The NPL Ratio of the Philippine Commercial Banking System is at Historic Lows

DOSRI.  Short for DOSRI Loans and Transactions.  Otherwise known as loans to Directors, Officers, Stockholders, and Related Interests (DOSRI).  Regulators and Legislators have established laws and regulations that limit DOSRI loans.  The General Banking Act and BSP regulations limit the amount of the loans granted by a bank to a single borrower to 25% of equity.  The amount of individual loans to DOSRI, of which 70% must be secured, should not exceed the amount of the deposit and book value of the investment in the bank.  In the aggregate, loans to DOSRI generally should not exceed the total equity or 15% of the total loan portfolio of the bank, whichever is lower.

In the Philippine Commercial Banking Industry, DOSRI Loans stood at PHP 204.49 billion, or 6.53% of a Total Loan Portfolio - Net (TLP-Net) of PHP 3.131 trillion as of December 31, 2011.  DOSRI Loans grew by 16.30% over the 3rd Qtr. 2011 while TLP-Net grew by 6.93% during the same period.

Editor's Note: Data is culled from  the Published Statements of Condition of individual commercial banks found in www.bsp.gov.ph.  Banks highlighted in yellow are classified as Distressed Banks.  The level of distressed is measured by the Ratio of their Total Distressed Assets/Total Capital Cushion as of December 31, 2011.  See a previous blog post: "Philippine Commercial Banks Show Improvement at Year End 2011". 

Philippine Commercial Banking System
DOSRI as % of TLP-Net
December 31, 2011
	DOSRI	TLP-Net	DOSRI/TLP-Net
Bank	(In PHP)	(In PHP)	(In %)
Development Bank of the Philippines	42,477,927,549.35	132,924,799,013.68	31.96%
Land Bank of the Philippines	71,626,562,566.45	300,643,918,480.13	23.82%
Banco De Oro Unibank Inc.	42,614,458,932.05	634,296,702,152.61	6.72%
China Banking Corporation	8,113,406,125.15	140,197,726,550.80	5.79%
Metropolitan Bank & Trust Company	14,378,200,611.04	341,983,992,407.09	4.20%
Allied Banking Corporation	3,640,303,500.75	87,000,837,147.32	4.18%
East West Banking Corporation	2,102,773,660.93	54,703,810,575.59	3.84%
Robinsons Bank Corporation	572,909,968.16	14,988,583,768.45	3.82%
Philippine National Bank	4,916,440,590.47	139,158,182,054.34	3.53%
Rizal Commercial Banking Corporation	4,446,103,891.88	148,300,326,439.72	3.00%
Bank of Commerce	1,107,804,882.12	44,572,808,933.17	2.49%
Maybank Philippines Inc.	565,636,755.66	23,945,484,031.46	2.36%
HongKong & Shanghai Banking Corporation	562,112,519.11	37,370,622,810.02	1.50%
Bank of the Philippine Islands	5,012,541,039.00	357,750,655,079.55	1.40%
Asia United Bank	320,810,698.10	24,827,831,072.75	1.29%
JP Morgan Chase Bank National Association	55,313,451.79	7,090,209,344.09	0.78%
Union Bank of the Philippines	652,122,649.47	114,762,400,959.40	0.57%
United Coconut Planters Bank	287,057,609.11	53,842,165,051.59	0.53%
Bank of America N.A.	30,109,452.26	5,853,519,369.95	0.51%
Citibank N.A.	648,316,206.77	141,195,699,222.51	0.46%
Standard Chartered Bank	72,934,274.43	26,752,230,377.68	0.27%
Philippine Bank of Communications	22,818,699.16	9,488,339,983.71	0.24%
Philippine Veterans Bank	60,085,117.93	25,909,656,718.91	0.23%
ANZ Banking Group Ltd	36,295,755.68	25,228,284,536.71	0.14%
Security Bank Corporation	130,998,085.88	91,289,083,326.82	0.14%
Chinatrust (Philippines) Commercial Banking Corporation	18,053,430.50	15,482,900,852.36	0.12%
The Bank of Tokyo - Mitsubishi UFJ Ltd	12,472,202.96	20,687,909,714.70	0.06%
Korea Exchange Bank	442,400.00	5,169,541,604.96	0.01%
Al Amanah Islamic Bank of the Philippines	0.00	246,949,754.15	0.00%
BDO Private Bank, Inc.	0.00	6,460,696,847.28	0.00%
Internationale Nederlanden Groep Bank	0.00	12,717,598,544.51	0.00%
Philippine Trust Company	0.00	28,431,673,638.87	0.00%
Bangkok Bank Public Co. Ltd.	0.00	2,931,808,390.89	0.00%
Bank of China Limited - Manila Branch	0.00	4,047,977,415.34	0.00%
Deutsche Bank AG	0.00	16,165,266,190.28	0.00%
Mega International Commercial Bank Co. Ltd	0.00	6,398,897,229.04	0.00%
Mizuho Corporate Bank Ltd - Manila Branch	0.00	28,117,766,542.46	0.00%
Grand Total	204,485,012,626.16	3,130,936,856,132.89	6.53%

Source: www.bsp.gov.ph

Of the 37 banks in this list, nine banks had no DOSRI loans as of December 31, 2011.  Of the 28 banks that reported DOSRI loans, the ratio of DOSRI Loans to Total Loan Portfolio - Net was slightly higher (6.76%) than the 6.53% ratio reported for all commercial banks as of December 31, 2011.  The banks with the highest ratio of DOSRI Loans to TLP-Net were government banks:

1. Development Bank of the Philippines (31.96% of TLP-Net)
2. Land Bank of the Philippines (23.82% of TLP-Net)

DOSRI rules indicate that DOSRI Loans, in the aggregate, should not exceed the total equity of the bank.  Therefore banks with significantly high DOSRI Loans as a percentage of Total Stockholders Equity (SE) may be approaching DOSRI Limits.  In this matter, two government banks again stand out:

1. Development Bank of the Philippines (101.79% of SE)
2. Land Bank of the Philippines (100.02% of SE)

A third bank, Banco de Oro Unibank has DOSRI Loans equivalent to 44.54% of SE as of December 31, 2011, up from 35.02% as of September 30, 2011.  On an overall basis, DOSRI Loans comprised 27.77% of Stockholders Equity as of December 31, 2011, up slightly from 25.58% as of September 30, 2011.

Philippine Commercial Banking System
DOSRI as % of Stockholders Equity
December 31, 2011
	DOSRI	SE	DOSRI/SE
Bank	(In PHP)	(In PHP)	(In %)
Development Bank of the Philippines	42,477,927,549.35	41,730,949,783.88	101.79%
Land Bank of the Philippines	71,626,562,566.45	71,614,261,581.45	100.02%
Banco De Oro Unibank Inc.	42,614,458,932.05	95,676,345,970.69	44.54%
China Banking Corporation	8,113,406,125.15	35,918,017,352.58	22.59%
Allied Banking Corporation	3,640,303,500.75	17,967,352,274.08	20.26%
East West Banking Corporation	2,102,773,660.93	10,917,559,972.25	19.26%
Metropolitan Bank & Trust Company	14,378,200,611.04	104,631,925,155.96	13.74%
Philippine National Bank	4,916,440,590.47	36,201,856,906.15	13.58%
Rizal Commercial Banking Corporation	4,446,103,891.88	39,700,472,551.33	11.20%
Maybank Philippines Inc.	565,636,755.66	5,157,316,608.84	10.97%
Robinsons Bank Corporation	572,909,968.16	5,327,219,673.85	10.75%
HongKong & Shanghai Banking Corporation	562,112,519.11	5,832,718,641.11	9.64%
Citibank N.A.	648,316,206.77	7,996,168,491.50	8.11%
Bank of the Philippine Islands	5,012,541,039.00	84,874,177,942.64	5.91%
Bank of Commerce	1,107,804,882.12	19,441,545,398.92	5.70%
Bank of America N.A.	30,109,452.26	596,946,705.20	5.04%
Standard Chartered Bank	72,934,274.43	1,856,348,170.44	3.93%
Asia United Bank	320,810,698.10	9,095,224,451.73	3.53%
JP Morgan Chase Bank National Association	55,313,451.79	1,571,581,685.25	3.52%
United Coconut Planters Bank	287,057,609.11	17,121,309,535.04	1.68%
Union Bank of the Philippines	652,122,649.47	39,452,815,431.78	1.65%
ANZ Banking Group Ltd	36,295,755.68	2,305,439,007.97	1.57%
The Bank of Tokyo - Mitsubishi UFJ Ltd	12,472,202.96	862,316,642.64	1.45%
Philippine Veterans Bank	60,085,117.93	5,507,366,299.05	1.09%
Security Bank Corporation	130,998,085.88	30,393,353,641.87	0.43%
Philippine Bank of Communications	22,818,699.16	6,784,694,870.58	0.34%
Chinatrust (Philippines) Commercial Banking Corporation	18,053,430.50	5,987,360,440.47	0.30%
Korea Exchange Bank	442,400.00	689,757,756.03	0.06%
Al Amanah Islamic Bank of the Philippines	0.00	490,480,453.71	0.00%
BDO Private Bank, Inc.	0.00	5,016,379,598.09	0.00%
Internationale Nederlanden Groep Bank	0.00	5,416,669,935.75	0.00%
Philippine Trust Company	0.00	15,005,575,111.71	0.00%
Bangkok Bank Public Co. Ltd.	0.00	311,778,104.96	0.00%
Bank of China Limited - Manila Branch	0.00	590,421,824.93	0.00%
Deutsche Bank AG	0.00	2,469,949,664.27	0.00%
Mega International Commercial Bank Co. Ltd	0.00	462,656,366.02	0.00%
Mizuho Corporate Bank Ltd - Manila Branch	0.00	1,391,811,359.74	0.00%
Grand Total	204,485,012,626.16	736,368,125,362.46	27.77%

Source: www.bsp.gov.ph

Banks often take pains to avoid DOSRI Loans from falling past due. Although bank policies often state that DOSRI Loans are made “on commercial, arm's length terms, i.e., substantially on the same terms as loans to other individuals and businesses of comparable risks” (See RCBC's Consolidated Financial Statements as of December 31, 2010), loan underwriting standards should be tighter because a past due DOSRI loan reflects badly on the bank.    DOSRI Loans that fall past due are often:

1. Written off as soon as possible;
2. Refinanced or Restructured to become current; or are
3. Technically reclassified as a general NPL (like if a loan to a former bank officer falls past due). 

As a result, only PHP 1.19 billion of DOSRI Loans or 0.77% are past due out of a Total DOSRI Loan Portfolio of PHP 204.49 billion as of December 31, 2011, up slightly from 0.68% as of September 30, 2011.

Philippine Commercial Banking System
DOSRI Past Due as % of DOSRI
December 31, 2011
	DOSRI Past Due	DOSRI	DOSRI Past Due/DOSRI
Bank	(In PHP)	(In PHP)	(In %)
Bank of America N.A.	344,772,290.89	30,109,452.26	1145.06%
Robinsons Bank Corporation	681,980,561.46	572,909,968.16	119.04%
Rizal Commercial Banking Corporation	525,703,355.74	4,446,103,891.88	11.82%
Philippine Veterans Bank	2,139,543.91	60,085,117.93	3.56%
Philippine Bank of Communications	581,949.69	22,818,699.16	2.55%
Asia United Bank	5,279,284.22	320,810,698.10	1.65%
United Coconut Planters Bank	3,545,256.60	287,057,609.11	1.24%
Chinatrust (Philippines) Commercial Banking Corporation	56,566.43	18,053,430.50	0.31%
Bank of the Philippine Islands	1,713,325.32	5,012,541,039.00	0.03%
Citibank N.A.	50,707.18	648,316,206.77	0.01%
China Banking Corporation	12,171.21	8,113,406,125.15	0.00%
Allied Banking Corporation	0.00	3,640,303,500.75	0.00%
ANZ Banking Group Ltd	0.00	36,295,755.68	0.00%
Banco De Oro Unibank Inc.	0.00	42,614,458,932.05	0.00%
Bank of Commerce	0.00	1,107,804,882.12	0.00%
Development Bank of the Philippines	0.00	42,477,927,549.35	0.00%
East West Banking Corporation	0.00	2,102,773,660.93	0.00%
HongKong & Shanghai Banking Corporation	0.00	562,112,519.11	0.00%
JP Morgan Chase Bank National Association	0.00	55,313,451.79	0.00%
Korea Exchange Bank	0.00	442,400.00	0.00%
Land Bank of the Philippines	0.00	71,626,562,566.45	0.00%
Maybank Philippines Inc.	0.00	565,636,755.66	0.00%
Metropolitan Bank & Trust Company	0.00	14,378,200,611.04	0.00%
Philippine National Bank	0.00	4,916,440,590.47	0.00%
Security Bank Corporation	0.00	130,998,085.88	0.00%
Standard Chartered Bank	0.00	72,934,274.43	0.00%
The Bank of Tokyo - Mitsubishi UFJ Ltd	0.00	12,472,202.96	0.00%
Union Bank of the Philippines	0.00	652,122,649.47	0.00%
Al Amanah Islamic Bank of the Philippines	0.00	0.00	NA
Bangkok Bank Public Co. Ltd.	0.00	0.00	NA
Bank of China Limited - Manila Branch	0.00	0.00	NA
BDO Private Bank, Inc.	0.00	0.00	NA
Deutsche Bank AG	0.00	0.00	NA
Internationale Nederlanden Groep Bank	0.00	0.00	NA
Mega International Commercial Bank Co. Ltd	0.00	0.00	NA
Mizuho Corporate Bank Ltd - Manila Branch	0.00	0.00	NA
Philippine Trust Company	0.00	0.00	NA
Grand Total	1,565,835,012.65	204,485,012,626.16	0.77%

Source: www.bsp.gov.ph

Given all the measures banks can take to prevent a DOSRI Loan from falling past due, it is not surprising to find past due rates of DOSRI Loans significantly below the NPL ratios of their Total Loan Portfolios.  What is generally surprising is to find DOSRI Loans that fall past due in significantly higher proportions than the banks NPL ratio on their Total Loan Portfolios.  Only three banks fall into this category:

1. Bank of America N.A. (DOSRI Past Due Ratio of 1145.06% versus an NPL Ratio of 0.00%)
2. Robinsons Bank Corporation (DOSRI Past Due Ratio of 119.04% versus an NPL Ratio of 2.82%)
3. Rizal Commercial Banking Corporation (DOSRI Past Due Ratio of 11.82% versus an NPL Ratio of 0.88%)

Robinsons Bank Corporation's (Robinsons Bank) case is particularly telling.  Robinsons Bank's Published Statement of Condition on www.bsp.gov.ph indicated that 4.55% of its Total Loan Portfolio consists of past due DOSRI Loans.  On a Total Loan Portfolio - Net of PHP 14.989 billion, this indicates that its past due DOSRI Loans amounts to PHP 681.98 million, or 19% higher than its reported DOSRI Loans of PHP 572.9 billion.  It is not clear why this is so.  But this could indicate further trouble at the bank and/or one of the related interests companies.  In this case, most likely one of the Gokongwei family's many business interests. Disclosures on these DOSRI Loans are very limited.  As such, it is difficult to determine whether further deterioration in the DOSRI Loans may happen.  See a previous blog post "Sunlight is the Best Disinfectant to Purge the Rot in the Philippine Banking System" for more details.

Robinsons Bank tried to disguise the fact that all its DOSRI Loans fell past due by not reporting the absolute amount of past due DOSRI Loans, as is standard practice by other banks.  Instead, they skipped that line and went on to report the ratio of past due DOSRI Loans to its Total Loan Portfolio, which was  4.55% as of December 31, 2011, up from 3.72% as of September 31, 2011.  See: http://www.bsp.gov.ph/banking/psoc/by_banks/ROBINSONS%20BANK.htm.  At first glance, the 4.55% figure looked low.  But considering that around 2.82% of Robinsons Bank's Total Loan Portfolio is DOSRI, approximately 119.04% of Robinsons Banking Corporation's DOSRI Loans fell past due.

The bank with the second highest ratio of past due DOSRI Loans, Rizal Commercial Banking Corporation (RCBC), in contrast to Robinsons Bank, reported the absolute amount of past due DOSRI Loans as PHP 681.98 million, which is consistent with the way other Philippine banks have generally reported the level of their past due DOSRI Loans. See: http://www.bsp.gov.ph/banking/psoc/by_banks/R%20C%20B%20C%20.htm

The same is true for Bank of America, N.A. (Bank of America).  Bank of America's Published Statement of Condition on www.bsp.gov.ph indicated that 5.89% of its Total Loan Portfolio consisted of past due DOSRI Loans as of December 31, 2011.  This would amount to PHP 344.77 million whereas their reported DOSRI Loans amount to only PHP 30.11 million as of December 31, 2011.  Therefore, their past due DOSRI Loans are 11.45 times their reported DOSRI Loans.  This may be an error in the Published Statement of Condition because their previous Published Statement of Condition showed no DOSRI Loans.

The NPL Ratio of the Philippine Commercial Banking System is at historic lows: 2.40% as of December 31, 2011 vs. 2.67% as of September 30, 2011.

Philippine Commercial Banking System
NPL as % of TLP-Net
December 31, 2011
	NPL	TLP-Net	NPL/TLP
Bank	(In PHP)	(In PHP)	(In %)
Bank of Commerce	4,880,481,979.54	44,572,808,933.17	10.95%
United Coconut Planters Bank	4,519,229,380.27	53,842,165,051.59	8.39%
Philippine Veterans Bank	1,543,486,223.32	25,909,656,718.91	5.96%
East West Banking Corporation	3,169,247,787.93	54,703,810,575.59	5.79%
Philippine Bank of Communications	486,698,238.33	9,488,339,983.71	5.13%
Philippine National Bank	6,845,142,241.65	139,158,182,054.34	4.92%
Standard Chartered Bank	1,143,810,934.02	26,752,230,377.68	4.28%
Allied Banking Corporation	3,628,577,654.77	87,000,837,147.32	4.17%
Development Bank of the Philippines	4,665,876,965.78	132,924,799,013.68	3.51%
Philippine Trust Company	952,982,284.11	28,431,673,638.87	3.35%
China Banking Corporation	4,393,439,631.19	140,197,726,550.80	3.13%
Robinsons Bank Corporation	422,610,253.88	14,988,583,768.45	2.82%
Maybank Philippines Inc.	642,905,462.12	23,945,484,031.46	2.68%
HongKong & Shanghai Banking Corporation	966,921,843.27	37,370,622,810.02	2.59%
Union Bank of the Philippines	2,771,050,598.57	114,762,400,959.40	2.41%
Chinatrust (Philippines) Commercial Banking Corporation	350,699,426.12	15,482,900,852.36	2.27%
Land Bank of the Philippines	6,388,751,649.73	300,643,918,480.13	2.13%
Banco De Oro Unibank Inc.	13,070,219,238.94	634,296,702,152.61	2.06%
Asia United Bank	403,752,865.13	24,827,831,072.75	1.63%
Metropolitan Bank & Trust Company	5,129,752,265.03	341,983,992,407.09	1.50%
Bank of the Philippine Islands	5,348,790,148.15	357,750,655,079.55	1.50%
Bangkok Bank Public Co. Ltd.	36,128,448.62	2,931,808,390.89	1.23%
Citibank N.A.	1,346,895,882.39	141,195,699,222.51	0.95%
Rizal Commercial Banking Corporation	1,301,588,159.50	148,300,326,439.72	0.88%
Security Bank Corporation	795,091,934.37	91,289,083,326.82	0.87%
Korea Exchange Bank	34,580,218.81	5,169,541,604.96	0.67%
Al Amanah Islamic Bank of the Philippines	1,232,146.27	246,949,754.15	0.50%
Bank of China Limited - Manila Branch	8,660,895.91	4,047,977,415.34	0.21%
ANZ Banking Group Ltd	23,339,114.85	25,228,284,536.71	0.09%
The Bank of Tokyo - Mitsubishi UFJ Ltd	125,938.80	20,687,909,714.70	0.00%
Internationale Nederlanden Groep Bank	89.68	12,717,598,544.51	0.00%
BDO Private Bank, Inc.	0.00	6,460,696,847.28	0.00%
Bank of America N.A.	0.00	5,853,519,369.95	0.00%
Deutsche Bank AG	0.00	16,165,266,190.28	0.00%
JP Morgan Chase Bank National Association	0.00	7,090,209,344.09	0.00%
Mega International Commercial Bank Co. Ltd	0.00	6,398,897,229.04	0.00%
Mizuho Corporate Bank Ltd - Manila Branch	0.00	28,117,766,542.46	0.00%
Grand Total	75,272,069,901.05	3,130,936,856,132.89	2.40%

Source: www.bsp.gov.ph

However, quite a few banks have significantly high NPLs as a percentage of their stockholders equity as of December 31, 2011.  These are as follows:

1. Standard Chartered Bank (NPL/SE Ratio of 61.62%)
2. East West Banking Corporation (NPL/SE Ratio of 29.03%)
3. Philippine Veterans Bank (NPL/SE Ratio of 28.03%)
4. United Coconut Planters Bank (NPL/SE Ratio of 26.40%)
5. Bank of Commerce (NPL/SE Ratio of 25.10%)

Again, any further deterioration in the value of these banks NPLs may lead to a significant reduction of the bank's capital, particularly if the bank has not adequately reserved capital for future losses on these NPLs.  But of the five banks listed above, three banks are listed as distressed:

1. Philippine Veterans Bank
2. United Coconut Planters Bank
3. Bank of Commerce

See a previous blog post: "Philippine Commercial Banks Show Improvement at Year End 2011". 

Philippine Commercial Banking System
NPL as % of SE
December 31, 2011
	NPL	SE	NPL/SE
Bank	(In PHP)	(In PHP)	(In %)
Standard Chartered Bank	1,143,810,934.02	1,856,348,170.44	61.62%
East West Banking Corporation	3,169,247,787.93	10,917,559,972.25	29.03%
Philippine Veterans Bank	1,543,486,223.32	5,507,366,299.05	28.03%
United Coconut Planters Bank	4,519,229,380.27	17,121,309,535.04	26.40%
Bank of Commerce	4,880,481,979.54	19,441,545,398.92	25.10%
Allied Banking Corporation	3,628,577,654.77	17,967,352,274.08	20.20%
Philippine National Bank	6,845,142,241.65	36,201,856,906.15	18.91%
Citibank N.A.	1,346,895,882.39	7,996,168,491.50	16.84%
HongKong & Shanghai Banking Corporation	966,921,843.27	5,832,718,641.11	16.58%
Banco De Oro Unibank Inc.	13,070,219,238.94	95,676,345,970.69	13.66%
Maybank Philippines Inc.	642,905,462.12	5,157,316,608.84	12.47%
China Banking Corporation	4,393,439,631.19	35,918,017,352.58	12.23%
Bangkok Bank Public Co. Ltd.	36,128,448.62	311,778,104.96	11.59%
Development Bank of the Philippines	4,665,876,965.78	41,730,949,783.88	11.18%
Land Bank of the Philippines	6,388,751,649.73	71,614,261,581.45	8.92%
Robinsons Bank Corporation	422,610,253.88	5,327,219,673.85	7.93%
Philippine Bank of Communications	486,698,238.33	6,784,694,870.58	7.17%
Union Bank of the Philippines	2,771,050,598.57	39,452,815,431.78	7.02%
Philippine Trust Company	952,982,284.11	15,005,575,111.71	6.35%
Bank of the Philippine Islands	5,348,790,148.15	84,874,177,942.64	6.30%
Chinatrust (Philippines) Commercial Banking Corporation	350,699,426.12	5,987,360,440.47	5.86%
Korea Exchange Bank	34,580,218.81	689,757,756.03	5.01%
Metropolitan Bank & Trust Company	5,129,752,265.03	104,631,925,155.96	4.90%
Asia United Bank	403,752,865.13	9,095,224,451.73	4.44%
Rizal Commercial Banking Corporation	1,301,588,159.50	39,700,472,551.33	3.28%
Security Bank Corporation	795,091,934.37	30,393,353,641.87	2.62%
Bank of China Limited - Manila Branch	8,660,895.91	590,421,824.93	1.47%
ANZ Banking Group Ltd	23,339,114.85	2,305,439,007.97	1.01%
Al Amanah Islamic Bank of the Philippines	1,232,146.27	490,480,453.71	0.25%
The Bank of Tokyo - Mitsubishi UFJ Ltd	125,938.80	862,316,642.64	0.01%
Internationale Nederlanden Groep Bank	89.68	5,416,669,935.75	0.00%
BDO Private Bank, Inc.	0.00	5,016,379,598.09	0.00%
Bank of America N.A.	0.00	596,946,705.20	0.00%
Deutsche Bank AG	0.00	2,469,949,664.27	0.00%
JP Morgan Chase Bank National Association	0.00	1,571,581,685.25	0.00%
Mega International Commercial Bank Co. Ltd	0.00	462,656,366.02	0.00%
Mizuho Corporate Bank Ltd - Manila Branch	0.00	1,391,811,359.74	0.00%
Grand Total	75,272,069,901.05	736,368,125,362.46	10.22%

Source: www.bsp.gov.ph