Overstated Capital of Philippine Banks as of December 31, 2018

Editor's Note: This post has been updated to reflect new information on the BSP website. The number of non-reporting banks has decreased from 21 banks as of January 2, 2019 to just 8 banks as of April 1, 2019. 
  
Editor's Note: According to the BSP website, www.bsp.gov.ph, a record 8 banks do not have Published Statements of Condition for the quarter ended on December 31, 2018. This comprises 8% of the 101 Philippine Universal and Commercial Banks (U/KBs) and Thrift Banks tracked by this blog. A google search reveals that these non-reporting banks are still operating and there has been no adverse news about them. So why have they gone dark?
 
The number of non-reporting banks has gone up substantially in 2018. As of March 31, 2018, only two banks failed to have their Published Statements of Condition available at the BSP website. On June 30, 2018, that number went up to six. On September 30, 2018, that number grew to 9. As of December 31, 2018, that number decreased by 1, to 8.
 
Have these banks opted-out from the required financial disclosures? It's not clear if they have done so. Apparently, banks can opt-out of mandatory public disclosure.

"Banks that do not want their statement of condition published must get approval from at least five members of the seven-man Monetary Board.² The regulators themselves may also decide to exclude certain kinds of banks from mandatory public disclosure."

Not all of these banks are small banks, some of them are UKBs that are fairly substantial in size. Here's the list:


 

Philippine Banking System
Banks with No Published Statement of Condition
December 31, 2018
Bank	Type of Bank	Published Statement of Condition
BATAAN SAVINGS AND LOAN BANK	Thrift Bank	NA
CITY SAVINGS BANK INC	Thrift Bank	NA
MALASIQUI PROGRESSIVE SLB, INC	Thrift Bank	NA
MAXIMUM SAVINGS BANK	Thrift Bank	NA
OVERSEAS FILIPINO BANK	Thrift Bank	NA
PHILIPPINE VETERANS BANK	U/KB	NA
THE PALAWAN BANK (PALAWAN DB) INC	Thrift Bank	NA
UNITED COCONUT PLANTERS BANK	U/KB	NA

Let's hope that this is a mere glitch in the BSP website. Perhaps, their financial disclosures were improperly uploaded in the BSP website. Otherwise, the depositors have no means of evaluating the health of their bank other than what is disclosed in the individual bank's website or what is available in back-dated issues of obscure newspapers.









Overstated Capital

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, only one bank has Deferred Charges as of December 31, 2018:

1. Wealth Development Bank Corporation (Deferred Charges of 0.06% of SE)

Retained Earnings

Wealth Development Bank Corporation has sufficient Retained Earnings (RE) to absorb their unbooked losses as of December 31, 2018

1. Wealth Development Bank Corporation (1.09% of RE)

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

Editor's Note: This post has been updated to reflect new information on the BSP website. The number of non-reporting banks has decreased from 21 banks as of January 2, 2019 to just 8 banks as of April 1, 2019.
Editor's Note: According to the BSP website, www.bsp.gov.ph, a record 8 banks do not have Published Statements of Condition for the quarter ended on December 31, 2018. This comprises 8% of the 101 Philippine Universal and Commercial Banks (U/KBs) and Thrift Banks tracked by this blog. A google search reveals that these non-reporting banks are still operating and there has been no adverse news about them. So why have they gone dark?
The number of non-reporting banks has gone up substantially in 2018. As of March 31, 2018, only two banks failed to have their Published Statements of Condition available at the BSP website. On June 30, 2018, that number went up to six. On September 30, 2018, that number grew to 9. As of December 31, 2018, that number decreased by 1, to 8.
Have these banks opted-out from the required financial disclosures? It's not clear if they have done so. Apparently, banks can opt-out of mandatory public disclosure.

"Banks that do not want their statement of condition published must get approval from at least five members of the seven-man Monetary Board.² The regulators themselves may also decide to exclude certain kinds of banks from mandatory public disclosure."

Not all of these banks are small banks, some of them are UKBs that are fairly substantial in size. Here's the list:


 

Philippine Banking System
Banks with No Published Statement of Condition
December 31, 2018
Bank	Type of Bank	Published Statement of Condition
BATAAN SAVINGS AND LOAN BANK	Thrift Bank	NA
CITY SAVINGS BANK INC	Thrift Bank	NA
MALASIQUI PROGRESSIVE SLB, INC	Thrift Bank	NA
MAXIMUM SAVINGS BANK	Thrift Bank	NA
OVERSEAS FILIPINO BANK	Thrift Bank	NA
PHILIPPINE VETERANS BANK	U/KB	NA
THE PALAWAN BANK (PALAWAN DB) INC	Thrift Bank	NA
UNITED COCONUT PLANTERS BANK	U/KB	NA

Let's hope that this is a mere glitch in the BSP website. Perhaps, their financial disclosures were improperly uploaded in the BSP website. Otherwise, the depositors have no means of evaluating the health of their bank other than what is disclosed in the individual bank's website or what is available in back-dated issues of obscure newspapers.


Capital Adequacy Ratios:
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).

In the aggregate, Philippine Universal and Commercial Banks are well capitalized. As of December 31, 2018, Total CAR is 15.44%, within the range of 15% to 20% of the last 31 years.

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


 TOTAL CAR:  

1. Philippine Business Bank (Total CAR of 7.12)

TIER ONE CAR

Three banks reported Tier One CAR of 0.00 as of December 31, 2018. Of those that did report Tier One CAR greater than 0.00, three banks have less than the BSP-recommended Tier One CARs of 10.00. These banks are:

1. Enterprise Bank Inc (Tier One CAR of 7.10)
2. Sterling Bank of Asia (Tier One CAR of 7.14)
3. Luzon Development Bank (Tier One CAR of 9.46)

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.  Thirty-six banks reported their CET1 Ratio as 0.00 for December 31, 2018.

However, of those banks that did report a CET1 Ratio other than 0.00, no bank reported CET1 Ratios below BSP's recommended ratio.

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

 

 

 

Philippine Banking System
TOTAL CAR
December 31, 2018
Bank	Type of Bank	Total CAR
PHILIPPINE BUSINESS BANK INC A SAVINGS BANK	Thrift Bank	7.12
LUZON DEVELOPMENT BANK	Thrift Bank	10.05
ENTERPRISE BANK INC (A THRIFT BANK)	Thrift Bank	10.09
FARMERS SAVINGS & LOAN BANK INC	Thrift Bank	10.75
EQUICOM SAVINGS BANK INC	Thrift Bank	10.96
CHINA BANK SAVINGS INC	Thrift Bank	11.34
MUFG BANK INC	U/KB	11.40
STERLING BANK OF ASIA INC (A SAVINGS BANK)	Thrift Bank	11.40
PHIL NATIONAL BANK	U/KB	11.63
1st VALLEY BANK INC A DEVELOPMENT BANK	Thrift Bank	11.74
FIRST CONSOLIDATED BANK INC (A PDB)	Thrift Bank	12.27
LAND BANK OF THE  PHILIPPINES	U/KB	12.65
PRODUCERS SAVINGS BANK CORPORATION	Thrift Bank	12.67
EAST WEST BANKING CORP	U/KB	12.77
RCBC SAVINGS BANK INC	Thrift Bank	12.80
CHINA BANKING CORP	U/KB	13.03
BDO UNIBANK INC	U/KB	13.31
DEVELOPMENT BANK OF THE PHIL	U/KB	13.66
PHIL SAVINGS BANK	Thrift Bank	13.88
UCPB SAVINGS BANK	Thrift Bank	13.91
MIZUHO BANK LTD - MANILA BRANCH	U/KB	13.92
MAYBANK PHILIPPINES INC	U/KB	14.38
PHIL BANK OF COMMUNICATIONS	U/KB	14.50
BANK OF THE PHIL ISLANDS	U/KB	14.82
ASIA UNITED BANK CORPORATION	U/KB	14.92
ROBINSONS BANK CORPORATION	U/KB	15.01
BANK OF COMMERCE	U/KB	15.06
CITIBANK, N.A.	U/KB	15.52
METRO CEBU PUBLIC SAVINGS BANK	Thrift Bank	15.53
UNION BANK OF THE PHILS	U/KB	15.57
METROPOLITAN BANK & TRUST CO	U/KB	15.82
DEUTSCHE BANK AG	U/KB	15.84
CITYSTATE SAVINGS BANK INC	Thrift Bank	15.87
MALAYAN BANK SAVINGS AND MORT BANK INC	Thrift Bank	16.30
CTBC BANK (PHILIPPINES) CORP	U/KB	16.33
RIZAL COMM'L BANKING CORP	U/KB	16.50
PHILIPPINE RESOURCES SAVINGS BANKING CORPORATION (PR SAVINGS	Thrift Bank	17.42
BANGKO KABAYAN INC	Thrift Bank	17.69
BPI FAMILY SAVINGS BANK INC	Thrift Bank	17.75
SECURITY BANK CORP	U/KB	17.89
CARD SME BANK INC A THRIFT BANK	Thrift Bank	18.19
HONGKONG & SHANGHAI BANKING CORP	U/KB	18.43
BDO PRIVATE BANK, INC.	U/KB	18.52
STANDARD CHARTERED BANK	U/KB	18.55
WEALTH DEVELOPMENT BANK CORPORATION	Thrift Bank	18.97
ANZ BANKING GROUP LTD	U/KB	19.17
PNB SAVINGS BANK	Thrift Bank	20.40
BPI DIRECT BANKO INC	Thrift Bank	20.87
BATAAN DEVELOPMENT BANK	Thrift Bank	20.89
PENBANK INC (A PDB) (FORMERLY: PENINSULA RB INC)	Thrift Bank	20.99
SUN SAVINGS BANK INC	Thrift Bank	21.70
HIYAS BANKING CORPORATION	Thrift Bank	21.91
BANK OF MAKATI (A SAVINGS BANK) INC	Thrift Bank	22.09
INTER-ASIA DEVELOPMENT BANK	Thrift Bank	23.91
DUMAGUETE CITY DEV BANK INC	Thrift Bank	25.51
BUSINESS AND CONSUMERS BANK (A DB)	Thrift Bank	25.66
LIFE SAVINGS BANK INC	Thrift Bank	26.24
MARITIME SAVINGS BANK CORPORATION	Thrift Bank	27.65
KEB HANA BANK - MANILA BRANCH	U/KB	27.69
JP MORGAN CHASE BANK NATIONAL ASSN.	U/KB	28.13
LEGAZPI SAVINGS BANK INC	Thrift Bank	29.16
UNIVERSITY SAVINGS BANK INC	Thrift Bank	30.14
MEGA INT'L COMM'L BANK CO LTD	U/KB	32.06
HSBC SAVINGS BANK PHILIPPINES	Thrift Bank	33.14
QUEEN CITY DEVELOPMENT BANK INC OR QUEENBANK A THRIFT BANK	Thrift Bank	33.59
PHIL TRUST COMPANY	U/KB	34.12
BANGKOK BANK PUBLIC CO LTD	U/KB	34.67
MERCHANTS SAVINGS & LOAN ASSN INC	Thrift Bank	35.40
LEMERY SAVINGS & LOAN BANK, INC.	Thrift Bank	38.00
CORDILLERA SAVINGS BANK INC	Thrift Bank	38.05
ING BANK N.V.	U/KB	38.64
AL-AMANAH ISLAMIC INVESTMENT BANK OF THE PHILS	U/KB	39.65
NORTHPOINT DEV'T BANK INC	Thrift Bank	39.72
SUMITOMO MITSUI BANKING CORPORATION - MANILA BRANCH	U/KB	39.78
YUANTA SAVINGS BANK PHILIPPINES INC	Thrift Bank	41.59
BANK OF CHINA LIMITED	U/KB	45.08
ALLBANK	Thrift Bank	48.06
PAMPANGA DEVELOPMENT BANK	Thrift Bank	52.70
BANK OF AMERICA N.A.	U/KB	55.89
PACIFIC ACE SAVINGS BANK INC	Thrift Bank	56.64
BANK ONE SAVINGS AND TRUST CORP.	Thrift Bank	58.46
PHIL STAR DEVELOPMENT BANK INC	Thrift Bank	70.18
QUEZON COCONUT BANK INC (A THRIFT BANK)	Thrift Bank	70.39
INDUSTRIAL BANK OF KOREA MANILA BRANCH	U/KB	71.10
SHINHAN BANK - MANILA BRANCH	U/KB	74.00
CENTURY SAVINGS BANK CORPORATION	Thrift Bank	76.45
ISLA BANK(A THRIFT BANK) INC	Thrift Bank	119.53
UNITED OVERSEAS BANK LIMITED MANILA BRANCH	U/KB	125.36
CATHAY UNITED BANK CO LTD - MANILA BRANCH	U/KB	143.85
CIMB BANK PHILIPPINES INC	U/KB	150.55
FIRST COMMERCIAL BANK	U/KB	183.77
CHANG HWA COMMERCIAL BANK LTD – MANILA BRANCH	U/KB	194.85
HUA NAN COMMERCIAL BANK LTD MANILA BRANCH	U/KB	1,362.86
BATAAN SAVINGS AND LOAN BANK	Thrift Bank	NA
CITY SAVINGS BANK INC	Thrift Bank	NA
MALASIQUI PROGRESSIVE SLB, INC	Thrift Bank	NA
MAXIMUM SAVINGS BANK	Thrift Bank	NA
OVERSEAS FILIPINO BANK	Thrift Bank	NA
PHILIPPINE VETERANS BANK	U/KB	NA
THE PALAWAN BANK (PALAWAN DB) INC	Thrift Bank	NA
UNITED COCONUT PLANTERS BANK	U/KB	NA

 

Philippine Banking System
Tier One CAR
December 31, 2018
Bank	Type of Bank	Tier One CAR
ALLBANK	Thrift Bank	0.00
INTER-ASIA DEVELOPMENT BANK	Thrift Bank	0.00
MARITIME SAVINGS BANK CORPORATION	Thrift Bank	0.00
ENTERPRISE BANK INC (A THRIFT BANK)	Thrift Bank	7.10
STERLING BANK OF ASIA INC (A SAVINGS BANK)	Thrift Bank	7.14
LUZON DEVELOPMENT BANK	Thrift Bank	9.46
EAST WEST BANKING CORP	U/KB	10.13
EQUICOM SAVINGS BANK INC	Thrift Bank	10.28
CHINA BANK SAVINGS INC	Thrift Bank	10.41
FARMERS SAVINGS & LOAN BANK INC	Thrift Bank	10.75
MUFG BANK INC	U/KB	10.77
DEVELOPMENT BANK OF THE PHIL	U/KB	10.84
PHIL NATIONAL BANK	U/KB	10.85
PHIL SAVINGS BANK	Thrift Bank	11.27
MAYBANK PHILIPPINES INC	U/KB	11.48
PHIL BANK OF COMMUNICATIONS	U/KB	11.77
ASIA UNITED BANK CORPORATION	U/KB	11.80
LAND BANK OF THE  PHILIPPINES	U/KB	11.82
BDO UNIBANK INC	U/KB	11.89
PHILIPPINE RESOURCES SAVINGS BANKING CORPORATION (PR SAVINGS	Thrift Bank	11.96
CHINA BANKING CORP	U/KB	12.10
RCBC SAVINGS BANK INC	Thrift Bank	12.11
PRODUCERS SAVINGS BANK CORPORATION	Thrift Bank	12.22
UNION BANK OF THE PHILS	U/KB	12.71
MIZUHO BANK LTD - MANILA BRANCH	U/KB	12.97
UCPB SAVINGS BANK	Thrift Bank	13.18
RIZAL COMM'L BANKING CORP	U/KB	13.24
METROPOLITAN BANK & TRUST CO	U/KB	13.33
PHILIPPINE BUSINESS BANK INC A SAVINGS BANK	Thrift Bank	13.92
BANK OF THE PHIL ISLANDS	U/KB	13.96
BANK OF COMMERCE	U/KB	14.06
ROBINSONS BANK CORPORATION	U/KB	14.14
CITIBANK, N.A.	U/KB	14.74
UNIVERSITY SAVINGS BANK INC	Thrift Bank	15.07
DEUTSCHE BANK AG	U/KB	15.17
CITYSTATE SAVINGS BANK INC	Thrift Bank	15.38
CTBC BANK (PHILIPPINES) CORP	U/KB	15.43
METRO CEBU PUBLIC SAVINGS BANK	Thrift Bank	15.51
SECURITY BANK CORP	U/KB	15.57
MALAYAN BANK SAVINGS AND MORT BANK INC	Thrift Bank	15.80
BPI FAMILY SAVINGS BANK INC	Thrift Bank	16.89
BANGKO KABAYAN INC	Thrift Bank	16.90
CARD SME BANK INC A THRIFT BANK	Thrift Bank	17.42
HONGKONG & SHANGHAI BANKING CORP	U/KB	17.76
STANDARD CHARTERED BANK	U/KB	17.93
WEALTH DEVELOPMENT BANK CORPORATION	Thrift Bank	18.10
BDO PRIVATE BANK, INC.	U/KB	18.35
ANZ BANKING GROUP LTD	U/KB	18.98
1st VALLEY BANK INC A DEVELOPMENT BANK	Thrift Bank	19.34
PNB SAVINGS BANK	Thrift Bank	19.52
BPI DIRECT BANKO INC	Thrift Bank	19.98
PENBANK INC (A PDB) (FORMERLY: PENINSULA RB INC)	Thrift Bank	20.22
BATAAN DEVELOPMENT BANK	Thrift Bank	20.32
SUN SAVINGS BANK INC	Thrift Bank	20.81
HIYAS BANKING CORPORATION	Thrift Bank	21.56
BANK OF MAKATI (A SAVINGS BANK) INC	Thrift Bank	22.09
BUSINESS AND CONSUMERS BANK (A DB)	Thrift Bank	24.28
DUMAGUETE CITY DEV BANK INC	Thrift Bank	25.08
LIFE SAVINGS BANK INC	Thrift Bank	26.06
KEB HANA BANK - MANILA BRANCH	U/KB	27.15
JP MORGAN CHASE BANK NATIONAL ASSN.	U/KB	28.01
LEGAZPI SAVINGS BANK INC	Thrift Bank	28.44
MEGA INT'L COMM'L BANK CO LTD	U/KB	31.10
HSBC SAVINGS BANK PHILIPPINES	Thrift Bank	32.43
QUEEN CITY DEVELOPMENT BANK INC OR QUEENBANK A THRIFT BANK	Thrift Bank	32.86
FIRST CONSOLIDATED BANK INC (A PDB)	Thrift Bank	33.27
BANGKOK BANK PUBLIC CO LTD	U/KB	33.70
PHIL TRUST COMPANY	U/KB	33.79
MERCHANTS SAVINGS & LOAN ASSN INC	Thrift Bank	34.79
CORDILLERA SAVINGS BANK INC	Thrift Bank	37.54
LEMERY SAVINGS & LOAN BANK, INC.	Thrift Bank	37.68
ING BANK N.V.	U/KB	38.26
SUMITOMO MITSUI BANKING CORPORATION - MANILA BRANCH	U/KB	38.81
AL-AMANAH ISLAMIC INVESTMENT BANK OF THE PHILS	U/KB	38.93
NORTHPOINT DEV'T BANK INC	Thrift Bank	39.19
YUANTA SAVINGS BANK PHILIPPINES INC	Thrift Bank	41.59
BANK OF CHINA LIMITED	U/KB	44.57
BANK OF AMERICA N.A.	U/KB	55.68
PACIFIC ACE SAVINGS BANK INC	Thrift Bank	56.19
BANK ONE SAVINGS AND TRUST CORP.	Thrift Bank	57.87
QUEZON COCONUT BANK INC (A THRIFT BANK)	Thrift Bank	69.64
PHIL STAR DEVELOPMENT BANK INC	Thrift Bank	69.92
INDUSTRIAL BANK OF KOREA MANILA BRANCH	U/KB	70.22
SHINHAN BANK - MANILA BRANCH	U/KB	73.21
CENTURY SAVINGS BANK CORPORATION	Thrift Bank	75.42
ISLA BANK(A THRIFT BANK) INC	Thrift Bank	119.03
UNITED OVERSEAS BANK LIMITED MANILA BRANCH	U/KB	124.53
CATHAY UNITED BANK CO LTD - MANILA BRANCH	U/KB	142.92
CIMB BANK PHILIPPINES INC	U/KB	150.55
FIRST COMMERCIAL BANK	U/KB	183.10
CHANG HWA COMMERCIAL BANK LTD – MANILA BRANCH	U/KB	194.85
PAMPANGA DEVELOPMENT BANK	Thrift Bank	250.06
HUA NAN COMMERCIAL BANK LTD MANILA BRANCH	U/KB	1,362.86
BATAAN SAVINGS AND LOAN BANK	Thrift Bank	NA
CITY SAVINGS BANK INC	Thrift Bank	NA
MALASIQUI PROGRESSIVE SLB, INC	Thrift Bank	NA
MAXIMUM SAVINGS BANK	Thrift Bank	NA
OVERSEAS FILIPINO BANK	Thrift Bank	NA
PHILIPPINE VETERANS BANK	U/KB	NA
THE PALAWAN BANK (PALAWAN DB) INC	Thrift Bank	NA
UNITED COCONUT PLANTERS BANK	U/KB	NA

Philippine Banking System
Common Tier 1 Ratio
December 31, 2018
Bank	Type of Bank	Common Tier 1 Ratio
ALLBANK	Thrift Bank	0.00
BANGKO KABAYAN INC	Thrift Bank	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
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
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
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
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 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
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
EAST WEST BANKING CORP	U/KB	10.13
CHINA BANK SAVINGS INC	Thrift Bank	10.41
MUFG BANK INC	U/KB	10.77
DEVELOPMENT BANK OF THE PHIL	U/KB	10.84
PHIL NATIONAL BANK	U/KB	10.85
PHIL SAVINGS BANK	Thrift Bank	11.27
MAYBANK PHILIPPINES INC	U/KB	11.48
BDO UNIBANK INC	U/KB	11.65
PHIL BANK OF COMMUNICATIONS	U/KB	11.77
ASIA UNITED BANK CORPORATION	U/KB	11.80
LAND BANK OF THE  PHILIPPINES	U/KB	11.82
CHINA BANKING CORP	U/KB	12.10
RCBC SAVINGS BANK INC	Thrift Bank	12.11
UNION BANK OF THE PHILS	U/KB	12.71
MIZUHO BANK LTD - MANILA BRANCH	U/KB	12.97
PHILIPPINE BUSINESS BANK INC A SAVINGS BANK	Thrift Bank	12.99
UCPB SAVINGS BANK	Thrift Bank	13.18
RIZAL COMM'L BANKING CORP	U/KB	13.24
METROPOLITAN BANK & TRUST CO	U/KB	13.33
BANK OF THE PHIL ISLANDS	U/KB	13.96
BANK OF COMMERCE	U/KB	14.06
ROBINSONS BANK CORPORATION	U/KB	14.14
CITIBANK, N.A.	U/KB	14.74
DEUTSCHE BANK AG	U/KB	15.17
CTBC BANK (PHILIPPINES) CORP	U/KB	15.43
SECURITY BANK CORP	U/KB	15.57
BPI FAMILY SAVINGS BANK INC	Thrift Bank	16.89
HONGKONG & SHANGHAI BANKING CORP	U/KB	17.76
STANDARD CHARTERED BANK	U/KB	17.93
BDO PRIVATE BANK, INC.	U/KB	18.35
1st VALLEY BANK INC A DEVELOPMENT BANK	Thrift Bank	18.96
ANZ BANKING GROUP LTD	U/KB	18.98
PNB SAVINGS BANK	Thrift Bank	19.52
BPI DIRECT BANKO INC	Thrift Bank	19.98
BUSINESS AND CONSUMERS BANK (A DB)	Thrift Bank	24.28
KEB HANA BANK - MANILA BRANCH	U/KB	27.15
JP MORGAN CHASE BANK NATIONAL ASSN.	U/KB	28.01
LEGAZPI SAVINGS BANK INC	Thrift Bank	28.44
MEGA INT'L COMM'L BANK CO LTD	U/KB	31.10
HSBC SAVINGS BANK PHILIPPINES	Thrift Bank	32.43
FIRST CONSOLIDATED BANK INC (A PDB)	Thrift Bank	33.39
BANGKOK BANK PUBLIC CO LTD	U/KB	33.70
PHIL TRUST COMPANY	U/KB	33.79
MERCHANTS SAVINGS & LOAN ASSN INC	Thrift Bank	34.79
ING BANK N.V.	U/KB	38.26
SUMITOMO MITSUI BANKING CORPORATION - MANILA BRANCH	U/KB	38.81
AL-AMANAH ISLAMIC INVESTMENT BANK OF THE PHILS	U/KB	38.93
BANK OF CHINA LIMITED	U/KB	44.57
BANK OF AMERICA N.A.	U/KB	55.68
INDUSTRIAL BANK OF KOREA MANILA BRANCH	U/KB	70.22
SHINHAN BANK - MANILA BRANCH	U/KB	73.21
UNITED OVERSEAS BANK LIMITED MANILA BRANCH	U/KB	124.53
CATHAY UNITED BANK CO LTD - MANILA BRANCH	U/KB	142.92
CIMB BANK PHILIPPINES INC	U/KB	150.55
FIRST COMMERCIAL BANK	U/KB	183.10
CHANG HWA COMMERCIAL BANK LTD – MANILA BRANCH	U/KB	194.85
HUA NAN COMMERCIAL BANK LTD MANILA BRANCH	U/KB	1,362.86
BATAAN SAVINGS AND LOAN BANK	Thrift Bank	NA
CITY SAVINGS BANK INC	Thrift Bank	NA
MALASIQUI PROGRESSIVE SLB, INC	Thrift Bank	NA
MAXIMUM SAVINGS BANK	Thrift Bank	NA
OVERSEAS FILIPINO BANK	Thrift Bank	NA
PHILIPPINE VETERANS BANK	U/KB	NA
THE PALAWAN BANK (PALAWAN DB) INC	Thrift Bank	NA
UNITED COCONUT PLANTERS BANK	U/KB	NA

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