In an April 9, 2009 article entitled "Stress Test Proves Strength of PH Banks", "Philippine banks are seen to survive a disaster in which the various lenders are forced to write off loans as large as PhP 36 billion without asking shareholders, the central bank, or the national government for bailout money." This assertion stems from a recent stress test conducted by the Bangko Sentral ng Pilipinas (BSP) on all 55 regular and commercial and expanded license banks.
A Real Stress Test?
According to Johnny Noe Ravalo, BSP Managing Director, the balance sheet of Philippine Banks is so strong that they can afford a 20%, 30%, or even a 50% loan write-off and still have the liquidity to survive. He maintained that the "Philippine banks have built a strong reserve of liquid assets over the years when profits were plowed back to the business instead of being distributed as dividends for shareholders who naturally covet them." He declared that "even if the banks were forced today to declare half of the PhP 73.2 billion non-performing loans at end January this year as a total loss, all the banks should still be in operation and none the worse for wear the following day."
In a sense, this is true. NPLs currently comprised PhP 77.655 billion or 10.43% of the Stockholders Equity of the Philippine Commercial Banking System as of March 31, 2012. So, writing off 50% of the NPLs of the Philippine Commercial Banks would reduce their aggregate stockholders equity by a little more than 5%. Naturally, some bank would be more affected than others. The most affected bank is Standard Chartered Bank, a foreign bank whose local subsidiary has little or no capital. In a crisis, it would rely on its "home-host" arrangement wherein the mother ship (the foreign parent) sends more funds and/or capital when local regulators or counterparties require it. The next two banks, Philippine Veterans Bank and Bank of Commerce, are already considered weak (See: "Philippine Commercial Banks Show Further Improvement in the 1st Qtr. of 2012") but a 15% reduction in their stockholders equity would be a major but not necessarily lethal wound. (Weak banks are highlighted in yellow)
| Philippine Commercial Banking System | |||
| NPL as % of SE | |||
| March 31, 2012 | |||
| NPL | SE | NPL/SE | |
| Bank | (In PHP) | (In PHP) | (In %) |
| Standard Chartered Bank | 1,143,617,774.62 | 1,306,230,414.81 | 87.55% |
| Philippine Veterans Bank | 1,778,672,048.33 | 5,261,907,247.41 | 33.80% |
| Bank of Commerce | 6,220,748,917.22 | 19,531,355,463.52 | 31.85% |
| United Coconut Planters Bank | 4,616,649,136.80 | 17,895,564,429.08 | 25.80% |
| Allied Banking Corporation | 3,555,390,024.89 | 18,065,606,042.95 | 19.68% |
| Philippine National Bank | 6,693,723,286.21 | 36,654,293,490.05 | 18.26% |
| HongKong & Shanghai Banking Corporation | 851,487,295.89 | 4,852,503,309.39 | 17.55% |
| East West Banking Corporation | 2,176,706,583.32 | 13,313,574,609.14 | 16.35% |
| Maybank Philippines Inc. | 841,786,418.14 | 5,351,071,269.49 | 15.73% |
| Development Bank of the Philippines | 5,439,228,424.71 | 38,140,888,446.93 | 14.26% |
| Citibank N.A. | 1,073,738,265.84 | 7,798,122,283.60 | 13.77% |
| Banco De Oro Unibank Inc. | 13,360,637,051.26 | 98,807,290,670.51 | 13.52% |
| China Banking Corporation | 4,269,236,686.52 | 36,835,361,632.68 | 11.59% |
| Land Bank of the Philippines | 8,054,725,930.55 | 70,094,481,720.76 | 11.49% |
| Robinsons Bank Corporation | 570,305,290.15 | 5,315,208,370.33 | 10.73% |
| Union Bank of the Philippines | 2,964,664,674.04 | 40,655,375,592.49 | 7.29% |
| Korea Exchange Bank | 34,374,632.02 | 518,588,577.59 | 6.63% |
| Philippine Trust Company | 956,633,100.98 | 15,430,714,876.97 | 6.20% |
| Bank of the Philippine Islands | 5,296,281,760.20 | 88,219,897,458.02 | 6.00% |
| Chinatrust (Philippines) Commercial Banking Corporation | 357,060,889.15 | 6,075,781,712.98 | 5.88% |
| Metropolitan Bank & Trust Company | 4,845,154,297.61 | 105,180,575,473.51 | 4.61% |
| Asia United Bank | 434,043,308.35 | 9,940,242,367.46 | 4.37% |
| Rizal Commercial Banking Corporation | 1,235,495,282.80 | 41,519,821,454.71 | 2.98% |
| Bangkok Bank Public Co. Ltd. | 28,514,155.55 | 1,139,977,349.27 | 2.50% |
| Security Bank Corporation | 725,943,238.00 | 31,432,971,028.36 | 2.31% |
| Bank of China Limited - Manila Branch | 8,660,895.91 | 627,073,822.36 | 1.38% |
| Philippine Bank of Communications | 97,945,495.60 | 7,931,155,088.99 | 1.23% |
| ANZ Banking Group Ltd | 23,339,114.85 | 2,262,570,661.61 | 1.03% |
| The Bank of Tokyo - Mitsubishi UFJ Ltd | 125,938.80 | 722,158,670.65 | 0.02% |
| Internationale Nederlanden Groep Bank | 87.84 | 2,666,677,041.42 | 0.00% |
| Bank of America N.A. | 0.00 | 596,946,705.20 | 0.00% |
| BDO Private Bank, Inc. | 0.00 | 5,129,217,466.83 | 0.00% |
| Deutsche Bank AG | 0.00 | 1,479,134,481.18 | 0.00% |
| JP Morgan Chase Bank National Association | 0.00 | 1,776,225,884.07 | 0.00% |
| Mega International Commercial Bank Co. Ltd | 0.00 | 646,824,154.50 | 0.00% |
| Mizuho Corporate Bank Ltd - Manila Branch | 0.00 | 1,470,853,832.00 | 0.00% |
| Al Amanah Islamic Bank of the Philippines | NA | NA | NA |
| Grand Total | 77,654,890,006.15 | 744,646,243,100.82 | 10.43% |
Source: www.bsp.gov.ph
But are NPLs the right numbers to look at? NPLs are at historic lows and, as a result, make up very little of Stockholders Equity. (See"U/KBs' NPL Ratio at 2.23 Percent" and "The NPL Ratio of the Philippine Commercial Banking System is at Historic Lows"). The reason for this is that the Philippine economy is currently doing well and the Philippine Stock Market is at or near its all time highs.
Classified Loans
Focusing on NPL write-offs is not the answer. In an economic downturn, a loan that is current can very well become past due, and a past due loan can become a non-performing loan, and a non-performing loan can become a write-off. The real number to look at are the loans that the banks and BSP already consider doubtful: Classified Loans.
Investopedia.com defines "Classified Loans" as:
"Any bank loan that is in danger of default. Classified loans have unpaid interest and principal outstanding, and it is unclear whether the bank will be able to recoup the loan proceeds from the borrower. Banks usually categorize such loans as adversely classified assets on their books."
The US Federal Deposit Insurance Corporation (FDIC), similar to our very own Philippine Deposit Insurance Corporation (PDIC), defines Classified Loans as:
"Loans classified Loss are considered uncollectible and of such little value that their continuance as bankable assets is not warranted. This classification does not mean that the loan has absolutely no recovery or salvage value but rather it is not practical or desirable to defer writing off this basically worthless asset even though partial recovery may be effected in the future."
It is not clear as to how the BSP defines Classified Loans but their definition should hew very closely to the FDIC's own definition.
As of March 31, 2012, "Classified Loans and Other Risky Assets" of the Philippine Commercial Banking System amounted to PhP 293.959 billion or almost four times the size of the commercial banking NPLs of PhP 77.654 billion as of the same period. Consequently, any write-offs of classified loans will have almost four times the impact of an NPL write-off.
| Philippine Commercial Banking System | |||
| Classified Loans vs. NPLs | |||
| March 31, 2012 | |||
| Classified Loans | NPLs | Classified Loans/NPLs | |
| Bank | (In PHP) | (In PHP) | (In %) |
| Internationale Nederlanden Groep Bank | 453,928,750.00 | 87.84 | 516767702.64% |
| Bank of China Limited - Manila Branch | 4,315,029,218.84 | 8,660,895.91 | 49821.97% |
| Korea Exchange Bank | 712,093,874.41 | 34,374,632.02 | 2071.57% |
| The Bank of Tokyo - Mitsubishi UFJ Ltd | 2,591,619.65 | 125,938.80 | 2057.84% |
| Security Bank Corporation | 10,587,883,000.00 | 725,943,238.00 | 1458.50% |
| Citibank N.A. | 11,710,138,000.00 | 1,073,738,265.84 | 1090.60% |
| Rizal Commercial Banking Corporation | 13,053,804,738.07 | 1,235,495,282.80 | 1056.56% |
| Philippine Bank of Communications | 946,182,350.55 | 97,945,495.60 | 966.03% |
| Asia United Bank | 3,738,552,378.79 | 434,043,308.35 | 861.33% |
| United Coconut Planters Bank | 31,164,000,000.00 | 4,616,649,136.80 | 675.04% |
| Union Bank of the Philippines | 18,474,997,913.84 | 2,964,664,674.04 | 623.17% |
| Metropolitan Bank & Trust Company | 23,972,968,161.12 | 4,845,154,297.61 | 494.78% |
| Philippine National Bank | 31,763,474,568.47 | 6,693,723,286.21 | 474.53% |
| ANZ Banking Group Ltd | 96,449,188.22 | 23,339,114.85 | 413.25% |
| Philippine Trust Company | 3,929,953,460.82 | 956,633,100.98 | 410.81% |
| Bank of the Philippine Islands | 21,273,873,593.43 | 5,296,281,760.20 | 401.68% |
| Bank of Commerce | 23,738,866,000.00 | 6,220,748,917.22 | 381.61% |
| Philippine Veterans Bank | 6,749,026,000.00 | 1,778,672,048.33 | 379.44% |
| China Banking Corporation | 11,651,793,706.14 | 4,269,236,686.52 | 272.92% |
| Standard Chartered Bank | 2,827,768,388.42 | 1,143,617,774.62 | 247.27% |
| Allied Banking Corporation | 8,160,196,816.62 | 3,555,390,024.89 | 229.52% |
| Land Bank of the Philippines | 18,177,292,868.63 | 8,054,725,930.55 | 225.67% |
| Banco De Oro Unibank Inc. | 28,741,142,295.91 | 13,360,637,051.26 | 215.12% |
| Maybank Philippines Inc. | 1,581,335,067.22 | 841,786,418.14 | 187.85% |
| Development Bank of the Philippines | 9,892,100,314.58 | 5,439,228,424.71 | 181.87% |
| East West Banking Corporation | 3,693,052,000.00 | 2,176,706,583.32 | 169.66% |
| HongKong & Shanghai Banking Corporation | 883,495,099.77 | 851,487,295.89 | 103.76% |
| Robinsons Bank Corporation | 571,583,000.00 | 570,305,290.15 | 100.22% |
| Bangkok Bank Public Co. Ltd. | 28,514,155.55 | 28,514,155.55 | 100.00% |
| Chinatrust (Philippines) Commercial Banking Corporation | 126,415,493.33 | 357,060,889.15 | 35.40% |
| Bank of America N.A. | 6,655,115.17 | 0.00 | NA |
| BDO Private Bank, Inc. | 0.00 | 0.00 | NA |
| Deutsche Bank AG | 444,077,728.69 | 0.00 | NA |
| JP Morgan Chase Bank National Association | 0.00 | 0.00 | NA |
| Mega International Commercial Bank Co. Ltd | 472,228,786.41 | 0.00 | NA |
| Mizuho Corporate Bank Ltd - Manila Branch | 17,226,890.96 | 0.00 | NA |
| Al Amanah Islamic Bank of the Philippines | NA | NA | NA |
| Grand Total | 293,958,690,543.61 | 77,654,890,006.15 | 378.54% |
Source: www.bsp.gov.ph
This level of classified loans should be measured against the bank's "capital cushion" or its ability to absorb losses. Capital Cushion is normally defined as a bank's "Tangible Common Equity" plus its Loan Loss Reserves. Tangible Common Equity (TCE) refers to the subset of shareholders' equity that is not preferred equity and not intangible assets. So it excludes such items as Hybrid equity (like preferred shares) and goodwill.
By this measure, the level of "Classified Loans and other Risky Assets" amounts to 38.37% of the PhP 766.042 billion in Total Capital Cushion of Philippine Commercial Banks as of March 31, 2012.
| Philippine Commercial Banking System | |||
| Classified Loans as % of Total Capital Cushion | |||
| March 31, 2012 | |||
| Classified Loans | Total Capital Cushion | Classified Loans/Total Capital Cushion | |
| Bank | (In PHP) | (In PHP) | (In %) |
| Bank of China Limited - Manila Branch | 4,315,029,218.84 | 663,748,557.62 | 650.10% |
| United Coconut Planters Bank | 31,164,000,000.00 | 9,060,379,410.73 | 343.96% |
| Korea Exchange Bank | 712,093,874.41 | 595,935,938.76 | 119.49% |
| Bank of Commerce | 23,738,866,000.00 | 20,373,765,341.59 | 116.52% |
| Philippine Veterans Bank | 6,749,026,000.00 | 6,300,066,206.28 | 107.13% |
| Standard Chartered Bank | 2,827,768,388.42 | 2,936,275,345.21 | 96.30% |
| Citibank N.A. | 11,710,138,000.00 | 13,006,383,161.93 | 90.03% |
| Philippine National Bank | 31,763,474,568.47 | 41,349,439,614.75 | 76.82% |
| Mega International Commercial Bank Co. Ltd | 472,228,786.41 | 779,516,337.45 | 60.58% |
| Union Bank of the Philippines | 18,474,997,913.84 | 45,650,885,590.92 | 40.47% |
| Allied Banking Corporation | 8,160,196,816.62 | 20,296,906,255.80 | 40.20% |
| Asia United Bank | 3,738,552,378.79 | 10,511,663,015.14 | 35.57% |
| Rizal Commercial Banking Corporation | 13,053,804,738.07 | 38,273,962,830.12 | 34.11% |
| Land Bank of the Philippines | 18,177,292,868.63 | 55,001,642,722.05 | 33.05% |
| Security Bank Corporation | 10,587,883,000.00 | 32,777,702,285.12 | 32.30% |
| Deutsche Bank AG | 444,077,728.69 | 1,464,033,068.01 | 30.33% |
| China Banking Corporation | 11,651,793,706.14 | 41,575,673,227.32 | 28.03% |
| Development Bank of the Philippines | 9,892,100,314.58 | 36,008,144,271.63 | 27.47% |
| Metropolitan Bank & Trust Company | 23,972,968,161.12 | 99,222,043,905.63 | 24.16% |
| East West Banking Corporation | 3,693,052,000.00 | 15,395,752,915.64 | 23.99% |
| Banco De Oro Unibank Inc. | 28,741,142,295.91 | 119,983,815,083.47 | 23.95% |
| Philippine Trust Company | 3,929,953,460.82 | 16,523,217,254.71 | 23.78% |
| Bank of the Philippine Islands | 21,273,873,593.43 | 92,180,981,372.08 | 23.08% |
| Maybank Philippines Inc. | 1,581,335,067.22 | 7,239,824,313.81 | 21.84% |
| Philippine Bank of Communications | 946,182,350.55 | 5,411,642,825.75 | 17.48% |
| Internationale Nederlanden Groep Bank | 453,928,750.00 | 2,647,280,603.37 | 17.15% |
| HongKong & Shanghai Banking Corporation | 883,495,099.77 | 5,411,909,952.04 | 16.33% |
| Robinsons Bank Corporation | 571,583,000.00 | 5,584,142,208.47 | 10.24% |
| ANZ Banking Group Ltd | 96,449,188.22 | 2,494,420,532.05 | 3.87% |
| Bangkok Bank Public Co. Ltd. | 28,514,155.55 | 1,200,501,701.00 | 2.38% |
| Chinatrust (Philippines) Commercial Banking Corporation | 126,415,493.33 | 6,346,182,232.09 | 1.99% |
| Bank of America N.A. | 6,655,115.17 | 602,446,709.20 | 1.10% |
| Mizuho Corporate Bank Ltd - Manila Branch | 17,226,890.96 | 1,609,503,869.46 | 1.07% |
| The Bank of Tokyo - Mitsubishi UFJ Ltd | 2,591,619.65 | 1,075,343,701.11 | 0.24% |
| BDO Private Bank, Inc. | 0.00 | 5,084,420,800.74 | 0.00% |
| JP Morgan Chase Bank National Association | 0.00 | 1,402,016,000.00 | 0.00% |
| Al Amanah Islamic Bank of the Philippines | NA | NA | NA |
| Grand Total | 293,958,690,543.61 | 766,041,569,161.05 | 38.37% |
Source: www.bsp.gov.ph
Stress Test Scenarios
Aggregate
So how will a 10%, 20%, 30%, 40%, and even 50% write-off of Classified Loans affect the Total Capital Cushion of the Philippine Commercial Banking System?
In the aggregate, if classified loans amount to 38.37% of the commercial banking system's total capital cushion, then it follows that a 10% write-off of classified loans will reduce the total capital by 3.84% and a 50% write-off of classified loans will reduce the commercial banking system's total capital cushion by 19.20%.
Individual Banks
Under this scenario, a 10% and 20% write-off of classified loans could totally wipe out the total capital cushion of two banks:
Aggregate
So how will a 10%, 20%, 30%, 40%, and even 50% write-off of Classified Loans affect the Total Capital Cushion of the Philippine Commercial Banking System?
In the aggregate, if classified loans amount to 38.37% of the commercial banking system's total capital cushion, then it follows that a 10% write-off of classified loans will reduce the total capital by 3.84% and a 50% write-off of classified loans will reduce the commercial banking system's total capital cushion by 19.20%.
Individual Banks
Under this scenario, a 10% and 20% write-off of classified loans could totally wipe out the total capital cushion of two banks:
- Bank of China Limited - Manila Branch (65.01% to 325.05% reduction in Total Capital Cushion)
- United Coconut Planters Bank (34.40% to 171.98% reduction in Total Capital Cushion)
- Korea Exchange Bank (35.85% reduction in Total Capital Cushion)
- Bank of Commerce (34.96% reduction in Total Capital Cushion)
- Philippine Veterans Bank (32.14% reduction in Total Capital Cushion)
A 40% and 50% write-off of Classified Loans will severely affect four more banks:
- Standard Chartered Bank (38.52% to 48.15% reduction in Total Capital Cushion)
- Citibank N.A. (36.01% to 45.02% reduction in Total Capital Cushion)
- Philippine National Bank (30.41% to 38.41% reduction in Total Capital Cushion)
- Mega International Commercial Bank Co Ltd (30.29% reduction in Total Capital Cushion)
Please bear in mind that a number of these banks are already very weak and are in distress. See a previous blog post "Philippine Commercial Banks Show Further Improvement in the 1st Qtr. of 2012". Moreover, their capital can be overstated. See a previous blog post "Can Philippine Commercial Banks Charge their Unbooked Losses Against Retained Earnings?". As such, any reduction in their capital cushion could knock down an already weak bank.
| Philippine Commercial Banking System | |||||||
| Classified Loans as % of Total Capital Cushion | |||||||
| December 31, 2011 | |||||||
| Classified Loans | Total Capital Cushion | Impact of 10% Loss on Total Capital Cushion | Impact of 20% Loss on Total Capital Cushion | Impact of 30% Loss on Total Capital Cushion | Impact of 40% Loss on Total Capital Cushion | Impact of 50% Loss on Total Capital Cushion | |
| Bank | (In PHP) | (In PHP) | (In %) | (In %) | (In %) | (In %) | (In %) |
| Bank of China Limited - Manila Branch | 4,315,029,218.84 | 663,748,557.62 | 65.01% | 130.02% | 195.03% | 260.04% | 325.05% |
| United Coconut Planters Bank | 31,164,000,000.00 | 9,060,379,410.73 | 34.40% | 68.79% | 103.19% | 137.58% | 171.98% |
| Korea Exchange Bank | 712,093,874.41 | 595,935,938.76 | 11.95% | 23.90% | 35.85% | 47.80% | 59.75% |
| Bank of Commerce | 23,738,866,000.00 | 20,373,765,341.59 | 11.65% | 23.30% | 34.96% | 46.61% | 58.26% |
| Philippine Veterans Bank | 6,749,026,000.00 | 6,300,066,206.28 | 10.71% | 21.43% | 32.14% | 42.85% | 53.56% |
| Standard Chartered Bank | 2,827,768,388.42 | 2,936,275,345.21 | 9.63% | 19.26% | 28.89% | 38.52% | 48.15% |
| Citibank N.A. | 11,710,138,000.00 | 13,006,383,161.93 | 9.00% | 18.01% | 27.01% | 36.01% | 45.02% |
| Philippine National Bank | 31,763,474,568.47 | 41,349,439,614.75 | 7.68% | 15.36% | 23.05% | 30.73% | 38.41% |
| Mega International Commercial Bank Co. Ltd | 472,228,786.41 | 779,516,337.45 | 6.06% | 12.12% | 18.17% | 24.23% | 30.29% |
| Union Bank of the Philippines | 18,474,997,913.84 | 45,650,885,590.92 | 4.05% | 8.09% | 12.14% | 16.19% | 20.24% |
| Allied Banking Corporation | 8,160,196,816.62 | 20,296,906,255.80 | 4.02% | 8.04% | 12.06% | 16.08% | 20.10% |
| Asia United Bank | 3,738,552,378.79 | 10,511,663,015.14 | 3.56% | 7.11% | 10.67% | 14.23% | 17.78% |
| Rizal Commercial Banking Corporation | 13,053,804,738.07 | 38,273,962,830.12 | 3.41% | 6.82% | 10.23% | 13.64% | 17.05% |
| Land Bank of the Philippines | 18,177,292,868.63 | 55,001,642,722.05 | 3.30% | 6.61% | 9.91% | 13.22% | 16.52% |
| Security Bank Corporation | 10,587,883,000.00 | 32,777,702,285.12 | 3.23% | 6.46% | 9.69% | 12.92% | 16.15% |
| Deutsche Bank AG | 444,077,728.69 | 1,464,033,068.01 | 3.03% | 6.07% | 9.10% | 12.13% | 15.17% |
| China Banking Corporation | 11,651,793,706.14 | 41,575,673,227.32 | 2.80% | 5.61% | 8.41% | 11.21% | 14.01% |
| Development Bank of the Philippines | 9,892,100,314.58 | 36,008,144,271.63 | 2.75% | 5.49% | 8.24% | 10.99% | 13.74% |
| Metropolitan Bank & Trust Company | 23,972,968,161.12 | 99,222,043,905.63 | 2.42% | 4.83% | 7.25% | 9.66% | 12.08% |
| East West Banking Corporation | 3,693,052,000.00 | 15,395,752,915.64 | 2.40% | 4.80% | 7.20% | 9.59% | 11.99% |
| Banco De Oro Unibank Inc. | 28,741,142,295.91 | 119,983,815,083.47 | 2.40% | 4.79% | 7.19% | 9.58% | 11.98% |
| Philippine Trust Company | 3,929,953,460.82 | 16,523,217,254.71 | 2.38% | 4.76% | 7.14% | 9.51% | 11.89% |
| Bank of the Philippine Islands | 21,273,873,593.43 | 92,180,981,372.08 | 2.31% | 4.62% | 6.92% | 9.23% | 11.54% |
| Maybank Philippines Inc. | 1,581,335,067.22 | 7,239,824,313.81 | 2.18% | 4.37% | 6.55% | 8.74% | 10.92% |
| Philippine Bank of Communications | 946,182,350.55 | 5,411,642,825.75 | 1.75% | 3.50% | 5.25% | 6.99% | 8.74% |
| Internationale Nederlanden Groep Bank | 453,928,750.00 | 2,647,280,603.37 | 1.71% | 3.43% | 5.14% | 6.86% | 8.57% |
| HongKong & Shanghai Banking Corporation | 883,495,099.77 | 5,411,909,952.04 | 1.63% | 3.27% | 4.90% | 6.53% | 8.16% |
| Robinsons Bank Corporation | 571,583,000.00 | 5,584,142,208.47 | 1.02% | 2.05% | 3.07% | 4.09% | 5.12% |
| ANZ Banking Group Ltd | 96,449,188.22 | 2,494,420,532.05 | 0.39% | 0.77% | 1.16% | 1.55% | 1.93% |
| Bangkok Bank Public Co. Ltd. | 28,514,155.55 | 1,200,501,701.00 | 0.24% | 0.48% | 0.71% | 0.95% | 1.19% |
| Chinatrust (Philippines) Commercial Banking Corporation | 126,415,493.33 | 6,346,182,232.09 | 0.20% | 0.40% | 0.60% | 0.80% | 1.00% |
| Bank of America N.A. | 6,655,115.17 | 602,446,709.20 | 0.11% | 0.22% | 0.33% | 0.44% | 0.55% |
| Mizuho Corporate Bank Ltd - Manila Branch | 17,226,890.96 | 1,609,503,869.46 | 0.11% | 0.21% | 0.32% | 0.43% | 0.54% |
| The Bank of Tokyo - Mitsubishi UFJ Ltd | 2,591,619.65 | 1,075,343,701.11 | 0.02% | 0.05% | 0.07% | 0.10% | 0.12% |
| BDO Private Bank, Inc. | 0.00 | 5,084,420,800.74 | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| JP Morgan Chase Bank National Association | 0.00 | 1,402,016,000.00 | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Al Amanah Islamic Bank of the Philippines | NA | NA | NA | NA | NA | NA | NA |
| Grand Total | 293,958,690,543.61 | 766,041,569,161.05 | 3.84% | 7.67% | 11.51% | 15.35% | 19.19% |
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