Overstated Capital of Philippine Banks as of December 31, 2016

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 retained earnings 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, seven banks have Deferred Charges as of December 31, 2016:

1. Bataan Development Bank (Deferred Charges of 9.96% of SE)
2. City Savings Bank (Deferred Charges of 6.54% of SE)
3. United Coconut Planters Bank (Deferred Charges of 6.51% of SE)
4. China Bank Savings Inc (Deferred Charges of 6.00% of SE)
5. Bank of Commerce (Deferred Charges of 0.81% of SE)
6. Card SME Bank, Inc. (Deferred Charges of 0.28% of SE)
7. Wealth Development Bank Corporation (Deferred Charges of 0.06% of SE)

It must be noted that three of these banks were ranked as  distressed (highlighted in yellow) as of December 31, 2016:

1. United Coconut Planters Bank (Distressed Ratio of 279.20%)
2. China Bank Savings Inc  (Distressed Ratio of 124.60%)
3. Bataan Development Bank (Distressed Ratio of 117.40%)

For more information on distressed banks, please see the previous blog post: "The Top Distressed Philippine Banks as of September 30, 2016.



Retained Earnings

Only four banks have sufficient Retained Earnings (RE) to absorb their unbooked losses as of December 31, 2016:

1. United Coconut Planters Bank (60.88% of RE)
2. Bataan Development Bank (55.66% of RE)
3. City Savings Bank (11.44% of RE)
4. CARD SME Bank (3.04% of RE)

Three of the banks with  Deferred Charges have negative Retained Earnings.  As such, they do not have the capacity to absorb additional losses.

1. Bank of Commerce (Retained Earnings of - Php 3.99 billion vs. Deferred Charges of Php 124.82 million).
2. Wealth Development Bank (Retained Earnings of - Php 51.19 million vs. Deferred Charges of Php 810.2 thousand).
3. China Bank Savings Inc (Retained Earnings of - PhP 837.02 million vs. Deferred Charges of Php 549.50 million).

Philippine Banking System
Deferred Charges Not Yet Written Down
Impact on Stockholder's Equity
In Php
December 31, 2016
Bank	Type of Bank	Deferred Charges	Unbooked Losses	Total Deferred Charges	Stockholder's Equity	Adjusted SE	Impact on SE
BATAAN DEVELOPMENT BANK	Thrift	7,687,419.66	0.00	7,687,419.66	77,178,559.44	69,491,139.78	9.96%
CITY SAVINGS BANK	Thrift	680,796,330.40	0.00	680,796,330.40	10,416,035,951.50	9,735,239,621.10	6.54%
UNITED COCONUT PLANTERS BANK	U/KB	1,145,746,199.58	0.00	1,145,746,199.58	17,592,468,014.29	16,446,721,814.71	6.51%
CHINA BANK SAVINGS INC	Thrift	549,499,572.45	0.00	549,499,572.45	9,156,290,253.10	8,606,790,680.65	6.00%
BANK OF COMMERCE	U/KB	124,822,502.54	0.00	124,822,502.54	15,364,502,813.09	15,239,680,310.55	0.81%
CARD SME BANK INC A THRIFT BANK	Thrift	1,989,362.96	0.00	1,989,362.96	709,899,560.31	707,910,197.35	0.28%
WEALTH DEVELOPMENT BANK CORPORATION	Thrift	810,202.50	0.00	810,202.50	1,311,900,631.99	1,311,090,429.49	0.06%
Grand Total		2,511,351,590.09	0.00	2,511,351,590.09	54,628,275,783.72	52,116,924,193.63	4.60%
Philippine Banking System
Deferred Charges Not Yet Written Down
Impact on Retained Earnings
In Php
December 31, 2016
Bank	Total Deferred Charges	RE	Adjusted RE	Impact on RE
UNITED COCONUT PLANTERS BANK	1,145,746,199.58	1,882,026,929.92	736,280,730.34	60.88%
BATAAN DEVELOPMENT BANK	7,687,419.66	13,812,476.00	6,125,056.34	55.66%
CITY SAVINGS BANK	680,796,330.40	5,951,333,917.84	5,270,537,587.44	11.44%
CARD SME BANK INC A THRIFT BANK	1,989,362.96	65,367,414.66	63,378,051.70	3.04%
WEALTH DEVELOPMENT BANK CORPORATION	810,202.50	-51,192,353.92	-52,002,556.42	-1.58%
BANK OF COMMERCE	124,822,502.54	-3,863,444,370.18	-3,988,266,872.72	-3.23%
CHINA BANK SAVINGS INC	549,499,572.45	-837,016,630.01	-1,386,516,202.46	-65.65%
Grand Total	2,511,351,590.09	3,160,887,384.31	649,535,794.22	79.45%

BDO Unibank Slips Below Some BSP Recommended Capital Adequacy Ratios - As of December 31, 2016

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 6.0 but it generally recommends a minimum of 10.0, 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 December 31, 2016, the banks that failed to meet BSP's recommended minimum capital requirements are as follows:

TOTAL CAR

1. Bataan Savings and Loan Bank (Total CAR of 0.00)
2. First Commercial Bank (Total CAR of 1.75)
3. Philippine Postal Savings Bank (Total CAR of 5.48)
4. Luzon Developement Bank (Total CAR of 6.88)
5. United Coconut Planters Bank (Total CAR of 8.28)
6. The Palawan Bank Inc (Total CAR of 9.71)

TIER ONE CAR

Eight banks reported Tier One CAR of 0.00 as of December 31, 2016.  Of those that did report Tier One CAR greater than 0.00, ninr have less than the BSP-recommended Tier One CARs of 10.00. These banks are:

1. First Commercial Bank (Tier One CAR of 1.75)
2. Card SME Bank (Tier One CAR of 3.85)
3. Philippine Postal Savings Bank Inc (Tier One CAR of 5.12)
4. Luzon Development Bank (Tier One CAR of 6.20)
5. United Coconut Planters Bank (Tier One CAR of 8.28)
6. Sterling Bank of Asia Inc (Tier One CAR of 8.52)
7. The Palawan Bank (Tier One CAR of 8.86)
8. World Partners Bank (Tier One CAR of 9.96)
9. BDO Unibank (Tier One CAR of 9.98)

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-nine banks reported their CET1 Ratio as 0.00 for December 31, 2016.

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

1. First Commercial Bank (CET Ratio of 1.75)
2. BDO Unibank Inc (CET Ratio of 9.67)

The Total CAR, Tier 1 CAR, and Common Equity Tier 1 CAR of Philippine Banks as of December 31, 2016 is as follows:(Banks that do not meet BSP's minimum capital requirements are highlighted in yellow):

Philippine Banking System
TOTAL CAR
December 31, 2016
Bank	Type of Bank	Total CAR
BATAAN SAVINGS AND LOAN BANK	Thrift Bank	0.00
FIRST COMMERCIAL BANK	U/KB	1.75
PHIL POSTAL SAVINGS BANK INC	Thrift Bank	5.48
LUZON DEVELOPMENT BANK	Thrift Bank	6.88
UNITED COCONUT PLANTERS BANK	U/KB	8.28
THE PALAWAN BANK (PALAWAN DB) INC	Thrift Bank	9.71
WORLD PARTNERS BANK (A THRIFT BANK)	Thrift Bank	10.29
EQUICOM SAVINGS BANK INC	Thrift Bank	11.07
ENTERPRISE BANK INC (A THRIFT BANK)	Thrift Bank	11.22
LAND BANK OF THE  PHILIPPINES	U/KB	11.23
BDO UNIBANK INC	U/KB	11.45
BANK OF THE PHIL ISLANDS	U/KB	11.61
PHIL NATIONAL BANK	U/KB	12.31
STERLING BANK OF ASIA INC (A SAVINGS BANK)	Thrift Bank	12.37
CHINA BANK SAVINGS INC	Thrift Bank	12.46
CHINA BANKING CORP	U/KB	12.48
EAST WEST BANKING CORP	U/KB	13.15
PHILIPPINE VETERANS BANK	U/KB	13.40
RCBC SAVINGS BANK INC	Thrift Bank	13.44
BANK OF CHINA LIMITED	U/KB	13.77
THE BNK OF TOKYO-MITSUBISHI UFJ LTD	U/KB	13.79
PHIL SAVINGS BANK	Thrift Bank	14.06
METROPOLITAN BANK & TRUST CO	U/KB	14.22
VILLAGE BANK INC (A THRIFT BANK)	Thrift Bank	14.27
MAYBANK PHILIPPINES INC	U/KB	14.31
CITY SAVINGS BANK INC	Thrift Bank	14.59
PHIL BANK OF COMMUNICATIONS	U/KB	14.64
BPI FAMILY SAVINGS BANK INC	Thrift Bank	15.03
DEVELOPMENT BANK OF THE PHIL	U/KB	15.10
UNION BANK OF THE PHILS	U/KB	15.86
MIZUHO BANK LTD - MANILA BRANCH	U/KB	15.97
RIZAL COMM'L BANKING CORP	U/KB	16.23
BDO PRIVATE BANK, INC.	U/KB	16.30
UCPB SAVINGS BANK	Thrift Bank	16.46
BANGKO KABAYAN INC	Thrift Bank	16.71
MALAYAN BANK SAVINGS AND MORT BANK INC	Thrift Bank	16.73
PRODUCERS SAVINGS BANK CORPORATION	Thrift Bank	17.05
PHILIPPINE BUSINESS BANK INC A SAVINGS BANK	Thrift Bank	17.38
BATAAN DEVELOPMENT BANK	Thrift Bank	17.92
HIYAS BANKING CORPORATION	Thrift Bank	18.05
FARMERS SAVINGS & LOAN BANK INC	Thrift Bank	18.21
PHILIPPINE RESOURCES SAVINGS BANKING CORPORATION (PR SAVINGS	Thrift Bank	18.60
CITIBANK, N.A.	U/KB	18.61
MEGA INT'L COMM'L BANK CO LTD	U/KB	18.73
PENBANK INC (A PDB) (FORMERLY: PENINSULA RB INC)	Thrift Bank	18.92
ASIA UNITED BANK CORPORATION	U/KB	18.96
1ST VALLEY BANK INC A DEVELOPMENT BANK	Thrift Bank	19.06
STANDARD CHARTERED BANK	U/KB	19.53
ANZ BANKING GROUP LTD	U/KB	19.58
BANK OF MAKATI (A SAVINGS BANK) INC	Thrift Bank	19.84
SECURITY BANK CORP	U/KB	19.84
BANK OF COMMERCE	U/KB	19.98
HONGKONG & SHANGHAI BANKING CORP	U/KB	20.31
CARD SME BANK INC A THRIFT BANK	Thrift Bank	20.71
METRO CEBU PUBLIC SAVINGS BANK	Thrift Bank	21.90
CTBC BANK (PHILIPPINES) CORP	U/KB	22.54
CITYSTATE SAVINGS BANK INC	Thrift Bank	23.14
KEB HANA BANK - MANILA BRANCH	U/KB	23.95
MARITIME SAVINGS BANK CORPORATION	Thrift Bank	23.98
ROBINSONS BANK CORPORATION	U/KB	24.41
BUSINESS AND CONSUMERS BANK (A DB)	Thrift Bank	24.94
INTER-ASIA DEVELOPMENT BANK	Thrift Bank	25.49
DUMAGUETE CITY DEV BANK INC	Thrift Bank	25.66
LIFE SAVINGS BANK INC	Thrift Bank	25.69
WEALTH DEVELOPMENT BANK CORPORATION	Thrift Bank	26.58
FIRST CONSOLIDATED BANK INC (A PDB)	Thrift Bank	26.92
DEUTSCHE BANK AG	U/KB	27.53
BPI DIRECT SAVINGS BANK INC	Thrift Bank	28.25
HSBC SAVINGS BANK PHILIPPINES	Thrift Bank	29.54
SUN SAVINGS BANK INC	Thrift Bank	29.75
LEGAZPI SAVINGS BANK INC	Thrift Bank	29.87
JP MORGAN CHASE BANK NATIONAL ASSN.	U/KB	30.96
UNIVERSITY SAVINGS BANK INC	Thrift Bank	31.28
PAMPANGA DEVELOPMENT BANK	Thrift Bank	31.75
BANGKOK BANK PUBLIC CO LTD	U/KB	32.52
PNB SAVINGS BANK	Thrift Bank	33.43
LEMERY SAVINGS & LOAN BANK, INC.	Thrift Bank	36.31
QUEEN CITY DEVELOPMENT BANK INC OR QUEENBANK A THRIFT BANK	Thrift Bank	36.59
PHIL TRUST COMPANY	U/KB	37.65
CORDILLERA SAVINGS BANK INC	Thrift Bank	38.75
BANK OF AMERICA N.A.	U/KB	39.60
MALASIQUI PROGRESSIVE SLB, INC	Thrift Bank	41.05
NORTHPOINT DEV'T BANK INC	Thrift Bank	42.76
DUNGGANON BANK (A MICROFINANCE THRIFT BANK) INC	Thrift Bank	46.46
OPTIMUM DEVELOPMENT BANK INC	Thrift Bank	50.72
PHIL STAR DEVELOPMENT BANK INC	Thrift Bank	50.79
ING BANK N.V.	U/KB	57.78
QUEZON COCONUT BANK INC (A THRIFT BANK)	Thrift Bank	58.81
INDUSTRIAL BANK OF KOREA MANILA BRANCH	U/KB	61.96
BANK ONE SAVINGS AND TRUST CORP.	Thrift Bank	63.24
MERCHANTS SAVINGS & LOAN ASSN INC	Thrift Bank	65.28
YUANTA SAVINGS BANK PHILIPPINES INC	Thrift Bank	65.83
CATHAY UNITED BANK CO LTD - MANILA BRANCH	U/KB	68.68
CENTURY SAVINGS BANK CORPORATION	Thrift Bank	85.64
AL-AMANAH ISLAMIC INVESTMENT BANK OF THE PHILS	U/KB	107.46
SHINHAN BANK - MANILA BRANCH	U/KB	150.82
SUMITOMO MITSUI BANKING CORPORATION - MANILA BRANCH	U/KB	153.79
ISLA BANK(A THRIFT BANK) INC	Thrift Bank	165.73
UNITED OVERSEAS BANK LIMITED MANILA BRANCH	U/KB	273.14
BPI GLOBE BANKO INC	Thrift Bank	NA
MICROFINANCE MAXIMUM SB INC	Thrift Bank	NA
OPPORTUNITY KAUSWAGAN BANK INC (A MICROFINANCE THRIFT BANK)	Thrift Bank	NA
PACIFIC ACE SAVINGS BANK INC	Thrift Bank	NA
SAMPAGUITA SAVINGS BANK INC	Thrift Bank	NA
TONGYANG SAVINGS BANK INC	Thrift Bank	NA
TOWER DEVELOPMENT BANK	Thrift Bank	NA

Philippine Banking System
Tier One CAR
December 31, 2016
Bank	Type of Bank	Tier One CAR
1ST VALLEY BANK INC A DEVELOPMENT BANK	Thrift Bank	0.00
BATAAN SAVINGS AND LOAN BANK	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
MARITIME SAVINGS BANK CORPORATION	Thrift Bank	0.00
OPTIMUM DEVELOPMENT BANK INC	Thrift Bank	0.00
FIRST COMMERCIAL BANK	U/KB	1.75
CARD SME BANK INC A THRIFT BANK	Thrift Bank	3.85
PHIL POSTAL SAVINGS BANK INC	Thrift Bank	5.12
LUZON DEVELOPMENT BANK	Thrift Bank	6.20
UNITED COCONUT PLANTERS BANK	U/KB	8.28
STERLING BANK OF ASIA INC (A SAVINGS BANK)	Thrift Bank	8.52
THE PALAWAN BANK (PALAWAN DB) INC	Thrift Bank	8.86
WORLD PARTNERS BANK (A THRIFT BANK)	Thrift Bank	9.96
BDO UNIBANK INC	U/KB	9.98
EAST WEST BANKING CORP	U/KB	10.12
LAND BANK OF THE  PHILIPPINES	U/KB	10.36
BANK OF THE PHIL ISLANDS	U/KB	10.70
DEVELOPMENT BANK OF THE PHIL	U/KB	10.92
PHIL SAVINGS BANK	Thrift Bank	11.08
METROPOLITAN BANK & TRUST CO	U/KB	11.20
CHINA BANK SAVINGS INC	Thrift Bank	11.41
PHIL NATIONAL BANK	U/KB	11.45
PHIL BANK OF COMMUNICATIONS	U/KB	11.50
CHINA BANKING CORP	U/KB	11.56
RIZAL COMM'L BANKING CORP	U/KB	12.30
PHILIPPINE RESOURCES SAVINGS BANKING CORPORATION (PR SAVINGS	Thrift Bank	12.59
UNION BANK OF THE PHILS	U/KB	12.67
RCBC SAVINGS BANK INC	Thrift Bank	12.70
PHILIPPINE VETERANS BANK	U/KB	12.96
THE BNK OF TOKYO-MITSUBISHI UFJ LTD	U/KB	12.97
BANK OF CHINA LIMITED	U/KB	13.03
MAYBANK PHILIPPINES INC	U/KB	13.25
CITY SAVINGS BANK INC	Thrift Bank	13.77
VILLAGE BANK INC (A THRIFT BANK)	Thrift Bank	13.87
BPI FAMILY SAVINGS BANK INC	Thrift Bank	14.15
ASIA UNITED BANK CORPORATION	U/KB	14.43
MIZUHO BANK LTD - MANILA BRANCH	U/KB	15.08
UNIVERSITY SAVINGS BANK INC	Thrift Bank	15.64
UCPB SAVINGS BANK	Thrift Bank	15.69
BDO PRIVATE BANK, INC.	U/KB	15.74
BANGKO KABAYAN INC	Thrift Bank	16.04
MALAYAN BANK SAVINGS AND MORT BANK INC	Thrift Bank	16.23
PRODUCERS SAVINGS BANK CORPORATION	Thrift Bank	16.48
PHILIPPINE BUSINESS BANK INC A SAVINGS BANK	Thrift Bank	16.55
SECURITY BANK CORP	U/KB	17.30
FARMERS SAVINGS & LOAN BANK INC	Thrift Bank	17.50
HIYAS BANKING CORPORATION	Thrift Bank	17.72
CITIBANK, N.A.	U/KB	17.86
MEGA INT'L COMM'L BANK CO LTD	U/KB	17.87
PENBANK INC (A PDB) (FORMERLY: PENINSULA RB INC)	Thrift Bank	18.23
ANZ BANKING GROUP LTD	U/KB	19.00
STANDARD CHARTERED BANK	U/KB	19.19
BANK OF COMMERCE	U/KB	19.33
BANK OF MAKATI (A SAVINGS BANK) INC	Thrift Bank	19.34
HONGKONG & SHANGHAI BANKING CORP	U/KB	19.59
BATAAN DEVELOPMENT BANK	Thrift Bank	19.82
METRO CEBU PUBLIC SAVINGS BANK	Thrift Bank	21.62
CTBC BANK (PHILIPPINES) CORP	U/KB	21.68
CITYSTATE SAVINGS BANK INC	Thrift Bank	22.53
KEB HANA BANK - MANILA BRANCH	U/KB	23.58
ROBINSONS BANK CORPORATION	U/KB	23.68
DUMAGUETE CITY DEV BANK INC	Thrift Bank	25.30
LIFE SAVINGS BANK INC	Thrift Bank	25.53
WEALTH DEVELOPMENT BANK CORPORATION	Thrift Bank	25.68
FIRST CONSOLIDATED BANK INC (A PDB)	Thrift Bank	26.05
DEUTSCHE BANK AG	U/KB	27.03
BPI DIRECT SAVINGS BANK INC	Thrift Bank	27.49
HSBC SAVINGS BANK PHILIPPINES	Thrift Bank	28.89
SUN SAVINGS BANK INC	Thrift Bank	28.89
LEGAZPI SAVINGS BANK INC	Thrift Bank	29.10
JP MORGAN CHASE BANK NATIONAL ASSN.	U/KB	30.74
BANGKOK BANK PUBLIC CO LTD	U/KB	31.54
PNB SAVINGS BANK	Thrift Bank	32.56
LEMERY SAVINGS & LOAN BANK, INC.	Thrift Bank	35.91
QUEEN CITY DEVELOPMENT BANK INC OR QUEENBANK A THRIFT BANK	Thrift Bank	36.22
PHIL TRUST COMPANY	U/KB	37.32
CORDILLERA SAVINGS BANK INC	Thrift Bank	38.22
BANK OF AMERICA N.A.	U/KB	39.11
MALASIQUI PROGRESSIVE SLB, INC	Thrift Bank	41.05
NORTHPOINT DEV'T BANK INC	Thrift Bank	42.46
DUNGGANON BANK (A MICROFINANCE THRIFT BANK) INC	Thrift Bank	46.04
PHIL STAR DEVELOPMENT BANK INC	Thrift Bank	50.71
ING BANK N.V.	U/KB	57.28
QUEZON COCONUT BANK INC (A THRIFT BANK)	Thrift Bank	58.79
INDUSTRIAL BANK OF KOREA MANILA BRANCH	U/KB	61.96
BANK ONE SAVINGS AND TRUST CORP.	Thrift Bank	62.57
MERCHANTS SAVINGS & LOAN ASSN INC	Thrift Bank	64.52
YUANTA SAVINGS BANK PHILIPPINES INC	Thrift Bank	65.83
CATHAY UNITED BANK CO LTD - MANILA BRANCH	U/KB	68.32
CENTURY SAVINGS BANK CORPORATION	Thrift Bank	84.99
AL-AMANAH ISLAMIC INVESTMENT BANK OF THE PHILS	U/KB	106.94
PAMPANGA DEVELOPMENT BANK	Thrift Bank	131.85
SHINHAN BANK - MANILA BRANCH	U/KB	150.43
SUMITOMO MITSUI BANKING CORPORATION - MANILA BRANCH	U/KB	152.81
ISLA BANK(A THRIFT BANK) INC	Thrift Bank	165.45
UNITED OVERSEAS BANK LIMITED MANILA BRANCH	U/KB	272.15
BPI GLOBE BANKO INC	Thrift Bank	NA
MICROFINANCE MAXIMUM SB INC	Thrift Bank	NA
OPPORTUNITY KAUSWAGAN BANK INC (A MICROFINANCE THRIFT BANK)	Thrift Bank	NA
PACIFIC ACE SAVINGS BANK INC	Thrift Bank	NA
SAMPAGUITA SAVINGS BANK INC	Thrift Bank	NA
TONGYANG SAVINGS BANK INC	Thrift Bank	NA
TOWER DEVELOPMENT BANK	Thrift Bank	NA

Philippine Banking System
Common Tier 1 Ratio
December 31, 2016
Bank	Type of Bank	Common Tier 1 Ratio
1ST VALLEY BANK INC A DEVELOPMENT BANK	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
BATAAN SAVINGS AND LOAN 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
DUNGGANON BANK (A MICROFINANCE THRIFT 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
MARITIME SAVINGS BANK CORPORATION	Thrift Bank	0.00
METRO CEBU PUBLIC SAVINGS BANK	Thrift Bank	0.00
NORTHPOINT DEV'T BANK INC	Thrift Bank	0.00
OPTIMUM DEVELOPMENT 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
VILLAGE BANK INC (A THRIFT BANK)	Thrift Bank	0.00
WEALTH DEVELOPMENT BANK CORPORATION	Thrift Bank	0.00
WORLD PARTNERS BANK (A THRIFT BANK)	Thrift Bank	0.00
YUANTA SAVINGS BANK PHILIPPINES INC	Thrift Bank	0.00
FIRST COMMERCIAL BANK	U/KB	1.75
BDO UNIBANK INC	U/KB	9.67
EAST WEST BANKING CORP	U/KB	10.12
LAND BANK OF THE  PHILIPPINES	U/KB	10.36
BANK OF THE PHIL ISLANDS	U/KB	10.70
DEVELOPMENT BANK OF THE PHIL	U/KB	10.92
PHIL SAVINGS BANK	Thrift Bank	11.08
METROPOLITAN BANK & TRUST CO	U/KB	11.20
CHINA BANK SAVINGS INC	Thrift Bank	11.41
PHILIPPINE VETERANS BANK	U/KB	11.43
PHIL NATIONAL BANK	U/KB	11.45
PHIL BANK OF COMMUNICATIONS	U/KB	11.50
CHINA BANKING CORP	U/KB	11.56
BDO PRIVATE BANK, INC.	U/KB	11.94
RIZAL COMM'L BANKING CORP	U/KB	12.30
UNION BANK OF THE PHILS	U/KB	12.67
RCBC SAVINGS BANK INC	Thrift Bank	12.70
THE BNK OF TOKYO-MITSUBISHI UFJ LTD	U/KB	12.97
MAYBANK PHILIPPINES INC	U/KB	13.25
CITY SAVINGS BANK INC	Thrift Bank	13.77
BPI FAMILY SAVINGS BANK INC	Thrift Bank	14.15
ASIA UNITED BANK CORPORATION	U/KB	14.43
MIZUHO BANK LTD - MANILA BRANCH	U/KB	15.08
UCPB SAVINGS BANK	Thrift Bank	15.69
SECURITY BANK CORP	U/KB	17.30
CITIBANK, N.A.	U/KB	17.86
MEGA INT'L COMM'L BANK CO LTD	U/KB	17.87
ANZ BANKING GROUP LTD	U/KB	19.00
STANDARD CHARTERED BANK	U/KB	19.19
BANK OF COMMERCE	U/KB	19.33
HONGKONG & SHANGHAI BANKING CORP	U/KB	19.59
CTBC BANK (PHILIPPINES) CORP	U/KB	21.68
KEB HANA BANK - MANILA BRANCH	U/KB	23.58
ROBINSONS BANK CORPORATION	U/KB	23.68
DEUTSCHE BANK AG	U/KB	27.03
BPI DIRECT SAVINGS BANK INC	Thrift Bank	27.49
HSBC SAVINGS BANK PHILIPPINES	Thrift Bank	28.89
LEGAZPI SAVINGS BANK INC	Thrift Bank	29.10
JP MORGAN CHASE BANK NATIONAL ASSN.	U/KB	30.74
BANGKOK BANK PUBLIC CO LTD	U/KB	31.54
PNB SAVINGS BANK	Thrift Bank	32.56
PHIL TRUST COMPANY	U/KB	37.32
ING BANK N.V.	U/KB	57.28
INDUSTRIAL BANK OF KOREA MANILA BRANCH	U/KB	61.96
MERCHANTS SAVINGS & LOAN ASSN INC	Thrift Bank	64.52
CATHAY UNITED BANK CO LTD - MANILA BRANCH	U/KB	68.32
AL-AMANAH ISLAMIC INVESTMENT BANK OF THE PHILS	U/KB	106.94
SHINHAN BANK - MANILA BRANCH	U/KB	150.43
SUMITOMO MITSUI BANKING CORPORATION - MANILA BRANCH	U/KB	152.81
BPI GLOBE BANKO INC	Thrift Bank	NA
MICROFINANCE MAXIMUM SB INC	Thrift Bank	NA
OPPORTUNITY KAUSWAGAN BANK INC (A MICROFINANCE THRIFT BANK)	Thrift Bank	NA
PACIFIC ACE SAVINGS BANK INC	Thrift Bank	NA
PHIL POSTAL SAVINGS BANK INC	Thrift Bank	NA
SAMPAGUITA SAVINGS BANK INC	Thrift Bank	NA
TONGYANG SAVINGS BANK INC	Thrift Bank	NA
TOWER DEVELOPMENT BANK	Thrift Bank	NA

Source: www.bsp.gov.ph