Overstated Capital of Philippine Banks as of March 31, 2018

On July 25, 2012, the Bangko Sentral ng Pilipinas (BSP) encouraged banks that continue to reflect unbooked losses or "deferred charges" on their balance sheets to charge those losses against retained earnings.  This implies that the BSP now considers that these banks have amassed so much in Stockholder's Equity (SE) and Retained Earnings (RE) that "they can now afford to absorb higher charges without impairing their capital and also without making their shareholders unhappy."

But can these banks do so? The answer is: yes but only for some banks.  As can be seen from the table below, six banks have Deferred Charges as of March 31, 2018:

1. Bataan Development Bank (Deferred Charges of 4.51% of SE)
2. City Savings Bank (Deferred Charges of 3.08% of SE)
3. Bank of Commerce (Deferred Charges of 0.12% of SE)
4. Card SME Bank, Inc. (Deferred Charges of 0.12% of SE)
5. Wealth Development Bank Corporation (Deferred Charges of 0.06% of SE)

It must be noted that China Bank Savings Inc, which had Deferred Charges of around Php 18.91 million as of December 31, 2017, no longer has these Deferred Charges on its balance sheet as of March 31, 2018. It must also be noted that one of these banks were ranked as  distressed (highlighted in yellow) as of December 31, 2017:

1. Bataan Development Bank (Distressed Ratio of 107.89%)

For more information on distressed banks, please see the previous blog post: "The Top Distressed Philippine Banks as of December 31, 2017.



Retained Earnings

Only four banks have sufficient Retained Earnings (RE) to absorb their unbooked losses as of March 31, 2018:

1. Bataan Development Bank (17.11% of RE)
2. City Savings Bank (3.47% of RE)
3. Wealth Development Bank Corporation (1.09% of RE)
4. CARD SME Bank (0.39% of RE)

One of the banks with  Deferred Charges has negative Retained Earnings.  As such, it does not have the capacity to absorb additional losses.

1. Bank of Commerce (Retained Earnings of - Php 262.94 million vs. Deferred Charges of Php 18.76 million)

The Financial Strength of Philippine Banks according to BSP: From Weakest to Strongest - As of March 31, 2018

A bank's Capital Adequacy Ratio is a measure of a bank's capital and financial strength. BSP requires Philippine banks to measure their capital adequacy in at least three defined ratios:

1. Total Capital Adequacy Ratio
2. Tier One Capital Adequacy Ratio
3. Common Tier One Adequacy Ratio.

For a more detailed understanding of these ratios, you can consult BSP's own implementation guidelines, Investopedia.com, or numerous past posts about this subject.

The basic idea behind these ratios is that the higher the ratio, the more solid the bank is in financial strength, the greater it's ability to absorb losses.  BSP's own minimum for most of these ratios is 6.00 but it generally recommends a minimum of 10.00, especially for large and more systemically important banks (those that are Too Big To Fail or TBTF for short).


Every quarter, several Philippine Banks do not meet these guidelines. As of March 31, 2018, the banks that failed to meet BSP's recommended minimum capital requirements are as follows:


 TOTAL CAR:

1. Overseas Filipino Bank (formerly Philippine Postal Savings Bank) (Total CAR of -22.51)
2. Northpoint Development Bank (Total CAR of 0.00)
3. United Coconut Planters Bank (Total CAR of 7.39)
4. The Palawan Bank (Total CAR of 8.08)

TIER ONE CAR

Seven banks reported Tier One CAR of 0.00 as of March 31, 2017. One bank, Overseas Filipino Bank (formerly Philippine Postal Savings Bank) reported a Tier One CAR of negative 22.51. Of those that did report Tier One CAR greater than 0.00, six banks have less than the BSP-recommended Tier One CARs of 10.00. These banks are:

1. Card SME Bank (Tier One CAR of 3.92)
2. The Palawan Bank (Tier One CAR of 6.36)
3. Sterling Bank of Asia (Tier One CAR of 7.35)
4. United Coconut Planters Bank (Tier One CAR of 7.39)
5. Luzon Development Bank (Tier One CAR of 9.36)
6. China Bank Savings Inc (Tier One CAR of 9.89)

 
 

COMMON EQUITY TIER ONE CAR

The BSP's reporting guidelines on the Common Equity Tier One CAR (CET1) only took effect as of January 1, 2014.  Banks only started reporting this ratio in their Published Statements of Condition for June 30, 2014.  Forty-seven banks reported their CET1 Ratio as 0.00 for March 31, 2018.

However, of those banks that did report a CET1 Ratio other than 0.00, only two banks reported CET1 Ratios below BSP's recommended ratio:

1. Philippine Veterans Bank (Common Equity Tier One CAR of 9.40)
2. China Bank Savings Inc (Common Equity Tier One CAR of 9.89)

The Total CAR, Tier 1 CAR, and Common Equity Tier 1 CAR of Philippine Banks as of March 31, 2018 is as follows:(Banks that do not meet BSP's minimum capital requirements are highlighted in yellow):

 

 

Philippine Banking System
TOTAL CAR
March 31, 2018
Bank	Type of Bank	Total CAR
OVERSEAS FILIPINO BANK	Thrift Bank	-22.51
NORTHPOINT DEV'T BANK INC	Thrift Bank	0.00
UNITED COCONUT PLANTERS BANK	U/KB	7.39
THE PALAWAN BANK (PALAWAN DB) INC	Thrift Bank	8.08
LUZON DEVELOPMENT BANK	Thrift Bank	10.23
CHINA BANK SAVINGS INC	Thrift Bank	10.82
EQUICOM SAVINGS BANK INC	Thrift Bank	11.09
LAND BANK OF THE  PHILIPPINES	U/KB	11.22
PHILIPPINE VETERANS BANK	U/KB	11.41
MAXIMUM SAVINGS BANK	Thrift Bank	11.95
STERLING BANK OF ASIA INC (A SAVINGS BANK)	Thrift Bank	11.97
PHIL NATIONAL BANK	U/KB	12.06
BANK OF THE PHIL ISLANDS	U/KB	12.14
ENTERPRISE BANK INC (A THRIFT BANK)	Thrift Bank	12.40
MUFG BANK INC	U/KB	12.56
EAST WEST BANKING CORP	U/KB	13.03
UNION BANK OF THE PHILS	U/KB	13.56
RCBC SAVINGS BANK INC	Thrift Bank	13.70
UCPB SAVINGS BANK	Thrift Bank	13.74
PHIL SAVINGS BANK	Thrift Bank	13.75
METROPOLITAN BANK & TRUST CO	U/KB	13.79
BDO UNIBANK INC	U/KB	13.80
CHINA BANKING CORP	U/KB	14.07
PHILIPPINE BUSINESS BANK INC A SAVINGS BANK	Thrift Bank	14.15
PRODUCERS SAVINGS BANK CORPORATION	Thrift Bank	14.36
RIZAL COMM'L BANKING CORP	U/KB	14.42
MIZUHO BANK LTD - MANILA BRANCH	U/KB	15.12
PHIL BANK OF COMMUNICATIONS	U/KB	15.21
MAYBANK PHILIPPINES INC	U/KB	15.64
DEVELOPMENT BANK OF THE PHIL	U/KB	15.70
FARMERS SAVINGS & LOAN BANK INC	Thrift Bank	15.92
CITYSTATE SAVINGS BANK INC	Thrift Bank	16.10
MALAYAN BANK SAVINGS AND MORT BANK INC	Thrift Bank	16.22
ASIA UNITED BANK CORPORATION	U/KB	16.53
CITIBANK, N.A.	U/KB	16.73
METRO CEBU PUBLIC SAVINGS BANK	Thrift Bank	16.73
BPI FAMILY SAVINGS BANK INC	Thrift Bank	16.80
BANGKO KABAYAN INC	Thrift Bank	16.91
KEB HANA BANK - MANILA BRANCH	U/KB	17.11
CITY SAVINGS BANK INC	Thrift Bank	17.17
BANK OF COMMERCE	U/KB	17.54
SECURITY BANK CORP	U/KB	18.01
STANDARD CHARTERED BANK	U/KB	18.19
BANK OF MAKATI (A SAVINGS BANK) INC	Thrift Bank	18.28
DEUTSCHE BANK AG	U/KB	18.31
BDO PRIVATE BANK, INC.	U/KB	18.55
CTBC BANK (PHILIPPINES) CORP	U/KB	18.79
ROBINSONS BANK CORPORATION	U/KB	18.88
CARD SME BANK INC A THRIFT BANK	Thrift Bank	18.97
HONGKONG & SHANGHAI BANKING CORP	U/KB	19.07
BATAAN DEVELOPMENT BANK	Thrift Bank	19.23
ANZ BANKING GROUP LTD	U/KB	19.39
PHILIPPINE RESOURCES SAVINGS BANKING CORPORATION (PR SAVINGS	Thrift Bank	19.90
INTER-ASIA DEVELOPMENT BANK	Thrift Bank	20.20
PENBANK INC (A PDB) (FORMERLY: PENINSULA RB INC)	Thrift Bank	20.63
BPI DIRECT BANKO INC	Thrift Bank	20.85
WEALTH DEVELOPMENT BANK CORPORATION	Thrift Bank	21.76
1st VALLEY BANK INC A DEVELOPMENT BANK	Thrift Bank	22.72
PNB SAVINGS BANK	Thrift Bank	22.82
MEGA INT'L COMM'L BANK CO LTD	U/KB	23.00
HIYAS BANKING CORPORATION	Thrift Bank	23.01
JP MORGAN CHASE BANK NATIONAL ASSN.	U/KB	25.63
BUSINESS AND CONSUMERS BANK (A DB)	Thrift Bank	25.88
UNIVERSITY SAVINGS BANK INC	Thrift Bank	26.89
DUMAGUETE CITY DEV BANK INC	Thrift Bank	27.76
PACIFIC ACE SAVINGS BANK INC	Thrift Bank	28.09
SUN SAVINGS BANK INC	Thrift Bank	28.23
FIRST CONSOLIDATED BANK INC (A PDB)	Thrift Bank	29.76
LEGAZPI SAVINGS BANK INC	Thrift Bank	30.34
HSBC SAVINGS BANK PHILIPPINES	Thrift Bank	32.65
LIFE SAVINGS BANK INC	Thrift Bank	33.35
QUEEN CITY DEVELOPMENT BANK INC OR QUEENBANK A THRIFT BANK	Thrift Bank	34.58
PHIL TRUST COMPANY	U/KB	35.29
LEMERY SAVINGS & LOAN BANK, INC.	Thrift Bank	36.92
MALASIQUI PROGRESSIVE SLB, INC	Thrift Bank	37.84
MERCHANTS SAVINGS & LOAN ASSN INC	Thrift Bank	39.67
CORDILLERA SAVINGS BANK INC	Thrift Bank	39.82
PAMPANGA DEVELOPMENT BANK	Thrift Bank	44.97
BANGKOK BANK PUBLIC CO LTD	U/KB	45.98
BANK OF CHINA LIMITED	U/KB	50.13
YUANTA SAVINGS BANK PHILIPPINES INC	Thrift Bank	51.21
ALLBANK	Thrift Bank	52.51
ING BANK N.V.	U/KB	52.78
PHIL STAR DEVELOPMENT BANK INC	Thrift Bank	53.27
BANK OF AMERICA N.A.	U/KB	59.37
QUEZON COCONUT BANK INC (A THRIFT BANK)	Thrift Bank	59.84
BANK ONE SAVINGS AND TRUST CORP.	Thrift Bank	62.67
SUMITOMO MITSUI BANKING CORPORATION - MANILA BRANCH	U/KB	65.69
SHINHAN BANK - MANILA BRANCH	U/KB	68.06
AL-AMANAH ISLAMIC INVESTMENT BANK OF THE PHILS	U/KB	68.12
CENTURY SAVINGS BANK CORPORATION	Thrift Bank	76.43
INDUSTRIAL BANK OF KOREA MANILA BRANCH	U/KB	84.89
ISLA BANK(A THRIFT BANK) INC	Thrift Bank	121.87
UNITED OVERSEAS BANK LIMITED MANILA BRANCH	U/KB	135.36
FIRST COMMERCIAL BANK	U/KB	293.14
HUA NAN COMMERCIAL BANK LTD MANILA BRANCH	U/KB	335.44
CATHAY UNITED BANK CO LTD - MANILA BRANCH	U/KB	433.15
BATAAN SAVINGS AND LOAN BANK	Thrift Bank	NA
MARITIME SAVINGS BANK CORPORATION	Thrift Bank	NA
Philippine Banking System
Tier One CAR
March 31, 2018
Bank	Type of Bank	Tier One CAR
OVERSEAS FILIPINO BANK	Thrift Bank	-22.51
1st VALLEY BANK INC A DEVELOPMENT BANK	Thrift Bank	0.00
ALLBANK	Thrift Bank	0.00
BUSINESS AND CONSUMERS BANK (A DB)	Thrift Bank	0.00
ENTERPRISE BANK INC (A THRIFT BANK)	Thrift Bank	0.00
EQUICOM SAVINGS BANK INC	Thrift Bank	0.00
INTER-ASIA DEVELOPMENT BANK	Thrift Bank	0.00
NORTHPOINT DEV'T BANK INC	Thrift Bank	0.00
CARD SME BANK INC A THRIFT BANK	Thrift Bank	3.92
THE PALAWAN BANK (PALAWAN DB) INC	Thrift Bank	6.36
STERLING BANK OF ASIA INC (A SAVINGS BANK)	Thrift Bank	7.35
UNITED COCONUT PLANTERS BANK	U/KB	7.39
LUZON DEVELOPMENT BANK	Thrift Bank	9.36
CHINA BANK SAVINGS INC	Thrift Bank	9.89
LAND BANK OF THE  PHILIPPINES	U/KB	10.39
PHILIPPINE VETERANS BANK	U/KB	10.76
EAST WEST BANKING CORP	U/KB	10.83
UNION BANK OF THE PHILS	U/KB	10.85
RIZAL COMM'L BANKING CORP	U/KB	10.92
METROPOLITAN BANK & TRUST CO	U/KB	11.01
PHIL SAVINGS BANK	Thrift Bank	11.03
BANK OF THE PHIL ISLANDS	U/KB	11.24
PHIL NATIONAL BANK	U/KB	11.27
MUFG BANK INC	U/KB	11.83
DEVELOPMENT BANK OF THE PHIL	U/KB	11.84
MAXIMUM SAVINGS BANK	Thrift Bank	11.87
MAYBANK PHILIPPINES INC	U/KB	12.13
BDO UNIBANK INC	U/KB	12.33
PHIL BANK OF COMMUNICATIONS	U/KB	12.37
ASIA UNITED BANK CORPORATION	U/KB	12.83
UCPB SAVINGS BANK	Thrift Bank	12.94
CHINA BANKING CORP	U/KB	13.18
PHILIPPINE BUSINESS BANK INC A SAVINGS BANK	Thrift Bank	13.22
UNIVERSITY SAVINGS BANK INC	Thrift Bank	13.44
RCBC SAVINGS BANK INC	Thrift Bank	13.52
PRODUCERS SAVINGS BANK CORPORATION	Thrift Bank	13.79
MIZUHO BANK LTD - MANILA BRANCH	U/KB	14.17
PHILIPPINE RESOURCES SAVINGS BANKING CORPORATION (PR SAVINGS	Thrift Bank	15.04
CITYSTATE SAVINGS BANK INC	Thrift Bank	15.42
MALAYAN BANK SAVINGS AND MORT BANK INC	Thrift Bank	15.70
SECURITY BANK CORP	U/KB	15.70
FARMERS SAVINGS & LOAN BANK INC	Thrift Bank	15.92
BPI FAMILY SAVINGS BANK INC	Thrift Bank	15.94
CITIBANK, N.A.	U/KB	15.98
KEB HANA BANK - MANILA BRANCH	U/KB	16.56
BANGKO KABAYAN INC	Thrift Bank	16.63
METRO CEBU PUBLIC SAVINGS BANK	Thrift Bank	16.70
BANK OF COMMERCE	U/KB	16.86
CITY SAVINGS BANK INC	Thrift Bank	16.88
DEUTSCHE BANK AG	U/KB	17.59
STANDARD CHARTERED BANK	U/KB	17.71
CTBC BANK (PHILIPPINES) CORP	U/KB	17.93
ROBINSONS BANK CORPORATION	U/KB	18.00
BANK OF MAKATI (A SAVINGS BANK) INC	Thrift Bank	18.28
HONGKONG & SHANGHAI BANKING CORP	U/KB	18.45
BDO PRIVATE BANK, INC.	U/KB	18.52
ANZ BANKING GROUP LTD	U/KB	18.97
PENBANK INC (A PDB) (FORMERLY: PENINSULA RB INC)	Thrift Bank	19.84
BPI DIRECT BANKO INC	Thrift Bank	19.98
WEALTH DEVELOPMENT BANK CORPORATION	Thrift Bank	20.82
BATAAN DEVELOPMENT BANK	Thrift Bank	21.25
MEGA INT'L COMM'L BANK CO LTD	U/KB	22.06
PNB SAVINGS BANK	Thrift Bank	22.20
HIYAS BANKING CORPORATION	Thrift Bank	22.63
JP MORGAN CHASE BANK NATIONAL ASSN.	U/KB	25.47
DUMAGUETE CITY DEV BANK INC	Thrift Bank	27.28
SUN SAVINGS BANK INC	Thrift Bank	27.33
PACIFIC ACE SAVINGS BANK INC	Thrift Bank	27.99
FIRST CONSOLIDATED BANK INC (A PDB)	Thrift Bank	29.22
LEGAZPI SAVINGS BANK INC	Thrift Bank	29.59
HSBC SAVINGS BANK PHILIPPINES	Thrift Bank	31.93
LIFE SAVINGS BANK INC	Thrift Bank	33.11
QUEEN CITY DEVELOPMENT BANK INC OR QUEENBANK A THRIFT BANK	Thrift Bank	33.89
PHIL TRUST COMPANY	U/KB	34.94
LEMERY SAVINGS & LOAN BANK, INC.	Thrift Bank	36.51
MALASIQUI PROGRESSIVE SLB, INC	Thrift Bank	37.84
MERCHANTS SAVINGS & LOAN ASSN INC	Thrift Bank	39.03
CORDILLERA SAVINGS BANK INC	Thrift Bank	39.30
BANGKOK BANK PUBLIC CO LTD	U/KB	45.01
BANK OF CHINA LIMITED	U/KB	49.24
YUANTA SAVINGS BANK PHILIPPINES INC	Thrift Bank	51.21
ING BANK N.V.	U/KB	52.41
PHIL STAR DEVELOPMENT BANK INC	Thrift Bank	53.19
BANK OF AMERICA N.A.	U/KB	58.64
QUEZON COCONUT BANK INC (A THRIFT BANK)	Thrift Bank	59.16
BANK ONE SAVINGS AND TRUST CORP.	Thrift Bank	62.03
SUMITOMO MITSUI BANKING CORPORATION - MANILA BRANCH	U/KB	64.72
SHINHAN BANK - MANILA BRANCH	U/KB	67.45
AL-AMANAH ISLAMIC INVESTMENT BANK OF THE PHILS	U/KB	67.47
CENTURY SAVINGS BANK CORPORATION	Thrift Bank	75.03
INDUSTRIAL BANK OF KOREA MANILA BRANCH	U/KB	84.05
ISLA BANK(A THRIFT BANK) INC	Thrift Bank	121.44
UNITED OVERSEAS BANK LIMITED MANILA BRANCH	U/KB	134.56
PAMPANGA DEVELOPMENT BANK	Thrift Bank	207.71
FIRST COMMERCIAL BANK	U/KB	292.35
HUA NAN COMMERCIAL BANK LTD MANILA BRANCH	U/KB	335.44
CATHAY UNITED BANK CO LTD - MANILA BRANCH	U/KB	432.43
BATAAN SAVINGS AND LOAN BANK	Thrift Bank	NA
MARITIME SAVINGS BANK CORPORATION	Thrift Bank	NA
Philippine Banking System
Common Tier 1 Ratio
December 31, 2017
Bank	Type of Bank	Common Tier 1 Ratio
1st VALLEY BANK INC A DEVELOPMENT BANK	Thrift Bank	0.00
ALLBANK	Thrift Bank	0.00
BANGKO KABAYAN INC	Thrift Bank	0.00
BANK OF AMERICA N.A.	U/KB	0.00
BANK OF CHINA LIMITED	U/KB	0.00
BANK OF MAKATI (A SAVINGS BANK) INC	Thrift Bank	0.00
BANK ONE SAVINGS AND TRUST CORP.	Thrift Bank	0.00
BATAAN DEVELOPMENT BANK	Thrift Bank	0.00
BUSINESS AND CONSUMERS BANK (A DB)	Thrift Bank	0.00
CARD SME BANK INC A THRIFT BANK	Thrift Bank	0.00
CENTURY SAVINGS BANK CORPORATION	Thrift Bank	0.00
CITYSTATE SAVINGS BANK INC	Thrift Bank	0.00
CORDILLERA SAVINGS BANK INC	Thrift Bank	0.00
DUMAGUETE CITY DEV BANK INC	Thrift Bank	0.00
ENTERPRISE BANK INC (A THRIFT BANK)	Thrift Bank	0.00
EQUICOM SAVINGS BANK INC	Thrift Bank	0.00
FARMERS SAVINGS & LOAN BANK INC	Thrift Bank	0.00
FIRST CONSOLIDATED BANK INC (A PDB)	Thrift Bank	0.00
HIYAS BANKING CORPORATION	Thrift Bank	0.00
INTER-ASIA DEVELOPMENT BANK	Thrift Bank	0.00
ISLA BANK(A THRIFT BANK) INC	Thrift Bank	0.00
LEMERY SAVINGS & LOAN BANK, INC.	Thrift Bank	0.00
LIFE SAVINGS BANK INC	Thrift Bank	0.00
LUZON DEVELOPMENT BANK	Thrift Bank	0.00
MALASIQUI PROGRESSIVE SLB, INC	Thrift Bank	0.00
MALAYAN BANK SAVINGS AND MORT BANK INC	Thrift Bank	0.00
MAXIMUM SAVINGS BANK	Thrift Bank	0.00
METRO CEBU PUBLIC SAVINGS BANK	Thrift Bank	0.00
NORTHPOINT DEV'T BANK INC	Thrift Bank	0.00
OVERSEAS FILIPINO BANK	Thrift Bank	0.00
PACIFIC ACE SAVINGS BANK INC	Thrift Bank	0.00
PAMPANGA DEVELOPMENT BANK	Thrift Bank	0.00
PENBANK INC (A PDB) (FORMERLY: PENINSULA RB INC)	Thrift Bank	0.00
PHIL STAR DEVELOPMENT BANK INC	Thrift Bank	0.00
PHILIPPINE BUSINESS BANK INC A SAVINGS BANK	Thrift Bank	0.00
PHILIPPINE RESOURCES SAVINGS BANKING CORPORATION (PR SAVINGS	Thrift Bank	0.00
PRODUCERS SAVINGS BANK CORPORATION	Thrift Bank	0.00
QUEEN CITY DEVELOPMENT BANK INC OR QUEENBANK A THRIFT BANK	Thrift Bank	0.00
QUEZON COCONUT BANK INC (A THRIFT BANK)	Thrift Bank	0.00
STERLING BANK OF ASIA INC (A SAVINGS BANK)	Thrift Bank	0.00
SUN SAVINGS BANK INC	Thrift Bank	0.00
THE PALAWAN BANK (PALAWAN DB) INC	Thrift Bank	0.00
UNITED COCONUT PLANTERS BANK	U/KB	0.00
UNITED OVERSEAS BANK LIMITED MANILA BRANCH	U/KB	0.00
UNIVERSITY SAVINGS BANK INC	Thrift Bank	0.00
WEALTH DEVELOPMENT BANK CORPORATION	Thrift Bank	0.00
YUANTA SAVINGS BANK PHILIPPINES INC	Thrift Bank	0.00
PHILIPPINE VETERANS BANK	U/KB	9.40
CHINA BANK SAVINGS INC	Thrift Bank	9.89
LAND BANK OF THE  PHILIPPINES	U/KB	10.39
EAST WEST BANKING CORP	U/KB	10.83
UNION BANK OF THE PHILS	U/KB	10.85
RIZAL COMM'L BANKING CORP	U/KB	10.92
METROPOLITAN BANK & TRUST CO	U/KB	11.01
PHIL SAVINGS BANK	Thrift Bank	11.03
BANK OF THE PHIL ISLANDS	U/KB	11.24
PHIL NATIONAL BANK	U/KB	11.27
MUFG BANK INC	U/KB	11.83
DEVELOPMENT BANK OF THE PHIL	U/KB	11.84
BDO UNIBANK INC	U/KB	12.07
MAYBANK PHILIPPINES INC	U/KB	12.13
PHIL BANK OF COMMUNICATIONS	U/KB	12.37
ASIA UNITED BANK CORPORATION	U/KB	12.83
UCPB SAVINGS BANK	Thrift Bank	12.94
CHINA BANKING CORP	U/KB	13.18
RCBC SAVINGS BANK INC	Thrift Bank	13.52
MIZUHO BANK LTD - MANILA BRANCH	U/KB	14.17
SECURITY BANK CORP	U/KB	15.70
BPI FAMILY SAVINGS BANK INC	Thrift Bank	15.94
CITIBANK, N.A.	U/KB	15.98
KEB HANA BANK - MANILA BRANCH	U/KB	16.56
BANK OF COMMERCE	U/KB	16.86
CITY SAVINGS BANK INC	Thrift Bank	16.88
DEUTSCHE BANK AG	U/KB	17.59
STANDARD CHARTERED BANK	U/KB	17.71
CTBC BANK (PHILIPPINES) CORP	U/KB	17.93
ROBINSONS BANK CORPORATION	U/KB	18.00
HONGKONG & SHANGHAI BANKING CORP	U/KB	18.45
BDO PRIVATE BANK, INC.	U/KB	18.52
ANZ BANKING GROUP LTD	U/KB	18.97
BPI DIRECT BANKO INC	Thrift Bank	19.98
MEGA INT'L COMM'L BANK CO LTD	U/KB	22.06
PNB SAVINGS BANK	Thrift Bank	22.19
JP MORGAN CHASE BANK NATIONAL ASSN.	U/KB	25.47
LEGAZPI SAVINGS BANK INC	Thrift Bank	29.59
HSBC SAVINGS BANK PHILIPPINES	Thrift Bank	31.93
PHIL TRUST COMPANY	U/KB	34.94
MERCHANTS SAVINGS & LOAN ASSN INC	Thrift Bank	39.03
BANGKOK BANK PUBLIC CO LTD	U/KB	45.01
ING BANK N.V.	U/KB	52.41
SUMITOMO MITSUI BANKING CORPORATION - MANILA BRANCH	U/KB	64.72
SHINHAN BANK - MANILA BRANCH	U/KB	67.45
AL-AMANAH ISLAMIC INVESTMENT BANK OF THE PHILS	U/KB	67.47
INDUSTRIAL BANK OF KOREA MANILA BRANCH	U/KB	84.05
FIRST COMMERCIAL BANK	U/KB	292.35
HUA NAN COMMERCIAL BANK LTD MANILA BRANCH	U/KB	335.44
CATHAY UNITED BANK CO LTD - MANILA BRANCH	U/KB	432.43
BATAAN SAVINGS AND LOAN BANK	Thrift Bank	NA
MARITIME SAVINGS BANK CORPORATION	Thrift Bank	NA