retirement benefits payable - - - - - - - -
Deferred credits - - - - - - - -
Others - - - - - - - 14,857
2,885,296 3,212,155 51,361 53,700 - - - 93,577
Equity 690,056 714,692 4,630,684 3,474,596 87,151 84,499 1,130 735,089

Total liabilities and equity 3,575,352 3,926,847 4,682,045 3,528,296 87,151 84,499 1,130 828,666
25
Cluster A
December 31, 2010
In thousand pesos
SSS ECC PHIC HDMF
As Restated As Restated As Restated
2010 2009 2010 2009 2010 2009 2010 2009
Assets
Current assets 25,195,345 28,721,515 263,720 239,762 47,888,753 24,963,318 97,284,102 77,404,704
Cash and cash equivalents 7,378,656 8,995,402 235,398 212,232 9,688,788 7,077,731 5,730,065 3,071,833
Short-term investments 10,728,377 14,273,468 - - 31,719,363 10,145,774 321,391 2,888,075
Receivables (net) 6,999,367 5,334,882 27,461 26,937 6,442,745 7,701,414 91,094,974 71,331,047
Inventories (net) - - 557 - 36,234 36,776 - -
Prepayments and deferred charges - - 291 260 - - - -
Others 88,945 117,763 13 333 1,623 1,623 137,672 113,749
Non-current assets 272,395,995 243,889,135 55,343 58,670 58,160,657 77,955,534 180,706,763 172,679,662
Long-term receivables (net) 68,126,079 72,772,552 - - - - 152,400,301 146,815,321
Long-term investments (net) 182,282,022 150,699,752 2,500 - 56,976,998 76,321,968 20,963,781 18,307,005
Property, plant and equipment (net) 3,318,750 3,413,685 52,616 55,736 1,001,879 928,334 1,600,709 1,623,416
Investment Property 12,129,127 10,895,676 - 2,500 - - 5,668,804 5,854,383
Others 6,540,017 6,107,470 227 434 181,780 705,232 73,168 79,537
Total assets 297,591,340 272,610,650 319,063 298,432 106,049,410 102,918,852 277,990,865 250,084,366

Liabilities
Current liabilities 7,101,779 5,911,816 23,783 20,479 7,969,679 5,900,308 23,051,176 24,774,827
Trade and non-trade payables 3,238,382 3,248,103 14,393 12,777 7,459,550 5,457,632 16,476,537 11,586,654
Current portion of long-term debt - - - - - - 3,576,734 10,576,734
Others 3,863,397 2,663,713 9,390 7,702 510,129 442,676 2,997,905 2,611,439
Non-current liabilities 1,394,528 1,369,016 - - 44,948 29,512 37,849,315 26,053,027
Bonds payable - - - - - - 13,577,144 9,000,000
Loans and advances payable - - - - - - 7,162,751 739,484
Lease contracts payable 9,760 9,841 - - - - - -
Accrued retirement benefits 1,384,768 1,359,175 - - - - - -
Deferred credits - - - - 44,948 29,512 17,109,420 16,313,543
Others - - - - - - - -
8,496,307 7,280,832 23,783 20,479 8,014,627 5,929,820 60,900,491 50,827,854
Equity 289,095,033 265,329,818 295,280 277,953 98,034,783 96,989,032 217,090,374 199,256,512
Total liabilities and equity 297,591,340 272,610,650 319,063 298,432 106,049,410 102,918,852 277,990,865 250,084,366
26
Cluster A
December 31, 2010
In thousand pesos
NHMFC SHFC QUEDANCOR PCIC
2010 2009 2010 2009 2010 2009 2010 2009
Assets
Current assets 2,391,854 3,256,524 891,070 746,725 3,985,231 5,707,169 543,645 681,004
Cash and cash equivalents 1,070,659 1,564,421 821,024 680,574 90,793 187,298 106,159 88,039
Short-term investments - - - - 577,460 575,995 274,202 509,765
Receivables (net) 1,275,717 1,655,122 64,897 63,700 3,303,208 4,924,474 154,040 78,028
Inventories (net) - - 4,011 1,571 8,570 9,668 - -
Prepayments and deferred charges 1,159 870 588 701 3,925 7,798 7,735 3,713
Others 44,319 36,111 550 179 1,275 1,936 1,509 1,459
Non-current assets 32,842,868 31,876,568 8,803,023 7,875,904 1,124,854 1,127,530 653,150 558,267
Long-term receivables (net) 21,564,203 21,842,120 31,127 26,992 586,721 590,239 330,893 331,056
Long-term investments (net) 9,246,637 8,135,843 - - 6,057 6,070 296,669 202,044
Investment property 1,093,842 1,105,234 - - - - - -
Others 871,494 749,766 8,564,667 7,634,696 479,268 474,129 - 16
Total assets 35,234,722 35,133,092 9,694,093 8,622,629 5,110,085 6,834,699 1,196,795 1,239,271
Liabilities
Current liabilities 2,186,870 1,923,574 611,729 476,691 5,005,077 5,072,150 51,503 67,992
Trade and non-trade payables 182,885 49,326 401,054 350,703 4,682,614 4,758,261 48,319 64,282
Current portion of long term debt - - - - - - - -
Others 2,003,985 1,874,248 210,675 125,988 322,463 313,889 3,184 3,710
Non-current liabilities 39,820,977 40,022,084 8,843,023 7,941,444 1,412,830 1,406,915 228,761 237,070
Loans and advances payable 35,789,015 36,902,250 8,843,023 7,941,444 1,405,040 1,394,040 143,451 137,139
Deferred credits 3,348,688 2,386,003 - - 7,790 12,875 13,524 17,252
Others 683,274 733,831 - - - - 71,786 82,679
42,007,847 41,945,658 9,454,752 8,418,135 6,417,907 6,479,065 280,264 305,062
Equity (6,773,125) (6,812,566) 239,341 204,494 (1,307,822) 355,634 916,531 934,209
Total liabilities and equity 35,234,722 35,133,092 9,694,093 8,622,629 5,110,085 6,834,699 1,196,795 1,239,271
27
Cluster A
December 31, 2010
In thousand pesos
HGC SBC TIDCORP AFPRSBS SUMSI

As Restated As Restated As Restated
2010 2009 2010 2009 2010 2009 2010 2009 2010 2009
Assets
Current assets 4,340,273 3,581,876 3,352,958 3,598,201 2,590,222 2,412,229 2,520,812 2,053,728 17,960 18,196
Cash and cash equivalents 1,827,964 173,951 458,578 79,597 535,600 40,050 148,082 514,285 12,849 14,086
Short term investments 1,873,738 2,794,698 471,028 1,493,468 1,697,144 1,537,956 2,058,445 1,231,575 - -
Receivables (net) 543,362 515,050 2,347,258 2,006,163 333,675 822,449 296,074 291,279 4,689 3,816
Inventories (net) 3,326 4,254 - - - - - - 422 294
Prepayments and deferred charges 91,883 93,923 60,066 9,868 23,560 11,595 - - - -
Others - - 16,028 9,105 243 179 18,211 16,589 - -
Non-current assets 25,456,518 25,765,348 2,925,550 2,294,458 728,541 444,185 10,147,460 10,146,583 26,772 29,060
Long-term receivables (net) 2,812,038 2,758,868 234,197 9,618 496,925 196,999 807,608 781,577 - -
Long-term investments (net) 6,123,048 6,074,456 1,949,341 2,050,128 - - 8,998,257 9,012,016 - -
Property, plant and equipment (net) 92,738 79,381 94,509 97,718 104,488 152,386 20,968 26,735 26,731 29,019
Investment Property - - 112,689 116,446 75,208 29,467 188 188 - -
Others 16,428,694 16,852,643 534,814 20,548 51,920 65,333 320,439 326,067 41 41
Total assets 29,796,791 29,347,224 6,278,508 5,892,659 3,318,763 2,856,414 12,668,272 12,200,311 44,732 47,256
Liabilities
Current liabilities 6,198,576 6,819,447 1,168,798 1,344,191 2,570,647 2,249,400 619,173 1,310,344 1,776 5,070
Trade and non-trade payables 5,120,897 5,111,996 528,977 1,216,438 2,494,173 2,131,706 589,410 1,049,120 1,335 1,887
Current portion of long term debt 431,096 1,020,326 580,673 55,747 - - 29,763 261,224 - -
Others 646,583 687,125 59,148 72,006 76,474 117,694 - - 441 3,183
Non-current liabilities 19,319,999 18,117,630 2,591,472 2,104,639 5,587 5,308 2,988,233 2,930,120 1,696 1,079
Bonds payable 12,196,731 11,537,708 - - - - - - - -
Loans and advances payable 3,058,742 2,659,174 2,591,472 2,104,639 - - - - - -
Deferred credits 162,644 156,717 - - 5,587 5,308 219,067 160,954 - -
Others 3,901,882 3,764,031 - - - - 2,769,166 2,769,166 1,696 1,079
25,518,575 24,937,077 3,760,270 3,448,830 2,576,234 2,254,708 3,607,406 4,240,464 3,472 6,149
Equity 4,278,216 4,410,147 2,518,238 2,443,829 742,529 601,706 9,060,866 7,959,847 41,260 41,107
Total liabilities and equity 29,796,791 29,347,224 6,278,508 5,892,659 3,318,763 2,856,414 12,668,272 12,200,311 44,732 47,256
28
Cluster A
Summary Statement of Comprehensive Income
(In thousand pesos)
Total
Note 2010 2009
Income 27 454,336,945 419,788,072

Gains and premiums 95,895,118 71,626,280
Others 19,700,871 19,211,180
Expenses 28 420,247,423 334,855,702

Personal services 31,954,816 30,599,679
Maintenance and other operating expenses 25,472,649 24,313,987
Others 108,478,417 45,434,137
Subsidy income 2,006,481 6,863,690
Income tax expense 994,190 2,535,244
Other comprehensive income 29 25,150,552 29,546,425
Total comprehensive income 60,252,365 118,807,241
29
Cluster A
Statement of Comprehensive Income
(In thousand pesos)
As restated
2010 2009 2,010 2,009 2010 2009 2010 2009
Income 113,564,916 104,360,941 160,406 124,825 5,530 2,598 21,929,463 22,049,986
Business and service income 43,632,741 59,826,332 144,408 112,545 3,222 2,591 13,594,172 13,077,466
Gains and premiums 66,499,692 41,100,774 - - - - 6,571,641 6,808,083
Others 3,432,483 3,433,835 15,998 12,280 2,308 7 1,763,650 2,164,437
Expenses 172,600,366 91,058,843 195,999 193,879 297,981 300,488 18,012,775 14,242,426
Business expenses 4,112,707 4,332,280 - - - - - -

Personal services 8,230,739 7,818,351 55,865 51,377 1,548 1,566 2,874,236 2,484,219
Maintenance and other operating expenses 1,272,545 2,637,931 140,097 142,502 2,037 2,222 3,752,232 2,370,637
Financial expenses 68,731,416 65,626,815 - - 30,564 44,007 6,120,690 6,220,899
Others 90,252,959 10,643,466 37 - 263,832 252,693 5,265,617 3,166,671
Net income (loss) before subsidy (59,035,450) 13,302,098 (35,593) (69,054) (292,451) (297,890) 3,916,688 7,807,560
Subsidy income - - - - - - - -
Net income (loss) before tax (59,035,450) 13,302,098 (35,593) (69,054) (292,451) (297,890) 3,916,688 7,807,560
Income tax expense - 171,458 - - - - 239,957 1,785,948
Net income (loss) after tax (59,035,450) 13,130,640 (35,593) (69,054) (292,451) (297,890) 3,676,731 6,021,612
Other comprehensive income (loss) 1,049,479 (6,009,856) - - - - (242,188) 264,228
Total comprehensive income (loss) (57,985,971) 7,120,784 (35,593) (69,054) (292,451) (297,890) 3,434,543 6,285,840
30
Cluster A
(In thousand pesos)
AAIIBP DBPMC DCI DLC
As restated
2010 2009 2010 2009 2010 2009 2010 2009
Income 32,360 13,578 4,333 12,014 56,500 71,010 53,485 42,710
Business and service income 3,642 7,339 2,879 3,823 52,258 67,299 50,939 42,545
Gains and premiums - - 20 7,201 - - - -
Others 28,718 6,239 1,434 990 4,242 3,711 2,546 165
Expenses 69,857 76,829 1,348 9,853 52,970 68,056 36,023 21,903
Business expenses 3,873 7,080 - - 8,770 11,157 - -

Personal services 27,588 21,805 - - 39,450 43,401 12,738 11,177
Maintenance and other operating expenses 38,352 47,868 1,348 9,853 4,750 13,498 16,158 10,374
Financial expenses 44 76 - - - - 7,127 352
Others - - - - - - - -
Net income (loss) before subsidy (37,497) (63,251) 2,985 2,161 3,530 2,954 17,462 20,807
Net income (loss) before tax (37,497) (63,251) 2,985 2,161 3,530 2,954 17,462 20,807
Income tax expense - - 563 3,141 863 805 1,168 159
Net income (loss) after tax (37,497) (63,251) 2,422 (980) 2,667 2,149 16,294 20,648
Other comprehensive income (loss) - - - 8,889 - - 1 (1)
Total comprehensive income (loss) (37,497) (63,251) 2,422 7,909 2,667 2,149 16,295 20,647
31
Cluster A
(In thousand pesos)
2010 2009 2010 2009 2010 2009 2010 2009
Income 246,349 258,860 34,391,944 31,229,031 137,954 98,631 31,331 26,789
Business and service income 246,286 257,157 28,513,608 26,546,299 119,955 81,497 64 162
Gains and premiums - 13 3,565,744 2,572,565 5 9 - -
Others 63 1,690 2,312,592 2,110,167 17,994 17,125 31,267 26,627
Expenses 25,428 29,251 25,976,475 24,279,804 126,653 85,907 29,966 24,701
Business expenses - - 6,914,915 6,251,686 80,726 42,185 - -

Personal services - - 6,071,384 6,402,141 10,671 9,025 1,155 908
Maintenance and other operating expenses 19,738 22,461 10,074,379 8,821,520 35,016 34,414 28,298 23,727
Financial expenses 5,690 6,790 2,057,676 1,911,101 239 283 - -
Others - - 858,121 893,356 1 - 513 66
Net income before subsidy 220,921 229,609 8,415,469 6,949,227 11,301 12,724 1,365 2,088
Net income before tax 220,921 229,609 8,415,469 6,949,227 11,301 12,724 1,365 2,088
Income tax expense 40,673 54,376 355,267 294,563 2,278 2,462 - -
Net income after tax 180,248 175,233 8,060,202 6,654,664 9,023 10,262 1,365 2,088
Other comprehensive income 14,850 4,601 - - - - - -
Total comprehensive income 195,098 179,834 8,060,202 6,654,664 9,023 10,262 1,365 2,088
32
Cluster A
(In thousand pesos)
LIBI LLC MSI PCFC
2010 2009 2010 2009 2010 2009 2010 2009
Income 122,677 118,135 439,148 388,448 136,179 177,580 354,850 359,183
Gains and premiums 575 773 - - - - - -
Others 37,446 41,257 68,074 54,230 - - 3,410 3,476
Expenses 36,405 33,226 298,589 273,328 131,101 166,412 272,758 272,621
Business expenses - - 139,726 141,908 113,943 151,488 - -

Personal services 18,781 17,549 14,365 8,900 6,089 6,799 44,851 42,776
Financial expenses 329 49 83,344 66,167 2 8 137,249 133,634
Others 19 14 28,020 22,500 - - - -
Net income before subsidy 86,272 84,909 140,559 115,120 5,078 11,168 82,092 86,562
Net income before tax 86,272 84,909 140,559 115,120 5,078 11,168 82,092 86,562
Income tax expense 16,293 15,340 32,173 29,590 1,279 3,269 26,295 35,409
Net income after tax 69,979 69,569 108,386 85,530 3,799 7,899 55,797 51,153
Other comprehensive income - - - - - - - -
Total comprehensive income 69,979 69,569 108,386 85,530 3,799 7,899 55,797 51,153
33
Cluster A
(In thousand pesos)
2010 2009 2010 2009 2010 2009 2010 2009
Income 338,003 328,546 540,961 574,610 16,759,953 15,403,403 94,909,559 89,911,589
Business and service income 254,341 251,545 520,427 554,705 15,497,643 15,345,300 77,905,052 70,714,405
Gains and premiums - - 8,235 6,487 525 10,324 16,783,996 18,992,368
Others 83,662 77,001 12,299 13,418 1,261,785 47,779 220,511 204,816
Expenses 219,960 236,131 526,385 542,565 14,161,417 14,989,323 49,960,083 65,268,225
Business expenses - - 116,412 142,657 - - 44,875,058 42,887,973

Personal services 53,697 37,922 160,795 160,368 760,856 747,915 3,231,237 3,618,327
Maintenance and other operating expenses 163,327 195,843 241,725 233,061 380,105 790,403 1,701,838 1,492,028
Financial expenses 2,936 2,366 7,452 6,479 2,238,112 2,079,983 - -
Others - - 1 - 10,782,344 11,371,022 151,950 17,269,897
Net income before subsidy 118,043 92,415 14,576 32,045 2,598,536 414,080 44,949,476 24,643,364
Net income before tax 118,043 92,415 14,576 32,045 2,598,536 414,080 44,949,476 24,643,364
Income tax expense - - - - 193,583 11,606 - -
Net income after tax 118,043 92,415 14,576 32,045 2,404,953 402,474 44,949,476 24,643,364
Other comprehensive income - - - - - - 23,195,183 11,532,180
Total comprehensive income 118,043 92,415 14,576 32,045 2,404,953 402,474 68,144,659 36,175,544
34
Cluster A
(In thousand pesos)
2010 2009 2010 2009 2010 2009 2010 2009
Income 620,539 419,179 1,641,622 1,038,748 3,336 3,841 275,398 109
Business and service income 320,130 381,251 68,607 91,760 3,336 3,841 - -
Gains and premiums 281,048 28,454 1,491,392 875,879 - - 275,398 -
Others 19,361 9,474 81,623 71,109 - - - 109
Expenses 497,204 398,172 87,234 67,255 684 839 337,895 17,978
Business expenses 27,198 75,024 80,863 63,106 - - - -

Personal services 74,809 70,555 - - - - - -
Maintenance and other operating expenses 243,042 136,308 6,274 4,045 - - 337,895 17,978
Financial expenses 152,155 116,285 - - - - - -
Others - - 97 104 684 839 - -
Net income before subsidy 123,335 21,007 1,554,388 971,493 2,652 3,002 (62,497) (17,869)
Net income before tax 123,335 21,007 1,554,388 971,493 2,652 3,002 (62,497) (17,869)
Income tax expense - - 10,292 15,026 - - - -
Net income after tax 123,335 21,007 1,544,096 956,467 2,652 3,002 (62,497) (17,869)
Total comprehensive income 123,335 21,007 1,544,096 956,467 2,652 3,002 (62,497) (17,869)
35
Cluster A
(In thousand pesos)
SSS ECC PHIC HDMF
As restated As restated As restated

2010 2009 2010 2009 2010 2009 2010 2009
Income 107,364,550 95,357,521 76,465 67,127 33,362,328 31,771,949 22,395,687 20,059,383
Business and service income 106,721,586 94,355,918 71,139 62,611 27,104,633 25,334,636 19,626,619 16,908,066
Gains and premiums 86,756 117,796 - - 407 305,287 58,901 51,419
Others 556,208 883,807 5,326 4,516 6,257,288 6,132,026 2,710,167 3,099,898
Expenses 84,532,363 79,145,559 59,138 59,444 34,322,199 27,790,720 11,294,096 8,055,826
Business expenses 77,174,158 72,049,958 - - 30,513,083 24,211,211 8,012,008 5,511,628

Personal services 5,271,666 4,730,723 31,692 33,160 2,496,278 2,338,790 1,538,928 954,486
Maintenance and other operating expenses 1,842,745 2,147,727 27,161 26,277 1,292,812 1,240,570 1,243,663 1,399,299
Financial expenses - - - - 19,876 84 - -
Others 243,794 217,151 285 7 150 65 499,497 190,413
Net income (loss) before subsidy 22,832,187 16,211,962 17,327 7,683 (959,871) 3,981,229 11,101,591 12,003,557
Subsidy income - - - 241 2,005,924 5,962,911 - -
Net income before tax 22,832,187 16,211,962 17,327 7,924 1,046,053 9,944,140 11,101,591 12,003,557
Income tax expense - - - - - - - -
Net income after tax 22,832,187 16,211,962 17,327 7,924 1,046,053 9,944,140 11,101,591 12,003,557
Other comprehensive income 1,058,675 23,596,226 - - - - 74,552 99,960
Total comprehensive income 23,890,862 39,808,188 17,327 7,924 1,046,053 9,944,140 11,176,143 12,103,517
36
Cluster A
(In thousand pesos)
2010 2009 2010 2009 2010 2009 2010 2009
Income 1,107,605 1,346,378 360,644 305,769 215,249 1,060,945 422,900 413,789
Business and service income 1,005,833 1,250,030 218,226 224,842 184,461 281,617 386,679 375,720
Gains and premiums 27,774 4,321 - - - 617,815 146 113
Others 73,998 92,027 142,418 80,927 30,788 161,513 36,075 37,956
Expenses 1,068,180 1,082,523 217,784 198,705 1,866,239 1,624,858 474,099 454,058
Business expenses - - - - - - 305,403 299,793

Maintenance and other operating expenses 261,310 275,865 115,243 86,311 1,338,718 1,085,764 77,623 72,439
Financial expenses 676,609 482,961 10,448 11,928 261,652 300,809 1,492 1,432
Others 59 183,300 - - 25,840 5,695 - -
Net income (loss) before subsidy 39,425 263,855 142,860 107,064 (1,650,990) (563,913) (51,199) (40,269)
Subsidy income - 900,000 - - 557 538 - -
Net income (loss) before tax 39,425 1,163,855 142,860 107,064 (1,650,433) (563,375) (51,199) (40,269)
Income tax expense - - 35,324 23,517 - - - -
Net income (loss) after tax 39,425 1,163,855 107,536 83,547 (1,650,433) (563,375) (51,199) (40,269)
Total comprehensive income (loss) 39,425 1,163,855 107,536 83,547 (1,650,433) (563,375) (51,199) (40,269)
37
Cluster A
(In thousand pesos)
As restated As restated As restated

2010 2009 2010 2009 2010 2009 2010 2009 2010 2009
Income 775,516 947,996 438,804 323,210 799,541 535,973 239,504 563,419 21,356 20,269
Business and service income 720,281 924,244 - - 568,189 346,164 235,260 555,381 20,991 19,911
Gains and premiums 49,254 20,697 139,036 50,476 54,573 55,426 - - - -
Others 5,981 3,055 299,768 272,734 176,779 134,383 4,244 8,038 365 358
Expenses 1,455,296 2,665,269 406,454 271,537 444,925 366,827 132,505 464,786 18,589 17,575
Business expenses - - - - - - - - 11,565 10,637

Personal services 88,639 92,140 102,312 73,003 122,273 117,568 56,578 147,031 3,691 3,850
Maintenance and other operating expenses 160,719 176,565 250,319 146,009 174,145 178,067 73,567 315,538 3,333 3,088
Financial expenses 1,114,271 1,182,521 53,823 52,525 137,937 70,574 - - - -
Others 91,667 1,214,043 - - 10,570 618 2,360 2,217 - -
Net income (loss) before subsidy (679,780) (1,717,273) 32,350 51,673 354,616 169,146 106,999 98,633 2,767 2,694
Subsidy income - - - - - - - - - -
Net income (loss) before tax (679,780) (1,717,273) 32,350 51,673 354,616 169,146 106,999 98,633 2,767 2,694
Income tax expense 57,327 60,688 (42,059) 4,577 22,141 22,574 - - 773 736
Net income after tax (737,107) (1,777,961) 74,409 47,096 332,475 146,572 106,999 98,633 1,994 1,958
Other comprehensive income - - - - - 50,198 - - - -
Total comprehensive income (loss) (737,107) (1,777,961) 74,409 47,096 332,475 196,770 106,999 98,633 1,994 1,958
38
Cluster A
(In thousand pesos)
Total
Note 2010 2009
Government equity
Balance, end of period 26 5,948,769 5,348,769
Share capital
Share premium
Balance, beginning of period 26 1,855,281 1,075,019
Other Equity Instrument-Hybrid Tier 1

Restricted capital
Balance, beginning of period 42,487 (842,051)
Additions/deductions - 884,538
Balance, end of period 26 42,487 42,487
Appraisal increment
Members' equity

39
Note 2010 2009
Donated capital
Additions/deductions 16 (3,706)
Balance, end of period 26 103,507 103,491
Surplus reserves
Balance, beginning of period 1,027,605,405 961,867,153
Balance, end of period 26 1,124,197,823 1,027,605,405
Retained earnings
Additions/deductions (59,836,412) (3,037,222)
Balance, end of period 26 (327,679,605) (267,843,193)

Additions/deductions 822,142 (5,732,139)
Balance, end of period 26 (13,836,252) (14,658,394)
Total equity 1,117,057,474 1,053,876,921
40
Cluster A
Statement of Changes in Equity
(with corresponding figures for 2009)
(In thousand pesos)
Restated
2010 2009 2010 2009 2010 2009 2010 2009
Share capital
Balance, beginning of period 10,000,000 10,000,000 50,000 50,000 - - 12,500,000 12,500,000
Additions/deductions - - - - - - - -
Balance, end of period 10,000,000 10,000,000 50,000 50,000 - - 12,500,000 12,500,000
Other Equity Instrument-Hybrid Tier 1

Balance, beginning of period - - - - - - 6,524,986 6,524,986
Balance, end of period - - - - - - 6,524,986 6,524,986
Surplus reserves
Balance, beginning of period 177,392,353 177,081,835 14,872 18,356 - - 261,137 258,983
Additions/deductions (10,077,085) 310,518 (12,872) (3,484) - - 4,055 2,154
Balance, end of period 167,315,268 177,392,353 2,000 14,872 - - 265,192 261,137
Retained earnings
Balance, beginning of period 64,798,861 61,291,109 146,933 201,777 (414,898,008) (414,640,153) 21,981,578 16,965,732
Additions/deductions (58,411,131) 3,507,752 27,542 (54,844) 240,205 (257,855) (330,682) 5,015,846
Balance, end of period 6,387,730 64,798,861 174,475 146,933 (414,657,803) (414,898,008) 21,650,896 21,981,578

Balance, beginning of period (13,382,443) (7,372,587) - - - - (1,283,708) (1,547,936)
Additions/deductions 1,049,479 (6,009,856) - - - - (242,188) 264,228
Balance, end of period (12,332,964) (13,382,443) - - - - (1,525,896) (1,283,708)
Total equity 171,370,034 238,808,771 226,475 211,805 (414,657,803) (414,898,008) 39,415,178 39,983,993
41
Cluster A
(In thousand pesos)
Restated Restated
2010 2009 2010 2009 2010 2009 2010 2009
Share capital
Balance, beginning of period 200,000 50,236 45,000 45,000 20,280 5,280 600,000 400,000
Additions/deductions 2 149,764 - - - 15,000 - 200,000
Balance, end of period 200,002 200,000 45,000 45,000 20,280 20,280 600,000 600,000
Share premium
Balance, beginning of period 805,238 2 - - - - - -
Additions/deductions - 805,236 - - - - - -
Balance, end of period 805,238 805,238 - - - - - -
Appraisal increment
Balance, beginning of period 5,244 5,244 - - - - - -
Surplus reserves
Retained earnings
Balance, beginning of period (438,715) (380,746) 27,637 25,672 16,307 33,382 (17,281) (37,929)
Additions/deductions (36,530) (57,969) 2,422 1,965 (2,333) (17,075) 16,294 20,648
Balance, end of period (475,245) (438,715) 30,059 27,637 13,974 16,307 (987) (17,281)
Balance, beginning of period - - 8,889 - - - (1) -
Additions/deductions - - - 8,889 - - 1 (1)
Balance, end of period - - 8,889 8,889 - - - (1)
Total equity 537,732 574,260 83,948 81,526 34,254 36,587 599,013 582,718
42
Cluster A
(In thousand pesos)
Restated Restated
2010 2009 2010 2009 2010 2009 2010 2009
Government equity
Share capital
Balance, beginning of period - - 11,971,000 11,971,000 105,163 105,163 - -
Balance, end of period - - 11,971,000 11,971,000 105,163 105,163 - -
Restricted capital
Balance, beginning of period - - - - - - 15,000 15,000
Balance, end of period - - - - - - 15,000 15,000
Appraisal increment
Balance, beginning of period - - - - 61,200 61,200 - -
Balance, end of period - - - - 61,200 61,200 - -
Balance, beginning of period - - 11,029,905 3,408,858 - - - -
Additions/deductions - - 9,311,985 7,621,047 - - - -
Balance, end of period - - 20,341,890 11,029,905 - - - -
Surplus reserves
Balance, beginning of period 160,961 132,546 5,634,145 5,025,145 - - 17,123 16,614
Additions/deductions 20,177 28,415 8,439,000 609,000 - - 3,075 509
Balance, end of period 181,138 160,961 14,073,145 5,634,145 - - 20,198 17,123
Retained earnings
Balance, beginning of period 4,702,621 4,565,199 22,838,534 18,853,239 183,526 185,501 56,611 55,265
Additions/deductions 145,201 137,422 (2,615,128) 3,985,295 9,023 (1,975) (1,710) 1,346
Balance, end of period 4,847,822 4,702,621 20,223,406 22,838,534 192,549 183,526 54,901 56,611

Balance, beginning of period 4,694 93 - - - - - -
Additions/deductions 14,850 4,601 - - - - - -
Total equity 5,851,808 5,671,580 66,609,441 51,473,584 358,912 349,889 90,099 88,734
43
Cluster A
(In thousand pesos)
LIBI LLC MSI PCFC

Restated Restated
2010 2009 2010 2009 2010 2009 2010 2009
Share capital
Balance, beginning of period 300,000 300,000 463,482 441,412 100,000 100,000 1,000,000 1,000,000
Additions/deductions - - 22,070 22,070 - - - -
Balance, end of period 300,000 300,000 485,552 463,482 100,000 100,000 1,000,000 1,000,000
Share premium
Balance, beginning of period - - 90,759 69,408 - - - -
Additions/deductions - - 23,212 21,351 - - - -
Balance, end of period - - 113,971 90,759 - - - -
Retained earnings
Balance, beginning of period 411,519 351,950 401,041 358,932 (14,157) (22,056) 202,688 153,676
Additions/deductions 29,565 59,569 63,104 42,109 3,799 7,899 10,797 49,012
Balance, end of period 441,084 411,519 464,145 401,041 (10,358) (14,157) 213,485 202,688

Balance, beginning of period - - (5,825) (5,825) - - - -
Balance, end of period - - (5,825) (5,825) - - - -
Total equity 741,084 711,519 1,057,843 949,457 89,642 85,843 1,213,485 1,202,688
44
Cluster A
(In thousand pesos)
Restated Restated
2010 2009 2010 2009 2010 2009 2010 2009
Government equity
Balance, beginning of period 2,232,624 2,232,624 - - - - - -
Balance, end of period 2,232,624 2,232,624 - - - - - -
Share capital
Restricted capital
Balance, beginning of period - - - - - - 27,487 (857,051)
Additions/deductions - - - - - - - 884,538
Appraisal increment
Balance, beginning of period 494,227 457,113 - - - - 250,707 72,995
Additions/deductions - 37,114 - - - - 159,000 177,712
Balance, end of period 494,227 494,227 - - - - 409,707 250,707
Balance, beginning of period - - 11,460 14,326 (37,987) (41,157) - -
Additions/deductions - - 17,003 (2,866) (4,088) 3,170 - -
Balance, end of period - - 28,463 11,460 (42,075) (37,987) - -
Donated capital
Surplus reserves
Balance, beginning of period - - - - 57,940,973 58,547,973 478,984,591 430,766,757
Additions/deductions - - - - 2,500,000 (607,000) 51,835,353 48,217,834
Balance, end of period - - - - 60,440,973 57,940,973 530,819,944 478,984,591
Retained earnings
Balance, beginning of period 2,075,750 1,803,335 101,892 69,847 2,356,130 1,954,893 6,211,846 19,598,401
Additions/deductions 12,814 272,415 14,576 32,045 1,833,661 401,237 16,466,108 (13,386,555)
Balance, end of period 2,088,564 2,075,750 116,468 101,892 4,189,791 2,356,130 22,677,954 6,211,846
Total equity 4,815,415 4,802,601 444,931 413,352 64,588,689 60,259,116 553,946,769 485,486,308
45
Cluster A
(In thousand pesos)

2010 2009 2010 2009 2010 2009 2010 2009
Share capital
Balance, beginning of period 2,531,242 2,531,242 1,750,663 1,814,367 62,500 62,500 37,000 37,000
Additions/deductions - - (166,765) (63,704) - - (37,000) -
Balance, end of period 2,531,242 2,531,242 1,583,898 1,750,663 62,500 62,500 - 37,000
Share premium
Balance, beginning of period - - 780,510 826,835 - - 19,323 19,323
Additions/deductions - - (221,243) (46,325) - - (19,323) -
Balance, end of period - - 559,267 780,510 - - - 19,323
Appraisal increment
Additions/deductions - - - - - - (810,127) -
Balance, end of period - - - - - - - 810,127

Balance, beginning of period (3,170) - - - - - - -
Additions/deductions 2,869 (3,170) - - - - - -
Balance, end of period (301) (3,170) - - - - - -
Surplus reserves
Balance, beginning of period 633 633 - - - - - -
Balance, end of period 633 633 - - - - - -
Retained earnings
Balance, beginning of period (1,814,013) (1,787,620) 943,423 (13,044) 21,999 18,997 (131,361) (113,492)
Additions/deductions (27,505) (26,393) 1,544,096 956,467 2,652 3,002 132,491 (17,869)
Balance, end of period (1,841,518) (1,814,013) 2,487,519 943,423 24,651 21,999 1,130 (131,361)
Total equity 690,056 714,692 4,630,684 3,474,596 87,151 84,499 1,130 735,089
46
Cluster A
(In thousand pesos)
SSS ECC PHIC HDMF
Restated Restated Restated
2010 2009 2010 2009 2010 2009 2010 2009
Appraisal increment
Additions/deductions - 277,702 - - - - - -
Members' equity
Balance, beginning of period - - - - - - 181,072,997 165,497,942
Additions/deductions - - - - - - 14,532,772 15,575,055
Balance, end of period - - - - - - 195,605,769 181,072,997

Additions/deductions 1,058,675 23,329,839 - - - - - -
Donated capital
Balance, beginning of period 11,392 11,392 - - - - 251 251
Balance, end of period 11,392 11,392 - - - - 251 251
Surplus reserves
Balance, beginning of period 237,465,475 221,346,142 1,339 1,339 69,484,458 68,423,458 156,443 154,651
Additions/deductions 22,706,540 16,119,333 - - 21,172,000 1,061,000 3,994 1,792
Balance, end of period 260,172,015 237,465,475 1,339 1,339 90,656,458 69,484,458 160,437 156,443
Retained earnings
Balance, beginning of period - - 276,614 268,690 27,504,574 27,105,227 18,026,821 20,717,106
Additions/deductions - - 17,327 7,924 (20,126,249) 399,347 3,297,096 (2,690,285)
Balance, end of period - - 293,941 276,614 7,378,325 27,504,574 21,323,917 18,026,821
Total equity 289,095,033 265,329,818 295,280 277,953 98,034,783 96,989,032 217,090,374 199,256,512
47
Cluster A
(In thousand pesos)
Restated
2010 2009 2010 2009 2010 2009 2010 2009
Government equity
Share capital
Balance, beginning of period 3,870,510 3,870,510 10,000 10,000 942,410 842,032 1,300,455 1,262,603
Additions/deductions - - - - (78) 100,378 30,000 37,852
Balance, end of period 3,870,510 3,870,510 10,000 10,000 942,332 942,410 1,330,455 1,300,455
Share premium
Donated capital
Balance, beginning of period 2,006 2,006 - - 78,165 80,327 - -
Additions/deductions 16 - - - - (2,162) - -
Balance, end of period 2,022 2,006 - - 78,165 78,165 - -
Surplus reserves
Retained earnings
Balance, beginning of period (10,791,254) (11,955,109) 194,494 197,920 (664,941) (138,100) (525,697) (485,428)
Additions/deductions 39,425 1,163,855 34,847 (3,426) (1,663,378) (526,841) (47,678) (40,269)
Balance, end of period (10,751,829) (10,791,254) 229,341 194,494 (2,328,319) (664,941) (573,375) (525,697)
Total equity (6,773,125) (6,812,566) 239,341 204,494 (1,307,822) 355,634 916,531 934,209
48
Cluster A
(In thousand pesos)
Restated Restated Restated
2010 2009 2010 2009 2010 2009 2010 2009 2010 2009
Government equity
Balance, beginning of period 2,073,000 1,873,000 - - - - 200,000 200,000 - -
Additions/deductions 600,000 200,000 - - - - - - - -
Balance, end of period 2,673,000 2,073,000 - - - - 200,000 200,000 - -
Share capital
Balance, beginning of period 10,000,000 10,000,000 1,889,230 1,889,230 4,891,899 4,891,899 - - 10,000 10,000
Additions/deductions - - - - - - - - - -
Balance, end of period 10,000,000 10,000,000 1,889,230 1,889,230 4,891,899 4,891,899 - - 10,000 10,000
Share premium
Balance, beginning of period - - - - - - - - - -
Additions/deductions - - 79,510 - - - - - - -
Balance, end of period - - 79,510 - - - - - - -
Appraisal increment
Balance, beginning of period 2,407,442 2,407,442 - - - - - - - -
Additions/deductions - - - - - - - - - -
Balance, end of period 2,407,442 2,407,442 - - - - - - - -
Members' equity
Balance, beginning of period - - - - - - 6,009,984 5,725,480 - -
Additions/deductions - - - - - - 994,388 284,504 - -
Balance, end of period - - - - - - 7,004,372 6,009,984 - -
Balance, beginning of period 6,742 - - - (24,574) (24,574) - - - -
Additions/deductions 5,176 6,742 - - 24,351 - - - - -
Balance, end of period 11,918 6,742 - - (223) (24,574) - - - -
Donated capital
Balance, beginning of period - - - - - 1,544 - - - -
Additions/deductions - - - - - (1,544) - - - -
Balance, end of period - - - - - - - - - -
Surplus reserves
Balance, beginning of period - - - - - - - - 22,078 23,897
Additions/deductions - - - - - - - - (1,819) (1,819)
Balance, end of period - - - - - - - - 20,259 22,078
Retained earnings
Balance, beginning of period (10,077,037) (8,299,076) 554,599 507,503 (4,265,619) (4,415,772) 1,749,863 2,192,130 9,029 7,071
Additions/deductions (737,107) (1,777,961) (5,101) 47,096 116,472 150,153 106,631 (442,267) 1,972 1,958
Balance, end of period (10,814,144) (10,077,037) 549,498 554,599 (4,149,147) (4,265,619) 1,856,494 1,749,863 11,001 9,029
Total equity 4,278,216 4,410,147 2,518,238 2,443,829 742,529 601,706 9,060,866 7,959,847 41,260 41,107
49
Cluster A
Summary Statement of Cash Flows
(In thousand pesos)
Total
Note 2010 2009
Cash flows from operating activities

Cash inflows 526,609,962 638,609,542
Cash outflows (578,561,929) (492,102,897)
Net cash provided by operating activities (51,951,967) 146,506,645
Cash flows from investing activities

Cash inflows 797,373,255 689,180,804
Cash outflows (907,148,669) (836,304,628)
Net cash used in investing activities (109,775,414) (147,123,824)
Cash flows from financing activities

Cash inflows 503,726,354 364,210,570
Cash outflows (482,364,149) (382,795,214)
Net cash used in financing activities 21,362,205 (18,584,644)
Net increase (decrease) in cash and cash equivalents (140,365,176) (19,201,823)

equivalents (115,364,894) (79,200,573)
Cash and cash equivalents, beginning of period 2 790,195,074 888,597,470
Cash and cash equivalents, end of period 2 534,465,004 790,195,074
50
Cluster A
(In thousand pesos)
2010 2009 2010 2009 2010 2009 2010 2009

Cash inflows 172,330,577 258,695,917 106,969 122,429 12,549 39,215 33,398,325 60,912,434
Cash outflows (305,731,614) (233,038,899) (189,220) (226,060) (2,370) (2,934) (16,829,191) (16,114,648)
Net cash provided by (used in) operating activities (133,401,037) 25,657,018 (82,251) (103,631) 10,179 36,281 16,569,134 44,797,786

Cash inflows - - - - - 13,000 103,841 2,385,837
Cash outflows (33,762,978) (27,102,109) - - (235) (13,368) (21,431,328) (12,851,318)
Net cash provided by (used in) investing activities (33,762,978) (27,102,109) - - (235) (368) (21,327,487) (10,465,481)

Cash inflows 455,920,661 323,813,841 37,478 29,595 2,300 - - -
Cash outflows (453,937,193) (364,441,988) - - (15,000) (15,000) (9,059,721) (3,436,411)
Net cash provided by (used in) financing activities 1,983,468 (40,628,147) 37,478 29,595 (12,700) (15,000) (9,059,721) (3,436,411)
Net increase (decrease) in cash and

cash equivalents (165,180,547) (42,073,238) (44,773) (74,036) (2,756) 20,913 (13,818,074) 30,895,894
Effects of exchange rate changes on cash and

cash equivalents (114,586,665) (80,341,537) - - - - - -
Cash and cash equivalents, beginning of period 558,533,628 680,948,403 298,049 372,085 75,911 54,998 70,736,926 39,841,032
Cash and cash equivalents, end of period 278,766,416 558,533,628 253,276 298,049 73,155 75,911 56,918,852 70,736,926
51
Cluster A
(In thousand pesos)
2010 2009 2010 2009 2010 2009 2010 2009

Cash inflows 435,762 45,566 5,782 9,729 67,732 80,020 53,485 42,710
Cash outflows (246,807) (179,573) (1,993) (3,979) (60,224) (70,660) (36,053) (25,413)
Net cash provided by (used in) operating activities 188,955 (134,007) 3,789 5,750 7,508 9,360 17,432 17,297

Cash inflows 4,232 705 2,192 7,155 - 303 70,348 65,194
Cash outflows (24,369) (2,975) - - (5,579) (184) (424,971) (137,509)
Net cash provided by (used in) investing activities (20,137) (2,270) 2,192 7,155 (5,579) 119 (354,623) (72,315)

Cash inflows 3 955,000 - - - - 200,000 200,000
Cash outflows - - - - (5,000) - - -
Net cash provided by (used in) financing activities 3 955,000 - - (5,000) - 200,000 200,000

cash equivalents 168,821 818,723 5,981 12,905 (3,071) 9,479 (137,191) 144,982
equivalents - - - - - - - -
Cash and cash equivalents, beginning of period 852,873 34,150 21,074 8,169 19,752 10,273 186,348 41,366
Cash and cash equivalents, end of period 1,021,694 852,873 27,055 21,074 16,681 19,752 49,157 186,348
52
Cluster A
(In thousand pesos)
2010 2009 2010 2009 2010 2009 2010 2009

Cash inflows 803,340 806,403 75,301,698 94,571,385 117,888 77,739 27,471 27,144
Cash outflows (93,305) (185,848) (45,184,593) (55,537,598) (127,087) (78,906) (34,449) (24,298)
Net cash provided by (used in) operating activities 710,035 620,555 30,117,105 39,033,787 (9,199) (1,167) (6,978) 2,846

Cash inflows - 14 3,519,052 6,706,556 12,900 375 72,450 84,430
Cash outflows - - (24,234,001) (62,070,177) (1,910) (5,303) (61,717) (90,841)
Net cash provided by (used in) investing activities - 14 (20,714,949) (55,363,621) 10,990 (4,928) 10,733 (6,411)

Cash inflows - - 11,097,195 14,144,830 - - - -
Cash outflows (43,633) (125,653) (1,927,708) (5,471,611) - - - -
Net cash provided by (used in) financing activities (43,633) (125,653) 9,169,487 8,673,219 - - - -

cash equivalents 666,402 494,916 18,571,643 (7,656,615) 1,791 (6,095) 3,755 (3,565)

equivalents - - (777,567) 1,120,892 - - - -
Cash and cash equivalents, beginning of period 1,156,750 661,834 88,616,375 95,152,098 1,923 8,018 2,561 6,126
Cash and cash equivalents, end of period 1,823,152 1,156,750 106,410,451 88,616,375 3,714 1,923 6,316 2,561
53
Cluster A
(In thousand pesos)
LIBI LLC MSI PCFC
2010 2009 2010 2009 2010 2009 2010 2009

Cash inflows 142,377 162,138 450,241 388,951 135,055 146,801 102,975 112,135
Cash outflows (70,959) (233,406) (710,358) (643,578) (121,473) (136,461) (153,632) (59,235)
Net cash provided by (used in) operating activities 71,418 (71,268) (260,117) (254,627) 13,582 10,340 (50,657) 52,900

Cash inflows - 356,895 - - 2,234 193 1,231 866
Cash outflows (57,405) (2,312) (1,557) (642) (21) - (4,481) (2,107)
Net cash provided by (used in) investing activities (57,405) 354,583 (1,557) (642) 2,213 193 (3,250) (1,241)

Cash inflows - 1,482 305,967 233,428 - - 1,140,760 909,067
Cash outflows (30,555) (10,000) - - - - (1,226,547) (799,161)
Net cash provided by (used in) financing activities (30,555) (8,518) 305,967 233,428 - - (85,787) 109,906

cash equivalents (16,542) 274,797 44,293 (21,841) 15,795 10,533 (139,694) 161,565

Cash and cash equivalents, end of period 298,061 314,603 67,395 23,102 50,138 34,343 283,971 423,665
54
Cluster A
(In thousand pesos)
2010 2009 2010 2009 2010 2009 2010 2009

Cash inflows 2,914,692 2,626,782 1,124,466 1,514,743 11,799,967 9,253,379 88,040,859 79,990,557
Cash outflows (3,093,468) (2,260,180) (1,213,997) (1,339,196) (12,386,093) (7,382,897) (56,117,172) (49,266,702)
Net cash provided by (used in) operating activities (178,776) 366,602 (89,531) 175,547 (586,126) 1,870,482 31,923,687 30,723,855

Cash inflows 541,592 282,355 89,937 16,482 27,147,641 28,567,301 195,469,650 304,912,387
Cash outflows (508,719) (390,525) (27,332) (248,132) (26,054,927) (26,626,852) (213,756,239) (344,274,179)
Net cash provided by (used in) investing activities 32,873 (108,170) 62,605 (231,650) 1,092,714 1,940,449 (18,286,589) (39,361,792)

Cash inflows - - - - 72,762 238,792 - -
Cash outflows (900) (900) - - (96,577) (575,878) - (102,356)
Net cash provided by (used in) financing activities (900) (900) - - (23,815) (337,086) - (102,356)

cash equivalents (146,803) 257,532 (26,926) (56,103) 482,773 3,473,845 13,637,098 (8,740,293)

equivalents - - (2) 77 (107) (2) - -
Cash and cash equivalents, beginning of period 436,852 179,320 125,921 181,947 4,305,796 831,953 41,101,062 49,841,355
Cash and cash equivalents, end of period 290,049 436,852 98,993 125,921 4,788,462 4,305,796 54,738,160 41,101,062
55
Cluster A
(In thousand pesos)
2010 2009 2010 2009 2010 2009 2010 2009

Cash inflows 1,925,300 550,018 532,911 372,303 - - 50 113
Cash outflows (1,009,007) (1,061,862) (99,962) (542,236) - - (2,844) -
Net cash provided by (used in) operating activities 916,293 (511,844) 432,949 (169,933) - - (2,794) 113

Cash inflows - 652,571 - - 191,867 277,467 - -
Cash outflows (837,691) (89,192) - - (165,436) (277,510) - -
Net cash provided by (used in) investing activities (837,691) 563,379 - - 26,431 (43) - -

Cash inflows - - 187,227 80,479 - - - -
Cash outflows - - (575,235) (190,508) - - - -
Net cash provided by (used in) financing activities - - (388,008) (110,029) - - - -

cash equivalents 78,602 51,535 44,941 (279,962) 26,431 (43) (2,794) 113

Cash and cash equivalents, beginning of period 150,515 98,980 73,546 353,508 76 119 3,924 3,811
Cash and cash equivalents, end of period 229,117 150,515 118,487 73,546 26,507 76 1,130 3,924
56
Cluster A
(In thousand pesos)
SSS ECC PHIC HDMF
2010 2009 2010 2009 2010 2009 2010 2009

Cash inflows 96,581,839 88,851,269 76,179 83,115 30,884,485 27,247,710 758,743 1,045,468
Cash outflows (86,719,317) (79,187,994) (52,743) (53,485) (31,968,468) (26,587,010) (6,879,215) (6,091,589)
Net cash provided by (used in) operating activities 9,862,522 9,663,275 23,436 29,630 (1,083,983) 660,700 (6,120,472) (5,046,121)

Cash inflows - - 5,286 4,536 8,226,060 26,202,871 551,018,966 309,185,511
Cash outflows (11,353,622) (7,460,669) (5,556) (1,458) (4,531,020) (24,383,246) (561,197,015) (320,311,577)
Net cash provided by (used in) investing activities (11,353,622) (7,460,669) (270) 3,078 3,695,040 1,819,625 (10,178,049) (11,126,066)

Cash inflows - - - - - - 31,388,205 20,353,688
Cash outflows (125,646) (81,315) - - - - (12,431,452) (5,089,376)
Net cash provided by (used in) financing activities (125,646) (81,315) - - - - 18,956,753 15,264,312

cash equivalents (1,616,746) 2,121,291 23,166 32,708 2,611,057 2,480,325 2,658,232 (907,875)

Cash and cash equivalents, beginning of period 8,995,402 6,874,111 212,232 179,524 7,077,731 4,597,406 3,071,833 3,979,708
Cash and cash equivalents, end of period 7,378,656 8,995,402 235,398 212,232 9,688,788 7,077,731 5,730,065 3,071,833
57
Cluster A
(In thousand pesos)
2010 2009 2010 2009 2010 2009 2010 2009

Cash inflows 2,617,593 3,622,445 864,432 1,038,635 1,911,581 2,527,016 315,380 366,730
Cash outflows (2,888,828) (4,510,936) (709,054) (981,265) (2,027,222) (2,481,352) (490,105) (408,225)
Net cash provided by (used in) operating activities (271,235) (888,491) 155,378 57,370 (115,641) 45,664 (174,725) (41,495)

Cash inflows 1,017,662 2,939,423 - - 6,476,579 5,166,252 202,330 74,821
Cash outflows (1,240,189) (1,897,623) (14,928) (6,766) (6,406,028) (5,125,787) (9,485) (49,187)
Net cash provided by (used in) investing activities (222,527) 1,041,800 (14,928) (6,766) 70,551 40,465 192,845 25,634

Cash inflows - - - - - 31 - -
Cash outflows - - - - (51,415) (230,682) - -
Net cash provided by (used in) financing activities - - - - (51,415) (230,651) - -

cash equivalents (493,762) 153,309 140,450 50,604 (96,505) (144,522) 18,120 (15,861)

Cash and cash equivalents, beginning of period 1,564,421 1,411,112 680,574 629,970 187,298 331,820 88,039 103,900
Cash and cash equivalents, end of period 1,070,659 1,564,421 821,024 680,574 90,793 187,298 106,159 88,039
58
Cluster A
(In thousand pesos)
2010 2009 2010 2009 2010 2009 2010 2009 2010 2009

Cash inflows 1,058,946 957,713 555,357 1,239,580 816,776 580,320 334,105 495,968 4,075 4,962
Cash outflows (375,197) (495,623) (1,493,920) (760,270) (406,900) (1,585,136) (1,033,107) (544,387) (1,982) (1,056)
Net cash provided by (used in) operating activities 683,749 462,090 (938,563) 479,310 409,876 (1,004,816) (699,002) (48,419) 2,093 3,906

Cash inflows 1,983,048 585,497 1,199,786 14,248 1,019 362,129 13,352 315,430 - -
Cash outflows (828,175) (907,392) (11,369) (1,586,855) (180,095) (16,781) (9,960) (370,771) (331) (1,281)
Net cash provided by (used in) investing activities 1,154,873 (321,895) 1,188,417 (1,572,607) (179,076) 345,348 3,392 (55,341) (331) (1,281)

Cash inflows 600,000 200,000 908,229 1,319,548 871,180 880,733 994,387 850,056 - -
Cash outflows (784,479) (994,863) (779,102) (261,481) (606,007) (252,112) (664,980) (714,012) (2,999) (1,907)
Net cash provided by (used in) financing activities (184,479) (794,863) 129,127 1,058,067 265,173 628,621 329,407 136,044 (2,999) (1,907)

cash equivalents 1,654,143 (654,668) 378,981 (35,230) 495,973 (30,847) (366,203) 32,284 (1,237) 718

equivalents (130) (56) - - (423) 20,053 - - - -
Cash and cash equivalents, beginning of period 173,951 828,675 79,597 114,827 40,050 50,844 514,285 482,001 14,086 13,368
Cash and cash equivalents, end of period 1,827,964 173,951 458,578 79,597 535,600 40,050 148,082 514,285 12,849 14,086
59
CLUSTER A
GENERAL INFORMATION
Pursuant to the 2008 COA Organizational Restructuring as provided in COA

Resolution No. 2008-012 dated October 10, 2008, the following government-
owned and/or controlled corporations were placed under the audit jurisdiction and
supervision of Cluster A, Corporate Government Sector:
1. Bangko Sentral ng Pilipinas (BSP)

2. Development Bank of the Philippines (DBP)
3. Al-Amanah Islamic Investment Bank of the Philippines (AIIBP)
4. Land Bank of the Philippines (LBP)
5. Employees’ Compensation Commission (ECC)
6. Government Service Insurance System (GSIS)
7. Home Development Mutual Fund (HDMF)
8. Home Guaranty Corporation (HGC)
9. National Home Mortgage Finance Corporation (NHMFC)
10. Philippine Crop Insurance Corporation (PCIC)
11. Philippine Deposit Insurance Corporation (PDIC)
12. Philippine Health Insurance Corporation (PHIC)
13. Small Business Guarantee and Finance Corporation (SBGFC)
14. Social Security System (SSS)
15. Trade and Investment Development Corporation of the Philippines
(TIDCORP)
16. AFP Retirement and Separation Benefits System (AFPRSBS)
17. Philippine Postal Savings Bank, Inc. (PPSBI)
18. PhilPost Leasing and Financing Corporation (PLFC)
19. Quedan and Rural Credit Guarantee Corporation (QUEDANCOR)
In the Annual Financial Report (AFR) on Government-Owned and/or Controlled

Corporations for calendar years 2008 and 2009, there were forty nine (49)
agencies reported under Cluster A, consisting of banks, finance companies,
insurance agencies and other financial institutions including their
subsidiaries/attached agencies. For this year’s report, the GSIS Properties, Inc.
(GPI), a wholly-owned subsidiary of GSIS, was included, bringing the total to 50
agencies.
The banking group serves the nation’s domestic and international banking needs.
Banking services are likewise given to the National Government, government
corporations and subsidiaries, local government units and the private sector for the
development of agriculture, commerce and industry within and outside the country.
In the process, these corporations are also engage in international banking
activities. This group comprises seven corporations consisting of four (4) parent
and three (3) subsidiaries/attached agencies as follows:
1. Bangko Sentral ng Pilipinas

2. Development Bank of the Philippines
3. Land Bank of the Philippines
4. Central Bank-Board of Liquidators
5. Al-Amanah Islamic Investment Bank of the Philippines
6. Philippine Postal Savings Bank, Inc.
7. GSIS Family Bank (formerly Comsavings Bank) (GSISFB)
60
The financing group is composed of corporations whose ultimate objectives are to
develop, promote and assist financially, through lending activities, all sectors of
society, especially in the development of all affordable housing credit systems and
small or medium-scale business enterprises. There are four (4) parent
corporations and eight (8) subsidiaries/attached agencies that comprise this group,
to wit:
1. Home Development Mutual Fund

2. National Home Mortgage Finance Corporation
3. Small Business Guarantee and Finance Corporation
4. Quedan and Rural Credit Guarantee Corporation
5. LBP Leasing Corporation (LLC)
6. National Livelihood Development Corporation (NLDC)
7. People’s Credit and Finance Corporation (PCFC)
8. GSIS Mutual Fund, Inc. (GMFI)
9. Industrial Guarantee and Loan Fund (IGLF)
10. DBP Leasing Corporation (DLC)
11. Social Housing Finance Corporation (SHFC)
12. PhilPost Leasing and Financing Corporation
On the other hand, the corporations under the insurance group, aimed to provide
insurance coverage and protection not only to individuals but also to companies in
support of the socio-economic development policies of the National Government.
The insurance coverage and protection of employees including their dependents,
as well as health insurance benefits, are also being taken cared of by these
corporations. Corporations that operate a mortgage insurance program, and
provision of guarantee to Philippine banking and financial institutions against
losses that may be incurred in connection with the grant of loans or credit
accommodation, or issuance of letters of guarantee are also included in this group.
There are nine (9) parent corporations and one subsidiary in this group, as follows:
1. Employees’ Compensation Commission

2. Government Service Insurance System
3. Social Security System
4. Philippine Health Insurance Corporation
5. Home Guaranty Corporation
7. Philippine Crop Insurance Corporation
8. Philippine Deposit Insurance Corporation
9. AFP Retirement and Separation Benefits System
10. LBP Insurance Brokerage, Inc. (LIBI)
The remaining twenty (21) agencies under Cluster A may not be properly
classified under banking, financing and insurance groups. These consist of
subsidiaries of LBP, DBP, BSP, GSIS and AFPRSBS and one stand alone
agency, as follows:
1. Masaganang Sakahan, Inc. (MSI)

2. LB (Land Bank) Realty Development Corporation (LBRDC)
3. LandBank Countryside Development Foundation, Inc. (LCDFI)
4. DBP Data Center, Inc. (DDCI)
5. DBP Management Corporation (DBPMC)
6. Philippine International Convention Center, Inc. (PICCI)
7. Meat Packing Corporation of the Philippines (MPCP)
8. GSIS Properties, Inc. (GPI)
61
9. Southern Utility Management and Services, Inc. (SUMSI)
10. Fashion Link Corporation (FLC)
11. General Satellite Transmission, Inc. (GSTI)
12. Globan Fruits and Development Corporation (GFDC)
13. Goodfit Manufacturing Corporation (GMC)
14. Matrix Realty Development Corporation (MRDC)
15. Monterrosa Development Corporation (MDC)
16. Resources and Investments Corporate House, Inc. (RICHI)
17. RSBS Land, Inc. (RLI)
18. RSBS Enterprises, Inc. (REI)
19. Veterans Electronics Communications, Inc. (VETRONIX)
20. MDC Venture Corporation (MVC)
21. PHIVIDEC Industrial Authority (PIA)
The subsidiaries of AFPRSBS in nos. 10 to 20 have either ceased operations

several years ago or did not operate since their incorporation. On December 15,
2006, Executive Order No. 590, as amended, was promulgated mandating the
deactivation of AFPRSBS and dissolution of its subsidiaries effective December
31, 2006. However, the System has yet to receive the guidelines for its formal
deactivation process. On the other hand, the Meat Packing Corporation of the
Philippines (MPCP), a subsidiary of GSIS, is now in the process of dissolution.
The PhilPost Leasing and Financing Corporation (PLFC), a subsidiary of the

Philippine Postal Corporation, stopped its leasing and financing operations since
1998. Its license to operate was revoked by the Securities and Exchange
Commission (SEC) on July 12, 2001 due to its failure to comply with SEC
requirements. In December 2004, the PLFC’s Board of Directors approved in
principle the proposed rehabilitation plan of the Corporation.
The complete list of GOCCs under the audit jurisdiction of Cluster A with the
respective pertinent information is attached hereto and presented as Schedule 1,
while the general functions of GOCCs under Cluster A are presented in Annex 4
hereof.
The financial statements included in this Report have been approved and
authorized for issuance by the respective Board of Directors/Board of Trustees of
the aforementioned corporations on the dates specified in the individual Notes to
Financial Statements.
Report Coverage/Limitations
Out of the fifty (50) corporations, the financial statements of only thirty-seven (37)
corporations were included in this Report since the financial statements of one
agency (PHIVIDEC Industrial Authority) are not yet available while eleven (11)
subsidiaries of AFPRSBS (Nos. 10-20 above), as well as the Philpost Leasing and
Financing Corporation (PLFC), were not audited as of reporting date (see Annex
1-List of GOCCs and status of audit).
In the AFR for calendar years 2008 and 2009, the financial statements of GSIS
Social Insurance Fund (GSIS-SIF) and GSIS Administered Funds (GSIS-AF),
which are both under the jurisdiction of GSIS, were presented separately by the
GSIS Management instead of a consolidated one. However, for this year’s report,
it prepared and submitted consolidated financial statements of GSIS consisting of
GSIS-SIF and GSIS-AF. The GSIS-SIF constitutes the pension fund that
administers the social security and insurance benefits of all government
62
employees under Republic Act No. 8291, while the GSIS-AF are the funds that the
GSIS is mandated by law to administer other than the pension fund, which consist
of the Optional Insurance Fund, General Insurance Fund, Employees’
Compensation Insurance Fund and such other special funds existing or that may
be created for special groups or persons rendering services to the government.
For clarity and better understanding, it should be emphasized that the financial
statements of DBP, LBP and GSIS which were presented in this Report pertain to
those of the parent corporations only, hence, the individual financial statements of
their subsidiaries were presented separately. Furthermore, the assets and
liabilities presented in the financial statements of the following GOCCs were not
classified as to current and non-current accounts:
1. Bangko Sentral ng Pilipinas

5. Philippine Deposit Insurance Corporation
6. Central Bank–Board of Liquidators
8. LBP Leasing Corporation
9. People’s Credit and Finance Corporation
10. GSIS Family Bank
63
CLUSTER A
NOTES TO SUMMARY FINANCIAL STATEMENTS
(Amounts in thousand pesos unless otherwise stated)
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of preparation of financial statements
The financial statements of twenty-nine (29) corporations included in this Report

have been prepared in accordance with accounting principles generally accepted in
the Philippines as set forth in the Philippine Financial Reporting Standards (PFRS)
and the generally accepted accounting principles and reporting practices
prescribed by the concerned regulatory agencies while the remaining eight (8)
corporations adopted the old generally accepted accounting principles. Five (5)
agencies adopted the New Government Accounting System (NGAS), namely,
National Home Mortgage Finance Corporation (NHMFC), Social Housing Finance
Corporation (SHFC), National Livelihood Development Corporation (NLDC),
Quedan and Rural Credit Guarantee Corporation (QUEDANCOR) and Philippine
Crop Insurance Corporation (PCIC).
These financial statements have been prepared on a historical cost basis modified
by the fair value measurement of financial assets at fair value through profit or loss,
available for sale investments and derivative financial instruments.
The specific accounting policies adopted by the Corporations included in this

Report and the standards, amendments and interpretations which became effective
in 2010 are discussed extensively in the individual Notes to Financial Statements.
Combined financial statements
The financial statements of the following corporations for CY 2010 were combined
with those of its branches and/or regional/district offices:

8. Social Security System
10. Quedan and Rural Credit Guarantee Corporation
For DBP and LBP, the financial statements as presented in their Annual Audit
Reports showed both the consolidated statements of the parent and its
subsidiaries, which is called the “Group”, and those exclusively for the parent. For
purposes of presentation of these financial statements, the figures were derived
from those of the parents instead of the “Group”, as well as from their subsidiaries
which were all presented individually.
64
Currency of presentation
Unless otherwise stated, all amounts presented in this report are expressed in
Philippine pesos, rounded off to the nearest thousands (P000).
Foreign currency translation
For financial reporting purposes, the monetary assets and liabilities of the foreign
currency denominated monetary assets and liabilities are translated in Philippine
pesos based on the Philippine Dealing System (PDS) closing rate prevailing at the
balance sheet date, and foreign currency denominated income and expenses, at
the PDS weighted average rate (PDSWAR) for the year. Foreign exchange
differences arising from revaluation and translation of foreign currency
denominated assets and liabilities are credited to or charged against operations in
the year in which the rates change.
Non-monetary items that are measured in terms of historical cost in a foreign

currency are translated using the exchange rates as at the dates of the initial
transactions. Non-monetary items measured at fair value in a foreign currency are
translated using the exchange rates at the date when the fair value was
determined.
Accrual Basis of Accounting
In accordance with Philippine Accounting Standard (PAS) 1, the financial

statements, except for cash flow information, have been prepared using the accrual
basis of accounting.
Significant accounting judgments and estimates
In accordance with PFRS and old GAAP, the preparation of the financial
statements requires the use of certain critical accounting estimates and
assumptions that affect the reported amount of assets, liabilities, income and
expenses and disclosure of contingent assets and contingent liabilities. It also
requires management to exercise its judgment in applying the Corporations’
accounting policies. Future events may occur which will cause the assumptions
used in arriving at the estimates to change. The effects of any change in estimates
are reflected in the financial statements as they become reasonably determinable.
Financial assets
Financial assets are classified in the following major categories: financial assets at
fair value through profit or loss, held to maturity investments, available-for-sale
financial assets and loans and receivables. At initial recognition, the agencies
classify the financial assets based on the purpose for which they are acquired and
re-evaluate the designation at every reporting date.
Financial liabilities
BSP’s financial liabilities are denominated in foreign and local currencies. Financial
liabilities denominated in foreign currency comprise of short-term foreign currency
deposits of banks, the National Government and other government entities, and
short and long-term borrowings of the BSP. These liabilities are initially recognized
at cost and subsequently converted at the current value using month-end exchange
rates. Interest is accrued monthly and recognized in the income statement.
65
Foreign currency borrowings contracted after the creation of Bangko Sentral in CY
1993 are collateralized either by securities or gold. As of end of CY 2010, there are
outstanding foreign currency borrowings collateralized by gold.
Financial liabilities denominated in local currency refer to deposits of the National

Government, banks and other financial institutions. All banks and quasi-banks
operating in the country are required to maintain reserves against their deposit
and/or deposit substitutes liabilities. The reserve position of each bank or quasi-
bank is calculated daily on the basis of the amount of the institution’s reserves at
the close of business for the day and the amount of its liability accounts against
which reserves are required to be maintained. A portion of these deposits is paid
interest at rates approved by the Monetary Board. Interest is accrued monthly and
credited to the respective demand deposit accounts quarterly. The fair value of
deposits with no stated maturity is the amount repayable on demand.
Financial assets and liabilities are classified in the financial statements at the
appropriate assets and liabilities accounts.
Sale and repurchase agreements
Repurchase and reverse repurchase transactions are used as monetary tools when
BSP engages in open market purchase and sale of government securities to
achieve its mandate of maintaining price stability and for liquidity management
purposes. Government securities purchased under agreements to resell are
presented under Receivables while income earned from the transaction is reflected
in the income statement as business and service income.
Securities sold under agreements to repurchase remain part of the government

securities inventory but are reclassified in the financial statements every end of the
month. The obligation to repurchase is recognized as a liability while the difference
between the sale and repurchase price represents interest expense and is
recognized in the income statement.
Impairment of financial assets
The Corporations assesses at each balance sheet date whether there is objective
evidence that a financial asset or group of financial assets is impaired. A financial
asset or a group of financial assets is impaired and impairment losses are incurred
if, and only if, there is objective evidence of impairment as a result of one or more
events that occurred after the initial recognition of the asset (a “loss event”) and
that loss event has an impact on the estimated future cash flows of the financial
asset or group of financial assets that can be reliably estimated.
If there is objective evidence that an impairment loss on loans and receivables

carried at amortized cost has been incurred, the amount of the loss is measured as
the difference between the asset’s carrying amount and the present value of the
estimated future cash flows discounted at the financial asset’s original effective
interest rate. The carrying amount of the asset is reduced through the use of an
allowance account, and the amount of the loss is recognized in the income
statement.
If, in a subsequent period, the amount of the impairment loss decreases and the
decrease can be related objectively to an event occurring after the impairment was
recognized, the previously recognized impairment loss is reversed by adjusting the
allowance account. However, the carrying amount after the reversal of the
66
impairment loss should not exceed the carrying amount of the loan account had
there been no impairment loss recognized. The amount reversed is recognized if
the income statement.
When an indicator of impairment of property and equipment, investment property

and other resources exists, the Corporations make a formal estimate of the
recoverable amount. Where the carrying amount of an asset exceeds its
recoverable amount, the asset is considered impaired and is written down to its
recoverable amount. Recoverable amount is the higher of an asset’s or cash-
generating unit’s fair value less costs to sell and its value in use and is determined
for an individual asset, unless the asset does not generate cash inflows that are
largely independent of those from other assets or group of assets.
Allowance for probable losses
Allowance for probable losses is adequately set up at a level to provide for potential
receivables, the collection of which is considered remote. The level of this
allowance is based on management’s evaluation on past collection experience and
other factors that may affect collectibility. Periodic evaluation of receivables is
made to identify potential accounts that require allowance.
Property, plant and equipment
Property, plant and equipment, except land, are stated at cost less accumulated
depreciation/amortization and impairment in value. Cost includes expenditure that
is directly attributable to the acquisition of the items. Subsequent costs are
included in the asset’s carrying amount or recognized as a separate asset, as
appropriate, when it is probable that future economic benefits associated with the
item will flow to the entities and the cost of the item can be measured reliably. All
other repairs and maintenance are charged to the income statement during the
financial period in which they are incurred.
Recognition of income and expenses
Income is recognized on accrual basis to the extent that it is probable that the
economic benefits will flow into the corporations and the income can be reliably
measured. Expenses are recognized on accrual basis when the expenses are
incurred.
Subsequent events
Any post-year event that provides additional information about the Corporations’
position at the balance sheet date (adjusting event) is reflected in the financial
statements. Post-year end events that are non adjusting events, if any, are
disclosed in the individual Notes to financial statements, when material.
67
2. CASH AND CASH EQUIVALENTS
For purposes of reporting cash flows, cash and cash equivalents is composed of
the following accounts with maturities of three months or less from the date of
acquisition:
2010 2009
Due from Bangko Sentral ng Pilipinas 118,186,586 96,661,129

Cash on hand and in banks 106,094,060 86,123,348
Securities purchased under agreements to
resell 14,433,000 37,820,000
Due from other banks 10,440,826 8,676,255

Interbank loans receivable 6,171,360 1,863,020
Short-term investments 372,756 517,694
255,698,588 231,661,446
The cash and cash equivalents shown in the statement of cash flows of the BSP
aggregating P278,766,416 and P558,533,628 as at December 31, 2010 and 2009,
respectively, were not included in the above breakdown. The said balances are
reflected as main components of gross international reserves, short-term
investments and receivables reduced by the demand liabilities consisting of
government demand deposits and deposit of banks and other financial institutions.
This is consistent with the presentation of the accounts in the balance sheet of
BSP.
Short-term investments classified as cash equivalents have maturities of three

months or less from date of acquisition.
3. GROSS INTERNATIONAL RESERVES
This account is used solely by the Bangko Sentral ng Pilipinas and is composed of
the following:
2010 2009
Investment securities 1,923,475,727 1,466,214,277

Deposits with foreign banks 441,496,721 274,535,182
Gold 307,127,322 253,468,769
IMF special drawing rights 49,136,164 53,002,943
Other cash balances 407,763 359,288
2,721,643,697 2,047,580,459
Investment securities primarily consist of foreign securities (free), repurchase

agreements and other investments. Foreign securities include commercial papers
in US Dollars (USD) and Japanese Yen (JPY) currencies aggregating USD29.399
billion or P1,288.000 billion. Other investments include externally managed funds,
Asian bond fund and those securities under the Securities Lending Agreement
amounting to P387.442 billion, P12.906 billion and P59.192 billion, respectively.
68
Gold is classified as that in bullion vault amounting to P175.437 billion and
P128.871 billion as at December 31, 2010 and 2009, respectively; and gold with
foreign financial institutions of P131.690 billion and P124.598 billion as at
December 31, 2010 and 2009, respectively.
4. SHORT-TERM INVESTMENTS
These include temporary investments on mostly government securities, as follows:
2010 2009
Financial assets available for sale 317,408,185 296,890,898

Investments in treasury bills/notes/stocks 72,854,536 49,226,706
Held to maturity investments 7,905,537 14,796,932
Securities held for trading/held for trading
financial assets 3,330,770 979,839
Marketable securities 3,115,160 4,866,345
Investments in bonds and other debt
instruments 90,677 867,728
Due from other banks/collecting banks 85,220 130,753
Foreign currency held for trading 847 994
Others 2,050,589 2,147,751
406,841,521 369,907,946
5. RECEIVABLES
This account consists of the following:
2010 2009
Loans and discounts/loans receivable 145,425,329 181,514,775

Loans and advances-local currency 111,647,306 147,996,760
Mortgage contracts receivable 29,781,107 22,049,550
Other foreign currency receivables 29,271,110 36,281,099
Contributions and premiums receivable 28,765,190 22,731,507
Due from administrator of funds 28,084,302 28,638,172
Accounts receivable 22,991,775 20,029,945
Sales contracts receivable 21,122,672 17,901,340
Other local currency receivables 16,783,669 19,287,366
Interest receivable 2,209,527 2,616,742
Due from other banks/collecting banks 2,062,083 1,636,964
Derivative instruments in a gain position 1,341,395 38,325
Loans and advances – foreign currency 1,050,171 571,063
Finance lease receivable 659,561 874,101
Interbank call loans receivable 464,000 1,833,000
Due from government agencies/nat’l treasury 250,340 245,441
Loans receivable – others 200,218 257,929
Notes receivable 191,844 191,844
69
Dividend receivable 181,500 217,500
Due from other funds 113,714 85,323
Due from NGOs/POs 40,785 1,800
Due from officers and employees 37,681 41,352
Service fee receivable 20,612 13,795
Due from subsidiaries/affiliates 18,110 72,858
Due from regional offices/staff
bureaus/branch
offices 10,313 746
Tax withheld receivable 8,056 7,350
Receivables – disallowances/charges 6,340 6,359
Other receivables 646,982 668,649
Allowance for doubtful accounts (352,640) (352,811)
443,033,052 505,458,844
Loans and discounts/loans receivable are generally carried in the books at

amortized cost or at the amount at which the financial asset is measured at initial
recognition minus principal repayments, plus or minus the cumulative amortization,
using the effective interest method, of any difference between the initial amount
and the maturity amount, and minus any reduction (directly or through the use of an
allowance account) for impairment or uncollectibility.
6. INVENTORIES
The breakdown of this account is as follows:
2010 2009
Gold for refining 6,730,174 4,026,542

Security Plant Complex inventories 2,560,549 1,860,313
Currency inventory 1,787,029 1,700,851
Work-in-process inventory 1,083,070 1,503,998
Office supplies inventory 59,278 56,545
Contract in progress 30,692 26,306
Agricultural products and supplies inventory 21,484 37,837
Gold for domestic sale 14,110 13,219
Other supplies inventory 5,945 5,842
Accountable forms inventory 2,235 2,511
Silver for refining 813 1,038
Spare parts inventory 231 199
Others 159 109
12,295,769 9,235,310
70
7. PREPAYMENTS AND DEFERRED CHARGES
2010 2009
Deferred charges 255,848 241,957

Prepaid expenses 137,088 127,288
Prepaid insurance 2,900 2,360
Prepaid tax 2,353 2,806
Prepaid rent 179 148
Input tax 38 45
Advances to contractors 30 30
Others 9,041 9,615
407,477 384,249
8. OTHER CURRENT ASSETS
2010 2009
Due from Bangko Sentral ng Pilipinas 452,635 160,357

Revaluation of international reserves 416,454 597,350
Guaranty deposits 47,279 38,954
Others 585,834 454,128
1,502,202 1,250,789
9. LONG-TERM RECEIVABLES
These are non-current receivables that are expected to be recovered or realized

beyond twelve months after the balance sheet date, broken down as follows:
2010 2009
Loans and receivables 590,528,502 519,800,638

Sales contract receivable 73,634,059 70,940,143
Mortgage contract receivable 56,919,579 48,244,437
Receivables – items in litigation 8,004,969 8,547,641
Finance lease receivable 1,884,161 1,509,918
Unquoted debt securities classified as loans 585,153 655,889
Installment sales receivable 322,979 295,888
Others 30,085 29,322
Allowance for probable losses (105,826) (77,051)
731,803,661 649,946,825
71
10. LONG-TERM INVESTMENTS
The details of this account are as follows:
2010 2009
Investments in bonds 377,320,723 371,774,975

Investments in treasury bills/notes 104,867,139 81,404,970
Held-to-maturity investments 99,385,668 94,716,489
Available-for-sale financial assets 96,017,578 87,024,628
Investments in subsidiaries and affiliates 9,455,747 8,348,889
Investments in real estate 6,965,528 6,964,777
Investment property 3,988,133 3,985,016
Sinking fund 1,267,521 1,217,698
Derivatives with positive fair value 684,566 635,060
Land equity 302,632 302,632
Equity investments 16,970 21,213
Equipments and other properties for lease 16,097 30,464
Other long term investments 164,180,060 138,881,236
Allowance for decline in value of investments (188,801) (186,951)
864,279,561 795,121,096
11. PROPERTY, PLANT AND EQUIPMENT
Land,
buildings Transpor- Transpor-
and Furniture, IT Equip- tation tation
leasehold fixtures, ment & Equipment Equipment
improve- Construction and office Software /Motor under
ments in progress equipment Vehicle Lease Others Total
Cost 29,422,377 1,126,920 18,753,960 3,172,543 831,175 265,773 4,003,909 57,576,657
Accumulated
depreciation/
amortization/ 7,927,354 79,542 13,389,779 2,028,180 644,577 102,276 1,938,666 26,110,374
impairment
Net carrying
amount, 12/31/10 21,495,023 1,047,378 5,364,181 1,144,363 186,598 163,497 2,065,243 31,466,283
Net carrying amount,
12/31/09 21,369,779 1,793,143 5,156,260 985,446 216,709 197,599 1,947,946 31,666,882
12. INVESTMENT PROPERTY
This account pertains to real properties acquired by the government corporations

and subsidiaries in settlement of loans. The investment properties are recognized
in the books either at cost or fair value. Prior to the adoption of PFRS 1 which
became effective for periods beginning on or after January 1, 2005, investment
properties valued at cost were revalued, based on the latest available appraised
values that were carried over at the opening balance sheet as deemed cost. The
following corporations/subsidiaries adopted the cost model in valuing its investment
properties:
72
5. Small Business Corporation
7. LB (Land Bank) Realty Development Corporation
8. Masaganang Sakahan, Inc.
9. People’s Credit and Finance Corporation
11. DBP Management Corporation
13. AFP Retirement and Separation Benefits System
For corporations that adopted the fair value model, the investment properties are
initially measured at cost, including transaction costs. After initial recognition, it is
measured at fair value with any change therein recognized in the income statement
for the period.
The following agencies recorded significant amount of investment properties in

2010 and 2009:
2010 2009
Government Service Insurance System 32,627,226 33,632,221

Social Security System 12,129,127 10,895,676
Bangko Sentral ng Pilipinas 9,884,025 9,931,272
Land Bank of the Philippines 7,917,074 8,541,297
Home Development Mutual Fund 5,668,804 5,854,383
National Home Mortgage Finance Corporation 1,093,842 1,105,234
GSIS Family Bank 585,585 507,807
Development Bank of the Philippines 460,970 293,159
DBP Leasing Corporation 374,150 54,629
Small Business Corporation 112,689 116,446
Philippine Postal Savings Bank, Inc. 86,632 106,330
13. OTHER NON-CURRENT ASSETS
2010 2009
Garnished/foreclosed assets 11,855,975 12,698,409

Assets held in trust 9,627,656 8,696,796
Income receivable 9,251,736 11,616,428
Non-current assets held for sale 5,872,112 5,545,622
Deferred tax asset 4,593,150 4,590,116
Other receivables 2,037,259 2,243,680
Intangibles 601,519 549,723
Due from reinsurer 568,502 787,980
Due from banks and other financing institutions 534,814 20,548
Paintings and tapestries 411,918 250,838
Long-term prepayments 50,951 66,952
73
Discontinued operations 36,170 -
Rental deposit 1,378 1,378
Miscellaneous assets 1,010,272 1,147,182
Others 33,398,010 37,940,590
79,851,422 86,156,242
14. DEPOSIT LIABILITIES
These consist of current and long-term domestic and foreign deposits of the banks’
clients, either in demand, savings and time deposit accounts, that earn annual fixed
interest rates, amounting to P1,305,622,076 and P1,257,176,667 as at December
31, 2010 and 2009, respectively.
15. CURRENCY IN CIRCULATION
This represents liability recorded at face value, for Philippine currency notes and
coins issued by BSP, fully guaranteed by the government of the Republic of the
Philippines, in favor of the holder.
In accordance with Section 51 of Republic Act 7653 or the New Central Bank Act,
notes and coins issued by the BSP shall be liabilities of BSP and may be issued
only against, and in amounts not exceeding, the assets of the BSP. Said notes and
coins shall be a first and paramount lien on all assets of the BSP.
The BSP’s holdings of its own notes and coins are not considered part of its
currency issue, and accordingly, do not form part of the assets and liabilities of the
BSP.
Quantity Amount
Denomination 2010 2009 2010 2009
Notes 100,000 117 117 11,700 11,700

2,000 24,336 23,466 48,672 46,932
1,000 297,114,528 258,040,363 297,114,528 258,040,363
500 388,407,975 437,812,547 194,203,987 218,906,274
200 30,037,809 32,035,317 6,007,562 6,407,063
100 488,941,861 463,166,044 48,894,186 46,316,604
50 430,428,192 398,055,328 21,521,410 19,902,767
20 711,750,125 747,248,115 14,235,002 14,944,962
10 69,336,817 71,525,223 693,368 715,252
5 30,454,053 30,654,385 152,270 153,272
Total notes in circulation 582,882,685 565,445,189
Coins 10 Piso 455,067,233 419,881,378 4,550,672 4,198,814

5 Piso 1,436,378,050 1,341,233,590 7,181,890 6,706,168
1 Piso 4,768,090,553 4,301,783,477 4,768,091 4,301,784
25 Sentimo 5,538,531,234 5,514,490,893 1,384,633 1,378,623
10 Sentimo 2,459,642,080 2,430,344,280 245,946 243,034
5 Sentimo 1,639,108,657 1,619,881,957 81,955 80,994
1 Sentimo 19,655,716 18,718,592 197 187
18,213,384 16,909,604
74
BSP commemorative
coins 3,103,176 3,038,835 178,759 178,095
Total coins in circulation 18,392,143 17,087,699
Total currency in circulation 601,274,828 582,532,888
16. SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE
On a temporary basis, BSP sells government securities (the underlying instrument)

with an undertaking/commitment to buy back the same securities after a specified
period and at a specified rate.
This account is credited upon availment of a bank of the Reverse Repurchase

Agreement (RRP) window of the BSP and is debited upon pre-termination/maturity
of said availment. As at December 31, 2010 and 2009, the account has a balance
of P1,524,329,441 and P814,496,290, respectively.
17. TRADE AND NON-TRADE PAYABLES
2010 2009
Accounts payable and accrued expenses 47,482,889 39,115,072

Social insurance claims payable 7,630,241 7,762,592
Dividends payable 5,805,100 821,887
Bills payable 3,557,967 4,067,979
Bonds payable 2,922,342 2,710,339
Loans payable – domestic 2,200,000 1,800,000
Due to reinsurers 1,465,887 1,824,994
Loans payable - foreign 774,281 1,193,729
Notes payable 569,379 1,256,840
Interest payable 171,133 59,945
Deposit on lease contracts 36,612 28,576
Due to officers and employees 8,405 4,305
Income tax payable 8,038 27,757
Due to unclaimed balances 1,810 1,774
72,634,084 60,675,789
18. OTHER CURRENT LIABILITIES
2010 2009
Due to National Treasury/Nat’l Government 415,799,140 415,275,565

Revaluation of foreign currency accounts 61,907,421 84,305,704
Allocation of IMF special drawing rights-
foreign currency 56,575,486 61,014,597
Unearned/deferred income 10,561,388 8,150,234
Claims and benefits payable 6,139,380 10,281,980
Other liabilities – foreign currency 2,985,537 3,139,824
75
Accrued taxes and licenses payable 2,731,240 2,319,463
Cash letters of credit 2,388,477 1,514,639
Inter-agency payables 1,858,333 1,853,840
Funds held in trust 1,529,187 1,680,366
Undistributed collections 1,389,568 916,564
Treasurer’s/cashier’s/manager’s check 1,011,780 3,129,414
Marginal deposits 891,374 734,893
Payment order payable 154,176 321,386
Guaranty deposits payable 142,070 131,297
Provision for unadjusted claims 34,103 42,860
Client’s/customer’s deposit 27,748 20,687
Performance/bidders/bail bonds payable 18,828 16,740
Due to BIR/withholding tax payable 15,713 27,471
Accrued employee benefits payable 8,557 7,220
Deposits from other banks 5,766 10,985
Due to GOCCs/LGUs/NGAs 3,919 2,585
Tax refunds payable 1,131 1,821
Miscellaneous/sundry accounts payable 7,265,953 6,649,708
Others 8,199,101 5,955,987
581,645,376 607,505,830
19. BILLS PAYABLE
This represents domestic and foreign borrowings of the following corporations:
2010 2009
Development Bank of the Philippines 82,249,356 81,726,872

People’s Credit and Finance Corporation 2,433,558 2,438,345
LBP Leasing Corporation 308,650 314,033
Al-Amanah Islamic Investment Bank of
the Philippines - 93,930
117,795,168 113,231,727
The balance includes foreign borrowings to multilateral and bilateral funding

agencies such as the World Bank, Asian Development Bank, Japan Bank for
International Cooperation and Kreditanstalt Fur Wiederaufbau. Most of these
foreign borrowings are provided with foreign exchange (FX) risk cover by the
National Government.
Bills payable with maturities of one year or less are classified in this Report under
the current portion of long-term debt account with balances of P27,397,069 and
P37,636,061 as at December 31, 2010 and 2009, respectively.
76
20. NOTES PAYABLE
This account which is recorded as Unsecured Subordinated Debt in the books of

DBP and LBP represent long-term foreign and domestic securities issued by the
two government banks to increase and strengthen their capital base with a balance
of P22,360,000 and P22,714,000 as at December 31, 2010 and 2009, respectively.
21. BONDS PAYABLE
This account includes foreign currency financial liabilities consisting of “Yankee

Bonds” issued by BSP on June 24, 1997, due 2027 and 2097, and BSP floating
rate note with balances of P21,903,305 and P32,524,747 as at December 31, 2010
and 2009, respectively. The remaining balance of the account consists of domestic
bond obligations of HGC and HDMF intended to generate funds for payment of
guaranty calls and ensure the steady flow of funds for shelter programs, totaling
P25,773,875 and P20,537,708 as at December 31, 2010 and 2009, respectively.
22. LOANS AND ADVANCES PAYABLE
2010 2009
Loans payable-domestic 117,438,210 111,949,548

Trust liabilities 10,684,644 9,376,121
Loans payable-foreign 5,790,877 6,885,788
Due to other NGAs 1,203,173 1,196,771
Due to other funds 3,267 2,468
135,120,171 129,410,696
23. ACCRUED RETIREMENT BENEFITS
This account represents the government corporations’ provision for retirement

benefit or past service pension cost and vacation/sick leave payable with balances
of P2,934,877 and P2,905,941 as at December 31, 2010 and 2009, respectively.
24. DEFERRED CREDITS
2010 2009
Unearned income 20,857,530 19,063,573

Deposit on lease contracts 156,938 144,880
Deferred tax liability 2,741 2,741
Others 11,789,759 10,919,910
32,806,968 30,131,104
77
25. OTHER NON-CURRENT LIABILITIES
These liabilities consist of:
2010 2009
Derivative instruments in a loss position-

foreign currency 6,958,002 10,174,438
Reserve for unearned premium 71,786 82,679
Unrealized profit on assets sold/exchanged 7,200 -
Advances from parent company - 14,857
Miscellaneous liabilities 24,305,914 23,945,726
31,342,902 34,217,700
26. EQUITY
The composition and changes in this account consist of the following:
a) Government equity increased in 2010 due to the additional equity infusion

of the National Government to HGC.
b) Share capital and share premium have significant decreases in CY 2010

due to liquidation of MPCP and capital stock redemption of GMFI.
c) Other Equity Instrument represents Hybrid Tier I capital securities of DBP.
d) Restricted capital includes the Property Replacement Fund (PRF) Sinking

Fund of GSIS and Restricted Fund of LCDFI in the amount of P27.487
million and P15.000 million, respectively.
e) Appraisal Increment includes the sale of properties of MPCP amounting to

P810.127 million and increase in appraisal surplus of GSIS amounting to
P159.000 million
f) Members’ Equity – reflects the members’ contributions to HDMF and

AFPRSBS. For HDMF, it includes the corresponding employers’
counterpart of the members’ contributions as well as the annual dividends
of members. The account is reduced by the provident claims of members
and offsetting of unpaid provident/multi-purpose loans against Total
Accumulated Values (TAV). For AFPRSBS, only the employees’ share is
included and the account is reduced upon retirement/discharge of
members.
g) Net unrealized gain/loss on equity securities represents the difference

between the cost of investments/other financial assets and their market
values at balance sheet date which is treated as temporary increase or
decline in market value and presented as increase or reduction in net
worth/equity. These are recorded in the books of LBP, PDIC, SSS, HGC,
TIDCORP, PPSBI and GSISFB.
h) Surplus reserves include financial reserve of GSIS; additional reserve for

trust business and contingencies of LBP; additional estimated insurance
78
losses of PDIC; increase in comprehensive income of SSS; and additional
reserve fund of PHIC. The surplus reserves slightly increased due to BSP’s
net decrement of managed fund and reserve for fluctuation of exchange
rate.
i) The retained earnings (free) includes the net income of the corporations
(net of cash/property/stock dividends), net change in accumulated market
gain/loss on available for sale securities of GSIS, surplus on revaluation of
gold and silver recoveries of BSP and other prior period adjustments. The
decrease in retained earnings is attributed to the transfer of fund to surplus
reserves of GSIS, LBP and PDIC, and net loss of BSP for the period.
j) Accumulated other comprehensive income/(loss) includes the unrealized

gain/(loss) on investment in government securities of BSP and IGLF,
uncollected realized gain on installment contract of DBPMC, comprehensive
income of DBP and fair value changes on available for sale investments of
LLC.
27. INCOME
The income reported by government-owned and/or controlled corporations under

the Cluster is classified into three categories: business and service income, gains
and premiums and other income.
Business and service income include among others, GSIS, SSS and PHIC
members’ contributions, interest income from loans and foreign/local currency
financial assets, investments, rental/lease income, assessments, financing fees
such as insurance/guarantee, commitment and processing fees, construction and
commission income, which are directly related to the principal revenue-producing
activities of the entities.
Gains and premiums include income from financial assets and liabilities held for
trading, sale/derecognition of non-trading financial assets and liabilities, dealings in
foreign currency, investment securities and disposal of assets.
Other income includes interest on bank deposits, dividend income and other
miscellaneous income which do not fall under business and service income or
gains and premiums.
Total income for calendar years 2010 and 2009 (excluding subsidy) amounted to
P454.337 billion and P419.788 billion, respectively.
28. EXPENSES
Expenses are classified into business expenses, personal services, maintenance

and operating expenses, financial expenses and other expenses.
a. Business expenses include benefit payments like retirement, death, disability,

maternity, funeral grant, sickness and medical services among others, program
development and fund expenses, lending cost, direct expenses, interest
expense on deposit liabilities, underwriting expenses such as insurance and
death benefits, commission expense, premium discount, honoraria or
incentives, construction cost, commission, property management expenses,
79
construction services and liquidated damages, insurance and financial losses,
rehabilitation cost, deposit claims pay-out, receivership and liquidation
expenses.
b. Personal services consist of salaries and wages and other manpower costs
including personnel benefits contributions to GSIS, HDMF, PHIC and ECC and
employees’ terminal benefits. The breakdown is presented as follows:
2010 2009
Salaries and wages 13,917,771 12,620,754

Other compensation 2,918,241 2,697,343
Personnel benefits contributions 3,576,357 2,863,176
Others 11,542,447 12,418,406
31,954,816 30,599,679
c. Maintenance and other operating expenses include expenses other than

manpower costs such as rent, communication, taxes and licenses,
representation and entertainment, repairs and maintenance, supplies and
materials and other non-cash expenses such as depreciation and provision for
probable losses.
2010 2009
Taxes, insurance premiums and other fees 3,762,684 3,141,492

Depreciation expense 3,583,257 2,685,549
Provision for probable losses/bad debts 2,817,814 1,484,397
Rent expenses 1,389,094 1,265,818
Professional services and other services 1,352,403 1,616,973
Repairs and maintenance 871,139 916,621
Utility expenses 741,086 618,992
Traveling expenses 517,710 408,913
Communication expenses 439,067 448,082
Supplies and materials expenses 384,975 368,524
Losses 169,183 149,739
Confidential, intelligence, extraordinary and
miscellaneous expenses 168,265 186,288
Advertising expenses 140,091 132,734
Insurance 100,440 103,778
Donations 88,863 135,515
Representation expenses 62,411 58,998
Foreclosure / litigation expenses and legal 33,348 67,196
Program development expenses 31,466 27,227
Training and scholarship expenses 22,828 21,581
Printing and binding expenses 22,757 28,897
Fuel, oil and lubricants 22,272 17,692
Rewards and other claims 20,859 20,381
Transportation and delivery expenses 18,313 14,556
Commission 15,038 14,656
80
Membership dues and contributions to
organizations 10,507 9,846
Directors' fees and allowances 8,929 9,390
Business development expenses 7,502 9,808
Property/project management 7,428 8,516
Amortization expense 6,530 6,446
Subscription expenses 2,994 2,796
Gender and development 1,703 339
Interest expense 1,662 1,705
Meetings and conferences 1,565 2,639
Cultural and athletic expenses 308 313
Others 8,648,158 10,327,590
25,472,649 24,313,987
d. Financial expenses are those that are not directly related to the operations of
the entities such as interest expense on loans obtained, bank charges,
documentary stamp taxes, commitment fees and other financial charges.
e. All other expenses that are not categorized as personal services, maintenance
and other operating expenses and financial expenses are classified as other
expenses. These consist of claims and losses paid, dividends paid, losses on
foreign exchange transactions, disposal of assets and sale of securities and
investments and other miscellaneous expenses.
Total expenses for calendar years 2010 and 2009 (excluding income tax)
amounted to P420.247 billion and P334.856 billion, respectively.
29. RESTATEMENT AND RECLASSIFICATION
In compliance with the provisions of PAS 8 which prescribes the criteria for
selecting and changing accounting policies, changes in accounting estimates and
corrections of errors, material prior period errors on the financial statements of
some corporations included in this report were restated or corrected retrospectively
by:
a) Restating the comparative amounts for the prior period(s) presented in

which the error occurred; or
b) If the error occurred before the earliest prior period presented, restating the
opening balances of assets, liabilities and equity of the earliest prior period
presented.
The financial statements for CY 2009 of the following corporations/subsidiaries

were restated to conform with the provisions of PAS 8:

3. National Home Mortgage Finance Corporation
5. Home Guaranty Corporation
81
7. Small Business Corporation
9. DBP Data Center, Inc.
11. Masaganang Sakahan, Inc.
12. LB Realty Development Corporation
13. LandBank Countryside Development Foundation, Inc.
14. National Livelihood Development Corporation
15. Philippine International Convention Center, Inc.
17. GSIS Family Bank
18. GSIS Properties, Inc.
Also, certain accounts in the 2009 financial statements were reclassified to conform
with the 2009 presentation.
82
Schedule 1
CORPORATE GOVERNMENT SECTOR
CLUSTER A - FINANCIAL
Summary Data of Agencies Under Cluster A - Financial
Parent /
Agency Name Abbreviation Controlling Address Enabling Law/Creation
Entity
1 Bangko Sentral ng Pilipinas BSP - A. Mabini and P. Ocampo Streets, Manila R.A. No. 7653
2 Central Bank - Board Of Liquidators CB-BOL - Rm. 610 EDPC Bldg. BSP Complex, Manila E.O. No. 169 as amended by E.O. No. 455
3 Philippine International Convention Center, Inc. PICCI BSP CCP Complex, Roxas Boulevard, Pasay City P.D. No. 520 as amended by P.D. No. 710
4 Development Bank of the Philippines DBP - Sen. Gil J. Puyat Ave. corner Makati Ave., Makati City R.A. No. 85
G/F Orient Mansion 118 Tordesillas St., Salcedo Village, Makati City
5 Al-Amanah Islamic Investment Bank of the Philippines AAIIBP DBP R.A. No. 6848
4/F DBP Bldg., Senator Gil J. Puyat Avenue corner Makati Avenue,
6 DBP Data Center Inc. DCI DBP Corporation Law/SEC Registration No. 1077887
Makati City
8th Floor DBP Bldg., Senator Gil J. Puyat Avenue corner Makati
7 DBP Management Corporation DBPMC DBP Corporation Law/SEC Registration No. 102149
Avenue, Makati City
8 DBP Leasing Corporation DLC DBP 11th Floor NDC Bldg. 116 Tordesillas St., Salcedo Village, Makati City Corporation Law/SEC Registration No. 128538
5th Floor, DBP Bldg., Sen. Gil Puyat Ave., corner Makati Avenue,
9 Industrial Guarantee and Loan Fund IGLF DBP Counterpart Project Agreement No. 32
Makati City
Land Bank Plaza, 1598 M. H. del Pilar corner Dr. J. Quintos Sts.,
10 Land Bank of the Philippines LBP - R.A. No. 3844
Malate, Manila
11 12/F SSHG Law Centre Bldg., 105 Paseo de Roxas St., Legaspi
LandBank Countryside Development Foundation, Inc. LCDFI LBP Corporation Law/SEC Registration No. 110790
Village, Makati City
24/F Land Bank Plaza, 1598 M. H. Del Pilar Corner Dr. J. Quintos
12 LB Realty Development Corporation LBRDC LBP Corporation Law/SEC Registration No. 61385
Sts., Malate, Manila
12/F SSHG Law Centre Bldg., 105 Paseo de Roxas St., Legaspi
13 LBP Insurance Brokerage, Inc. LIBI LBP Corporation Law/SEC Registration No. 105764
15/F SSHG Law Centre Bldg., 105 Paseo de Roxas St., Legaspi
14 LBP Leasing Corporation LLC LBP Corporation Law/SEC Registration No. 111115
11th Floor, SSHG Law Centre, 105 Paseo de Roxas, Legaspi Village,
15 Masaganang Sakahan, Inc. MSI LBP Corporation Law/SEC Registration No. 59145
Makati City
16 National Livelihood Development Corporation NLDC LBP One Corporate Plaza, Arnaiz Avenue, Makati City E.O. No. 681 and E.O. 681A
A.O. No. 148/Memorandum Order No. 261/SEC Registration No.
17 People's Credit and Finance Corporation PCFC LBP 395 Accelerando Bldg. Gil Puyat Avenue, Makati City
AS095-009074
18 Philippine Postal Savings Bank, Inc. PPSBI PPC Liwasang Bonifacio, Intramuros, Manila R.A. No. 7354/
19 Philpost Leasing and Financing Corporation PLFC PPC Liwasang Bonifacio, Intramuros, Manila Corporation Law
20 Philippine Deposit Insurance Corporation PDIC - PDIC Bldg. 2228 Chino Roces Ave., Makati City R.A. No. 3591
Government Financial Center, Roxas Boulevard, Pasay City
21 Government Service Insurance System GSIS - Commonwealth Act No. 186
22 GSIS Family Bank GSIS FB GSIS 2/F, AIC Grande Tower, Garnet Road, Ortigas Center, Pasig City Corporation Law
23 GSIS Mutual Fund, Inc. GMFI GSIS 2/F GSIS Headquarters, Pasay City Corporation Law
24 Meat Packing Corporation of the Philippines MPCP GSIS GSIS Headquarters, Pasay City Corporation Law
25 GSIS Properties, Inc. GPI GSIS GSIS Headquarters, Pasay City Corporation Law/SEC Registration No. CS200307481
26 Social Security System SSS - East Ave., Quezon City R.A. No. 1161
27 Employees' Compensation Commission ECC - ECC Bldg. 355 Sen. Gil Puyat Ave., Makati City P.D. No. 626
83
Parent /
Agency Name Abbreviation Controlling Address Enabling Law/Creation
Entity
28 Philippine Health Insurance Corporation PHIC - City State Bldg., Shaw Blvd., Pasig City R.A. No. 7875
29 Philippine Crop Insurance Corporation PCIC - 7th Floor NIA Bldg., EDSA, Quezon City P.D. No. 1467
30 Home Development Mutual Fund HDMF - Atrium of Makati, Makati Ave., Makati City P.D. No. 1530
104 3rd Floor, Filomena Bldg., Amorsolo St., Legaspi Vill., Makati City
31 National Home Mortgage Finance Corporation NHMFC - P.D. No. 1267
32 Social Housing Finance Corporation SHFC NHMFC Banco De Oro Plaza, 8737 Paseo de Roxas, Makati City E.O. No. 272
33 Home Guaranty Corporation HGC - Jade Bldg., 335 Sen. Gil J. Puyat Ave., Makati City R.A. No. 8763
34 Quedan and Rural Credit Guarantee Corporation QUEDANCOR - 34 Panay Avenue, Q.C. R.A. No. 7393
35 Small Business Corporation SBC - 139 Corporate Center, 139 Valero St., Salcedo Vill., Makati City R.A. No. 6977 amended by R.A. No. 8289
36 Trade and Investment Development Corporation of the TIDCORP/ 3/F Citibank Center, Citibank Plaza, 8741 Paseo de Roxas, Makati
- P.D. No. 550 and P.D. No. 1080
Philippines PHILEXIM City
37 PHIVIDEC Industrial Authority PIA PHIVIDEC Sugbongcogon, Tagoloan, Misamis Oriental P.D. No. 538 amended by P.D. No. 1491
38 AFP Retirement and Separation Benefits System AFPRSBS - 424 Capinpin Avenue, Camp Aguinaldo, Q. C. P.D. 361
39 Southern Utility Management and Services Inc. SUMSI AFPRSBS RSBS Blvd. Phase I, San Lorenzo Subdivision, Sta. Rosa, Laguna Corporation Law/SEC Registration No. 043858
40 Fashion Link Corporation FLC AFPRSBS AFPRSBS Compound, Camp Aguinaldo, Q. C. Corporation Law
41 General Satellite Transmission, Inc. GSTI / Gensat AFPRSBS AFPRSBS Compound, Camp Aguinaldo, Q. C. Corporation Law
42 Globan Fruits and Development Corporation GFDC AFPRSBS AFPRSBS Compound, Camp Aguinaldo, Q. C. Corporation Law
43 Goodfit Manufacturing Corporation GMC AFPRSBS AFPRSBS Compound, Camp Aguinaldo, Q. C. Corporation Law
44 Matrix Realty Development Corporation MRDC AFPRSBS AFPRSBS Compound, Camp Aguinaldo, Q. C. Corporation Law
45 Monterrosa Development Corporation MDC AFPRSBS AFPRSBS Compound, Camp Aguinaldo, Q. C. Corporation Law
46 Resources & Investments Corporate House, Inc. RICHI AFPRSBS AFPRSBS Compound, Camp Aguinaldo, Q. C. Corporation Law
47 RSBS Land, Incorporated RLI AFPRSBS AFPRSBS Compound, Camp Aguinaldo, Q. C. Corporation Law
48 RSBS Enterprises Incorporated REI AFPRSBS AFPRSBS Compound, Camp Aguinaldo, Q. C. Corporation Law
49 Veterans Electronics Communications, Incorporated VETRONIX AFPRSBS AFPRSBS Compound, Camp Aguinaldo, Q. C. Corporation Law
50 MDC Venture Corporation MDC AFPRSBS AFPRSBS Compound, Camp Aguinaldo, Q. C. Corporation Law
84
Cluster B
December 31, 2010
(in thousand pesos)
TOTAL
Notes 2010 2009

Assets
Current assets 333,486,249 397,974,162
Short term investments 8,490,451 6,263,779
Receivables (net) 3 202,152,602 239,580,169
Inventories, net 4 9,696,491 12,140,161
Prepayments and deferred charges 5 14,747,861 12,896,890
Others 6 26,715,516 19,215,741
Non-Current Assets 1,586,298,476 1,696,285,004
Long-term receivables, net 7 608,213,788 546,641,909
Long-term investments 8 236,017,839 223,452,361
Property, plant and equipment - net 9 568,613,236 570,653,352
Investment property 10 8,621,754 8,590,519
BOT electric plants under capital lease 11 51,424,339 237,203,980
Others 12 113,199,603 109,493,160
Temporary Registry 13 15,702,323 22,663,600

Total Assets 1,935,487,048 2,116,922,766

Current liabilities 308,992,649 259,486,999
Trade & non-trade payables 14 215,864,976 164,662,601
Current portion of long-term debt 54,810,743 54,603,627
BOT lease obligation 11 32,571,318 34,044,161
Others 5,745,612 6,176,610
Non-Current Liabilities 1,080,543,450 1,291,643,478

Notes payable 2,020,772 2,044,561
Bonds payable 271,664,913 284,603,663
Provision for estimated liabilities 532,205 478,733
Deferred credits 38,581,298 201,527,279
Contract payable 43,786 35,420
Others 63,463,706 50,780,813
Total liabilities 1,389,536,099 1,551,130,477
Equity 530,248,626 543,128,689
Temporary Registry 13 15,702,323 22,663,600
87
Cluster B
December 31, 2010
(in thousand pesos)
APECO BCDA BTPI CDC CIAC
2010 2009 2010 2009 2010 2009 2010 2009 2010 2009
(as restated)
Assets
Current assets 193,112 270,651 11,021,431 11,759,678 9,886 13,328 1,232,401 1,729,657 122,037 115,030
Cash and cash equivalents 124,011 197,470 1,186,982 3,125,077 4,050 7,152 980,546 1,598,737 30,282 14,091
Short term investments - - 7,304,838 4,072,998 - - - - - -
Receivables (net) 12,909 4,503 1,068,373 928,318 3,253 3,154 139,202 118,049 82,324 48,496
Inventories, net 1,168 463 610,313 2,970,938 1,530 1,969 2,280 3,403 4,472 2,653
Prepayments and deferred charges 55,024 67,824 402,636 279,937 1,053 1,053 110,373 9,468 4,605 49,611
Others - 391 448,289 382,410 - - - - 354 179
Non-Current Assets 265,356 54,978 113,475,431 103,066,831 85,004 112,312 5,317,923 4,931,086 2,175,067 1,922,613
Long-term receivables, net - - - - - - 1,291,810 1,300,572 - -
Long-term investments - - 39,525,673 29,329,185 - - 965,866 880,465 884 884
Property, plant and equipment - net 265,356 54,978 70,422,591 69,790,973 78,158 105,466 2,677,942 2,597,287 1,560,299 1,331,639
Investment property - - - - - - - - - -
BOT electric plants under capital lease - - - - - - - - - -
Intangible assets - - - - - - - - - -
Others - - 3,527,167 3,946,673 6,846 6,846 382,305 152,762 613,884 590,090
Temporary Registry - - - - - - - - - -
Total Assets 458,468 325,629 124,496,862 114,826,509 94,890 125,640 6,550,324 6,660,743 2,297,104 2,037,643
Current liabilities 15,851 139 7,082,443 7,754,516 453,839 424,118 642,055 459,350 122,343 89,108
Trade & non-trade payables 15,851 139 7,082,443 7,754,516 453,839 424,118 528,540 311,379 122,343 89,108
Current portion of long-term debt - - - - - - 97,956 97,956 - -
BOT lease obligation - - - - - - - - - -
Others - - - - - - 15,559 50,015 - -
Current liabilities of Water Districts - - - - - - - - - -
Non-Current Liabilities - - 38,683,161 35,185,236 2,896 400 2,508,721 2,544,756 3,005,454 2,662,163
Notes payable - - - - - - - - - -
Mortgage payable - - - - - - - - - -
Bonds payable - - - - - - - - - -
Loans and advances payable - - 31,243,627 26,986,362 - - 2,508,721 2,544,756 3,004,936 2,661,655
BOT lease obligation - - - - - - - - - -
Provision for estimated liabilities - - - - - - - - - -
Deferred credits - - 7,189,587 8,114,637 2,531 35 - - 518 508
Contract payable - - - - - - - - - -
Others - - 249,947 84,237 365 365 - - - -
Total liabilities 15,851 139 45,765,604 42,939,752 456,735 424,518 3,150,776 3,004,106 3,127,797 2,751,271
Equity 442,617 325,490 78,731,258 71,886,757 (361,845) (298,878) 3,399,548 3,656,637 (830,693) (713,628)
Total liabilities and equity 458,468 325,629 124,496,862 114,826,509 94,890 125,640 6,550,324 6,660,743 2,297,104 2,037,643
88
Cluster B
December 31, 2010
(in thousand pesos)
JHMC NORTHRAIL PPMC CEZA NLPCSI
2010 2009 2010 2009 2010 2009 2010 2009 2010 2009
(as restated)
Assets
Current assets 56,030 79,895 8,721,524 9,078,785 49,237 58,261 550,891 642,699 41,669 41,294
Cash and cash equivalents 32,768 54,666 2,648,160 2,564,465 18,604 24,694 266,731 320,927 41,669 41,294
Short term investments - - - - - -
Receivables (net) 15,473 18,549 11,742 8,699 27,712 31,048 201,691 261,530
Inventories, net 7,072 6,537 1,295 1,390 762 492 272 342
Prepayments and deferred charges 717 143 6,058,226 6,501,603 2,159 2,027 82,197 59,900
Others - - 2,101 2,628 - - - -
Non-Current Assets 72,354 77,868 12,432,525 9,180,758 612,024 616,139 3,498,016 2,106,226 17 22
Long-term receivables, net 8,767 8,767 143,829 143,830 169 169 2,119 2,119
Long-term investments 132 132 2,700 2,700 15,015 15,015 462,309 215,233
Property, plant and equipment - net 52,172 57,686 36,100 39,605 548,620 553,998 2,986,423 1,840,228 17 22
Investment property - - - - - - - -
BOT electric plants under capital lease - - -
Intangible assets - - - - - - - -
Others 11,283 11,283 12,249,896 8,994,623 48,220 46,957 47,165 48,646
Total Assets 128,384 157,763 21,154,049 18,259,543 661,261 674,400 4,048,907 2,748,925 41,686 41,316
Current liabilities 26,246 34,485 1,351,129 2,084,148 544,785 558,454 155,536 131,063 6,455 6,271
Trade & non-trade payables 26,246 34,485 948,081 1,573,721 544,222 557,573 125,580 102,060 6,390 6,271
Current portion of long-term debt - - - - - - 28,421 28,421
BOT lease obligation - - - - - - -
Others - - 403,048 510,427 563 881 1,535 582 65 -
Current liabilities of Water Districts - - - - - - - -
Non-Current Liabilities 16,738 13,007 14,996,395 12,571,432 49,938 49,938 9,503 35,526 - -
Notes payable - - - - - - 7,105 35,526
Mortgage payable - - - - - - - -
Loans and advances payable 9,845 8,800 12,617,841 10,470,237 49,938 49,938 - -
BOT lease obligation - - - - - - -
Provision for estimated liabilities - - - - - - - -
Deferred credits 3,150 1,763 5,816 5,731 - - 2,398 -
Contract payable - - - - - - - -
Others 3,743 2,444 2,372,738 2,095,464 - - - -
Total liabilities 42,984 47,492 16,347,524 14,655,580 594,723 608,392 165,039 166,589 6,455 6,271
Equity 85,400 110,271 4,806,525 3,603,963 66,538 66,008 3,883,868 2,582,336 35,231 35,045
Temporary Registry -
Total liabilities and equity 128,384 157,763 21,154,049 18,259,543 661,261 674,400 4,048,907 2,748,925 41,686 41,316
89
Cluster B
December 31, 2010
(in thousand pesos)
CPA CAAP DISCCBGSI LLDA LRTA
2010 2009 2010 2009 2010 2009 2010 2009 2010 2009
(as restated)
Assets
Current assets 306,358 270,748 9,488,554 8,934,140 146,832 136,768 264,899 292,081 1,845,363 2,254,471
Cash and cash equivalents 164,927 127,364 4,377,545 3,673,010 12,849 14,048 11,994 32,225 355,868 783,040
Short term investments 32,012 30,723 - - - -
Receivables (net) 23,647 22,686 5,110,527 5,260,955 120,029 100,559 247,910 254,469 256,552 347,106
Inventories, net 15,912 16,468 6,049 10,695 2,440 3,344 1,230,654 1,122,415
Prepayments and deferred charges 69,860 73,507 430 123 7,905 11,466 2,002 1,490 2,289 1,910
Others - - 52 52 553 553 - -
Non-Current Assets 4,754,193 4,740,722 7,865,868 7,101,541 26,705 27,907 382,781 348,583 50,487,081 51,044,537
Long-term receivables, net - -
Long-term investments 37 37 930 930 292,552 277,479 217 217
Property, plant and equipment - net 4,737,190 4,725,394 2,291,945 2,061,835 17,066 20,478 90,229 71,104 46,357,201 47,944,271
Investment property - - - - -
BOT electric plants under capital lease
Intangible assets - - - - -
Others 16,966 15,291 5,573,923 5,039,706 8,709 6,499 - - 4,129,663 3,100,049
Total Assets 5,060,551 5,011,470 17,354,422 16,035,681 173,537 164,675 647,680 640,664 52,332,444 53,299,008
Current liabilities 224,800 270,813 1,198,721 1,586,407 47,134 59,986 97,460 99,400 6,417,064 5,037,058
Trade & non-trade payables 224,800 243,987 1,198,721 1,586,407 47,134 59,986 94,759 93,184 3,883,117 3,562,959
Current portion of long-term debt 26,826 - - 2,527,753 1,470,137
BOT lease obligation
Others 2,701 6,216 6,194 3,962
Current liabilities of Water Districts - - - - -
Non-Current Liabilities 62,942 55,370 116,295 374,024 78,680 68,519 2,378 1,527 62,815,614 59,385,190
Notes payable - - - -
Mortgage payable - - - -
Bonds payable - - - -
Loans and advances payable 40,678 39,270 77,312 67,151 - - 62,815,614 59,385,190
Provision for estimated liabilities 22,966 22,966 - - - -
Deferred credits 39,976 32,404 69,733 331,477 - - - -
Contract payable - - - -
Others 5,884 3,277 1,368 1,368 2,378 1,527 - -
Total liabilities 287,742 326,183 1,315,016 1,960,431 125,814 128,505 99,838 100,927 69,232,678 64,422,248
Equity 4,772,809 4,685,287 16,039,406 14,075,250 47,723 36,170 547,842 539,737 (16,900,234) (11,123,240)
Temporary Registry
Total liabilities and equity 5,060,551 5,011,470 17,354,422 16,035,681 173,537 164,675 647,680 640,664 52,332,444 53,299,008
90
Cluster B
December 31, 2010
(in thousand pesos)
LWUA LCI MCIAA MIAA MRHI
2010 2009 2010 2009 2010 2009 2010 2009 2010 2009
Assets
Current assets 5,225,850 4,190,368 16,121 1,688,742 1,615,649 10,954,208 10,661,109 11,802 9,805
Cash and cash equivalents 639,508 920,911 8,586 1,490,550 1,426,916 8,604,125 7,397,674 1,107 189
Short term investments - - - - - - - -
Receivables (net) 4,474,962 3,166,011 7,535 116,111 119,137 1,972,871 2,978,012 7,507 6,826
Inventories, net 4,454 3,016 21,730 27,870 32,756 22,683 3,139 2,748
Prepayments and deferred charges 106,926 100,430 60,351 41,726 344,456 262,740 49 42
Others - - - - - - - -
Non-Current Assets 12,943,915 13,370,994 1,815 4,650,449 4,445,797 16,292,031 16,265,521 30,188 30,749
Long-term receivables, net 11,505,246 12,092,371 - - 869,438 1,242,055 - -
Long-term investments 852,785 843,732 3,053 3,053 19,262 19,262 - -
Property, plant and equipment - net 227,617 181,498 456 4,643,942 4,439,448 15,098,817 14,577,430 30,067 30,628
Others 358,267 253,393 1,359 3,454 3,296 304,514 426,774 121 121
Total Assets 18,169,765 17,561,362 17,936 6,339,191 6,061,446 27,246,239 26,926,630 41,990 40,554
Current liabilities 3,682,159 2,752,154 5,185 485,324 251,824 4,865,271 3,680,688 3,644 3,089
Trade & non-trade payables 1,488,384 778,346 5,185 485,324 251,824 3,968,200 2,844,351 2,848 2,344
Current portion of long-term debt 504,719 529,545 - - 482,119 456,261 82 -
Others 1,689,056 1,444,263 - - 414,952 380,076 714 745
Non-Current Liabilities 8,534,052 9,057,288 - - 5,854,929 5,984,644 14 14
Notes payable - - - - - - - -
Loans and advances payable 7,749,822 8,341,633 - - 5,742,464 5,882,008 - -
Provision for estimated liabilities - - - - - - - -
Deferred credits 784,230 715,655 - - 112,030 102,201 - -
Others - - - - 435 435 14 14
Total liabilities 12,216,211 11,809,442 5,185 485,324 251,824 10,720,200 9,665,332 3,658 3,103
Equity 5,953,554 5,751,920 12,751 5,853,867 5,809,622 16,526,039 17,261,298 38,332 37,451
Temporary Registry
Total liabilities and equity 18,169,765 17,561,362 17,936 6,339,191 6,061,446 27,246,239 26,926,630 41,990 40,554
91
Cluster B
December 31, 2010
(in thousand pesos)
MWSS NDC BLCI FCIEI GYREI
2010 2009 2010 2009 2010 2009 2010 2009 2010 2009
(as restated)
Assets
Current assets 12,332,058 11,627,587 1,691,138 2,241,374 17,705 6,869 11,474 13,083 652 599
Cash and cash equivalents 4,420,118 4,948,610 411,514 1,050,805 17,606 6,532 8,618 8,557 632 581
Short term investments - - 409,183 798,838 - - - - - -
Receivables (net) 6,923,316 6,223,649 802,584 325,698 99 337 2,856 4,526 20 18
Inventories, net 61,263 61,255 - - - - - - - -
Prepayments and deferred charges 927,361 394,073 2,803 5,533 - - - - - -
Others - - 65,054 60,500 - - - - - -
Non-Current Assets 42,895,838 44,492,385 8,853,186 8,000,256 35,283 35,186 137 136 9,086 9,086
Long-term receivables, net 10,728 10,728 4,893,241 4,069,343 135 135 - -
Long-term investments 808,266 788,258 2,393,535 2,348,932 66 78 - - - -
Property, plant and equipment - net 41,201,952 42,791,259 29,386 34,360 - 5 - - - -
Investment property - - 88,895 100,884 35,217 35,103 - - 9,086 9,086
Others 874,892 902,140 1,448,129 1,446,737 - - 2 1 - -
Total Assets 55,227,896 56,119,972 10,544,324 10,241,630 52,988 42,055 11,611 13,219 9,738 9,685
Current liabilities 3,900,086 3,777,649 3,015,863 2,780,141 13,712 1,532 8,604 3,867 57 54
Trade & non-trade payables 1,862,296 1,704,117 809,613 709,173 13,712 1,532 8,604 3,867 57 54
Current portion of long-term debt 1,066,650 958,563 2,139,217 1,991,721 - - - - - -
Others 971,140 1,114,969 67,033 79,247 - - - - - -
Non-Current Liabilities 17,805,077 18,107,081 6,450,529 6,592,496 - - - - - -
Notes payable - - - - - - - - - -
Bonds payable - - 5,500,000 5,500,000 - - - - - -
Loans and advances payable 15,452,504 16,535,827 331,665 467,872 - - - - - -
Deferred credits 2,352,573 1,571,254 - - - - - - - -
Others - - 618,864 624,624 - - - - - -
Total liabilities 21,705,163 21,884,730 9,466,392 9,372,637 13,712 1,532 8,604 3,867 57 54
Equity 33,522,733 34,235,242 1,077,932 868,993 39,276 40,523 3,007 9,352 9,681 9,631
Temporary Registry
Total liabilities and equity 55,227,896 56,119,972 10,544,324 10,241,630 52,988 42,055 11,611 13,219 9,738 9,685
92
Cluster B
December 31, 2010
(in thousand pesos)
IIGSI KRC LINSI MGC NPCTI
2010 2009 2010 2009 2010 2009 2010 2009 2010 2009
Assets
Current assets 111 117 5,380 8,970 2,036 2,293 483,810 495,100 9,456 19,192
Cash and cash equivalents 111 117 5,337 8,917 2,031 2,155 479,721 491,226 9,430 18,937
Short term investments - - - - - - - - - -
Receivables (net) - - 43 53 5 12 3,614 3,874 26 255
Inventories, net - - - - - - 475 - - -
Prepayments and deferred charges - - - - 116 - - - -
Others - - - - 10 - - - -
Non-Current Assets 14,580 14,580 6,252 6,252 - - 193,474 193,417
Long-term receivables, net - - - - - - 14,691 14,697 - -
Long-term investments - - - - - - 1 1 - -
Property, plant and equipment - net 14,580 14,580 - - - - 177,929 177,935 - -
Investment property - - 6,252 6,252 - - - - - -
Others - - - - - - 853 784 - -
Total Assets 14,691 14,697 11,632 15,222 2,036 2,293 677,284 688,517 9,456 19,192
Current liabilities 73,882 73,842 998 4,345 31 105 19,719 3,181 31 17
Trade & non-trade payables 73,882 73,842 979 4,319 31 105 19,719 3,181 31 17
Current portion of long-term debt - - - - - - - - - -
Others - - 19 26 - - - -
Non-Current Liabilities - - - - 11,372 12,150 - - 66,147 76,144
Notes payable - - - - - - - - - -
Bonds payable - - - - - - - - - -
Loans and advances payable - - - - 11,200 11,200 - - 66,147 76,144
Deferred credits - - - - - - - - - -
Others - - - - 172 950 - - - -
Total liabilities 73,882 73,842 998 4,345 11,403 12,255 19,719 3,181 66,178 76,161
Equity (59,191) (59,145) 10,634 10,877 (9,367) (9,962) 657,565 685,336 (56,722) (56,969)
Temporary Registry
Total liabilities and equity 14,691 14,697 11,632 15,222 2,036 2,293 677,284 688,517 9,456 19,192
93
Cluster B
December 31, 2010
(in thousand pesos)
NSLC NTFC NPIC PNL PRC
2010 2009 2010 2009 2010 2009 2010 2009 2010 2009
Assets
Current assets 6,969 13,393 1,741 1,942 59,192 60,812 111,886 108,675 403 372
Cash and cash equivalents 6,945 13,355 1,734 1,937 52,578 978 65,606 22,415 384 345
Short term investments - - - - - 50,675 46,066 85,666 - -
Receivables (net) 24 38 7 5 6,425 8,778 214 594 19 27
Inventories, net - - - - - - - - - -
Prepayments and deferred charges - - - - 189 381 - - - -
Others - - - - - - - - - -
Non-Current Assets - - 51 51 - - - - 2,252 2,252
Long-term receivables, net - - - - - - - - - -
Long-term investments - - - - - - - - - -
Property, plant and equipment - net - - - - - - - - - -
Investment property - - - - - - - - 2,252 2,252
Others - - 51 51 - - - - - -
Total Assets 6,969 13,393 1,792 1,993 59,192 60,812 111,886 108,675 2,655 2,624
Current liabilities 27 30 28 45 2,343 2,495 54,382 6,345 48 71
Trade & non-trade payables 27 30 28 45 2,343 2,495 54,382 6,345 48 69
Current portion of long-term debt - - - - - - - - -
Others - - - 2
Non-Current Liabilities 11,255 17,753 34,996 34,992 - - - - - -
Notes payable - - - - - - - - - -
Bonds payable - - - - - - - - - -
Loans and advances payable 11,255 17,753 34,996 34,992 - - - - - -
Deferred credits - - - - - - - - - -
Others - - - - - - - - - -
Total liabilities 11,282 17,783 35,024 35,037 2,343 2,495 54,382 6,345 48 71
Equity (4,313) (4,390) (33,232) (33,044) 56,849 58,317 57,504 102,330 2,607 2,553
Temporary Registry
Total liabilities and equity 6,969 13,393 1,792 1,993 59,192 60,812 111,886 108,675 2,655 2,624
94
Cluster B
December 31, 2010
(in thousand pesos)
TABASCO NEA NPC PADC PEZA
2010 2009 2010 2009 2010 2009 2010 2009 2010 2009
Assets
Current assets 4,281 8,389 5,090,883 5,139,810 9,099,348 6,566,660 89,916 114,324 1,846,397 1,899,071
Cash and cash equivalents 4,269 8,341 1,491,510 1,915,223 1,078,800 1,559,391 23,040 10,229 1,144,351 1,234,737
Short term investments - - - - - - - -
Receivables (net) 12 48 3,592,851 3,217,054 6,505,058 3,277,970 2,879 11,390 604,148 543,869
Inventories, net - - 5,477 6,099 1,472,571 1,721,104 63,997 92,705 15,623 16,573
Prepayments and deferred charges - - 1,045 1,434 42,919 8,195 - - 82,244 103,861
Others - - - - - - 31 31
Non-Current Assets - - 10,930,322 12,541,013 9,094,190 9,210,443 21,462 40,310 2,315,447 3,462,071
Long-term receivables, net - - 10,663,467 12,270,653 166,912 158,354 191 191 - -
Long-term investments - - - - 4,959 4,959 - -
Property, plant and equipment - net - - 262,084 265,589 8,914,267 9,037,927 10,184 12,365 2,173,823 3,307,676
Others - - 4,771 4,771 13,011 14,162 6,128 22,795 141,624 154,395
Temporary Registry - - - - 15,702,323 22,663,600 - - - -
Total Assets 4,281 8,389 16,021,205 17,680,823 33,895,861 38,440,703 111,378 154,634 4,161,844 5,361,142
Current liabilities 31 150 13,169,382 14,101,293 8,178,516 6,624,116 38,848 43,985 1,201,824 1,535,790
Trade & non-trade payables 31 150 12,208,262 12,355,827 8,122,301 6,516,132 30,525 35,662 780,462 922,335
Current portion of long-term debt - - 674,254 703,573 45,287 100,572 - - 12,392 204,485
Others - - 286,866 1,041,893 10,928 7,412 8,323 8,323 408,970 408,970
Non-Current Liabilities - - 1,669,811 2,526,151 1,590,660 1,118,990 9,449 8,094 353,015 571,506
Notes payable - - - - - - - -
Loans and advances payable - - 1,611,699 2,454,332 948,896 1,047,846 4,663 4,502 192,080 467,664
Provision for estimated liabilities - - - - 4,786 3,592 - -
Deferred credits - - 58,112 71,819 641,764 71,144 - - 160,935 103,842
Others - - - - - - - -
Total liabilities 31 150 14,839,193 16,627,444 9,769,176 7,743,106 48,297 52,079 1,554,839 2,107,296
Equity 4,250 8,239 1,182,012 1,053,379 8,424,362 8,033,997 63,081 102,555 2,607,005 3,253,846
Temporary Registry 15,702,323 22,663,600
Total liabilities and equity 4,281 8,389 16,021,205 17,680,823 33,895,861 38,440,703 111,378 154,634 4,161,844 5,361,142
95
Cluster B
December 31, 2010
(in thousand pesos)
PNOC EC PMPC PNR PPA PRA (PEA)
2010 2009 2010 2009 2010 2009 2010 2009 2010 2009
(as restated) (as restated) (as restated)
Assets
Current assets 5,938,621 4,415,713 715 696 512,407 1,035,795 4,301,415 4,427,929 8,223,499 7,912,526
Cash and cash equivalents 3,985,907 1,244,805 11 11 55,490 536,085 2,602,512 2,631,731 2,816,053 2,295,390
Short term investments 51,864 742,029 696 679 - - - - - -
Receivables (net) 965,932 1,414,296 8 6 427,910 429,680 1,048,222 1,045,491 1,144,058 1,362,282
Inventories, net 441,734 517,582 - - 4,468 5,521 128,314 130,484 4,240,898 4,229,820
Prepayments and deferred charges 493,184 497,001 - - 24,539 64,509 522,130 619,982 20,937 23,499
Others - - - - 237 241 1,553 1,535
Non-Current Assets 9,240,282 9,086,134 - - 12,959,292 11,998,568 90,656,413 89,301,516 23,744,210 24,852,461
Long-term receivables, net 14,767 33,033 - - - - 12,133,171 13,294,698
Long-term investments 344,326 132,548 - - 3,009,133 1,464,459 548,310 552,536
Property, plant and equipment - net 8,202,849 8,311,186 - - 12,943,323 11,982,599 87,266,901 86,616,988 119,960 103,077
Investment property - - - - - - 8,480,052 8,436,942
Others 678,340 609,367 - - 15,969 15,969 380,379 1,220,069 2,462,717 2,465,208
Total Assets 15,178,903 13,501,847 715 696 13,471,699 13,034,363 94,957,828 93,729,445 31,967,709 32,764,987
Current liabilities 914,761 581,447 1,583 1,559 21,096,479 19,887,435 4,666,749 5,220,189 2,558,504 2,428,544
Trade & non-trade payables 857,116 498,720 1,583 1,559 20,514,469 19,388,555 3,497,067 4,235,239 2,007,232 2,003,812
Current portion of long-term debt - - 538,177 498,703 788,167 728,292 - -
Others 57,645 82,727 - - 43,833 177 381,515 256,658 551,272 424,732
Non-Current Liabilities 2,784,782 2,917,005 - - 3,862,733 4,034,644 11,341,380 11,580,226 16,187,865 17,444,047
Notes payable - - - - 2,000,000 2,000,000 - -
Loans and advances payable 94,394 86,016 - - 3,690,200 3,865,234 8,797,850 9,054,896 1,575,916 1,578,761
Provision for estimated liabilities 73,956 72,749 - - - - 430,497 379,426 - -
Deferred credits 2,616,432 2,758,240 - - 172,533 169,410 113,033 145,904 12,178,788 13,429,634
Others - - - - - - 2,433,161 2,435,652
Total liabilities 3,699,543 3,498,452 1,583 1,559 24,959,212 23,922,079 16,008,129 16,800,415 18,746,369 19,872,591
Equity 11,479,360 10,003,395 (868) (863) (11,487,513) (10,887,716) 78,949,699 76,929,030 13,221,340 12,892,396
Temporary Registry
Total liabilities and equity 15,178,903 13,501,847 715 696 13,471,699 13,034,363 94,957,828 93,729,445 31,967,709 32,764,987
96
Cluster B
December 31, 2010
(in thousand pesos)
PSALM TRANSCO SPDA SBMA
2010 2009 2010 2009 2010 2009 2010 2009
Assets
Current assets 204,089,791 257,884,587 17,737,487 32,341,503 35,315 250,196 969,047 747,843
Cash and cash equivalents 26,782,051 62,032,244 777,955 1,211,886 95 30,091 584,881 271,928
Short term investments - - - - - -
Receivables (net) 149,863,543 176,598,633 13,315,915 28,303,994 34,039 218,305 224,265 329,748
Inventories, net - - 6,375 6,535 842 1,220 128,697 139,061
Prepayments and deferred charges 1,397,993 624,312 3,637,242 2,819,088 164 405 31,204 7,106
Others 26,046,204 18,629,398 175 175 - -
Non-Current Assets 727,460,580 851,115,470 346,197,294 347,991,529 101,919 106,110 28,795,467 29,645,334
Long-term receivables, net 440,233,112 376,762,725 125,703,661 124,519,292 - - 545,998 705,346
Long-term investments 185,784,023 185,474,124 6,896 6,896 14,843 63,261 377,700 491,060
Property, plant and equipment - net 35,761,375 36,466,478 158,218,419 162,150,383 87,076 42,849 27,731,035 28,326,315
Investment property - - - - - -
BOT electric plants under capital lease 51,424,339 237,203,980 - -
Intangible assets - - - - - -
Others 14,257,731 15,208,163 62,268,318 61,314,958 - - 140,734 122,613
Temporary Registry - - - - - - - -
Total Assets 931,550,371 1,109,000,057 363,934,781 380,333,032 137,234 356,306 29,764,514 30,393,177
Current liabilities 203,093,968 155,117,635 13,979,069 16,950,258 23,565 9,201 1,736,363 1,487,880
Trade & non-trade payables 125,234,924 74,690,655 13,975,600 16,950,240 23,204 7,289 1,118,540 1,062,127
Current portion of long-term debt 45,287,726 46,382,819 - - 617,823 425,753
BOT lease obligation 32,571,318 34,044,161 - -
Others 3,469 18 361 1,912 - -
Current liabilities of Water Districts - - - -
Non-Current Liabilities 688,555,968 903,563,063 160,301,328 162,906,734 36 36 12,580,085 12,446,664
Notes payable - - - -
Bonds payable 266,091,927 279,023,696 - - - -
Loans and advances payable 2,390,470 4,557,917 152,445,784 159,385,978 - - 10,181,933 10,166,936
Provision for estimated liabilities - - - -
Deferred credits 1,200,569 167,499,209 7,855,544 3,520,756 36 36 2,398,152 2,279,728
Contract payable - - - -
Others 57,218,509 44,984,517 - - - -
Total liabilities 891,649,936 1,058,680,698 174,280,397 179,856,992 23,601 9,237 14,316,448 13,934,544
Equity 39,900,435 50,319,359 189,654,384 200,476,040 113,633 347,069 15,448,066 16,458,633
Temporary Registry - -
Total liabilities and equity 931,550,371 1,109,000,057 363,934,781 380,333,032 137,234 356,306 29,764,514 30,393,177
97
Cluster B
December 31, 2010
(in thousand pesos)
SRA ZCSEZA Water Districts
2010 2009 2010 2009 2010 2009
Assets
Current assets 225,051 211,060 49,543 83,119 8,591,575 8,180,146
Cash and cash equivalents 188,715 172,918 28,869 8,568 3,635,592 3,814,427
Short term investments 30,378 29,519 - - 615,414 452,652
Receivables (net) 2,680 4,743 15,218 68,668 2,766,282 2,508,021
Inventories, net 1,576 2,249 2,518 2,982 1,175,365 1,009,545
Prepayments and deferred charges 1,702 1,631 2,938 2,901 248,009 257,863
Others - - - - 150,913 137,638
Non-Current Assets 255,202 301,389 607,683 583,373 36,539,831 33,850,498
Long-term receivables, net - - - - 12,336 12,831
Long-term investments - - - - 584,366 536,925
Property, plant and equipment - net 255,202 301,389 607,683 583,373 32,513,000 29,703,051
Investment property - - - - - -
BOT electric plants under capital lease - - - - - -
Intangible assets - - - - 207,917 249,723
Others - - - - 3,222,212 3,347,968
Temporary Registry - - - - - -
Total Assets 480,253 512,449 657,226 666,492 45,131,406 42,030,644
Current liabilities 106,181 129,266 17,186 8,083 3,692,385 3,423,378
Trade & non-trade payables 65,117 98,312 17,186 8,083 3,313,598 3,101,955
Current portion of long-term debt - - - - - -
BOT lease obligation - - - - - -
Others 41,064 30,954 - - 378,787 321,423
Current liabilities of Water Districts - - - - - -
Non-Current Liabilities - - 39 39 20,189,213 19,696,629
Notes payable - - - - 13,667 9,035
Mortgage payable - - - - 17,766 20,633
Bonds payable - - - - 72,986 79,967
Loans and advances payable - - - - 18,862,061 18,403,782
Provision for estimated liabilities - - - -
Deferred credits - - 39 39 622,819 601,853
Contract payable - - - - 43,786 35,420
Others - - - - 556,128 545,939
Total liabilities 106,181 129,266 17,225 8,122 23,881,598 23,120,007
Equity 374,072 383,183 640,001 658,370 21,249,808 18,910,637
Temporary Registry - - - - - -
Total liabilities and equity 480,253 512,449 657,226 666,492 45,131,406 42,030,644
98
Cluster B
Summary Statement of Income and Expenses
(In thousand pesos)
Total
Notes 2010 2009
Income 148,233,374 147,635,525

Gains and premiums 17 20,261,124 37,816,740
Others 18 31,932,793 6,339,096
148,233,374 147,635,525
Less: Share of national government (905,360) (840,456)
Income after share of National Government 147,328,014 146,795,069
Expenses 139,514,473 110,118,522

Personal services 19 14,132,912 13,758,335
Maintenance and other operating expenses 20 42,683,340 39,880,491
Others 21 21,997,114 3,803,177
Net income (loss) before subsidy 7,813,541 36,676,547
Subsidy income 1,395,589 2,498,203
Net income (loss) before tax 9,209,130 39,174,750
Income Tax Expense (2,892,902) (2,962,716)
Net income (loss) after tax 6,316,228 36,212,034
99
Cluster B
(In thousand pesos)
APECO BCDA BTPI CDC

2009
2010 2009 2010 2010 2009 2010 2009
(as restated)
Income 3,545 3,590 2,736,974 3,261,884 1,694 1,139 1,063,617 994,886

Business and service income - - 986,450 1,005,983 1,664 1,084 898,673 921,243
Gains and premiums - - 1,635 865,937 - - - -
Others 3,545 3,590 1,748,889 1,389,964 30 55 164,944 73,643
3,545 3,590 2,736,974 3,261,884 1,694 1,139 1,063,617 994,886
Less: Share of national government - - - - - - - -
Income after share of National Government 3,545 3,590 2,736,974 3,261,884 1,694 1,139 1,063,617 994,886
Expenses 45,391 26,608 6,215,733 2,999,585 60,883 59,336 865,487 852,941

Business expenses - - - - - - - -
Maintenance and other operating expenses 32,666 21,132 3,016,890 2,472,471 51,191 49,300 351,881 390,791
Financial expenses 2 - 614,454 42,917 27 26 7,614 41
Others - - 2,289,964 300,000 - - 1,777 11,453
Net income (loss) before subsidy (41,846) (23,018) (3,478,759) 262,299 (59,189) (58,197) 198,130 141,945
Subsidy income 22,500 - 175,358 169,198 - - - -
Net income (loss) before tax (19,346) (23,018) (3,303,401) 431,497 (59,189) (58,197) 198,130 141,945
Income Tax Expense - - (3,932) - - - (21,188) (20,287)
Net income (loss) after tax (19,346) (23,018) (3,307,333) 431,497 (59,189) (58,197) 176,942 121,658
100
Cluster B
(In thousand pesos)
CIAC JHMC NORTHRAIL PPMC
2010 2009 2010 2009 2010 2009 2010 2009
Income 314,016 352,085 40,709 28,920 504,068 158,269 51,789 55,673

Business and service income 311,758 341,912 40,383 28,097 - - 51,295 55,114
Gains and premiums - - - - 465,233 98,974 - -
Others 2,258 10,173 326 823 38,835 59,295 494 559
314,016 352,085 40,709 28,920 504,068 158,269 51,789 55,673
Income after share of National Government 314,016 352,085 40,709 28,920 504,068 158,269 51,789 55,673
Expenses 442,519 478,527 54,359 43,151 - - 53,930 53,317

Personal services 189,857 200,158 20,500 14,942 - - 20,437 18,787
Maintenance and other operating expenses 233,183 251,971 33,527 28,018 - - 32,167 29,485
Financial expenses 19,479 26,398 2 3 - - - -
Others - - 330 188 - - 1,326 5,045
Net income (loss) before subsidy (128,503) (126,442) (13,650) (14,231) 504,068 158,269 (2,141) 2,356
Net income (loss) before tax (128,503) (126,442) (13,650) (14,231) 504,068 158,269 (2,141) 2,356
Income Tax Expense - (264) - - - - (998) (1,080)
Net income (loss) after tax (128,503) (126,706) (13,650) (14,231) 504,068 158,269 (3,139) 1,276
101
Cluster B
(In thousand pesos)
CEZA NLPCSI CPA CAAP
2010 2009 2010 2009 2010 2009 2010 2009
Income 156,945 170,017 322 333 707,443 643,506 3,678,673 3,826,064

Business and service income 135,400 145,123 - - 702,690 640,471 3,594,365 3,767,547
Gains and premiums - 36 - - 1,649 1,518 - -
Others 21,545 24,858 322 333 3,104 1,517 84,308 58,517
156,945 170,017 322 333 707,443 643,506 3,678,673 3,826,064
Income after share of National Government 156,945 170,017 322 333 707,443 643,506 3,678,673 3,826,064
Expenses 157,626 140,359 136 95 419,399 348,474 2,261,642 2,586,031

Personal services 17,984 16,662 40 10 81,834 82,795 1,152,606 1,264,734
Maintenance and other operating expenses 127,109 114,594 96 85 337,425 264,586 1,032,374 1,153,571
Financial expenses 4,798 7,526 - - 140 1,005 3,875 2,823
Others 7,735 1,577 - - - 88 72,787 164,903
Net income (loss) before subsidy (681) 29,658 186 238 288,044 295,032 1,417,031 1,240,033
Subsidy income - 100,000 - - - - 643 566
Net income (loss) before tax (681) 129,658 186 238 288,044 295,032 1,417,674 1,240,599
Income Tax Expense (1,690) (8,442) - - (83,565) (84,957) - -
Net income (loss) after tax (2,371) 121,216 186 238 204,479 210,075 1,417,674 1,240,599
102
Cluster B
(In thousand pesos)
DISCCBGSI LLDA LRTA LWUA
2010 2009 2010 2009 2010 2009 2010 2009
Income 164,542 173,524 187,710 198,634 3,289,690 4,044,174 1,723,666 1,731,577

Business and service income 164,542 173,524 187,710 198,634 3,079,161 2,940,781 1,720,227 1,728,793
Gains and premiums - - - - - 1,005,090 424 -
Others - - - - 210,529 98,303 3,015 2,784
164,542 173,524 187,710 198,634 3,289,690 4,044,174 1,723,666 1,731,577
Income after share of National Government 164,542 173,524 187,710 198,634 3,289,690 4,044,174 1,723,666 1,731,577
Expenses 147,755 152,428 149,033 141,414 9,221,539 5,162,215 1,388,501 1,637,968

Business expenses 117,388 127,938 - - 706,416 547,018 - -
Financial expenses 12 24 102 63 2,080,476 1,763,519 438,261 485,808
Others - - - 7,700 2,289,762 - - -
Net income (loss) before subsidy 16,787 21,096 38,677 57,220 (5,931,849) (1,118,041) 335,165 93,609
Subsidy income - - - - - 223,778 - -
Net income (loss) before tax 16,787 21,096 38,677 57,220 (5,931,849) (894,263) 335,165 93,609
Income Tax Expense (5,036) (6,329) (9,219) (12,977) - - (98,945) (24,310)
Net income (loss) after tax 11,751 14,767 29,458 44,243 (5,931,849) (894,263) 236,220 69,299
103
Cluster B
(In thousand pesos)
LCI MCIAA MIAA MRHI
2010 2009 2010 2009 2010 2009 2010 2009
Income 6,834 - 1,226,382 1,098,721 7,116,243 6,658,201 16,400 17,856

Business and service income 6,755 - 1,185,844 1,062,593 7,898,169 7,373,391 16,400 17,856
Gains and premiums - - 395 9,367 1,099 - - -
Others 79 - 40,143 26,761 109,477 122,806 - -
6,834 - 1,226,382 1,098,721 8,008,745 7,496,197 16,400 17,856
Less: Share of national government - - - - (892,502) (837,996) - -
Income after share of National Government 6,834 - 1,226,382 1,098,721 7,116,243 6,658,201 16,400 17,856
Expenses 25,333 - 559,599 573,453 6,050,352 5,496,930 15,519 20,003

Business expenses - - - - - - 5,846 7,125
Personal services 2,771 - 200,363 191,299 988,741 886,785 5,360 7,012
Maintenance and other operating expenses 22,562 - 359,041 381,964 3,945,976 4,167,534 4,313 5,866
Financial expenses - - 195 190 327,155 329,574 - -
Others - - - - 788,480 113,037 - -
Net income (loss) before subsidy (18,499) - 666,783 525,268 1,065,891 1,161,271 881 (2,147)
Net income (loss) before tax (18,499) - 666,783 525,268 1,065,891 1,161,271 881 (2,147)
Income Tax Expense - - (200,035) (183,844) (526,382) (419,493) - -
Net income (loss) after tax (18,499) - 466,748 341,424 539,509 741,778 881 (2,147)
104
Cluster B
(In thousand pesos)
MWSS NDC BLCI FCIEI
2010 2009 2010 2009 2010 2009 2010 2009
Income 2,419,463 2,999,922 931,281 589,282 35,069 24,156 597 650

Business and service income 2,298,072 2,518,870 742,280 574,979 34,534 23,908 - -
Gains and premiums 121,271 479,415 188,452 14,150 - - - -
Others 120 1,637 549 153 535 248 597 650
2,419,463 2,999,922 931,281 589,282 35,069 24,156 597 650
Income after share of National Government 2,419,463 2,999,922 931,281 589,282 35,069 24,156 597 650
Expenses 2,417,910 2,600,541 707,766 786,509 1,932 23,601 3,375 750

Personal services 248,465 211,533 12,487 10,559 647 576 298 268
Maintenance and other operating expenses 1,846,869 1,920,123 90,934 201,255 1,279 23,022 3,073 480
Financial expenses 322,576 468,885 398,916 478,193 6 3 4 2
Others - - 205,429 96,502 - - - -
Net income (loss) before subsidy 1,553 399,381 223,515 (197,227) 33,137 555 (2,778) (100)
Net income (loss) before tax 1,553 399,381 223,515 (197,227) 33,137 555 (2,778) (100)
Income Tax Expense - - (28,610) 11,801 (9,784) (117) - -
Net income (loss) after tax 1,553 399,381 194,905 (185,426) 23,353 438 (2,778) (100)
105
Cluster B
(In thousand pesos)
GYREI IIGSI KRC LINSI
2010 2009 2010 2009 2010 2009 2010 2009
Income 402 402 2 1 3,884 3,913 52 62

Business and service income - - - - - - - -
Gains and premiums - - - - - - - -
Others 402 402 2 1 3,884 3,913 52 62
402 402 2 1 3,884 3,913 52 62
Income after share of National Government 402 402 2 1 3,884 3,913 52 62
Expenses 331 314 41 12 1,336 1,070 151 172

Personal services 43 41 - - 40 36 109 124
Maintenance and other operating expenses 287 272 41 12 1,292 1,030 41 48
Financial expenses 1 1 - - 4 4 1 -
Others - - - - - - - -
Net income (loss) before subsidy 71 88 (39) (11) 2,548 2,843 (99) (110)
Net income (loss) before tax 71 88 (39) (11) 2,548 2,843 (99) (110)
Income Tax Expense (20) (25) - - (698) (750) - -
Net income (loss) after tax 51 63 (39) (11) 1,850 2,093 (99) (110)
106
Cluster B
(In thousand pesos)
MGC NPCTI NSLC NTFC
2010 2009 2010 2009 2010 2009 2010 2009
Income 12,874 13,406 396 614 294 408 54 63

Others 12,874 13,406 396 614 294 408 54 63
12,874 13,406 396 614 294 408 54 63
Income after share of National Government 12,874 13,406 396 614 294 408 54 63
Expenses 7,025 7,429 140 158 208 203 233 214

Personal services 345 302 109 124 138 122 138 123
Maintenance and other operating expenses 6,632 7,125 25 29 66 76 94 90
Financial expenses 2 2 6 5 4 5 1 1
Others 46 - - - - - - -
Net income (loss) before subsidy 5,849 5,977 256 456 86 205 (179) (151)
Net income (loss) before tax 5,849 5,977 256 456 86 205 (179) (151)
Income Tax Expense - - - - - - - -
Net income (loss) after tax 5,849 5,977 256 456 86 205 (179) (151)
107
Cluster B
(In thousand pesos)
NPIC PNL PRC TABASCO
2010 2009 2010 2009 2010 2009 2010 2009
Income 1,459 2,019 3,297 3,646 698 698 173 236

Others 1,459 2,019 3,297 3,646 698 698 173 236
1,459 2,019 3,297 3,646 698 698 173 236
Income after share of National Government 1,459 2,019 3,297 3,646 698 698 173 236
Expenses 1,002 927 159 172 622 607 134 152

Personal services 727 610 49 96 40 36 109 124
Maintenance and other operating expenses 275 317 110 52 582 571 23 27
Financial expenses - - - - - - 2 1
Others - - - 24 - - - -
Net income (loss) before subsidy 457 1,092 3,138 3,474 76 91 39 84
Net income (loss) before tax 457 1,092 3,138 3,474 76 91 39 84
Income Tax Expense - - - - (22) (27) - -
Net income (loss) after tax 457 1,092 3,138 3,474 54 64 39 84
108
Cluster B
(In thousand pesos)
NEA NPC PADC PEZA

2009
2010 2010 2009 2010 2009 2010 2009
(as restated)
Income 706,390 719,418 6,084,856 4,437,522 43,778 28,735 6,290,914 5,762,440

Business and service income 13,051 38,755 5,942,887 4,435,350 3,693 2,334 5,540,624 4,776,785
Gains and premiums 97,593 105,343 141,838 1,579 - - 1,879 24,396
Others 595,746 575,320 131 593 40,085 26,401 748,411 961,259
706,390 719,418 6,084,856 4,437,522 43,778 28,735 6,290,914 5,762,440
Income after share of National Government 706,390 719,418 6,084,856 4,437,522 43,778 28,735 6,290,914 5,762,440
Expenses 563,628 884,582 8,865,253 7,311,667 84,047 33,228 5,697,435 5,238,856

Maintenance and other operating expenses 134,657 552,264 1,301,877 329,365 34,105 10,965 5,093,524 4,687,180
Financial expenses 215,714 164,902 189,485 33,635 1 3 13,879 55,902
Others 29,503 - 91,799 67,922 183 122 22,895 -
Net income (loss) before subsidy 142,762 (165,164) (2,780,397) (2,874,145) (40,269) (4,493) 593,479 523,584
Subsidy income 10,141 526,154 - - - - - -
Net income (loss) before tax 152,903 360,990 (2,780,397) (2,874,145) (40,269) (4,493) 593,479 523,584
Income Tax Expense (11,832) (39,350) - - - - (172,556) (151,042)
Net income (loss) after tax 141,071 321,640 (2,780,397) (2,874,145) (40,269) (4,493) 420,923 372,542
109
Cluster B
(In thousand pesos)
PNOC - EC PMPC PNR PPA

2009 2009
2010 2009 2010 2009 2010 2010
(as restated) (as restated)
Income 9,064,194 6,822,492 19 19 242,417 181,492 8,295,627 7,435,921

Business and service income 8,788,252 6,684,973 - - 102,583 17,698 8,106,211 6,969,311
Gains and premiums 26,804 5,032 - - 222 11,571 141 306,810
Others 261,996 134,947 19 19 139,612 152,223 189,275 159,800
9,077,052 6,824,952 19 19 242,417 181,492 8,295,627 7,435,921
Less: Share of national government (12,858) (2,460) - - - - - -
Income after share of National Government 9,064,194 6,822,492 19 19 242,417 181,492 8,295,627 7,435,921
Expenses 5,613,620 4,128,563 24 17 882,484 691,988 6,327,220 5,353,217

Business expenses 4,891,672 3,478,164 - - - - - -
Personal services 196,595 185,502 - - 98,526 100,299 1,313,540 1,242,470
Maintenance and other operating expenses 294,298 359,359 24 17 153,928 104,615 3,988,812 3,597,696
Financial expenses 12,288 - - - 614,970 487,074 484,948 511,960
Others 218,767 105,538 - - 15,060 - 539,920 1,091
Net income (loss) before subsidy 3,450,574 2,693,929 (5) 2 (640,067) (510,496) 1,968,407 2,082,704
Subsidy income - - - - 98,656 1,326,464 - -
Net income (loss) before tax 3,450,574 2,693,929 (5) 2 (541,411) 815,968 1,968,407 2,082,704
Income Tax Expense (973,607) (894,822) - - - - (476,544) (469,867)
Net income (loss) after tax 2,476,967 1,799,107 (5) 2 (541,411) 815,968 1,491,863 1,612,837
110
Cluster B
(In thousand pesos)
PRA(PEA) PSALM TRANSCO SPDA

2009
2010 2010 2009 2010 2009 2010 2009
(as restated)
Income 1,152,693 2,514,858 50,973,887 52,965,636 18,422,790 20,083,973 5,317 5,335

Business and service income 1,075,210 1,380,425 5,108,814 18,056,955 18,237,681 19,744,351 1,503 141
Gains and premiums - 1,069,150 19,204,838 33,496,723 121 4,689 2,705 3,635
Others 77,483 65,283 26,660,235 1,411,958 184,988 334,933 1,109 1,559
1,152,693 2,514,858 50,973,887 52,965,636 18,422,790 20,083,973 5,317 5,335
Income after share of National Government 1,152,693 2,514,858 50,973,887 52,965,636 18,422,790 20,083,973 5,317 5,335
Expenses 212,042 333,026 56,432,520 37,547,055 4,746,127 7,279,251 53,713 60,136

Maintenance and other operating expenses 129,253 178,860 1,473,737 2,130,551 4,552,312 4,644,113 33,944 46,434
Financial expenses 4,959 3,773 25,696,946 22,550,105 3,660 5,953 26 30
Others - - 14,571,173 - 30,464 2,405,623 - -
Net income (loss) before subsidy 940,651 2,181,832 (5,458,633) 15,418,581 13,676,663 12,804,722 (48,396) (54,801)
Subsidy income - - - - 1,024,563 - 30,000 121,943
Net income (loss) before tax 940,651 2,181,832 (5,458,633) 15,418,581 14,701,226 12,804,722 (18,396) 67,142
Income Tax Expense (261,375) (634,967) - - - - - -
Net income (loss) after tax 679,276 1,546,865 (5,458,633) 15,418,581 14,701,226 12,804,722 (18,396) 67,142
111
Cluster B
(In thousand pesos)
SBMA SRA ZCSEZA Water Districts
2010 2009 2010 2009 2010 2009 2010 2009
Income 1,489,013 2,051,867 287,755 268,008 8,769 5,382 17,858,338 16,453,440

Business and service income 1,238,454 1,464,066 278,494 256,290 8,769 5,382 17,536,859 16,126,970
Gains and premiums 597 303,797 1,774 1,472 - - 2,454 8,056
Others 249,962 284,004 7,487 10,246 - - 319,025 318,414
1,489,013 2,051,867 287,755 268,008 8,769 5,382 17,858,338 16,453,440
Income after share of National Government 1,489,013 2,051,867 287,755 268,008 8,769 5,382 17,858,338 16,453,440
Expenses 2,692,243 2,463,566 295,071 284,326 57,401 57,479 15,714,544 14,255,899

Business expenses - - - - - -
Personal services 685,416 706,228 173,011 160,174 31,036 27,416 5,172,569 4,866,324
Financial expenses 254,286 274,577 - - - - 1,709,272 1,702,314
Others 815,870 515,389 - - 33 11 3,811 6,964
Net income (loss) before subsidy (1,203,230) (411,699) (7,316) (16,318) (48,632) (52,097) 2,143,794 2,197,541
Subsidy income - - - - 30,000 30,000 3,728 100
Net income (loss) before tax (1,203,230) (411,699) (7,316) (16,318) (18,632) (22,097) 2,147,522 2,197,641
Income Tax Expense (419) (5,681) - - - - (6,445) (15,886)
Net income (loss) after tax (1,203,649) (417,380) (7,316) (16,318) (18,632) (22,097) 2,141,077 2,181,755
112
Cluster B
Period Ended December 31, 2010
(In thousand pesos)
Total
Note 2010 2009

Government equity
Share capital
Contingent capital
Additions/deductions 231 -
Share premium
Invested capital
Appraisal increment
Donated capital
Miscellaneous surplus
Surplus reserves/appropriated RE
Retained earnings (deficit) 16
Additions/deductions (54,462,163) 50,785,716
Treasury shares
Balance, end of period (735) (735)
113
Note 2010 2009
Restricted capital
Deposits for future subscriptions
Total equity 530,569,796 543,570,392
See notes to summary financial statements 1,074,140,188
114
Cluster B
(In thousand pesos)
APECO BCDA BTPI CDC
2010 2009 2010 2009 2010 2009 2010 2009

Government equity
Balance, beginning of period - - 74,928,710 67,674,911
Additions/deductions - - 245,332 7,253,799
Share capital
Balance, beginning of period - - - - 100,000 100,000 2,813,507 2,813,507
Additions/deductions - - - -
Balance, end of period - - - - 100,000 100,000 2,813,507 2,813,507
Contingent capital
Balance, beginning of period - - - - - - - -
Balance, end of period - - - - - - - -
Share premium
Invested capital
Appraisal increment
Additions/deductions - - 9,906,502 - - - - -
Balance, end of period - - 9,906,502 - - - - -
Donated capital
115
APECO BCDA BTPI CDC
2010 2009 2010 2009 2010 2009 2010 2009

Additions/deductions - - - - - - -
Retained earnings (deficit)
Balance, beginning of period 325,490 198,525 (3,043,091) (3,257,814) (398,878) (323,166) 639,663 519,004
Additions/deductions 117,127 126,965 (3,307,333) 214,723 (62,967) (75,712) (257,089) 120,659
Balance, end of period 442,617 325,490 (6,350,424) (3,043,091) (461,845) (398,878) 382,574 639,663
Treasury shares
Restricted capital
Additions/deductions - - - - - -
Total equity 442,617 325,490 78,731,258 71,886,757 (361,845) (298,878) 3,399,548 3,656,637
See notes to summary financial statements
116
Cluster B
(In thousand pesos)
2010 2009 2010 2009 2010 2009 2010 2009

Government equity
Balance, end of period - - - - 3,888,308 3,389,248 - -
Share capital
Additions/deductions
Contingent capital
Balance, beginning of period - -
Share premium
Invested capital
Appraisal increment
Balance, beginning of period - - - -
Additions/deductions - - - -
Donated capital
Balance, beginning of period - - 692 692
Balance, end of period - - - - - - 692 692
117
2010 2009 2010 2009 2010 2009 2010 2009

Balance, beginning of period - - - - 15,000 15,000
Balance, beginning of period -
Additions/deductions -
Balance, beginning of period (714,878) (469,503) (262,497) (248,539) 114,715 (43,554) (39,767) (38,914)
Additions/deductions (117,065) (245,375) (24,871) (13,958) 703,502 158,269 (3,437) (853)
Balance, end of period (831,943) (714,878) (287,368) (262,497) 818,217 114,715 (43,204) (39,767)
Treasury shares
Restricted capital
Balance, beginning of period - - 252,768 252,352 - - 10,083 691
Additions/deductions - - - 416 - - 3,967 9,392
Balance, end of period - - 252,768 252,768 - - 14,050 10,083
Total equity (830,693) (713,628) 85,400 110,271 4,806,525 3,603,963 66,538 66,008
118
Cluster B
(In thousand pesos)
2010 2009 2010 2009 2010 2009 2010 2009

Government equity
Balance, beginning of period 26,741 26,741 - - -
Additions/deductions 6,715
Share capital
Balance, beginning of period 2,196,717 918,930 40,000 40,000 4,159,926 4,159,926 12,153,066 7,726,976
Additions/deductions 1,332,910 1,277,787 911,060 4,426,090
Balance, end of period 3,529,627 2,196,717 40,000 40,000 4,159,926 4,159,926 13,064,126 12,153,066
Contingent capital
Balance, beginning of period
Share premium
Invested capital
Appraisal increment
Donated capital
119
2010 2009 2010 2009 2010 2009 2010 2009

Balance, beginning of period 358,878 238,836 (4,955) (5,193) 525,361 431,726 1,922,184 943,310
Additions/deductions (38,093) 120,042 186 238 87,522 93,635 1,053,096 978,874
Balance, end of period 320,785 358,878 (4,769) (4,955) 612,883 525,361 2,975,280 1,922,184
Treasury shares
Restricted capital
Total equity 3,883,868 2,582,336 35,231 35,045 4,772,809 4,685,287 16,039,406 14,075,250
120
Cluster B
(In thousand pesos)
DCBGSI LLDA LRTA LWUA
2010 2009 2010 2009 2010 2009 2010 2009

Government equity
Share capital
Balance, beginning of period 97,014 97,014 387,142 387,142 2,985,546 2,985,546 2,500,000 2,500,000
Balance, end of period 97,014 97,014 387,142 387,142 2,985,546 2,985,546 2,500,000 2,500,000
Contingent capital
Share premium
Invested capital
Appraisal increment
Donated capital
Balance, beginning of period 23 177 3,192,688 3,020,677
Additions/deductions (154) - 172,011
Balance, end of period - - - - 23 23 3,192,688 3,192,688
121
DCBGSI LLDA LRTA LWUA
2010 2009 2010 2009 2010 2009 2010 2009

Additions/deductions - - - - - -
Balance, beginning of period - - 61,370 61,370
Balance, end of period - - - - - - -
Balance, beginning of period (60,844) (78,442) 126,415 41,576 (17,179,119) (15,707,046) (2,138) (14,138)
Additions/deductions 11,553 17,598 10,241 84,839 (5,776,994) (1,472,073) 201,634 12,000
Balance, end of period (49,291) (60,844) 136,656 126,415 (22,956,113) (17,179,119) 199,496 (2,138)
Treasury shares
Restricted capital
Balance, beginning of period - - 26,180 25,469
Additions/deductions - - (2,136) 711
Total equity 47,723 36,170 547,842 539,737 (16,900,234) (11,123,240) 5,953,554 5,751,920
122
Cluster B
(In thousand pesos)
LCI MCIAA MIAA MRHI
2010 2009 2010 2009 2010 2009 2010 2009

Government equity
Balance, beginning of period - - 7,191,934 7,191,934 -
Additions/deductions - - -
Share capital
Balance, beginning of period - 1,724,121 1,724,121 7,233 7,233
Balance, end of period 31,250 - 1,724,121 1,724,121 - - 7,233 7,233
Contingent capital
Additions/deductions 241
Share premium
Invested capital
Balance, beginning of period - - 2,867,516 2,867,516 - -
Appraisal increment
Donated capital
123
LCI MCIAA MIAA MRHI
2010 2009 2010 2009 2010 2009 2010 2009

Balance, beginning of period - - 1,215,111 725,525 9,789,300 9,572,803 16,368 18,730
Additions/deductions (18,499) - 44,004 489,586 (735,259) 216,497 881 (2,362)
Balance, end of period (18,499) - 1,259,115 1,215,111 9,054,041 9,789,300 17,249 16,368
Treasury shares
Restricted capital
Total equity 12,751 - 5,853,867 5,809,622 16,526,039 17,261,298 38,332 37,451
124
Cluster B
(In thousand pesos)
MWSS NDC BLCI FCIEI
2010 2009 2010 2009 2010 2009 2010 2009

Government equity
Share capital
Balance, beginning of period 6,095,487 6,095,487 36,623 36,623 10,000 10,000
Balance, end of period 6,095,487 6,095,487 - - 36,623 36,623 10,000 10,000
Contingent capital
Share premium
Invested capital
Appraisal increment
Balance, beginning of period 28,656,079 28,656,079 28,883 28,883
Balance, end of period 28,656,079 28,656,079 28,883 28,883 - - - -
Donated capital
Balance, end of period 1,046,971 1,046,971 112,740 112,740 - - - -
125
MWSS NDC BLCI FCIEI
2010 2009 2010 2009 2010 2009 2010 2009

Balance, beginning of period (1,563,295) (1,839,948) (7,875,433) (7,443,922) 3,900 3,822 (648) (620)
Additions/deductions (712,509) 276,653 208,939 (431,511) (1,247) 78 (6,345) (28)
Balance, end of period (2,275,804) (1,563,295) (7,666,494) (7,875,433) 2,653 3,900 (6,993) (648)
Treasury shares
Restricted capital
Total equity 33,522,733 34,235,242 1,077,932 868,993 39,276 40,523 3,007 9,352
126
Cluster B
(In thousand pesos)
2010 2009 2010 2009 2010 2009 2010 2009

Government equity
Share capital
Contingent capital
Share premium
Invested capital
Appraisal increment
Balance, beginning of period 14,336 -
Donated capital
127
2010 2009 2010 2009 2010 2009 2010 2009

Balance, beginning of period 545 561 (77,782) (61,062) 4,144 3,732 (11,462) (11,348)
Additions/deductions 50 (16) (46) (16,720) (243) 412 595 (114)
Balance, end of period 595 545 (77,828) (77,782) 3,901 4,144 (10,867) (11,462)
Treasury shares
Restricted capital
Total equity 9,681 9,631 (59,191) (59,145) 10,634 10,877 (9,367) (9,962)
128
Cluster B
(In thousand pesos)
MGC NPCTI NSLC NTFC
2010 2009 2010 2009 2010 2009 2010 2009

Government equity
Share capital
Contingent capital
Share premium
Invested capital
Appraisal increment
Balance, beginning of period 177,757 -
Donated capital
129
MGC NPCTI NSLC NTFC
2010 2009 2010 2009 2010 2009 2010 2009

Balance, beginning of period 387,579 475,422 (96,969) (97,414) (6,890) (7,093) (35,544) (35,389)
Additions/deductions (27,771) (87,843) 247 445 77 203 (188) (155)
Balance, end of period 359,808 387,579 (96,722) (96,969) (6,813) (6,890) (35,732) (35,544)
Treasury shares
Restricted capital
Total equity 657,565 685,336 (56,722) (56,969) (4,313) (4,390) (33,232) (33,044)
130
Cluster B
(In thousand pesos)
2010 2009 2010 2009 2010 2009 2010 2009

Government equity
Share capital
Additions/deductions (4,100)
Balance, end of period 80,000 80,000 49,000 49,000 2,252 2,252 650 4,750
Contingent capital
Share premium
Invested capital
Appraisal increment
Donated capital
131
2010 2009 2010 2009 2010 2009 2010 2009

Balance, beginning of period (21,683) (22,775) 53,330 49,856 301 244 3,489 3,405
Additions/deductions (1,468) 1,092 (44,826) 3,474 54 57 111 84
Balance, end of period (23,151) (21,683) 8,504 53,330 355 301 3,600 3,489
Treasury shares
Restricted capital
Total equity 56,849 58,317 57,504 102,330 2,607 2,553 4,250 8,239
132
Cluster B
(In thousand pesos)
NEA NPC PADC PEZA
2010 2009 2010 2009 2010 2009 2010 2009

Government equity
Balance, beginning of period 5,148,021 5,148,021 - 2,136,008 2,136,008
Balance, end of period 5,148,021 5,148,021 - - - - 2,136,008 2,136,008
Share capital
Balance, end of period - - 27,048,871 27,048,871 257,667 257,667 - -
Contingent capital
Additions/deductions (10)
Share premium
Invested capital
Appraisal increment
Donated capital
Balance, beginning of period - 274,320 274,320
Additions/deductions 4,158 (274,320)
Balance, end of period - - 4,158 - - - - 274,320
133
NEA NPC PADC PEZA
2010 2009 2010 2009 2010 2009 2010 2009

Balance, beginning of period (4,094,642) (4,358,092) (21,238,741) (18,440,314) (155,112) (145,320) 843,518 521,441
Additions/deductions 128,633 263,450 386,217 (2,798,427) (39,474) (9,792) (372,521) 322,077
Balance, end of period (3,966,009) (4,094,642) (20,852,524) (21,238,741) (194,586) (155,112) 470,997 843,518
Treasury shares
Restricted capital
Total equity 1,182,012 1,053,379 8,424,362 8,033,997 63,081 102,555 2,607,005 3,253,846
134
Cluster B
(In thousand pesos)
PNOC EC PMPC PNR PPA
2010 2009 2010 2009 2010 2009 2010 2009

Government equity
Balance, beginning of period 903 903
Balance, end of period - - - - 903 903 - -
Share capital
Balance, beginning of period 2,002,253 2,002,253 625 625 1,500,000 1,500,000 4,312,337 4,312,418
Additions/deductions (81)
Balance, end of period 2,002,253 2,002,253 625 625 1,500,000 1,500,000 4,312,337 4,312,337
Contingent capital
Share premium
Invested capital
Appraisal increment
Balance, beginning of period 1,023,588 1,023,588 57,635,543 57,623,437
Additions/deductions (650) 12,106
Balance, end of period - - - - 1,023,588 1,023,588 57,634,893 57,635,543
Donated capital
Balance, beginning of period 89,308 89,308 845,328 845,078
Additions/deductions 96 250
Balance, end of period 89,308 89,308 - - - - 845,424 845,328
135
2010 2009 2010 2009 2010 2009 2010 2009

Balance, beginning of period 6,200,000 5,800,000 -
Balance, beginning of period 1,690,144 1,888,984 (1,488) (1,490) (13,412,207) (13,384,213) 14,135,822 14,033,813
Additions/deductions 175,965 (198,840) (5) 2 (599,797) (27,994) 2,021,223 102,009
Balance, end of period 1,866,109 1,690,144 (1,493) (1,488) (14,012,004) (13,412,207) 16,157,045 14,135,822
Treasury shares
Balance, end of period (735) (735) - - - - - -
Restricted capital
Total equity 11,479,360 10,003,395 (868) (863) (11,487,513) (10,887,716) 78,949,699 76,929,030
136
Cluster B
(In thousand pesos)
PRA (PEA) PSALM TRANSCO SPDA
2010 2009 2010 2009 2010 2009 2010 2009

Government equity
Balance, beginning of period - 190,217,244 185,269,004 -
Additions/deductions 216,387 4,948,240
Share capital
Balance, beginning of period 3,248,276 3,248,276 (22,485,735) (73,841,013) - -
Additions/deductions (67,365) 51,355,278
Balance, end of period 3,248,276 3,248,276 (22,553,100) (22,485,735) - - - -
Contingent capital
Share premium
Invested capital
Appraisal increment
Balance, beginning of period - 22,733
Additions/deductions 27,451,371 (141,642) 22,733
Balance, end of period - - 27,451,371 - (118,909) 22,733 - -
Donated capital
137
2010 2009 2010 2009 2010 2009 2010 2009

Balance, beginning of period - - - - - -
Balance, beginning of period - - - - - -
Balance, beginning of period 9,644,120 11,921,438 72,805,094 30,406,902 10,236,063 - 347,069 289,973
Additions/deductions 328,944 (2,277,318) (37,802,930) 42,398,192 (10,896,401) 10,236,063 (233,436) 57,096
Balance, end of period 9,973,064 9,644,120 35,002,164 72,805,094 (660,338) 10,236,063 113,633 347,069
Treasury shares
Restricted capital
Total equity 13,221,340 12,892,396 39,900,435 50,319,359 189,654,384 200,476,040 113,633 347,069
138
Cluster B
(In thousand pesos)
2010 2009 2010 2009 2010 2009 2010 2009

Government equity
Balance, beginning of period - 52,454 52,454 760,500 700,500 4,137,950 4,028,299
Additions/deductions 60,000 264,857 109,651
Balance, end of period - - 52,454 52,454 760,500 760,500 4,402,807 4,137,950
Share capital
Balance, beginning of period 19,942,815 19,942,815 -
Contingent capital
Share premium
Invested capital
Balance, beginning of period 942,671 1,279,458
Appraisal increment
Balance, beginning of period - 274,407 279,461
Additions/deductions - - 1,730 (5,054)
Donated capital
Balance, beginning of period 37,618 37,618 1,279,992 1,023,743
Balance, end of period 37,618 37,618 - - - - 1,372,806 1,279,992
139
2010 2009 2010 2009 2010 2009 2010 2009

Balance, beginning of period (4,464,778) (4,490,465) 330,729 347,047 (102,130) (78,803) 13,453,255 11,288,453
Additions/deductions (668,978) 25,687 (9,111) (16,318) (18,369) (23,327) 1,834,308 2,163,453
Balance, end of period (5,133,756) (4,464,778) 321,618 330,729 (120,499) (102,130) 15,287,563 13,451,906
Treasury shares
Restricted capital
Balance, beginning of period 307 307 208,085 207,231
Additions/deductions 23,580 854
Balance, end of period 307 307 - - - - 231,665 208,085
Total equity 15,448,066 16,458,633 374,072 383,183 640,001 658,370 21,570,978 19,352,340
140
Cluster B
Summary Cash Flows Statement
Year Ended December 31, 2010
(In thousand pesos)
Total
2010 2009

Cash inflows 249,125,490 297,320,002
Cash outflows (205,690,356) (199,760,328)
Net cash provided from (used in) operating activities 43,435,134 97,559,674

Cash inflows 14,383,309 7,481,572
Cash outflows (27,462,881) (25,594,707)
Net cash provided from (used in) investing activities (13,079,572) (18,113,135)

Cash inflows 36,945,625 91,340,969
Cash outflows (102,592,585) (128,041,037)
Net cash provided from (used in) financing activities (65,646,960) (36,700,068)
Effects of exchange rate changes on cash and cash (994,752) (669,434)

equivalents
Net increase (decrease) in cash and cash equivalents (36,286,150) 42,077,037
Cash and cash equivalents, end of period 71,760,268 108,015,198
141
Cluster B
(In thousand pesos)
APECO BCDA BTPI CDC
2010 2009 2010 2009 2010 2009 2010 2009

Cash inflows 160,877 311,441 4,244,217 2,911,534 34,469 37,824 1,118,364 1,225,508
Cash outflows (58,125) (260,144) (6,207,011) (4,221,725) (36,490) (34,405) (1,222,025) (713,522)
Net cash provided from (used in) operating activities 102,752 51,297 (1,962,794) (1,310,191) (2,021) 3,419 (103,661) 511,986

Cash inflows - - 450,000 3,264,260 28 55 - 35,979
Cash outflows (176,211) (33,137) (470,891) (472,787) (1,109) (210) (297,651) (756,290)
Net cash provided from (used in) investing activities (176,211) (33,137) (20,891) 2,791,473 (1,081) (155) (297,651) (720,311)

Cash inflows - - 91,600 - - - 170,093 74,162
Cash outflows - - (46,163) (485,884) - - (388,635) (162,054)
Net cash provided from (used in) financing activities - - 45,437 (485,884) - - (218,542) (87,892)

equivalents - - 153 (9,284) - - 1,663 (11,104)
Net increase (decrease) in cash and cash equivalents (73,459) 18,160 (1,938,095) 986,114 (3,102) 3,264 (618,191) (307,321)
Cash and cash equivalents, beginning of period 197,470 179,310 3,125,077 2,138,963 7,152 3,888 1,598,737 1,906,058
Cash and cash equivalents, end of period 124,011 197,470 1,186,982 3,125,077 4,050 7,152 980,546 1,598,737
142
Cluster B
(In thousand pesos)
2010 2009 2010 2009 2010 2009 2010 2009

Cash inflows 384,827 436,160 98,810 47,581 4,432 6,160 60,490 56,374
Cash outflows (402,618) (494,527) (120,708) (46,203) (161,699) (128,356) (65,825) (57,405)
Net cash provided from (used in) operating activities (17,791) (58,367) (21,898) 1,378 (157,267) (122,196) (5,335) (1,031)

Cash inflows 29,433 7,729 - 2,028 32,683 65,091 501 558
Cash outflows (278,845) (152,604) - - (236,378) (661,073) (1,430) (173,455)
Net cash provided from (used in) investing activities (249,412) (144,875) - 2,028 (203,695) (595,982) (929) (172,897)

Cash inflows 291,202 46,332 - - 524,132 462,359 174 173,455
Cash outflows (7,808) - - - - - - -
Net cash provided from (used in) financing activities 283,394 46,332 - - 524,132 462,359 174 173,455

equivalents - - - (188) (79,475) (121,785) - -
Net increase (decrease) in cash and cash equivalents 16,191 (156,910) (21,898) 3,218 83,695 (377,604) (6,090) (473)
Cash and cash equivalents, beginning of period 14,091 171,001 54,666 51,448 2,564,465 2,942,069 24,694 25,167
Cash and cash equivalents, end of period 30,282 14,091 32,768 54,666 2,648,160 2,564,465 18,604 24,694
143
Cluster B
(In thousand pesos)
CEZA NLCPSI CPA CAAP
2010 2009 2010 2009 2010 2009 2010 2009

Cash inflows 218,475 186,958 388 333 713,562 646,784 4,980,592 6,049,351
Cash outflows (113,958) (114,645) (13) (89) (472,646) (377,618) (4,066,000) (4,001,663)
Net cash provided from (used in) operating activities 104,517 72,313 375 244 240,916 269,166 914,592 2,047,688

Cash inflows - - - - - - 130,244 -
Cash outflows (1,450,670) (1,208,754) - - (73,139) (102,378) (267,514) (179,062)
Net cash provided from (used in) investing activities (1,450,670) (1,208,754) - - (73,139) (102,378) (137,270) (179,062)

Cash inflows 1,332,910 1,277,787 - - - - - -
Cash outflows (33,218) (35,945) - - (130,214) (72,405) - -
Net cash provided from (used in) financing activities 1,299,692 1,241,842 - - (130,214) (72,405) - -

equivalents (7,735) (1,576) - - - - (72,787) (164,903)
Net increase (decrease) in cash and cash equivalents (54,196) 103,825 375 244 37,563 94,383 704,535 1,703,723
Cash and cash equivalents, beginning of period 320,927 217,102 41,294 41,050 127,364 32,981 3,673,010 1,969,287
Cash and cash equivalents, end of period 266,731 320,927 41,669 41,294 164,927 127,364 4,377,545 3,673,010
144
Cluster B
(In thousand pesos)
DISCCBGSI LLDA LRTA LWUA
2010 2009 2010 2009 2010 2009 2010 2009

Cash inflows 148,167 160,784 219,620 137,811 3,284,574 5,300,498 2,013,037 1,963,949
Cash outflows (147,296) (148,836) (222,160) (153,623) (3,582,229) (5,130,583) (1,211,484) (1,497,848)
Net cash provided from (used in) operating activities 871 11,948 (2,540) (15,812) (297,655) 169,915 801,553 466,101

Cash inflows 236 887 58,110 14,600 473,577 - 26,933 35,027
Cash outflows (2,306) (824) (75,801) (17,800) (974,579) (1,160,482) (2,045,392) (3,646,431)
Net cash provided from (used in) investing activities (2,070) 63 (17,691) (3,200) (501,002) (1,160,482) (2,018,459) (3,611,404)

Cash inflows - - - 2,754 625,471 1,165,800 1,555,878 3,125,273
Cash outflows - - - - (253,986) (631,317) (621,051) (702,249)
Net cash provided from (used in) financing activities - - - 2,754 371,485 534,483 934,827 2,423,024

equivalents - - - - - - 676 (7,336)
Net increase (decrease) in cash and cash equivalents (1,199) 12,011 (20,231) (16,258) (427,172) (456,084) (281,403) (729,615)
Cash and cash equivalents, beginning of period 14,048 2,037 32,225 48,483 783,040 1,239,124 920,911 1,650,526
145
Cluster B
(In thousand pesos)
LCI MCIAA MIAA MRHI
2010 2009 2010 2009 2010 2009 2010 2009

Cash inflows 2,264 - 1,351,330 1,082,899 10,348,289 9,512,595 17,214 18,893
Cash outflows (24,439) - (659,719) (470,320) (7,278,615) (7,259,106) (16,038) (18,244)
Net cash provided from (used in) operating activities (22,175) - 691,611 612,579 3,069,674 2,253,489 1,176 649

Cash inflows - - - - 1,793 562,085 - -
Cash outflows (489) - (216,483) (64,055) (648,902) (287,565) (258) (2,129)
Net cash provided from (used in) investing activities (489) - (216,483) (64,055) (647,109) 274,520 (258) (2,129)

Cash inflows - - - - - - - -
Cash outflows - - (411,494) (63,363) (778,455) (806,591) - -
Net cash provided from (used in) financing activities - - (411,494) (63,363) (778,455) (806,591) - -

equivalents - - - - (437,659) (273,464) - -
Net increase (decrease) in cash and cash equivalents (22,664) - 63,634 485,161 1,206,451 1,447,954 918 (1,480)
-
Cash and cash equivalents, beginning of period 31,250 - 1,426,916 941,755 7,397,674 5,949,720 189 1,669
-
Cash and cash equivalents, end of period 8,586 - 1,490,550 1,426,916 8,604,125 7,397,674 1,107 189
146
Cluster B
(In thousand pesos)
MWSS NDC BLCI FCIEI
2010 2009 2010 2009 2010 2009 2010 2009

Cash inflows 3,354,053 2,650,665 263,294 3,323,620 50,638 4,372 983 792
Cash outflows (1,439,916) (1,496,013) (1,174,407) (4,376,214) (14,951) (7,497) (922) (811)
Net cash provided from (used in) operating activities 1,914,137 1,154,652 (911,113) (1,052,594) 35,687 (3,125) 61 (19)

Cash inflows - 767,313 466,729 757,243 14 23 - -
Cash outflows (865,534) (724,278) (49,907) (751,718) (59) (200) - -
Net cash provided from (used in) investing activities (865,534) 43,035 416,822 5,525 (45) (177) - -

Cash inflows 529,899 - 148,437 3,620,052 - - - -
Cash outflows (1,912,745) (1,896,739) (293,432) (2,285,675) (24,568) (345) - -
Net cash provided from (used in) financing activities (1,382,846) (1,896,739) (144,995) 1,334,377 (24,568) (345) - -

equivalents (194,249) 56,090 (5) (2,890) - - - -
Net increase (decrease) in cash and cash equivalents (528,492) (642,962) (639,291) 284,418 11,074 (3,647) 61 (19)
Cash and cash equivalents, beginning of period 4,948,610 5,591,572 1,050,805 766,387 6,532 10,179 8,557 8,576
Cash and cash equivalents, end of period 4,420,118 4,948,610 411,514 1,050,805 17,606 6,532 8,618 8,557
147
Cluster B
(In thousand pesos)
2010 2009 2010 2009 2010 2009 2010 2009

Cash inflows 429 429 2 - 615 758 59 59
Cash outflows (378) (371) (8) - (2,102) (13,243) (183) (137)
Net cash provided from (used in) operating activities 51 58 (6) - (1,487) (12,485) (124) (78)

Cash inflows - - - - - - - -
Cash outflows - - - - - - - -
Net cash provided from (used in) investing activities - - - - - - - -

Cash inflows - - - - - - - -
Cash outflows - (73) - - (2,093) (1,674) - -
Net cash provided from (used in) financing activities - (73) - - (2,093) (1,674) - -

Net increase (decrease) in cash and cash equivalents 51 (15) (6) - (3,580) (14,159) (124) (78)
Cash and cash equivalents, beginning of period 581 596 117 117 8,917 23,076 2,155 2,233
Cash and cash equivalents, end of period 632 581 111 117 5,337 8,917 2,031 2,155
148
Cluster B
(In thousand pesos)
MGC NPCTI NSLC NTFC
2010 2009 2010 2009 2010 2009 2010 2009

Cash inflows 13,176 13,754 625 383 1,200 1,239 53 69
Cash outflows (24,681) (7,693) (10,132) (188) (7,610) (1,023) (256) (217)
Net cash provided from (used in) operating activities (11,505) 6,061 (9,507) 195 (6,410) 216 (203) (148)

Cash inflows - - - - - - - -
Cash outflows - (3) - - - - - -
Net cash provided from (used in) investing activities - (3) - - - - - -

Cash inflows - - - - - - - -
Cash outflows - (29,258) - - - - - -
Net cash provided from (used in) financing activities - (29,258) - - - - - -

Net increase (decrease) in cash and cash equivalents (11,505) (23,200) (9,507) 195 (6,410) 216 (203) (148)
149
Cluster B
(In thousand pesos)
2010 2009 2010 2009 2010 2009 2010 2009

Cash inflows 226 21 3,677 4,144 332 331 209 223
Cash outflows (1,063) (929) (87) (133) (293) (253) (181) (137)
Net cash provided from (used in) operating activities (837) (908) 3,590 4,011 39 78 28 86

Cash inflows 52,437 1,007 39,601 - - - - -
Cash outflows - - - (44,809) - - - -
Net cash provided from (used in) investing activities 52,437 1,007 39,601 (44,809) - - - -

Cash inflows - - - - - - - -
Cash outflows - - - - - (77) (4,100) -
Net cash provided from (used in) financing activities - - - - - (77) (4,100) -

Net increase (decrease) in cash and cash equivalents 51,600 99 43,191 (40,798) 39 1 (4,072) 86
Cash and cash equivalents, beginning of period 978 879 22,415 63,213 345 344 8,341 8,255
Cash and cash equivalents, end of period 52,578 978 65,606 22,415 384 345 4,269 8,341
150
Cluster B
(In thousand pesos)
NEA NPC PADC PEZA
2010 2009 2010 2009 2010 2009 2010 2009

Cash inflows 6,193,589 6,962,463 8,318,029 3,444,834 43,382 32,893 7,051,440 6,171,980
Cash outflows (5,571,738) (6,291,313) (8,342,855) (3,950,274) (30,388) (35,770) (6,731,770) (5,240,791)
Net cash provided from (used in) operating activities 621,851 671,150 (24,826) (505,440) 12,994 (2,877) 319,670 931,189

Cash inflows - - 11,820 2,672 - - 2,000 5,584
Cash outflows (7,796) (6,707) (188,559) (156,710) - - (25,425) (67,578)
Net cash provided from (used in) investing activities (7,796) (6,707) (176,739) (154,038) - - (23,425) (61,994)

Cash inflows - - - 2,269,331 - - - -
Cash outflows (1,036,281) (1,112,489) (279,026) (96,470) - - (383,861) (394,695)
Net cash provided from (used in) financing activities (1,036,281) (1,112,489) (279,026) 2,172,861 - - (383,861) (394,695)

equivalents (1,487) (1,687) - 1,098 (183) (122) (2,770) 2,503
Net increase (decrease) in cash and cash equivalents (423,713) (449,733) (480,591) 1,514,481 12,811 (2,999) (90,386) 477,003
Cash and cash equivalents, beginning of period 1,915,223 2,364,956 1,559,391 44,910 10,229 13,228 1,234,737 757,734
Cash and cash equivalents, end of period 1,491,510 1,915,223 1,078,800 1,559,391 23,040 10,229 1,144,351 1,234,737
151
Cluster B
(In thousand pesos)
2010 2009 2010 2009 2010 2009 2010 2009

Cash inflows 26,936,376 19,670,403 - - 285,961 1,497,896 8,350,577 6,933,553
Cash outflows (23,066,905) (18,873,392) - - (260,648) (501,964) (4,827,654) (3,635,829)
Net cash provided from (used in) operating activities 3,869,471 797,011 - - 25,313 995,932 3,522,923 3,297,724

Cash inflows - - - - 4,945 4,286 10,141,563 1,077,377
Cash outflows (520,780) (275,870) - - (510,661) (418,828) (12,114,522) (1,897,566)
Net cash provided from (used in) investing activities (520,780) (275,870) - - (505,716) (414,542) (1,972,959) (820,189)

Cash inflows 398,295 - - - - - 31,867 500,000
Cash outflows (1,001,002) (1,503,168) - - (192) (217,414) (1,608,798) (1,023,938)
Net cash provided from (used in) financing activities (602,707) (1,503,168) - - (192) (217,414) (1,576,931) (523,938)

equivalents (4,882) 22,533 - - - - (2,252) (847)
Net increase (decrease) in cash and cash equivalents 2,741,102 (959,494) - - (480,595) 363,976 (29,219) 1,952,750
Cash and cash equivalents, beginning of period 1,244,805 2,204,299 11 11 536,085 172,109 2,631,731 678,981
Cash and cash equivalents, end of period 3,985,907 1,244,805 11 11 55,490 536,085 2,602,512 2,631,731
152
Cluster B
(In thousand pesos)
2010 2009 2010 2009 2010 2009 2010 2009

Cash inflows 1,837,742 1,819,208 136,056,738 195,303,659 725,158 399,276 32,166 140,766
Cash outflows (1,078,011) (889,122) (110,120,604) (108,901,778) (893,615) (5,672,067) (63,313) (129,341)
Net cash provided from (used in) operating activities 759,731 930,086 25,936,134 86,401,881 (168,457) (5,272,791) (31,147) 11,425

Cash inflows 76,619 64,146 - - 1,822,395 80,662 2,737 3,635
Cash outflows (315,687) (124,812) (6,114) (74,027) (2,173,095) (6,744,340) (1,586) (2,704)
Net cash provided from (used in) investing activities (239,068) (60,666) (6,114) (74,027) (350,700) (6,663,678) 1,151 931
7

Cash inflows - - 29,447,529 74,546,693 87,261 107,955 - -
Cash outflows - - (90,474,816) (113,951,635) - - - -
Net cash provided from (used in) financing activities - - (61,027,287) (39,404,942) 87,261 107,955 - -

equivalents - - (152,926) (129,766) (2,035) (929) - -
Net increase (decrease) in cash and cash equivalents 520,663 869,420 (35,250,193) 46,793,146 (433,931) (11,829,443) (29,996) 12,356
Cash and cash equivalents, beginning of period 2,295,390 1,425,970 62,032,244 15,239,098 1,211,886 13,041,329 30,091 17,735
Cash and cash equivalents, end of period 2,816,053 2,295,390 26,782,051 62,032,244 777,955 1,211,886 95 30,091
153
Cluster B
(In thousand pesos)
2010 2009 2010 2009 2010 2009 2010 2009

Cash inflows 1,919,590 1,819,882 292,553 301,276 85,392 27,786 17,903,228 16,699,831
Cash outflows (1,343,138) (1,428,333) (273,389) (329,748) (44,925) (59,149) (14,295,135) (12,787,736)
Net cash provided from (used in) operating activities 576,452 391,549 19,164 (28,472) 40,467 (31,363) 3,608,093 3,912,095

Cash inflows 194,791 243,857 5,248 19,653 6,978 174 351,894 465,641
Cash outflows (157,340) (2,544,681) (8,615) (12,172) (27,144) (36,961) (3,272,009) (2,791,707)
Net cash provided from (used in) investing activities 37,451 (2,300,824) (3,367) 7,481 (20,166) (36,787) (2,920,115) (2,326,066)

Cash inflows 190,027 2,093,492 - - - - 1,520,850 1,875,524
Cash outflows (452,178) (553,546) - - - - (2,448,469) (2,014,033)
Net cash provided from (used in) financing activities (262,151) 1,539,946 - - - - (927,619) (138,509)

equivalents (38,799) (25,777) - - - - - -
Net increase (decrease) in cash and cash equivalents 312,953 (395,106) 15,797 (20,991) 20,301 (68,150) (239,641) 1,447,520
Cash and cash equivalents, beginning of period 271,928 667,034 172,918 193,909 8,568 76,718 3,952,173 2,504,683
Cash and cash equivalents, end of period 584,881 271,928 188,715 172,918 28,869 8,568 3,712,532 3,952,203
154
CLUSTER B
GENERAL INFORMATION
Cluster B composes of GOCCs engaged in energy, electrification, communication, transportation,

water, housing and real estate development. The mandates of the GOCCs under this Cluster are
enumerated in Annex 4.
As of December 31, 2010, a total of 542 GOCCs composes this Cluster consisting of 32
parent/stand alone corporations, 45 subsidiaries and 465 Water Districts. The audit jurisdiction
and supervision over the 465 Water Districts and the following GOCCs, which are located in the
Regions, is with the various COA Regional Offices:
NAME OF GOCC ABBREVIATION REGION

Stand alone
Subic Bay Metropolitan Authority SBMA III
Laguna Lake Development Corporation LLDA IV
Partido Development Authority PDA V
Cebu Port Authority CPA VII
Mactan Cebu International Airport Authority MCIAA VII
Zamboanga City Special Economic Zone Authority ZCSEZA IX
Marawi Resort Hotels, Inc. MRHI X
Southern Philippines Development Authority SPDA X
Subsidiary
John Hay Management Corporation JHMC CAR
Poro Point Management Corporation PPMC I
Clark Development Corporation CDC III
Clark International Airport Corporation CIAC III
Bataan Technological Park, Inc. BTPI III
Freeport Services Corporation FSC III
North Luzon Railways Corporation Northrail III
Aurora Pacific Economic Zone Authority and APECO III
Freeport Authority
DISC Contractors Builders and General Services, DISCCBGSI X
Inc.
A complete listing of the GOCCs under the audit jurisdiction of this Cluster, including their
acronyms, the addresses of their registered offices and the laws creating them, is presented in
Schedule 1.
Report Coverage/Limitations
The discussions that follow pertain to the Summary Financial Statements of GOCCs under this
Cluster other than the Water Districts. The Summary Financial Statements of the various Water
Districts are presented separately but without Notes to Financial Statements.
Excluding the Water Districts, there are 77 parent and subsidiary corporations under this Cluster.
The financial statements of 51 of these GOCCs were included in this AFR, with Annual Audit
Reports on 36 GOCCs already transmitted to their Boards/Managements and the remaining 15 are
155
still under review by the Cluster. The financial statements not included in this AFR pertain to the
26 GOCCs where the audit of their financial statements are either at the execution or reporting
phase or whose financial statements were not yet submitted by Management or are still to be
audited. The status of audit as of August 31, 2011 of each of the corporations under this Cluster is
listed in Annex 1.
LWUA Consult, Inc (LCI) was not comparatively presented in this AFR because this is a newly -
created subsidiary of the Local Water Utilities Administration (LWUA). On the other hand, the
figures presented for CY2010 of the following NDC subsidiaries were for the period-ended
October 31, 2010 due to their dissolution and the subsequent transfer of all their account balances
to NDC as their sole stockholder and creditor:
· LINSI
· NPCTI
· TABASCO
The complete set of the 2010 financial statements of the following GOCCs were not yet submitted
to COA for audit:
· Crowntex
· FCCC
· LUSTEVECO
· UNBPI
· CDCP-FC
· PSC
· TFC
The Crowntex, FCCC, LUSTEVECO and UNBPI are non-operational subsidiaries of NDC. Aside
from non-submission of financial statements, the said NDC subsidiaries could not be audited due
to the unavailability of accounting records. CDCP-FC, PSC and TFC, which are subsidiaries of
PNCC, are, likewise, non-operational. The specific financial statements which were not submitted
by each of the above GOCCs are listed in Annex 3.
The members of the governing boards of the GOCCs under this Cluster are listed in Annex 2.
156
CLUSTER B
NOTES TO SUMMARY FINANCIAL STATEMENTS
(in thousand pesos)
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND OTHER

EXPLANATORY INFORMATION
Basis of Preparation
The financial statements of PNOC EC and PMPC have been prepared in accordance with the
Philippine Financial Reporting Standards. On the other hand, the financial statements of the 49
other GOCCs included in this AFR have been prepared in accordance with the Generally
Accepted Accounting Principles in the Philippines.
These financial statements have been prepared using the historical cost basis except for certain
properties which are stated at appraised or fair value.
The financial statements of the parent corporations were presented separately from those of their
subsidiaries.
The following subsidiaries of the NDC have changed their basis of accounting from the going-
concern to the liquidation basis due to the winding down of their operations because of continued
losses or shortening of corporate life, or impending dissolution. Accordingly, the carrying values
of the remaining assets of these subsidiaries are presented at estimated realizable values, while the
liabilities are presented at estimated settlement amounts:
1. IIGSI
2. LINSI
3. MGC
4. NPCTI
5. NSLC
6. NTFC
7. NPIC
8. PNL
9. TABASCO
The financial statements are presented in Philippine peso, which is the functional and presentation
currency of all the GOCCs under this Cluster. All amounts are rounded to the nearest thousand.
Cash and cash equivalents

Cash includes cash on hand and in banks. Cash equivalents are short-term, highly liquid
investments with original maturities of three months or less from dates of purchase.
Receivables
Receivables are stated at face value, less allowance for doubtful accounts. Allowance for
uncollectibility is established based on a certain percentage of the receivables as aged which varies
among the GOCCs.
Inventories
Most GOCCs stated their inventories at cost which is determined by either the moving average
157
method or the first-in, first-out (FIFO) method. Other GOCCs stated their inventories at the lower
of cost and net realizable value.
Investments
The BCDA, PRA, NDC, PSALM, LWUA and CDC adopted the cost method of valuation of their
investments in subsidiaries less allowance for impairment except for CDC’s investment in Clark
Expo which is accounted under the equity method. On the other hand, the SRA and SBMA used
the equity method.
NDC’s investments in affiliates are accounted for under the equity method.
Property, plant and equipment

Property, plant and equipment, except for land, are stated net of accumulated depreciation.
Property, plant and equipment are measured at cost except for buildings and structures, roads,
highways and bridges of PRA (PEA) and land and land improvements pertaining to the Line 1
operations of LRTA. For PRA (PEA), roads, highways and bridges are stated at assessed value,
while buildings and structures are stated at current available appraised value. For LRTA, the
property and equipment pertaining to its Line 1 operations are measured at appraised value.
Property and equipment of PPA are carried at appraised value except for additions in between the
periods of appraisal which are recorded at cost. Appraisal of PPA property and equipment is
being done once every five years.
Utility plants of NPC and TransCo are carried at revalued amount less any accumulated
depreciation. NPC-transferred assets are recorded in PSALM books at their carrying amounts as of
transfer date of 31 December 2008.
Depreciation on property, plant and equipment is provided on a straight-line method over the
estimated useful lives of the corresponding assets.
Major repairs and improvements are capitalized; maintenance and minor repairs are charged to
operations in the year expenses are incurred.
The costs of assets retired or sold, together with the accumulated depreciation, are removed from
the accounts and any profit or loss on disposition is recognized for the period.
Build-Operate-Transfer (BOT) Plants
Total capacity fees for the duration of the cooperation period are capitalized and recognized as
asset under BOT Electric Plants under Capital Lease account. A liability corresponding to the
unpaid portion of the capital recovery fees is set up under BOT Lease Obligation. BOT assets are
amortized over 20 years, except for 1 plant which is amortized over 29 years. Privatized BOT
plants are derecognized from the books upon their turnover to the appointed Independent Power
Producer Administrator.
Investment property
Investment properties of NDC, BLCI, GYREI, KRC and PRC are measured at cost while that of
PRA (PEA) is booked using the Fair Market Value Model. For conservatism, the fair value
considered is the latest lowest available appraisal of the property.
158
Revenue recognition
The GOCCs adopt the accrual method of accounting for revenue and expenses.
Foreign currency transactions

Foreign currency transactions are recorded based on either the Bangko Sentral ng Pilipinas (BSP)
or the Philippine Dealing System (PDS) reference rates prevailing on the date of transactions.
Monetary assets and liabilities denominated in foreign currency are translated using the exchange
rate at balance sheet date. Translation adjustments are recognized in profit and loss.
2010 2009
Cash on hand 951,696 1,312,487
Cash in banks 45,156,655 82,089,218
Short-term placements 21,939,385 20,661,290
68,047,736 104,062,995
Cash in banks, which are in local and foreign currencies, earn interest at the respective bank
deposit rates. Short-term placements are made for varying periods of up to three months. These
placements earn interest at the respective short-term placement rates.
3. RECEIVABLES
2010 2009
Lease/rent receivable 874,456 916,742
Loans receivable 548,517 552,831
Due from GOCCs, NGAs and LGUs 93,908,022 86,665,557
Interest receivable 13,765,314 13,389,918
Due from Non-Government Organizations and 1,090,589 1,705,985
cooperatives
Due from operating units/other 3,060,075 14,129,804
funds/subsidiaries and affiliates
Subscription receivable 178,350 191,613
Dividends receivable 187,447 26,723
Advances to contractors 493,394 120,629
Others 22,928,381 16,036,896
209,701,142 252,069,036
Less: Allowance for doubtful accounts 10,314,822 14,996,888
199,386,320 237,072,148
Accounts receivable substantially consists of PSALM’s Power Receivables of P36,023.77 million

and P80,168.31 million for CY 2010 and CY 2009, respectively, consisting of power generation
charges, including ancillary service charges, universal charges and restructured power receivables,
159
net of refunds to power customers as a result of ERC decisions. It also consists of PSALM’s
receivable from various Independent Power Producer Administrators (IPPAs) amounting to
P11,595.91 million and P1,671.65 million for CY 2010 and CY2009, respectively, and
receivables of NPC from power customers amounting to P4,700.05 million and P2,453.15 million
for CY 2010 and CY2009, respectively.
Others substantially consists of PSALM account representing various transferred accounts from
NPC amounting to P8,695.02 million and P4,827.76 million for CY2010 and CY2009,
respectively, the nature of which is subject to validation upon disclosure of further details and
submission of supporting documents by NPC. It also consists of MWSS receivables from its two
concessionaires, the Maynilad Water Services, Inc. (MWSI) and the Manila Water Company
Incorporated (MWCI). The receivable from MWSI pertains to the restructured concession fees
amounting to P5,225.89 million and P4,675.73 million for CY2010 and CY2009, respectively,
which composes the Tranche A2 concession fees-debt service and Tranche B concession fees-cost
of borrowings while that of the MWCI amounted to P160.00 million and P159.93 million for
CY2010 and CY2009, respectively.
4. INVENTORIES
2010 2009
At cost:
Finished goods 4,027,186 4,016,238
Work in process 224,239 225,397
At net realizable value:
Merchandise inventory 968,431 3,493,739
Materials and supplies 2,443,564 2,909,318
Gasoline, oil and lubricants 566,654 458,920
Others 327,163 93,183
8,557,237 11,196,795
Less : Allowance for obsolescence 36,111 66,179
8,521,126 11,130,616
Finished goods comprises of the Coastal Plaza lots and share of PRA (PEA) on the reclaimed lots
at the Central Business Park IA, IB/C and II.
Work in process mainly pertains to the BASECO Reclamation Project of the PRA (PEA).
Merchandise inventory substantially consists of subdivision lots, condominium and residential

units allocated to BCDA in McKinley Hills, Serendra, Newport City and Pacific Plaza Tower
Projects. It also includes the coal and condensate inventory of the PNOC-EC.
Others include inventories in transit amounting to P324.79 million and P90.81 million for
CY2010 and CY2009, respectively. These are accounts of LRTA, NEA, TransCo and PPMC.
Only the accounts of NEA, PADC, PNOC-EC and MGC were provided with an allowance for
obsolescence.
160
2010 2009
Prepayments 806,172 635,610
Input VAT 2,300,674 2,308,384
Prepaid taxes 886,939 697,165
Creditable withholding tax 147,394 150,621
Advances to contractors 7,741,322 7,557,936
Others 1,648,170 318,344
14,499,852 12,639,027
Advances to contractors substantially consists of Northrail’s 5% down payment, 25% advance

payment (both based on original contract price) and 15% additional down payment (based on
increase in contract price) totaling P6,038.00 million made to China National Machinery and
Equipment Corporation (Group) (CNMEG).
This account substantially consists of the following PSALM accounts (1) Assets Held for Sale
representing the generation plants with total carrying amount of P20,600 million and P6,237
million for CY2010 and CY2009, respectively, which are scheduled for the privatization in 2011;
and (2) Assets in Trust with NPC amounting to P5,446 million and P12,392 million for CY2010
and CY2009, respectively, representing various assets held by NPC as part of its working capital
as “Operator” under the Operations and Management Agreement with PSALM.
7. LONG-TERM RECEIVABLES
2010 2009
Installment receivable 306,837 278,708
Loans receivable 28,559,817 29,851,683
Due from GOCCs, NGAs and LGUs 11,884,394 12,934,187
Due from operating units/other 1,334,395 1,340,027
funds/subsidiaries and affiliates
Due from Non-Government Organizations and 11,446 10,942
cooperatives
Others 33,667 33,517
620,531,934 552,517,907
608,201,452 546,629,078
Loans receivable substantially consists of LWUA and NEA accounts. The account of LWUA
comprises of the peso and foreign cost releases to the Water Districts to finance the development
161
of various water supply projects in the provincial areas, while the NEA account includes the
outstanding financial obligations of the electric cooperatives to NEA and to other government
agencies incurred for the purpose of financing the rural electrification program which were
assumed by the Power Sector Assets and Liabilities Management Corporation (PSALM) per
Section 60 of the EPIRA Law.
8. LONG-TERM INVESTMENTS
2010 2009
Investment in subsidiaries/affiliates/joint 227,593,173 216,681,422
ventures
Investment in stocks 5,081,343 4,901,443
Sinking fund 1,837,541 1,487,895
Investment in Treasury Bills/Notes 3,018,523 1,769,310
Investment in bonds 1,414,918 1,302,858
Others 321,613 494,844
239,267,111 226,637,772
Less: Allowance for decline in value of
investments 3,833,638 3,722,336
235,433,473 222,915,436
9. PROPERTY, PLANT AND EQUIPMENT
2010 2009
Land & land improvements 173,490,863 173,506,840
Utility plant 348,580,028 409,422,352
Buildings and improvements 145,606,506 141,537,426
Transportation equipment 40,609,996 34,077,761
Roads, highways and bridges 30,790,394 24,616,753
Office equipment, furniture and fixtures 14,202,324 13,201,606
Wells, platform & other facilities 12,038,774 11,667,355
Machinery and equipment 9,778,078 9,069,689
Others 2,610,690 3,303,622
777,707,653 820,403,404
Less: Accumulated depreciation 277,874,932 331,884,601
499,832,721 488,518,803
Construction in progress 36,267,515 52,431,498
536,100,236 540,950,301
Buildings and improvements include plant, equipment and transmission lines of MWSS.
Transportation equipment substantially consists of the trains of LRTA.
Roads, highways and bridges pertain to the cost of Subic-Clark-Tarlac Expressway (SCTEx)
amounting to P30,741.77 million and P24,568.13 million for CY2010 and CY2009, respectively,
and roads and open spaces of Seaside Reclamation Project of PRA (PEA) amounting to P48.62
million.
162
Utility plant refers to Electric Plant in Service of PSALM, NPC and TransCo which include
transmission and distribution facilities, general plant and equipment, as well as substation and
communication equipment. Utility plant also includes electric plants not in service of NPC and
TransCo. It also comprises of the General Utility Plant of PNOC EC.
Construction in progress includes costs of Engineering Expansion Projects and operation and
maintenance/ system operation/ metering projects of TransCo amounting to P13,298.43 million
and P16,208.75 million for CY 2010 and CY2009, respectively. It also includes Line I
Rehabilitation and Modernization Project and initial costs of North Extension Project which are
both LRTA projects amounting to P7,180.44 million and P15,462.12 million for CY2010 and
CY2009, respectively.
10. INVESTMENT PROPERTY
This account substantially consists of lands and other assets which are held for undetermined
future use. These are the following:
2010 2009
Three Islands 6,704,979 6,704,979
Asiaworld 788,648 788,648
R-1 Landstrips 632,820 632,820
Bacolod Reclamation 323,868 280,758
Libertad Channel 29,737 29,737
8,480,052 8,436,942
Three Islands consist of 157.844 hectares reclaimed land at various elevation recorded at June
2008 appraisal while the Asiaworld represents lots 2 & 3 of the Reclamation Plan with a total area
of 28,166 square meters. R-1 Landstrips pertain to the 154,272 square meter lots along the
Coastal Road area recorded at June 2007 and June 2008 appraisals. These accounts, together with
Bacolod Reclamation and Libertad Channel accounts, pertain to PRA (PEA).
11. BOT ELECTRIC PLANTS UNDER CAPITAL LEASE/BOT LEASE OBLIGATION
The BOT electric plants under capital lease represents the total computed capacity fees of the
remaining Build-Operate-Transfer (BOT) projects of PSALM for the duration of the cooperation
period, net of accumulated amortization; while the BOT lease obligation pertains to the
outstanding balances of the liability set up for the capital cost recovery fees of the BOT power
plants during the cooperation period indicated in the BOT contracts.
163
2010 2009
Inactive receivable accounts 15,845,432 16,535,525
14,034,123 14,690,881
Idle assets 6,897,148 6,533,640
Less: Accumulated depreciation/allowance for 12,881 41,215
obsolescence
6,884,267 6,492,425
Deferred charges 23,508,131 21,871,738
Project development costs and pre-operating 8,482,776 5,533,142
expenses
Exploration and development costs 523,239 462,347
Restricted funds/assets 4,596,872 4,720,604
Deferred tax asset 464,988 402,611
Others 51,482,995 51,971,444
109,977,391 106,145,192
Project development costs and pre-operating expenses of Northrail amounting to P8,461.56

million and P5,511.93 million for CY 2010 and CY 2009, respectively. Project development
costs are capitalizable costs and expenses incurred that are directly identifiable and necessary to
put the asset in condition and location for use, which are to be amortized upon completion of
construction. Financing costs incurred that are attributable to the project are included in the
carrying amount of the project to which they relate. Pre-operating expenses are operating
expenses incurred since the incorporation of Northrail in 1995 which were capitalized and shall be
amortized when the Company commences its operations. It also includes the Project development
costs and pre-operating expenses includes cost incurred by PRA for the feasibility study of
Laguna de Bay Reclamation Project and Sangley Point Development Project totaling P21.21
million.
Others substantially consists of the long-term portion of TransCo’s Advances to PSALM

amounting to P38,987.94 million and P39,432.65 million for CY 2010 and CY 2009,
respectively. The account refers to the periodic payment of concession fees made by the National
Grid Corporation of the Philippines (NGCP) to PSALM in accordance with the Concession
Agreement, less the amount of remittances of reported net profits of TransCo per quarter
following the provision of EPIRA. Others also include LRTA accounts representing funds
intended for the Line 1 North and South Extension Projects.
13. TEMPORARY REGISTRY
As mandated under the EPIRA and pursuant to the instructions from the respective Board of
Directors and Managements of NPC, PSALM and TransCo, the actual separation of books of
TransCo from NPC and the assets-debt accounts transfer from NPC to PSALM was implemented
on October 1, 2008 based on the balances of interim financial report, except for Small Power
Utilities Group (SPUG) as of September 30, 2008. As a result of the asset-debt transfer, certain
accounts pertaining to PSALM/TransCo were retained at NPC and are reported under the
164
Temporary Registry accounts.
These Temporary Registry accounts consist of accounts (i) which shall be used by NPC in the
continuous operation and maintenance of the transferred assets to PSALM under the Operation
and Maintenance Agreement; and (ii) those that are for validation, adjustment and reconciliation
and, at a later date, for further transferring to PSALM, TransCo and/or NPC, as the case may be.
This consists of the following:
2010 2009
Trust Accounts 8,542,462 13,411,282
Retained PSALM Accounts 5,311,359 7,403,816
Retained TransCo Accounts 1,848,502 1,848,502
15,702,323 22,663,600
Trust Accounts pertain to balances of accounts set up as working capital for the operation,
maintenance and management of the facilities and generation plants of the main grid under the
OMA.
Retained PSALM and TransCo Accounts consist of account balances retained at NPC by PSALM
and TransCo as of the asset-debt transfer to PSALM and separation of TransCo books effective
October 1, 2008, which are for further validation, reconciliation, adjustments and final transfer to
PSALM, TransCo and/or NPC, as the case maybe. The decrease in the retained PSALM/TransCo
account is due to the transfer to NPC of assets identified as supporting the SPUG/Watershed
operations.
2010 2009
Accounts payable and accrued expenses 48,883,635 52,947,377
Due to National Treasury 36,048,913 36,062,649
Due to operating units/other funds/subsidiaries 49,961,955 9,102,082
and affiliates
Due to GOCCs, NGAs and LGUs 47,732,606 30,501,252
Short-term loans payable 394,965 0
Interest payable 8,641,463 11,025,204
Dividends payable 3,116,110 2,340,505
Guarantee deposit/security deposit/advance
rental payable 2,966,947 3,042,530
Notes payable 4,164,174 2,800,000
Due to officers and employees 803,942 1,193,964
Trust liability 367,875 482,025
Others 9,468,793 12,063,058
212,551,378 161,560,646
The increase in Due to operating units/other funds/subsidiaries and affiliates refers to the amount
of concession fees received by PSALM from NGCP. The amount shall be offset by: (i) any
165
remittance made by PSALM to TransCo; (ii) the receipt of dividends from TransCo; and (iii) the
reduction in value of TransCo assets, represented by the amount of depreciation.
2010 2009
Loans payable 162,113,262 158,268,998
Due to GOCCs, NGAs and LGUs 5,905,434 5,382,722
Deferred tax liability 1,341,573 1,341,573
Others 154,342,181 161,257,577
323,702,450 362,250,870
Loans payable represents domestic and foreign loans of the various GOCCs.
16. RETAINED EARNINGS
2010 2009
Balance at beginning of period 50,654,361 2,032,098
Net income (loss) for the period 4,175,151 34,030,279
Dividends (28,891,987) (3,241,312)
Prior-year’s adjustments (31,579,635) 17,833,296
Balance at end of period (5,642,110) 50,654,361
Total deficit amounted to P70,604.58 million and P74,864.97 million for CY2010 and CY2009,
respectively. Twenty six (26) of the GOCCs included in this summarization suffered deficits in
CY 2010 and CY2009 with the following incurring the biggest deficits:
· NPC
· LRTA
· PNR
· SBMA
· NEA
· NDC
· BCDA
· MWSS
17. GAINS AND PREMIUMS
2010 2009
Gain on foreign exchange 20,059,488 19,765,791
Gain on revaluation 597 1,752,798
Gain on sale of disposed assets 198,585 16,290,095
20,258,670 37,808,684
Gain on foreign exchange substantially consists of PSALM’s unrealized forex gain on translation.
166
18. OTHER INCOME
2010 2009
Dividend income 26,369,333 388,743
Interest income 2,229,984 2,597,977
Rent income 1,029,266 1,009,006
Share from income of joint venture operations 790,282 655,698
Others 1,194,903 1,369,258
31,613,768 6,020,682
Dividend income substantially consists of TransCo’s remittance to PSALM representing net profit
of TransCo as provided for under the EPIRA law .
19. PERSONAL SERVICES
2010 2009
Personnel benefits contributions 574,856 1,068,329
Others 1,034,198 1,077,781
8,960,343 8,892,011
20. MAINTENANCE AND OTHER OPERATING EXPENSES
2010 2009
Depreciation, amortization and bad debts 14,596,576 14,292,603
Light, power and water 6,838,238 5,752,187
Professional and other contracted services 3,522,223 4,338,071
Repairs and maintenance 2,925,706 2,116,449
Taxes, duties and premiums 1,163,814 1,337,792
Donations 812,551 656,997
Demolition and dredging 640,478 607,102
Supplies and materials 617,623 546,776
Awards, prizes and other claims 192,433 302,471
Rent/lease 348,075 361,778
Communication, training and travel 570,496 582,368
Confidential, extraordinary and miscellaneous 165,747 156,393
Advertising 224,301 176,053
Representation 108,180 118,578
Subsidies 703,802 260,611
Survey and research expenses 20,215 4,354
Membership dues and contributions 5,331 5,342
Other maintenance and operating expenses 398,659 584,269
33,854,448 32,200,194
167
21. OTHER EXPENSES
2010 2009
Loss on sale on disposal of assets 14,601,539 46,481
Loss on foreign exchange 5,580,022 458,318
Loss on revaluation 1,056,240 73,583
Impairment loss 424,810 317,339
Loss of assets 34 40,459
Other losses 330,658 2,860,033
21,993,303 3,796,213
168
Schedule 1
CORPORATE GOVERNMENT SECTOR
Cluster B
Summary Data of Agencies Under Cluster B
Parent/
Agency Name Acronyms Controlling Principal Office and Address Enabling Law/Creation
Entity
1. Aurora Pacific Economic Zone Authority and Freeport Authority APECO Casiguran, Aurora RA 10083 as amended by RA 9490
2. Bases Conversion and Development Authority BCDA 2F Bonifacio Technology Center, 31st Street, Cresent Park West RA 7227 amended by RA 9717
Bonifacio Global City, Taguig City
3. Bataan Technology Park, Incorporated BTPI BCDA Sabang, Morong, Bataan Corporation Law
4. BCDA Management and Holdings, Incorporated BMHI BCDA 2F Bonifacio Technology Center, 31st Street, Cresent Park West Corporation Law
5. Clark Development Corporation CDC BCDA Clark Special Economic Zone, Clark Field, Angeles City, Pampanga Corporation Law
6. Clark International Airport Corporation CIAC BCDA Corporate Office Bldg., Clark Freeport Zone, Clark Field, Pampanga Corporation Law
7. John Hay Management Corporation JHMC BCDA Camp John Hay, Baguio City Corporation Law
8. North Luzon Railways Corporation NORTHRAIL BCDA St. Agatha Homes Pavilion, Sta Rita, Guiguinto, Bulacan Corporation Law
9. Philippine Centennial Expo'98 Corporation EXPOCORP BCDA 2F Bonifacio Technology Center, 31st Street, Cresent Park West Corporation Law
10. Poro Point Management Corporation PPMC BCDA Pennsylvania Avenue, Poro Point, San Fernando, La Union Corporation Law
11. Cagayan Economic Zone Authority CEZA 7th Flr Westar Building, 611 Shaw Blvd., Pasig RA 7922
12. Northeastern Luzon Pacific Coastal Service, Incorporated NLPCSI 7th Flr Westar Building, 611 Shaw Blvd., Pasig Corporation Law
13. Cebu Ports Authoirty CPA North Reclamation Area, Cebu City 600 RA 7621
14. Civil Aviation Authority of the Philippines CAAP Old MIAA Road, Pasay City RA 9497
15. Laguna Lake Development Authority LLDA Club Manila East Compound, Km 24 Manila East Road RA 4850 as amended by PD 813 of 1975
Bgy. San Juan, Taytay, Rizal EO 927 of 1983
16. Light Rail Transit Authority LRTA Administration Bldg., LRTA Compound, Aurora Blvd., Pasay City EO 603 as amended by EO 830 of 1982
and EO 210 of 1987
17. Local Water Utilities Administration LWUA Katipunan Avenue. Balara, Quezon City PD 198,of 1973 as amended by PD 768 & PD 1479
18. LWUA Consult, Incorporated LCI Katipunan Avenue. Balara, Quezon City Corporation Law
19. Mactan-Cebu International Airport Authority MCIAA Lapulapu City, Cebu RA 6958
20. Manila International Airport Authority MIAA MIAA Administration Bldg., MIAA Road, Pasay City EO 778 of 1982 as amended by
EO 903 and EO 909 both of 1983
21. Marawi Resort Hotels, Incorporated MRHI Marawi City Corporation Law
22. Metropolitan Waterworks and Sewerage System MWSS MWSS Bldg., Katipunan Road, Old Balara, Quezon City RA 6234 of 1971 and RA 8041 of 1995
169
Parent/
Entity
23. National Development Company NDC #116 Tordesillar St., Salcedo Village, Makati City Legislative Act 2849 of 1919 as amended by CA Act
182 of 1936, as amended by CA 311 of 1938;
PD 1648 of 1979
24. Batangas Land Company, Incorporated BLCI NDC #116 Tordesillar St., Salcedo Village, Makati City Corporation Law
25. Crowntex Realty Corporation Crowntex NDC #116 Tordesillar St., Salcedo Village, Makati City Corporation Law
26. First Cavite Industrial Estate, Incorporated FCIEI NDC #116 Tordesillar St., Salcedo Village, Makati City Corporation Law
27. First Centennial Clark Corporation FCC NDC #116 Tordesillar St., Salcedo Village, Makati City Corporation Law
28. GY Realty Estate, Incorporated GYREI NDC #116 Tordesillar St., Salcedo Village, Makati City Corporation Law
29. Inter-Island Gas Services, Incorporated IIGSI NDC #116 Tordesillar St., Salcedo Village, Makati City Corporation Law
30. Kamayan Realty Corporation KRC NDC #116 Tordesillar St., Salcedo Village, Makati City Corporation Law
31. Luzon Integrated Services, Incorporated LINSI NDC #116 Tordesillar St., Salcedo Village, Makati City Corporation Law
32. Luzon Stevedoring Corportion LUZTEVECO NDC #116 Tordesillar St., Salcedo Village, Makati City Corporation Law
33. Manila Gas Corporation MGC NDC #116 Tordesillar St., Salcedo Village, Makati City Corporation Law
34. National Precision Cutting Tools, Incorporated NPCTI NDC #116 Tordesillar St., Salcedo Village, Makati City Corporation Law
35. National Stevedoring and Lighterage Corporation NSLC NDC #116 Tordesillar St., Salcedo Village, Makati City Corporation Law
36. National Trucking and Forwarding Corporation NTFC NDC #116 Tordesillar St., Salcedo Village, Makati City Corporation Law
37. NDC-Philippine Infrastructure Corporation NPIC NDC #116 Tordesillar St., Salcedo Village, Makati City Corporation Law
38. Philippine National Lines PNL NDC #116 Tordesillar St., Salcedo Village, Makati City Corporation Law
39. Pinagkaisa Realty Corporation PRC NDC #116 Tordesillar St., Salcedo Village, Makati City Corporation Law
40. Tacoma Bay Shipping Corporation TABASCO NDC #116 Tordesillar St., Salcedo Village, Makati City Corporation Law
41. UP-NDC Basilan Plantations, Incorporated UNBPI NDC #116 Tordesillar St., Salcedo Village, Makati City Corporation Law
42. National Electrification Administration NEA NIA Road, Government Center, Diliman, Quezon City PD 269 of 1973
43. National Housing Authority NHA Elliptical Road, Diliman, Quezon City PD 757 as amended EO 90 of 1986
44. National Power Corporation NPC Quezon Avenue corner BIR Road, Diliman, 1100 Quezon City CA 120 of 1936 as amended by RA 6395
45. Palacio del Gobernador Condominium Corporation PGCC Gen. Luna St., cor. Andres Soriano Jr., Ave., Intramuros, Manila Corporation Law
46. Partido Development Administration PDA Caraycayon, Tigaon, Camarines Sur RA 7820 of 1994
47. Philippine Aerospace Development Corporation PADC Hangar 2, General Aviation Area, Domestic Rd., Paranaque City PD 286 of 1973 as amended by PDs 346 of
1973 and 696 of 1975
48. Philippine Economic Zone Authority PEZA Roxas Blvd. corner San Luis Street, Pasay City RA 7916 of 1995 as amended by RA 8748
49. Philippine National Construction Corporation PNCC Km. 15, East Service Road, Bicutan, Paranaque City LOI 1295 of 1983
50. Alabang- Sto.Tomas Development, Incorporated ASDI Km. 15, East Service Road, Bicutan, Paranaque City Corporation Law
51. CDCP Farms Corporation CDCP-FC Km. 15, East Service Road, Bicutan, Paranaque City Corporation Law
52. DISC Contractors Builders and General Services, Inc. DISCCBGSI Km. 15, East Service Road, Bicutan, Paranaque City Corporation Law
53. Tierra Factors Corporation TFC Km. 15, East Service Road, Bicutan, Paranaque City Corporation Law
170
Parent/
Entity
54. Traffic Control Products Corporation TCPC Km. 15, East Service Road, Bicutan, Paranaque City Corporation Law
55. PNCC Skyway Corporation PSC Km. 15, East Service Road, Bicutan, Paranaque City Corporation Law
56. Philippine National Oil Company PNOC PNOC Bldg. 6, Energy Center, Fort Bonifacio, Taguig City PD 334 of 1973
57. PNOC Alternative Fuels Corporation PAFC PNOC 2263 La Panday Center, Pasong Tamong Extn., Makati City Corporation Law
58. PNOC Coal Corporation PCC PNOC PNOC Bldg. 6, Energy Center, Fort Bonifacio, Taguig City Corporation Law
59. PNOC Development & Management Corporation PDMC PNOC PNOC Bldg. 6, Energy Center, Fort Bonifacio, Taguig City Corporation Law
60. PNOC Exploration Corporation PNOC-EC PNOC PNOC Bldg. 1, Energy Center, Fort Bonifacio, Taguig City Corporation Law
61. PNOC Malampaya Production Corporation PMPC PNOC PNOC Bldg. 1, Energy Center, Fort Bonifacio, Taguig City Corporation Law
62. PNOC Renewables Corporation PNOC-RC PNOC PNOC Bldg. 6, Energy Center, Fort Bonifacio, Taguig City Corporation Law
63. PNOC Shipping and Transport Corporation PSTC PNOC S & L Bldg., 1500 Roxas Blvd., Ermita, Manila Corporation Law
64. Philippine National Railways PNR PNR Executive Bldg., Tutuban, Manila RA 4156 & 6366; PD 741
65. Philippine Ports Authority PPA Bonifacio Drive, South Harbor, Port Area, Manila PD 505 of 1974 as revised by PD 857 of 1975
66. Philippine Postal Corporation PPC Liwasang Bonifacio, 1000 Manila RA 7354 of 1992
67. Philippine Reclamation Authority PRA(PEA) 7/F Legaspi Towers 200 Bldg., 107 Paseo de Roxas St. PD 1084 of 1977
Legaspi Village, 1226 City of Makati
68. PEA Tollway Corporation PEATC PRA(PEA) Aguinaldo Blvd., Coastal Rd.,Paranaque City Corporation Law
69. Power Sector Assets and Liabilities Management Corporation PSALM 7/F Bankmer Bldg., 6756 Ayala Avenue, Makati Cty RA 9136
70. National Transmission Corporation TransCo PSALM 7/F Bankmer Bldg., 6756 Ayala Avenue, Makati Cty RA 9136
71. SEC Building Condominium Corporation SBCC EDSA, Greenhills, Mandaluyong Corporation Law
72. Southern Philippines Development Authority SPDA 4th Floor, Karpentrade Building, Km. 2 PD 690 of 1975 as amended by PD 1703 of 1980
McArthur Highway, Matina, Davao City
73. Subic Bay Metropolitan Authority SBMA SBMA Building 229, Subic Bay Freeport Zone, Olongapo City RA 7227
74. Freeport Services Corporation FSC SBMA FSC Building H8211, Burgos St. corner Corporation Law
Causeway Rd., Subic Bay Freeport Zone, Olongapo City
75. Sugar Regulatory Administration SRA North Avenue, Diliman, Quezon City EO 18 of 1986
76. Philippine Sugar Corporation PHILSUCOR SRA 14/F Security Bank Bldg., Ayala Avenue, Makati City PD 1890
77. Zamboanga City Special Economic Zone Authority ZCSEZA San Ramon, Zamboanga City RA 7903 of 1995
171
TIEZA
Tourism Promotions
Board
Financial
Statements of
GOCCs
Cluster C
Cluster C
December 31, 2010
In thousand pesos
Total
Notes 2010 2009

Assets
Current assets 15,945,890 14,509,825
Short-term investments 3 505,916 402,050
Receivables (net) 4 3,685,243 4,959,140
Inventories 5 737,114 1,028,645
Prepayments and deferred charges 6 329,171 382,498
Others 7 95,591 82,692
Non-current assets 66,488,382 65,745,422

Long-term receivables (net) 8 450,960 460,981
Long-term investments (net) 9 14,007,539 13,277,376
Property, plant and equipment (net) 10 46,774,936 47,192,465
Others 11 5,254,947 4,814,600
Total assets 82,434,272 80,255,247

Liabilities 26,294,487 27,829,893
Current liabilities 11,711,602 11,408,842
Trade and non-trade payables 12 10,249,864 10,114,299
Others 1,461,738 1,294,543
Non-current liabilities 14,582,885 16,421,051

Deferred credits 524,140 524,935
Others 14 11,767,054 12,658,465
Equity 56,139,785 52,425,354
Total liabilities and equity 82,434,272 80,255,247
See notes to summary financial statements.
175
Cluster C
Balance Sheet
December 31, 2010
In thousand pesos
CITC CITEM DAP FTI
2010 2009 2010 2009 2010 2009 2010 2009

Assets
Current assets 5,924 12,606 122,662 184,189 299,955 256,549 964,827 1,037,082
Short-term investments - - - - 163,569 89,693 62,359 88,345
Receivables (net) 1,437 6,570 37,858 58,050 77,803 55,181 218,161 362,684
Inventories 17 6 428 512 4,334 3,841 1,820 107,414
Prepayments and deferred charges - - 2,356 641 17,917 19,518 17,745 18,661
Others 82 82 1,492 1,369 1,954 662 4,828 4,419
Non-current assets 41,763 42,417 386,796 352,792 149,529 226,056 18,042,528 18,523,071
Long-term receivables (net) - - - - - - - -
Long-term investments (net) - - 42 49 20,680 119,323 - -
Property, plant and equipment (net) 25,180 25,834 13,794 13,082 128,267 106,728 17,950,093 18,355,635
Others 16,583 16,583 372,960 339,661 582 5 92,435 167,436
Total assets 47,687 55,023 509,458 536,981 449,484 482,605 19,007,355 19,560,153

Liabilities 9,437 14,126 71,722 88,710 195,010 229,591 1,164,333 1,548,634
Current liabilities 9,437 14,126 64,663 83,972 106,558 140,339 1,054,532 1,392,857
Trade and non-trade payables 9,273 13,968 53,247 58,978 83,262 118,141 1,054,112 1,389,027
Others 164 158 11,416 24,994 23,296 22,198 420 3,830
Non-current liabilities - - 7,059 4,738 88,452 89,252 109,801 155,777
Loans and advances payable - - - - - - - 53,824
Deferred credits - - 7,059 4,738 65,471 69,043 109,801 101,953
Others - - - - 22,981 20,209 - -
Equity 38,250 40,897 437,736 448,271 254,474 253,014 17,843,022 18,011,519
Total liabilities and equity 47,687 55,023 509,458 536,981 449,484 482,605 19,007,355 19,560,153
176
Cluster C
Balance Sheet
December 31, 2010
In thousand pesos
HSDC NPF NRDC NTA
2010 2009 2010 2009 2010 2009 2010 2009

Assets
Current assets 486,293 463,408 401,853 424,496 175,105 178,590 750,239 406,530
Short-term investments - - - - - - - -
Receivables (net) 310,327 286,045 8,755 10,165 103,786 83,021 415,589 363,381
Inventories 611 599 824 670 29,521 56,867 12,626 8,280
Prepayments and deferred charges 629 326 197 167 38 36 6,368 6,099
Others 360 195 - - 441 438 819 819
Long-term receivables (net) - - - - - - - -
Long-term investments (net) 353,711 354,711 52 52 225,000 225,000 36,025 36,048
Property, plant and equipment (net) 89,810 89,644 7,305,649 7,270,945 13,625 14,933 252,690 243,227
Others 93,549 93,561 4,276 4,192 90,781 102,126 94,715 94,715
Total assets 1,023,363 1,001,324 7,711,830 7,699,685 504,511 520,649 1,133,669 780,520

Liabilities 160,439 165,176 21,357 13,991 280,980 304,999 109,292 102,832
Trade and non-trade payables 22,682 28,475 17,477 10,323 107,572 103,857 93,560 94,386
Others 121,206 121,206 991 995 104,126 105,461 15,725 8,435
Non-current liabilities 16,551 15,495 2,889 2,673 69,282 95,681 7 11
Loans and advances payable - - - - 30,000 30,000 - -
Deferred credits 5,848 5,878 2,889 2,673 39,282 65,681 7 11
Others 10,703 9,617 - - - - - -
Equity 862,924 836,148 7,690,473 7,685,694 223,531 215,650 1,024,377 677,688
Total liabilities and equity 1,023,363 1,001,324 7,711,830 7,699,685 504,511 520,649 1,133,669 780,520
177
Cluster C
Balance Sheet
December 31, 2010
In thousand pesos
OSHC OWWA PAGCOR PCA
2010 2009 2010 2009 2010 2009 2010 2009

Assets
Current assets 167,090 146,224 802,703 833,261 7,318,565 5,964,299 787,741 891,649
Cash and cash equivalents 159,023 138,034 564,834 517,499 5,726,897 3,167,590 548,944 528,461
Short-term investments - - - - - - - -
Receivables (net) 6,571 4,917 226,768 295,764 992,278 2,076,006 183,293 214,606
Inventories 1,385 3,206 6,859 16,013 355,466 423,261 50,952 144,776
Prepayments and deferred charges 111 67 4,242 3,985 243,924 297,442 1,734 1,068
Others - - - - - - 2,818 2,738
Non-current assets 67,034 68,102 13,178,096 12,357,985 21,233,428 20,769,460 1,047,655 1,052,084
Long-term receivables (net) - - - - 75,301 91,683 - -
Long-term investments (net) - - 12,543,683 11,654,999 143,109 143,109 89 89
Property, plant and equipment (net) 66,566 67,634 240,319 276,816 18,032,317 18,130,060 332,378 341,106
Others 468 468 394,094 426,170 2,982,701 2,404,608 715,188 710,889
Total assets 234,124 214,326 13,980,799 13,191,246 28,551,993 26,733,759 1,835,396 1,943,733

Liabilities 9,327 16,826 525,877 607,813 18,260,793 19,224,507 248,669 464,081
Current liabilities 9,327 16,826 525,867 604,339 5,429,048 4,679,940 204,918 322,785
Trade and non-trade payables 8,678 14,165 473,970 533,817 4,674,750 4,046,668 188,391 325,135
Others 649 2,661 51,897 70,522 754,298 633,272 16,527 (2,350)
Non-current liabilities - - 10 3,474 12,831,745 14,544,567 43,751 141,296
Mortgage payable - - - - - - 2,740 6,844
Loans and advances payable - - - - 1,042,217 1,913,288 - -
Deferred credits - - 10 3,474 56,158 2,640 41,011 134,452
Others - - - - 11,733,370 12,628,639 - -
Equity 224,797 197,500 13,454,922 12,583,433 10,291,200 7,509,252 1,586,727 1,479,652
Total liabilities and equity 234,124 214,326 13,980,799 13,191,246 28,551,993 26,733,759 1,835,396 1,943,733
178
Cluster C
Balance Sheet
December 31, 2010
In thousand pesos
PCED PCMC PFDA PHC
2010 2009 2010 2009 2010 2009 2010 2009

Assets
Current assets 54,525 33,048 363,497 518,914 548,981 495,805 580,558 580,085
Short-term investments 33,961 26,518 - - - - - -
Receivables (net) 3,157 2,826 43,331 40,858 142,888 135,254 324,204 317,294
Inventories 366 325 39,857 38,549 15,145 12,491 189,862 185,557
Prepayments and deferred charges 355 444 767 2,965 8,108 8,297 1,482 1,348
Others - - - - 8,644 8,644 49 49
Long-term investments (net) 70,350 62,300 - - 139 139 27,212 25,862
Others 56 57 486 486 7,024 43,633 9,379 9,379
Total assets 131,756 103,430 607,875 734,275 1,008,085 981,109 1,460,792 1,502,719

Liabilities 240 1,206 268,083 340,322 1,031,305 973,428 856,990 857,497
Current liabilities 240 1,206 267,985 340,322 955,525 902,411 831,083 815,937
Trade and non-trade payables 240 1,206 245,639 330,517 944,325 894,263 699,394 695,430
Others - - 22,346 9,805 11,200 8,148 131,689 120,507
Non-current liabilities - - 98 - 75,780 71,017 25,907 41,560
Loans and advances payable - - - - 54,267 55,642 25,227 40,813
Deferred credits - - 98 - 21,513 15,375 680 747
Others - - - - - - - -
Equity 131,516 102,224 339,792 393,953 (23,220) 7,681 603,802 645,222
Total liabilities and equity 131,756 103,430 607,875 734,275 1,008,085 981,109 1,460,792 1,502,719
179
Cluster C
Balance Sheet
December 31, 2010
In thousand pesos
PIDS PITAHC PRA PTNI
2010 2009 2010 2009 2010 2009 2010 2009

Assets
Current assets 194,833 175,547 200,845 212,134 622,191 483,328 471,404 566,210
Short-term investments 105,834 85,748 80,199 76,246 59,994 35,500 - -
Receivables (net) 7,310 8,344 28,292 29,746 41,579 45,693 385,050 462,167
Inventories 432 429 23,496 21,437 1,917 3,024 66 -
Prepayments and deferred charges 713 1,573 19,850 16,968 2,591 2,840 - -
Others 42 2 570 123 3,505 2,994 69,111 59,338
Long-term investments (net) 247,982 258,987 - - 138,846 170,937 - -
Others 1,272 1,519 348 178 310 - 339 240
Total assets 454,778 448,990 278,314 250,221 809,973 707,856 1,089,810 1,143,721

Liabilities 21,315 11,044 24,962 22,525 194,418 138,754 502,296 416,797
Trade and non-trade payables 4,109 4,060 24,369 22,413 163,755 109,992 386,809 359,043
Others 17,198 6,955 265 97 3,328 3,210 - -
Non-current liabilities 8 29 328 15 27,335 25,552 115,487 57,754
Loans and advances payable - - - - - - - -
Deferred credits 8 29 328 15 27,335 25,552 115,487 57,754
Others - - - - - - - -
Equity 433,463 437,946 253,352 227,696 615,555 569,102 587,514 726,924
Total liabilities and equity 454,778 448,990 278,314 250,221 809,973 707,856 1,089,810 1,143,721
180
Cluster C
Balance Sheet
December 31, 2010
In thousand pesos
TPB TRC
2010 2009 2010 2009

Assets
Current assets 15,756 25,522 610,343 620,349
Cash and cash equivalents 12,957 14,921 484,286 528,121
Short-term investments - - - -
Receivables (net) 749 8,340 126,057 92,228
Inventories 1,130 1,388 - -
Prepayments and deferred charges 44 53 - -
Others 876 820 - -
Non-current assets 16,282 24,857 960,839 992,194

Long-term receivables (net) - - 355,852 347,490
Long-term investments (net) 124 124 200,495 225,647
Property, plant and equipment (net) 11,221 11,352 32,028 33,744
Others 4,937 13,381 372,464 385,313
Total assets 32,038 50,379 1,571,182 1,612,543

Liabilities 13,798 17,358 2,323,844 2,269,676
Current liabilities 13,798 17,140 1,155,449 1,097,734
Trade and non-trade payables 12,006 13,204 982,244 947,231
Others 1,792 3,936 173,205 150,503
Non-current liabilities - 218 1,168,395 1,171,942
Loans and advances payable - - 1,137,240 1,137,240
Deferred credits - 218 31,155 34,702
Others - - - -
Equity 18,240 33,021 (752,662) (657,133)
Total liabilities and equity 32,038 50,379 1,571,182 1,612,543
181
Cluster C
Summary Income Statement
(In thousand pesos)
Total
Notes 2010 2009
Income 38,436,713 37,112,750

Gains and premiums 1,176 4,965
Others 8,035,383 5,333,258
Less: share of National Government 13,455,761 13,719,021

Income after share of National Government 16 24,980,952 23,393,729
Expenses 21,715,094 21,859,365

Personal services 17 10,681,869 9,945,206
Maintenance and other operating expenses 18 9,861,111 10,968,281
Financial expenses 19 397,339 424,992
Others 20 774,775 520,886
Subsidy income 1,909,283 1,638,342
Income tax expense 1,181,909 1,251,212
182
Cluster C
Income Statement
(In thousand pesos)
CITC CITEM DAP FTI
2010 2009 2010 2009 2010 2009 2010 2009
Income 8,249 7,913 65,481 72,333 185,390 142,732 339,809 388,371

Gains and premiums - 516 - - - - - 485
Others 2,184 1,743 11,361 19,846 10,768 11,241 35,895 43,532
Less: share of National Government - - - - - - - -

Expenses 20,632 18,821 143,932 135,937 233,374 200,063 252,323 219,636

Financial expenses - - 331 192 33 - 17,798 19,453
Others - - 2,762 1,283 227 875 4,038 -
Net income (loss) before subsidy (12,383) (10,908) (78,451) (63,604) (47,984) (57,331) 87,486 168,735
Subsidy income 10,000 10,000 73,746 67,831 49,444 58,414 - -
Net income (loss) before tax (2,383) (908) (4,705) 4,227 1,460 1,083 87,486 168,735
Income tax expense(benefit) - - - - - - 34,932 46,227
Net income (loss) after tax (2,383) (908) (4,705) 4,227 1,460 1,083 52,554 122,508
183
Cluster C
Income Statement
(In thousand pesos)
HSDC NPF NRDC NTA
2010 2009 2010 2009 2010 2009 2010 2009
Income 38,415 34,962 46,038 40,611 30,584 31,705 86,288 64,131

Gains and premiums - - - - - - - 187
Others 6,445 5,971 11,132 10,403 364 858 2,924 4,311

Expenses 34,186 31,888 35,187 28,466 37,957 44,553 218,589 184,384

Financial expenses 1 1 - - 2,510 2,399 118 33
Others - - - - - - - -
Net income (loss) before subsidy 4,229 3,074 10,851 12,145 (7,373) (12,848) (132,301) (120,253)
Subsidy income - - - - 15,000 52,416 478,990 115,000
Net income (loss) before tax 4,229 3,074 10,851 12,145 7,627 39,568 346,689 (5,253)
Income tax expense(benefit) - - - - - - - -
Net income (loss) after tax 4,229 3,074 10,851 12,145 7,627 39,568 346,689 (5,253)
184
Cluster C
Income Statement
(In thousand pesos)
2010 2009 2010 2009 2010 2009 2010 2009
Income 12,993 9,500 2,226,668 2,224,345 31,476,151 30,384,977 272,275 202,398

Business and service income 7,924 6,275 1,555,763 1,522,564 24,366,497 26,035,132 220,989 152,977
Gains and premiums - - - - - 1,147 431 1,666
Others 5,069 3,225 670,905 701,781 7,109,654 4,348,698 50,855 47,755
Less: share of National Government - - - - 13,455,761 13,714,560 - -

Income after share of National Government 12,993 9,500 2,226,668 2,224,345 18,020,390 16,670,417 272,275 202,398
Expenses 87,947 73,983 1,389,266 1,152,031 14,144,670 14,706,325 753,362 726,271

Personal services 42,960 38,792 402,942 372,460 7,938,981 7,442,630 359,220 328,510
Financial expenses 1 11 54,400 86,093 316,594 307,225 684 1,315
Others - - 704,563 492,524 15,494 111 - -
Net income (loss) before subsidy (74,954) (64,483) 837,402 1,072,314 3,875,720 1,964,092 (481,087) (523,873)
Subsidy income 102,251 86,269 16,721 26,126 - - 585,000 585,000
Net income (loss) before tax 27,297 21,786 854,123 1,098,440 3,875,720 1,964,092 103,913 61,127
Income tax expense(benefit) - - - - 1,093,772 1,160,554 - -
Net income (loss) after tax 27,297 21,786 854,123 1,098,440 2,781,948 803,538 103,913 61,127
185
Cluster C
Income Statement
(In thousand pesos)
PCED PCMC PFDA PHC
2010 2009 2010 2009 2010 2009 2010 2009
Income 8,638 9,170 464,992 434,224 510,360 501,548 2,005,170 1,900,042

Business and service income 3,342 3,491 436,661 398,428 503,850 491,114 1,996,229 1,890,474
Gains and premiums - - 51 - - 395 647 564
Others 5,296 5,679 28,280 35,796 6,510 10,039 8,294 9,004
Less: share of National Government - - - - - 4,461 - -

Income after share of National Government 8,638 9,170 464,992 434,224 510,360 497,087 2,005,170 1,900,042
Expenses 8,855 8,699 756,153 691,512 506,135 482,413 2,234,456 2,171,926

Financial expenses - - 388 291 793 921 3,298 4,769
Others - - 115 42 7,240 327 1,370 944
Net income (loss) before subsidy (217) 471 (291,161) (257,288) 4,225 14,674 (229,286) (271,884)
Subsidy income 29,750 - 237,000 227,150 - - 187,342 188,936
Net income (loss) before tax 29,533 471 (54,161) (30,138) 4,225 14,674 (41,944) (82,948)
Income tax expense(benefit) - - - - - - - -
Net income (loss) after tax 29,533 471 (54,161) (30,138) 4,225 14,674 (41,944) (82,948)
186
Cluster C
Income Statement
(In thousand pesos)
2010 2009 2010 2009 2010 2009 2010 2009
Income 34,915 31,758 89,916 77,734 295,934 277,560 147,317 188,492

Business and service income 58 58 85,351 72,793 282,930 264,171 146,548 183,642
Others 34,857 31,700 4,565 4,941 13,004 13,389 769 4,850

Expenses 54,152 51,846 104,528 95,172 142,183 130,486 290,766 411,924

Financial expenses 83 550 65 37 109 19 64 1,576
Others 419 - 107 38 34,862 14,455 - 67
Net income (loss) before subsidy (19,237) (20,088) (14,612) (17,438) 153,751 147,074 (143,449) (223,432)
Subsidy income 15,000 15,500 40,000 40,000 - - 4,039 100,000
Net income (loss) before tax (4,237) (4,588) 25,388 22,562 153,751 147,074 (139,410) (123,432)
Income tax expense(benefit) - - - - 53,205 44,431 - -
Net income (loss) after tax (4,237) (4,588) 25,388 22,562 100,546 102,643 (139,410) (123,432)
187
Cluster C
Income Statement
(In thousand pesos)
TPB TRC
2010 2009 2010 2009
Income 1,141 6,657 89,989 81,587

Business and service income 907 2,676 73,924 67,067
Gains and premiums 47 5 - -
Others 187 3,976 16,065 14,520
Less: share of National Government - - - -

Income after share of National Government 1,141 6,657 89,989 81,587
Expenses 80,923 69,295 185,518 223,734

Personal services 48,857 41,448 45,102 41,044
Maintenance and other operating expenses 31,994 27,416 136,841 172,794
Financial expenses 69 107 - -
Others 3 324 3,575 9,896
Net income (loss) before subsidy (79,782) (62,638) (95,529) (142,147)
Subsidy income 65,000 65,700 - -
Net income (loss) before tax (14,782) 3,062 (95,529) (142,147)
Income tax expense(benefit) - - - -
Net income (loss) after tax (14,782) 3,062 (95,529) (142,147)
188
Cluster C
In thousand pesos
Total
Note 2010 2009

Government equity, beginning of period 16,914,510 16,839,607
Additions (deductions) 21,274 74,903
Government equity, end of period 16,935,784 16,914,510
Share capital, beginning of period 1,962,687 1,962,687
Additions (deductions) - -
Share capital, end of period 1,962,687 1,962,687
Share premium, beginning of period - -
Share premium, end of period - -
Deposit on subscription, beginning of period - -
Deposit on subscription, end of period - -
Restricted capital, beginning of period 2,127,479 1,531,489
Additions (deductions) 1,427,110 595,990
Restricted capital, end of period 3,554,589 2,127,479
Appraisal increment, beginning of period 24,666,515 24,666,372
Additions (deductions) (313,906) 143
Appraisal increment, end of period 24,352,609 24,666,515
Members' equity, beginning of period - -
Members' equity, end of period - -
Net unrealized gains and losses, beginning of period - -
Net unrealized gains and losses, end of period - -
Donated capital, beginning of period 861,462 831,283
Additions (deductions) 524 30,179
Donated capital, end of period 15 861,986 861,462
Equity in joint venture, beginning of period - -
Equity in joint venture, end of period - -
Surplus reserves, beginning of period - -
Surplus reserves, end of period - -
Retained earnings (deficit), beginning of period 5,892,701 4,735,750
Additions (deductions) 2,579,429 1,156,951
Retained earnings (deficit), end of period 8,472,130 5,892,701
Treasury shares, beginning of period - -
Treasury shares, end of period - -
Total Equity 56,139,785 52,425,354
189
Cluster C
(In thousand pesos)
CITC CITEM DAP FTI HSDC
2010 2009 2010 2009 2010 2009 2010 2009 2010 2009
Government equity, beginning of period 262 262 39,768 38,768 47,500 47,500 - - 1,970,125 1,970,125
Additions (deductions) - - 1,454 1,000 - - - - - -
Government equity, end of period 262 262 41,222 39,768 47,500 47,500 - - 1,970,125 1,970,125
Share capital, beginning of period - - - - - - 500,000 500,000 - -
Additions (deductions) - - - - - - - - - -
Share capital, end of period - - - - - - 500,000 500,000 - -
Share premium, beginning of period - - - - - - - - - -
Share premium, end of period - - - - - - - - - -
Deposit on subscription, beginning of period - - - - - - - - - -
Deposit on subscription, end of period - - - - - - - - - -
Restricted capital, beginning of period - - 372,356 372,356 - - - - - -
Restricted capital, end of period - - 372,356 372,356 - - - - - -
Appraisal increment, beginning of period 14,111 14,111 5,054 5,054 - - 17,473,996 17,473,996 - -
Additions (deductions) - - - - - - (313,906) - - -
Appraisal increment, end of period 14,111 14,111 5,054 5,054 - - 17,160,090 17,473,996 - -
Members' equity, beginning of period - - - - - - - - - -
Members' equity, end of period - - - - - - - - - -
Net unrealized gains and losses, beginning of period - - - - - - - - - -
Net unrealized gains and losses, end of period - - - - - - - - - -
Donated capital, beginning of period 1,536 1,357 - - 161,898 131,898 - - - -
Additions (deductions) - 179 - - - 30,000 - - - -
Donated capital, end of period 1,536 1,536 - - 161,898 161,898 - - - -
Equity in joint venture, beginning of period - - - - - - - - - -
Equity in joint venture, end of period - - - - - - - - - -
Surplus reserves, beginning of period - - - - - - - - - -
Surplus reserves, end of period - - - - - - - - - -
Retained earnings (deficit), beginning of period 24,988 26,346 31,093 33,672 43,616 14,666 37,523 (58,992) (1,133,977) (1,121,865)
Additions (deductions) (2,647) (1,358) (11,989) (2,579) 1,460 28,950 145,409 96,515 26,776 (12,112)
Retained earnings (deficit), end of period 22,341 24,988 19,104 31,093 45,076 43,616 182,932 37,523 (1,107,201) (1,133,977)
Treasury shares, beginning of period - - - - - - - - - -
Treasury shares, end of period - - - - - - - - - -
Total equity 38,250 40,897 437,736 448,271 254,474 253,014 17,843,022 18,011,519 862,924 836,148
190
Cluster C
(In thousand pesos)
NPF NRDC NTA OSHC OWWA
2010 2009 2010 2009 2010 2009 2010 2009 2010 2009
Government equity, beginning of period 133,423 133,423 77,564 77,564 410,432 424,147 - - 11,461,082 11,428,248
Additions (deductions) - - - - - (13,715) - - 17,366 32,834
Government equity, end of period 133,423 133,423 77,564 77,564 410,432 410,432 - - 11,478,448 11,461,082
Share capital, beginning of period - - 81,626 81,626 - - - - - -
Share capital, end of period - - 81,626 81,626 - - - - - -
Restricted capital, beginning of period - - - - - - - - - -
Restricted capital, end of period - - - - - - - - - -
Appraisal increment, beginning of period 7,043,840 7,043,697 - - - - - - 23,911 23,911
Additions (deductions) - 143 - - - - - - - -
Appraisal increment, end of period 7,043,840 7,043,840 - - - - - - 23,911 23,911
Donated capital, beginning of period - - - - - - 249,043 249,043 - -
Donated capital, end of period - - - - - - 249,043 249,043 - -
Retained earnings (deficit), beginning of period 508,431 496,286 56,460 19,083 267,256 272,509 (51,543) (73,329) 1,098,440 -
Additions (deductions) 4,779 12,145 7,881 37,377 346,689 (5,253) 27,297 21,786 854,123 1,098,440
Retained earnings (deficit), end of period 513,210 508,431 64,341 56,460 613,945 267,256 (24,246) (51,543) 1,952,563 1,098,440
Total equity 7,690,473 7,685,694 223,531 215,650 1,024,377 677,688 224,797 197,500 13,454,922 12,583,433
191
Cluster C
(In thousand pesos)
PAGCOR PCA PCED PCMC PFDA
2010 2009 2010 2009 2010 2009 2010 2009 2010 2009
Government equity, beginning of period - - 1,153,412 1,150,885 23,678 23,678 - - 570,366 570,366
Additions (deductions) - - 3,162 2,527 - - - - (13) -
Government equity, end of period - - 1,156,574 1,153,412 23,678 23,678 - - 570,353 570,366
Share capital, beginning of period 71,431 71,431 - - - - - - - -
Share capital, end of period 71,431 71,431 - - - - - - - -
Restricted capital, beginning of period 1,754,241 1,158,251 - - - - - - - -
Additions (deductions) 1,427,110 595,990 - - - - - - - -
Restricted capital, end of period 3,181,351 1,754,241 - - - - - - - -
Appraisal increment, beginning of period 85,506 85,506 20,097 20,097 - - - - - -
Appraisal increment, end of period 85,506 85,506 20,097 20,097 - - - - - -
Donated capital, beginning of period - - - - 14,890 14,890 - - - -
Donated capital, end of period - - - - 14,890 14,890 - - - -
Retained earnings (deficit), beginning of period 5,598,074 5,390,526 306,143 245,016 63,656 64,030 393,953 425,558 (562,685) (520,337)
Additions (deductions) 1,354,838 207,548 103,913 61,127 29,292 (374) (54,161) (31,605) (30,888) (42,348)
Retained earnings (deficit), end of period 6,952,912 5,598,074 410,056 306,143 92,948 63,656 339,792 393,953 (593,573) (562,685)
Total equity 10,291,200 7,509,252 1,586,727 1,479,652 131,516 102,224 339,792 393,953 (23,220) 7,681
192
Cluster C
(In thousand pesos)
PHC PIDS PITAHC PRA PTNI
2010 2009 2010 2009 2010 2009 2010 2009 2010 2009
Government equity, beginning of period 200,902 200,902 313,159 263,094 54,702 52,510 63,217 63,217 394,918 394,918
Additions (deductions) - - (246) 50,065 (449) 2,192 - - - -
Government equity, end of period 200,902 200,902 312,913 313,159 54,253 54,702 63,217 63,217 394,918 394,918
Share capital, beginning of period - - - - - - - - 1,000,000 1,000,000
Share capital, end of period - - - - - - - - 1,000,000 1,000,000
Restricted capital, beginning of period 882 882 - - - - - - - -
Restricted capital, end of period 882 882 - - - - - - - -
Appraisal increment, beginning of period - - - - - - - - - -
Appraisal increment, end of period - - - - - - - - - -
Donated capital, beginning of period 423,202 423,202 - - - - - - - -
Additions (deductions) 524 - - - - - - - - -
Donated capital, end of period 423,726 423,202 - - - - - - - -
Retained earnings (deficit), beginning of period 20,236 103,184 124,787 129,375 172,994 150,432 505,885 489,703 (667,994) (544,563)
Additions (deductions) (41,944) (82,948) (4,237) (4,588) 26,105 22,562 46,453 16,182 (139,410) (123,431)
Retained earnings (deficit), end of period (21,708) 20,236 120,550 124,787 199,099 172,994 552,338 505,885 (807,404) (667,994)
Treasury shares, end of period - - - - - - - -
Total equity 603,802 645,222 433,463 437,946 253,352 227,696 615,555 569,102 587,514 726,924
193
Cluster C
(In thousand pesos)
TPB TRC
2010 2009 2010 2009
Government equity, beginning of period - - - -
Additions (deductions) - - - -
Government equity, end of period - - - -
Share capital, beginning of period - - 309,630 309,630
Share capital, end of period - - 309,630 309,630
Share premium, beginning of period - - - -
Share premium, end of period - - - -
Deposit on subscription, beginning of period - - - -
Deposit on subscription, end of period - - - -
Restricted capital, beginning of period - - - -
Restricted capital, end of period - - - -
Appraisal increment, beginning of period - - - -
Appraisal increment, end of period - - - -
Members' equity, beginning of period - - - -
Members' equity, end of period - - - -
Net unrealized gains and losses, beginning of period - - - -
Net unrealized gains and losses, end of period - - - -
Donated capital, beginning of period - - 10,893 10,893
Donated capital, end of period - - 10,893 10,893
Equity in joint venture, beginning of period - - - -
Equity in joint venture, end of period - - - -
Surplus reserves, beginning of period - - - -
Surplus reserves, end of period - - - -
Retained earnings (deficit), beginning of period 33,021 29,959 (977,656) (835,509)
Additions (deductions) (14,781) 3,062 (95,529) (142,147)
Retained earnings (deficit), end of period 18,240 33,021 (1,073,185) (977,656)
Treasury shares, beginning of period - - - -
Treasury shares, end of period - -
Total equity 18,240 33,021 (752,662) (657,133)
194
Cluster C
Summary Cash Flow Statement
(In thousand pesos)
Total
Note 2010 2009

Cash inflows 43,070,929 39,126,218
Cash outflows 36,334,848 37,252,165
Net cash provided by (used in) operating activities 6,736,081 1,874,053

Cash inflows 426,968 528,338
Cash outflows 3,250,981 3,826,594
Net cash provided by (used in) investing activities (2,824,013) (3,298,256)

Cash inflows 183,542 1,155,780
Cash outflows 1,110,221 473,258
Net cash provided by (used in) financing activities (926,679) 682,522
Effects of exchange rate changes on cash and cash equivalents (47,334) (14,331)
Net increase (decrease) in cash and cash equivalents 2,938,055 (756,012)
Cash and cash equivalents, end of period 2 10,592,855 7,654,800
195
Cluster C
Cash Flow Statement
(In thousand pesos)
CITC CITEM DAP FTI
2010 2009 2010 2009 2010 2009 2010 2009

Cash inflows 27,394 25,780 167,710 183,770 562,588 259,847 607,892 518,151
Cash outflows 28,954 30,014 218,319 208,163 596,514 252,169 314,128 484,536
Net cash provided by (used in) operating activities (1,560) (4,234) (50,609) (24,393) (33,926) 7,678 293,764 33,615

Cash inflows - - 10,525 17,187 61,333 9,887 2,400 10,145
Cash outflows - - 243 899 90,603 47,701 91,809 4,844
Net cash provided by (used in) investing activities - - 10,282 16,288 (29,270) (37,814) (89,409) 5,301

Cash inflows - - - - 154,018 20,000 - -
Cash outflows - - - - 143,606 - - -
Net cash provided by (used in) financing activities - - - - 10,412 20,000 - -

cash equivalents - - (2,762) (1,283) (492) (188) - -
Net increase (decrease) in cash and cash equivalents (1,560) (4,234) (43,089) (9,388) (53,276) (10,324) 204,355 38,916
Cash and cash equivalent, end of period 4,388 5,948 80,528 123,617 34,378 87,654 659,914 455,559
196
Cluster C
Cash Flow Statement
(In thousand pesos)
HSDC NPF NRDC NTA
2010 2009 2010 2009 2010 2009 2010 2009

Cash inflows 48,744 50,139 47,645 264,931 51,672 102,583 664,243 296,831
Cash outflows 53,680 48,804 31,918 37,387 48,781 98,367 359,159 277,316
Net cash provided by (used in) operating activities (4,936) 1,335 15,727 227,544 2,891 4,216 305,084 19,515

Cash inflows 4,932 5,931 - - 364 375 46 344
Cash outflows 1,873 1,578 37,136 23,532 164 541 18,244 62,624
Net cash provided by (used in) investing activities 3,059 4,353 (37,136) (23,532) 200 (166) (18,198) (62,280)

Cash inflows - - - - - - - -
Cash outflows - - - - - - - -
Net cash provided by (used in) financing activities - - - - - - - -

cash equivalents - - (8) (9) - - - -
Net increase (decrease) in cash and cash equivalents (1,877) 5,688 (21,417) 204,003 3,091 4,050 286,886 (42,765)
197
Cluster C
Cash Flow Statement
(In thousand pesos)
2010 2009 2010 2009 2010 2009 2010 2009

Cash inflows 116,507 98,068 2,281,949 2,249,204 33,321,181 30,053,256 898,444 783,394
Cash outflows 92,081 76,101 1,342,221 1,283,846 28,386,290 29,513,441 818,991 708,013
Net cash provided by (used in) operating activities 24,426 21,967 939,728 965,358 4,934,891 539,815 79,453 75,381

Cash inflows 2,747 3,004 183,605 152,916 - 80,000 15,973 15,061
Cash outflows 6,184 9,520 1,075,998 1,073,626 1,489,018 1,872,944 29,482 8,812
Net cash provided by (used in) investing activities (3,437) (6,516) (892,393) (920,710) (1,489,018) (1,792,944) (13,509) 6,249

Cash inflows - - - - - 1,025,000 25,485 10,780
Cash outflows - - - - 871,072 297,166 70,946 111,037
Net cash provided by (used in) financing activities - - - - (871,072) 727,834 (45,461) (100,257)

cash equivalents - - - - (15,494) 1,147 - -
Net increase (decrease) in cash and cash equivalents 20,989 15,451 47,335 44,648 2,559,307 (524,148) 20,483 (18,627)
Cash and cash equivalents, beginning of period 138,034 122,583 517,499 472,851 3,167,590 3,691,738 528,461 547,088
Cash and cash equivalent, end of period 159,023 138,034 564,834 517,499 5,726,897 3,167,590 548,944 528,461
198
Cluster C
Cash Flow Statement
(In thousand pesos)
PCED PCMC PFDA PHC
2010 2009 2010 2009 2010 2009 2010 2009

Cash inflows 38,543 9,324 676,947 773,488 663,925 664,890 1,919,449 1,756,789
Cash outflows 8,417 7,700 787,860 737,628 496,611 596,590 1,855,408 1,668,261
Net cash provided by (used in) operating activities 30,126 1,624 (110,913) 35,860 167,314 68,300 64,041 88,528

Cash inflows - - 108 - 3,317 3,872 1,232 1,249
Cash outflows 16,375 4,120 46,080 11,137 118,107 31,185 59,212 77,718
Net cash provided by (used in) investing activities (16,375) (4,120) (45,972) (11,137) (114,790) (27,313) (57,980) (76,469)

Cash inflows - - - - - - - -
Cash outflows - - - - 8,943 16,771 15,585 26,574
Net cash provided by (used in) financing activities - - - - (8,943) (16,771) (15,585) (26,574)

cash equivalents - - (115) (42) (504) (269) (1,352) (502)
Net increase (decrease) in cash and cash equivalents 13,751 (2,496) (157,000) 24,681 43,077 23,947 (10,876) (15,017)
199
Cluster C
Cash Flow Statement
(In thousand pesos)
2010 2009 2010 2009 2010 2009 2010 2009

Cash inflows 87,636 79,607 120,155 89,210 292,977 282,455 214,732 164,765
Cash outflows 85,817 75,364 99,699 89,197 144,075 146,771 232,974 358,673
Net cash provided by (used in) operating activities 1,819 4,243 20,456 13 148,902 135,684 (18,242) (193,908)

Cash inflows 80,757 208,569 32,064 - - - - 227
Cash outflows 81,525 370,925 71,696 3,976 2,967 100,606 13,256 116,914
Net cash provided by (used in) investing activities (768) (162,356) (39,632) (3,976) (2,967) (100,606) (13,256) (116,687)

Cash inflows - - - - - - 4,039 100,000
Cash outflows - - - - - - 69 21,710
Net cash provided by (used in) financing activities - - - - - - 3,970 78,290

cash equivalents - - - - (26,607) (13,185) - -
Net increase (decrease) in cash and cash equivalents 1,051 (158,113) (19,176) (3,963) 119,328 21,893 (27,528) (232,305)
200
Cluster C
Cash Flow Statement
(In thousand pesos)
TPB TRC
2010 2009 2010 2009

Cash inflows 119,879 242,667 140,717 177,069
Cash outflows 121,490 279,548 211,461 274,276
Net cash provided by (used in) operating activities (1,611) (36,881) (70,744) (97,207)

Cash inflows 202 31 27,363 19,540
Cash outflows 555 261 454 3,131
Net cash provided by (used in) investing activities (353) (230) 26,909 16,409

Cash inflows - - - -
Cash outflows - - - -
Net cash provided by (used in) financing activities - - - -

cash equivalents - - - -
Net increase (decrease) in cash and cash equivalents (1,964) (37,111) (43,835) (80,798)
Cash and cash equivalents, beginning of period 14,921 52,032 528,121 608,919
Cash and cash equivalent, end of period 12,957 14,921 484,286 528,121
201
CLUSTER C – AGRICULTURAL, TRADING, PROMOTIONAL, SOCIAL AND
CULTURAL
GENERAL INFORMATION
Under the 2008 COA Organization Restructuring, majority of the corporations under the audit
jurisdiction of the former Clusters V and VI, CGS, were combined and placed under the audit
responsibility of Cluster C. Originally, this covered 50 corporations composed of 37 parent
corporations and 13 subsidiaries. However, by virtue of Executive Order (EO) Nos. 681 and 681A
dated November 22, 2007 and February 1, 2008, the Livelihood Corporation (LIVECOR) was
merged with the National Livelihood Support Fund (NLSF) which is under the audit jurisdiction of
Cluster A. Of the remaining 49 corporations, three are for privatization and three already ceased
operations. Another two corporations are private entities sequestered by the Philippine Commission
on Good Government (PCGG).
These corporations were created either by virtue of an enabling law, such as presidential decree and
republic act, or through registration with the Securities and Exchange Commission (SEC),
summarized as follows:
No. of GOCCs
Presidential Decree 18
Executive Order 8
Republic Act 6
Letter of Instruction 2
Philippine Legislature Act 1
SEC Registered 12
Total 47
These corporations mostly hold their principal place of business and operations in Quezon City, as
shown below:
No. of GOCCs
Quezon City 20
City of Manila 8
Pasig City 6
Makati City 4
Pasay City 4
San Juan City 2
Marikina City 1
Parañaque City 1
Taguig City 1
Total 47
Schedule 3 shows a complete list identifying the parent and its subsidiaries as well as information
regarding each GOCC’s complete address and legal form with the exception of two non-operational
corporations where data are no longer available. In addition, functions of the GOCCs under Cluster C
are summarized in Annex 4.
202
CLUSTER C – AGRICULTURAL, TRADING, PROMOTIONAL, SOCIAL AND
CULTURAL
NOTES TO FINANCIAL STATEMENTS
(All amounts in Thousand Pesos unless otherwise stated)
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND OTHER

EXPLANATORY INFORMATION
a. Reporting Framework
The GOCCs under the cluster adopted and implemented varied applicable financial reporting
frameworks in their preparation and presentation of financial statements, such as the Philippine
Financial Reporting Standards (PFRS) as adopted by Technology Resource Center (TRC) while
the remaining 21 GOCCs included in the summarized or combined financial statements adopted
the accounting principles generally accepted in the Philippines.
b. Basis for consolidation
Last year, the report presented consolidated financial data based on the Annual Audit Reports
(AARs) of 29 GOCCs, which were either issued/transmitted or still under review in the cluster
as well as financial data from two GOCCs, in the regions namely, Bukidnon Forests, Inc. (BFI)
and Philippine Rice Research Institute (PRRI), the audit jurisdiction over which has been
transferred to the concerned regions pursuant to the 2008 COA Restructuring. For this report,
financial data contained herein were based on 22 GOCCs.
The financial reports on the following GOCCs which were included in the 2009 Report are not
included in this year’s report:
· Lung Center of the Philippines (LCP)

· National Dairy Authority (NDA)
· National Kidney and Transplant Institute (NKTI)
· Philippine Agricultural Development and Commercial Corporation (PADCC)
· Philippine International Trading Corporation (PITC)
· Bukidnon Forests, Inc. (BFI)
· Philippine Rice Research Institute (PRRI)
c. Cash and Cash Equivalents
Cash includes cash on hand and cash in bank comprised of current accounts and savings
deposits, both in Philippine peso and foreign currency. Cash equivalents are short-term and
highly liquid investments with short maturities of three months or less from date of acquisition,
which are readily convertible to a known amount of cash and subject to an insignificant risk of
changes in value.
d. Allowance for Doubtful Accounts
Allowance for doubtful accounts is maintained at a level adequate to provide for potential
uncollectible receivables. The level of allowance is based on historical data on collection/write-
off experience, current economic trends, change in customer payment terms and other factors
that may affect the ability to collect receivables. A review/evaluation of the receivables,
designed to identify accounts to be provided with allowance, is performed on a continuous basis
during the year. The rates of allowance are approved by respective Board of Directors/Trustees
of the GOCCs.
203
e. Inventories
Inventories are stated by some corporations at lower of cost or net realizable value. In pricing
inventories, seven GOCCs [Cottage Industry Technology Center (CITC), Development
Academy of the Philippines (DAP), Food Terminal, Inc. (FTI), National Tobacco
Administration (NTA), Overseas Workers Welfare Administration (OWWA), Philippine
Children’s Medical Center (PCMC) and Philippine Heart Center (PHC)] use the first-in-first-out
(FIFO) method, eight GOCCs [Nayong Pilipino Foundation (NPF), Natural Resources
Development Corporation (NRDC), Occupational Safety and Health Center (OSHC), Philippine
Amusement and Gaming Corporation (PAGCOR), Philippine Center for Economic
Development (PCED), Philippine Fisheries Development Authority (PFDA), Philippine Institute
for Development Studies (PIDS), and Tourism Promotions Board (TPB)] use the moving
average method prescribed under the NGAS while Philippine Coconut Authority (PCA) adopted
the weighted average method. With regard to corporations involved in
manufacturing/production, the costs of ending inventory of finished goods/work in process are
computed based on the cost of production.
In the event that there is obsolescence or impairment of inventories, the cost of inventories is
written down to its net realizable value by recognizing impairment loss and allowance for
obsolescence.
f. Investments
Investments with maturities of one year or less from balance sheet date are included in current
assets, and those with maturities greater than 12 months after the balance sheet date are
classified as non-current assets. Investments in bonds are recorded at premium or discount,
which is amortized on a straight-line method over the life of the bonds. Interest income
pertaining thereto and that of the investments in treasury bills are recognized on an accrual basis.
g. Property, Plant and Equipment
Property, plant and equipment (PPE) are carried at cost less accumulated depreciation and any
impairment in value. Cost includes expenditures that are directly attributable to the acquisition
of the items.
Depreciation on assets is calculated using the straight-line method to allocate the cost of the
asset net of residual value of 10 per cent of cost over its estimated useful life as prescribed by
COA Circular 2003-007 which provides the policies and guidelines on the computation of
depreciation of government property and on their useful lives. Depreciation starts on the second
month after purchase.
Major repairs/renovations are depreciated over the remaining useful life of the related asset
while regular maintenance, repair and minor replacements are charged against Maintenance and
Other Operating Expenses (MOOE) as these are incurred.
Property, plant and equipment acquired by externally-funded projects are recorded as Held in
Trust while PPE not used in operations and those for disposal are reclassified as Other Assets.
h. Income and Expenses
The accrual method of accounting for income and expenses is adopted by 19 GOCCs, while
NTA and OWWA used modified accrual and PCMC adopted the modified cash basis. Under
the accrual method, all expenses and income are recognized when incurred and earned. The
cash basis is applied for certain transactions by two GOCCs (PAGCOR, PHC).
The OSHC uses the cash basis in recording the income from the Social Security System
(SSS)/Government Service Insurance System (GSIS) Loading Fund. Thus, unremitted
allotments due from SSS/GSIS are not yet recognized in OSHC’s books.
204
i. Foreign Currency Transactions
Transactions in foreign currencies are recorded in Philippine Peso based on the Bangko Sentral
ng Pilipinas (BSP) rate of exchange at the time of the transaction. At the end of the year, these
are revalued using the closing rate per Reference Exchange Rate Bulletin of the BSP at balance
sheet date. Gains or losses arising from changes in foreign currency exchange rates were
included in the computation of the annual profit and loss.
This account, composed of cash in banks and cash in the hands of officers and employees, is broken
down as follows:
Particulars 2010 2009

Cash in Bank 9,444,304 6,627,647
Cash equivalents 1,003,169 824,156
Cash – collecting officers 71,829 122,931
Cash – disbursing officers 47,383 61,908
Petty cash fund 16,140 8,090
Cash in National Treasury 5,842 9,054
Payroll fund 1,337 625
Others 2,851 389
Cash and Cash Equivalents 10,592,855 7,654,800
A total of P851.24 million is restricted for the following programs and activities: (a) Priority
Development Assistance Fund (PDAF); (b) Department of Health programs and assistance: (c) other
special hospital based activities and programs; (d) capital outlay, major repairs of
building/rehabilitation of facilities and upgrading of technical equipment; (e) grant of loans for the
upgrading of production facilities and technologies of export-oriented agro-industries; (f)
implementation of special projects of government agencies such as Department of Agriculture,
Bureau of Fisheries and Aquatic Resources, Department of Agrarian Reform, Department of Science
and Technology, Philippine Council for Agriculture, Forestry and Natural Resources Research and
Development, Philippine Council for Industry and Energy Research Development, Bureau of
Agricultural Research and other coconut Genetic Resources Network Funded Projects; and (g)
implementation of tourism-related marketing projects.
3. SHORT-TERM INVESTMENTS
This account is composed of:

Investments in treasury bills/notes 216,591 145,381
Marketable securities 163,570 89,693
Investments in treasury bonds 57,086 126,024
Others 68,669 40,952
Short-Term Investments 505,916 402,050
205
4. RECEIVABLES (net)

Due from GOCCs 329,439 345,038
Receivables - disallowances/charges 257,687 259,879
Loans receivable - others 182,688 124,050
Due from NGAs 158,535 1,152,692
Interests receivable 139,291 162,688
Loans receivable 125,791 125,791
Advances to officers and employees 115,551 194,968
Accrued income 54,984 16,981
Due from regional offices/staff 16,664 11,423
bureaus/branch offices
Advances to Contractors 10,909 13,844
Due from other funds 9,585 13,949
Accrued interest receivable 5,810 6,367
Due from subsidiaries/affiliates 4,993 51,204
Rent receivables 4,094 12,503
Non-Trade receivables 3,356 3,356
Due from central office/home office 2,598 -
Due from National Treasury 1,401 3,709
Due from LGUs 573 499
Due from NGOs/POs 498 498
Receivables - locators 44 182
Due from NG-subsidy support - 28,750
Others 646,314 907,042
Allowance for doubtful accounts (1,690,184) (1,585,874)
Receivables (net) 3,685,243 4,959,140
Accounts receivable consist of trade receivables due from the various clients/customers doing business
with the corporations under the audit jurisdiction of Cluster C which were made part of this report.
Accounts receivable of the NPF include receivables from the Philippine Village Hotel (PVH)
consisting of P43.59 million unpaid fixed rental as well as interest and penalty charges of P2.29 million
from January 1999 to December 2002. As of December 31, 2010, the “should be” total receivables
from the PVH excluding interest and penalty amounted to P101 million. The NPF did not record the
additional rental and charges since 2003 considering that collectibility could not be ascertained. The
Foundation sued PVH for non-payment and ejectment, for which the latter filed an appeal on October
4, 2003, which the Court of Appeals denied, per its resolution dated December 22, 2005. As of
December 31, 2008, the case was awaiting resolution of the Supreme Court (SC) on PVH’s petition for
certiorari but was subsequently denied by the SC in decision on January 20, 2009. A motion for
reconsideration was filed by the PVH but was again denied by the SC in its resolution dated March 30,
2009, for absence of substantial argument to warrant a modification of its previous decision. Hence, the
ejectment of PVH and payment of its unpaid rental, interest, as well as penalty is final and executory.
As of December 31, 2010, the Motion for Execution is pending resolution with RTC-Pasig City.
Due from Government-Owned or Controlled Corporations (GOCCs) includes fund amounting to P100
million held in trust for National Livelihood Support Fund (NLSF) and placed under a Trust Account
206
with the Land Bank of the Philippines (LBP) for the livelihood program for OFWs pursuant to the
Investment Agreement among OWWA, LBP and NLSF. The program is being implemented by the
NLSF which is now merged with the Livelihood Corporation per Executive Order No. 681 dated
November 22, 2007.
The account Advances to Officers and Employees consists mainly of amounts granted as cash advances
to OWWA personnel of Home Office and Overseas Posts for operating expenses and special programs
and projects which are subject to liquidation. Most of the liquidation reports submitted for overseas
operations were returned by the Accounting Division for compliance with certain documentary
requirements.
5. INVENTORIES
This account includes:

Medical, dental and laboratory supplies inventory 141,582 116,591
Other supplies inventory 122,440 170,915
Drugs and medicines inventory 78,366 106,794
Agricultural supplies inventory 47,727 138,574
Office supplies inventory 35,173 39,734
Confiscated/abandoned/seized goods inventory 29,242 56,610
Spare parts inventory 27,797 26,290
Food supplies inventory 14,843 18,597
Merchandise inventory 14,016 115,102
Finished goods inventory 9,398 5,505
Supplies and materials inventory 6,859 16,013
Raw materials inventory 6,600 8,070
Construction materials inventory 6,250 7,215
Work-in-process inventory 3,651 4,069
Accountable forms inventory 2,425 2,010
Gasoline, oil and lubricants inventory 814 738
Textbooks and instructional materials inventory 276 2,158
Others 189,655 193,660
Inventories 737,114 1,028,645
Confiscated/Abandoned/Seized Goods Inventory represents the cost of donated confiscated products

per Deeds of Donation from the Department of Environment and Natural Resources (DENR). Fifty
percent of the proceeds from the sale of inventories revert back to DENR in cash and in kind.
Textbooks and instructional materials inventory totaling P11.139 million in 2009 provided with 100
percent allowance for obsolescence have been found worthless and were derecognized from the books.
This account is broken down as follows:

Prepaid rent 89,674 185,616
Advances to contractors 21,061 17,110
Prepaid insurance 18,081 15,125
207
Other prepaid expenses 10,774 8,471
Deposit on letters of credit 790 790
Prepaid subscriptions 250 436
Prepaid taxes 87 -
Prepaid interest 19 5
Deferred charges – deposit on containers 11 11
Others 84,573 29,463
Prepayments and Deferred Charges 329,171 382,498
Advances to contractors include 15 percent mobilization fee for the one lot physical repair,
rehabilitation and restoration of the facilities of DAP located in Pasig and Tagaytay. The advance
payment will be deducted from periodic progress payments to the contractor. This also includes
advances made by the DAP to contractors in securing the required bidders/performance bonds.
This account consists of:

Input tax 59,303 53,689
Creditable withholding tax 12,255 7,613
Deposit on containers 22 22
Stocks and securities of service enterprises 22 22
Others 3,791 3,790
Other Current Assets 95,591 82,692
8. LONG-TERM RECEIVABLES (net)
This account is comprised of:

Loans receivable 1,872,968 1,886,831
Trade and other receivables 75,301 91,683
Due from LGUs 10,934 4,323
Due from NGAs 4,323 1,792
Allowance for doubtful accounts – long term (1,517,116) (1,539,341)
Long-term Receivables (net) 450,960 460,981
Loans receivable refers to financial assistance granted to various proponents funded from Technology
Resource Center (TRC) corporate funds or from special project funds as follows: Export Industry
Modernization Department II (EIMD II); Livelihood External Assistance Project II (LEAP II);
Barangay Agro Industrial Development (BAID); Urban Livelihood Financing Department (ULFD);
Livelihood External Assistance Project I (LEAP I); Kakayahan (KKYH); Bagong Pagkain ng Bayan
Department (BPBD); Technology Utilization Financing Department (TUFD); Comprehensive Agrarian
Reform Program (CARP); Project Team Micro Lending (PTML); and Balikatan sa Kabuhayan
Department (BSKD).
208
Also included in this account is a receivable of the OWWA from Landoil Resources Corporation
amounting to P6.06 million. The loan was granted to Landoil for the repatriation expenses of stranded
overseas Filipino workers (OFWs) in Libya, secured by a real property mortgage over 60 parcels of
land located in Bataan. The property subject of the mortgage has been levied by the provincial
government of Bataan due to non-payment of taxes but all possible legal means are being pursued by
OWWA to recover the property.
9. LONG-TERM INVESTMENTS (net)

Other investments and marketable securities 12,099,198 11,026,909
Investments in bonds 1,010,490 1,309,244
Investments in stocks and bonds 324,061 420,654
Investments in stocks 257,456 257,463
Investment property 194,255 210,890
Investments in treasury bills/notes 4,591 18,224
Investments in joint
ventures/subsidiaries/IOUs 2,382 9,550
Others 117,480 249,076
Allowance for decline in value of
investments (2,374) (224,634)
Long-term Investments (net) 14,007,539 13,277,376
Other investments and marketable securities include the P11.98 billion placement by OWWA under an
Investment Management Agreement (IMA) with the Development Bank of the Philippines (DBP) and
the Land Bank of the Philippines (LBP). The agreements with the said banks were signed on April 21,
2005 designating DBP and LBP as investment managers of OWWA’s investible funds. As investment
managers, LBP and DBP are authorized to invest/reinvest the funds and keep the same invested,
without distinction between the principal and income, in government securities such as treasury bills,
treasury bonds and other evidence of indebtedness or obligation, the servicing and repayment of which
are fully guaranteed by the Republic of the Philippines with maximum terms of five years.
Investment in stocks amounting to P160 million pertains to the investment of NRDC at Bukidnon
Forests, Inc. (BFI), which is the net transfer value of assets consisting of Philippine cash contributions
per Deed of Assignment between NRDC and BFI dated July 24, 1992, and the share of the Philippine
Government in the Exchange of Notes between the Governments of New Zealand and the Philippines,
while P55 million represents 44 per cent ownership of NRDC in the equity of the Philippine Mining
Development Corporation (PMDC).
The bulk of investment property amounting to P167.33 million consists of various

technocenters/productivity centers of the TRC located in different parts of Central Luzon. These
technocenters were initially established to augment the income generating activities of the communities
which were greatly affected by the eruption of Mt. Pinatubo. These were also established to attract
foreign and local investors in order to stimulate economic activities and provide employment in the
nearby communities, as well as generate foreign exchange for the country. In addition, these
technocenters serve as hubs for the Center’s Business Incubation Program.
Furthermore, investment property also includes the proposed housing project of the PHC for its
employees. Initially, PHC entered into a Memorandum of Agreement with GSIS regarding division of
its property which is 60 percent for GSIS and 40 percent for PHC. The title over the 40 percent share of
PHC, which shall be used as the site for the housing project, has been secured from the Registry of
209
Deeds of Marikina City. The informal settlers staying within the premises already vacated the area after
receiving monetary considerations. Said project was already endorsed to the Bids and Awards
Committee (BAC) for bidding. As regards the right-of-way, when the negotiation between PHC and
the Armed Forces of the Philippines Membership and Benefits Association, Inc. (AFPMBAI) did not
materialize, the Center sought assistance from the Office of the Government Corporate Counsel
(OGCC) and City Government of Marikina to help resolve the easement problem in pursuance of the
project. To date, representation with the two agencies is on-going with the involvement of Home
Development Mutual Fund through the order of Vice-President Jejomar Binay. Payments for security
and other expenses incurred in maintaining the property is being charged to this account.
10. PROPERTY, PLANT AND EQUIPMENT (net)

Land and land improvements 40,483,405 40,717,997
Machineries and equipment 7,097,092 6,586,235
Buildings and structures 3,133,538 3,140,481
Office equipment, furniture and fixtures 1,548,250 1,452,354
Transportation equipment 650,422 618,594
Leasehold Improvements 507,165 425,766
Construction in progress 328,832 349,956
Other property, plant and equipment 307,594 296,615
Accumulated depreciation (7,281,362) (6,395,533)
Property, Plant and Equipment (net) 46,774,936 47,192,465
Land and land improvements include appraisal increase of P15.155 billion on FTI property based on
Valencia appraisal in 1996 where land was appraised at P15,000/sq.m.
Building and structures of the PCMC pertains only to the carrying amount of facilities installed and
improvements made on the building donated by the defunct Ministry of Human Settlements. The
donation was not properly recorded for lack of pertinent documents.
This account is broken down as follows:

Other receivables 1,253,883 1,258,049
Miscellaneous deposits 741,662 724,083
Assets held in trust 712,173 712,407
Others-contingent assets 464,963 551,609
Advances to provident fund 456,597 280,482
Restricted funds/assets 450,339 418,014
Acquired assets 348,440 353,434
Items in transit 19,804 19,444
Advances on foreclosure 12,606 12,606
210
Advances on special projects 5,015 5,015
Unserviceable assets 4,577 -
Arts, archeological specimen and other exhibits 3,760 3,182
Pre-investment and project development cost 2,987 3,487
Tree plantation 2,558 2,558
Input tax 1,282 4,955
Non-performing assets 706 706
Work/other animals 33 33
DENR renovation projects - 11,345
Other non-current assets 602,324 645,254
Allowance for doubtful accounts, depreciation,
valuation or losses (520,318) (497,961)
Other Non-Current Assets 5,254,947 4,814,600
Other receivables include balances of livelihood and groceria loans granted by OWWA to member
OFWs. During the latter part of CY 2009, loans in the amount of P10,000 each to families of OFWs
who were victims of typhoon Ondoy were also granted, aside from the implementation of the Filipino
Expatriates Livelihood Support Fund (FELSF) which was granted to displaced OFWs affected by the
global economic crisis.
Restricted funds/assets consists mainly of the amount restricted by the Center for International Trade
Expositions and Missions, Inc. (CITEM) governing board for the construction of its office building in
the future which was temporarily invested in treasury bills and in dollar time deposits amounting to
P372.36 million. It also includes the balance of the retirement fund of FTI employees. The fund, where
FTI is the sole contributor, was set up in 1997 and is being administered by the LBP.
Acquired assets pertain to assets foreclosed by the TRC on account of delinquent loans which are taken
up in the books at loan value (unpaid balance of the loan plus capitalized advances/expenses). At the
time of foreclosure, an allowance for possible losses on the value of acquired assets is set up and a
provision for loss is recognized for the difference in the loan value and the appraised value of the
foreclosed asset. Income or loss on acquired asset is recognized upon sale/disposal.
Contingent assets include the uncollected matured placements of Human Settlements and Development
Corporation (HSDC) amounting to P50.82 million from Trustee with cases to recover these accounts
being handled by the OGCC and still pending in various courts. It also includes Cash-Inter-agency-
Transferred amounting to P40.60 million which represents cash advances granted by HSDC to various
agencies/corporations and regions for the implementation of the Rural Bliss Program, Special Bliss
Program and Shelter/Livelihood Project Operations. The settlement of the cash advances is doubtful
since these were non-moving for several years and documents to support them could no longer be
located, hence, a 100 percent allowance was provided thereon.
Likewise, contingent assets include renovations/construction works done by NRDC amounting to

P88.22 million for various buildings, including the L&S Building in Manila, Mt. Arayat National Park
in Pampanga, training centers in Quezon City and Nueva Ecija and other buildings located in Tarlac
and Pampanga.
211

Accounts payable 2,699,696 2,978,869
Due to National Treasury 2,032,398 1,976,094
Due to other NGAs 2,011,832 1,758,874
Due to BIR 1,045,024 833,127
Interest payable 840,779 815,202
Due to officers and employees 304,045 317,299
Due to other funds 301,506 294,483
Due to PAGCOR retirement fund 266,594 66,107
Guaranty deposits payable 213,730 206,924
Due to other GOCCs 148,303 467,953
Accrued expenses payable 76,945 91,359
Notes payable 72,745 72,745
Performance/bidders/bail bonds payable 48,668 39,765
Due to LGUs 47,537 52,656
Due to GSIS 30,725 21,193
PDAF 21,517 21,922
Miscellaneous deposits 18,291 15,494
Sales commission payable 15,486 15,486
Due to central office/home office 12,565 -
Output tax payable 12,359 16,471
Due to Pag-ibig 10,265 8,158
Due to Philhealth 6,524 12,081
Retention payable 3,426 5,791
Advances from clients 3,353 3,353
Due to subsidiaries/affiliates 2,247 2,285
Legal account 1,000 1,000
Amounts withheld from salaries and wages 927 950
Contractor’s security deposits 769 17,334
Due to retired/separated employees 486 493
Tax refunds payable 122 108
Due to regional/staff bureaus/branch offices - 721
Contingent liabilities - 2
Trade and Non-Trade Payables 10,249,864 10,114,299
The bulk of the Due to BIR account pertains to unpaid Value-added Tax (VAT) and withholding taxes
as of year-end. The amount of taxes is less than 30 days of age and is paid in January of the following
year.
Guaranty deposits payable consists of 10 percent retention fee due to contractors which are currently
retained by the agency and rental deposits for leasing operations.
212

Loans payable – foreign 1,191,507 1,192,882
Loans payable – domestic 1,097,444 2,037,925
Loans and Advances Payable 2,288,951 3,230,807
Loans payable – domestic includes the P1.9 billion credit accommodations extended by the Land Bank
of the Philippines, Philippine National Bank and PAGCOR Provident Fund to finance/refinance the
major construction projects of PAGCOR Angeles, purchase of real properties of the Philippine
Reclamation Authority (PRA) at Central Business Park I in Parañaque City and at Nayong Pilipino
Theme Park in Pasay City, and payment of earnest money for the purchase of the 40-hectare property
of PRA.
14. OTHER LONG-TERM LIABILITIES

Others 11,501,446 12,429,264
Guarantee deposits payable 265,608 229,201
Other Non-Current Liabilities 11,767,054 12,658,465
Other long-term liabilities includes outstanding obligations of PAGCOR amounting to P11.48 billion to
the Philippine Reclamation Authority for the purchase of real estate properties at the Central Business
Park I , Bay City, Parañaque, namely (a) the 40-hectare parcel of land located at Islands B and C
(P6.353 billion) covered by a deed of Conditional Sale dated November 29, 2007 and (b) the additional
161,937 square meters parcel of land also located at Islands B and C (P3.601 billion) and (c) the
purchase of a 15-hectare parcel of land located at Nayong Pilipino Theme Park, MIA Road, Pasay City
(P1.52 billion).
15. DONATED CAPITAL
This account includes the donation to the DAP from the National Government through the Office of the
President. Said amount is to remain unimpaired and shall be returned to the contributor/donor in the
event of the dissolution of the Academy. An initial donation of P20 million was granted while
additional amounts totaling P115 million were granted to the Academy and taken from the General
Appropriations for CYs 2005 to 2009.
16. INCOME

Business income 27,990,168 29,570,185
Service income 2,068,910 1,964,013
Permits and licenses 341,076 240,328
Other income 8,036,559 5,338,224
Share of National Government (13,455,761) (13,719,021)
Income 24,980,952 23,393,729
213
Business income consists mainly of PAGCOR’s winnings from gaming operations totaling P24.15
billion during the year while other business income were from hospital fees,
canteens/restaurants/dormitories/guest houses/cottages/markets/waterworks systems operations, joint
ventures, parking fees, management fees, rent, sales revenue and others.
Service income for the current year pertains mainly to OWWA membership fees of P1.56 billion, DAP
consultancy and research fees of P105.8 million, PRA passport and visa application fees of P100.9
million, PFDA service income of P90.8 million, participation fees of exhibitors in CITEM trade fairs of
P54.1 million, etc.
Permits and licenses consists of collections made by NTA, PCA and PFDA for issuing permits and
licenses to clients.
Other income includes PAGCOR revenue from internet gaming/licensed casinos/poker operations and
income from SM demo units as well as interest income, proceeds of sales of copra and coconut by-
products, income from grants and donations and others of the GOCCs included in this report.
17. PERSONAL SERVICES

Personnel benefits contributions 370,763 346,617
Others 4,356,691 3,963,891
Personal Services 10,681,869 9,945,206
18. MAINTENANCE AND OTHER OPERATING EXPENSES

Rent expenses 1,523,985 1,504,432
Supplies and materials expenses 1,449,434 1,477,799
Depreciation expense 1,214,222 1,218,485
Marketing expenses 1,048,031 1,587,346
Professional services 885,165 931,055
Utility expenses 867,143 747,836
Quantified free service 419,579 401,557
Confidential, intelligence, extraordinary, 410,491 412,812
miscellaneous
Repairs and maintenance 232,002 220,111
Advertising expenses 202,100 352,874
Taxes, insurance premiums and other fees 196,515 154,070
Cost of goods sold 178,005 170,676
Subsidies and donations 163,713 222,368
Entertainment expenses 155,804 379,783
Discounts and allowances 132,769 119,859
Traveling expenses 113,893 107,194
Representation expenses 100,443 126,114
Communication expenses 92,782 94,320
Public relations expense 64,027 187,310
Bad debts expense 58,283 166,969
214
Training and scholarship expenses 47,659 35,968
Printing and binding expenses 29,315 37,122
Transportation and delivery expenses 18,821 12,280
Amortization expense 16,018 13,569
Interest expense 15,641 17,536
Foreign exchange risk fee 15,641 17,536
Membership dues and contributions to
organizations 7,685 9,246
Sales discounts 6,543 4,547
Subscription expenses 5,594 6,085
Donations 4,120 3,240
Medical benefits 1,183 1,006
Discretionary expenses 589 490
Catering services 380 1,727
Royalty 330 220
Losses/loss of assets 233 -
Research, explorations and development
expenses 165 1,451
Storage expenses 135 313
Rewards and other claims 42 1,691
Survey expenses 41 127
Accommodation/board and lodging 7 85
Sales returns and allowances 2 6,148
Others 182,581 214,924
Maintenance and Other Operating Expenses 9,861,111 10,968,281
19. FINANCIAL EXPENSES

Interest expenses 337,035 322,775
Bank charges 4,585 3,280
Documentary stamps tax expenses 168 8,019
Commitment fees - 1,570
Others 55,551 89,348
Financial Expenses 397,339 424,992
20. OTHER EXPENSES

Programs and projects 704,185 492,373
Loss on foreign exchange 57,934 17,145
Loss on sale of fixed asset/investment 8,099 11,368
Dividend expense 4,557 -
Other Expenses 774,775 520,886
215
21. CORPORATE INCOME TAX
As provided for under Section 27(c) of Republic Act No. 8424 (The National Internal Revenue Code of
1997), PAGCOR together with the Government Service Insurance System (GSIS), Social Security
System (SSS), Philippine Health Insurance Corporation (PHIC) and the Philippine Charity
Sweepstakes Office (PCSO), was exempted from the payment of corporate income tax. Subsequently,
however, under Republic Act No. 9337 dated July 1, 2005, said provision was amended by excluding
PAGCOR from the GOCCs exempted from corporate income tax payment.
In view of this, PAGCOR filed a Petition for Certiorari and Prohibition with the Supreme Court per
G.R. No. 172087 dated April 17, 2006. The Supreme Court, on March 15, 2011, rendered its decision
that (a) the exclusion of PAGCOR from the enumeration of GOCCs exempted from corporate income
tax is valid and constitutional while (b) BIR Revenue Regulations No. 16-2005 insofar as it subjects
PAGCOR to 10 percent VAT is declared null and void for being contrary to the National Internal
Revenue Code of 1997, as amended by Republic Act No. 9337. On April 6, 2011, PAGCOR filed a
Motion for Reconsideration regarding its exclusion from the list of GOCCs exempted from corporate
income tax.
22. RESTATEMENT OF ACCOUNTS
Certain accounts in the 2009 financial statements were restated to reflect the impact of changes in
accounting policies and estimates, and the correction of prior period errors, in accordance with
Philippine Accounting Standards No. 8. In addition, prior period adjustments were also prepared for
contingent accounts which were not provided for in the NGAS chart of accounts.
216
Schedule 1
Cluster C
Corporate Government Sector
List of Government Owned and Controlled Corporations
Name of Agency Acronym Principal Office Address Name of Auditor Position Enabling Law/Creation
1 Center for International Trade Expositions and Missions CITEM RA ITC Complex, Roxas Blvd, cor Buendia St, Henedina R. Otadoy State Auditor IV EO Nos. 989 and 133 as amended by EO No. 242, dated July 24, 1987
Pasay City
2 Cottage Industry Technology Center CITC RA 20 Russet St, SSS Village, Marikina City Nona A. Uson State Auditor IV RA No. 3470 and EO No. 133 dated February 27, 1987
3 Cultural Center of the Philippines CCP RA CCP Complex, Roxas Boulevard, Pasay City Consolacion R. Asto State Auditor IV EO No. 30 year 1966
4 Development Academy of the Philippines DAP RA San Miguel Avenue, Pasig City Crescencia L. Escurel State Auditor IV PD No. 205 dated June 7, 1973, amended by PD No. 1061 dated December 9, 1976 and EO
No. 288 signed on July 25, 1987
5 Duty Free Philippines Corporation DFPC RA Ninoy Aquino Ave, Parañaque City Cora D. Marquez State Auditor IV EO No. 46 dated September 4, 1986; reorganized to DFPC under Section 89 of RA No. 9593
(Tourism Act of 2009) dated 11/10/2009, attached to the Department of Tourism
6 Human Settlements Development Corporation HSDC RA Unit 1405 West Tower, Phil. Stock Exchange Atty. Norberto D. State Auditor V PD No. 1396 dated June 2, 1978
Centre, Exchange Road, Ortigas Center, Pasig Cabibihan
City
Subsidiaries:
7 National Agribusiness Corporation HSDC- Nabcor RA Unit 2602-D West Tower, Phil Stock Exchange Merle M. Valentin State Auditor IV SEC Registration No. 121272 dated June 26, 1984
Center, Exchange Road, Ortigas Center, Pasig
City
8 Philippine Agricultural Development and Commercial HSDC- PADCC ATAP Unit 1405 West Tower, Phil. Stock Exchange Ma. Georgina R. State Auditor IV SEC Registration No. 121210 dated June 21, 1984
Corporation Centre, Exchange Road, Ortigas Center, Pasig Hernandez
City
9 Philippine Genetics, Inc HSDC- PGI ATAP Unit 1405 West Tower, Phil. Stock Exchange Ma. Georgina R. State Auditor IV SEC Registration No. 119848 dated March 26, 1984
Centre, Exchange Road, Ortigas Center, Pasig Hernandez
City
10 ZNAC Rubber Estate Corporation HSDC- ZREC ATAP DA, Elliptical Road, Quezon City Ma. Georgina R. State Auditor IV SEC Registration No. 120669 dated May 17, 1984
11 Intercontinental Broadcasting Corporation IBC 13 ATAP Broadcast City, Capitol Hills, Diliman, Quezon Hernandez
Belinda I. Santiago State Auditor IV SEC Registration No. 4118 dated May 11, 1970. EO No. 11 dated April 8, 1986 created a
City Board of Administrators to manage and operate the business and affairs of IBC and have the
custody of their funds and assets subject to the supervision and control of the PCGG
12 Lung Center of the Philippines LCP RA Quezon Avenue, Quezon City Elizabeth M. Savella State Auditor IV PD No. 1823 dated January 16, 1981
13 National Dairy Authority NDA RA Bureau of Animal Industry Compound, Visayas Elenita Ll. Hilario State Auditor IV RA No. 7884 dated March 12, 1995
Ave, Diliman, Quezon City
14 National Food Authority NFA RA 5th Floor SRA Bldg, Visayas Ave., Quezon City Elenita D.V. Lumongsod State Auditor V PD No. 4 and PD No. 1770
Subsidiary:
15 Food Terminal Inc FTI RA FTI Complex, Taguig City Rosalina A. Valdez State Auditor IV SEC Registration No. 35176 dated May 3, 1968, subsidiary of NFA by virtue of PD 1770
dated January 14, 1981
16 Nayong Pilipino Foundation NPF RA MIA Road, Pasay City Jerry A. Calayan State Auditor IV PD 37 dated November 6, 1972
17 National Irrigation Administration NIA RA EDSA Quezon City Atty. Roberto Z. Rabulan State Auditor V RA No. 3601 dated June 22, 1963
Subsidiary:
18 NIA Consult, Inc. NIA Consult ATAP NIA Building, EDSA, Quezon City Ma. Linda C. Decena State Auditor IV SEC Registration No. 95869 dated October 20, 1980
19 National Kidney and Transplant Institute NKTI RA East Avenue, Diliman, Quezon City Ana Maria N. Rivera State Auditor IV PD No. 1832 dated January 16, 1981
20 Natural Resources Development Corporation NRDC RA 9th Floor DENR By the Bay, L & S Bldg, 1515 Nenita G. Del Rosario State Auditor IV EO No. 786 dated March 19, 1982
Roxas Blvd,, Ermita, Manila
Subsidiaries:
21 Philippine Forest Corporation NRDC- PFC ATAP 3rd Forest Management Bureau Annex Bldg., Nenita G. Del Rosario State Auditor IV SEC Registration No. CS200519117 dated January 24, 2006
DENR Cpd, Visayas Avenue, Diliman, Q.C.
22 Philippine Mining Development Corporation NRDC- PMDC ATAP Philippine Stock Exchange Tower, Ortigas Nenita G. Del Rosario State Auditor IV SEC Registration No. CS200314923 dated July 4, 2003
Center, Pasig City
23 National Tobacco Administration NTA RA NTA Bldg, Scout Reyes cor Panay Ave, Quezon Divina M. Telan State Auditor IV EO No. 116 dated January 30, 1987 and implemented by EO No. 245 dated July 24, 1987
City
24 Occupational Safety and Health Center OSHC RA North Avenue cor. Agham Road, Diliman, Erlinda C. Cabugoy State Auditor IV EO No. 307 issued on November 4, 1987
Quezon City
25 Overseas Workers Welfare Administration OWWA RA F.B. Harrison cor. 7th Street, Pasay City Shirley S. Cadiang State Auditor V LOI No. 537 issued on May 1, 1977
217
Name of Agency Acronym Principal Office Address Name of Auditor Position Enabling Law/Creation
26 Philippine Amusement and Gaming Corporation PAGCOR RA PAGCOR Corporate Office, Hyatt Hotel and Atty. Resurreccion C. State Auditor V PD 1067-A dated January 1, 1977, amended by PD Nos. 1067-B, 1067-C, 1399 and 1632
Casino Manila, M.H. del Pilar cor. Pedro Gil Quieta which were subsequently consolidated into one statute, PD 1869 dated July 11, 1983
Street, Malate, Manila
27 Philippine Center for Economic Development PCED ATAP UP - School of Economics, Diliman Campus, Erlinda C. Cabugoy State Auditor IV PD No. 453 dated May 13, 1974
Quezon City
28 Philippine Charity Sweepstakes Office PCSO RA PICC Secretariat Building, CCP Complex, Pasay Atty. Manolo C. Sy State Auditor V Philippine Legislature Act No. 4130 on October 30, 1934 and later amended by RA No. 1169
City in 1954 and Batas Pambansa Blg. 42 on Sept. 24, 1979
29 Philippine Children's Medical Center PCMC RA Quezon Avenue, Quezon City Ellen T. Sison State Auditor IV PD No. 1631 dated August 10, 1979
30 Philippine Coconut Authority PCA RA PCA Bldg, Elliptical Rd, Diliman, Q.C. Annie L. Recabo State Auditor IV PD No. 232 dated June 30, 1973 as amended by PD No. 1468
31 Tourism Promotions Board (formely Philippine Convention and TPB (PCVC) RA 4th Flr, Legaspi Towers , 300 Roxas Blvd, cor Erlinda M. Rañola State Auditor IV PD No. 867 and PD No. 1448, reorganized to TPB, attached to the Department of Tourism
Visitors Corporation) Vito Cruz, Manila for policy and program coordination under RA No. 9593 (Tourism Act of 2009) dated
11/10/2009
32 Philippine Fisheries Development Authority PFDA RA PCA Annex Bldg, Elliptical Rd, Q.C. Sonia H. Alday State Auditor IV PD No. 977 dated August 11, 1976 as amended by EO No. 772 dated February 8, 1982
33 Philippine Heart Center PHC RA East Avenue, Diliman, Quezon City Milagros C. Pangilinan State Auditor IV PD No. 673 dated March 19, 1975
34 Philippine Institute for Development Studies PIDS RA NEDA Building, 106 Amorsolo Street, Legaspi Crescencia L. Escurel State Auditor IV PD 1201 dated September 1977
35 Philippine Institute of Traditional and Alternative Health Care PITAHC ATAP Unit 2402 Atlanta Centre, 31 Annapolis Street, Erlinda C. Cabugoy State Auditor IV RA No. 8423 dated July 29, 1997
Greenhills, San Juan City
36 Philippine International Trading Corporation PITC RA 5th Flr NDC Bldg, Tordesillas St, Salcedo Fe G. Engo State Auditor IV PD No. 252 dated July 21, 1973 as amended by PD No. 1071 on January 25, 1977.
Subsidiary:
37 PITC Pharma, Inc. PPI ATAP 2nd Flr NDC Bldg, 116 Tordesillas St, Salcedo Fe G. Engo State Auditor IV SEC Registration No. 99913 dated November 9, 2005
38 People's Television Network, Inc. PTNI RA Visayas Avenue, Quezon City Belinda I. Santiago State Auditor IV RA No. 7306 dated March 26, 1992
39 Philippine Retirement Authority PRA RA Citibank Tower, 8741 Paseo de Roxas, Makati Marissa F. Pariñas State Auditor IV EO No. 1037 dated July 4, 1985
City
40 Radio Philippines Network, Inc. RPN 9 ATAP Broadcast City, Diliman, Quezon City Belinda I. Santiago State Auditor IV SEC registered on February 25, 1960. EO No. 11 dated April 8, 1986 creating the Board of
Administrators to manage and operate the business and affairs of RPN, subject to control
and supervision of PCGG. Said EO sequestered RPN and became a GOCC operating under
its original charter. RA No. 9250 approved by the Office of the President on February 19,
2004, granted RPN a franchise to construct, install, establish, operate and maintain radio and
television broadcasting stations in the Philippines.
41 Technology Resource Center TRC RA 4th Floor, TRC Building, 103 Jose Abad Santos Jerry A. Calayan State Auditor IV PD No. 1097 dated February 23, 1977
cor. Lopez Jaena Sts, Little Baguio, San Juan
City
42 Tourism Infrastructure and Enterprise Zone Authority (formerly TIEZA (PTrA) RA TM Kalaw St, Manila Gloria H. Cruz State Auditor V PD No. 189 dated May 11, 1973 and PD No. 564 (Revised Charter of PTrA) dated October 2,
Philippine Tourism Authority) 1974, reorganized to TIEZA, attached to the Department of Tourism for policy and program
coordination per RA No. 9593 (Tourism Act of 2009) dated 11/10/2009
Subsidiaries:
43 Philippine Commission on the Promotion and Development TIEZA-PCPDSSD ATAP DOT Building, TM Kalaw St, Manila Elvira C. Aguil State Auditor III LOI No. 745 dated September 29, 1978
of Sports Scuba Diving
44 Corregidor Foundation, Inc. TIEZA-CFI ATAP DOT Building, TM Kalaw St, Manila Elvira C. Aguil State Auditor III MOA between Ministry of Tourism, now Department of Tourism, PTrA and Department of
National Defense (DND) (assignment of properties of DND to PTrA, PTrA Board Resolution
No. B-7-87 dated 2/6/87 creating CFI (SEC Registration No. 145674 dated 10/28/87)
45 Club Intramuros Golf Course TIEZA-CIGC ATAP Bonifacio Drive, Intramuros, Manila Elvira C. Aguil State Auditor III Transferred to PTrA by PD No. 1763 dated 1/6/81
46 Veterans Federation of the Philippines VFP ATAP Arroceros, Manila Consolacion R. Asto State Auditor IV RA No. 2640, 1968
47 APO Production Unit APU ATAP NEDA Government Center, EDSA, Diliman, Belinda I. Santiago State Auditor IV Asian Productivity Organization (APO) Production Unit is a GOCC created through a MOA
Quezon City between the government and APO during the Marcos regime; later transferred to Philippine
Information Agency via EO No. 348 dated 8/11/04
48 Negros Occidental Copperfield Mines, Inc. NOCOMIN ATAP Nenita G. Del Rosario State Auditor IV
No data available No data available
49 National Sugar Development Corporation NASUDECO ATAP Elenita Ll. Hilario State Auditor IV
RA - with Resident Auditor
ATAP - audit conducted by Audit Team Approach
218
Chapter IV
SUMMARY AUDIT RESULTS
45. The Commission on Audit (COA) through the Corporate Government Sector, is
mandated to conduct an annual audit of the financial statements of government
owned and/or controlled corporations/government financing institutions
(GOCC/GFI) in line with the pertinent provisions of Article IX-D of the Philippine
Constitution and Section 41 of PD 1445, otherwise known as the Government
Auditing Code of the Philippines. These statements are comprised of the balance
sheet, the income statement, statement of changes in equity and cash flow
statement for the year then ended, and the summary of significant accounting
policies and other explanatory information.
46. COA acknowledges the responsibility of the respective management of

GOCCs/GFIs for the preparation and presentation of the financial statements in
accordance with the adopted applicable financial reporting framework. They are
also responsible for the determination and implementation of internal control/s
necessary to ensure that the financial reports are free from material misstatement.
47. COA’s examination of the financial statements is primarily aimed at the

formulation of an opinion on these statements based on its audit. Collectively, such
audits are in accordance with the requirements of the Philippine Standards on
Auditing applicable to the public sector perspectives in addition to the pertinent
provisions of P.D. 1445 (Government Auditing Code of the Philippines). These
standards mandate that the audit comply with the ethical requirements, plan and
perform the examination to obtain reasonable assurance that the financial
statements are free from material misstatement.
48. The audits conducted entailed the adoption of procedures deemed necessary to
obtain audit evidence/s on the authenticity of figures and disclosures in the
individual financial statements of GOCCs. Audit procedures selected to determine
whether material misstatements have been committed or not and whether any
misstatements committed were due to fraud or unintentional error were primarily
based on the auditor’s assessment of the risks pertaining to the preparation of the
financial statements. As such, the auditor considered the internal controls germane
to the entity’s preparation and fair presentation of the financial statements and
accordingly designed the appropriate audit procedures. The audits conducted also
included the assessment of the appropriateness of accounting policies used, the
reasonableness of management’s accounting estimates and evaluation of the
overall presentation of the financial statements. The Commission on Audit
believes that the audit evidences obtained are sufficient and appropriate to provide
bases for the audit opinions expressed for the financial statements of each
individual GOCC/GFI.
49. Germane to the audit of the financial statements of GOCCs/GFIs, the Commission
on Audit conducted value-for-money audits to facilitate review of operations with
the aim of determining that transactions and operations were carried out and
completed in accordance with the applicable laws, rules and regulations
219
particularly on the prevention of irregular, unnecessary, excessive, extravagant, or
unconscionable expenditures, and (ii) the economic, efficient, and effective
attainment of its goals and objectives. The review activities were also aimed at
ascertaining value for money of agency-specific or government-wide or sectoral
implementation of programs and projects and the necessity of reporting incidences
of non-compliance therewith including the inefficient and ineffective spending of
auditee resources.
50. The preparation of an Annual Audit Report (AAR) mandated under Section 43 of
PD 1445 (Government Auditing Code of the Philippines) include expressing an
independent auditor’s report (the audit opinion) on the financial statements and the
disclosure of critical audit findings/observations with primary emphasis on
recommendations and remedial measures intended to improve government
operations as well as the status of implementation of prior year’s audit
recommendations. These audit findings brought to fore as a result of the conduct
of the financial, value for money compliance and other audits were reported thru
the AAR together with the corresponding recommendations that provide value-
added measures expected to enhance the financial reporting and efficient and
effective operational processes of government operations and their compliance
with pertinent government laws/rules/regulations.
51. The individual AARs of GOCCs/GFIs are published at COA’s website which
present more detailed information and discussion of the auditor’s reports on the
financial statements, findings and the corresponding recommendations specific to
each auditee, as well as the status of pervious years’ implementation of audit
recommendations. Thus, for a more effective study of data herein presented,
reference should be made to the corresponding AARs published at
www.coa.gov.ph.
Summary audit opinions
52. An independent auditor’s report/audit opinion is rendered on the individual

financial statements of GOCCs/GFIs which is an integral part of the AAR as
mandated under Section 43 of PD 1445 (Government Auditing Code of the
Philippines). Annex 17 exhibits the type of audit opinions rendered for the
respective financial statements of GOCCs based on the AARs that had been
transmitted to management. These do not consider the AARs that are still in the
review process by the Commission on Audit, as of 01 September 2011. A total of
171 (86 GOCCs and 120 WDs) audit opinions issued for GOCCs are presented in
two separate tabulations. Annex 17 of Volume II pertain to the audit opinions
issued for the 86 GOCCs, while the tabulation for the 120 water districts is
presented in Volume II-A of the AFR
53. An unqualified opinion (represented by “U” in the matrix) is expressed by the

auditor when he concludes that the financial statements are prepared, in all
material respects, in accordance with the applicable financial reporting framework.
220
54. A qualified opinion (“Q”) is expressed when: (a) having obtained sufficient
appropriate audit evidence, the auditor concludes that misstatements, individually
or in the aggregate, are material, but not pervasive, to the financial statements; or
(b) he is unable to obtain sufficient appropriate audit evidence on which to base
the audit opinion, but concludes that the possible effects on the financial
statements of undetected misstatements, if any, could be material but not
pervasive.
55. An adverse opinion (“A”) is expressed when, having obtained sufficient

appropriate audit evidence, it is determined that the misstatement/s, individually or
in the aggregate, are both material and pervasive to the financial statements.
56. A disclaimer of an opinion (“D”) is expressed when the auditor is unable to obtain
sufficient appropriate audit evidence on which to base the opinion, and
consequently concludes that the possible effects on the financial statements of
undetected misstatements, if any, could be both material and pervasive.
57. Unqualified audit opinions were issued for 40 GOCCs with financial statements
prepared, in all material respects, pursuant to the applicable financial reporting
framework adopted by the auditee. Qualified opinions were issued for the financial
statements of 36 GOCCs due to disagreements with management over the
recognition of certain financial transactions/accounting policies selected and/or
limitation in the scope of audit, the total effects of which do not materially affect
the presentation of the financial statements. Adverse opinions were expressed for
financial statements of seven (7) GOCCs, as the misstatement/s of one or more
line items were considered material and the effect thereof considered pervasive to
the financial statements as a whole. Likewise, one (1) GOCC was issued a
disclaimer of an opinion as the audit thereof could not be completed due to various
reasons such as significant scope limitations or uncertainties within the entity and
consequently an opinion could not be rendered.
58. The tabulated regional details of audit opinions issued for the financial reports of
water districts is discussed in Volume II-A of the AFR.
59. Annex 17 presents in tabular form data on the type of audit opinion expressed on
the financial statements of each GOCC, the hereunder matrix show the
summarized tally of such audit opinions.
Tally of Audit Opinions

As of September 16, 2011
Type of audit opinion

Cluster
Unqualified Qualified Adverse Disclaimer Totals
A 9 3 1 0 13
B 24 21 4 0 49
C 7 12 2 1 22
Totals 40 36 7 1 84
221
Summary of significant and common audit
observations and corresponding recommendations
60. In line with the provisions of PD 1445, the AARs include comments,
recommendations and information as may be necessary for the improvement of
government operations. For this purpose, presented in the following matrices are
the significant and common audit finding/s lifted from the numerous AARs
already transmitted to the individual GOCC/GFI management as well as the draft
reports undergoing the review process of the Commission on Audit. In respect of
the latter, defined criteria were observed for inclusion of said audit observations in
the AFR such as: (1) the conduct of exit conference; (2) management comments
obtained; and (3) non-contentious issue/s involved.
61. The significant audit observation/s as discussed in the individual AARS of the
respective GOCC generally become the basis for the issuance of a qualified or
adverse auditor’s opinion or a disclaimer of an opinion. The brief and concise
summary of the significant findings and recommendations are hereunder presented
by Cluster.
CLUSTER A
Summary of Significant Audit Observations and Recommendations
(In thousand Pesos)
Findings Recommendations Amount

Central Bank –Board of Liquidators (CB-BOL)
Un-reconciled variances between Reconcile records with 372,831
the books and counterparties’ counterparty/ies to account
balances cast doubt on the for the discrepancies and
correctness and reliability of the prepare adjusting entry, if
Loans and Advances and Due to necessary; exert efforts to
National Government accounts, facilitate the correction of
contrary to the Framework for the errors especially with the
Preparation and Presentation of the Bureau of Treasury.
Partial recording in the books of Coordinate with PDIC for 21,324
accounts of the additional surplus the submission of missing
dividends from a closed bank documents to facilitate
under liquidation by the PDIC due recording of the unbooked
to lack of documents of certain properties. Otherwise, hold
assets of the former, resulted in the the parties/persons liable/
understatement of assets and accountable for the missing
overstatement of capital deficiency documents.
accounts.
222
DBP Management Corporation (DBPMC)
Recognition in 2009 of DBPMC’s Effect the necessary 5,340

share on the costs of launching adjusting entries to correct
new deposit products, supervision the balances of the Retained
and audit fees of the DBP Proper, Earnings and Accounts
totaling P5.340 million, overstated Payable accounts, and
the Accounts Payable and accordingly restate the 2009
understated the Retained Earnings financial statements in
by the same amount, in violation accordance with PAS 8.
of Philippine Accounting Standard
8 and the Framework for the
Preparation and Presentation of
Employees Compensation Commission (ECC)
Payment of cash incentives Pay CNA incentives based 886

amounting to P0.886 million for on the actual savings
calendar year 2010 to employees generated which can be
qualified under the Collective ascertained only after the end
Negotiation Agreement (CNA) on of the year.
December 29, 2010, instead of
after the end of the year, and based
on projected savings, instead of
actual savings, were contrary to
DBM Budget Circular No. 2006-1
dated February 1, 2006.
LBP Insurance Brokerage, Inc. (LIBI)
The uncollected extra Intensify efforts in collecting 15,262

remuneration from GSIS overdue accounts for the
amounting to P15.26 million was extra remuneration from
recorded based on an estimated GSIS; coordinate with the
rate of 5 per cent instead of 10 per GSIS for the settlement of
cent due to non-availability of problems/issues on the non-
documents to support the GSIS availability of documents to
retained portion of premium as support the GSIS retained
basis for the computation pursuant portion of premium needed
to the Memorandum of Agreement for the computation of extra
resulting in an undetermined remuneration as provided for
amount of under-over accrual of in the Memorandum of
service fees. Agreement.
223
LBP Leasing Corporation (LLC)
Non-conformance with the Credit Enforce strict adherence to 7,467
Policy Manual on the granting of a the corporation’s Credit
term loan facility in CY 2010, Policy Manual particularly
amounting to P13.300 million, on the standard evaluation
resulted in the incurrence of requirements and acceptance
unsettled loan amortizations of criteria of clients; intensify
P7.467 million as at year-end. collection of past due
amortizations; impose
appropriate sanctions for
violations by the persons
responsible.
LB Realty Development Corp (LBRDC)
Contract receivable from LBP on Cause the submission of the 8,035
the construction/renovation of necessary documents to LBP
buildings and ATMs of various PMED in order to collect the
LBP branches in prior years long outstanding contract
remained outstanding due to receivable on the projects
delay/non-compliance with the completed.
required documentation and
rectification of punchlists, thus,
depriving the Corporation of
additional funds which could have
been used in its operations.
Transfer/exchange of property Expedite the action on the 4,536
owned by LBP has not yet been exchange of properties of
effected despite the issuance of a LBP with LBRDC shares
Deed of Exchange and incurrence considering that LBRDC had
of renovation costs and other already incurred expenses on
expenses totaling P4.536 million the property.
on said property by LBRDC, to the
detriment of the latter’s interest.
Masaganang Sakahan, Inc. (MSI)
The cost of inventories - palay and Establish proper recording 2,012
rice, of P20.033 million, is and accounting of
doubtful of validity due to the un- inventories in order to
reconciled difference of the present the correct amount of
balances between the records of inventories in the financial
SRGC and MSI’s accounting unit statements.
amounting to P1.178 million, and
the prior year’s unaccounted/ Reconcile the records
unrecovered inventories - rice of between SRGC and MSI’s
P0.834 million, owing to the accounting unit and prepare
absence of supporting documents the necessary adjusting
and improper recording and journal entries, if warranted.
accounting of inventories.
224
National Livelihood Development Corp. (NLDC)
The balances of certain accounts Conduct periodic review of 39,299
recorded in the books of the transactions involving
Metromart Complex (MC) and Home and Branch Offices
accounts of the terminated projects and the timely adjustment in
of the former LIVECOR could not the affected books of
be substantiated due to erroneous accounts; Submission of
accounting entries, absence of schedules to support
documents and updated subsidiary balances of accounts for
ledgers/aging schedule and details consolidation at NLDC
of accounts, hence of doubtful Central; Updating/
validity. restructuring SLs; Periodic
audit/review of Branch;
thorough evaluation of the
propriety of the account
balances of terminated
projects.
Collectibility of receivables from Re-evaluate collectibility of 12,720
the former lessees of the Angeles receivables from ALC and
Livelihood Complex (ALC) and provide allowance for
receivables recorded in NLDC probable losses on accounts
Central Office is doubtful, yet no that are doubtful of
corresponding allowance for losses collection in accordance with
was recognized in the books as at paragraph 94 of the
December 31, 2010. Framework and paragraph 59
of PAS 39; reclassify
receivables of NLDC Central
Office to non-current assets;
provide 100 per cent
allowance for loss on the
account of the municipality
in accordance with
paragraphs 63 and 59 of PAS
39 after reversal of the
balance of deferred credits
and guaranty deposits
payable.
Interest on loans payable to Record interest expense on 8,564
HSDC, as at December 31, 2010, loans payable to HSDC in
was not recorded in the books, accordance with the loan
resulting in the understatement of agreement; make
expense and liability accounts by representation with HSDC
the same amount. officials to formalize the
agreement on the application
of payment of interest thru
an amortization schedule and
225
reconcile the discrepancy in
the records of the two
Corporations; and review
related transactions on the
reciprocal accounts-Due
from/to Branch/Central
Office and reclassify the
payment of P1,800,000.00 to
loans payable.
Audit fees payable by the then Record Accounts Payable of 10,252
LIVECOR did not reconcile with P10,252,113 and remit the
the amount per Commission on total unpaid audit fees of
Audit’s (COA) records. P12,383,309 to the Bureau of
Treasury.
People’s Credit & Finance Corporation (PCFC)

The provisions on loan availments Monitor compliance of the 341,598
and collateral requirements in the documentary and collateral
loan agreements between PCFC requirements in granting
and the microfinance institutions/ loans to MFIs and program
program partners were not strictly partners. If necessary,
enforced resulting in unsecured/ provide a more stringent loan
under-collateralized loans that availment and collateral
have become past due, written-off requirements.
and subject of legal cases for
collection, in the amount of Intensify collection of the
P166.904 million, P50.028 million loan amortizations by
and P124.667 million, implementing rigid
respectively, placing the techniques/strategies.
government in an unfavorable
situation.
Loans for salaries and wages in the Conform strictly with the 75,148
aggregate amount of P75.148 provisions of the loan
million granted to conduit MFIs agreements with ADB and
were not in accordance with the IFAD as well as the mandate
loan agreements between the of PCFC as stated in
Republic of the Philippines (RP) Administrative Order No.
and Asian Development Bank and 148, Memorandum Order
RP and International Fund for No. 261 and Republic Act
Agricultural Development, and per No. 8425.
mandate of the PCFC as stated in
Administrative Order No. 148,
Memorandum Order No. 261 and
Republic Act No. 8425.
226
CLUSTER B
(In thousand Pesos)

Bases Conversion Development Authority (BCDA)
The agency recognized as Re-compute the non-sale 1,145,527

corporate income the full amount income earned and make the
of non-sale transactions involving necessary adjustment to the
portions of Metro Manila camps affected income and expense
contrary to Section 4, Executive accounts
Order No. 309, thus overstated the
reported income.
Balance per books and the result Reconcile the balances of 21,764
of confirmation of selected accounts with discrepancies
Receivable accounts showed a and make the necessary
variance casting doubts on the adjustments in the books
correctness and reliability of the
accounts.
The completed project of Subic- Reclassify the temporary 12,425
Clark-Tarlac Expressway Project Construction in Progress
(SCETEP) still included in the Account to Land
Construction In Progress was not Improvements, recognize the
depreciated thus overstating both depreciation expense and
the carrying value of the property adjust its carrying value in
and equipment and the related the books
expense account.
Title to the various road right of Facilitate the transfer of 210,430
way (RROW) acquired by BCDA ownership in the name of
were not transferred to its name BCDA to safeguard its
despite full payment of the interest in the RROW and to
property, creating doubts as to the dispel doubts as to the
legality of its ownership in the legality of its ownership.
books.
Non-compliance by Camp John Take appropriate legal
Hay Development Corporation measures to protect the
(CJHDC) with its rental interest of BCDA by
obligations under the ensuring the faithful
Restructuring Memorandum of implementation of the
agreement (RMOA) it entered RMOA, particularly the
with BCDA on July 1, 2008, settlement of the rental
resulted in uncollected lease rental, obligations by CJHDC
thus depriving BCDA of the much management.
needed funds for its operations.
227
Bataan Technology Park, Inc. (BTPI)
Accounts Receivables classified as Reclassify the inactive and 3,500

current includes past due/inactive past due accounts and effect
accounts aged five years or more, the necessary adjustments.
thus affecting the fair presentation
of the account.
Current liabilities included long Ascertain the validity of the 1,100

outstanding dormant and obligations and effect
unsubstantiated obligations casting the necessary adjustments.
doubt on the validity of these
accounts.
Cebu Ports Authority (CPA)
Cost of major repairs of port Capitalize the cost of repairs 201,591

facilities were not capitalized and properly book these in
resulting in the under-statement of the appropriate asset
PPE accounts and overstatement accounts
of repairs and maintenance
expenses.
Grant of midyear, year-end Require the officers and 31,790

benefits and gift checks to officers employees of the authority to
and employees of the authority for refund the disallowed
CY 2009 and 2010 violates RA benefits and gift checks.
6686 as amended by RA 8441.
Past due accounts receivables from Identify port users with 5,766
port users remained uncollected, advance payments/deposits
resulting in the accumulation of and offset their unsettled
unsettled accounts. obligations against these
deposits.
Hiring of eight (8) air-conditioned Maximize the utilization of 1,162/mo

private buses at six hours per day the existing CPA buses that
per bus to transport passengers are in good running
from port terminals to departing condition and cause the
vessels was excessive in violation immediate repair of the
of COA Circular No. 85-55A. defective ones to save on bus
rental expenses.
228
Civil Aviation Authority of the Philippines (CAAP)
The country failed to regain its Submit justifications for the 90,712
“Category I” (Pass) status since need to continue the Trust
2007 despite the execution of Fund Agreement and for the
Trust Fund Agreement whereby failure of Philippine Civil
Funds were released by the then Aviation to regain its
Air Transportation Office (ATO) Category 1 Pass.
now CAAP to the International
Civil Organization (ICAO) from Submit the necessary
1996 to 2010 in the total amount documents to support the
of $12.33 million and the basis for the remittances to
enactment of RA 9497 also known ICAO from 1996 to 2006
as the “Civil Aviation Act” of
2008” on March 4, 2008.
Clark Development Corporation (CDC)
Failure to exercise due diligence in Take appropriate action 208,400

handling the case against the against the officials and
PNCC/CIRIACO concerning the personnel who were
construction of the Sacobia Bridge determined to be negligent in
Project in 1997 resulted in the the performance of their
garnishment of its funds in 2010 duties and responsibilities
and the incurrence of losses and that resulted to the
wastage of its financial resources. garnishment of funds.
Lapses noted in the Conduct feasibility study on NQ

implementation of the any intended project to
Memorandum of Understanding ensure the smooth
(MOU), between CDC and Central implementation thereof.
Park Leisure and Development,
Inc. (CPLDI), for the lease of 309
hectares, identified as Clark T-309
project, for tourism, resulted in the
non execution of the lease
agreement, thus depriving the
corporation of the expected
revenues thereon.
Forfeited security bid of the Require the accountant to 80,600

CPLDI not taken up in the books record in the books of
of accounts resulted to the accounts the forfeiture of the
overstatement of liabilities and $2 million bid security by
understatement of income. reclassifying the said
amount to the appropriate
income account.
229
Improvement/widening of Spine 1. Resolve the perennial 87,000

Road Project awarded to R.D. issue on informal settlers
Policarpio & Co., Inc was before any bidding is
terminated due to the failure of the
conducted for the
Corporation to clear the area of procurement of infrastructure
informal settlers. projects.
2. Exercise prudence in
Advance payment to the contractor executing the projects 13,000
was paid despite the issuance of commencing from the
suspension order. planning stage up to the
implementation and
monitoring phases to prevent
unnecessary expenses and
wastage of government
funds.
3. Require the contractor to
refund the advance payment
since there were no
construction activities done
on the project.
CDC BOD granted benefits and Comply with AO 103 6,254

allowances in excess of the pending the issuance of the
allowable limit provided under AO guidelines on the
103 dated August 31, 2004. rationalization of board
benefits and allowances as
part of the Compensation
System in the GOCCs and
GFIs and stop the granting of
allowances and benefits to
the BOD without legal basis.
Failure to conduct public bidding Strictly adhere to existing 2,900

on the procurement of security laws and regulations in the
Services of CDC-SPRO violates procurement of general
Section 10 of RA 9184; absence of services and submit legal
approval by the Government basis for the salary
Procurement Policy Board (GPPB) adjustments of the security
of the contract extension of the guards.
Royal Security Agency, Inc.
(RSAI) in excess of the allowable
six months period render the
contract extension and the
retroactive salary rate adjustments
of the security guards irregular.
230
Failure to return the unused Cause the immediate return 202,000
balance of P202 million subsidy of the unexpended balance to
received from BCDA for the BCDA and effect the
construction of the Concepcion- necessary adjustments.
Clark Power Transmission Project
(CCPTP) not in accordance with
the provisions of COA Circular
No. 94-013 thus, affect the
presentation of its Cash and Cash
Equivalents account.
Clark International Airport Corporation (CIAC)
Limited capital and continuous Follow-up SEC approval on 831,900

losses in its operations resulted to the application for increase
accumulated deficit. in authorized capital stock to
P2.5 billion.
Huge cash overdraft due to Make representation with 30,280
insufficiency of the cash and cash BCDA for the infusion of
equivalent balance to cover the additional funds to replenish
security deposits and advance the trust funds that were
rentals received from utilized in the operations to
locators/concessionaires in the augment the financial
total amount of P264.7 million resources.
pose serious concerns to the
Corporation’s viability as going Adopt cost-cutting measures
concern and work out strategies to
enhance revenue generation.
The necessity for consultancy Adhere to the provisions of 3,130
services was not carefully RA 9184 on the hiring of
considered and the proper consultants and maximize
procedures were not adopted in the utilization of the
engaging the services of nine (9) available manpower
consultants whose functions could resources to lessen expenses.
be undertaken by regular
personnel resulting in additional
expenses.
John Hay Management Corporation (JHMC)
Leased out and missing property Conduct a joint inventory 38,368

of the Bases Conversion taking with BCDA on the 30,292
Development Authority (BCDA) leased property for proper
still recorded in the books of accounting and submit to
JHMC. BCDA complete documents
to support the transfer
thereof for final acceptance.
231
JHMC issued stock certificates in Seek the approval of SEC to 170,000

excess of the Securities and increase authorized capital
Exchange Commission (SEC) stock considering that
approved and authorized capital documentary stamp tax have
stock of P120M million. already been paid.
Continuous occupancy by informal Design policies and NQ

settlers in the 677 hectares of implementing guidelines to
Camp John Hay reservation area deter illegal occupancy or
remains to be a hindrance in the construction of structures by
attainment of the objectives in the informal settlers in the
creation of BCDA and JHMC. reservation area to control
adverse environmental
effects due to the rampant
conversion of the forests
areas and watersheds.
Accounts Payable – Current Determine and identify valid 11,081

included obligations incurred in obligations and effect
prior years and inappropriately corrections to present the
presented as negative entries. proper valuation in the FS.
Health insurance coverage paid to Secure exemption from the 458

Fortune Medicare Inc. without coverage of COA Resolution
legal basis. No. 2005-001, dated
February 3, 2005, otherwise
cause the immediate refund
of the illegal disbursement.
Laguna Lake Development Authority (LLDA)
The unearned portion of the Adhere to the pertinent 27,000

advance payment by Maynilad provision of the NGAs in the
Water Services, Inc., for the recognition of income and
abstraction of raw water from adjust the unearned income
Laguna Lake, for the period to Other Deferred Credits
January 2011 to March 2013, was account
credited as Other Business
Income-Water Abstraction
inconsistent with the provision for
accounting income in the NGAS.
Unascertained correctness of Identify component accounts 20,732

Accounts Receivable (AR) due to not supported with SL to
absence of subsidiary ledgers (SL) establish correct balances
for some of the component and fair presentation in the
accounts. FS.
232
Non-observance of DBM Circular Grant CNA incentive 55

No. 2006-01 and Section 2, Public pursuant to DBM Circular
Sector Labor Management Council No. 2006-01 and cause the
(PSLMC) Resolution No. 04 s. refund of the
2002 pertaining to the grant of excessive/unauthorized CNA
Collective Negotiation Agreement incentive paid to the union-
(CNA) incentive to unqualified member employees.
payee/s.
Light Rail Transit Authority (LRTA)
Transactions under the Modified Record in the books of 16,639,530

Disbursement Scheme (MDS), accounts transactions 1,108,658
pertaining to the receipt and pertaining to the receipt and 15,530,872
utilization of indirect subsidies utilization of indirect
received by LRTA from the subsidies received from the
national government (NG), not NG to ensure proper
recognized in LRTA’s books financial statements
resulting in the understatement of presentation of LRTA’s
assets, liabilities and equity. financial position and results
of operation.
The carrying amount of the Determine the carrying value 887,905

replaced item for the repair and of the replaced part or use
restoration of transportation the cost of the
equipment (Trains) was not repair/restoration as its cost
derecognized in line with the at the time it was acquired in
provisions of PAS No. 16. compliance with PAS 16.
Local Water Utilities Administration (LWUA)
Financial assistance released to Treat the funds released to 2,347,000

Water Districts recognized as Water Districts as loans
claims from the National receivable; secure prior
Government despite the absence of approval from the LWUA
legal basis or document to support Board before utilizing
the same. corporate funds for other
purposes.
Cash and cash equivalents not Strictly monitor the agency’s 639,508
sufficient to cover trust liabilities cash flows to ensure that
of P1.97 billion. trust funds are disbursed
solely for their intended
Water District (WD) Portfolio purposes and strictly adhere 1,974
Fund balance not enough to pay with the provision of Section
for the maturity/termination value 6 of GAA FY 2010.
of WD deposits of P154.3 million.
233
Stale, cancelled and unreleased Stop the practice of
checks, as at December 31, 2010, preparing checks not 103,000
not restored to cash in bank intended to be released
account which resulted in the especially those payable to
understatement of both the cash in the Water Districts.
bank and liability accounts for
special funds and overstatement of
loans receivables from Water
Districts.
Investments and deposits with Institute remedial measures 480,000
Express Savings Bank Inc. (ESBI) to recover and cause the 300,000
not terminated and recovered return to concerned
despite BSP Monetary Board government agencies of the
Resolutions disallowing transfer of P480 million investment and
60% share of the voting stock of the P300 million deposits
ESBI to LWUA and a directive to with ESBI in view of the
ESBI to return all government Monetary Board Resolution
deposits. Nos. 605 and 1301
Balance per books of various Reconcile balances of Loans 581,620
foreign loans, of P3.419 billion as Payable-Foreign to fairly
of December 31, 2010, differ from present the accurate account
the confirmed amount of P2, 837 balance.
billion.
Grants/subsidies received from the Immediately transfer 399,065
national government as budgetary unutilized funds to intended
support remained unutilized, thus WD beneficiaries per GAA
defeating the purpose of the grant. Special Provisions.
Purchase of 100 units portable Take appropriate action on 109,888
water quality testing equipment, the use of the 29 units
35 of which are either idle or not received but not utilized by
being used by the recipient water the concerned water districts
districts, was not supported with and the six (6) units which
available funds in violation of remained idle defeating;
Section 85 of PD 1445 requiring determine the persons
appropriation before entering into responsible for the purchase
a contract which had no appropriated
funds as provided for under
Section 87 of PD 1445.
The agency risks losing its Determine the persons 58,000
financial exposure due to non- responsible for the non-
recoupment of the advances paid liquidation of the said
to contractors and consultants on advances and take
various projects. appropriate action on the
various problems
surrounding the same.
234
Actual payments for Personal 1. Limit expenditures within 318,941
Services exceeded the DBM the DBM approved budget
approved Corporate Operating and discontinue the grant of
Budget contrary to Section 4(1) of benefits without legal basis.
PD 1445 2. Require officials and
employees concerned to
refund the benefits received
in excess of the authorized
and approved rates.
LWUA Consult Inc. (LCI)
The mandate of LCI may not be Undertake programs/projects NQ

achieved since only well drilling that will contribute to the
activities were undertaken in CY attainment of the mandate of
2010. the GOCC.
The incurrence of net loss was Limit expenditures to those 18,590
mainly due to the payment of non- which are related to
operating expenses, such as extra operation and the attainment
ordinary expenses of P14.5 million of mandate of the
and allowances/ benefits of P2.7 corporation.
million.
Allowances and benefits granted Strictly comply with the 2,500
to LWUA employees detailed at provision of Section 59
LWUA Consult, Inc. not in Chapter 7 of EO 292 and
accordance with Section 41 of secure authority from the
General Provisions of GAA for FY Office of the President to
2010. receive said allowances
Mactan Cebu International Airport Authority (MCIAA)
CNA incentives granted to officers Hold responsible the Agency 32,000

and employees in violation of Head/officials responsible
DBM Budget Circular No. 2006-1, for the irregular payment of
dated February 1, 2006, resulted to CNA incentive and cause the
irregular disbursements of refund of excess incentives
government funds. received by employees.
Manila International Airport Authority (MIAA)
Provision for claims by lessees for Comply with the 1,231,000

the refund of rental rate increases requirements of PAS/IAS 37
invalidated by the Supreme Court by ensuring that appropriate
for lack of publication and for real provision for estimated
estate taxes on portion of the liabilities has been set up at
Authority’s airport lands and year end for all its
buildings leased to private parties obligations so as to reflect
which the court ruled as not the actual events on the year
235
exempted from taxes not they occur.
established thereby understating
liabilities and expenses and
overstating retained earnings.
Property and equipment and Complete the physical 15,099,000

Materials and Supplies Inventory inventory of assets and 32,756
not ascertained due to incomplete submit the corresponding
physical inventory. Inventory Report duly signed
by the concerned officials
not later than January 31 of
the following year.
Metropolitan Waterworks & Sewerage System (MWSS)
Collection from two Immediately remit the 141,064

concessionaires for the payment of amount collected from
loan to JBIC/OECF not remitted concessionaires intended for
by MWSS to loan creditor; debt servicing to reflect in
collections from two the FS correct balances of
concessionaires for the payment of the loan and other related
MWSS foreign loans is short by accounts and preempt
P821,759.66 contrary to Section penalty charges for late
6.4 of the Concession Agreement. payment of loans.
Balances of Cash in Bank-Foreign Adjust affected accounts to 324,071

Currency accounts not stated at reflect proper the currency
current values as of December 31, valuation of the Cash in
2010, contrary to PAS 21 which Bank - Foreign Currency
resulted to understatement of using the BSP closing rate of
account balance. P43.881.
Actual expenditures for Personal Request post facto approval 167,562

Services (PS) and Maintenance from DBM for the expenses 67,144
and Other Operating expenses in excess of the DBM
(MOOE) of both CO and RO approved COB to avoid
exceeded the DBM approved disallowance thereof.
Operating Budget (COB).
Payment of RATA for the period Discontinue the grant of 2,925

January to December 2010 not in RATA to employees below
accordance with the rates the grade level entitled to the
approved under the GAA for FY said allowance as mandated
2010 and DBM approved COB for under the GAA and cause the
MWSS-RO for CY 2010 refund of RATA received in
excess of the prescribed
rates.
236
Payment of hazard pay to MWSS- Discontinue the grant of 1,450
CO officials and employees for hazard pay and cause the
CY 2010 contrary to Section 54 of refund thereof.
the GAA for FY 2010.
Extraordinary and Miscellaneous Strictly observe the GAA 34,229
Expense (EME) paid during the provision in granting EME
year exceeded the DBM approved and limit disbursement
budget; and EME were paid to within the DBM approved
employees not entitled thereto. budget.
Allowances and other fringe Strictly comply with BIR 48,739
benefits received by MWSS-CO rules and regulations
officers and employees from particularly on the
January to June 2010 not subjected withholding of taxes with
to withholding tax, contrary to respect to compensation
Section 2.79 of BIR Revenue subject to income tax.
Regulation No. 10-2008, dated
July 8, 2008.
National Development Corporation (NDC)
Of the 52 parcels of land with Exert effort to locate the NQ

unknown land area valued at P1 supporting documents and
each, only 18 were identified, four identify the location and land
(4) which were sold and 14 were area of the 34 remaining
under lease. parcels of land; cause its
valuation by an independent
appraiser to ensure proper
valuation of the National
Government’s exposure in
NDC.
Unprotected exposure of NDC for Require the Legal 2,000,000
a loan granted to National Department, NDC to prepare
Irrigation Administration (NIA) in the REM relative to a loan
the absence of a properly executed granted to NIA to protect the
Real Estate Mortgage (REM). rights and interests of NDC.
Payments for annual premium of Discontinue disbursing funds 5,000
Directors and Officers Liability for the payment of the
Insurance (DOLI), covering the Directors and Officer’s
period June 20, 2009 to June 20, Liability Insurance and cause
2011 are without legal basis. refund of previous payments
by persons responsible for
the transaction.
Allowances paid to officers and Discontinue grant of
employees sans the disallowed allowances and benefits
appropriations by DBM without legal basis.
237
National Electrification Administration
Excess subsidy Fund not returned Require the Electric 37,500

to NEA by the Electric Cooperatives to return the
Cooperatives. excess subsidy funds in
accordance with the
memorandum of agreement.
National Power Corporation (NPC)
Utility plants recorded under the Comply with the provision of 15,914,000
Electric Plant in Service (EPIS) PAS 16 and the requirements
account not reflective of their fair of the Corporation’s internal
values due to failure by policy
management to conduct appraisal
of its utility plants since CY 1996
contrary to its internal policy and
PAS 16.
The retained account balances in Exert serious efforts to adjust 5,211,000
NPC books after the asset-debt affected accounts and present
transfer to PSALM remained corrected balances the
unadjusted resulting in the financial statements
continuous misstatement of the
balances in the Temporary
Registry.
Variances between the balance per Expedite the analysis and 4,698,282
books and balances per physical reconciliation of the
inventory of Materials, Supplies variances. Inventory stations
and Equipment (MSE) for with no data on balance per
operation and project construction count should be verified as to
and Asset in Trust account cast whether there was no count
doubt on the existence of the conducted during the year,
inventory items and on the which should be specified
correctness of the balances per therein
books.
MSE balances were recorded Pursue the analysis and 1,158,533

under unidentified/non- reconciliation of the accounts
custodian/non-employee DCEs and effect the necessary
and custodians who are not bonded adjustments for accurate
thereby casting doubt on the presentation of the inventory
existence of the inventory items balances; custody of
and correctness of the balances. government property should
be assigned only to duly
designated and properly
bonded property custodian.
238
Balances of projects under the Analyze, reconcile and 1,681,141

Construction Work in Progress correct the affected accounts.
account that were already
completed but not included in the
Project Status Reports and not
transferred to EPIS may result in
the overstatement of the CWIP
account and understatement of the
EPIS, accumulated depreciation
and depreciation expense account.
National Transmission Corporation (TransCo)
Costs of completed and energized Transfer all completed 1,206,373

projects still recorded in the projects from CWIP to the
Construction Work in Progress appropriate EPIS account;
(CWIP) account thus, understating identify to which Projects the 4,542,711
Electric Plant in Service (EPIS) expenditures with no details
account; other projects recorded in pertain and effect the
the CWIP account has no details necessary adjustments.
making it difficult to identify the
project or work orders it pertains.
Variance in the balance between Reconcile the records of 4,650,000

the TransCo “PSALM Equity in affected accounts with that of
TransCo” account and the PSALM PSALM’s to arrive at the
“ Investment to TransCo” account. correct balances and make
the necessary adjustments
where appropriate.
Fund transfer to TransCo Cause the return of the said 60,000

Provident Fund not in accordance amount to the Corporation
with CSC Memorandum Circular
No. 29 and COA Circular No.
2009-002.
North Luzon Railways Corporation (NORTHRAIL)
Imported materials and movable Seek clarification from FIRB $445

equipment for which tax subsidy on the inclusion of the
was granted were not included in imported materials and
the regular inventory as required equipment in the regular
by the Fiscal Incentives Review inventory and adopt control
Board (FIRB) resolution No. 16- procedures to monitor/track
10, dated December 13, 2010. the receipt, issuance and
storekeeping of the same.
239
Funds advanced to the National Coordinate and follow up 130,000
Housing Authority (NHA) in 2003 with NHA the status of these
and 2004 for relocation of advances and request for its
informal settlers along PNR row liquidation and/or payment
remained outstanding.
Deliverables on the Project Submit immediately the list 51,350
Management Support Team of consultant’s deliverables
(PMST) consultancy services not and provide an updated
submitted/ nor attached to the report on the status of the
disbursement vouchers for review PMST’s contract/services.
verification.
Property donated to the Province Exert extra efforts and make 42,360
of Bulacan (POB) for relocation representation with the POB
site but not utilized for its intended for the reversion of the
purpose has not been reverted back donated property back to the
to the donor as provided for under corporation
the Deed of Donation.
Unresolved issues/ concerns on the Coordinate with DOTC on NQ
NORTHRAIL Project, Phase I, the funding and the release
Section 1 (Caloocan to Malolos), of its report on the re-
specifically on the funding sources evaluation of the project;
could delay its completion and immediately submit to COA
expose the project to the elements. the documents necessary for
the technical review and
evaluation of the Contract.
Philippine Economic Zone Authority (PEZA)
Validity and accuracy of the Request authority from COA 82,010
accounts receivables doubtful due for the writing off of the
to the inclusion of receivables due accounts that are dormant
from closed companies and collection thereof is
remote.
Unauthorized salary increases Stop the granting of the 134,077
granted to PEZA officers and salary increases until the
employees. required approval from the
Office of the President is
obtained.
Philippine National Railways (PNR)
Advance renewal of the contract Pursue collection of the 161,900

with Tutuban Properties Inc. (TPI) rental receivables from TPI
compromised receivables and or request for authority from
deferred transfer of ownership of COA to write off the same.
improvements covered in the
original contract.
240
Foreign loans payable was Reconcile balance of foreign 98,500
understated when compared with loans payable per books with
the balance per accounts that of the balance per
amortization schedule and the schedule and the BTr and
records of the Bureau of Treasury effect the necessary
(BTr). adjustments.
Correct balance of the Review the charges made to 3,800,000
Construction in Progress (CIP). the CIP account, reclassify
account could not be determined the cost of completed
due to the absence of details, projects to proper PPE
breakdown by project and the account and effect the
supporting documents. necessary adjustments in the
books.
Accounts Payable to the Philippine Reconcile the agency’s 15,000
Ports Authority (PPA) is payables with the PPA to
understated. determine the correct balance
and effect the necessary
adjustment.
Philippine Ports Authority (PPA)
Major repairs and maintenance of Comply with PAS 16 on the 56,802

Property and Equipment not proper recording of accounts.
capitalized thus, understating the and make the necessary
account balance adjustments on the affected
accounts.
Loss on the derecognition of Record in the books the loss 17,696
beacon tower and light buoys not arising from derecognition of
taken up in the books contrary to assets and adhere to
PAS 16, thus overstating the provisions of PAS 16.
income account.
Liabilities overstated due to Discontinue the practice of 30,564
recording of claims not validated recording payables without
due to lack of supporting valid claim and complete
documents and absence of valid supporting documents and
claims. make the necessary
adjustments in the books.
Developed ports were Conduct ocular inspection 264,766
underutilized or unutilized thereby and evaluate the status of the
depriving the Authority of income ports and recommend to
to defray the cost of its facilities higher authorities steps or
and services. measures to make the ports
operational.
241
Poro Point Management Corporation (PPMC)
The completed Road Network Reclassify to its proper 65,475

Project was still carried in the account the cost of the
books under the Construction in completed project and cause
Progress account and was not its transfer project to BCDA
transferred to BCDA, thus as per agreement.
overstating the asset account of the
corporation.
Lease rentals from August 2006 to This is a reiteration of last 222,080

December 2010 remained unpaid years audit recommendation
by Bulk Handlers Inc. now subject of a Civil Case
pending in Court.
Philippine Reclamation Authority (PRA/PEA)
Non-recoupment of the President Determine all costs incurred 4,094,563

Diosdado Macapagal Boulevard for PDMD Project; request
(PDMB) Road Project Cost for reimbursement from the
National Government (NG)
and/or request for offsetting
of PRA’s dividends payable
to NG.
Non-compliance with the Take measures/action to 919,120

provisions of the Joint Venture recover the income due the
Agreement (JVA) for the Alabang government per JVA-ASF
Stock Farm (ASF) Project resulted project.
to foregone substantial amount of
income.
Reliability and accuracy of non- Make representations with 117,313

trade receivables could not be the debtors that have
established due to inclusion of outstanding balances for the
confirmed non-existing immediate reconciliation of
receivables. records and effect the
necessary adjustments.
The Supreme Court (SC) decision Evaluate contracts under the NQ

nullifying the PRA-AMARI PRA-AMARI AJVA to
Amended Joint Venture determine compliance with
Agreement (AJVA) was not SC Decision and safeguard
applied to other PRA’s interests of the government.
Reclamation Contracts.
242
Power Sector Assets & Liabilities Management (PSALM)

Corporation
Doubtful validity of the accounts Create a task force to study 11,048,498

Due from/to the National Power and prepare reconciliation to 9,928,827
Corporation (NPC) as these eventually eliminate the said
reciprocal accounts should have reciprocal accounts
been fully eliminated upon the
asset-debt transfer.
Valuation of NPC assets held in Create a task force that must 5,445,774
trust do not reconcile with the be relieved from other 8,365,129
Trust Liability-PSALM account responsibilities to do the
and the reciprocal account being reconciliation
maintained by NPC for the
Operations and Management
Agreement (OMA) casting doubt
on the correctness of the account.
Power receivables account balance Analyze the records of 75,756

doubtful due to the inclusion of debtors with abnormal
negative or credit balances. balances to and effect the
necessary adjustments in the
books.
Cash from privatization proceeds Record all cash used in 73,029

and cash earmarked for the operation under the 3,060
payment of the employees appropriate Cash and Cash
Collective Negotiation Agreement Equivalent account.
(CNA) incentive recorded under
Cash Restricted Funds account
contrary to the provision of
NGAS.
Southern Philippines Development Authority (SPDA)
Validity of dormant accounts Cause the write-off of 181,067

could not be ascertained due to dormant accounts per
lack/absence of supporting records existing laws, rules and
and documents. regulations to ensure fair
presentation of the FS.
Existence, validity and accuracy of Require the accountant to 226,485

the PPE not substantiated due to prepare and update
inadequacies of accounting records accounting records and
and reports. reports and effect necessary
adjustments.
243
21 parcels of land owned by the Direct the agency’s programs NQ
SPDA remained idle for several and activities towards the
years now, thus defeating the development of its existing
purpose for their acquisition, and resources to effectively attain
non-attainment of the mandate of its mandate.
the agency.
Subic Bay Metropolitan Authority (SBMA)
IT equipment, software, supplies Exhaust all legal remedies 2,600
and materials purchased from the including the imposition of
Procurement Service (PS) of the liquidated damages against
DBM remained undelivered the supplier PS-DBM to
depriving the authority the benefits enforce delivery of the
of upgraded IT facilities. purchased goods and
services.
Zamboanga City Special Economic Zone Authority (ZCSEZA)
Two condotel units constructed Institute proper 25,420
and completed in 2009 remained planning/prepare feasibility
unoccupied/idle, thus, unable to study before embarking on a
generate income for the Authority project and/or acquiring
properties to prevent wastage
of government resources.
Installation of air conditioning Compel the concerned 1,176
units and elevated water tanks at contractor to install the air
the two condotel units not conditioning units and
complied by the winning elevated water tanks
contractor. otherwise recover from him
the said amount.
After fifteen (15) years of Include in the Authority’s NQ
existence and despite the long-range development plan
substantial investments, the the construction of port
Authority has not significantly facility; bring to the attention
achieved the goals and objectives of higher
for which it was created. authorities/appropriate
government offices the
present condition of the
Authority for coordination
and possible assistance in
inviting or bringing in
investors.
Construction Materials Inventory Record all purchases of 1,365
account misstated due to direct construction materials under
charging of procured construction the appropriate inventory
materials to Construction in account to establish its
Progress account. correct balance in the books
244
CLUSTER C
(In thousand Pesos)

Food Terminal, Inc. (FTI)
Uncertainty of collection of 92 Intensify collection of 281,128
percent (P279,845) of Accounts accounts receivable-trade
Receivable-Trade (P304,864) due especially the past
to accounts under litigation, for due/demandable accounts;
write-off and a variance (P1,283) submit to COA a request for
between the subsidiary ledgers the write-off of dormant
(SLs) and general ledger (GL) accounts and reconcile the
balances affected the accuracy of variance noted between GL
the year-end account balance and SLs balances and record
presented in the FS. necessary adjustments.
Confirmation of Inter- Reconcile the variance in the 793,406
Agency/Interest Payable accounts Interest Payable account with
with the Bureau of the Treasury that of BTr and effect
(BTr) and Asset Privatization necessary adjustment
Trust (APT) disclosed an accordingly.
overstatement of P909 and
understatement of P794,315,
respectively, thereby affecting the
validity of the subject accounts.
Human Settlements Development Corporation (HSDC)
The existence, valuation and Prepare PPE physical 89,810
accuracy of the Property, Plant and inventory report in line with
Equipment (PPE) stated at net of Section 490 (a) of the
allowance, could not be GAAM, Volume I; maintain
ascertained and validated due to subsidiary ledgers (SLs) and
incomplete documentation of PPE ledger cards (PPELC)
ownership, inadequacy of for proper control and
accounting and property records records purposes; gather
and lack of physical inventory documents to support
report. ownership of land; record in
the books all properties of
the corporation; determine
value of turned over items
with no corresponding
values.
Receivable Accounts were not Provide appropriate 731,609
supported with appropriate allowance for doubtful
documents/records, hence, validity accounts for receivables that
and accuracy of balances of the have no supporting
accounts cannot be ascertained. documents.
245
Investments could not be Confirm with Securities and 353,711
substantiated due to lack of Exchange Commission
documents to support (SEC) the corporation/s
acquisition/disposal of shares of dissolved or non-operating
stock. and provide appropriate
allowance for decline in
value of investments;
demand immediate
submission of the stock
certificates; cause the refund
of funds invested for non-
earning investments.
Doubtful existence, validity and Request write-off of the 36,752
reliability of the book balance of accounts in line with COA
Cash-Other Banks and Cash- Circular No. 97-001, dated
Treasury/Agency accounts, in February 5, 1997.
view of adverse confirmation
replies claiming balances no
longer existed in the records of the
bank and the Bureau of the
Treasury (BTr).
National Tobacco Administration (NTA)
Receivables (P225,474) and Other Devise workable strategies to 320,164

Assets (P94,690), representing intensify collection efforts
62.74 percent of the said accounts, and reduce overdue and
had been dormant for more than delinquent accounts.
10 years and nil collectibility, thus
affected the reliability/accuracy of
said account balances.
Doubtful existence, valuation and Secure a copy of the Invoice 252,690
accuracy of Property, Plant and and Receipt of Property for
Equipment account balance due to the lots transferred to the
deficiencies noted in the titling, Department of Agriculture to
appraisal and legality of ownership serve as basis for dropping of
of parcel of lots claimed by NTA. account; validate the status
of ownership of recorded
parcels of land without
TCTs; create an Appraisal
Committee to determine
proper value of lots with
TCTs; submit documents for
property transferred to
PhilRice and exchanged with
the Mariano Marcos State
University.
246
Validity of investments purchased Follow up status of the case 28,634
from private brokers/traders in filed at the Office of the
1988 and 1989 could not be Ombudsman to recover said
ascertained due to undelivered investments.
LBP bond certificates.
Accuracy of the Other Payables Ensure proper documentation 15,725
account balance could not be of recorded liability with
ascertained due to the non- ACPC; reconcile account
recognition of liability/errors in balance with ACPC records
recording accounts of tobacco and effect necessary
traders. Moreover, trust accounts adjusting entries; review
were not sufficiently backed up accounts of ConLeaf, ULPI
with corresponding cash in and TMI and adjust the
violation of Sections 3(4) and 4 of books accordingly; and set
PD 1445 aside cash to back up trust
obligations with ACPC,
ULPI, TMI and Con Leaf.
Overseas Workers Welfare Administration (OWWA)
Collections from various foreign Demand immediate full 21,588

posts remained un-remitted for a remittance by collecting
long period of time. officers (CO); withhold
payment of any money due
erring COs and apply
withheld amounts to
accountability; exert effort to
recover funds from COs that
absconded with their
accountabilities.
Philippine Amusement & Gaming Corporation
Procurement of slot machines Procure slot machines in 1,047,316

(SMs) under the Demonstration accordance with procedures
and Trial Agreement with Options under the Alternative Mode
to Purchase was not in compliance of Procurement - Direct
with the provision under Section Contracting of RA 9184 and
50, Rule XVI of RA 9184. include slot machine
requirements in the Annual
Procurement Plan of the
agency.
Payment for movie tickets charged Submit documents including 26,700
mostly to Marketing Expenses and copy of contract for the
not properly supported with purchase of BIDA movie
documents. tickets.
247
Advance payment by Casino Issue demand letter/s to 219,921
Filipino Hyatt to the lessees/ proponent/s to
proponent/lessee/s representing account/return unused
money value of hotel coupons had coupons; hold in abeyance
unpaid balance as of December 31, payment of rentals &
2010 contrary to Section 88 of PD suspend remittance
1445. pertaining to hotel coupons
issued from July to
December 2010; apply
amounts withheld as
payments of unpaid balance
of hotel coupons until funds
are fully recovered; revisit
the guidelines on the NNC
Program.
A refundable security deposit at Re-evaluate supplemental 157,098
CF Cebu, paid to the hotel/lessor agree-ment to the amended
to secure performance on certain contract of lease to ensure
terms and conditions of the refund of security deposit;
existing lease contract agreement consider re-negotiating
was redundant, excessive and reduction in amount to
financially risky and acceptable and reasonable
disadvantageous to the business practice levels.
government.
Philippine Children's Medical Center (PCMC)

Absence of reliable aging schedule Revisit and establish 24,002
as basis for providing allowance reasonable policies on
for doubtful accounts resulted in providing allowance for
inaccurate computation of bad doubtful accounts; reconcile
debts expense, thereby, SLs and GL on the Patients
understating Allowance for Receivable-In-Patients
Doubtful Accounts and overstating account; cause the collection
Retained Earnings (P7,120). Also, of outstanding in-patients
existence of Patients Receivable- receivables; for those with
In-Patients which remained concrete indications of nil
uncollected for five years and collectibility, request for
above (P16,882) cast doubt on the authority to write off overdue
collectibility of recorded patients accounts pursuant to COA
receivables. Resolution No. 2003-002
dated January 30, 2003.
Non-capitalization of major land Capitalize all expenses 5,090
improvements, renovations of incurred on land
building, repairs/ replacements of improvements, major
parts of equipment, and others for renovations of building, and
CYs 2007-2010 (P5,090); and repairs/replacements of parts
248
failure to derecognize in the books of equipment in accordance
costs of replaced parts, misstated with PAS 16; derecognize
the accounts PPE, Accumulated costs of replaced parts and
Depreciation and Retained effect necessary adjusting
Earnings accounts. entries so as not to misstate
affected account balances.
Non-recognition of tangible assets, Expedite formulation/ 6,680

below P10, acquired through approval of written
purchase or donation, as either accounting policies/
Property, Plant and Equipment procedures as bases for
(PPE) or Inventory; erroneous proper classification of small
recording of payments relative tangible assets below P10,
thereto; and non-recording of taking into consideration the
related income from donations, requirements of COA
understated the accounts Circular No. 2005-002 and
PPE/Inventory (P3,340), Accounts other related accounting
Payable (P2,772), and Retained principles; reconcile records
Earnings (P568). of the Finance Division with
that of Materials
Management Division; and
prepare adjusting entries to
correct affected accounts.
Philippine Coconut Authority (PCA)
Doubtful existence and accuracy Require regional offices to 27,198

of the year-end balance of submit immediately to the
Agricultural and marine supplies Accounting Division master
inventory-fertilizers account due to lists duly signed by farmer-
inclusion of fertilizers already participants acknowledging
distributed to the farmers. receipt of the certificates of
distribution and application
of fertilizers under SFP,
SCFDP and FALP; record
the distribution at the regions
upon receipt of above-stated
documents; PCA Region V
Manager to coordinate with
the Legal Affairs
Department, on the fertilizers
stored at the FEREX
warehouse to substantiate
dropping of the cost thereof.
249
Due from Regional Offices Require the Accounting 13,060

account balance at year-end Divisions of the Central
represents the discrepancies Office/Regional
between the Intra agency accounts Offices/Centers to facilitate
thereby casting doubt on its reconciliation of intra agency
accuracy and reliability. accounts and effect
Variances between the book Require the Accounting 6,719

balance and the aging schedule for Division and the CISF
accounts receivable (P146), and Department, PCA Central
the Coconut Industry Stabilization Office to conduct periodic
Fund (CISF) Department records reconciliation of the A/R-
(P6,573), thus accuracy and PCA fees and prepare the
reliability of the balance of necessary adjustments to
Accounts receivable (A/R)-PCA reflect the correct account
fees could not be ascertained. balance.
Philippine Fisheries Development Corporation
Variances in the accounts Due to Reconcile account balances 591,142

National Treasury account with the BTr and effect
(P555,551) and Loans Payable- necessary adjustments in the
Foreign (P35,591) between book books to reflect their
balances and the confirmed accurate balance in the
balances, cast doubt on the financial statements.
accuracy of said account balances.
Validity, accuracy of balances and Ensure that contracts contain 140,245

valuation of Receivables - all the elements to be valid
Trade/Business could not be and binding between
ascertained due to various contracting parties; analyze
accounting deficiencies, abnormal account balances,
discrepancies between books and provide adequate allowance
confirmed balances and inadequate for doubtful accounts per
provision of allowance for NGAS and adjust affected
doubtful accounts. accounts.
Payment of taxes real property Effect proper adjusting 62,840

leased to Navotas Fish Port entries on the payment of
Complex (NFPC) debited to Prior taxes for real property leased
Years Adjustment account instead to NFPC and strictly impose
of Accounts Receivable resulting penalty provisions of the
in the understatement of Retained Contract of Lease against
Earnings and Accounts lessees found violating the
Receivable. contract provisions.
250
Philippine Heart Center (PHC)
Doubtful validity and accuracy of Require concerned account- 324,204
the recorded net Trade ting personnel to maintain
Receivables due SLs for each account with
to the following deficiencies: necessary details to facilitate
a) Absence of subsidiary ledgers verification; simplify journal
(SLs), in violation of Sections 111 entries to record deposits
and 114 of P.D. 1445; made by patients; make use
b) The present system of of properly accomplished
recording transactions pertaining Order of Payment before
to Receivable-Company acceptance of payments from
Sponsored accounts appeared patients to guide the Cashier
prone to errors, casting doubt on on the nature and amount of
the validity of the recorded collection to be indicated in
balance of the said account. the official receipt to ensure
accuracy of entries in the
books.
Various adjusting/reclassification Ensure that necessary 21,077
entries for Accounts Receivable- supporting documents/
Company Sponsored account not information support the
duly supported with complete journal vouchers taking up
information/documentation. various adjusting/
reclassification entries to
facilitate verification and
validation.
The balance of Accounts Adjust immediately the 10,139
Receivable-Discharged Patients temporary account and
had no supporting support the account balance
schedule/breakdown, and with proper schedules to
remained unadjusted. ensure correctness of
adjustments.
Subsidiary ledgers (SLs) not Maintain SLs for accounts 339,226
maintained for various liabilities comprising Accounts
Payable, complete with
necessary details to facilitate
verification and in line with
P.D. 1445.
Existence of Surplus Adjustment Review the existing 223,166
account with a significant balance, accounting procedures on
as of December 31, 2010. accrual of expenses to
prevent accumulation of
surplus adjustments; analyze
account to determine
propriety of transactions
recorded therein and effect
necessary adjustment/s.
251
People's Television Network Incorporated (PTNI)
Unreliable year-end balance of

Trade Receivable due to:
a) Discrepancy between general a) Thoroughly analyze the 94,425
ledger (GL) and subsidiary ledger discrepancy between the GL
(SL) balances. and SL balances, and effect
b) No significant collections b) Intensify collection efforts 272,452
except for late recording of barter and strictly implement
goods received in prior years; provisions of contracts on
ex-deals requiring clients to
pay before broadcast of
programs.
c) 45 percent of outstanding trade c) Exert effort to locate 247,888
receivables consist of dormant supporting documents
accounts and collection could not establishing the validity of
be effected for failure to locate dormant accounts and assess
supporting documents. the probability of their
collection.
d) Barter liquidation vouchers d) Comply with agency's 8,834
(BLVs) covering barter goods policy on the withdrawal/
already received/used by the utilization/ recording of
Network still remained in the barter goods and services.
Trade Accounts Receivable
account due to failure of the
Accounting Unit to record receipt
thereof.
Technology Resource Center (TRC)
Doubtful reliability and accuracy Exert efforts to gather all 10,000

of the financial statements of the necessary supporting
Center due to inclusion of deposit documents to reconcile the
in transit in the cash and cash Cash in Bank-BSKD/NLSF
equivalents as reflected in the account bank balance with
balance sheet. the corresponding balance
and perform thorough
analysis of said account and
effect adjusting entries in the
books.
252
Failure to submit the physical Strictly comply with the 32,027

inventory report casts doubt on the provisions of Section 490 of
accuracy of the balances of the the GAAM, Volume I and
Property Plant and Equipment the Manual on Property
(PPE) accounts. Custodianship, specifically
on the submission of
Inventory Report reconciled
with Accounting and
Property records.
Unreconciled differences between Reconcile the property 95,750

the physical inventory and book inventory reports with the
balance of Motor Vehicles records of the accounting
(P25,597) and Office Furniture, department and effect
Technical, Scientific/Other adjustments, if necessary.
Equipment (P70,153), cast doubt
on the validity, integrity and
reliability of the Property and
Equipment.
Inadequate accounting and Draw up well-defined 8,955
monitoring controls on long-term policy/procedural guidelines
loans resulted in for accounting and
abnormal/negative balances of monitoring of loan accounts;
several subsidiary ledgers (SLs) analyze and reconcile the
accounts. balances of the Loans GL
control accounts with the
balances of the SLs
particularly those with
negative balances.
62. The following audit observations and corresponding recommendations are

reported in numerous AARs, the adverse audit observations were also made part as
bases for the issuance of the audit opinion thus their categorization as being
significant common audit observations:
253
Audit Observations Common to the Three (3) Clusters
(In thousand Pesos)
GOCC Audit Observations Recommendations Amount
Gender & Development (GAD)
DAP, Absence of specific Incorporate and reflect NQ

PRA, GAD Plan and failure GAD concerns in agency
PHC, to set aside five commitment contracts,
NRDC, percent of its annual budget proposals
PIDS Corporate Operating and work and financial
Budget (COB) to plans; formulate a GAD
implement said plan Plan to promote gender
is contrary to DBM- responsive governance,
NEDA-NCRFW protect and fulfill
Joint Circular No. women’s economic
2004-1. empowerment; and set
aside five percent of total
budget for its
implementation of GAD
Plans in line with Joint
Circular No. 2004-1.
CDC, Accomplishments Prepare annual GAD NQ
MWSS, compared to GAD plans and corresponding
PADC, Plan disclosed failure budget; fully implement
PFDA, to attain its goal and the approved GAD Plan;
PCMC accomplish its target. strive to attain the
PTNI, targeted activities set
NPF, therein; and allocate five
NRDC, percent for GAD related
ZCEZA activities.
Corporate Operating Budget (COB)
HSDC, Non-preparation/ Observe existing rules NQ

LCI, submission of COB and regulations and
PNR for review and submit COB to the DBM
approval by DBM, for review and approval;
contrary to Executive and use only approved
Order No. 518, dated budget as the
January 23, 1979 and level/benchmark of
Corporate Budget expenditures.
Circular No. 20,
dated April 27, 2005.
254
Cash in Bank & Bank Reconciliation Statements (BRS)
APECO, Non-preparation of or Prepare the monthly BRS 123,935

CITEM, failure to update to ensure that reconciling NQ
PNR, monthly BRS items are promptly 51,000
PTNI, rendered the accuracy identified and NQ
of the cash in bank immediately adjusted to
account doubtful keep the balances of the
books and its depository
banks reconciled at
month-end.
Cash Advances
APECO Cash advances Strictly comply with 13,071.90

CIAC, remained rules and regulations on million
HSDC, outstanding/ cash advances; require
LLDA unsettled, at year-end, personnel concerned to
LWUA, contrary to Section settle/liquidate cash
MWSS 89 of PD No. 1445 advances within the
NLDC, and COA Circular prescribed period; send
North Rail, No. 97-002 dated demand letters to
NTA, February 10, 1997 accountable officers
NRDC, (AO) with outstanding
PADC, advances to immediately
PCMC, settle the same; if
PNR, necessary, file
PTNI, appropriate charges
OSHC, against the AOs; identify
OWWA other persons liable such
as the approving officers
and the accountant who
certified to the
availability of funds.
Receivables
LLDA, Doubtful recovery of Exert efforts to

60,945
NRDC, uncollected and long recover/collect long
PCA outstanding outstanding receivables;
receivables.
Inventories
DAP, Non-reconciliation of Reconcile variances 9,044

PCA, the physical between the balance per
PPA inventory report and books and actual
general ledger inventory count and
balances for Supplies prepare the necessary
and Materials adjustments to ensure
255
Inventory, Office accuracy and correctness
Supplies and Other of the year-end balance
Supplies Inventory of the inventory
accounts, rendered accounts;
the existence and
accuracy of said
accounts doubtful.
Priority Development Assistance Fund (PDAF)
TRC, Unliquidated releases Request for a Certificate 825 &

NRDC for implementation of of Acceptance/ 60,000
various projects liquidation of releases for
projects already
undertaken and delivered
to the recipients to close
the balance of the PDAF.
Property, Plant & Equipment (PPE)
PCFC, Properties acquired Cause the immediate NQ

NLDC through dacion en consolidation of the titles
pago not of properties and explore
consolidated/ means to appraise the
transferred in the properties that have no
name of the values.
Corporation and were
not appraised.
DLC, No physical Conduct physical NQ
CAAP inventory of property inventory of property and
CDC, and equipment for equipment at least once a
CIAC, CY 2010 was year, and submit to a
DAP, conducted/failure to report thereon, in line
LLDA submit inventory with COA Circular No.
MSI, report in violation of 80-124 dated January 18,
MCIAA COA Circular No. 1980.
MWSS, 80-124 dated January
MRHI 18, 1980.
OWWA,
PCA
OSHC, DAP, Doubtful existence, Reconcile discrepancy NQ
LCDFI, valuation and between accounting and
LLDA accuracy of PPE due property records to
MWSS, to unreconciled ascertain the existence,
PADC, discrepancy between valuation and accuracy of
PEZA, PFDA, the balances per the PPE account and
CITEM, FTI, books and physical effect the necessary
PAGCOR inventory report. adjustments in the books.
256
Unserviceable Property
BTPI, Unserviceable Comply with Section 79 NQ
CITC, property and those no of P.D. 1445 on the
LLDA, longer used in disposal of unserviceable
MSI, operation remained in properties.
LCDFI, the books contrary to
PPA Section 79 of P.D.
1445.
Expenditures
NLDC, Productivity Comply with the 1,068

LBRDC enhancement provisions of
incentives granted to Administrative Order No.
officers and 3 issued by the President
employees in of the Philippines.
additional to year-end
benefits in excess of
those authorized
under Republic Act
No. 6686, as
amended, and in
violation of
Administrative Order
No. 3 dated
November 25, 2010.
LWUA, Payments of Comply with COA 26,164
LCI, extraordinary and Circular No. 2006-001 in 14,250
MSI, miscellaneous the disbursement of 78
PCFC, expenses to officials extraordinary and NQ
NLDC and Members of the miscellaneous expenses. NQ
Board of
Directors/Trustees do
not conform to the
provisions of COA
Circular No. 2006-01
dated January 3,
2006.
Submission of financial reports and supporting documents
NRDC, Delayed submission Observe the timely NQ

OSHC of financial reports, submission of monthly
disbursements financial reports;
vouchers (DVs), and improve office
supporting management and
documents, contrary supervision of the
to Section 122 of PD Finance and
257
1445, COA Circular Administrative Division
No. 2009-006 and (FAD) by assessing the
Executive Order No. distribution of workload
292. to improve efficiency of
the workforce and the
quality of output; define
duties and
responsibilities of each
employee to easily
pinpoint responsibility
and assess
accomplishments.
Summary status of implementation of

prior year’s recommendations
63. Responses of GOCC/GFI management to the audit recommendations and

suggested measure/s to address the audit observations/findings discussed in prior
years’ AARs are regularly monitored by the Commission. Presented in the
following matrix is a summary of the status of implementation of prior year’s
recommendations by 112 GOCCs involving 569 recommendations or suggested
measures to improve government operations: the fully implemented measures total
337 or 59.23 percent; recommendations partially implemented and/or under
implementation total 351 or 61.69 percent; and those not implemented accounted
for 555 or 26.16 percent of recommendations monitored.
Summary Status of Implementation of

Prior year’s Audit Recommendations
No. of No. of 2009 Status

Cluster agencies recommen- Fully Parial Not
monitored dations implemented Implementation implemented
A 13 109 36 52 21
B 40 460 124 199 137
C 22 336 102 162 72
Totals 75 905 262 413 230
64. Details and discussions on the specific measures that had been implemented,
partially implemented and not implemented are indicated in the AARs of the
respective agencies. Annex 18 features the specific GOCCs vis-à-vis the number
of 2009 audit recommendations based on the AARs issued and do not consider
those GOCCs, the 2010 AARs for which are still in the review process by the
Commission on Audit, as of September 16, 2011.
258
ANNEXES
1 - List of government-owned or controlled corporations by cluster,

abbreviation, and status of audit as of September 16, 2011
2 - Roster of Members of Governing Boards of Government-owned or

controlled corporations
3 - List of GOCCs with Unsubmitted CY 2010 Financial Statements
4 - Summary Functions of GOCCs
5 - Ranking by Total Assets
6 - Ranking by Total Liabilities
7 - Breakdown of Domestic Loans
8 - Breakdown of Foreign Borrowings
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 - Annual Growth of Subsidy Income from the National Government
14 - Subsidy Received from Other Government Agencies
15 - Top 20 GOCC Taxpayers
16 - Top 20 GOCCs with Dividend Remittances
17 - Tabulation of Audit Opinions Rendered
18 - Status of Implementation of Prior Years’ Audit Recommendations

Annex 1
List of government-owned or controlled corporations by Cluster/Region, abbreviation,
and status of audit as of September 16, 2011
Cluster A
Name of GOCC Abbreviation Status of audit Remarks
Parent
1. AFP Retirement and Separation AFPRSBS Execution phase
Benefits System
Subsidiaries
2. Fashion Link Corporation FLC No audit conducted. Ceased operations The last audit team assigned to examine the books for
on Feb. 28, 1998; No FS and other the year ended December 31, 2006.
financial records submitted to the audit
team
3. General Satellite Transmission, GSTI or No audit conducted; did not operate Application for dissolution not yet filed with SEC as
Inc. Gensat since its incorporation on August 19, reported by the audit team that conducted review of
1996; no books of accounts and FS. available documents for the year ended December 31,
2006.
4. Globan Fruits and Development GFDC No audit conducted; corporation BOD approved the shortening of corporate life and
Corporation dissolved effective May 31, 2003; no subsequent liquidation effective May 31, 2003; amended
books of accounts and FS as of Articles of Incorporation not yet filed with SEC.
December 31, 2006 as reported by the
audit team.
5. Goodfit Manufacturing GMC No audit conducted; corporation BOD of GMC approved and resolved cease/desist
Corporation dissolved effective April 30, 2004. operationseffective April 30, 2004; latest financial
statements furnished: as of December 31, 2003 and
2002 and no other accounting records were submitted to
the audit team for examination.
Annex 1 .
6. Matrix Realty Development MRDC No audit conducted; corporation BOD decided to cease operations effective July 2005;
Corporation dissolved effective July 2005; with AAR Affidavit of Non-Operation was executed and submitted
for CY 2006. to the BIR on August 18, 2005.
7. MDC Venture Corporation MDCVC No audit conducted; corporation The BOD shortened corporate life until December 31,
dissolved effective December 31, 2004; 2004. The dissolution was approved by the SEC on
August 13, 2007.
8. Monterrosa Development MDC No audit conducted; corporation No commercial operation since its incorporation on
Corporation dissolved effective September 30, 2005; August 25, 1998; Board of Trustees of the AFP-RSBS
with AAR for CY 2006. approved the dissolution effective September 30, 2005 .
9. Resources & Investments RICHI No audit conducted; corporation Became a government entity by virtue of SC decision
Corporate House, Inc. dissolved effective December 31, 2004; per GR No. 145951, dated August 12, 2003 declaring
with AAR for CY 2006. its parent entity, AFP-RSBS as a government
corporation; BOD of RICHI dissolved the company
effective December 31, 2004; SEC approved its
dissolution on January 12, 2007.
10. RSBS Enterprises, Incorporated REI No audit conducted; corporation BOD dissolve the Company effective April 18, 2005; in
dissolved effective April 18, 2005. view of an assessment by the BIR for significant tax
deficiencies of P5.51 million, the Board approved to
change the method of dissolution to voluntary dissolution
on June 29, 2006.
11. RSBS Land, Incorporated RLI No audit conducted; corporation BOD approved resolution to close the Corporation
dissolved effective December 31, 2004; effective December 31, 2004; application for dissolution
with AAR for CY 2006. to be filed with SEC upon receipt of BIR clearance.
12. Veterans Electronics VETRONIX No audit conducted; corporation On May 26, 1999, the BOD approved and adopted the
Communications, Incorporated dissolved effective June 8, 1999; no dissolution of the corporation; amended Articles of
books of accounts and FS as of Incorporation was filed with SEC. In August 2000,
December 31, 2006 as reported by the VETRONIX lost in a labor case where all assets were
audit team in a Management Letter garnished in favor of its employees pursuant to the
dated July 1, 2008. NLRC Notices of Garnishment, dated August 9, 2000
and August 30, 2000. Management failed to prepare
and submit the financial statements.
Annex 1 .
Parent
13. Bangko Sentral ng Pilipinas BSP AAR under review
14. Central Bank-Board of Liquidators CB-BOL With Annual Audit Report issued
Subsidiary
15. Philippine International PICCI AAR under review
Convention Center, Inc.
Parent
16. Development Bank of the Philippines DBP AAR under review
Subsidiaries
17. DBP Data Center, Inc. DDCI With Annual Audit Report issued
18. Industrial Guarantee and Loan IGLF With Annual Audit Report issued
Fund
19. DBP Leasing Corporation DLC With Annual Audit Report issued
20. DBP Management Corporation DBPMC With Annual Audit Report issued
21. Al-Amanah Islamic Investment AIIBP AAR under review
Bank of the Philippines
22. Employees' Compensation ECC With Annual Audit Report issued
Commission
Parent
23. Government Service Insurance GSIS Execution phase
System
Subsidiaries
24. GSIS Family Bank (formerly GSIS - FB Execution phase
Comsavings Bank)
25. GSIS Mutual Fund, Inc. GMFI Execution phase
26. GSIS Properties, Inc. GPI Execution phase
27. Meat Packing Corporation of the MPCP Execution phase
Philippines
Annex 1 .
28. Home Development Mutual Fund HDMF AAR under review

29. Home Guaranty Corporation HGC AAR under review
Parent
30. Land Bank of the Philippines LBP AAR under review
Subsidiaries
31. LB Realty Development LBRDC With Annual Audit Report issued
Corporation
32. LBP Insurance Brokerage, Inc. LIBI With Annual Audit Report issued
33. Masaganang Sakahan, Inc. MSI With Annual Audit Report issued
34. LBP Leasing Corporation LLC With Annual Audit Report issued
35. People’s Credit and Finance PCFC With Annual Audit Report issued
Corporation
36. LandBank Countryside LCDFI With Annual Audit Report issued
Development Foundation, Inc.
37. National Livelihood Development NLDC With Annual Audit Report issued
Corporation
Parent
38. National Home Mortgage Finance NHMFC Reporting phase
Corporation
Subsidiary
39. Social Housing Finance SHFC Reporting phase
Corporation
40. Philippine Crop Insurance PCIC Reporting phase
Corporation
41. Philippine Deposit Insurance PDIC AAR under review
Corporation
42. Philippine Health Insurance PHIC Execution phase
Corporation
Annex 1 .
Philippine Postal Corporation Subsidiaries

43. Philippine Postal Savings Bank, PPSBI AAR under review
Inc.
44. PhilPost Leasing and Financing PLFC No audit conducted The corporation stopped operations in 1998; no
Corporation rehabilitation plan submitted; no application for the
lifting of the revocation of Certificate of Authority to
Operate. The last AAR is for CY 1999.
45. Quedan and Rural Credit QUEDANCOR Reporting phase
Guarantee Corporation
46. Small Business Corporation SBC AAR under review
47. Social Security System SSS AAR under review
48. Trade and Investment Development TIDCORP/ AAR under review
Corporation of the Philippines PhilEXIM
Cluster B
1. Aurora Pacific Economic Zone APECO With Annual Audit Report issued
Authority and Freeport Authority
Parent
2. Bases Conversion Development BCDA AAR under review
Authority
Subsidiaries
3. BCDA Management and BMHI Scheduled for audit after AFR deadline
Holdings, Incorporated
4. Philippine Centennial Expo 98' EXPOCORP Scheduled for audit after AFR deadline
Corporation
Annex 1 .
Parent
5. Cagayan Economic Zone Authority CEZA Report preparation
Subsidiary
6. Northeastern Luzon Pacific NLPCSI Scheduled for audit after AFR deadline
Coastal Services, Inc.
7. Civil Aviation Authority of the CAAP AAR under review
Philippines
8. Light Rail Transit Authority LRTA AAR under review
Parent
9. Local Water Utilities Administration LWUA With Annual Audit Report issued
Subsidiary
10. LWUA Consult, Inc. LCI With Annual Audit Report issued
11. Manila International Airport Authority MIAA AAR under review
12. Metropolitan Waterworks And MWSS AAR under review
Sewerage System
Parent
13. National Development Company NDC AAR under review
Subsidiaries
14. Batangas Land Company, BLCI With Annual Audit Report issued
Incorporated
15. First Cavite Industrial Estate Inc. FCIEI With Annual Audit Report issued
16. Crowntex Realty Corporation CRC No audited conducted Inoperational and without available records. According
to SEC, the corporation is already inactive, its license
was revoked due to non-submission of financial report.
17. GY Realty Estate, Inc. GYREI With Annual Audit Report issued
18. Inter-Island Gas Services, Inc. IIGSI With Annual Audit Report issued
19. Kamayan Realty Corporation KRC With Annual Audit Report issued
Annex 1 .
20. Luzon Integrated Services, Inc. LINSI With Annual Audit Report issued Inoperational. The audit conducted for CY 2010
accounts and balances will be the last audit. Accounts
and balances already transferred to National
Development Company in 2011 as sole stockholder and
creditor.
21. Luzon Stevedoring Corporation LUZTEVECO No audited conducted Inoperational and without available records.
22. Manila Gas Corporation MGC With Annual Audit Report issued
23. National Precision Cutting Tools, NPCTI With Annual Audit Report issued Inoperational. The audit conducted for CY 2010
Inc. accounts and balances will be the last audit. Accounts
creditor.
24. National Stevedoring and NSLC With Annual Audit Report issued Inoperational. The audit conducted for CY 2010
Lighterage Corporation accounts and balances will be the last audit. Accounts
creditor.
25. National Trucking and Forwarding NTFC With Annual Audit Report issued Inoperational. The audit conducted for CY 2010
Corporation accounts and balances will be the last audit. Accounts
creditor.
26. NDC-Philippine Infrastructure NPIC With Annual Audit Report issued
Corporation
27. Philippine National Lines PNL With Annual Audit Report issued
28. Pinagkaisa Realty Corporation PRC With Annual Audit Report issued
Annex 1 .
29. Tacoma Bay Shipping TABASCO With Annual Audit Report issued Inoperational. The audit conducted for CY 2010
Corporation accounts and balances will be the last audit. Accounts
creditor.
30. UP-NDC Basilan Plantations, Inc. UNBPI No audited conducted Inoperational and without available records.
30. National Electrification Administration NEA With Annual Audit Report issued
31. National Housing Authority NHA Report preparation

32. National Power Corporation NPC AAR under review
33. Palacio del Gobernador PGCC Report preparation
Condominium Corporation
34. Philippine Aerospace Development PADC With Annual Audit Report issued
Corporation
35. Philippine Economic Zone Authority PEZA With Annual Audit Report issued
Parent
36. Philippine National Construction PNCC Management letter for revision The Board of Directors did not authorize issuance of the
Corporation financial statements allegedly for the purpose of
correcting and effecting several adjustments in the
financial statements and recommendations mentioned in
the Audit Observation Memoranda issued by the audit
team.
Subsidiaries
37. Alabang-Sto. Tomas ASDI Audit on-going
Development, Incorporated
38. CDCP Farms Corporation CDCP-FC Scheduled for audit after AFR deadline
Annex 1 .
39. PNCC Skyway Corporation PSC No audited conducted For dissolution/liquidation. Management did not submit
financial statements for CY 2009. Management letter
was issued. 2008 AAR and Management Letter for
2009, were forwarded to Legal Services Sector for filing
of appropriate charges. Audit for CY 2010 transactions
will depend on management action on the 2009
Management Letter.
40. Tierra Factors Corporation TFC Scheduled for audit after AFR deadline
41. Traffic Control Products TCPC Scheduled for audit after AFR deadline
Parent
42. Philippine National Oil Company PNOC Audit on-going
Subsidiaries
43. PNOC Alternative Fuels Corp PAFC Scheduled for audit after AFR deadline
44. PNOC Coal Corporation PCC Audit on-going
45. PNOC Development & PDMC Audit on-going
Management Corporation
46. PNOC Exploration Corporation PNOC - EC Report preparation
47. PNOC Malampaya Production PMPC With Annual Audit Report issued
Corporation
48. PNOC Renewables Corporation PNOC - RC Audit on-going
49. PNOC Shipping and Transport PSTC Scheduled for audit after AFR deadline
Corporation
50. Philippine National Railways PNR With Annual Audit Report issued
51. Philippine Ports Authority PPA AAR under review
52. Philippine Postal Corporation PPC Report preparation
Parent
53. Philippine Reclamation Authority PRA(PEA) AAR under review
Subsidiary
54. PEA Tollway Corporation PEATC Report preparation
Annex 1 .
Parent
55. Power Sector Assets and Liabilities PSALM AAR under review
Management Corporation
Subsidiary
56. National Transmission TransCo AAR under review
Corporation
57. SEC Building Condominium SBCC No audited conducted
Corporation
Parent
58. Sugar Regulatory Administration SRA Report preparation
Subsidiary
59. Philippine Sugar Corporation PHILSUCOR Audit on-going
Cluster C
1. APO Production Unit, Inc. APU Scheduled for audit after AFR deadline
2. Center for International Trade CITEM AAR under review; exit conference
Expositions and Missions, Inc. conducted; findings with management
comments
3. Cottage Industry Technology Center CITC AAR under review; exit conference
conducted; findings with management
comments
4. Cultural Center of the Philippines CCP AAR under review; exit conference
conducted; awaiting management
comments
5. Development Academy of the DAP AAR under review; exit conference
Philippines conducted; findings with management
comments
Annex 1 .
6. Duty Free Philippines DFP Audit at the execution phase; FS still in

process
Parent
7. Human Settlements Development HSDC AAR under review; exit conference
Corporation conducted; findings with management
comments
Subsidiaries
8. National Agri-Business NABCOR Audit at the execution phase; FS still in
Corporation process
9. Philippine Agricultural PADCC Scheduled for audit after AFR deadline
Development and Commercial
Corporation
10. Philippine Genetics, Inc. PGI Non-operational; not yet audited
11. ZNAC Rubber Estate Corporation ZREC Scheduled for audit after AFR deadline
12. Intercontinental Broadcasting IBC 13 Scheduled for audit after AFR deadline
Corporation
13. Lung Center of the Philippines LCP AAR under review; exit conference
comments
14. National Sugar Development NASUDECO Non-operational; not yet audited
Corporation
15. National Dairy Authority NDA AAR under review; exit conference
comments
Parent
16. National Food Authority NFA Audit at the execution phase; FS still in
process
Annex 1 .
Subsidiaries
17. Food Terminal, Inc. FTI AAR under review; exit conference
comments
Parent
18. National Irrigation Administration – NIA - CF Audit at the execution phase; FS still in
Corporate Fund process
19. National Irrigation Administration – NIA - GF Audit at the execution phase; FS still in
General Fund process
20. National Irrigation Administration – NIA - SF Audit at the execution phase; FS still in
Special Fund process
Subsidiary
21. NIA Consult, Inc. NIACON Audit at the execution phase; FS still in
process
22. National Kidney and Transplant NKTI AAR under review; exit conference
Institute conducted; findings with management
comments
23. Negros Occidental Copperfield NOCOMIN Non-operational; not yet audited
Mines, Inc.
24. Nayong Pilipino Foundation NFP AAR under review; exit conference
comments
Parent
25. Natural Resources Development NRDC AAR under review; exit conference
comments
Subsidiaries
26. Philippine Forest Corporation PFC Scheduled for audit after AFR deadline
27. Philippine Mining Development PMDC Scheduled for audit after AFR deadline
Corporation
Annex 1 .
28. National Tobacco Administration NTA AAR under review; exit conference
comments
29. Occcupational Safety and Health OSHC With Annual Audit Report issued
Center
30. Overseas Workers Welfare OWAA AAR under review; exit conference
Administration conducted; findings with management
comments
31. Philippine Amusement and Gaming PAGCOR With Annual Audit Report issued
Corporation
32. Philippine Coconut Authority PCA AAR under review; exit conference
comments
33. Philippine Center for Economic PCED With Annual Audit Report issued
Development
34. Philippine Children’s Medical Center PCMC AAR under review; exit conference
comments
35. Philippine Charity Sweepstakes PCSO Audit at the execution phase; FS still in
Office process
36. Philippine Fisheries Development PFDA AAR under review; exit conference
Authority conducted; findings with management
comments
37. Philippine Heart Center PHC AAR under review; exit conference
comments
38. Philippine Institute for Development PIDS With Annual Audit Report issued
Studies
39. Philippine Institute of Traditional and PITAHC AAR under review; exit conference
Alternative Health Care conducted; findings with management
comments
Annex 1 .
Parent
40. Philippine International Trading PITC AAR under review; exit conference
comments
Subsidiary
41. PITC Pharma, Inc. PPI Audit at the execution phase; FS still in
process
42. Philippine Retirement Authority PRA AAR under review; exit conference
comments
43. People’s Television Network, Inc. PTNI AAR under review; exit conference
comments
44. Radio Philippines Network, Inc. RPN 9 Scheduled for audit after AFR deadline
Parent
45. Tourism Infrastructure and Enterprise TIEZA (PTrA) At the execution phase; FS still in
Zone Authority (formerly Philippine process
Tourism Authority)
Subsidiaries
46. Corregidor Foundation, Inc. CFI Scheduled for audit after AFR deadline
47. Philippine Commission on the PCPDSSD Scheduled for audit after AFR deadline
Promotion and Development of
Sports Scuba Diving
48. Tourism Promotions Board (formerly PCVC Completed with Annual Audit Report
Philippine Convention and Visitors issued
Corporation)
49. Technology Resource Center TRC AAR under review; exit conference
comments
50. Veterans Federation of the VFP Audit at the execution phase; FS still in
Philippines process
Annex 1 .
Regional Offices
Cordillera Administrative Region
1. John Hay Management Corporation JHMC With Annual Audit Report issued
Region I
2. Northern Foods Corporation NFC Accounting period ends May 31

3. Poro Point Management Corporation PPMC With Annual Audit Report issued
Region III
4. Bataan Technology Park, BTPI With Annual Audit Report issued

Incorporated
5. Clark Development Corporation CDC With Annual Audit Report issued
6. Clark International Airport CIAC With Annual Audit Report issued
Corporation
7. First Centennial Clark Corporation FCCC No audit conducted Inoperational. No financial statements submitted.
8. Freeport Services Corporation FSC Audit on-going
9. North Luzon Railways Corporation NORTHRAIL With Annual Audit Report issued
10. Subic Bay Metropolitan Authority SBMA With Annual Audit Report issued
Region IV
11. Laguna Lake Development Authority LLDA With Annual Audit Report issued
12. Southern Utility Management SUMSI Reporting phase
and Services, Inc.
Annex 1 .
Region V
13. Partido Development Administration PDA Audit on-going
Region VII
14. Cebu Ports Authority CPA With Annual Audit Report issued
15. Mactan-Cebu International Airport MCIAA With Annual Audit Report issued
Authority
Region IX
16. Zamboanga City Special Economic ZCSEZA With Annual Audit Report issued
Zone Authority
Region X
17. DISC Contractors Builders and DISCCBGSI With Annual Audit Report issued
General Services, Inc.
18. Marawi Resort Hotel, Incorporated MRHI With Annual Audit Report issued
19. PHIVIDEC Industrial Authority PIA Execution phase
20. Southern Philippines Development SPDA With Annual Audit Report issued
Authority
Annex 1 .
Annex 2
Roster of Membership of Governing Boards
of Government-Owned or Controlled Corporations
Last Name, First Name,

Name of Agency(ies) No. Of Membership(s)
Middle Initial
Abad, Florencio B. HDMF, NHMFC, LRTA, NDC, PSALM, 8

DAP (6 mos) , PCED (6 mos), TRC
Abad, Florencio V. NPC 1
Abaya, Narciso L. BCDA, BMHI**, CDC, JHMC 4
Abaya, Peter Anthony A. PRA, PEATC, PDMC 3
Abelarde, Horacio Jr. M. PITAHC (3 mos) 1
Abesamis, Bernardo P. PSTC 1
Abonal, Ariel F. BLCI 1
Abrera, Emily A. CCP* 1
Abungan, Anselmo C. NRDC (10 mos) 1
Acevedo, Eugene S. NFA (1 mos) 1
Adalim, Gualterio P. VFP 1
Adjawie, Rosemarie R. HDMF 1
Adobo, Ernesto Jr. III D. PPA 1
Adorable, Vicente H. PRC 1
Adriano, Magleo V. HGC 1
Agbon, Marriz B. PADCC* (6 mos) 1
Aglipay, Edgar B. PRA* (3 mos) 1
Agra, Alberto C. MWSS 1
Aguelo, Crispino T. LBP, MSI 2
Aguilar, Alexander H. HDMF 1
Aguilar, Arthur N. PNCC* 1
Aguilar, Diane P. SSS 1
Aguja, Mario J. GSIS, GSISFB 2
Akol, Benjamin C. CPA 1
Alag, Geraldine C. HSDC (10 mos) 1
Alava, Gerard Joseph B. GYREI 1
Albano, Antonio T. RPN 9* 1
Albayda, Ricardo, Jr. P. PHILSUCOR** 1
Alcala, Angel C. PITAHC 1
Alcala, Proceso J. PCIC**, LBP, QRCGC** , NPC, SRA* 12
DAP (6 mos), Nabcor* (1 mos),
NDA* (6 mos), NFA*, NTA* (6 mos),
PCA* (6 mos), PFDA* (6 mos), PITC (7 mos)
Alcansalin, Nestor P. NRDC 1
Alcantara, Claron R. HSDC* (4 mos) 1
Alcantara, Nicasio I. PFDA (1 mos) 1
Alcasid, Herminio Sr.M. PDMC* 1
Alcazaren, Paulo G. NPF (1 mos) 1
Alcordo, John V. PRC 1
Alegre, Teresita M. HDMF 1
Alejandro, Argente M. PITAHC (3 mos) 1
Alikpala, Ramon B. MWSS* 1
Annex 2 .
Middle Initial
Alingod, Milton CEZA 1

Almario, Joselito S. PCFC 1
Almendras, Jose Rene D. PNOC*, NDC, NEA*, NPC**, 6
PSALM*, TRANSCO**
Along-Albania, Ninfa U. PHIVIDEC* 1
Alonto, Haron P. LLC 1
Alvarez, Genaro Rafael III K. PAFC* 1
Amarra, Archimedes B. SRA 1
Amata, Gondelina G. NLDC* 1
Amatong, Juanita D. BSP 1
Andal Manuel D. PNR** 1
Andaya, Rolando Jr. G. HDMF, NDC, PCED (6 mos) 3
Andres, Joseph Philip T. PADC 1
Ang, Em L. GMFI 1
Angara, Juan Edgardo M. APECO 1
Angara-Castillo, Bellaflor J. APECO**, NLPCSI* 2
Angeles, Rafael L. CIAC 1
Angelo, Virgilio R. MWSS 1
Anota, Apolonio Jr. B. NPF (3 mos) 1
Antimano, Wilfredo A. QRCGC 1
Antonino, Darlene Magnolia R. SPDA 1
Antonino, Eliza Bettina R. SSS 1
Antonino, Luwalhati R. TIEZA 1
Antonio, Alfredo C. BSP, CB-BOL 2
Antonio, Alvaro T. NLPCSI** 1
Aquino, Josefa I. PNCC* 1
Aquino, Tomas G. CITEM** (6 mos) 1
Araullo, Dennis B. Nabcor (11 mos) 1
Arce, Lilia L. BLCI, FCIE*, GYREI, KRC*, LINSI*, 12
NPCTI*, NPIC, NSLC*, NTFC*,
PRC, TABASCO*, MGC
Arcinas, Benedicto Jose R. GSISFB, GMFI 2
Arellano, Bernadette E. PITAHC (9 mos) 1
Arenas, John J. JHMC 1
Arienda, Roger V. LLC 1
Arnaez-Raymundo, Aurora L. MWSS, PEATC 2
Arreza, Armand C. BTPI 1
Arroyo, Jack Jr. G. PHIC 1
Asirit, Josefina Patricia M. PEZA 1
Aspiras, Amparo M. PPMC 1
Asto, Willie S. CB-BOL 1
Atienza, Jose Jr. L. NDC, PFDA (4 mos), PITC (1 mos) 3
Atienza, Veredigno P. PRA** (3 mos) 1
Atilano, Nadine M. CB-BOL 1
Austria, Eden V. Nabcor (1 mos) 1
Avancena, Nini Q. CFI 1
Avellana, Jose B. IBC (0.50 mos) 1
Azanza, Rafael J. BCDA, BMHI 2
Annex 2 .
Middle Initial
Bagatsing, Don Juan A. TIEZA (3 mos) 1

Bagtas, Cedric R. PEZA 1
Baguio, Concordio Y. DISCCBGSI 1
Bakunawa, Luz Cleta R. PMDC 1
Bala, Voctorino S. PNOC-RC 1
Balais, Victorino F. OWWA 1
Baldonado, Arlene M. MSI 1
Baldoz, Rosalinda D. HDMF, LBP, PHIC, SSS, ECC** 10
CAAP, NHA, PEZA
OSHC* (6 mos), OWWA* (6 mos)
Balingit, Albert C. LLC, MWSS 2
Balisacan, Arsenio M. PCED 1
Banal, Jorge L. LBRDC 1
Banayo, Angelito T. QRCGC, FTI* (4.5 mos) 4
NFA**, PDFA (6 mos)
Banez, Arnulfo D. VFP 1
Bangayan, Eduardo A. LWUA 1
Baniqued, Honesto F. Nabcor (1 mos) 1
Barangan, Florentino PCPDSSD 1
Barbin, Lamberto R. PPSBI, DISCCBGSI 2
Barias, Geary L. CEZA, PPMC 2
Batiller, Josephine A. BLCI, NPIC 2
Batugal, Ponciano A. PCA** (3 mos) 1
Batuhan, Aristotle B. CPA 1
Batungbacal, Avelino R. NORTHRAIL 1
Baua, Ma. Lourdes T. PITC**, PPI (7 mos), SBC 3
Bautista, Elmer T. GPI, MPCP 2
Bautista, Enrique Jr. D. AIIBP** 1
Bautista, Jose Andres D. NORTHRAIL 1
Bautista, Maria Cynthia Rose B. PIDS 1
Bautista, Rolando M. PPI 1
Bautista-Martin, Ma. Regina SRA 1
Begarinao, Edgar M. LIBI 1
Belmonte, Juan Kevin G. DCI, DBP, DBP LC 3
Beltran, Gil S. IGLF, SBC, OWWA 3
Benaldo, Serafin M. PHIVIDEC 1
Benedicto, Jose C. PTNI (2 mos) 1
Bengzon, Agustin R. DBPLC 1
Benito, Ottomama M. PNCC 1
Berba, Filemon Jr. T. NORTHRAIL 1
Bernabe, Jovy C. PCIC* 1
Bernardo, Alberto A. PDGCC 1
Bernardo, Romeo L. PIDS 1
Besario, Bernardino F. VFP 1
Billena, Wilfred L. NEA 1
Binay Jejomar C. HGC*, NHMFC, HDMF**, SHFC** 6
NHA, TRC
Bitong, Reynaldo APECO 1
Bitonio, Benedicto Ernesto Jr. R. DBPLC, DCI, IGLF 3
Bolagao, Buenaventura Jr. C. AFP-RSBS 1
Annex 2 .
Middle Initial
Boongaling, Aproniano Jr. M. MIAA 1

Borja, Frederick Karl F. PDGCC 1
Borromeo, Cecilia C. LLC, LCDFI 1
Bote, Jennifer E. PEATC 1
Braganza, Alberto F. PRA (4 mos) 1
Bravo, Ricky C. MSI 1
Buenaflor, Jaime B. SUMSI** 1
Buenaventura, Cesar A. MIAA 1
Buendia, Antonio Jr. G. PADC** 1
Bueno, Edita S. NEA 1
Bulaong, Ofelia V. PHIVIDEC, BTPI 2
Bulatao, Victor Gerardo J. LBP 1
Bunoan, Franklin P. CITC** 1
Bunye, Ignacio R. BSP 1
Butalid, Oliver B. PMDC (6 mos) 1
Cabatingan, Florencia P. PHIC 1

Cabigas, Iluminada L. E. LCDFI 1
Cabral, Esperanza I. PCMC (6 mos), PITAHC (6 mos), 3
PPI* (6 mos)
Cabrera, Rodrigo E. IBC (9 mos) 1
Cailao, Antonio M. PMDC, PNOC-RC* 2
Cajigal, Evelyn R. PRA 1
Cajudo, Edralino P. SBMA* 1
Calado, Amador Jr. C. PDMC 1
Camacho, Nestor A. NTA (2 mos), PCSO (3.5 mos) 2
Camara, Martin D. PITAHC 1
Canalija, Floro C. PCPDSSD 1
Canlas, Dante B. PNOC, PNOC-RC 2
Canoy, Eric S. IBC* (0.50 mos) 1
Canta, Estanislao R. PRA 1
Cantor, Luz M. SHFC, OWWA 2
Capino, Alvin P. BCDA, BMHI, BTPI, NORTHRAIL, SBMA 5
Capistrano, Jose PDGCC 1
Capulong, Pedro M. PHILSUCOR 1
Capuyan, Leonarda O. JHMC 1
Carag, Antonio C. CEZA 1
Carag, Carlo A. PEZA, PPA 2
Carrillo, Luis D. QRCGC 1
Carrion, Cynthia L. PMDC 1
Casanova, Arthur P. CCP (6 mos) 1
Castañeda, Catherine Q. PITAHC 1
Castillo, Edgar R. BLCI 1
Castillo, Florante A. HGC 1
Castor, Wilfrido E. BTPI 1
Castro, Ariel B. SBMA 1
Castro, Carlos T. LBRDC 1
Castro, Romeo C. LBRDC 1
Casuela, Florido P. LCDFI 1
Casurao, Fray Paolo D. CCP (8 mos) 1
Annex 2 .
Middle Initial
Catura, Severo S. FTI (7.5 mos), LCP, NKTI, PCMC, PHC 5

Cauguiran, Alexander S. CIAC 1
Cenas, Grace J. NDA (3 mos) 1
Cerilles, Aurora E. SPDA 1
Chan, Antionio Rex S. SBMA 1
Chico-Nazario, Minita PNOC-EC 1
Chincuanco, Adrian C. CDC, NRDC 2
Chua, Edgar O. KRC** 1
Chua, Jan Co T. PTNI (1.5 mos) 1
Chua, Ronald T. PCFC 1
Cintura, Antonio B. NFA (1 mos) 1
Cirpo, Torcuato S. VFP 1
Claudio, Gabriel MWSS* 1
Clemente, Marceline TPB (7 mos) 1
Clementir, Claire M. PITC (3 mos) 1
Climaco, Julio Jr. D. LLC, NFA (6 mos) 2
Co, Carlos G. CPA 1
Collado, Antonio Q. VFP 1
Concepcion, Hermogenes Jr. D. GPI 1
Conejos, Esteban Jr. B. OWWA 1
Conti, Rosario Ana Victoria Ysmael D. NPF (1 mos) 1
Corona, Ma. Cristina C. JHMC* 1
Coronacion, Danilo M. PCA (6 mos) 1
Cortez, Danilo M. AFP-RSBS 1
Coscolluela, Rafael L. PHILSUCOR* 1
Coscolluela, Ricardo L. SBMA 1
Creencia, Raoul C. MWSS 1
Cristobal, Adrian Jr. S. CITEM* (6 mos) 1
Cruz, Alfonso Jr. B. LIBI*, LLC 2
Cruz, Angelita DJ SBMA 1
Cruz, Cesar R. TPB (7 mos) 1
Cruz, Chito M. NHA 1
Cruz, Danilo P. OWWA (6 mos) 1
Cruz, Felix J. TPB (7 mos) 1
Cruz, Lawrence L. SPDA 1
Cruz, Manolito O. IBC (0.50 mos) 1
Cruz, Merly M. PHIVIDEC 1
Cruz, Ricardo A. FTI** (4.5 mos) 1
Cruz, Teodoro B. PNR 1
Cruz, Tito G. PTNI (1.5 mos) 1
Cu, Fidel L. PCIC 1
Cu, Wilfredo P. DISCCBGSI 1
Cuejillo, Enrique Jr. C. PNCC, DISCCBGSI 2
Cuevas, Vicente CEZA 1
Cuna, Juan Miguel T. PMDC (2 mos) 1
Cunanan, Dennis L. TRC 1
Cusi, Alfonso G. MIAA, CIAC 2
Custodio, Nestor S. PCIC 1
Annex 2 .
Middle Initial
Dacanay, Leon M. SPDA 1

Dakay, Pericles P. MCIAA 1
Daof, Saeed A. SPDA 1
David, Edilberto III DISCCBGSI* 1
David, Karina C. GSIS 1
David, Reynaldo G. PMDC (1 mos) 1
David, Ricardo Jr. A. AFP-RSBS**, CFI (6 mos) 2
David, Virgilio M. PCA (6 mos) 1
Dayan, Rogelio A. PHIVIDEC 1
Dayrit, Fabian M. PITAHC 1
Dayrit, Numeriano C. PPSBI, PADC 2
De Asis, Juanito B. IBC (11.5 mos) 1
De Castro, Ma. Christina C. FCIE, PRC 2
De Castro, Noli HDMF**, NHMFC 2
De Dios, Emmanuel S. PCED (7 mos) 1
De Guzman, Antonio Z. PPC 1
De Guzman, Joselito M. PPMC 1
De Jesus, Jose P. LRTA*, MCIAA*, PADC*, PPA*, 8
MIAA*, CPA*, NRDC, TPB (6 mos)
De Jesus, Leonora V. GPI 1
De Jesus, Rodrigo D. PRC 1
De La Cruz, Eleanor F. PHIVIDEC 1
De la Peña, Fortunato T. PEZA 1
De Leon, Carlos L. PNOC-EC 1
De Leon, Corazon Alma GMFI 1
De Leon, Tomas Jr. T. LBP, LBRDC 2
De Lima, Leila M. MCIAA, CAAP, PSALM 3
De Lima, Lilia B. PEZA** 1
De Lima, Vicente B. SBC 1
Delos Reyes, Virgilio R. QRCGC 1
De Mesa, Raul B. HDMF 1
De Ocampo, Emmanuel V. PHIVIDEC**, VFP* 2
De Quiros, Emilio Jr. S. ECC, PHIC, SSS* 3
De Zuñiga, Juan Jr. D. PICCI, PRA 2
Defensor, Lorenz R. PSTC 1
Defensor, Ma. Theresa T. PNCC** 1
Defensor, Michael T. PNR* 1
Del Castillo, Cecilia D. PCFC 1
Del Pilar, Rafael E. PNOC-EC 1
Del Rosario, Flaviana M. NPF* (5 mos) 1
Del Rosario, Francisco Jr. F. DBPMC, DBP*, DBPLC**, DCI**, CITC 5
Del Rosario, Ramon S. CAAP 1
Del Rosario, Reynante C. GYREI 1
Del Rosario, Roberto D. IBC (9 mos) 1
Del Rosario, Roberto N. PFDA 1
Del Rosario, Rowena M. HDMF 1
Del Rosario, Teodoro D. SBMA 1
Dela Cruz, Cornelio Jr. A. AFP-RSBS 1
Dela Peña, Fortunato T. NDA 1
Delos Angeles, Eduardo D. GSISFB 1
Annex 2 .
Middle Initial
Delos Reyes, Virgilio R. LBP, DAP (6 mos) 2

Desierto, Teresita A. BCDA, BMHI 2
Deyto, Perpetuo Dexter TPB (7 mos) 1
Diaz, Domingo I. LBP, LLC 2
Diaz, Edgardo H. PPC 1
Diaz, Jesus F. LIBI, PCFC 2
Diaz, Nanette C. PDGCC 1
Dichoso, William D. PNOC-EC 1
Diga, Joselita G. KRC 1
Dimaporo, Imelda Q. PAGCOR (2 mos) 1
Dimzon, Carmelita S. OWWA** 1
Dinglasan, Adolfo Rafael C. SBC 1
Diño, Jose S. NTA 1
Dionio, Genever M. NIA Consult 1
Divinagracia, Carlyzar S. DAP* (11 mos) 1
Divinagracia, Gil E. BCDA, BMHI 2
Dizon, Paterno H. TIDCORP 1
Dodd, Concepcion G. NLDC 1
Dolino, Jeremias L. PEZA 1
Domingo, Andrea D. PRA 1
Domingo, Enrique C. CB-BOL 1
Domingo, Erdolfo B. NIA Consult (3.5 mos) 1
Domingo, Gregory L. HDMF, TIDCORP, CEZA*, NHA, NPC, 18
PEZA*, PSALM, NDC*, CITEM* (6 mos),
CITC*, DFPC, NFA, NRDC,
TPB (6 mos), PFDA (6 mos),
PCED (6 mos), PITC* (7 mos), TRC
Domingo, Proceso T. TIDCORP, LCI 2
Domingo, Shirley B. OSHC (10 mos) 1
Domingo, Victor A. PFDA (7 mos) 1
Dominguez, Miguel Rene A. SPDA 1
Drilon, Wilmar L. PHILSUCOR 1
Duenas, Henry Jr. PNOC-EC 1
Duerme, Domingo T. TIEZA (10 mos) 1
Dulinayan, Ildefenso N. PADC** 1
Dumandan, Gregorio S. NIA Consult (3.5 mos) 1
Dumandan, Marcos M. PCA (3 mos) 1
Duque, Francisco III T. DAP (11 mos), ECC, PHIC, HDMF 4
Duque, Matthew S. PRC 1
Durano, Joseph Ace H. PCPDSSD*, TPB* (6 mos), 4
PRA* (3 mos), TIEZA* (6 mos)
Duterte, Sara Z. SPDA 1
Dy, Faustino III NLPCSI 1
Dy, Florante C. NTA (4 mos) 1
Dyoco, Romeo Jr. D. CIAC 1
Ebdane, Dionisio Jr. C. OSHC 1

Echeverria, Jaime C. VFP (1 mos) 1
Edralin, Daniel L. SSS 1
Emphasis, Elberto E. PNCC 1
Annex 2 .
Middle Initial
Encabo, Shiela Marie M. NRDC 1

Encarnacion, Carlitos S. NTA (6 mos) 1
Ermita, Eduardo R. PCED (6 mos) 1
Escaño, Jaime R. CEZA 1
Espenilla, Nestor A. QRCGC 1
Espinas, Arnaldo M. LCI 1
Espinosa, Edgardo V. PPC 1
Espiritu, Carolyn E. CCP (1 mos) 1
Espiritu, Federico A. QRCGC* 1
Estanislao Basilio LCDFI 1
Estanislao, Jorge S. SBMA 1
Estepa, Carlos Honorio Jr. B. JHMC, TIEZA (11 mos) 2
Estrera, Ernest John GYREI 1
Eva, Jose Emmanuel David III M. FTI (4 mos), NFA 2
Evangelista, Luis L. PCA (6 mos) 1
Fabian, Erico Basilio A. ZCSEZA 1

Factoran, Fulgencio Jr. S. GPI**, MPCP** 2
Fadullon, Henry A. KRC 1
Fausto, Danilo V. HGC 1
Favella, Marinella K. NPF (1 mos) 1
Favila, Peter B. BSP, HDMF, NDC*, CITEM* (5 mos), 7
PCED (6 mos), PFDA (4 mos), PITC* (2 mos)
Feleo, Wilfredo M. LCI 1
Felipe, Victor B. IBC (9 mos) 1
Felix, Ricadio S. PPMC 1
Feraren, Rodolfo S. LBRDC 1
Feria, Ester L. PAGCOR (4 mos) 1
Fernandez, Erick D. DISCCBGSI 1
Ferrer, Francisco I. PEZA 1
Fetalbo, Rosalio G. DBPMC 1
Flavier, Juan M. PHIC 1
Flores, Catalino Jr. A. RPN 9 (5 mos) 1
Flores, Edgardo G. NORTHRAIL 1
Flores, Jose Jr. M. NORTHRAIL 1
Flores, Waldo Q. PDMC* 1
Fonacier, Soliman C. PCPDSSD 1
Fondevilla, Bernie G. Nabcor (11 mos), NIA* (6 mos),NTA* (3 mos), 6
PFDA* (1 mo), PITC (3 mos), ZREC*
Francisco, Rafael A. PAGCOR (6.5 mos) 1
Fueconcillo, Ernesto J. CEZA 1
G
Gabionza, Santiago Jr. T. MWSS 1
Gabot, Alfredo G. PPC 1
Galang, Enrique B. PRA (9 mos) 1
Galimba, Armando P. JHMC, PNOC-EC 2
Galvez, Antonio A. NIA**, NIA Consult 2
Gamboa, Josefino R. NFA (5 mos) 1
Annex 2 .
Middle Initial
Garcia, Edgardo F. DCI* 1

Garcia, Francis S. SBMA 1
Garcia, Gwendolyn F. MCIAA 1
Garcia, Ma. Angela S. SBMA 1
Garcia, Manuel M. NDC 1
Garcia, Maria C. SBMA 1
Garcia, Oscar I. MWSS* 1
Garcia, Winston F. GPI, PNCC 2
Gascon, Jose Luis Martin C. BMHI, BCDA 2
Gaston, Segundo M. DISCCBGSI 1
Gatuslao, Juan Antonio S. PRA 1
Gazmin, Voltaire T. CFI (6 mos), TRC 2
Gelvezon, Ramon L. PPC 1
Generoso, Edgar V. PCFC* 1
Genuino, Efraim C. PAGCOR* (6 mos) 1
Geron, Liduvino S. CITEM 1
Geronimo, Rolando S.C. PMDC (11 mos), DBPLC, PADC 3
Geslani, Manuel Jr. M. SUMSI 1
Gil, Virtus V. BTPI 1
Golez, Rafael P. PHILSUCOR 1
Gomez, Ma. Imelda S. NPF (8 mos) 1
Gorospe, Manolo B. PDMC 1
Gothong, Bob D. PNOC, PNOC-RC 2
Gotis, Manue Q. NLDC 1
Gozo, Danilo A. GSIS, GSISFB 2
Guanio, Valentin C. PHIC 1
Guanzon, Felix C. PSTC* 1
Guevarra, Simeona S. LCDFI, MSI 2
Guico, Arlyn Grace V. CITC 1
Guingona, Benjamin E. ZCSEZA 1
Guinigundo, Diwa C. NFA (4 mos) 1
Guitierrez, Pedro E. VFP (1 mos) 1
Gutierez, Leticia Barbara B. NDA 1
Gutierrez, Ramon S. CAAP**, MCIAA 2
Gutoc, Samira A. AIIBP 1
H
Habana, Antonio I. BTPI* 1
Hadjisalam, Abdul Y. AIIBP 1
Harper, Anna Maria L. PDGCC 1
Hemedes, Carmen V. NFA (2 mos) 1
Herbosa, Teodoro J. NKTI (6 mos), PHC 2
Hernandez, Antonio T. MSI 1
Hernandez, Eduardo F. PNOC-EC 1
Hernandez, Elmer C. NDC, PADC, PITC (6 mos) 3
Hernandez, Guillermo N. PNCC, PMDC 2
Hernando, Pedro Jr. S. FTI 1
Hipolito, Jose V. CEZA 1
Hizon, Geneliza T. SUMSI 1
Hizon, John Paolo R. NORTHRAIL* 1
Honrado, Jose Angel A. MIAA** 1
Hufano, Gregorio R. VFP 1
Annex 2 .
Middle Initial
Ibañez, Florino O. GSISPI, MPCP 2

Ibazeta, Jose C. NDC, PNOC* 2
Ilagan, Ruben D. RPN 9 (5 mos) 1
Imperial, Ma. Corazon K. PPSBI 1
Inciong, Jerome L. PDGCC 1
Inocencio, Riolita C. NPF (3 mos) 1
Ipong, Gregorio T. PNOC 1
Isabelo, Jose S. PTNI (10.5 mos) 1
Itchon, Ma. Carmencita A. PPMC 1
Jacinto, Jose III P. GSISFB 1

Jacinto, Ricardo Nicanor N. SHFC 1
Jalandoni, Julio J. PNOC 1
Jamon, Antonio Jr. P. PHC 1
Javellana, Allan A. Nabcor 1
Javelosa, Joselynne C. ZREC 1
Javier, Jose B. IBC (6 mos) 1
Jaworski, Robert S. Sr. PRA* 1
Jerez, Ponciano Jr. Z. PHIC 1
Jimenez, Veronica B. PTNI (9 mos) 1
Joaquin, Francisco III G. PCSO (5.5 mos) 1
Juan, Pacita U. NPF (8 mos) 1
Juarez, Lecira V. QRCGC 1
Judan, Jorge M. PPI** (3 mos) 1
Juico, Margarita P. PCSO* (6 mos) 1
Jurado, Emil P. PAFC, PNOC, PNOC-RC 3
Kabigting, Ruel John T. BTPI 1

Kalaw, Antonio Jr. D. DAP 1
Karon, Hadja Bainon G. SPDA 1
Khonghun, Joseph D. NEA 1
Kilayko, Evelyn L. NPF* (3 mos) 1
Labad, Lutgardo L. CCP (5 mos) 1

Labajo, Jovito C. SHFC 1
Lacaon, Daniel L. GSIS** 1
Lacap, Epifanio A. LCP, NKTI, PCMC, PHC 4
Lacson, Edgardo G. HDMF 1
Ladrido, Milagros C. NPF (3 mos) 1
Lagman, Romeo C. OWWA (6 mos) 1
Lagonera, Joaquin C. NDC 1
Lagua, Benel P. IGLF, SBC 2
Laguesma, Bienvenido E. SSS 1
Annex 2 .
Middle Initial
Laluces, Nelson P. LRTA 1

Lanciola, Romeo C. QRCGC 1
Landingin, Daniel I LCI**, LWUA 2
Lao, Vicente T. SPDA 1
Laogan, Daniel Y. DBP 1
Lapid, Mark T. CFI*, TIEZA**, TPB 3
Lapus, Jesli A. LCDFI, NDC*, CITEM (1 mos), 6
PFDA (6 mos), PITC* (3 mos), TPB (6 mos),
Lapus, Jose C. AFP-RSBS 1
Laudencia, Rizalde F. GSISFB 1
Lauengco, Gilberto F. FTI (4 mos) 1
Laus, Ma. Theresa A. CDC 1
Laya, Jaime C. CCP (4 mos) 1
Leal, Renato A. PADCC (6 mos) 1
Ledesma, Emmanuel Jr. R. PSALM 1
Ledesma, James Christopher L. PHILSUCOR 1
Lee, Renato T. CITC 1
Lee, Yvette C. PCPDSSD 1
Legaspi, Crisanta S. CB-BOL, FTI, NRDC 3
Leones, Susana E. NLDC 1
Libongco, Rose H. TPB (7 mos) 1
Lichauco, Lorenzo Sixto GSISFB 1
Lim, Albert R. T. Jr. QRCGC 1
Lim, Alberto A. CAAP, MCIAA, MIAA, CFI (6 mos), 8
DFPC*, PRA* (6 mos), TIEZA* (6 mos),
TPB (6 mos)
Lim, Alfonso V. CEZA 1
Lim, Eloisa A. PICCI 1
Lim, Emma B. PPMC 1
Lim, Lourdes D. SPDA 1
Lim, Rogelio Q. MCIAA 1
Lim, Theresa Mundita S. PITAHC 1
Limjap, Jose Maria A. PHILSUCOR 1
Lindo, Christopher H. PNOC-EC 1
Lingat, Renato Sr. M. BMHI, BCDA 2
Lizaso, Arsenio J. CCP (6 mos) 1
Llamas, Ronaldo M. DBP, NFA (1 mos) 2
Lo, Philip G. PAGCOR (6.5 mos) 1
Lobregat, Celso L. ZCSEZA 1
Lobrigo, Jose Victor E. NEA 1
Lontoc, Anneli R. PADC* 1
Lood, Gisela F. PDGCC 1
Lopez, Edgar C. PITAHC (9 mos) 1
Lopez, Ella Blanca B. PITC (3 mos) 1
Lopez, Manuel H. LLC 1
Lopez, Orestes F. VFP 1
Lopez, Tomas Jr. B. HDMF 1
Lopez-Dee, Augusto C. IGLF*, SHFC 2
Lorenzana, James G. NORTHRAIL, SBMA 2
Lorenzo, Cecilio B. DBP, NRDC 2
Lorenzo, Emerson M. PPA 1
Lorenzo, Martin L. PCPDSSD 1
Annex 2 .
Middle Initial
Loreto, Ascuncion P. PPC 1

Lotilla, Jose Perpetuo M. PEATC 1
Loyola, Franco L. PAFC, PNOC, PNOC-RC 2
Loza, Anenias F. LIBI 1
Lozada, David Jr. J. LCP, NKTI, PCMC, PHC 4
Lozano, Asuncion H. NPF (5 mos) 1
Lucero, Roy Eduardo T. PNCC 1
Luciano, Victor Jose S. CIAC 1
Lucman, Bai Omera D. OWWA (11 mos) 1
Luis, Sergio Jr. O. PITC (9 mos) 1
Luistro, Armin A. CITC, DAP (6 mos) 2
Lustre, Edilberto R. AFP-RSBS 1
Lusung, Fermin Sr. S. PNCC 1
Ma. Lopez, Gabriel J. CCP (5 mos) 1

Mabazza, Rhoel Z. BLCI, FCIE, GYREI, KRC, LINSI, 12
NSLC, NTFC, PRC, TABASCO,
NPCTI, NPIC, MGC
Macalintal, Gregorio B. NORTHRAIL 1
Macas, Albertino C. VFP 1
Macaspac, Orlando A. JHMC 1
Madamba, Armando Q. CDC 1
Magboo, Abner A. PCFC 1
Maglaya, Zenaida C. PPA, NDA 2
Magsaysay, Eulogio R. PAFC 1
Magsaysay, Jesus Vicente H. II SBMA 1
Magsino, Clarito L. DCI 1
Mahusay, Ferdinand P. MWSS 1
Maldia, Wilfredo C. LIBI, LCDFI, MSI 3
Malicdem, Emmanuel B. LCI 1
Malonzo, Ibarra A. SSS 1
Mamao, Ibrahim A. AIIBP 1
Mamaril, Vivencio R. PITAHC 1
Mamba, Mabel V. PCSO (5.5 mos) 1
Mañalac, Wilhelmina C. CITEM 1
Manalastas, Eugene D. PAGCOR (6 mos) 1
Manalili, Jennifer J. OWWA 1
Manalo, Fernando I. PADC 1
Manalo, Rogelio W. PDIC 1
Manansala, Consuelo D. GMFI, CITEM 2
Mancenido, Arthur P. SUMSI 1
Mancita, Arnold A. PADC 1
Manga, Bienvenido O. CIAC 1
Mangio, Nestor S. CIAC* 1
Manguiat, Anthony C. PPMC 1
Mangulabnan, Rolando G. NORTHRAIL 1
Manlangit, Felix L. LLC 1
Marayag, Emilio Jr. C. AFP-RSBS* 1
Marohombsar, Apipa D. PCIC 1
Marsajo, Francisco Jr. S. TIDCORP* 1
Annex 2 .
Middle Initial
Martinez, Ellenita T. GPI, MPCP 2

Martinez, Geraldine Marie B. GSIS, GSISFB 2
Martinez, Glenda G. PNOC-RC 1
Martinez, Richard M. GSISFB 1
Matibag, Artemio G. CFI 1
Matutina, Carina U. PNOC-RC 1
Maynink, James Edward BLCI** 1
Medina, Susan C. NPF (3 mos) 1
Mejia, Saturnino H. BLCI, FCIE, GYREI, KRC**, PMDC 13
LINSI, NPCTI, NPIC,
NSLC, NTFC, PRC, TABASCO, MGC
Mencias, Louie F. PCPDSSD 1
Mendoza, Democrito T. VFP 1
Mendoza, Leandro R. PADC*, TPB (6 mos) 2
Mendoza, Marianita O. SSS, OSHC 2
Mendoza, Pedrito R. Nabcor (1 mos) 1
Miguel, Felix Sr. M. VFP (1 mos) 1
Mijares, Edward S. PADC 1
Milan, Wilfredo C. RPN 9 1
Miller, Maria Corazon L. QRCGC 1
Mira, Asuncion R. CITC 1
Miralles, Dennis R. HSDC (10 mos) 1
Miralles, Jaime L. HDMF 1
Miranda, Ramon P. VFP 1
Mistal, Teresita M. HSDC 1
Mitra, Ramon B. PNOC 1
Mojica, Felix V. PDMC 1
Molina, Teodoro P. NTA 1
Mondigo, Edgar BLCI 1
Monera, Francis O. MCIAA 1
Monsod, Melchor R. NRDC , PFC 2
Montejo, Mario G. TRC* 1
Montemayor, Raul Q. MSI 1
Montilla, Enrique Senen III G. LWUA, PHILSUCOR 2
Montoya, Jaime C. PITAHC 1
Morato, Manuel L. PCSO (6 mos) 1
Moreno, Katho C. NFA (8 mos) 1
Mortera, Virgilio A. PPSBI 1
Murillo, Thelma D. JHMC 1
Nadal, Virgilio P. PTNI (1.5 mos) 1

Naguiat, Cristino Jr. L. PAGCOR* (6 mos) 1
Nangel, Antonio S. NIA** (4 mos), , NIA Consult* (3.5 mos) 2
Nantes, Betty B. PCSO (5 mos) 1
Navarrez, Thelma R. NDA (6 mos) 1
Navarro, Jessup P. FTI* (4.5 mos), NFA** (6 mos), PFDA** (7 mos) 3
Navarro, Rizalino S. CDC* 1
Nebrida, Ma. Luisa Fatima R. PTNI (6 mos) 1
Ng, Melanie C. MCIAA 1
Nicdao, Jesus S. CIAC 1
Annex 2 .
Middle Initial
Nicdao, Ruperto Jr. S. CCP (8 mos) 1

Nieva, Ernesto B. PNR 1
Nisce, Ives Q. PPMC 1
Noblefranca, Robert C. SUMSI 1
Nocete, Aida C. GPI, MPCP 2
Nograles, Jose C. PDIC* 1
Nolasco, Eduardo C. FTI (5 mos), ZREC 2
Nuguid, Enriquito M. PAGCOR (6 mos) 1
Nuique, Melinda T. TRANSCO 1
Nunag, Mucas M. TIEZA (11 mos) 1
Nuñez, Jose Jr. A. NDC, NFA, PITC (6 mos), 6
AIIBP*, DBPLC*, DBP**
Oberio, Jeanette T. PHILSUCOR 1

Obien, Evelyn Julieta A. PRC 1
Oca, Gregorio S. OWWA (10 mos) 1
Oca, Ramon Allan V. PMDC 1
Ocampo, Esperanza GSISFB 1
Ochoa, Paquito Jr. N. NHA, PCED (6 mos) 2
Olalia, Clayton A. Nabcor (11 mos), PADCC (6 mos) 2
Olalia, Richard D. CEZA 1
Oliveros, Floro F. FTI (5 mos), NFA (6 mos) 2
Oliveros, Ma. Ana R.* SHFC* 1
Ombre, Hamsirani S. MSI 1
Ona, Enrique T. ECC, DAP (6 mos), LCP* (6 mos), 9
NKTI* (6 mos), OSHC (6 mos), PCMC* (6 mos),
PHC*, PITAHC (6 mos), PPI* (6 mos)
Ong, Joselito APECO 1
Ong, Shirley S. PICCI 1
Ong. Anastacio H. MSI 1
Operario, Mahalia Linda H. GSISFB 1
Ople, Bernardo F. RPN 9 1
Orobia, Eustacio Jr. B. PCFC 1
Ortega, Mary Jane C. PPMC, NPF (1 mos) 2
Ortiz, Arturo B. AFP-RSBS 1
Otaza, Vivian D. TIEZA (11 mos) 1
Pacanan, Jaime A. PEZA, 1

Pacio, Leandro Jr. T. VFP 1
Pactoran, Jerry R. NDA (6 mos) 1
Paderanga, Cayetano NLPCSI 1
Paderanga, Cayetano Jr. W. HGC, TIDCORP, IGLF**, NHA, 13
PPA, PSALM, NPC, LRTA, DAP (6 mos),
PCED* (5.1 mos), PIDS* (4 mos),
PITC (6 mos), TRC
Padilla, Alexander A. LCP, PCMC 2
Padolina, William G. PIDS 1
Padua, Raymundo Sr. H. VFP 1
Annex 2 .
Middle Initial
Pagtulingan, Rodrigo T. NTA 1

Paje, Ramon J. P. NDC, NPC, TRANSCO, DAP (6 mos), 11
PFDA (6 mos), PFC* (5.5 mos), TIEZA,
TRC, NRDC* (6 mos), PITC (7mos),
PMDC* (5 mos)
Palad, Emerson U. Nabcor** (1 mos) 1
Palmares, Jesry T. PAFC 1
Palmares, Jinky PAFC 1
Palmiery, Reynaldo P. GPI, MPCP 2
Palomera, Guillermo D. PCA (6 mos) 1
Panadero, Austere A. SHFC, PEZA 2
Panagsagan, Grace P. NPF* (3 mos) 1
Pang, Jesus Y. PCA (6 mos) 1
Pangan, Fernando R. PTNI* (2 mos) 1
Panigbatan, Bendicto P. PEATC 1
Panlilio, Cristino L. PADC, NDC, PITC (6 mos) 3
Pantasan, Almin Kadra Uyong SUMSI 1
Paras, Jacinto V. PNOC-EC* 1
Paras, Jesus Emmanuel M. Nabcor* (11 mos), PADCC* (3 mos), 4
ZREC, HSDC* (2 mos)
Paras, Wilhelmina L. CDC 1
Paredes, Francisco M.** SUMSI 1
Parulan, Jeremy Z. PNCC 1
Pascua, Dominador D. NIA Consult 1
Pascual, Federico C. PNOC 1
Patalinghug, Epictetus E. LRTA 1
Paul, Jeremias Jr. N. SHFC 1
Paule, Marvin V. PNCC 1
Pcio, Gilda E.* LBP 1
Pedaria, Joselito O. CPA 1
Pedrosa, Carmen N. CCP (4 mos) 1
Peña, Bonifacio Mario M. LWUA 1
Perez, Agapito A. VFP 1
Perez, Florencio Q. BTPI 1
Periquet, Antonio Jose U. DBP, DBPLC 2
Pichay, Prospero A. Jr. LCI*, LWUA* 2
Pico, Gilda E. LCDFI, LBP*, LLC**, MSI, PCIC, 11
SBC, LBRDC**, LIBI**, NLDC**,
NFA, PCFC**
Piczon, Manuel C. LBRDC 1
Pineda, Ma. Victoria P. SBMA 1
Pineda, Maritess M. CITEM 1
Pinto, Maria Theresa A. FTI** (7.5 mos) 1
Plan, Villamor Ventura GMFI 1
Planas, Charito L. NPF ( 9 mos) 1
Plaza, Leonides Theresa B. PNOC-EC 1
Policarpio, Eduardo GMFI 1
Ponce, Jose Mari B. NLPCSI 1
Ponce-Enrile, Katrina C. CEZA 1
Ponferrada, Rodolfo Ma. A. SHFC 1
Puentevella, Aurelio O. LCI, LWUA, PHILSUCOR 3
Puentevella, Monico Alunan Jr. PPSBI 1
Annex 2 .
Middle Initial
Puno, Isaac III S. BMHI 1

Punsalan, Silvestre Manuel C. CIAC 1
Punsalan, Silvestre Manuel Jr. C. LLC* 1
Punzalan, Elmer G. LCP, PCMC, PHC 3
Punzalan, Ernesto PRA 1
Purisima, Cesar V. BSP, HDMF, NHMFC, HGC**, LBP**, 20
PDIC**, TIDCORP**, DFPC (6 mos)
LRTA, MCIAA, NDC, NHA, NPC*,
NFA, PCED (6 mos), DAP** (6 mos),
PSALM*, CAAP, TRANSCO*, MIAA
Quebral, Mark Andrew C. BLCI 1

Quesada, Ramon M. SBC 1
Quirino, Ma. Theresa L. DBPMC 1
Quirino, Socorro R. PICCI 1
Quiwa, Ronaldo E. LIBI 1
Rabena, Oscar H. AFP-RSBS 1

Rabonza, Gerald L. PNR* 1
Rabuco, Benjamin III F. PRC, KRC, GYREI 3
Racamora, Jose Eliseo M. PCFC 1
Racho, Percianita G. VFP 1
Ragandang, Raul D. MWSS 1
Ramirez, Lili B. HDMF 1
Ramirez, Mario L. GSIS 1
Ramos, Horacio NDC 1
Ramos, Horacio C. NRDC* (6 mos), PITC (4 mos), 4
PFDA (3 mos), PMDC (5 mos)
Ramos, Pastor R. PSTC 1
Ramos, Raymundo H. Nabcor (11 mos) 1
Ramos, Teresita Socorro C. SPDA 1
Ranese, Nestor O. IGLF 1
Rebueno, Ma. Lourdes F. BLCI*, FCIE, GYREI*, LINSI, 13
NDC, NPCTI, PMDC, TABASCO, MGC*
NPIC*, NSLC, NTFC, PRC*,
Recio, Jaime K. PNOC-EC 1
Regalado, George J. LIBI 1
Reinoso, Ruben F. PNR 1
Relampagos, Mario L. CB-BOL, LCP, NKTI, PCMC, PHC 5
Respicio, Melosino L. VFP 1
Reuyan, Alexander A. NIA** (11 mos), NIA Consult* (2 mos) 2
Revilla, Ramon Sr. B. PRA*, PEATC* 2
Reyes, Alejandrino S. NTA (3 mos) 1
Reyes, Alfredo C. MWSS 1
Reyes, Angelo T. NDC, PNOC* 1
Reyes, Roberto R. PCFC 1
Reyes, Rolando G. PTNI* (4.5 mos) 1
Reyes, Roman Felipe F. RPN 9 (7 mos) 1
Annex 2 .
Middle Initial
Reyes, Roman Felipe S. GSIS, PNCC 2

Reyes, Romeo D. PPSBI 1
Reyno, Alberto B. DBPMC 1
Ricafort, Benigno N. CIAC**, CDC 2
Ricafort, Jose G. PMDC (10 mos) 1
Ricketts, Ronald N. IBC (9 mos) 1
Rili, Lope Sr. D. VFP 1
Rivera, Robert T. RPN 9 1
Riveral, Tomas A. CPA 1
Robles, Dionisio L. PADC 1
Robredo, Jesse M. PHIC, CAAP, NPC, TIEZA, TRC 5
Rodas, Marilou F. GYREI 1
Rodriguez, Cesar D. HSDC (4.5 mos) 1
Rodriguez, Rafael S. LRTA 1
Rojas, Dominador Jr. P. JHMC 1
Rola, Francisco C. LLC 1
Roman, Emerlinda S. PCED 1
Romulo, Alberto G. TPB 1
Romulo, Beth D. CFI 1
Ronquillo, Saturnino E. NIA (8 mos) 1
Roque, Marianito D. HDMF, OSHC* (6 mos), OWWA* (6 mos) 3
Roquero, Raymundo T. PCSO (6 mos) 1
Rosales, Christine Ruby L. RPN 9 1
Roxas, Manuel III A. CAAP* 1
Roxas, Manuel C. PAGCOR (6.5 mos) 1
Rudinas, Joel S. HSDC (1 mos), PADCC* (3 mos) 2
Ruiz, Edwin T. LCI 1
Ruiz, Federico E. PCA (6 mos) 1
Sabalo, Vitaliano Jr. T. APECO 1

Sabarre, Raymond R. NLDC 1
Salacup, Salvador S. FTI, PFDA, ZREC 3
Salanga, Rodolfo F. NTA (4 mos) 1
Salazar, Carlos S. NIA** (8 mos), NIA Consult* (2 mos) 2
Salazar, Jose Vicente G. MIAA 1
Salazar, Ralph A. PAFC 1
Salazar, Roderick C. PTNI (5 mos) 1
Salcedo, Bituin V. PPSBI 1
Salcon, Ma. Theresa CB-BOL 1
Salinas, Carlos L. PSTC 1
Saludo, Noemi L. PPA 1
Salvatierra, Renato B. PHILSUCOR 1
Samaniego, Ricardo C. PADCC (6 mos) 1
Samia, Armando O. DBPMC, DCI 2
San Miguel, Francisco T. VFP 1
Sanchez, Christine L. PDGCC 1
Sanchez, Manuel R. HGC 1
Sandoval, Pablito S. SRA 1
Sangil, Maximo L. BMHI, BCDA, CIAC, PPMC, CDC 5
Sanglay, Amado A. BTPI 1
Annex 2 .
Middle Initial
Santiago, Lourdes Z. PADC 1

Santiago, Ricardo D. VFP 1
Santiago, Romeo S. LIBI 1
Santilllan, Tirso Jr. G. CDC 1
Santos, Aloysius R. JHMC, BCDA*, BMHI* 3
Santos, Armin Raquel B. PRA** (2 mos) 1
Santos, Asuncion B. PHIC, JHMC 2
Santos, Augusto B. NIA (8 mos), PITC (6 mos), 4
PCED* (6.9 mos), PIDS* (8 mos)
Santos, Erwin Krishna N. PFC (9 mos) 1
Santos, Gilda Maria V. PCPDSSD 1
Santos, Jesus I. GSISFB 1
Santos, Jose F. TIDCORP 1
Santos, Juan B. SSS** 1
Santos, Luis T. PSTC 1
Santos, Thelma G. PITAHC 1
Sapio, Joselito A. OWWA 1
Saratao, William U. NFA (4 mos) 1
Sarmiento, Andres C. LIBI, LCDFI, FTI 3
Sarmiento, Jorge V. PAGCOR (6 mos) 1
Sarucam, Rafael G. PCA (3 mos) 1
Selispara, Cresencio R. MSI 1
Seno, Gerard R. BCDA, BMHI 2
Sering, Nicanor L. PSTC, PNOC, PNOC-RC 3
Serrano, Segfredo R. PEZA 1
Sevilla, Cesar C. NDA 1
Siguion-Reyna, Leonardo T. GYREI 1
Sillona, Lamberto B. PADC 1
Simeon, Jose R. CIAC 1
Singson, Rogelio L. LRTA, NHA, PPA, 6
PFDA (6 mos), TIEZA, TRC
Sison, Joseph Peter S. SHFC, NHMFC** 2
Sison, Renato M. Nabcor (1 mos) 1
Sitchon, Azor M. ZREC 1
Siytangco, Ma. Lourdes M. RPNI 1
Soliman, Corazon J. PHIC 1
Soller, Manolito S. FTI (3 mos) 1
Soriano, Alfonso B. LBRDC 1
Soriano, Antonio P. DISCCBGSI 1
Soriano, Fundador C. IBC (9 mos) 1
Soriano, Rene Y. OWWA 1
Sta. Ana, Juan C. PPA** 1
Sto. Tomas, Patricia A. NDC, PITC (6 mos) 2
Suan, Jose J. ZCSEZA 1
Suazo, Vicente Jr. T. CPA 1
Subido, Benjamin T. FTI 1
Sulaik, Lorenzo S. MWSS 1
Supeña, Rodrigo B. LLC 1
Sy-Alvarado, Hernani M. CDC 1
Annex 2 .
Middle Initial
Tablang, Evelyn F. ECC, OSHC 2

Tacorda, Lilia S. SUMSI 1
Tamayo, Sancho A. VFP 1
Tamondong, Eddie U. SBMA 1
Tampinco, Froilan A. NPC 1
Tan, Alonso L. PFDA 1
Tan, Celia Z. FTI 1
Tan, Nabil A. AIIBP 1
Tan, Roberto B. CB-BOL, PDGCC, PNR 3
Tanjuatco, Jose S. PAGCOR (6 mos) 1
Tanpinco, Froilan A. NIA ( 8 mos) 1
Tantoco, Zenaida R. CCP (6 mos) 1
Taradji, Ajijul Adam SBC 1
Taruc, Jose V R. PCSO (6 mos) 1
Taruc, Romeo B. LBRDC 1
Tecson, Wilson U. PPC 1
Teodoro, Velasco A. PADCC (6 mos) 1
Tetangco, Amando Jr. M. BSP**, NHMFC, PDIC, PICCI, TIDCORP 9
NDC, CITC, NFA, PCED
Teves, Margarito B. LCDFI**, HDMF, NHMFC, 5
NDC, PCED (6 mos)
Tiangco, Omelita J. GSISFB 1
Tieng, William Y. RPN 9 (7 mos) 1
Tieng, Wilson Y. RPN 9* (7 mos) 1
Timbol, Ma. Aurora F. PPI 1
Ting, Jennifer Khonghun SBMA 1
Tiongson, Virgilio A. PPMC 1
Tobias, Darwin A. CEZA 1
Toledo, Feliciano PCPDSSD 1
Tolentino, Conrado K. NORTHRAIL 1
Tolentino, Francis N. LRTA, TRC 2
Tolentino, Garth Noel P.E. PNCC 1
Tolentino, Ma. Aleta L. PCSO (5 mos) 1
Tonawis, Yahya Jerry M. SPDA 1
Tongoy, Jose Luis Leonard PHILSUCOR 1
Trasmonte, Lourdes M. OSHC* 1
Trebol, Bernardo C. PHILSUCOR 1
Trinidad, Flordeles Jovy R. SUMSI 1
Tuason, Ruby C. PICCI 1
Tuason, Scott D. PCPDSSD 1
Tumaru, Ismael V. CEZA 1
Tungpalan, Rolando G. PEZA 1
Tupaz, Vladimir R. ECC, OSHC 2
Turalba, Cristina V. CCP (5 mos) 1
Turvill, Catherine B. TIEZA (10 mos) 1
Tuvilla, Mariano Jose Y. PHILSUCOR 1
Ty, Allan CEZA 1
Annex 2 .
Middle Initial
Umali, Alfonso Jr. V. QRCGC 1

Unson, Miguel III R. MSI 1
Uriarte, Rosario C. PCSO** (7 mos) 1
Usman, Orkhan H. NDA (6 mos) 1
Valdez, Ma. Fatima A.S. BCDA, BMHI, PCSO (3 mos) 3

Valencia, Renato C. BCDA, BMHI 2
Valencia, Sergio O. PCSO* (6 mos) 1
Valera, Roseller Z. PRA 1
Valero, Arturo C. SPDA 1
Van Der Harten, Paul KRC 1
Varel, Jesus B. HDMF 1
Varela, Miguel B. OSHC 1
Varela, Miguel V. ECC 1
Vargas, Susana D. LWUA 1
Varona, Ma. Lourdes P. PPC 1
Velarde, Franklin Churchill M. HSDC (10 mos) 1
Velarde, Franklin M. DBP, DCI 2
Velarde, Ma. Lourdes D. NPF (4 mos) 1
Velasco, Epimaco PRA 1
Velasco, Renato S. LWUA, PNOC-EC 2
Velasco, Teodoro A. NIA Consult (9 mos) 1
Venturanza, Pilita Q. PDGCC 1
Vera, Jose L. HDMF 1
Vera, Jose Luis L. DBP 1
Veran, Nenita H. SBC 1
Verano, Crismel F. PNOC-EC 1
Vergara, Bernardo JHMC 1
Vergara, Robert G. GMFI**, GSIS*, 5
PNCC, PHIC, ECC*
Vertido, Damaso C. SHFC 1
Vilar, Antonio T. PNCC 1
Villafuerte, Nelly Favis BSP 1
Villalon, Alberto M. JHMC 1
Villalon, Augusto F. NPF (1 mos) 1
Villamor, Dennis R. CPA** 1
Villanueva, Araceli E. PICCI 1
Villanueva, Cesar L. CIAC 1
Villanueva, David M. PCIC 1
Villanueva, Emmanuel Joel J. CITC 1
Villanueva, Francisco L. CDC 1
Villanueva, Hector R. R. PPC 1
Villanueva, Hector Ronald R. PPSBI** 1
Villanueva, Titus B. PITC (3 mos) 1
Villariba, Cesar C. PCA (3 mos) 1
Villaverde, Mario C. LCP, NKTI, PCMC, PHC 4
Villavicencio, Anthony C. PHILSUCOR 1
Villlarete, Nigel Paul C. MCIAA** 1
Annex 2 .
Middle Initial
Villones, Renato L. PEATC 1

Vistan, Deogracias N. LCDFI 1
Vizconde, Lauro G. IBC (9 mos) 1
Volante, Samuel B. CB-BOL 1
Wan, Reginald Jeremy I. PADC 1

Wilson, Isabel C. CCP (3 mos) 1
Wong, Paz B. PITAHC 1
Yabut, Joselito G. IBC* (9 mos) 1

Yabut, Rafael S. PFDA (9 mos) 1
Yacapin, Mercedes G. CITEM 1
Yambao, Sherry Grace V. NPF (5 mos) 1
Yap, Antonio S. CCP (7 mos) 1
Yap, Arthur C. NDA* (6 mos), NTA* (2 mos), 5
PCA* (3 mos), PFDA* (6 mos), PITC (2 mos)
Yap, Josef T. PIDS 1
Yu, Georgina P. ZCSEZA* 1
Yu, Gregorio T. GSIS 1
Yuson, Virgilio A. PTNI (1.5 mos) 1
Zaragoza, Edgardo D. NTA** (4 mos) 1
Annex 2 .
Annex 3
List of GOCCs with Unsubmitted CY 2010 Financial Statements
Assigned 2010 Financial Statements

Name of Agencies
Audit Team BS SIE SCE SCF NFS
1 APO Production Unit, Incorporated ATAP x x x x x

2 CDCP Farms Corporation ATAP x x x x x
3 Corregidor Foundation, Incorporated ATAP x x x x x
4 Crowntex Realty Corporation ATAP x x x x x
5 Cultural Center of the Philippines RA x x x x x
6 Duty Free Philippines Corporation RA x x x x x
7 First Centennial Clark Corporation ATAP x x x x x
8 Intercontinental Broadcasting Corporation ATAP x x x x x
9 Lung Center of the Philippines RA x x x x x
10 Luzon Stevedoring Corporation ATAP x x x x x
11 National Agribusiness Corporation RA x x x x x
12 National Dairy Authority RA x x x x x
13 National Food Authority RA x x x x x
14 National Irrigation Administration - Corporate Fund RA x x x x x
15 National Irrigation Administration - General Fund RA x x x x x
16 National Irrigation Administration - Special Fund RA x x x x x
17 National Kidney and Transplant Institute RA x x x x x
18 National Sugar Development Corporation ATAP x x x x x
19 Negros Occidental Copperfield Mines, Incorporated ATAP x x x x x
20 NIA Consult, Incorporated ATAP x x x x x
21 Philippine Agricultural Development and Commercial Corporation ATAP x x x x x
Annex 3 .
Assigned 2010 Financial Statements
Name of Agencies
Audit Team BS SIE SCE SCF NFS
22 Philippine Charity Sweepstakes Office RA x x x x x

23 Philippine Commission on the Promotion and Development of Sports Scuba Diving ATAP x x x x x
24 Philippine Forest Corporation ATAP x x x x x
25 Philippine Genetics, Incorporated ATAP x x x x x
26 Philippine International Trading Corporation RA x x x x x
27 Philippine Mining Development Corporation ATAP x x x x x
28 PHIVIDEC Industrial Authority ATAP x x x x x
29 PITC Pharma, Incorporated RA x x x x x
30 PNCC Skyway Corporation ATAP x x x x x
31 Radio Philippines Network, Incorporated ATAP x x x x x
32 Tierra Factors Corporation ATAP x x x x x
33 Tourism Infrastructure and Economic Zone Authority RA x x x x x
34 UP-NDC Basilan Plantations, Incorporated ATAP x x x x x
35 Veterans Federation of the Philippines RA x x x x x
36 ZNAC Rubber Estate Corporation ATAP x x x x x
Legend:
x - Unsubmitted
RA - with Resident Auditor
ATAP - Audit Team Approach
Annex 3 .
Annex 4
Summary Functions of GOCCs
Cluster A
Financial
This Cluster has auditorial jurisdiction over GOCCs in the banking, financing,
insurance and other related sectoral classifications. In general, the functions of these
GOCCs include the following:
 Formulate and implement policies in the areas of money, banking and credit with
the primary objective of maintaining stable prices conducive to balanced and
sustainable economic growth in the Philippines; maintain the country’s international
reserves, perform credit operations, engage in open market operations, exercise
supervision over banking institutions, operate the interbank real-time gross
settlement system, act as a banker of the government, and possess the sole power
and authority to issue currency;
 Print bank notes and produce circulation coins;
 Retain and administer, dispose of and liquidate the assets and liabilities of the then
CBP not transferred to or assumed by the Bangko Sentral ng Pilipinas (BSP);
 Provide banking services principally to cater to the medium and long-term financial
needs of agricultural and industrial enterprises particularly in the countryside with
emphasis on small and medium-scale industries;
 Provide financial assistance to participating financial institutions for on-lending to

investment enterprises and also direct to borrowers as may be required by its
catalytic role in the economy;
 Promote and accelerate the socio-economic development of the Autonomous

Region by performing banking, financing and investment operations and establish
and participate in agricultural, commercial and industrial ventures based on the
Islamic concept of banking;
 Engage in the business of banking, financing, leasing, real estate, insurance

brokering and other related services to personal, commercial, corporate and
institutional clients;
 Mobilize savings and promote entrepreneurship to widen economic opportunities

and to provide the Filipino people with a full range of professional banking and
financial resources accessible in all areas of the country, and promote the values of
thrift, industry and prudence especially in the youth;
 Answer the need for a national savings program and an affordable shelter financing
for the Filipino workers;
 Provide the necessary financing for small and medium-scale industries throughout
the country;
 Operate a viable secondary home mortgage market, utilizing long-term funds to
purchase mortgages originated by both public and private institutions that are within
government approved guidelines, and develop a system that will attract private
institutional funds into long-term housing mortgages;
 Adopt development initiatives for globally competitive small and medium enterprises
in terms of finance, technology, production, management and business linkages;
 Engage in direct lease or financial lease of all kinds of equipment and all types of
personal and real properties, extend credit facilities to government and private
individuals and corporate entities, and make loans with or without such security;
 Engage in the business of wholesale financing serving the financial needs for the
livelihood and income-generating activities of the Filipino poor primarily those falling
below the poverty level;
 Deliver microfinance services for the exclusive use of the poor and the lead funding
sources for microfinance services;
 Undertake the promotion, generation and development of livelihood and

community-based enterprises primarily in agri-business, including those in the
Agrarian Reform Communities that will cater to the low-income bracket;
 Engage in the sale of its shares of stock, the proceeds of which are invested in
equity and fixed income investments;
 Undertake social housing programs that will cater to the formal and informal sectors
in the low-income bracket and shall take charge of developing and administering
social housing program schemes;
 Establish a credit support mechanism for the benefit of farmers, fishermen, rural
workers, cooperatives, retailers, wholesalers and primary processors of agricultural
and aquatic commodities to accelerate growth and development of rural
productivity, employment, livelihood and income opportunities in the countryside;
 Provide meaningful and appropriate compensation to workers and their dependents

in the event of work-connected contingencies such as sickness, injury, disability or
death;
 Provide and administer social security benefits for all employees of the Philippine
government, administer the General Insurance Fund and provide insurance
coverage to assets and properties that have government insurable interests;
 Establish, develop, promote and perfect a sound and viable tax-exempt social
security system suitable to the needs of the people throughout the Philippines
which shall promote social justice and provide meaningful protection to members
and their families against the hazards of disability, sickness, maternity, old age,
death and other contingencies resulting in loss of income or financial burden;
 Ensure the continuous payment of retirement and separation benefits due to the
members of the Armed Forces of the Philippines (AFP);
 Ensure sustainable, affordable and progressive social health insurance which

endeavors to influence the delivery of accessible quality health care for all Filipinos;
Annex 4
 Operate a credit guaranty program in support of government’s effort to promote
home ownership; provide risk guarantees and fiscal incentives for housing credits
extended by financing institutions, thereby stimulating the flow of funds from both
the government and private sectors for housing and urban development;
 Contribute to the country’s economic development as the Philippine Export-Import

Credit Agency providing guarantees, credits, insurance and technical assistance
services;
 Provide insurance protection to the country’s agricultural producers, particularly the

subsistence farmers, against crop losses arising from natural calamities such as
typhoon, floods, drought, earthquakes and volcanic eruptions as well as plant
diseases and pest infestation and non-crop agricultural asset losses due to perils
for which the asset has been insured against;
 Engage in the business of general insurance brokerage management and

consultancy;
 Promote and safeguard the interests of the depositing public by way of providing
permanent and continuing insurance coverage on all insured deposits;
 Engage in and carry on the business of purchase, and acquire, operate, maintain,
lease, sell, and dispose of and deal in agricultural equipment and farm machineries
and all other articles pertaining to agriculture; engage in the business of purchase
and sale, barter and exchange of rice and other cereals, and other commodities of
native production in the Philippines;
 Build, reconstruct, repair, remodel and renovate, enlarge, alter and improve private
houses and dwellings, commercial buildings and government owned and controlled
corporations and establishments;
 Assist in countryside development and extend assistance to farmer beneficiaries

and their children;
 Develop and implement non-banking systems for private and government entities;
 Purchase or dispose of real and personal property of every kind and description,
including shares of stocks, bonds, debentures, notes, evidences of indebtedness,
and other securities or obligations of any corporation or association and manage
the general business of any company;
 Provide a venue of political summits, medical conventions, and concerts of

international artists;
 Manage all or any part of the rights, assets, business and property of any person,
firm, association, partnership or corporation within or without the Republic of the
Philippines, except management of funds, securities portfolio and other similar
assets of the managed entity;
 Engage in and carry on the business of stock and bond brokerage and toward this
end to buy and sell, for the account of others or for its own account, securities of all
kinds in the business of effecting transactions relative to stocks, bonds, debentures,
and other securities and commercial papers of any person, partnership,
association, syndicate, corporation or government papers be of domestic or foreign
origin;
Annex 4
 Carry out the Philippine Government’s policy of encouraging, promoting and
sustaining the economic and social growth of the country and the establishment of
professionalized management of well-planned industrial areas;
 Manage, improve, develop, dispose, exchange, lease and hold for investment or
otherwise, the acquired assets of the GSIS which consists of properties of all kinds
including buildings, houses, apartments and other structures.
Cluster B
Public utilities, industrial, area development, and regulatory
This Cluster consists of GOCCs in energy and power development, industrial, area
development, regulatory, and others that fall under the classification, with functions
aimed at the:
 Set up transmission line grids and construction of associated power generating

facilities in Luzon and Mindanao, and major island grids of the country, including the
Visayas;
 Nuclear power development;
 Provide adequate and stable supply of oil;

 Explore, develop and utilize indigenous energy sources;
 Promote, develop and finance local water utilities and electric cooperatives;
 Integrate and coordinate the planning, development, construction, and operation of

railroads and light rail transport system in the country;
 Operate and maintain waterworks systems to ensure continuous supply and

distribution of portable water;
 Develop, operate and maintain sewerage and irrigation systems all over the
country;
 Facilitates the fast and safe delivery of postal services;
 Develop certain areas declared as special economic zones into self-sustaining

industrial, commercial, financial, and investment centers to generate employment
opportunities in and around the zones and to attract and promote productive foreign
investments;
 Develop housing projects which provide and maintain adequate housing for the
greatest possible number of people by developing and implementing a
comprehensive and integrated housing and resettlement program; and
 Integrate and coordinate the planning, development, construction, and operation of

ports, airports, and other facilities appurtenant thereto.
Annex 4
Cluster C
Agricultural, trading, promotional, social, scientific, and cultural
This Cluster has auditorial jurisdiction supervision and jurisdiction over GOCCs with
operations pertaining to agricultural, trading, promotional, social, scientific, cultural,
civic and others of related mandates. The auditee’s functions mainly pertain to the
following:
 Encourage access of farmers to agricultural technologies by providing consultancy,

management and special services for the investigation, survey, planning, design,
research and construction of irrigation projects;
 Impart technologies/systems to optimize the utilization of natural resources and

development of the tobacco, coconut and other palm oil, fishery, garments, diving
and tourism industries in the country;
 Maintain a stable supply of staple food and develop the food industry by providing
marketing infrastructure support systems for the small and medium scale food
enterprises;
 Support and develop tourism as an instrument in accelerating the development of

the country by preserving and projecting the country’s culture, history, tradition and
natural beauty, both internationally and domestically;
 Establish micro, small and medium scale enterprises, trade fairs, special exhibits,
trade missions and other promotional activities here and abroad;
 Promote and develop scientific, interdisciplinary and policy-oriented research,

education, training, consultancy and publication in the broad field of economics,
public administration, and political and social sciences;
 Operate, maintain and provide various services that aim to increase work
opportunities and improve the productivity of low-income families;
 Maintain and operate integrated medical institutions that specialize in the diagnosis,
treatment, care, rehabilitation and/or relief of patients with kidney, lung, cardio-
vascular and children’s disease; and
 Engage in projects and activities that may be profit-oriented, for the purpose of
providing permanent and continuing sources of funds for health programs and
medical assistance.
Annex 4
Annex 5
Ranking by Total Assets
CY 2010
(in thousand pesos)
Rank Name of GOCC Amount
1 Bangko Sentral ng Pilipinas 3,195,387,831

2 Power Sector Assets and Liabilities Management Corp. 931,550,371
3 Government Service Insurance System 578,435,226
4 Land Bank of the Philippines 569,014,404
5 National Transmission Corporation 363,934,781
6 Social Security System 297,591,340
7 Development Bank of the Philippines 297,093,023
8 Home Development Mutual Fund 277,990,865
9 Philippine Deposit Insurance Corporation 156,729,081
10 Bases Conversion and Development Authority 124,496,862
11 Philippine Health Insurance Corporation 106,049,410
12 Philippine Ports Authority 94,957,828
13 Metropolitan Waterworks and Sewerage System 55,227,896
14 Light Rail Transit Authority 52,332,444
15 National Home Mortgage Finance Corporation 35,234,722
16 National Power Corporation 33,895,861
17 Philippine Reclamation Authority 31,967,709
18 Home Guaranty Corporation 29,796,791
19 Subic Bay Metropolitan Authority 29,764,514
20 Philipppine Amusement and Gaming Corporation 28,551,993
Annex 6
Ranking by Total Liabilities

CY 2010
(in thousand pesos)
1 Bangko Sentral ng Pilipinas 3,024,017,797

4 Central Bank - Board of Liquidators 416,585,870
11 National Home Mortgage Finance Corporation 42,007,847
12 Home Guaranty Corporation 25,518,575
13 Philippine National Railways 24,959,212
18 North Luzon Railway Corporation 16,347,524
20 National Electrification Administration 14,839,193
Annex 7
Breakdown of
Breakdown of Domestic
Domestic Loans
Loans
December 31, 2010
(in thousand pesos)
Name of GOCC Source Amount
1 Philippine Deposit Insurance Corporation Bangko Sentral ng Pilipinas 72,606,203
2 Power Sector Assets and Liabilities ING Zero Coupn Bond 11,000,000
Management Corporation ING P8.8B Zero Coupon Bond 8,800,000
HSBC-Tranche B 6,320,000
HSBC-Tranche A 3,680,000
Power Bond-10.375% 3,000,000
32,800,000
Bureau of Treasury-7.750% Fixed RTB 18,678,000

Bureau of Treasury-6.875% Fixed RTB 11,322,000
30,000,000
QAPA-Department of Energy 199,144
Banco de Oro/DBP Syndacated Loan 150,000 63,149,144
Annex 7 .
3 National Home Mortgage Finance Social Security System 26,578,877

Corporation Home Development Mutual Fund 4,023,380
Government Service Insurance System 5,186,759 35,789,016
4 Home Development Mutual Fund Kaunlaran ng Bayan Housing Bonds 13,577,144

Development Bank of the Philippines 5,000,000
Social Security System 2,739,484
5 Home Guaranty Corporation Issuance of Debenture Bonds 2,334,780

Flotation of Zero Coupon Bonds 13,215,390 15,550,170
6 National Development Company Bondholders 5,500,000

Bureau of Treasury 1,892,358
Development Bank of the Philippines 404,751
DOLE Philippines, Inc. 4,052 7,801,161
7 Quedan and Rural Credit Guarantee Department of Agriculture 2,484,218

Corporation Agricultural Credit Policy Council 602,930
Department of Agrarian Reform 120,000
National Dairy Authority 24,900
National Food Authority 34,555
Lone District of Aklan 500
Annex 7 .
2nd Cong'l. District of S. Cotabato 500

Bankers Association of the Philippines - CGC 200
Land Bank of the Philippines 10,665
United Coconut Planters Bank 1,252
Philippine Veterans Bank 19,750
East West Bank 1,223
Allied Bank 3,408
Multi Series Bonds 1,418,753
Various Corporate Notes 1,000,000 5,722,854
8 Philippine National Construction Corporation Toll Regulatory Board 3,928,294
9 Development Bank of the Philippines National Economic Development Authority - 3,719,481

Industrial Guarantee and Loan Fund
Social Security System 333
Government Service Insurance System 1,440 3,743,853
10 National Power Corporation Land Bank of the Philippines 3,164,174
11 Local Water Utilities Administration Government of the Philippines

USAID 033 204,164
USAID 042 275,538
Annex 7 .
ADB 1056 612,753

ADB 1057 64,449
ADB 1599 13,114
IDA 38,855
JBIC 94,550
JBIC 26,438
JBIC 911,551
FRENCH PROT 82,858
2,324,270
Land Bank of the Philippines 516,627 2,840,897
12 Philippine Sugar Corporation Philipppine National Bank 2,639,000
13 Philippine Ports Authority Development Bank of the Philiipines/ First Metro 2,000,000
Investment Corporation
Philippine Veterans Bank 500,000 2,500,000
14 People's Credit and Finance Corporation Development Bank of the Philippines 661,635
Land Bank of the Philippines 1,508,952
Agricultural Credit Policy Council 100,000
Department of Foreign Affairs 5,000
Small Business Corporation 157,971 2,433,558
Annex 7 .
15 Trade and Investment Development Land Bank of the Philippines 1,950,000

Corporation of the Philippines Rizal Commercial Banking Corporation 250,000 2,200,000
16 National Electrification Administration Overseas Economic Cooperation Fund 1,685,275

United States Agency for International Development 128,667
United Kingdom 125 1,814,067
17 Light Rail Transit Authority Land Bank of the Philippines 1,767,271
18 National Housing Authority Philippine Veterans Bank 500,000

Home Development Mutual Fund 412,500
Urban III - GOP Portion 240,748
Social Housing Finance Corporation 200,000
North Luzon Railway Corporation 130,000 1,483,248
19 Land Bank of the Philippines Bangko Sentral ng Pilipinas 169,410

Social Security System 320
SBC and DBP 439,480
Bureau of Treasury 837,659 1,446,869
20 LBP Leasing Corporation Land Bank of the Philippines 1,050,450

Banco De Oro 200,000
Rizal Commercial Banking Corporation 168,500 1,418,950
Annex 7 .
21 Technology Resource Center National Government thru OECF JAPAN, PH-83 1,295,000
22 Philippine Amusement and Gaming Corporation Philippine National Bank 598,567

PAGCOR Provident Fund 17,400 1,042,217
23 Small Business Corporation Land Bank of the Philippines 482,400

Various PFIs/MSME Notes 528,977 1,011,377
24 PNOC Shipping and Transport Corporation Philippine National Oil Company 813,490
Land Bank of the Philippines 121,838 935,328
25 Metropolitan Waterworks and Sewerage System IBRD 63,380

ADB 193,839
SPIAL 386,057
NHA 98,795 742,071
26 Philippine Postal Corporation Banco de Oro 217,844

Phil. Postal Savings Bank(PLFC/PDIC) 191,040
Phil. Postal Savings Bank(PLFC/DBP)) 16,209
Philippine Postal Savings Bank 18,000 443,093
Annex 7 .
27 PNOC Exploration Corporation Land Bank of the Philippines 394,965
28 Clark International Airport Corporation Philippine Veterans Bank 337,534
29 Food Terminal Incorporated Bureau of the Treasury 152,017

Asset Privatization Trust 144,322 296,339
30 DBP Leasing Corporation Bank of the Philippine Islands 200,000
31 Subic Bay Metropolitan Authority Land Bank of the Philippines 180,000
32 Philippine National Oil Company Land Bank of the Philippines 121,838
33 National Livelihood Development Corporation Human Settlement Development Corporation 121,069
34 Philippine Crop Insurance Corporation Agricultural Credit Policy Council 76,078
35 Freeport Services Corporation Land Bank of the Philippines 6,000

Subic Bay Metropolitan Authority 53,860 59,860
36 Sugar Regulatory Administration Philipppine National Bank 49,200
37 Tierra Factors Corporation PHLFINANCE CORP. 30,561

GSIS 9,509 40,070
Annex 7 .
38 Cagayan Economic Zone Authority Land Bank of the Philippines 35,526
39 Clark Development Corporation Philippine Veterans Bank 32,500
40 Natural Resource Development Corporation PNOC Energy Development Corporation 30,000
41 Philippine Heart Center Development Bank of the Philippines 25,227
42 Freeport Services Corporation Land Bank of the Philippines 6,000
43 Philippine Coconut Authority Land Bank of the Philippines 2,740
44 Marawi Resort Hotels, Inc. Southern Phils. Development Authority 82
TOTAL 263,793,471
Annex 7 .
Annex 8
Breakdown of Foreign Borrowing

December 31, 2010
(in thousand pesos)
1 Power Sector Assets and Liabilities HSBC/Deutsche/Morgan $1B 43,885,000

Management Corporation DBP/MC/UBS New Cash Offer 26,331,000
DBP/MC/UBS Bond Exchange-2024 25,410,029
Nomura Intl - Tranche B 19,883,800
Nomura Intl - Tranche A 13,300,650
DBP/MC/UBS Bond Exchange-2019 920,971
129,731,450
ABD SPIA - Various 1,248,944

ADB 1288 PHI - Power Transmission 1,635,520
ADB 1474 Leyte Mindanao 28,773
ADB 1590 - Power Transmission 1,139,016
ADB 1984-PHI 1,449,372
BFCE/Credit National EF30M-SUGAT Gas Turbine 107,493
Credit National-Navotas Gas Turbine 318,497
Credit National FF22.5M- PIELSTICK FOR DPP 103,225
Credit National FF50M-Bataan Gas Turbine 189,823
Annex 8 .
Credit National-Northern Luzon 62,063

Exim Untied Loan - Sn Roque Series A 4,197,255
Exim Untied Loan - Sn Roque Series B 3,241,741
Eximbank of Japan Y6.1B-Leyte Luzon Inter. 717,549
Eximbank of Korea-Mindanao Power Transmission 129,616
Eximbank of Korea-T/L & S/S Luzon 125,654
IBRD 3626 PH-Power Transmission 654,916
IBRD 3700-0 PH-Leyte Cebu 1,882,548
IBRD 3700-A PH-Leyte Cebu 185,192
IBRD 3746-0 PH-Leyte Luzon 1,311,695
IBRD 3746-A PH-Leyte Luzon 149,546
IBRD 3996-0 PH-Energy Sector 727,612
IBRD 3996-A Energy sector 766,527
IBRD 3997-0 PH-Energy Sector 2,311,866
IBRD 4887-PH Bicol Power Restoration 513,756
Instituto De Credito Oficial-Mindanao Barge 681,823
Instituto De Credito Oficial-Palawan 201,662
Int'l Dev. Association 296-Bataan Thermal 151,644
JBIC-EMTDP 1,485,568
JBIC-Leyte-Cebu Int. Uprating 1,631,640
Kreditanstalt Fuer Wiederafbau-Sucat 2&3 1,255,306
Kreditanstalt Fuer Wiederafbau-(Additional) 317,788
Kreditanstalt Fuer Wiederafbau-ESL 683,336
Kreditanstalt Fuer Wiederafbau-N. Luzon & Trans 2,323
Kreditanstalt Fuer Wiederafbau-N. Luzon & Trans 1,272,567
Annex 8 .
Kreditanstalt Fuer Wiederafbau-Spares 298,390

Kreditanstalt Fuer Wiederafbau-Sucat Sta.Mesa DM 663,289
Kreditanstalt Fuer Wiederafbau-Sucat Sta.Mesa DM 1,483,633
Kreditanstalt Fuer Wiederafbau-Sucat 1/4 511,843
Nordic Development Fund-Leyte Cebu 213,789
Nordic Investment Bank-Leyte Cebu 118,650
OECF PH C8-Commodity Loan-Various 2,881,241
OPEC Fund $6.0M Mindanao Pwr Trans Proj 3,999
US Agency for Int'l Dev't. 492-Tiwi 27,733
37,084,423
OECF PH 48-EHV I 215,121

OECF PH 29-Power Barge 97,918
OECF PH 31-Tongonan 89,312
OECF PH 09-Cagayan 76,644
OECF PH 65-Power Barge 72,996
OECF PH 43-Mindanao TL 46,317
OECF PH 57-EHV II 29,971
OECF PH 13-Abulog 9,256
US Agency for Int'l Development-Tiwi 2,369
639,904
1192 Bond Conversion 2,983,346

ADB Spial 2,194,250
5,177,596
Annex 8 .
Citigroup Financial 21,942,500

Salomon Smith Barney $300M YB 13,165,500
Bearn Stearns Floating Note 12,837,811
Overseas Private Investment Corp 8,359,047
Salomon Brother Inc. $160M Yankee Bonds 7,021,600
Morgan Guaranty Trust-Dragon Bonds Y12B 6,448,800
Bearn Stearns Floating Note 4,388,500
74,163,758
CBK Power Company Limited 559,460 247,356,591
2 Development Bank of the Philippines Official Development Assistance - Various 87,975,382

Interbank Borrowings - Various 13,265,291 101,240,673
3 Light Rail Transit Authority OECF/JBIC PH P 171 11,292,742

OECF/JBIC PH P 211 9,724,286
OECF/JBIC PH P 167 8,365,013
OECF/JBIC PH P 185 6,648,709
OECF/JBIC PH P 148 3,422,405
OECF/JBIC PH P 211A 952,431
Lloyds Loan converted into Bonds PCIR 484,490
OECF/JBIC PH P 137 407,531
Belgian Loan - Modernization PH2 366,382
Fortis Bank - Modernization PH2 270,847
Annex 8 .
French Protocol - Natexis Banque 195,712

Belgian State Loan - Rehab 2 142,308
Belgian State Loan - Rehab 1 129,475
Belgian State Loan 47,150 42,449,481
4 Bases Conversion and Development Japan International Cooperation Agency 31,243,627

Authority
5 Land Bank of the Philippines World Bank/IBRD 11,610,216

Asian Development Bank 2,053,523
Japan International Cooperation Agency (JICA) 15,915,684
Kreditanstalt Fur Wiederaufbau 1,645,942 31,225,365
6 Metropolitan Waterworks and BNP PARIBAS 6,582,750

Sewerage System ADB 5,914,272
IBRD 808,455
FRENCH PROTOCOL LOAN 133,249
JBIC (OECF) 1,849,205
CHINA EXIMBANK 529,899 15,817,830
7 North Luzon Railways Corporation EXIM Bank of China 7,201,748

Barclays Bank PLC 3,441,634 10,643,382
8 Subic Bay Metropolitan Authority JBIC/OECF II 8,283,162

World Bank I 625,070
Annex 8 .
Exim Bank 590,261

World Bank II 582,808
JBIC/OCEF I 345,064 10,426,365
9 Philippine Ports Authority JBIC-PH-P187 6,265,970

JBIC-PH-P122 1,513,067
ADB-875-PHI 520,217
JBIC-PH-P187A 503,570
JBIC-PH-P172 217,492
JBIC-PH-P91 33,244
JBIC-PH-P61 13,349
JBIC-PH-P84 12,067
KFW-D2-P2 6,152
KFW-D1-P2 890 9,086,018
10 Manila International Airport Authority Overseas Economic Cooperation Fund of Japan 5,662,452
NATIXIS - French Loan 80,012 5,742,464
11 Local Water Utilities Administration JBIC PH-P181 1,796,773

ADB 1472 PHI 1,028,261
KFW 945,734
JBIC PH-154 814,346
ADB 1269 PHI 754,549
AUSAID 73,981 5,413,644
Annex 8 .
12 Philippine National Railways EDCF/Korea 1,221,954

JBIC PH-98 1,072,875
KEXIM-II 587,085
JBIC PH-119 474,633
JBIC PH-60 345,467
EFIC-I 332,307
RZB 148,125
EFIC-II 31,881
JBIC PH-55 8,254
US Eximbank 3,607
JBIC PH-44 2,189 4,228,377
13 Bangko Sentral ng Pilipinas FFI-Blocked Peso Dep Cir. 1139 7,859

FFI-Blocked Peso Dep Cir. 1202 27,613
FFI-Blocked Peso Dep Cir. 1298 2,604,310 2,639,782
14 Small Business Corporation Asian Development Bank 1,406,764

Kreditanstalt Fur Wiederaufbau 678,992
International Fund for Agricultural Development 227,547 2,313,303
15 National Power Corporation NATIXIS - PRES SPUG 609,242

BNP PARIBAS- PRES -SPUG 384,942 994,184
16 Central Bank - Board of Liquidators Circular 1298 OECF PHR 421/422 774,281
17 Industrial Guarantee and Loan Fund Asian Development Bank 567,231
Annex 8 .
18 National Electrification Administration International Bank for Reconstruction and Development 325,537
Kreditanstalt Fur Wiederaufbau 146,240
Government of the Republic of France 108 471,885
19 Clark Development Corporation Deutsche Bank 171,276

Deutsche Bank 71,093 242,369
20 Philippine Economic Zone Authority Japan Bank for International Cooperation 204,703
21 National Development Company Overseas Economic Cooperation Fund 169,721
22 National Housing Authority URBAN III - LA#1821 97,001

KFW DDDP - LA#1934287 19,797
KFW DBB - LA#2067 9,098
URBAN III - LA#2067 241 126,137
23 Philippine Fisheries Development OECF Loan No. PH-P69 22,371

Authority ADB Loan No. 628 PHI 15,039
IBRD Loan No 2156 PHI 16,857 54,267
523,431,680.00
Annex 8 .
Annex 9
Ranking by Total Equity

CY 2010
(in thousand pesos)

5 Bangko Sentral ng Pilipinas 171,370,034
7 Philippine Port Authority 78,949,699
14 Food Terminal, Inc. 17,843,022
15 Manila International Airport Authority 16,526,039
16 Civil Aviation Authority of the Philippines 16,039,406
18 Overseas Workers Welfare Administration 13,454,922
20 PNOC-Exploration Corporation 11,479,360
Annex 10
Ranking by Gross Income

CY 2010
(in thousand pesos)

15 Philippine Economic Zone Authority 6,290,914
17 Civil Aviation Authority of the Philippines 3,678,673
Annex 11
Ranking by Total Expenditures

CY 2010
(in thousand pesos)

3 Power Sector Assets and Liabilities Management Corporation 56,432,520
16 Philippine Economic Zone Authority 5,697,435
Annex 12
Summary of Discretionary, Representation, Extraordinary, Promotional, Confidential and Consultancy Expenses

For the year ended December 31, 2010
(in thousand pesos)
Extraordinary/ Share in
Representation/ Promotional/ Confidential/
Name of GOCC Discretionary
entertainment
contingency/
advertising intellegence
Consultancy Total total
emergency expenses
Philippine Amusement and Gaming Corporation - 237,854 - 186,673 351,383 57,082 832,992 5.89%
Land Bank of the Philippines - 160,548 - 118,252 - 187,357 466,157 1.85%
Bangko Sentral ng Pilipinas 4,740 271,378 - 25,194 24,853 24,934 351,099 0.20%
Power Sector Assets and Liabilities Management - 9,033 2,776 3,090 - 317,880 332,779 0.59%
Development Bank of the Philippines - 67,019 - 63,110 - 117,355 247,484 1.37%
Bases Conversion and Development Authority - 2,738 2,479 114,331 - 18,263 137,811 2.22%
Government Service Insurance System 6,943 9,501 - 88,260 - 28,773 133,477 0.27%
Social Security System 754 73,968 - - - 5,996 80,718 0.10%
North Luzon Railways Corporation - 2,339 - 58 - 62,195 64,592 0.76%
Metropolitan Waterworks and Sewerage System 5,308 9,007 17,317 723 - 31,556 63,911 2.64%
Philippine Health Insurance Corporation - 20,611 10,956 12,510 - 11,363 55,440 0.16%
Subic Bay Metropolitan Authority - 6,076 909 24,315 2,500 17,090 50,890 1.89%
Local Water Utilities Administration - 16,245 26,165 3,709 - 4,573 50,692 3.65%
Philippine Deposit Insurance Corporation - - 13,462 2,420 - 24,450 40,332 0.28%
Philippine Ports Authority - 11,324 628 1,090 8,000 16,999 38,041 0.60%
Manila International Airport Authority 4,000 2,844 1,710 2,685 12,000 12,812 36,051 0.60%
PNOC Exploration Corporation - 4,209 - 3,105 - 24,992 32,306 0.58%
Civil Aviation Authority of the Philippines - 6,954 1,048 157 5,000 16,286 29,445 1.30%
Clark Development Corporation - 6,582 - 9,480 - 4,420 20,482 2.37%
Philippine Retirement Authority - 4,274 6 13,940 - - 18,220 12.81%
Philippine Postal Savings Bank, Inc. - 13,084 - 1,741 - 2,663 17,488 3.32%
Annex 12 .
entertainment
contingency/
emergency expenses
Overseas Workers Welfare Administration - 441 3,384 10,249 - 3,063 17,137 1.23%
Home Development Mutual Fund - - 5,310 5,707 - 5,659 16,676 0.15%
Philippine Crop Insurance Corporation - 2,565 2,229 11,778 - - 16,572 3.50%
National Power Corporation - 287 346 6,319 - 9,273 16,225 0.18%
LWUA Consult, Inc. - - 14,590 - - 229 14,819 58.50%
Home Guaranty Corporation - 2,980 8,219 1,488 - 1,557 14,244 0.98%
Center for International Trade Expositions and Missions 108 2,897 - 7,889 - 956 11,850
8.23%
Philippine Reclamation Authority - 1,817 4,907 129 - 4,109 10,962 5.17%
National Transmission Corporation 5,397 791 - 841 - 3,783 10,812 0.23%
Clark International Airport Corporation - 1,274 - 6,749 - 2,747 10,770 2.43%
Cagayan Economic Zone Authority - 2,709 820 1,531 - 4,033 9,093 5.77%
National Home Mortgage Finance Corporation 3,327 3,759 967 918 - - 8,971 0.84%
Philippine Heart Center 6,697 577 - 868 - 167 8,309 0.37%
Small Business Corporation - - - 5,358 - 2,805 8,163 2.01%
National Livelihood Development Corporation - 1,317 476 6,219 - 52 8,064 3.67%
Aurora Pacific Economic Zone Authority and Freeport
Authority - 3,814 30 - - 3,873 7,717 17.00%
Light Rail Transit Authority - 3,895 2,836 921 - - 7,652 0.60%
Social Housing Finance Corporation 1,266 4,214 586 1,163 - - 7,229 3.32%
Philippine Economic Zone Authority - 1,178 - 313 - 5,584 7,075 0.12%
Tourism Promotions Board (formerly Philippine - 812 - 4,589 - 496 5,897
Convention and Visitors Corporation) 7.29%
Technology Resource Center 589 73 196 2,970 - 1,578 5,406 2.91%
People's Credit and Finance Corporation - 809 1,176 1,379 - 1,756 5,120 1.88%
Food Terminal, Inc. 1,986 1,779 - 90 - - 3,855 1.53%
DBP Leasing Corporation - 1,482 - - - 2,296 3,778 10.49%
Trade and Investment Development Corporation of the
Philippines 924 1,632 - 505 - 664 3,725 0.84%
National Tobacco Administration 294 2,842 - 109 - 318 3,563 1.63%
Philippine Coconut Authority - 864 1,373 201 - 694 3,132 0.42%
Annex 12 .
entertainment
contingency/
emergency expenses
Natural Resources Development Corporation - 981 165 102 - 1,483 2,731 7.19%
LBP Leasing Corporation - 1,597 - 655 - - 2,252 0.75%
Philippine Institute of Traditional and Alternative Health 181 101 625 - 1,210 2,117
Care - 2.03%
AFP Retirement and Separation Benefits System - 273 - 4 - 1,640 1,917 1.45%
Philippine Fisheries Development Authority - 1,489 - 109 - 229 1,827 0.36%
Employees Compensation Commission - 441 203 759 - 1,403 2.37%
Nayong Pilipino Foundation - 1,000 169 46 - 75 1,290 3.67%
GSIS Family Bank - 163 - 142 - 968 1,273 0.26%
Development Academy of the Philippines - - 319 453 - 440 1,212 0.52%
People's Television Network Incorporated - 117 160 98 - 805 1,180 0.41%
Philippine Institute for Development Studies - 125 108 - - 842 1,075 1.99%
Philippine International Convention Center, Inc. - 840 - - - - 840 0.43%
LandBank Realty Development Corporation - 347 - 342 - - 689 0.54%
Human Settlements Development Corporation - - 631 - - - 631 1.85%
Southern Utility Management Services, Inc. - 311 - 283 - - 594 8.45%
Masaganang Sakahan, Inc. - 499 - 74 - - 573 0.44%
LBP Insurance Brokerage, Inc. - 480 - 4 - - 484 1.33%
GSIS Mutual Fund Inc. - - - 482 - - 482 0.49%
Philippine Children's Medical Center - - 102 45 - 229 376 0.05%
Quedan and Rural Credit Guarantee Corporation - - 362 - - - 362 0.02%
Occupational Safety and Health Center 110 113 - - - 126 349 0.40%
Central Bank- Board of Liquidators - 342 - - - - 342 0.11%
Al-Amanah Islamic Investment Bank of the Philippines - 210 - 127 - - 337 0.48%
Cottage Industry Technology Center - 137 63 - - - 200 0.97%
Industrial Guarantee and Loan Fund - 174 - - - - 174 0.69%
LandBank Countryside Development Foundation, Inc. - 120 - - - - 120 0.40%
DBP Data Center, Inc. - 57 - 40 - - 97 0.18%
DBP Management Corporation - 70 - - - - 70 5.18%
Philippine Center for Economic Development - 43 - - - - 43 0.49%
TOTAL 42,443 990,506 127,284 757,516 403,736 1,050,778 3,372,263
Annex 12 .
Annex 13
Annual Growth of Subsidy Income from the National Government

(in thousand pesos)
Amount Annual Growth

Name of GOCC
2010 2009 Amount Percent
National Housing Authority 3,500,000 - 3,500,000 100

North Luzon Railways Corporation 494,660 - 494,660 100
National Tobacco Administration 478,990 115,000 363,990 3
Zamboanga City Special Economic Zone 30,000 - 30,000 100
Philippine Center for Economic Development 29,750 - 29,750 1
Aurora Pacific Economic Zone Authority 22,500 - 22,500 100
Philippine Children's Medical Center 237,000 227,150 9,850 0
Center for International Trade Expositions and Missions 73,746 67,831 5,915 0
Philippine Postal Corporation 281,276 277,648 3,628 1
Quedan and Rural Credit Guarantee Corporation 557 538 19 0
Cottage Industry Technology Center 10,000 10,000 - -
Philippine Coconut Authority 585,000 585,000 - -
Philippine Institute of Traditional and Alternative Health Care 40,000 40,000 - -
Philippine Institute for Development Studies 15,000 15,500 (500) (0)
Tourism Promotions Board 65,000 65,700 (700) (0)
Philippine Heart Center 187,342 188,936 (1,594) (0)
Development Academy of the Philippines 38,794 48,954 (10,160) (0)
Natural Resources Development Corporation 15,000 52,416 (37,416) (1)
Southern Philippines Development Authority 30,000 121,943 (91,943) (75)
People's Television Network Incorporated 4,039 100,000 (95,961) (1)
Annex 13 .
Amount Annual Growth
Name of GOCC
2010 2009 Amount Percent
Philippine Crop Insurance Corporiaton - 113,771 (113,771) (1)

National Electrification Administration 10,142 526,154 (516,012) (98)
National Home Mortgage Finance Corporation - 900,000 (900,000) (1)
Philippine National Railways 35,000 1,326,464 (1,291,464) (97)
Local Water Utilities Administration 375,000 2,440,368 (2,065,368) (85)
Bases Conversion and Development Authority 781,187 2,919,906 (2,138,719) (274)
Philippine Health Insurance Corporaiton 2,005,924 5,962,911 (3,956,987) (1)
Human Settlements Development Corporation - -
Annex 13 .
Annex 14
Subsidy Received from Other Government Agencies

(in thousand pesos)
Name of GOCC Amount
North Luzon Railways Corporation 110,886

John Hay Management Corporation 67,764
Development Academy of the Philippines 10,650
Overseas Workers Welfare Administration 10,317
Annex 15
Top 20 GOCC Taxpayers

Taxes
Rank Name of GOCC
Income Withholding Others Total
1 Bangko Sentral ng Pilipinas 91,385 12,381,918 2,525,101 14,998,404

2 Land Bank of the Philippines 189,385 2,057,649 3,026,490 5,273,524
3 Philippine Amusement and Gaming Corporation - 456,624 2,835,627 3,292,251
4 Development Bank of the Philippines 44,507 979,035 575,772 1,599,314
5 Philippine Health Insurance Corporation - 1,247,533 - 1,247,533
6 Philippine Ports Authority 484,300 392,255 279,321 1,155,876
7 Home Development Mutual Fund 287,354 107,856 377,980 773,190
8 Philippine Reclamation Authority 307,299 20,951 166,144 494,394
9 Government Service Insurance System - 441,181 14,006 455,187
10 Philippine Deposit Insurance Corporation 193,583 182,165 - 375,748
11 Mactan-Cebu International Airport Authority 167,576 29,175 75,452 272,203
12 Light Rail Transit Authority - 176,938 92,613 269,551
13 Philippine Economic Zone Authority 83,590 54,161 116,880 254,631
14 Philippine Children's Medical Center 74,243 76,423 - 150,666
15 North Luzon Railways Corporation - 82,911 67,062 149,973
16 Cebu Ports Authority 76,320 8,455 58,302 143,077
17 Philippine Heart Center - 128,614 128,614
18 LBP Leasing Corporation 39,753 59,098 22,161 121,012
19 Food Terminal, Inc. 34,932 11,594 71,322 117,848
20 Home Guaranty Corporation 96,061 16,941 213 113,215
Annex 16
Top 20 GOCCs with Dividend Remittances

(in thousand pesos)

4 Philippine Ports Authority 880,506
5 Manila International Airport Authority 614,410
6 Philippine Deposit Insurance Corporation 581,263
7 Mactan-Cebu International Airport Authority 411,494
8 Metropolitan Waterworks and Sewerage System 368,139
9 Philippine Reclamation Authority 199,615
10 Philippine Economic Zone Authority 189,119
11 Clark Development Corporation 159,916
12 Cebu Ports Authority 105,038
13 People's Credit and Finance Corporation 81,000
14 Philippine National Lines 49,357
15 National Electrification Administration 39,711
16 LBP Insurance Brokerage, Inc. 30,000
17 Social Housing Finance Corporation 20,887
18 National Home Mortgage Finance Corporation 10,495
19 Laguna Lake Development Authority 8,289
20 Batangas Land Company, Inc. 7,370
Annex 17
Tabulation of Audit Opinions Rendered
Name of Agencies Type of Opinion

U Q A D
Cluster A
1 DBP Management Corporation X
2 DBP Data Center, Inc. X
3 DBP Leasing Corporation X
4 Employee's Compensation Commission X
5 Industrial Guarantee and Loan Fund X
6 LB Realty Development Corporation X
7 Landbank Countryside Development Foundation, Inc. X
8 LBP Insurance Brokerage , Inc. X
9 LBP Leasing Corporation X
10 Masaganang Sakahan, Inc. X
11 People's Credit and Finance Corporation X
12 Central Bank-Board of Liquidators X
13 National Livelihood Development Corporaton X
Cluster B
1 Aurora Pacific Economic Zone an Freeport Authority X
2 Bases Conversion and Development Authority X
3 Bataan Technology Park, Inc. X
4 Clark Development Corporation X
5 Clark International Airport Corporation X
6 John Hay Management Corporation X
7 North Luzon Railways Corporation X
8 Poro Point Management Corporation X
9 Cagayan Economic Zone Authority X
10 Northeastern Luzon Coastal Pacific Services, Inc. X
11 Cebu Ports Authority X
12 Civil Aviation Authority of the Philippines X
13 DISC Contractors Builders and General Services, Inc. X
14 Laguna Lake Development Authority X
15 Light Rail Transit Authority X
16 Local Water Utilities Administration X
17 LWUA Consult, Inc. X
18 Mactan-Cebu International Airport Authority X
19 Manila International Airport Authority X
20 Marawi Resort Hotels, Inc. X
21 Metropolitan Waterworks and Sewerage System X
22 National Development Company X
23 Batangas Land Company, Inc. X
24 First Cavite Industrial Estate Inc. X
25 GY Realty Estate, Inc. X
26 Kamayan Realty Corporation X
27 Luzon Integrated Services, Inc. X
28 National Precision Cutting Tools, Inc. X
29 National Stevedoring and Lighterage Corporation X
30 National Trucking and Forwarding Corporation X
31 NDC-Philippine Infrastructure Corporation X
32 Philippine National Lines X
33 Pinagkaisa Realty Corporation X
Annex 17 .
Name of Agencies Type of Opinion
U Q A D
34 Tacoma Bay Shipping Corporation X

35 Manila Gas Corporation X
36 Inter-Island Gas Services, Inc. X
37 National Electrification Administration X
38 National Power Corporation X
39 Philippine Aerospace Development Corporation X
40 Philippine Economic Zone Authority X
41 PNOC Exploration Corporation X
42 PNOC Malampaya Production Corporation X
43 Philippine National Railways X
44 Philippine Ports Authority X
45 Philippine Reclamation Authority X
46 Power Sector Assets and Liabilities Management Corp. X
47 National Transmission Corporation X
48 Southern Philippines Development Corporation X
49 Subic Bay Metropolitan Authority X
50 Sugar Regulatory Administration X
51 Zamboanga City Special Economic Zone Authority X
Cluster C
1 Center for International Trade Expositions and Missions X
2 Cottage Industry Technology Center X
3 Development Academy of the Philippines X
4 Food Terminal, Inc. X
5 Human Settlements Development Corporation X
6 National Tobacco Administration X
7 Natural Resources Development Corporation X
8 Nayong Pilipino Foundation X
9 Occupational Safety and Health Center X
10 Overseas Workers Welfare Administration X
11 People's Television Network Incorporated X
12 Philippine Amusement and Gaming Corporation X
13 Philippine Center for Economic Development X
14 Philippine Children's Medical Center X
15 Philippine Coconut Authority X
16 Philippine Fisheries Development Authority X
17 Philippine Heart Center X
18 Philippine Institute for Development Studies X
19 Philippine Institute of Traditional and Alternative Health Care X
20 Philippine Retirement Authority X
Tourism Promotions Board (formerly Philippine Convention and X
21 Visitors Corporation)
22 Technology Resource Center X
Legend:
U - Unqualified
Q - Qualified
A - Adverse
D - Disclaimer
Annex 17 .
Annex 18
Status of Implementation of Prior Year's Audit Recommendations

December 31, 2010
Total Number of Fully Partially Not

NAME OF AGENCY
Recommendations Implemented Implemented Implemented
Cluster A
1 National Livelihood Development Corporation 22 6 10 6
2 Employee's Compensation Commission 15 6 4 5
3 LB Realty Development Corporation 15 6 9 0
4 LBP Leasing Corporation 13 1 10 2
5 Landbank Countryside Development Foundation, Inc. 10 4 4 2
6 Masaganang Sakahan, Inc. 10 2 8 0
7 People's Credit and Finance Corporation 9 6 2 1
8 LBP Insurance Brokerage, Inc. 7 4 1 2
9 Central Bank-Board of Liquidators 3 0 2 1
10 DBP Management Corporation 2 0 0 2
11 Industrial Guarantee and Loan Fund 2 0 2 0
12 DBP Data Center, Inc. 1 1 0 0
13 DBP Leasing Corporation 0 0 0 0
Total 109 36 52 21
Cluster B
1 Bases Conversion and Development Authority 11 2 7 2
2 Bataan Technology Park, Inc. 6 3 2 1
3 Clark Development Corporation 4 - 3 1
4 Clark International Airport Corporation 5 1 2 2
5 John Hay Management Corporation 7 1 3 3
6 North Luzon Railways Corporation 11 3 8 -
7 Poro Point Management Corporation 1 - - 1
8 Cagayan Economic Zone Authority 5 1 4 -
Annex 18 .
NAME OF AGENCY
9 Cebu Ports Authority 4 1 2 1

10 Civil Aviation Authority of the Philippines 62 2 35 25
11 DISC Contractors Builders and General Services, Inc. 5 - 3 2
12 Laguna Lake Development Authority 17 4 6 7
13 Light Rail Transit Authority 6 1 1 4
14 Local Water Utilities Administration 11 2 1 8
15 Mactan-Cebu International Airport Authority 31 12 7 12
16 Manila International Airport Authority 16 4 12 -
17 Marawi Resort Hotels, Inc. 6 3 1 2
18 Metropolitan Waterworks and Sewerage System 20 3 10 7
19 National Development Company 13 2 10 1
20 First Cavite Industrial Estate Inc. 4 3 1 -
21 GY Realty Estate, Inc. 1 - 1 -
22 National Precision Cutting Tools, Inc. 1 - 1 -
23 NDC-Philippine Infrastructure Corporation 1 - - 1
24 Philippine National Lines 2 1 - 1
25 Pinagkaisa Realty Corporation 1 - 1 -
26 Manila Gas Corporation 5 4 - 1
27 National Electrification Administration 31 20 11 -
28 National Power Corporation 16 2 9 5
29 Philippine Aerospace Development Corporation 5 2 1 2
30 Philippine Economic Zone Authority 12 7 5 -
31 PNOC Exploration Corporation 7 1 4 2
32 Philippine National Railways 14 1 8 5
33 Philippine Ports Authority 27 13 6 8
34 Philippine Reclamation Authority 33 8 10 15
35 Power Sector Assets and Liabilities Management Corporation 10 4 2 4
36 National Transmission Corporation 8 2 3 3
37 Southern Philippines Development Corporation 11 5 4 2
38 Subic Bay Metropolitan Authority 7 1 6 -
39 Sugar Regulatory Administration 9 1 3 5
40 Zamboanga City Special Economic Zone Authority 14 4 6 4
Total 460 124 199 137
Annex 18 .
NAME OF AGENCY
Cluster C
1 Center for International Trade Expositions and Missions 8 8
2 Cottage Industry Technology Center
3 Development Academy of the Philippines 4 2 2
4 Food Terminal, Inc. 12 7 4 1
5 Human Settlements Development Corporation 11 5 4 2
6 National Tobacco Administration 12 4 5 3
7 Natural Resources Development Corporation 11 3 4 4
8 Nayong Pilipino Foundation 7 3 1 3
9 Occupational Safety and Health Center 11 4 1 6
10 Overseas Workers Welfare Administration 30 15 11 4
11 People's Television Network Incorporated 17 5 1 11
12 Philippine Amusement and Gaming Corporation 40 15 16 9
13 Philippine Center for Economic Development 1 1
14 Philippine Children's Medical Center 59 12 40 7
15 Philippine Coconut Authority 26 8 16 2
16 Philippine Fisheries Development Authority 43 5 35 3
17 Philippine Heart Center 10 1 5 4
18 Philippine Institute for Development Studies 4 3 1
19 Philippine Institute of Traditional and Alternative Health Care 4 4
20 Philippine Retirement Authority 9 1 2 6
21 Technology Resource Center 10 1 5 4
22 Tourism Promotions Board (formerly Philippine Convention and Visitors Corporation) 7 6 1
Total 336 102 162 72
Grand Total 905 262 413 230
Annex 18 .

2010AFR GOCCs Vol2

Uploaded by

Copyright:

Available Formats

2010AFR GOCCs Vol2

Uploaded by

Document Information

Original Description:

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

2010AFR GOCCs Vol2

Uploaded by

Copyright:

Available Formats

Republic of the Philippines

Government Owned and/or Controlled Corporations

Legal basis of the Annual Financial Report………………………... 1

Chapter II - Financial Highlights and Analysis

Chapter III - Summary Financial Statements

Over-all summary financial statements

Chapter IV – Summary Audit Results

Summary audit opinions……………………………………………… 220

1 - List of government-owned or controlled corporations by cluster,

2 - Roster of Members of Governing Boards of Government-owned or

3 - List of GOCCs with Unsubmitted CY 2010 Financial Statements

4 - Summary Functions of GOCCs

5 - Ranking by Total Assets

6 - Ranking by Total Liabilities

7 - Breakdown of Domestic Loans

8 - Breakdown of Foreign Borrowings

9 - Ranking by Total Equity

10 - Ranking by Gross Income

11 - Ranking by Total Expenditures

12 - Summary of Discretionary, Representation, Extraordinary,

13 - Annual Growth of Subsidy Income from the National Government

14 - Subsidy Received from Other Government Agencies

15 - Top 20 GOCC Taxpayers

16 - Top 20 GOCCs with Dividend Remittances

17 - Tabulation of Audit Opinions Rendered

18 - Status of Implementation of Prior Years’ Audit Recommendations

Legal basis of the Annual Financial Report

1. The Commission on Audit (COA) is mandated under Section 4, Article IX-D of

The report’s objectives

8. The Corporate Government Sector of the Commission on Audit has audit

2010 Priorities of the Commission

16. The Cluster summarization comprising Volume II is broken down further by a

17. As emphasized earlier, Volume II-A portrays the summarized financial

FINANCIAL HIGHLIGHTS AND ANALYSIS

22. The same chart also shows a

28. For CY 2010, overall operations of GOCCs resulted in a net comprehensive

Chart II - 4 31. Total expenditures for

Comparative cash flow activities

SUMMARY FINANCIAL STATEMENTS

42. At the next level of summarization is the presentation of financial statement

Non-current assets 3,431,372,915 3,396,136,996

Temporary registry 15,702,323 22,663,600

Liabilities and equity

Non-current liabilities 1,550,789,060 1,742,114,790

Liabilities 5,918,781,475 5,324,669,062

Income 641,007,032 604,536,347

Business and service income 465,180,567 464,204,828

Share of National Government (14,361,121) (14,559,477)

Income after share of National Government 626,645,911 589,976,870

Expenses 581,476,990 466,833,589

Business expenses 199,772,966 179,469,043

Net income before subsidy 45,168,921 123,143,281

Subsidy income 5,311,353 11,000,235

Net income before tax 50,480,274 134,143,516

Income tax expense 5,069,001 6,749,172

Net income after tax 45,411,273 127,394,344

Other comprehensive income 25,150,552 29,546,425

Total comprehensive income 70,561,825 156,940,769