Professional Documents
Culture Documents
FEU Financial Report
FEU Financial Report
FEU Financial Report
MANILA,
1.
2.
538
3.
000-225-442
4.
5.
PHILIPPINES
Province, Country or other jurisdiction of
incorporation or organization
6.
____________
/
/
(SEC use only)
/____________ /
Industry Classification Code:
7.
8.
(632) 735-56-21
Issuer's telephone number including area code
9.
NOT APPLICABLE
Former name, former address, and former fiscal year, if changed since last report.
10.
Securities registered pursuant to Sections 8 and 12 of the SRC, or Sec. 4 and 8 of the
RSA
1008
Postal Code
9,808,448
Not Applicable
-2-
11.
All securities (common shares) are listed with the Philippine Stock Exchange, Inc.
12.
has filed reports required to be filed by Section I7 of the SRC and SRC Rule 17
thereunder and Sections 26 and 141 of the Corporation Code of the Philippines
during the preceding 12 months (or for such shorter period that the registrant was
required to file such reports);
Yes
13.
[ x ]
No
The aggregate market value of the voting stock held by non-affiliates: None
-3-
TABLE OF CONTENTS
PART I -
PART II -
3
10
141
1
7
2
2
1
CORPORATE GOVERNANCE
Item 13-
PART V
PART IV
6
3
1
PART III -
Business
Properties
Legal Proceedings
Submission of Matters To
A Vote of Security Holders
NO. OF PAGES
Corporate Governance
Exhibits
Reports on SEC FORM I7 - C
Quarterly Reports
1
3
1
-4-
-5-
Baccalaureate:
Bachelor of Arts in:
Mass Communication
English Language
Literature
Political Science
International Studies
Bachelor of Science (BS) in Medical Technology
(awaiting recognition permit)
Bachelor of Science (BS) in:
Biology
Psychology
Business Economics
Financial Management
Marketing Management
Operations Management
Business Management
Internal Auditing
Legal Management
C.)
-6-
D.)
E.)
-7-
F.)
G.)
Institute of Nursing
Programs:
Masteral:
Master of Arts in Nursing
Baccalaureate:
Bachelor of Science in Nursing (BSN)
H.) FEU-Makati
Programs:
Masteral:
Masters in Business Administration (MBA)
Baccalaureate:
Bachelor of Science (BS) in
Accountancy
Accounting Technology
Information Technology
Bachelor of Science in Business Administration major in:
Business Economics
Financial Management
Marketing Management
Operations Management
Management
Legal Management
-8-
All programs offered in the University were granted approval/permits by CHED and other
concerned government institutions.
Accreditation on Programs
The Philippine Association of Colleges and Universities Commission on Accreditation
(PACUCOA) granted Certificates of Level III Second Reaccredited Status, from April 2011 to April
2016 to:
Bachelor of Arts in Mass Communication
Bachelor of Science in Business Administration major in:
Business Economics
Financial Management
Marketing Management
Human Resource Development Management
Operations Management
Business Management
Internal Auditing
Legal Management
Similarly, effective April 2011, PACUCOA granted a Level III Reaccredited Status to:
Bachelor of Science in Accountancy
Bachelor of Science in Biology
Bachelor of Science in Applied Mathematics with Information Technology
Bachelor of Science in Psychology
Bachelor of Science in Secondary Education
Bachelor of Science in Elementary Education
Meanwhile, the Philippine Accrediting Association of Schools, Colleges and Universities
(PAASCU) visited the University on September 16-17, 2010 and granted a Level II Reaccredited
Status to its Nursing program for another 5 years.
It is the policy of Far Eastern University to provide quality educational services. This
commitment is embodied in, and fully supported by, the Universitys Quality Management System
(QMS) which has been certified to the latest version, ISO 9001-2008, through Certificate
Registration No. TUV 100 05 0416 valid until January 17, 2012. Thus, the students and other
stakeholders are assured that services provided by FEU are in accordance with standard
procedures in its QMS which undergo continuous improvement for the satisfaction of the
Universitys customers.
-9-
Institute
Percentage to Revenues
39.20%
18.67%
Institute of Nursing
30.39%
Customers:
Students
FEU owns Seventeen Thousand Nine Hundred Sixty-Seven (17,967) square meters of real properties with improvements
in Nicanor Reyes Street, Sampaloc, Manila, wherein its main campus is situated.
The principal properties which include buildings, land improvements and equipments are as follows:
Accumulated
Depreciation
Location
Condition
Manila
Very Good
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
Makati
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
Manila
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
53,394,726.00
"
"
86,928,391.00
86,928,391.00
120,698,088.00
174,092,814.00
"
"
384,082,321.00
996,240,703.00
98,457,565.00
283,478,051.00
118,592,725.00
80,720,540.00
10,358,525.00
103,086,710.00
30,958,003.00
45,952,771.00
617,737.00
3,202,126.00
715,360.00
1,661,650.00
310,000.00
296,196.00
5,068,611.00
9,802,644.00
1,562,113.00
132,861,322.00
829,245,084.00
69,973,848.00
34,829,720.00
22,298,186.00
995,200.00
21,172,022.00
7,112,889.00
6,628,382.00
555,963.00
752,807.00
582,425.00
393,071.00
278,999.00
296,196.00
1,341,245.00
118,438.00
5,962,319.00
173,291,710.00
3,954,692.00
213,504,203.00
83,763,005.00
58,422,354.00
9,363,325.00
81,914,688.00
23,845,114.00
39,324,389.00
61,774.00
2,449,319.00
132,935.00
1,268,579.00
31,001.00
5,068,611.00
8,461,399.00
1,443,675.00
126,899,003.00
655,953,374.00
3,954,692.00
EQUIPMENTS
Furnitures & Fixtures
Electrical & Mechanical
Information Technology
Transportation Equipment
Miscellaneous Fixed Assets
Miscellaneous Fixed Assets - FEU Makati
Instruments & Utensils
Tools
Linen
Museum Collection
TOTAL
29,677,217.00
69,151,286.00
41,129,359.00
20,407,241.00
10,645,124.00
7,295,178.00
572,275.00
1,237,211.00
299,914.00
7,229,673.00
187,644,478.00
13,780,590.00
58,604,619.00
28,579,410.00
10,566,585.00
10,645,124.00
423,546.00
962,432.00
299,914.00
123,862,220.00
15,896,627.00
10,546,667.00
12,549,949.00
9,840,656.00
7,295,178.00
148,729.00
274,779.00
7,229,673.00
63,782,258.00
1,119,301,819.00
297,153,930.00
822,147,889.00
53,394,726.00
207,626,479.00
261,021,205.00
1,380,323,024.00
The above-mentioned properties are not mortgaged, encumbered, or under any lien.
- 11 -
Monthly
Rental
P35,974,093.99
plus
applicable VAT
Contract
Date__
July 1,
2009
to
June 30,
2010
11
43
64
297
534
384
Academic:
Lecturer
Regular
With the economic condition prevailing in the country, the corporation has no plan of hiring
employees within the ensuing twelve months. It will make use of its present employees and
faculty members to meet its manpower requirements.
- 12 -
The labor unions of the employees and the faculty members have never been on strike in the
last ten years, and pose no threat to strike in the foreseeable future. Employees and faculty
members have a harmonious relationship with the Administration.
Working Capital:
All of the company's working capital for its existing operation for fiscal year
April 1, 2009 to March 31, 2010 was internally generated.
- 13 -
Particulars
P
15.00/share
15.00/share
Amount
P
Outstanding
Shares
147,126,720.00
9,808,448
147,126,720.00
9,808,448
P
294,253,440.00
===============
Stock Dividend:
No stock dividend for the period April 1, 2010 to March 31, 2011 was declared.
Recent Sales of Unregistered Securities
Not a single common share is considered unregistered security. All shares are registered with the
Philippine Stock Exchange, Inc. Thus, checklist of requirements for Sale of Unregistered
Securities is not applicable.
The Philippine Stock Exchange, Inc. is the principal market where the corporations common
equity is traded.
- 14 -
April
May
June
July
August
September
October
November
December
January
February
March
Close
775
775
780
755
780
790
778
777
778
777
780
770
High and low sale prices for each quarter are as follows:
A)
B)
High
P/
798.33
790.00
785.66
779.33
Low
P/
770.00
761.66
775.66
765.00
Close
P/
776.66
775.00
777.66
775.66
High
P/
775.00
786.67
783.33
783.33
Low
P/
745.00
748.33
726.67
746.67
Close
P/
758.33
760.00
756.67
768.33
The number of shareholders on record as of March 31, 2011 was One Thousand Four Hundred
Forty (1,440). Common shares issued and outstanding were 9,808,448.
- 15 -
Title of Class
Name of Beneficial Owner
1.
Common
2.
3.
4.
5.
6.
Common
Common
Common
Common
Common
7.
Common
8. Common
9. Common
10. Common
11. Common
12.
13.
14.
15.
16.
17.
18.
19.
20.
Common
Common
Common
Common
Common
Common
Common
Common
Common
No. of Shares
and Nature of
Beneficial
Ownership
Citizenship
Percent
Of Class
Filipino
28.6267
Filipino
Filipino
Filipino
Filipino
Filipino
21.1740
8.0013
3.2160
2.2430
2.1920
Filipino
2.1027
Filipino
Filipino
Filipino
Filipino
1.7262
1.2752
1.2248
1.0856
Filipino
Filipino
Filipino
Filipino
Filipino
Filipino
Filipino
Filipino
Filipino
0.7613
0.6835
0.5059
0.4917
0.4464
0.4115
0.4011
0.3348
0.3215
- 16 Item 6.
Financial Position :
As of March 31, 2008, total assets reached P3,157.3 million which was 16.89% higher
than the previous years P2,701.2 million. Total liabilities amounted to P572.1 million which
was 46.96% higher than the previous years P389.3 million. Equity amounted to P2,585.2
million which was 11.82% higher than the previous years P2,311.9 million. Current ratio was
3.9:1 and debt was 22% of equity.
As of March 31, 2009, total assets amounted to P3,466.1 million which was 9.78% higher
than the previous years P3,157.3 million. Total liabilities amounted to P576.9 million which
was 0.84% higher than the previous years P572.1 million. Equity amounted to P2,889.2 million
which was 11.76% higher than the previous years P2,585.2 million. Current ratio was 4.2:1 and
debt was 20% of equity.
As of March 31, 2010 total assets amounted to P3,716.5 million. Total liabilities
amounted to P518.9 million while total stockholders equity reached P3,197.6 million.
Compared to the previous year, assets and stockholders equity increased by 7.22% and 10.67 %
respectively while liabilities decreased by 10.05%. Current ratio was 4.79:1 and debt was 16%
of equity.
As of March 31, 2011, total assets amounted to P4,049.8 million which was 8.97% higher
than the previous years P3,716.5 million. Total liabilities amounted to P491.3 million which
was 5.32% lower than the previous years P518.9 million. Equity amounted to P3,558.5 million
which was 11.29% higher than the previous years P3,197.6 million. Current ratio was 4.51:1
and debt was 14% of equity.
For the past four (4) years, total assets increased at an average annual rate of 10.72% or
P337.15 million a year. Total liabilities increased during the first two years but gradually
decreased on the last two years. On the average, liabilities increased at around P25.5 million a
year.
(In Million Pesos)
Year
Total
Assets
2,701.2
3,157.3
3,466.1
3,716.5
4,049.8
Increase (Decrease)
Amount %
456.1
308.8
250.4
333.3
337.15
16.89%
9.78%
7.22%
8.97%
Total
Liabilities
389.3
572.1
576.9
518.9
491.3
Increase (Decrease)
Amount
%
182.8
4.8
(58.0)
(27.6)
25.50
46.96%
.84%
(10.05%)
( 5.32%)
During the past four years, the companys solvency steadily improved as shown by the
following figures in million Pesos:
Excess of Assets
Year
Total Assets
Total Liabilities
over Liabilities
March 31, 2008
March 31, 2009
March 31, 2010
March 31, 2011
P3,157.3
3,466.1
3,716.5
4,049.8
P572.1
576.9
518.9
491.3
P2,585.2
2,889.2
3,197.6
3,558.5
As of March 31, 2011, the company has P8.24 worth of assets to pay for every P1.00
worth of liability.
During the same period of time, the company remained liquid as shown by the following
statistics in million Pesos:
Year
March 31, 2008
March 31, 2009
March 31, 2010
March 31, 2011
Current Assets
Current Liabilities
P2,228.7
2,443.9
2,484.5
2,215.1
P572.1
576.9
518.9
491.3
As of March 31, 2011, the company has P4.51 worth of current assets to pay for every
P1.00 worth of current liability.
The constant and steady improvement in the companys financial condition both in
solvency and liquidity is largely attributed to the companys net income each year over the past
four years, net of cash dividends paid over the same period of time.
(In Million Pesos)
Year
Net Income
Cash
Dividends Paid
2007 2008
2008 2009
2009 2010
2010 2011
592.9
567.0
585.2
642.4
315.2
252.2
294.2
294.2
%
53.2%
44.5%
50.3%
45.8%
Excess of Net
Income over Cash
Dividends Paid
277.7
314.8
291.0
348.2
%
46.8%
55.5%
49.7%
54.2%
As a result and based on the above figures, around 51.55% of each years net income has
been retained by the company, thus, the steady increase in owners equity as follows:
Year
March 31, 2008
March 31, 2009
March 31, 2010
March 31, 2011
Owners Equity
Increase
(Decrease)
2,311.9
2,585.3
2,889.2
3,197.5
3,558.5
273.4
303.9
308.3
361.0
%
11.8%
11.8%
10.7%
11.29%
As of March 31, 2011, owners equity accounts for 87.87% of total assets. Since 54.7%
of the companys total assets is current, the company can pay all its liabilities and still have
42.56% current assets and 45.3% non-current assets. In pesos, this would mean P1,723.8 million
current assets and P1,834.7 million non-current assets after paying all liabilities amounting to
P491.3 million as of March 31, 2011.
In Million
Owners Equity
Total Assets
Non-Current Assets
Current Assets
Total Liabilities
Current Assets after Total Liabilities
P3,558.5
4,049.8
1,834.7
2,215.1
491.3
1,723.8
%
87.87%
100%
45.3%
54.7%
12.13%
42.56%
Results of Operations
For the year 2007-2008, net income for the period amounted to P592.9 million which was
1.8% lower than the previous years P603.5 million. This years figure consisted of 78%
operating profit and 22% other income. Operating profit decreased by P21.0 million while other
income increased by P15.5 million. The combined effect resulted in a decrease in net income
after tax by P10.6 million.
For the year 2008-2009, net income for the period amounted to P567.0 million which was
4.4% lower than the previous years P592.9 million. This years figure consisted of 74.7%
operating profit and 25.3% other income. Operating profit decreased by P39.8 million while
other income increased by P13.3 million. As a result, net income after tax decreased by P25.9
million.
For the year 2009-2010, net income for the period amounted to P585.2 million which was
3.2% higher than the previous years P567.0 million. This years figure consisted of 74.1%
operating profit and 25.9% other income. Operating profit increased by P10.7 million while
other income increased by P9.02 million. As a result, net income after tax increased by P18.2
million.
For the year 2010-2011, net income for the period was P642.4 million which was 9.77%
higher than the previous years P585.2 million. This years figure consisted of 67.48%
operating profit and 32.52% other income. Operating profit increased by P1.5 million and other
income by P65.7 million. As a result, net income after tax for the year increased by P57.2
million.
The companys operating profit which is largely dependent on enrollment, was up in
2006-2007 when enrollment was still at the 26,000 level but went down in 2007-2008, 20082009 and 2009-2010 when enrollment dropped to 23,000. In 2010-2011, the first semester
enrollment increased to 24,600 but the first year operating cost of the newly opened Makati
Campus offset the increase in educational income thus, the minimal increase in operating profit
for 2010-2011.
Other income consists largely of investment income. During the past four years, investment
income accounted for 69.03% of the total other income. Rental income accounted for 18.86%
while the remaining 12.11% is from management fees and other miscellaneous income.
I. Test of Liquidity
Liquidity refers to the companys ability to pay its short-term current liabilities as
they fall due. This is measured by any of the following:
1. Current ratio measures the number of times that the current liabilities could be
paid with the available current assets (Adequate: at least 1.5:1)
March 31, 2008
March 31, 2009
March 31, 2010
March 31, 2011
3.90:1
4.24:1
4.79:1
4.51:1
2. Quick ratio measures the number of times that the current liabilities could be
paid with the available quick assets (Adequate: at least 1:1)
March 31, 2008
March 31, 2009
March 31, 2010
March 31, 2011
3.67:1
4.07:1
4.53:1
4.44:1
22%
20%
16%
14%
2. Debt to asset ratio measures the amount of assets provided by the creditors
relative to the total amount of assets of the company. (Adequate: 50% or less)
March 31, 2008
March 31, 2009
March 31, 2010
March 31, 2011
18%
17%
14%
12%
3. Equity to asset ratio measures the amount of assets provided by the owner
relative to the total assets of the company (Adequate: 50% or more)
March 31, 2008
March 31, 2009
March 31, 2010
March 31, 2011
82%
83%
86%
88%
1. Return on total assets measures how well management has used its assets
under its control to generate income (Adequate: at least equal to the
prevailing industry rate).
March 31, 2008
March 31, 2009
March 31, 2010
March 31, 2011
19%
16%
16%
16%
2. Return on owners equity measures how much was earned on the owners
or stockholders investment. (Adequate: at least equal to the prevailing
industry rate).
March 31, 2008
March 31, 2009
March 31, 2010
March 31, 2011
23%
20%
18%
18%
84.62
67.44
59.66
65.49
IV.
Product Standard
1. Teaching performance in the University is constantly being monitored to
maintain a satisfactory level of excellence. Various incentives are given to
our faculty for teaching excellence.
2. The Philippine Association of Colleges and Universities Commission on
Accreditation (PACUCOA) has granted Certificates of Level III Reaccredited Status from April 2011 to April 2016 to:
Bachelor of Arts in Mass Communications
Bachelor of Science in Business Administration major in:
Business Economics
Financial Management
Marketing Management
Human Resource Development Management
Operations Management
Business Management
Internal Auditing
Legal Management
Similarly, effective April 2011, PACUCOA granted A Level III Reaccredited
Status to:
Bachelor of Science in Accountancy
Bachelor of Science in Biology
Bachelor of Science in Applied Mathematics with Information Technology
Bachelor of Science in Psychology
Bachelor of Science in Secondary Education
Bachelor of Science in Elementary Education
Meanwhile, the Philippine Accrediting Association of Schools, Colleges and
Universities (PAASCU) visited on September 16-17, 2010 and granted a level II
Reaccredited Status to its Nursing program for another 5 years.
10th Place
6th Place
7th and 10th Places
5th, 9th and 10th Places
V.
Market Acceptability
1. Below is a schedule of the first semester enrollment for the past 5 years:
SY
Enrollment
Increase
(Decrease)
2007-2008
2008-2009
2009-2010
2010-2011
2011-2012
23,928
23,291
22,885
24,672
26,962
(637)
(406)
1,787
2,290
2. Below is a schedule of Entrance and Entrance Merit Scholars for the past 5 years:
SY
Entrance
Entrance Merit
Total
2006-2007
2007-2008
2008-2009
2009-2010
2010-2011
418
440
949
958
1,126
654
623
315
198
223
1,072
1,063
1,264
1,156
1,349
The growth in enrollment despite difficult times and the increase in the number of
valedictorians, salutatorians and entrance merit scholars are indications that FEU
is one of the better choices among the various colleges and universities in the
metropolis.
Facts
( In Million Pesos )
March 31, 2008
2,101.0
2,228.7
928.6
3,157.3
2,348.2
2,443.9
1,002.2
3,466.1
2,349.7
2,484.5
1,232.0
3,716.5
2,180.9
2,215.1
1,834.7
4,049.8
572.1
572.1
576.9
576.9
518.9
518.9
491.3
491.3
2,585.2
2,889.2
3,197.6
3,558.5
Operating Profit
Other Income
Profit Before Tax
519.6
149.1
668.7
479.8
162.4
642.2
490.5
171.4
661.9
492.0
237.1
729.1
592.9
567.0
585.2
642.4
7,006,368 shares
8,407,408 shares
9,808,448 shares
9,808,448 shares
Quick Assets
Current Assets
Non-Current Assets
Total Assets
Current Liabilities
Total Liabilities
Stockholder's Equity
Other Items
1.
The current economic condition may still affect the sales/revenues/income from
operations.
2.
There are no known events that will trigger direct or contingent financial obligation that
may be material to the company. There are also no known events that would result in
any default or acceleration of an obligation.
3.
4.
5.
A new school site (FEU Makati Campus) was constructed and opened in June 2010 at
the Makati area to offer business courses. Its educational income for the year ended
March 31, 2011 is P18.74 million while its operating expense for the same period
amounted to P32.97 million.
6.
The Board of Trustees in its meeting held on March 16, 2010, also authorized the
Corporation to join and participate as a party/co-venturer with PHI Culinary Arts and
Food Services Institute, Inc. to set up a Joint Venture Company (JVC) named ICF-CCE,
Inc. for the purpose of owning and operating a culinary arts school to be named
ICF@FEU. The registration of the JVC was approved by SEC on May 7, 2010.
7.
8.
Formula
A. Liquidity
1. Current ratio
Current assets
Current Liabilities
Quick assets
Current Liabilities
Total liabilities
Total Stockholder's Equity
Total liabilities
Total assets
1. Return on Assets
Net Profit
Total assets
Net Profit
Total Stockholder's Equity
B. Solvency
C. Profitability
Net Profit
Total Outstanding shares (average)
Accumulated
Depreciation
Location
Condition
Manila
Very Good
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
Makati
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
Manila
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
53,394,726.00
"
"
"
"
98,457,565.00
98,457,565.00
CONSTRUCTION IN PROGRESS
283,478,051.00
118,592,725.00
80,720,540.00
10,358,525.00
103,086,710.00
30,958,003.00
45,952,771.00
617,737.00
3,202,126.00
715,360.00
1,661,650.00
310,000.00
296,196.00
5,068,611.00
9,802,644.00
1,562,113.00
132,861,322.00
829,245,084.00
3,954,692.00
69,973,848.00
34,829,720.00
22,298,186.00
995,200.00
21,172,022.00
7,112,889.00
6,628,382.00
555,963.00
752,807.00
582,425.00
393,071.00
278,999.00
296,196.00
1,341,245.00
118,438.00
5,962,319.00
173,291,710.00
-
213,504,203.00
83,763,005.00
58,422,354.00
9,363,325.00
81,914,688.00
23,845,114.00
39,324,389.00
61,774.00
2,449,319.00
132,935.00
1,268,579.00
31,001.00
5,068,611.00
8,461,399.00
1,443,675.00
126,899,003.00
655,953,374.00
3,954,692.00
EQUIPMENTS
Furnitures & Fixtures
Electrical & Mechanical
Information Technology
Transportation Equipment
Miscellaneous Fixed Assets
Miscellaneous Fixed Assets - FEU Makati
Instruments & Utensils
Tools
Linen
Museum Collection
TOTAL
29,677,217.00
69,151,286.00
41,129,359.00
20,407,241.00
10,645,124.00
7,295,178.00
572,275.00
1,237,211.00
299,914.00
7,229,673.00
187,644,478.00
13,780,590.00
58,604,619.00
28,579,410.00
10,566,585.00
10,645,124.00
423,546.00
962,432.00
299,914.00
123,862,220.00
15,896,627.00
10,546,667.00
12,549,949.00
9,840,656.00
7,295,178.00
148,729.00
274,779.00
7,229,673.00
63,782,258.00
1,119,301,819.00
297,153,930.00
822,147,889.00
53,394,726.00
207,626,479.00
261,021,205.00
86,928,391.00
86,928,391.00
120,698,088.00
174,092,814.00
1,380,323,024.00
384,082,321.00
996,240,703.00
Beginning
Balance
10,400.00
2,983.13
(5,295.67)
(37.62)
(3,764.00)
45,000.00
26,005.00
(8,605.47)
(150,654.17)
(1,455.72)
11,590.42
(1,900.00)
(9,845.50)
(2,288.82)
(2,160.00)
(6,518.64)
(31.00)
(1,528.17)
(58.00)
3,000.00
(5,295.67)
(12,289.47)
7,060.00
(750.00)
9,958.10
10,000.00
3,971.75
8,600.00
(5,305.00)
4,210.55
7,060.00
656.20
847.27
(4,867.00)
(7,300.00)
9,000.00
(13,086.34)
4,555.00
1,765.22
3,647.90
1,015.00
(7,775.00)
250.00
10,900.00
25,000.00
(944.00)
928.75
3,362.50
200.00
(4,500.00)
(1,400.00)
934.05
44,813.06
(5,835.00)
1,025.03
(1,000.00)
Additions
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
363,683.01
Amount
Deducted
91,566.30
Amount
Written-Off
Current
Non-Current
10,400.00
2,983.13
(5,295.67)
(37.62)
(3,764.00)
45,000.00
26,005.00
(8,605.47)
121,462.54
(1,455.72)
11,590.42
(1,900.00)
(9,845.50)
(2,288.82)
(2,160.00)
(6,518.64)
(31.00)
(1,528.17)
(58.00)
3,000.00
(5,295.67)
(12,289.47)
7,060.00
(750.00)
9,958.10
10,000.00
3,971.75
8,600.00
(5,305.00)
4,210.55
7,060.00
656.20
847.27
(4,867.00)
(7,300.00)
9,000.00
(13,086.34)
4,555.00
1,765.22
3,647.90
1,015.00
(7,775.00)
250.00
10,900.00
25,000.00
(944.00)
928.75
3,362.50
200.00
(4,500.00)
(1,400.00)
934.05
44,813.06
(5,835.00)
1,025.03
(1,000.00)
Ending
10,400.00
2,983.13
(5,295.67)
(37.62)
(3,764.00)
45,000.00
26,005.00
(8,605.47)
121,462.54
(1,455.72)
11,590.42
(1,900.00)
(9,845.50)
(2,288.82)
(2,160.00)
(6,518.64)
(31.00)
(1,528.17)
(58.00)
3,000.00
(5,295.67)
(12,289.47)
7,060.00
(750.00)
9,958.10
10,000.00
3,971.75
8,600.00
(5,305.00)
4,210.55
7,060.00
656.20
847.27
(4,867.00)
(7,300.00)
9,000.00
(13,086.34)
4,555.00
1,765.22
3,647.90
1,015.00
(7,775.00)
250.00
10,900.00
25,000.00
(944.00)
928.75
3,362.50
200.00
(4,500.00)
(1,400.00)
934.05
44,813.06
(5,835.00)
1,025.03
(1,000.00)
Deductions
Name and Designation of Debtor
Davalos, Zenaida R.
Deatras, Jeffrey
Demagante, Rey Francis G.
Destura, Blanca
Diaz, Aeneas Eli
Dimalibot, Martina Geraldine
Dingding, Quintin P.
Dizon, Mercy G.
Doria, Jeanette V.
Duena, Teodoro C., Jr.
Dulay, Sofronio C.
Echauz, Lydia B.
Elman, Mario B.
Escosia, Aurora A.
Eser, Myline S.
Espinosa, William V.
Esquibel, Elizabeth
Estacio, Ma. Vivian G.
Esteban, Alejandro L.
Estrella, Gloria
Estrella, Luisito P.
Fabito, Evelyn
Fabros, Marietta
Fernando, Gerry V.
Fesalbon, Hermond F.
Fiesta, Erlinda P.
Figer, Reggy C.
Flores, Roberto C.
Florida, Ma. Corazon M.
Frades, Francisca B.
Fuentes, Ma. Leda J.
Galiza, Miguela S.
Gallardo, John
Garcia, Dolores A.
Garcia, Earl Jimson R.
Garcia, Mylene M.
Garcia, Severino M.
Gariguez, Mariflor N.
Garin, May C.
Gubio, James B.
Guevarra, Remedios P.
Gupit, Dolores S.
Gutang, Marco P.
Guzman, Jericho D.
Hernandez, Alma R.
Hernandez, Angeline A.
Ignacio, Lourdes D.
Iguas, Jose A.
Inciong, Cherry Wyne E.
Isip, Amando F.
Israel, Marietta C.
Javier, Anabella G.
Javier, Nancy Joan M.
Jesus, Angelita SD.
Jimenez, Arsenia S.
Jimenez, Marietta
Jonson, Joyce Lisa B.
Jose, Franco C.
Jose, Haidee R.
Junio, Nenitha L.
Kenny, Isabel
Lapastora, Milagros P.
Lapuebla, Alfredo N.
Larano, Leonora
Beginning
Balance
(499.20)
(2,861.29)
50.00
224.56
(10,000.00)
1,926.98
70.00
(800.00)
(260.00)
(6,000.00)
(10,636.95)
(20,362.80)
(1,800.00)
23,699.77
33,035.86
6,431.00
5,000.00
2,207.69
5,000.00
1,460.37
(300.00)
2,163.00
5,295.67
967.00
7,729.34
8,532.50
24,300.00
(32,250.00)
(1,800.00)
(477.85)
7,060.00
45,000.00
13,000.40
50,000.00
6,000.00
10,000.00
94,560.84
10,591.34
15,534.22
(6,000.00)
4,297.00
(26,896.39)
(2,353.33)
8,460.00
(1,337.50)
6,675.53
(350.00)
(980.00)
7,500.00
(1,323.91)
5,000.00
8,162.50
5,295.67
0.08
5,970.00
2,290.86
(48,424.97)
(6,619.59)
(1,446.80)
767.00
14,000.00
2,071.80
2,368.40
5,848.75
Additions
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
Amount
Deducted
1,664.00
180,677.96
236,201.52
Amount
Written-Off
Current
Non-Current
(499.20)
(2,861.29)
50.00
224.56
(10,000.00)
1,926.98
70.00
(800.00)
(260.00)
(6,000.00)
(10,636.95)
(20,362.80)
(1,800.00)
23,699.77
33,035.86
6,431.00
5,000.00
2,207.69
5,000.00
1,460.37
(300.00)
499.00
5,295.67
967.00
7,729.34
8,532.50
24,300.00
(32,250.00)
(1,800.00)
(477.85)
7,060.00
45,000.00
13,000.40
50,000.00
6,000.00
10,000.00
39,037.28
10,591.34
15,534.22
(6,000.00)
4,297.00
(26,896.39)
(2,353.33)
8,460.00
(1,337.50)
6,675.53
(350.00)
(980.00)
7,500.00
(1,323.91)
5,000.00
8,162.50
5,295.67
0.08
5,970.00
2,290.86
(48,424.97)
(6,619.59)
(1,446.80)
767.00
14,000.00
2,071.80
2,368.40
5,848.75
Ending
(499.20)
(2,861.29)
50.00
224.56
(10,000.00)
1,926.98
70.00
(800.00)
(260.00)
(6,000.00)
(10,636.95)
(20,362.80)
(1,800.00)
23,699.77
33,035.86
6,431.00
5,000.00
2,207.69
5,000.00
1,460.37
(300.00)
499.00
5,295.67
967.00
7,729.34
8,532.50
24,300.00
(32,250.00)
(1,800.00)
(477.85)
7,060.00
45,000.00
13,000.40
50,000.00
6,000.00
10,000.00
39,037.28
10,591.34
15,534.22
(6,000.00)
4,297.00
(26,896.39)
(2,353.33)
8,460.00
(1,337.50)
6,675.53
(350.00)
(980.00)
7,500.00
(1,323.91)
5,000.00
8,162.50
5,295.67
0.08
5,970.00
2,290.86
(48,424.97)
(6,619.59)
(1,446.80)
767.00
14,000.00
2,071.80
2,368.40
5,848.75
Deductions
Name and Designation of Debtor
Larda, Edmundo D.
Lauro, Jocelyn P.
Lazaro, Ma.Teresita A.
Liggayu, Michael
Lim, Nathaniel L.
Lintag, Graciel A.
Lopez, Anastacio, Jr. L.
Lopez, Mercedita P.
Macadangdang, Luzviminda
Macalaguing, Mateo D. Jr.
Macaraeg, Paul
Magayaga, Lea Q.
Malay, Ernesto B.
Maliwat, Herminia I.
Manigan, Alma C.
Manlapaz, Divine Grace
Manrique, Elenita
Mazo, Flaviano S.
Medina, Joy E.
Medina, Merle S.
Mendoza, Cecilia H.
Mendoza, Jobert
Menorca, Emmanuel S.
Mercado, Annabelle K.
Miguel, Emmanuel C.
Minas, Geraldine C.
Monong, Cora
Nagal, Glenn Z.
Narciso, Wilfredo B.
Narval, Antonio G.
Natera, Malvin G.
Naui, Elizabeth S.
Nicer, Joselito C.
Nietes, Raymond G.
Ninobla, Magnolia
Ninubla, Shiela
Noriega, Mariwilda I.
Nuestro, Sarah Joyce
Nulla, Mila R.
Ocampo, Wilfredo T.
Olipas, Lorina L.
Ortiz, Jose
Ortiz, Milixa Lourdes B.
Pacot, Marilou M.
Padilla, Maria Eleanor T.
Pahutan, Ludivinia M.
Palparan, Karoline L.
Paraiso, Lourdes Oliva C.
Paras, Renato
Pascua, Jennifer J.
Paz, Rosalinda Z.
Permalino, Albert Emmanuel
Pineda, Rodolfo G.
Ponsaran, Levy C.
Publico, Hilario Q.
Querijero, Glen Hilario M.
Quintanar, Janeth A.
Quinto, Myrna P.
Ramones, Rhozallino C.
Ramos, Erlinda L.
Ramos, Leonora A.
Ramos, Ma. Theresa L.
Rana, Aurelio Y.
Rapirap. Raquel T.
Beginning
Balance
(1,500.00)
10,856.00
3,205.00
200.00
317.00
1,180.16
(230.00)
252.50
(137.50)
10,000.00
6,436.23
(7,059.99)
20,910.00
401,459.55
7.61
5,000.00
17,000.00
780.00
(409.52)
(1,075.25)
(6,186.77)
10,000.00
(250.00)
3,758.55
6,619.60
(2,100.00)
6,000.00
94,560.84
5,295.67
520.80
4,121.97
(50.00)
(65,500.85)
16,689.30
170.00
1,018.53
(7,306.55)
10,882.23
21,433.75
1,150.00
200.00
(4,882.00)
5,000.00
(7,943.50)
1,430.50
(200.00)
(900.00)
84,847.50
50,000.00
40,977.91
8,805.00
7,060.89
(149.99)
2,450.00
5,376.50
5,000.00
5,366.56
7,060.00
5,000.00
10,000.00
1,532.89
853.81
(3,132.92)
8,288.00
Additions
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
Amount
Deducted
118,391.25
206,292.60
180,677.96
236,201.52
Amount
Written-Off
Current
Non-Current
(1,500.00)
10,856.00
3,205.00
200.00
317.00
1,180.16
(230.00)
252.50
(137.50)
10,000.00
6,436.23
(7,059.99)
20,910.00
313,558.20
7.61
5,000.00
17,000.00
780.00
(409.52)
(1,075.25)
(6,186.77)
10,000.00
(250.00)
3,758.55
6,619.60
(2,100.00)
6,000.00
39,037.28
5,295.67
520.80
4,121.97
(50.00)
(65,500.85)
16,689.30
170.00
1,018.53
(7,306.55)
10,882.23
21,433.75
1,150.00
200.00
(4,882.00)
5,000.00
(7,943.50)
1,430.50
(200.00)
(900.00)
84,847.50
50,000.00
40,977.91
8,805.00
7,060.89
(149.99)
2,450.00
5,376.50
5,000.00
5,366.56
7,060.00
5,000.00
10,000.00
1,532.89
853.81
(3,132.92)
8,288.00
Ending
(1,500.00)
10,856.00
3,205.00
200.00
317.00
1,180.16
(230.00)
252.50
(137.50)
10,000.00
6,436.23
(7,059.99)
20,910.00
313,558.20
7.61
5,000.00
17,000.00
780.00
(409.52)
(1,075.25)
(6,186.77)
10,000.00
(250.00)
3,758.55
6,619.60
(2,100.00)
6,000.00
39,037.28
5,295.67
520.80
4,121.97
(50.00)
(65,500.85)
16,689.30
170.00
1,018.53
(7,306.55)
10,882.23
21,433.75
1,150.00
200.00
(4,882.00)
5,000.00
(7,943.50)
1,430.50
(200.00)
(900.00)
84,847.50
50,000.00
40,977.91
8,805.00
7,060.89
(149.99)
2,450.00
5,376.50
5,000.00
5,366.56
7,060.00
5,000.00
10,000.00
1,532.89
853.81
(3,132.92)
8,288.00
Deductions
Name and Designation of Debtor
Remiendo, Noraliza A.
Retardo, Victor C.
Reyes, Herbert D.
Reyes, Melodia S.
Rivera, Myrna T.
Rosete, Dwight Benedict N.
Roxas, Ronald L.
Rubillos, Leonardo I.
Sabaupan, Sylvette G.
Sagarino, Gavino N.
Salcedo, Liezel Donatila
Salunga, Loida P.
Salvado, Rowena E.
Salvador, Esther D.
San Pablo, Ma.Cecilia A.
Santos, Carmelita C.
Santos, Danilo B.
Santuile, Aida M.
Sapitula, Preciosa S.
Sido, Ma. Victoria P.
Simo, Rickson Jay
Sin, Glenda S.
Sinang, Rolando R.
Siongco, Ma. Teresita
Sioson, Yolanda J.
Soliman, Norma P.
Sopoco, Anna Marie M.
Soria, Eulegio E.
Tagle, Susan M.
Tapalgo, Elyn M. Jr.
Tirazona, Renato A.
Togado, Illumar I.
Tomas, Eden A.
Trinidad, Josefina
Tuazon, Nino M.
Usita, Laarni P.
Uy, Moira B.
Uyson, Leslie Marie C.
Valencia, Jean Pauline S.
Valencia, Ma. Theresa L.
Varilla, Edglyn G.
Vera, Antonio
Vera, Jose Rizalito c.
Victoria, Michael S.
Villamiel, Carminda
Villanueva, Ma. Concepcion
Villanueva, Rosalie R.
Villapando, Marimel A.
Villar, Gerald
Villegas, Ma. Marissa M.
Villorente, Elizabeth F.
Vinluan, Renato A.
Yang, Gloria
Yap, Caridad P.
Yatco, Ma. Carmen S.
Zaldivar, Ramil P.
Beginning
Balance
10.00
(600.00)
4,555.00
6,834.00
(1,420.25)
(500.00)
8,000.00
(600.00)
23,364.75
(5,295.67)
17,190.24
14,960.54
22,160.26
18.00
90.00
(1,391.64)
2,645.25
8,000.00
1,586.57
125.80
(21,182.72)
7,060.00
7,263.50
2,000.00
57,480.00
7,060.00
1,890.00
1,000.00
5,051.41
(2,657.50)
1,992.92
4,000.00
943.00
1,860.82
356.25
23,069.00
4,000.00
9,258.08
(5,198.00)
530.00
5,140.61
0.03
(5,400.00)
(640.00)
(29,288.90)
5,000.00
(10,591.34)
200.00
7,060.00
(10,591.34)
1,323.91
2,028.62
45,000.00
(4,841.00)
29,320.00
5,000.00
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
1,313,306.43
Additions
843,430.18
Amount
Deducted
771,925.94
Amount
Written-Off
Current
Non-Current
10.00
(600.00)
4,555.00
6,834.00
(1,420.25)
(500.00)
8,000.00
(600.00)
23,364.75
(5,295.67)
17,190.24
14,960.54
22,160.26
18.00
90.00
(1,391.64)
2,645.25
8,000.00
1,586.57
125.80
(21,182.72)
7,060.00
7,263.50
2,000.00
57,480.00
7,060.00
1,890.00
1,000.00
5,051.41
(2,657.50)
1,992.92
4,000.00
943.00
1,860.82
356.25
23,069.00
4,000.00
9,258.08
(5,198.00)
530.00
5,140.61
0.03
(5,400.00)
(640.00)
(29,288.90)
5,000.00
(10,591.34)
200.00
7,060.00
(10,591.34)
1,323.91
2,028.62
45,000.00
(4,841.00)
29,320.00
5,000.00
1,384,810.67
Ending
10.00
(600.00)
4,555.00
6,834.00
(1,420.25)
(500.00)
8,000.00
(600.00)
23,364.75
(5,295.67)
17,190.24
14,960.54
22,160.26
18.00
90.00
(1,391.64)
2,645.25
8,000.00
1,586.57
125.80
(21,182.72)
7,060.00
7,263.50
2,000.00
57,480.00
7,060.00
1,890.00
1,000.00
5,051.41
(2,657.50)
1,992.92
4,000.00
943.00
1,860.82
356.25
23,069.00
4,000.00
9,258.08
(5,198.00)
530.00
5,140.61
0.03
(5,400.00)
(640.00)
(29,288.90)
5,000.00
(10,591.34)
200.00
7,060.00
(10,591.34)
1,323.91
2,028.62
45,000.00
(4,841.00)
29,320.00
5,000.00
1,384,810.67
Deductions
Name and Designation of Debtor
Ampatin, Estrella V.
Cabasada, Albert R. III
Caratao, Jinky Rosario
Cruz, Reynaldo J.
Diwa, Alvin S.
Frades, Francisca B.
Garin, May C.
Molina, Mark Oliver P.
Pizaro, Arthur
Sarabia, Juliet S.
Tolentino, Rosula R.
Villanueva, Romulo
Villar, Gerald
Yang, Gloria G.
Beginning
Balance
Additions
Amount
Written-Off
Current
Non-Current
(560.00)
26,099.35
6,800.00
(5,000.00)
31,783.91
(451.32)
46,130.23
(5,232.06)
1,200.00
4,755.00
8,646.70
5,212.00
20,354.47
11,760.00
151,498.28
TOTAL - 1131010
Amount
Deducted
1,464,804.71
(560.00)
26,099.35
6,800.00
(5,000.00)
31,783.91
(451.32)
46,130.23
(5,232.06)
1,200.00
4,755.00
8,646.70
5,212.00
20,354.47
11,760.00
843,430.18
771,925.94
Ending
(560.00)
26,099.35
6,800.00
(5,000.00)
31,783.91
(451.32)
46,130.23
(5,232.06)
1,200.00
4,755.00
8,646.70
5,212.00
20,354.47
11,760.00
151,498.28
151,498.28
1,536,308.95
1,536,308.95
Deductions
Beginning
Balance
Additions
Amount
Deducted
Amount
Written-Off
Current
Non-Current
Ending
155.00
155.00
331.45
362.50
5,000.00
2,735.40
18,292.00
2,091.00
80,186.00
9,396.00
25,186.00
331.45
(362.50)
2,735.40
18,292.00
2,091.00
60,000.00
9,396.00
9,104.91
209.40
16,529.15
(1,000.00)
7,011.00
16,930.00
43,891.00
9,980.00
3,373.06
6,150.00
2,023.25
50,000.00
51,300.25
55,000.00
51.22
26,260.00
9,126.00
33,599.42
10,160.85
28,741.60
27,990.00
5,000.00
47,760.15
10,352.50
500.00
3,921.11
29,166.69
29,366.69
34,166.69
16,260.02
7,012.20
32,519.62
29,362.40
362.50
(209.40)
7,011.00
11,930.00
12,660.00
(372.50)
3,373.06
(500.00)
2,228.89
2,023.25
20,833.31
21,933.56
20,833.31
51.22
9,999.98
2,113.80
1,079.80
10,160.85
(620.80)
27,990.00
(362.50)
(533.40)
1,007,848.75
31,000.00
26,285.80
7,700.00
53,594.00
6,828.65
1,553.50
3,660.35
996.25
17,848.75
21,786.77
9,104.91
(1,000.00)
(533.40)
11,930.00
117,757.74
14,411.50
25.45
77,403.80
199,874.82
5,254.00
(200.00)
3,467.00
1,989.00
54,250.00
11,353.25
5,605.00
33,586.60
36,550.00
29,616.00
420.80
245,921.13
43,675.00
13,642.75
73,027.23
637.50
164,100.00
6,254.00
975.00
975.00
362.50
(420.80)
11,930.00
105,082.74
768.75
25.45
30,662.37
(637.50)
5,678.65
15,524.50
36,480.96
18,660.36
1,816.70
89,368.82
(1,000.00)
(975.00)
(975.00)
(362.50)
1,989.00
33,600.00
(580.00)
11,353.25
6,755.00
19,615.60
69.04
14,615.99
(1,816.70)
47,848.75
1,312.50
2,514.38
28,500.00
35,000.00
(362.50)
(279.38)
(6,713.23)
24,117.00
580.00
761,927.62
7,700.00
(200.00)
-
996.25
65,000.00
950.00
2,235.00
155.00
331.45
(362.50)
2,735.40
18,292.00
2,091.00
60,000.00
9,396.00
9,104.91
(209.40)
7,011.00
11,930.00
12,660.00
(372.50)
2,373.06
(500.00)
2,228.89
2,023.25
20,833.31
21,933.56
20,833.31
51.22
9,999.98
2,113.80
1,079.80
10,160.85
(620.80)
27,990.00
(362.50)
(533.40)
(420.80)
773,857.62
105,082.74
768.75
25.45
30,662.37
(637.50)
7,700.00
89,368.82
(1,000.00)
(1,175.00)
(975.00)
(362.50)
1,989.00
33,600.00
(580.00)
11,353.25
6,755.00
19,615.60
69.04
14,615.99
(1,816.70)
996.25
35,000.00
(362.50)
(279.38)
(6,713.23)
Deductions
Name and Designation of Debtor
Baltazar, Rolando V.
Bantayan, Maria Emilia R.
Banzel, Emily V.
Barro, Liana M.
Bartolome, Liezl
Bataan, Luzviminda G.
Batin, Judith J.
Bautista, Juan Andres
Bautista, Michelle
Bautista, Reiner C.
Belardo, Amy G.
Belaya, Vina Grace
Belleza, Asuncion L.
Beltran, Edna M.
Beltran, Manuel D.
Belza, Mercedes A.
Benavides, Marichu T.
Bengo, Manuelito V.
Bermachea, Ann Daryl
Bermudez, Jo- Shancy
Bernardo, Norma V.
Bernardo, Rodrigo G.
Bertis, Lourdes L.
Bilan, Jeanette L.
Bilog, Manolo R.
Bingculado, Roger B.
Binuya, Maria Veronica Joy
Bitagcul, Virgilio D.
Blanco, Lyra E.
Blas, Maria Theresa B.
Bodegon, Hannah Frances
Bolanos, Joan F.
Bolo, Benjamin A.
Bondocoy, Renato A.
Brito, Razel
Briones, Domingo J.
Buen, Jennifer
Buenafe, Ma. Belinda G.
Bueno, Marivie
Bulanhagui, Nida
Bunuan, Editha S.
Buot, Joseph
Buquid, Apolonio A.
Burac, Joseph T.
Bustamante, Maria Christine H.
Butcon, Jesson Vicente
Caagbay, Elpidio Z.
Cabaltica, Leilani A.
Cabalu, Cromwell R.
Cabasada, Albert R. III
Cabilto, Gerardo P.
Cabinta, Ma. Dolores B.
Cabral, Raymond Nonnatus
Cabrera, Roberlyn V.
Cacacho, Gremar T.
Cada, Leonardo F.
Cajucom, Cherry S.
Calderon, Angelita
Calupaz, Ma. Lutgarda V.
Camaclang, Merlita J.
Camana, Love V.
Canares, Jonathan S.
Cancino, Victoria
Cando, Cromwell N.
Beginning
Balance
Additions
7,750.00
Amount
Deducted
5,603.21
Amount
Written-Off
Current
2,146.79
5,710.08
920.00
254.40
37,458.00
12,500.00
(50.00)
12,414.98
4,527.15
5,710.08
983.40
11,920.00
1,695.65
23,010.00
61,005.00
2,128.25
750.00
812.50
10,842.70
362.50
125,935.00
76,400.00
11,150.00
23,776.70
6,593.50
38,428.00
22,046.00
177.14
1,299.10
8,560.00
30,631.28
1,112.50
1,570.80
954.20
100,565.18
84,400.00
11,150.00
24,916.48
42,955.17
637.50
22,858.50
(315.70)
4,280.00
1,695.65
(7,621.28)
61,005.00
2,128.25
(362.50)
(758.30)
10,842.70
(337.30)
62,827.82
4,500.00
(50.00)
11,275.20
6,593.50
(0.02)
(637.50)
(812.50)
177.14
28,411.00
28,411.00
588.90
1,088.90
(500.00)
1,326.18
18,000.00
6,666.68
1,693.75
370.75
600.00
500.00
23,883.70
8,895.00
13,000.00
38,848.75
(13,800.00)
27,500.00
32,000.00
7,648.75
3,787.50
3,696.85
Non-Current
1,326.18
599.50
27,177.00
650.00
22,562.50
1,431.55
41,808.00
1,775.00
650.00
50,050.00
14,650.00
450.00
3,436.86
3,643.80
7,961.00
41,177.00
1,012.50
37,628.00
2,625.00
1,070.80
41,716.68
9,650.00
225.00
1,693.75
599.50
4,000.00
(362.50)
22,562.50
1,431.55
4,180.00
(850.00)
(420.80)
15,000.00
5,000.00
225.00
3,436.86
3,643.80
7,961.00
370.75
26,419.60
8,263.60
21,135.68
5,283.92
8,263.60
23,000.00
21,065.00
52,950.40
201.50
57,201.35
138,930.00
64,200.00
1,500.00
7,304.00
56,470.00
81.68
60,200.00
812.50
2,834.75
11,580.00
2,125.00
800.00
7,580.28
25,820.00
15,050.00
750.00
70,326.77
11,500.00
28,684.70
57,520.40
1,176.50
58,161.66
158,848.75
64,700.00
12,000.00
16,264.00
4,325.00
(975.00)
12,039.69
18,930.00
(500.00)
6,100.80
68,970.00
1,203.20
15,000.00
81.68
20,000.00
(862.50)
2,834.75
(400.00)
(729.20)
(637.50)
7,580.28
4,000.00
(975.00)
(362.50)
30,326.77
600.00
(12,300.00)
72,200.00
1,675.00
19,628.75
2,854.20
1,437.50
25,607.50
16,025.00
1,112.50
43,696.85
Ending
2,146.79
5,710.08
(315.70)
4,280.00
1,695.65
(7,621.28)
61,005.00
2,128.25
(362.50)
(758.30)
10,842.70
(337.30)
62,827.82
4,500.00
(50.00)
11,275.20
6,593.50
(0.02)
(637.50)
(812.50)
177.14
28,411.00
(500.00)
1,326.18
599.50
4,000.00
(362.50)
22,562.50
1,431.55
4,180.00
(850.00)
(420.80)
15,000.00
5,000.00
225.00
3,436.86
3,643.80
7,961.00
370.75
5,283.92
8,263.60
600.00
12,000.00
16,264.00
4,325.00
(975.00)
12,039.69
18,930.00
(500.00)
(12,300.00)
1,203.20
15,000.00
81.68
20,000.00
(862.50)
2,834.75
(400.00)
(729.20)
(637.50)
7,580.28
4,000.00
(975.00)
(362.50)
30,326.77
Deductions
Name and Designation of Debtor
Canoza, Geraldine E.
Cao, Marilou F
Capacio, Glenn
Capili, Regina R.
Cardano, Patricio
Carino, Raquel G.
Carpio, Miguel M.
Carpio, Rustica
Castillo, Carolina
Castillo, Perlita C.
Castro, Joeven R.
Casuco, Leonida S.
Catanghal, Rosalie I.
Cayetano, Lovella M.
Celis, Nelson
Cendana, Ringo Feliciano M.
Chastein, Cherry R.
Chiu, Antonio E.
Chua, George S.
Chua, Wilson S.
Ciubal, Annabel S.
Ciubal, Willie Y.
Co, Evangeline M.
Coladilla, Marilyn R.
Collado, Manny E.
Concepcion, Benjamin P.
Concepcion, Gerald G.
Concepcion, Reynaldo T.
Conti, Elnora
Cordoba, Enrico L.
Coronejo, Rosemarie M.
Cortez, Myrna P.
Cruz, Benjamin F.
Cruz, Christybel O.
Cruz, Genevic B.
Cruz, Janette R.
Cruz, Noel L.
Cruz, Rebecca S.
Cuason, Willy Lim
Cubon, Mary Ann A.
Culala, Harold John D.
Cunanan, Catherine T.
Dacayanan, Marites G.
Dado, Rorylyn H.
Dalton, Juanita
Damasco, Charmaine Gay
Dancil, Veronica M.
Danofrata, Julie
Davalos, Zenaida R.
David, Melvira C.
Defensor, Benjamin G.
Defino, Lorna M.
Destura, Blanca
Devilles, Gary C.
Diangson, Ian S.
Dimalibot, Ma. Martina Geraldine
Dimzon, Bernadette K.
Dionisio, Joseph D.
Dizon, Kenneth Earl I.
Dizon, Mitch Anne W.
Doble, Jon Derek
Dolba, Sammy Q.
Domingo, Ernesto E.
Domingo, Janna Karla
Beginning
Balance
500.00
(5,000.00)
2,740.85
4,598.00
1,788.00
35,000.00
7,848.75
12,385.60
1,318.19
Additions
151.60
48,590.81
2,695.07
1,960.50
3,490.00
17,130.10
92,912.25
3,021.25
12,051.50
44,000.00
18,605.70
63,967.00
Amount
Deducted
36,015.00
6,663.35
9,063.00
375.00
85,045.91
7,970.25
71,000.00
17,557.20
55,892.60
1,816.70
500.00
Amount
Written-Off
Current
151.60
13,075.81
287.57
1,960.50
(975.00)
17,130.10
1,413.00
(14,614.40)
1,048.50
9,392.59
(1,816.70)
(500.00)
10,000.00
750.00
550.00
15,035.00
51,172.50
5,030.00
837.50
570.12
545.50
232.02
2,028.60
40,000.00
(5,000.00)
4,500.00
594.25
30,000.00
9,000.00
(237.04)
26,153.00
5,937.25
50,000.00
76,071.13
720.20
210.06
79,446.22
38,142.00
23,066.00
1,625.00
36,230.00
4,844.50
1,250.00
2,083.30
8,085.00
47,422.50
5,030.00
454.20
1,662.50
932.62
493.08
41,500.00
2,920.90
20,864.76
20,000.00
30,567.13
529.20
419.46
51,475.36
13,805.39
2,920.90
38,550.30
32,826.00
2,600.00
33,852.00
(500.00)
(2,083.30)
7,500.00
3,750.00
(600.00)
(454.20)
(825.00)
(362.50)
545.50
(261.06)
2,028.60
(1,500.00)
(2,920.90)
5,288.24
5,937.25
25,000.00
50,004.00
191.00
(209.40)
28,565.11
16,194.61
(2,920.90)
(408.30)
(760.00)
(975.00)
2,378.00
4,844.50
617.50
(617.50)
43,240.45
301.25
32,971.00
10,269.45
301.25
1,625.00
(1,625.00)
1,567.35
39,896.25
(345.80)
(209.40)
250.00
(335.00)
1,567.35
65,135.26
420.12
210.06
59,040.41
765.92
419.46
200.00
200.00
46,292.45
6,412.30
45,749.00
543.45
6,412.30
65,219.00
102,000.00
12,275.00
600.00
6,025.00
66,106.50
(887.50)
102,000.00
(6,350.00)
200.00
28,800.00
200.00
(237.04)
617.50
(617.50)
250.00
(335.00)
33,801.40
(5,000.00)
(1,515.00)
42,866.34
3,021.25
11,930.00
10,000.00
(600.00)
Non-Current
200.00
18,625.00
600.00
6,912.50
28,800.00
200.00
(887.50)
Ending
151.60
13,075.81
(5,000.00)
(1,227.43)
1,960.50
(975.00)
17,130.10
1,413.00
42,866.34
3,021.25
11,930.00
(14,614.40)
1,048.50
9,392.59
(1,816.70)
(500.00)
10,000.00
(500.00)
(2,083.30)
7,500.00
3,750.00
(600.00)
(454.20)
(825.00)
(362.50)
545.50
(261.06)
2,028.60
(1,500.00)
(2,920.90)
5,288.24
5,937.25
25,000.00
50,004.00
191.00
(209.40)
28,565.11
16,194.61
(2,920.90)
(408.30)
(760.00)
(975.00)
2,140.96
4,844.50
617.50
(617.50)
10,269.45
301.25
250.00
(335.00)
(1,625.00)
1,567.35
39,896.25
(345.80)
(209.40)
200.00
543.45
6,412.30
200.00
(887.50)
130,800.00
(6,350.00)
200.00
(887.50)
Deductions
Name and Designation of Debtor
Dominguez, Apolonio
Ducut, Mirela G.
Dulalia, Nelson M.
Dulay, Sofronio C.
Durban, Joel M.
Durias, Tom N.
Dy, Maria Luisa G.
Dy Kam, Felicidad
Eleazar, Glenda C.
Elman, Mario M.
Escleto, Wilberto Z.
Escobar, Rosaline O.
Escobia, Irma L.
Escosia, Aurora A.
Esguerra, Marissa B..
Espinosa, William V.
Espiritu, Cesar O.
Espiritu, Elizabeth O.
Estrella, Luisito P.
Evangelista, Erika
Evangelista, Rey M.
Fajardo, Rolando
Farolan, Mikhail E.
Faundo, Aurora L.
Fernandez, Barbara W
Fiesta, Erlinda P.
Flora, Dolores
Flores, Edwin L.
Flores, Miguela Trinidad
Flores, Teresita T.
Fontanilla, Anecito
Fontanos, Milagros D.
Foronda, John Clarence
Fortaleza, Ramon M.
Frades, Francisca B.
Fraginal, Peter Daniel
Fronda, Adelaida C.
Gabon, Danilo B.
Galang, Romeo Bala
Galo, Crispin L.
Garcia, Arvin A.
Garcia, Julita
Garcia. Miriam
Garcia, Mylene M.
Garcia, Severino M.
Garin, May C.
Gaspar, Fiel T.
Gaspillo, Rudy M.
Gella, Frederick S.
Gener, Jocelyn C.
Gerardo, Elsa F.
Gervacio, Ma. Cristina SJ.
Gilera, Enrico G.
Giron, Anselmo C.
Gobencion, Trinidad C.
Golloso, Helen E.
Gonzales, Emmanuel S.
Gordo, Flordeliza N.
Gorospe, Rene B.
Grafilo, Rogelio B.
Grasparil, James Andrew
Gubio, James B.
Guerrero, Noryli F.
Guevarra, Dorvin H.
Beginning
Balance
18,108.70
(1,450.00)
(966.60)
(1,025.00)
35,404.31
1,250.00
7,548.50
(360.00)
(6,000.00)
9,291.54
800.00
17,375.00
58,453.54
(2,150.00)
(3,810.60)
52,913.20
2,385.66
9,583.33
Additions
695.80
17,685.65
Amount
Deducted
1,150.00
23,738.70
20,833.35
100.00
7,366.70
13,509.40
50.00
69,404.25
1,554.20
2,000.00
25,202.25
39,560.80
1,175.00
118,729.55
18,912.79
14,419.00
34,840.78
512.50
2,550.00
31,381.50
1,918.93
57,953.79
79,267.13
512.50
1,275.00
23,600.00
57,000.00
53,686.80
2,071.36
43,800.00
32,580.43
69,702.70
3,076.00
1,000.00
2,000.00
19,418.75
39,882.00
29,401.26
3,301.75
6,550.25
2,000.00
100,000.00
20,621.55
(2,000.10)
(975.00)
(240.00)
90,000.00
Current
(454.20)
12,055.65
22,794.00
937.50
38,465.60
2,214.65
3,150.00
10,057.20
33,684.00
207,959.00
71,573.00
14,942.00
20.00
650.00
3,127.75
8,697.46
6,163.75
108,985.00
75.00
25,000.00
55,280.00
30,288.76
4,301.75
19,223.70
1,912.50
33,358.10
19,316.50
200,000.00
11,373.00
5,000.00
20,621.55
650.00
72.00
6,163.75
110,000.00
962.50
15,333.35
29,166.65
(966.60)
(741.70)
(209.40)
39,930.06
7,758.80
(812.50)
3,000.00
2,408.25
13,800.00
999.31
2,191.50
1,503.40
14,027.19
1,275.00
3,970.90
1,918.93
41,164.29
13,200.00
30,689.70
2,071.36
(2,258.30)
3,076.00
(1,000.00)
19,418.75
52.00
(887.50)
(1,000.00)
3,570.30
(975.00)
11,657.75
2,214.65
3,150.00
10,057.20
16,367.50
107,959.00
60,200.00
9,942.00
20.00
3,127.75
8,625.46
88,985.00
(887.50)
9,666.65
(500.01)
9,444.40
13,863.19
(1,025.00)
-
(360.00)
(6,000.00)
800.00
17,375.00
(2,150.00)
2,385.66
-
(2,000.10)
(975.00)
(240.00)
-
(500.01)
10,884.75
61,491.94
69,623.66
837.50
10,884.75
1,312.68
(837.50)
7,943.25
43,731.50
19,150.00
61,169.79
18,472.65
(850.00)
9,217.35
7,943.25
(1,575.00)
12,848.40
Non-Current
(1,450.00)
50,000.00
100.00
6,625.00
13,300.00
50.00
73,930.00
7,758.80
741.70
5,000.00
26,360.50
45,812.30
1,175.00
119,728.86
2,191.50
11,124.65
14,419.00
2,258.30
15,450.00
Amount
Written-Off
49,355.75
18,300.00
56,523.95
(1,575.00)
-
Ending
(454.20)
12,055.65
(1,450.00)
29,166.65
(966.60)
(741.70)
(209.40)
(1,025.00)
39,930.06
7,758.80
(812.50)
3,000.00
2,408.25
13,800.00
(360.00)
(5,000.69)
2,191.50
1,503.40
800.00
17,375.00
14,027.19
(2,150.00)
1,275.00
3,970.90
1,918.93
41,164.29
2,385.66
13,200.00
30,689.70
2,071.36
(2,258.30)
3,076.00
(1,000.00)
19,418.75
52.00
(887.50)
(1,000.00)
3,570.30
(975.00)
11,657.75
2,214.65
3,150.00
10,057.20
16,367.50
107,959.00
60,200.00
9,942.00
20.00
(2,000.10)
3,127.75
7,650.46
(240.00)
88,985.00
(887.50)
9,666.65
(500.01)
10,884.75
1,312.68
(837.50)
7,943.25
(1,575.00)
18,472.65
(850.00)
9,217.35
Deductions
Name and Designation of Debtor
Guevarra, Ma. Theresa M.
Guia, Mark Benedict
Guillermo, Nemesio
Gusi, Rechilda
Gutierrez, Carlo S.
Gutierrez, Lucita A.
Guzman, Guillerma M.
Guzman, Jenny Ann B.
Guzman, Ma. Corazon A.
Hacinas, Elizabeth F.
Hatt, Cielito Sanvictores
Hebron, Daniel E.
Herrera, Rubie R.
Hilario, Jose S.
Hiso, Christopher John
Ida, Felipe J.
Idang, Donna C.
Ignacio, Lourdes D.
Iguas, Jose A.
Ilagan, Noel R.
Inciong, Cherry Wyne
Isidro, Teresita L.
Isip, Amando F.
Ison, Mary Rose C.
Janagap, Fe Q.
Jarlos, Anna Liza
Jerusalem, John
Jerusalem, Violeta L.
Jesus, Angelita SD.
Jimenez, Arsenia S.
Jintalan, Elma c.
Joloya, Ma. Aura Christine
Joromat, Richmond
Jose, Angelina P.
Julia, Brynn Jonson
Julio, Beata R.
Junio, Nenitha L.
Kenny Isabel
Ko, Robert
Kuan, Robert
Lacanilao, Gary
Lacsamana, Recuerdo G.
Ladera, Renville M.
Lajara, Galilea R.
Lakian, Teodosio
Lamorena, Juditha M.
Lansang, Brenda
Lapastora, Milagros
Larda, Edmundo D.
Laurel, Robertson K.
Lauro, Jocelyn P.
Lava, Ryan Paul
Laxamana, Rachel D.
Lazaro, Maria Teresita A.
Lee, Nestor
Leon, Angelito Y.
Leon, Arsenia J.
Leon, Cipriano C.
Leon, Emma Rose H.
Leon, Jocelyn E.
Leonardo, Marietta
Leonardo, Violeta M.
Lepon, Ma. Luisa M.
Letrero, Bernard
Beginning
Balance
2,744.70
27,000.00
(1,000.00)
(975.00)
15,000.00
4,794.40
1,180.00
40,258.77
5,131.44
22,788.75
(9,369.48)
17,970.00
10,000.00
127.00
50,000.00
125.00
50,000.00
50,000.00
375.00
Additions
375.00
5,511.50
16,990.31
2,200.00
4,519.50
53,126.00
1,700.00
5,000.00
2,916.15
3,508.50
1,300.00
1,696.75
1,638.00
293.60
26,800.00
9,911.25
71,066.00
45,136.00
24,417.50
14,181.00
15,070.00
858.40
25,933.00
20,201.50
1,054.55
2,186.07
76,769.73
50,264.50
2,403.55
20,231.00
3,150.00
831,800.66
1,587.60
3,831.15
6,221.00
763.00
2,198,550.92
39,853.22
43,188.60
10,829.90
(1,650.00)
66,691.18
200.00
13,872.35
2,338.00
1,252.25
8,970.00
8,992.75
(1,770.00)
25,000.00
(3,000.00)
1,650.00
Amount
Deducted
3,169.70
584.40
2,887.50
65,548.75
2,200.00
5,000.00
2,525.00
1,937.50
310.30
16,800.00
38,200.00
29,279.96
24,975.80
10,941.00
42,879.71
1,097.46
18,433.00
31,060.25
Amount
Written-Off
Current
(425.00)
(209.40)
5,511.50
16,990.31
(687.50)
4,519.50
14,577.25
(500.00)
2,916.15
8.50
(637.50)
1,696.75
1,638.00
(16.70)
10,000.00
9,911.25
47,866.00
20,650.44
(558.30)
3,240.00
(27,809.71)
(239.06)
7,500.00
7,114.75
1,244,971.15
763.00
953,579.77
18,978.66
900.00
344,489.25
3,525.00
37,331.12
2,522.10
43,188.60
7,229.90
61,528.00
25,000.00
105,711.85
26,750.00
4,122.20
39,995.00
81,488.91
76,059.41
55,000.00
63,330.00
11,950.00
17,639.00
18,080.00
200.00
37,550.00
47.25
119,499.68
15,000.02
68,642.20
20,000.00
975.00
40,832.50
80,459.91
63,740.17
45,252.25
54,390.00
10,550.00
345.80
8,389.00
14,374.00
200.00
53,550.00
47.25
(1,000.00)
11,930.00
1,054.55
347.50
22,775.15
(1.00)
2,403.55
1,379.34
2,250.00
537,311.41
(1,937.40)
3,831.15
(768.75)
1,838.57
71,964.58
60,265.50
Non-Current
8,719.50
10,199.98
50,942.00
6,750.00
(975.00)
4,122.20
(837.50)
3,367.00
12,319.24
11,000.00
17,910.00
1,400.00
(345.80)
9,250.00
12,698.75
9,000.00
1,180.00
40,258.77
5,131.44
(9,369.48)
50,000.00
50,000.00
375.00
3,600.00
(1,650.00)
(1,770.00)
(3,000.00)
1,650.00
Ending
(425.00)
(209.40)
5,511.50
16,990.31
(687.50)
4,519.50
14,577.25
(500.00)
(1,000.00)
2,916.15
8.50
(637.50)
1,696.75
1,638.00
(16.70)
10,000.00
9,911.25
47,866.00
20,650.44
(558.30)
4,420.00
12,449.06
(239.06)
7,500.00
5,131.44
11,930.00
1,054.55
(9,021.98)
22,775.15
(1.00)
2,403.55
1,379.34
2,250.00
537,311.41
(1,937.40)
3,831.15
(768.75)
50,000.00
763.00
1,003,579.77
375.00
2,522.10
43,188.60
3,600.00
(1,650.00)
8,719.50
10,199.98
50,942.00
6,750.00
(975.00)
4,122.20
(837.50)
3,367.00
12,319.24
11,000.00
17,910.00
1,400.00
(345.80)
9,250.00
12,698.75
(1,770.00)
9,000.00
(3,000.00)
1,650.00
Deductions
Name and Designation of Debtor
Liggayu, Pastora
Lim, Fernando
Limon, Suseline B.
Lingat, Yolanda S.
Lintag, Gino
Litonjua, Lilian M.
Liwanag, Ma. Ruby Ann M.
Lluz, Samarlita N.
Lo, Rosalyn H.
Lomomgo, Michael Ian
Lopez, Antonio C.
Lopez, Ferdinand
Lopez, Jomelyn G.
Lopez, Joseph
Lopez, Mercedita P.
Lopez, Ricardo S.
Lopez, Ruelda A.
Lorenzo, Marietta U.
Loyola, Grace D.
Luansing, Ma. Emelita L.
Lumacad, Fernando B.
Lumanga, Suzzette V.
Luyun, Teofilo P. Jr.
Luzada, Gian J.
Macalaguing, Mateo
Macalintal, Connie SJ.
Macapagal, Arnualdo B.
Macapinlac, Joven H.
Macaraig, Melinda
Madeja, Samuel M.
Madriaga, Joventina D.
Magalona, Henry S.
Magat, Lalaine D.
Magayaga, Lea Q.
Magbiro, Erdyn J.
Magdasoc, Cecilia C.
Magpantay, Lorna T.
Malabag, Pastor B.
Malcampo, Agnes C.
Maliwat, Herminia I.
Mallari, Jaime M.
Mallari, Roel F.
Malonzo, Ella Margarita N.
Manalastas, Ma. Barbara
Manalili, Karen Michelle
Manansala, Eleonor G.
Manaois, Mario B.
Manguerra, Laarni C.
Marca, Ma. Belma B.
Marcelino, Ariel Christopher
Marcial, Johnny O.
Marcial, Maridel S.
Marinas, Luzviminda B.
Mariscotes, Ma. Norlinda
Martin, Grace
Martin, Wilhelmina E.
Masilang, Bernardo Pablo
Matandag, Marivel C.
Mateo, Jacinto C. Jr.
Mazo, Flaviano S.
Mazo, Joseph Albert
Medina, Buenaventura Jr.
Medina, Joy E.
Medina, Nelson
Beginning
Balance
28,324.65
3,000.04
5,000.00
Additions
15,479.50
420.12
1,794.25
49,921.40
4,500.00
850.00
1,550.00
3,960.80
134.65
10,000.00
21,599.35
1,600.00
58,828.80
389.25
44,720.85
67,412.58
Amount
Deducted
7,979.50
782.62
45,509.55
500.00
1,350.00
2,033.30
892.32
11,300.00
4,134.15
1,945.80
47,535.00
32,189.75
Amount
Written-Off
Current
7,500.00
(362.50)
1,794.25
4,411.85
4,000.00
(500.00)
(483.30)
3,960.80
(757.67)
(1,300.00)
20,789.85
(345.80)
11,293.80
389.25
44,720.85
38,222.87
375.00
645.25
4,308.60
584.40
(209.40)
645.25
4,308.60
38,278.58
29,138.00
19,686.88
22,731.75
1,683.20
18,591.70
14,255.00
(1,683.20)
1,180.50
28,647.75
73,942.75
(500.00)
9,980.00
6,052.85
691.75
(637.50)
3,150.00
(32,488.67)
7,848.75
50,010.24
2,760.80
1,180.50
31,647.75
257,265.25
50.00
85,089.05
6,052.85
15,691.75
3,407.00
1,000.00
1,496.25
5,000.00
12,241.02
1,050.00
1,309.52
25,000.00
-
5,000.00
(32,488.67)
3,000.00
233,332.74
550.00
77,869.85
15,000.00
637.50
257.00
400.00
105,258.94
Non-Current
2,132.00
7,995.15
15,000.00
787.50
20,031.00
257,193.01
17,013.50
53.75
6,150.00
695.80
2,060.00
30,000.00
6,504.25
55,593.25
53,004.69
9,497.70
5,222.00
4,315.25
5,014.55
116.11
14,455.25
1,025.00
432.00
25,000.00
20,629.71
21,800.00
48,284.00
337.80
6,513.00
7,000.00
1,737.50
20,031.01
353,039.00
4,046.07
1,483.30
25,833.38
800.00
48,671.79
2,132.00
1,482.15
8,000.00
(950.00)
(0.01)
9,412.95
17,013.50
53.75
2,103.93
(787.50)
2,060.00
30,000.00
6,504.25
30,759.87
(800.00)
4,332.90
9,497.70
5,222.00
1,837.50
23,333.36
20,101.89
22,687.50
34,184.00
4,315.25
5,014.55
116.11
14,455.25
(812.50)
432.00
6,666.64
12,768.84
(887.50)
15,000.00
337.80
400.00
-
1,496.25
1,050.00
409.52
Ending
7,500.00
(362.50)
1,794.25
4,411.85
4,000.00
(500.00)
(483.30)
3,960.80
(757.67)
(1,300.00)
45,789.85
(345.80)
11,293.80
389.25
44,720.85
38,222.87
5,000.00
(209.40)
645.25
4,308.60
(32,488.67)
18,591.70
14,255.00
(1,683.20)
1,180.50
28,647.75
73,942.75
(500.00)
9,980.00
6,052.85
691.75
(637.50)
3,150.00
400.00
2,132.00
1,482.15
8,000.00
(950.00)
(0.01)
9,412.95
17,013.50
53.75
2,103.93
(787.50)
2,060.00
30,000.00
6,504.25
30,759.87
(800.00)
4,332.90
9,497.70
1,496.25
4,315.25
5,014.55
116.11
14,455.25
(812.50)
432.00
6,666.64
12,768.84
(887.50)
1,050.00
15,409.52
337.80
Deductions
Name and Designation of Debtor
Melano, Reyno A.
Melchor, Elizabeth P.
Mendoza, Francis Louie
Mendoza, Gloria A.
Mendoza, Malaya S.
Mendoza, Norberto M.
Meneses, Benita A.
Mercado, Maria Ruth Y.
Metra, Carlo Antoni
Miclat, Mario
Mina, Enrique N.
Minas, Geraldine C.
Mintu, Cynthia B.
Molina, Ma. Olivia G.
Mondejar, Ramil A.
Monderin, Victor C.
Monfero, Rowena A.
Monjardin, Marc Lee
Montano, Moses M.
Montesclaros, Edgardo
Monteza, Elena B.
Montinola, Gianna R.
Montinola, Juan Miguel R.
Montinola, Lourdes R.
Morada, Maria Christina
Morales, Victoria G.
Moran, Elena M.
Moro, Luke Ivan B.
Mostajo, Esmeralda D.
Nagal, Glenn Z.
Narval, Antonio G.
Nebril, Jonathan A.
Neo, Helen A.
Nicdao, Lazaro B.
Nicer, Joselito C.
Nidea, James Mark
Nivales, Maurie Liza
Noriega, Mariwilda
Nuesa, Sherisa
Nuestro, Sarah A.
Nulla, Mila R.
Nuqui, Romeo B.
Oaferina, Gemmalyn A.
Ocampo, Dhean R.
Ochotorena, Fe
Olivares, Joh Paul T.
Omampo, Zenaida
Orias, Ronito B.
Orozco, Glorina P.
Ortega, Manuel L.
Pabellon, Marie Rheena
Pacquing, Elizabeth P.
Pacquing, Patria
Padual, Jennifer C.
Pagaduan, Emmanuel
Pagdilao, Menchie C.
Paguirigan, Viviana
Pahutan, Ludivinia M.
Pal, Salvacion A.
Palencia, Marjueve M.
Palis, Fernando F.
Palmares, Aaron Jan S.
Panganiban, Carolina A.
Panilagao, Noel L.
Beginning
Balance
Additions
40,365.00
2,960.00
46,850.00
916.95
35,580.06
3,581.00
15,243.75
2,771.00
831.00
93.50
(2,972.00)
310.50
10,000.00
3,745.75
7,114.25
26,000.00
19,502.38
27,701.42
3,044.00
57,286.60
850.00
Amount
Deducted
22,643.70
47,825.00
35,830.06
637.50
13,743.76
735.20
8,528.00
16,310.52
25,865.84
26,701.42
37,912.44
1,675.00
Amount
Written-Off
Current
17,721.30
2,960.00
(975.00)
916.95
(250.00)
3,581.00
(637.50)
1,499.99
2,771.00
95.80
(1,413.75)
9,999.98
3,636.54
1,000.00
3,044.00
23,119.91
(825.00)
941.67
1,999.67
19,320.30
462,144.68
461,120.00
162,645.04
536.80
8,313.00
157.75
812.50
72,752.38
236,629.97
12,416.00
2,083.30
19,912.00
459,170.00
345.80
1,495.80
44,382.71
230,837.15
10,529.75
(2,083.30)
(591.70)
462,144.68
1,950.00
162,645.04
191.00
8,313.00
157.75
(683.30)
28,369.67
7,792.49
1,886.25
4,907.00
28,418.50
23,331.73
150.00
63,816.95
(1,931.34)
21,000.00
25,000.00
166,393.72
38,405.00
43,600.06
2,750.00
32,596.91
98,014.59
83,164.59
112,818.98
10,780.25
6,150.00
2,215.65
750.00
50,200.00
104.21
200,000.00
23,018.25
1,862.40
14,569.10
3,393.85
50.00
1,454.20
99,717.35
29,305.00
50,508.50
3,112.50
30,000.00
95,485.40
74,568.50
71.00
4,612.50
1,387.50
66,200.00
10,042.50
3,237.50
2,812.40
50.00
2,091.70
66,676.37
9,100.00
21,510.06
(362.50)
2,596.91
25,860.92
83,164.59
102,067.43
10,709.25
(393.84)
2,215.65
(637.50)
5,000.00
104.21
200,000.00
12,975.75
(3,237.50)
(950.00)
14,569.10
3,393.85
(637.50)
100.00
(1,000.00)
(1,000.00)
1,501.05
5,000.00
20,000.00
37,885.60
23,282.50
1,608.40
6,600.00
1,850.00
1,501.05
5,000.00
14,000.00
20,903.60
18,000.00
2,495.90
2,787.50
6,000.00
16,982.00
5,282.50
(887.50)
6,600.00
(937.50)
Non-Current
-
93.50
(2,972.00)
941.67
4,907.00
-
150.00
-
25,000.00
100.00
(1,000.00)
(1,000.00)
-
Ending
17,721.30
2,960.00
(975.00)
916.95
(250.00)
3,581.00
(637.50)
1,499.99
2,771.00
95.80
93.50
(4,385.75)
9,999.98
3,636.54
1,000.00
3,044.00
23,119.91
(825.00)
941.67
(2,083.30)
(591.70)
462,144.68
1,950.00
162,645.04
191.00
8,313.00
157.75
(683.30)
28,369.67
7,792.49
1,886.25
4,907.00
66,676.37
9,100.00
21,510.06
(362.50)
2,596.91
25,860.92
83,164.59
150.00
102,067.43
10,709.25
(393.84)
2,215.65
(637.50)
5,000.00
104.21
200,000.00
12,975.75
(3,237.50)
(950.00)
14,569.10
3,393.85
25,000.00
(637.50)
100.00
1,501.05
(1,000.00)
6,000.00
15,982.00
5,282.50
(887.50)
6,600.00
(937.50)
Deductions
Name and Designation of Debtor
Pano, Wilma M.
Panzo, Salome V.
Papa, Adriano
Paraiso, Lourdes Oliva C.
Pascua, Jennifer J.
Pascual, Danilo S.
Pataunia, Ma. Cecilia C.
Patrimonio, Mary Jeannie
Paulino, Oscar E.
Paz, Ellen P.
Paz, Rosalinda Z.
Pearson, Lou Dominic
Pedregosa, Jeremy Floyd
Pelaez, Felimon P.
Pelias, Christopher A.
Penacerrada, Neil T.
Penepona, Jennifer
Pening, Teodor
Perez, Hector
Perez, Winnie E.
Pineda, Robert G.
Pineda, Rodolfo G.
Pinera, Jojo
Polido, Maria Myrel M..
Ponce, Elvin C.
Ponsaran, Levy C.
Prudencio, Philip
Pugeda, Annie C.
Punsalan, Angelita
Queddeng, Raymond Manalo
Quines, Dante P.
Rabaino, Evangeline R.
Radam, Jason
Ragasa, Samuel M.
Ramirez, Percival M.
Ramos, Bernadette
Ramos, Erlinda L.
Ramos, Leonora A.
Ramos, Rose Marie R.
Rana, Aurelio Y.
Ranjo, Terence L.
Rapirap, Raquel T.
Rasos, Kurtz A.
Remiendo, Nora Liza A.
Remotin, Roberto M.
Reoperez, Marie Grace
Restor, Nerissa A.
Retuerma, Vanessa
Reyes, Melodia S.
Reyes, Mercedes C.
Reyes, Regina Vivian A.
Rico, Edna SA
Riguera, Manuel R.
Rimano, Joy S.
Rito, Estrellita S.
Rombaoa, Joan Joyce
Romero, Horacio J.
Romero, Susana T.
Rosal, Josefina T.
Rosario, Ma. Theresa O.
Rosario, Ramon DG.
Rosario, Warly Evelyn
Rubillos, Leonardo I.
Rubio, Marisa N.
Beginning
Balance
Additions
620.12
Amount
Deducted
825.39
11,000.00
10,691.25
6,728.00
6,350.00
Amount
Written-Off
Current
(205.27)
725.00
4,650.00
9,175.00
(1,583.50)
8.00
15,654.50
5,307.00
31,228.80
5,500.00
983.00
5,000.00
307.00
5,500.00
10,691.25
378.00
(975.00)
15,654.50
307.00
30,921.80
57,663.75
(50.00)
(655.25)
3,650.00
2,980.00
25,409.00
2,314.05
38,360.06
3,300.00
79,859.50
32,821.00
35,003.75
28,300.00
1,400.00
2,995.20
6,150.00
61,700.00
37,647.00
23,322.95
40,200.00
1,705.50
3,352.50
12,704.50
38,847.56
366.67
31,501.00
35,003.75
19,050.00
1,400.00
3,616.00
2,306.25
55,168.92
33,370.44
2,000.00
10,200.00
1,816.70
2,242.85
1,988.25
5,512.50
2,368.50
6,150.00
812.50
27,600.00
74,034.35
22,182.08
(2,333.33)
73.10
58,063.59
800.00
2,695.65
32,968.09
11,364.60
97,292.00
25,658.35
49,227.30
3,133.75
714.35
86,227.88
1,500.00
35,790.00
50,221.60
5,000.00
58,000.00
24,150.00
5,707.65
25,045.83
2,283.10
15,000.00
6,788.25
412.00
27,252.00
5,601.00
150.00
9,103.06
20,563.60
24,950.00
98,954.35
11,598.25
67,170.70
975.00
35,327.30
62,380.68
750.00
24,879.95
800.00
38,000.00
20,100.00
31,045.83
483.30
24,871.00
787.50
1,000.00
743.65
(372.50)
12,704.50
2,314.05
(487.50)
2,933.33
79,859.50
1,320.00
Non-Current
725.00
4,650.00
9,175.00
(1,583.50)
57,663.75
-
(50.00)
9,250.00
(655.25)
(620.80)
3,843.75
6,531.08
7,926.56
21,322.95
30,000.00
1,705.50
(1,816.70)
2,242.85
1,988.25
(637.50)
2,368.50
(812.50)
73.10
37,499.99
800.00
2,695.65
8,048.09
(233.65)
52,303.38
(975.00)
11,566.67
3,133.75
714.35
26,130.30
750.00
35,790.00
51,000.00
(800.00)
20,000.00
4,050.00
5,707.65
(1,000.00)
(483.30)
6,788.25
412.00
17,381.00
5,601.00
(637.50)
9,103.06
(1,000.00)
743.65
2,650.00
-
Ending
(205.27)
725.00
5,500.00
10,691.25
5,028.00
9,175.00
(1,583.50)
(975.00)
15,654.50
307.00
30,921.80
57,663.75
(372.50)
12,704.50
2,314.05
(487.50)
2,933.33
79,859.50
1,320.00
(50.00)
9,250.00
(655.25)
(620.80)
3,843.75
6,531.08
7,926.56
21,322.95
30,000.00
1,705.50
(1,816.70)
2,242.85
1,988.25
(637.50)
2,368.50
(812.50)
73.10
37,499.99
3,450.00
2,695.65
8,048.09
(233.65)
52,303.38
(975.00)
11,566.67
3,133.75
714.35
26,130.30
750.00
35,790.00
51,000.00
(800.00)
20,000.00
4,050.00
5,707.65
(1,000.00)
(483.30)
6,788.25
412.00
17,381.00
5,601.00
(637.50)
9,103.06
(1,000.00)
743.65
Deductions
Name and Designation of Debtor
Rufo, Rowena O.
Sabaupan, Sylvette G.
Sagarino, Gavino N.
Saguinsin, James Owen
Salamanca, Ma. Dolores
Salloman, Philip M.
Salon, Jovito F.
Salvador, Esther O.
Salvador, Norina S.
Samson, Leylani H.
Sandoval, Khistina
San Mateo, Andres Ignacio
Santaren, Emma C.
Santiago, Ma. Loisa L.
Santos, Carmelita
Santos, Danilo B.
santos, Felipe
Santos, Maricel M.
Santos, Marilou D.
Santos, Ronana S.
Saplala, Mariano F.
Saret, Angelyn R.
Sasis, Florentino I.
Sayat, Carmelo D.
Sayat, Ruby DG.
Sigua, Joseph Arnel
Simbol, Elvira C.
Simo, Rickson Jay P.
Sin, Glenda S.
Siongco, Josephine C.
Sison, Erlinda G.
Sison, Roger Amadeo
Sison, Teresita M.
Sison, Waltedrudes M.
Solano, Maria S.
Soliman, Norma P.
Solivio, Rosalie E.
Sopoco, Anna Marie M.
Soria, Eulegio E.
Soriano, Carol Bongar
Sta.Cruz, Cinderella A.
Sta. Maria, Amelia M.
Sta.Maria, Hipolito M.
Suaybaguio, Marjorie S.
Suba, Sally Chua
Sulam. Amparo
Sy, Dante V.
Tagle, Susan H.
Tajonera, Joan Patrick
Talampas, Ma. Cristina J.
Tan, Rosalina R.
Tangpus, Johnelyn G.
Tapit, Neila E.
Tapnio, Melanie O.
Tayag, Evelyn R.
Tem, Joselito P.
Temporosa, Bernard T.
Ting, Geofferson B.
Tiotangco, Angelina N.
Tirazona, Renato L.
Tiu, Tomas S.
Tizon, Dolores J.
Togado, Illumar
Tojino, Jayson P.
Beginning
Balance
777.00
6,709.10
25,000.00
Additions
9,692.00
90,707.50
741.70
1,479.50
7,722.00
10,628.60
14,919.99
1,999.70
540.50
60,000.00
25,000.00
500.00
6,733.99
10,000.00
2,716.20
391.75
3,589.75
Amount
Deducted
6,927.00
47,417.60
1,554.20
8,359.50
15,203.29
55,000.00
662.50
10,800.00
775.00
7,848.75
48,609.80
4,009.90
7,934.65
105,398.25
55,801.74
22,460.00
22,060.00
10,000.00
2,432.99
50.00
75,011.91
1,375.00
83,129.93
20,794.00
20,043.00
7,000.00
Amount
Written-Off
Current
3,542.00
49,999.00
(812.50)
1,479.50
(637.50)
10,628.60
(283.30)
1,999.70
540.50
30,000.00
25,000.00
(162.50)
6,733.99
(800.00)
2,716.20
391.75
3,589.75
(775.00)
4,009.90
7,884.65
38,235.09
(1,375.00)
21,281.61
1,666.00
2,017.00
3,000.00
2,432.99
200.00
10,036.85
(290.00)
854.10
7,548.26
58,972.88
44,610.85
40,000.00
1,862.40
(100.00)
1,246.00
(4,200.00)
700.00
30,450.00
22,200.02
12,088.85
33,627.75
16,795.75
8,872.33
7,848.75
200.00
(290.00)
40,000.00
11,965.25
61,171.20
1,053.65
12,933.95
10,020.00
11,965.25
59,480.91
6,053.00
3,447.00
58,843.75
24,880.19
189,808.50
11,997.44
800.20
142,000.00
5,461.00
60,020.00
1,775.00
41,662.50
28,457.15
20.00
6,992.25
44.25
91,832.00
25,000.00
20,000.00
32,035.25
200.00
11,930.00
10,000.00
854.10
7,548.26
24,398.88
Non-Current
3,701.00
10,019.99
45,000.00
21,855.19
135,091.85
2,866.80
37,730.69
54,020.00
1,875.00
2,662.50
44,230.85
503.30
76,877.75
5,000.00
30,945.25
1,062.50
20,608.75
9,000.00
100.00
1,862.40
(100.00)
1,690.29
1,053.65
9,232.95
0.01
592.00
3,447.00
13,843.75
3,025.00
85,166.65
11,997.44
(2,066.60)
126,469.33
12,088.85
6,000.00
(100.00)
39,000.00
17,854.05
(483.30)
6,992.25
44.25
31,750.00
20,000.00
20,000.00
9,962.33
(862.50)
(830.00)
1,000.00
(100.00)
1,246.00
(4,200.00)
700.00
-
Ending
3,542.00
49,999.00
(812.50)
1,479.50
(637.50)
10,628.60
(283.30)
1,999.70
540.50
30,000.00
25,000.00
(162.50)
6,733.99
(800.00)
2,716.20
391.75
3,589.75
(775.00)
4,009.90
7,884.65
38,235.09
(1,375.00)
21,281.61
1,666.00
2,017.00
3,000.00
2,432.99
200.00
854.10
7,548.26
24,398.88
(290.00)
40,000.00
1,862.40
(100.00)
1,690.29
1,053.65
9,232.95
0.01
1,246.00
(3,608.00)
3,447.00
14,543.75
3,025.00
85,166.65
11,997.44
(2,066.60)
126,469.33
12,088.85
6,000.00
(100.00)
39,000.00
17,854.05
(483.30)
6,992.25
44.25
31,750.00
20,000.00
20,000.00
9,962.33
(862.50)
(830.00)
1,000.00
(100.00)
Deductions
Beginning
Balance
6,672.75
414.00
24,000.00
19,486.47
9,078.44
8,999.99
2,968.95
1,851.25
(4,100.00)
1,000.00
(1,000.00)
3,860.26
5,000.00
Additions
28,885.40
75,737.50
5,217.50
1,300.00
10,079.50
48,000.00
95,082.44
2,308.45
58,402.94
479.20
28,050.00
22,336.95
6,161.50
9,000.00
43,133.42
5,000.00
545.80
33,865.00
14,211.57
1,173.75
40,000.00
1,200.60
27,933.40
Amount
Deducted
29,423.00
53,697.50
15,940.25
2,187.50
5,102.00
48,000.00
86,400.07
11,889.04
28,817.67
20,551.55
7,086.25
9,000.00
2,000.00
5,000.00
5,135.26
27,092.00
13,959.57
4,000.00
28,589.49
Amount
Written-Off
Current
(537.60)
22,040.00
(887.50)
4,977.50
28,168.84
2,308.45
55,592.34
479.20
8,232.32
4,754.35
926.50
41,133.42
(729.20)
6,773.00
5,252.00
1,173.75
36,000.00
1,200.60
(656.09)
(1,300.00)
2,818.20
6,324.56
800.00
24,465.25
5,599.41
10,017.85
40,183.80
1,300.00
26,213.95
11,821.86
19,311.25
(500.00)
1,069.50
5,599.41
4,520.55
20,872.55
(4,000.00)
637.50
19,756.25
11,113.60
3,219.59
529.20
3,150.00
2,751.45
3,059.80
5,294.99
5,808.25
837.50
13,943.50
(1,820.00)
(100.01)
(3,941.19)
3,486,536.31
43,836.00
1,133.75
40,134.45
16,729,748.73
18,100.84
1,316.70
(4,100.00)
1,000.00
(1,000.00)
(1,300.00)
(4,000.00)
4,875.00
39,529.20
862.50
(862.50)
11,970,429.83
(4,050.00)
414.00
24,000.00
-
(637.50)
11,113.60
(787.50)
3,150.00
2,751.45
3,059.80
5,294.99
5,808.25
100.00
(1,000.00)
(787.50)
43,830.00
1,133.75
605.25
737.50
14,943.50
787.50
6.00
Non-Current
7,160,897.50
(1,820.00)
(100.01)
(3,941.19)
1,084,957.71
Ending
(537.60)
22,040.00
(4,050.00)
414.00
(887.50)
4,977.50
24,000.00
28,168.84
2,308.45
55,592.34
479.20
8,232.32
4,754.35
926.50
(4,100.00)
42,133.42
(1,000.00)
(729.20)
6,773.00
5,252.00
1,173.75
36,000.00
1,200.60
(656.09)
(1,300.00)
(500.00)
1,069.50
5,599.41
4,520.55
20,872.55
(4,000.00)
(637.50)
11,113.60
4,875.00
(787.50)
3,150.00
2,751.45
3,059.80
5,294.99
5,808.25
100.00
(1,000.00)
(2,607.50)
43,830.00
1,133.75
505.24
(3,941.19)
(862.50)
8,245,855.21
Deductions
Beginning
Balance
Alicante, Rodolfo
Alvarez, Alfredo
Ampatin, Estrella V.
Bello, Estelita
Cabasada, Albert R.
Cao, Marilou F.
Capili, Regina R.
Castro, Joeven R.
Culala, Harold John
Dancil, Veronica
Destura, Blanca
Faundo, Aurora A.
Fernando, Gerry V.
Frades, Francisca B.
Gordo, Flordeliza
Hamero, Roselyn
Inciong, Cherry Wyne
Leon, Jocelyn E.
Lopez, Martin Z.
Mendoza, Malaya
Molina, Mark Oliver P.
Quines, Dante P.
Rapirap, Raquel T.
Rosal, Josefina T.
Suba, Sally
Tolentino, Rosula R.
TOTAL - 1131012
Additions
20,000.00
2,000.00
27,310.00
8,114.36
91,361.87
Amount
Deducted
33,600.00
Amount
Written-Off
Current
2,000.00
27,310.00
39,800.00
689,619.34
91,361.87
500.00
34,862.04
399,874.90
(500.00)
4,937.96
289,744.44
99,145.43
6,660.00
100,000.00
82,119.93
8,394.00
105,400.00
17,025.50
826.00
(5,400.00)
30,500.00
49,048.63
41,882.70
38,000.00
40,000.00
93,783.02
273,339.57
487,022.89
7,724.00
897,105.63
69,100.00
142,706.13
25,333.33
23,509.02
93,013.29
264,349.82
510,027.67
7,724.00
981,691.88
(280.00)
7,280.00
(28,740.89)
7,650.00
66,463.60
300.00
25,828.00
1,000.00
464,567.83
417,393.85
73,001.98
23,406.79
32,000.00
8,406.79
28,422.90
15,000.00
3,577.10
8,114.36
1,820.00
900.00
2,501.37
107,389.56
Ending
(13,600.00)
1,820.00
2,560.00
Non-Current
900.00
30,500.00
(17,550.00)
12,666.67
16,490.98
489.73
16,269.75
(51,745.67)
(18,122.65)
6,566.13
7,650.00
300.00
1,000.00
-
(13,600.00)
2,000.00
27,310.00
(500.00)
13,052.32
289,744.44
1,820.00
17,025.50
826.00
(5,400.00)
900.00
30,500.00
(17,550.00)
6,566.13
12,666.67
16,490.98
489.73
16,269.75
(51,745.67)
7,650.00
(18,122.65)
300.00
73,001.98
1,000.00
15,000.00
3,577.10
232,096.00
3,524,967.70
3,327,791.42
373,611.79
55,660.49
429,272.28
3,718,632.31
20,254,716.43
15,298,221.25
7,534,509.29
1,140,618.20
8,675,127.49
- 19 -
2011
Notes
2010
2009
A S S E T S
CURRENT ASSETS
Cash and cash equivalents
Receivables - net
Financial assets at fair value through profit or loss
Available-for-sale investments
Held-to-maturity investments
Other current assets
4
5
6
6
4, 5
17
6
7
8
9
16
TOTAL ASSETS
381,502,288
591,894,556
8,456,381
1,199,037,565
34,192,932
427,163,215
699,920,334
1,202,638,312
20,000,000
134,823,635
1,121,771,210
133,310,657
1,073,109,957
20,000,000
95,692,468
2,215,083,722
2,484,545,496
2,443,884,292
394,489,204
311,515,573
218,774,500
-
100,000,000
-
121,313,489
174,092,814
822,147,894
7,250,042
3,929,795
121,313,489
184,474,137
697,501,156
7,089,946
2,765,206
115,063,489
194,855,462
601,011,101
5,701,855
5,598,807
1,834,738,811
1,231,918,434
1,022,230,714
4,049,822,533
3,716,463,930
3,466,115,006
394,259,497
5,394,693
43,944,872
47,712,327
429,074,304
43,970,750
45,878,467
399,286,852
58,490,642
75,499,149
43,616,798
10
11
12
491,311,389
984,577,900
3,733,100 )
20,650,845
18
18
984,577,900
3,733,100 )
7,857,562
576,893,441
984,577,900
3,733,100 )
9,533,437 )
(
(
18
Total Equity
518,923,521
1,853,733,100
703,282,399
1,675,099,017
533,739,030
975,099,017
942,811,185
3,558,511,144
3,197,540,409
2,889,221,565
4,049,822,533
3,716,463,930
3,466,115,006
DRAF
2011
Notes
EDUCATIONAL REVENUES
Tuition fees - net
Other school fees
OPERATING EXPENSES
2009
12
13
OPERATING INCOME
OTHER INCOME (CHARGES)
Finance income
Rental
Management fees
Finance costs
Others
2010
14
8
5
6
1,750,646,657
34,242,601
1,665,790,366
35,257,665
1,611,808,467
50,280,810
1,784,889,258
1,701,048,031
1,662,089,277
1,292,932,375
1,210,578,122
1,182,310,970
491,956,883
490,469,909
479,778,307
170,798,293
48,184,478
18,303,571
6,211,593 )
6,030,925
237,105,674
113,408,092
39,179,482
14,080,414
3,482,984 )
8,232,332
171,417,336
120,713,165
22,927,970
11,527,024
7,227,083
162,395,242
729,062,557
661,887,245
642,173,549
TAX EXPENSE
16
86,631,665
76,705,960
75,175,688
NET INCOME
19
642,430,892
585,181,285
566,997,861
12,793,283
12,793,283
17,390,999
17,390,999
OTHER COMPREHENSIVE
INCOME
Fair value gains (losses)
Reclassification to profit or loss
TOTAL COMPREHENSIVE
INCOME
Earnings Per Share
Basic and Diluted
19
(
(
(
8,016,081 )
2,750,599 )
10,766,680 )
655,224,175
602,572,284
556,231,181
65.50
59.66
67.44
DRAFT
Notes
Balance at April 1, 2010
Comprehensive income
Net income for the year
Fair value gains for the year
Total comprehensive income
Transactions with owners
Appropriations for the year
Reversal of appropriations
during the year
Cash dividends
Capital Stock
P
Treasury Stock
984,577,900 ( P
18
18
18
Accumulated
Fair Value
Gains (Losses)
3,733,100 )
Retained Earnings
Appropriated
Unappropriated
7,857,562
P 1,675,099,017
12,793,283
12,793,283
984,577,900 ( P
3,733,100 )
984,577,900 ( P
3,733,100 ) ( P
20,650,845
9,533,437 )
18
18
18
Total Equity
533,739,030
P 3,197,540,409
642,430,892
642,430,892
642,430,892
12,793,283
655,224,175
557,967,418 (
557,967,418 )
379,333,335 )
(
178,634,083 (
379,333,335
294,253,440 ) (
472,887,523 ) (
294,253,440 )
294,253,440 )
P 1,853,733,100
703,282,399
P 3,558,511,144
942,811,185
P 2,889,221,565
585,181,285
585,181,285
585,181,285
17,390,999
602,572,284
17,390,999
17,390,999
975,099,017
1,000,000,000 (
1,000,000,000 )
300,000,000 )
(
700,000,000 (
300,000,000
294,253,440 ) (
994,253,440 ) (
294,253,440 )
294,253,440 )
984,577,900 ( P
3,733,100 )
7,857,562
P 1,675,099,017
533,739,030
P 3,197,540,409
704,369,900 ( P
3,733,100 )
1,233,243
P 1,147,161,414
736,227,887
P 2,585,259,344
18
18
18
8,016,081 )
566,997,861
(
566,997,861
8,016,081 )
(
(
2,750,599 )
10,766,680 )
(
566,997,861
2,750,599 )
556,231,181
280,208,000
280,208,000
984,577,900 ( P
3,733,100 ) ( P
9,533,437 )
172,062,397 )
(
(
172,062,397 ) (
975,099,017
172,062,397
252,268,960 ) (
280,208,000 ) (
360,414,563 ) (
942,811,185
280,208,000
252,268,960 )
280,208,000 )
252,268,960 )
P 2,889,221,565
2011
Notes
CASH FLOWS FROM OPERATING ACTIVITIES
Income before tax
Adjustments for:
Interest income
Depreciation and amortization
Fair value gains on financial assets at fair value
through profit or loss
Unrealized foreign exchange losses (gains)
Operating income before working capital changes
Increase in tuition and other receivables
Decrease (increase) in other assets
Increase in accounts payable and other liabilities
Decrease in trust funds
Increase (decrease) in unearned tuition fees
Cash generated from operations
Income taxes paid
P
14
162,341,912 )
63,394,447
8,456,381 )
2,967,193
624,625,904
189,635,556 )
99,466,114
42,119,020
38,576,057 )
43,944,872
581,944,297
84,957,901 )
P
(
8, 9
(
(
17
2
113,408,092 )
51,192,377
(
(
3,482,984
603,154,514
86,959,370 )
36,297,566 )
101,013,918
14,519,892 )
75,499,149 )
490,892,455
75,832,382 )
(
(
642,173,549
117,675,433 )
46,524,455
3,037,732 )
567,984,839
13,575,721 )
31,863,194
26,628,567
17,671,580 )
58,644,230
(
(
653,873,529
77,462,777 )
415,060,073
576,410,752
312,968,845
295,121,543 )
(
(
477,000,000 )
112,137,356 )
177,659,862 )
175,714,704 )
147,034,401
20,000,000
(
(
137,301,107 )
118,774,500 )
110,757,785
-
148,849,114 )
105,270,892
13,743,603
6,250,000 )
26,121,600 )
2009
661,887,245
496,986,396
729,062,557
13
2010
240,347,166 )
168,492,863 )
740,705,178 )
296,303,385 )
371,187,267 )
365,479,906 )
309,875,665 )
2,967,193 )
3,482,984 )
45,660,927 )
694,607,995 )
18
427,163,215
381,502,288
3,037,732
26,730,566 )
1,121,771,210
427,163,215
1,148,501,776
1,121,771,210
Supplemental
Noncash
Operating
and Financing
Activities:
On FebruaryInformation
16, 2007, theonCompany
acquired
5,248,128,261
additional
shares of stock of Megaworld Corporation representing 25% ownership interest, in exchange f
1) In fiscal year 2011, the balance of Advances to Joint Venture under Registration amounting to P6.3 million was transferred to
Investment in Joint Venture upon the Securities and Exchange Commission's approval of the joint venture's registration (see Note 7).
2) In 2011, 2010 and 2009, the University declared cash dividends totaling P294.3 million, P294.3 million and P252.3 million, respectively,
of which P5.7 million, P8.5 million and P24.6 million, respectively, were paid in the year subsequent to the years of declarations
(see Notes 10 and 18).
3) The P52.0 million advaces to contractors for the improvements made on a leased property in 2010 were transferred from Other
Current Assets to Property and Equipment upon completion of the construction of the improvements (see Note 5).
4) The University declared and issued stock dividends amounting to P280.2 million in 2009 (see Note 18).
1.
CORPORATE INFORMATION
The Far Eastern University, Incorporated (the University or FEU) is a domestic
educational institution founded in June of 1928 and incorporated on January 5, 1933.
The University was registered with the Securities and Exchange Commission (SEC)
on March 7, 1940. The University is a private, non-sectarian institution of learning
comprising the following different institutes that offer specific courses, namely,
Institute of Arts and Sciences; Institute of Accounts, Business and Finance; Institute
of Education; Institute of Architecture and Fine Arts; Institute of Nursing; Institute
of Engineering; Institute of Law; and Institute of Graduate Studies.
The University became a listed corporation in the Philippine Stock Exchange on
July 11, 1986.
In November 2009, FEU entered into a Joint Venture (JV) Agreement to establish a
joint venture company (JVC) for culinary arts. The registration of the JVC was
approved by the SEC on May 7, 2010 (see Note 7). In 2010, the University
established the FEU Makati Campus (the Branch) in Makati City (see Note 5). The
Branch started its operations in June 2010.
As of March 31, 2011, 2010 and 2009, the University holds interest in the following
subsidiaries, associate and joint venture which were all incorporated and operating in
the Philippines:
Company Name
Subsidiaries:
East Asia Computer
Center, Inc. (EACCI)
Far Eastern College-Silang,
Inc. (FECSI)
Fern Realty Corporation (FRC)
TMC FRC Sports Performance
and Physical Medicine
Center, Inc. (SPARC)
100%
100%
100%
100%
37.52%
100%
37.52%
100%
37.52%
22.51%
22.51%
Associate
Juliana Management Co.,
Inc. (JMCI)
49%
49%
49%
Joint Venture
ICF CCE, Inc.
50%
-2-
FECSI was incorporated on January 21, 2009 and has started commercial operations
in June 2010. FECSI and EACCI, similar to the University, were also established to
operate as educational institutions. FRC, on the other hand, operates as a real estate
company leasing most of its investment properties to the University and other related
parties. In 2009, FEU made additional investment in FRC which resulted in 37.52%
equity ownership interest, recognition of pre-acquisition income and decrease in
non-controlling interest. FEU owns 22.51% of SPARC through FRC which acquired
60% equity ownership interest in SPARC in 2008. SPARC is engaged in the business
of organizing, owning, operating, managing and maintaining a sports facility for the
rehabilitation and sports performance enhancement in the Philippines.
The registered office address and principal place of business of the University is
located at Nicanor Reyes Sr. Street, Sampaloc, Manila.
The financial statements of the University for the year ended March 31, 2011
(including the comparatives for the years ended March 31, 2010 and 2009) were
authorized for issue by the Board of Trustees (BOT) on June 21, 2011.
2.
2.1
(a)
(b)
-3-
(c)
Functional Currency
These financial statements are presented in Philippine pesos, the Universitys
functional currency, and all values represent absolute amounts except when
otherwise indicated.
Items included in the financial statements of the University are measured using
the currency of the primary economic environment in which the University
operates (the functional currency).
Discussed below are the effects on the financial statements of the new and
amended standards.
(i) PAS 27 (Revised 2008), Consolidated and Separate Financial Statements. The
revised standard requires the effects of all transactions with non-controlling
interests to be recorded in equity if there is no change in control and these
transactions will no longer result in goodwill or gains and losses. The
standard also specifies the accounting when control is lost. Any remaining
interest in the equity is re-measured to fair value and a gain or loss is
recognized in profit or loss. The adoption of the standard did not result in
any adjustment to the financial statements as there were no transactions
with non-controlling interests during the year.
-4-
-5-
(b)
PFRS 1 (Amendment)
PFRS 2 (Amendment)
Philippine Interpretations
IFRIC 9
IFRIC 18
(c)
:
:
-6-
(ii) PAS 24 (Revised), Related Party Disclosures (effective from January 1, 2011).
Earlier application of the standard, in whole or in part, is permitted but the
University opted not to early adopt the standard. The revised standard
clarifies and simplifies the definition of a related party and removes the
requirement for government-related entities to disclose details of all
transactions with the government and other government-related entities.
The University is currently reviewing the impact of the standard on its
related party disclosures in time for its adoption of the revised standard
in 2012.
(iii) PAS 27 (Revised), Separate Financial Statements and PAS 28 (Revised),
Investments in Associates and Joint Ventures (effective from January 1, 2013).
These are consequential revisions in connection with the new standards on
consolidation PFRS 10, Consolidated Financial Statements and PFRS 11, Joint
Arrangements and PFRS 12, Disclosure of Interests in Other Entities, which have
recently been released. Previously, PAS 27 is entitled Consolidated and
Separate Financial Statements while PAS 28 was entitled Investments in
Associates. The effect of the adoption of these revised standards would be
related to the effect of the adoption of PFRS 10, 11 and 12
[see Note 2.2c (vii) to (ix)] which are already being reviewed by the
University in preparation for its adoption of the these standards in fiscal
year 2014.
(iv) Philippine Interpretation IFRIC 19, Extinguishing Financial Liabilities with
Equity Instruments (effective from July 1, 2010). It addresses accounting by an
entity when the terms of a financial liability are renegotiated and result in the
entity issuing equity instruments to a creditor to extinguish all or part of the
financial liability. These transactions are sometimes referred to as debt for
equity exchanges or swaps, and have happened with increased regularity
during the financial crisis. The interpretation requires the debtor to account
for a financial liability which is extinguished by equity instruments as
follows:
the entity measures the equity instruments issued at fair value, unless this
cannot be reliably measured;
Management has determined that the adoption of the interpretation will not
have any material effect on the Universitys financial statements as it does
not normally extinguish financial liabilities through equity swap.
-7-
The University is currently reviewing the impact of the standard in time for
its adoption of the revised standard in fiscal year 2014.
-8-
-9-
Subsidiaries are entities over which the University has the power to govern the
financial reporting policies generally accompanying a shareholding of more than one
half of the voting rights. The University obtains and exercises control through voting
rights. The existence and effect of potential voting rights that are currently
exercisable and convertible are considered when assessing whether the University
controls another entity.
An associate is an entity over which the University is able to exert significant influence
but which is neither subsidiary nor interest in a joint venture.
A joint venture is an entity whose economic activities are controlled jointly by the
venturers.
The Companys investments in subsidiaries, associate and joint venture are accounted
for in these separate financial statements at cost, less any impairment loss
(see Note 2.12).
- 10 -
The University uses derivative financial instruments to manage its risks associated
with fluctuations in foreign currency. Such derivative financial instruments are
initially recognized at fair value on the date on which the derivative contract is
entered into and are subsequently remeasured at fair value. Derivatives are carried
as assets when the fair value is positive and as liabilities when the fair value is
negative.
The Universitys derivative instruments provide economic hedges under the
Universitys policies but are not designated as accounting hedges. Consequently,
any gains or losses arising from changes in fair value are taken directly to profit or
loss for the period.
The Universitys embedded derivative instruments consist of cross currency swaps
embedded in its AFS investments.
(b) Loans and Receivables
Loans and receivables are non-derivative financial assets with fixed or
determinable payments that are not quoted in an active market. They arise when
the University provides money, goods or services directly to a debtor with no
intention of trading the receivables. They are included in current assets when
their maturity is within 12 months after the reporting period.
Loans and receivables are subsequently measured at amortized cost using the
effective interest method, less any impairment loss. Any change in their value is
recognized in profit or loss. Impairment loss is provided when there is objective
evidence that the University will not be able to collect all amounts due to it in
accordance with the original terms of the receivables. The amount of the
impairment loss is determined as the difference between the assets carrying
amount and the present value of estimated cash flows.
The Universitys financial assets categorized as loans and receivables are presented
as Cash and Cash Equivalents, Receivables, Due from a Related Party and Other
Current Assets to the extent of the restricted cash and cash equivalents included
therein, in the statement of financial position.
Cash and cash equivalents are defined as cash on hand, demand deposits and
short-term, highly liquid investments readily convertible to known amounts of
cash and which are subject to insignificant risk of changes in value.
- 11 -
- 12 -
Derecognition of financial assets occurs when the rights to receive cash flows from
the financial instruments expire or are transferred and substantially all of the risks and
rewards of ownership have been transferred.
20 years
20 years
3-6 years
5 years
Leasehold improvements are amortized over 20 years regardless of the term of lease
contract which is usually shorter than the expected useful life of the improvements
because it is highly probable that the lease contract with FRC will be renewed before
the end of such contract.
An assets carrying amount is written down immediately to its recoverable
amount if the assets carrying amount is greater than its estimated recoverable amount
(see Note 2.12).
The residual values and estimated useful lives of property and equipment are
reviewed, and adjusted if appropriate, at the end of each reporting period.
An item of property and equipment is derecognized upon disposal or when no future
economic benefits are expected to arise from the continued use of the asset. Any gain
or loss arising on derecognition of the asset (calculated as the difference between the
net disposal proceeds and the carrying amount of the item) is included in profit or
loss in the year the item is derecognized.
- 13 -
Transfers are made to investment property when, and only when, there is a change in
use, evidenced by the end of owner-occupation, commencement of an operating lease
to another party or by the end of construction or development. Transfers are made
from investment property when, and only when, there is a change in use, evidenced
by commencement of the owner-occupation of commencement of development with
a view to sell.
- 14 -
Interest Income is recognized as the interest accrues taking into account the
effective yield on the asset.
(d) Rental Revenue is recognized over the lease term using the straight-line method.
Cost and expenses are recognized in profit or loss upon utilization of goods or
services or at the date such cost and expenses are incurred.
2.10 Leases
The University accounts for its leases as follows:
(a)
University as Lessee
Leases which do not transfer to the University substantially all the risks and
benefits of ownership of the asset are classified as operating leases. Operating
lease payments are recognized as expense in profit or loss in the statement of
comprehensive income on a straight-line basis over the lease term. Associated
costs, such as maintenance and insurance, are expensed as incurred.
(b)
University as Lessor
Leases which do not transfer to the lessee substantially all the risks and benefits
of ownership of the asset are classified as operating leases. Lease income from
operating leases is recognized in profit or loss in the statement of
comprehensive income on a straight-line basis over the lease term.
- 15 -
Post-employment Benefits
Post-employment benefits are provided to employees through a defined
contribution plan.
A defined contribution plan is a pension plan under which the University pays
fixed contributions to an independent entity. The University has no legal or
constructive obligations to pay further contributions after payment of the fixed
contribution. The contributions recognized in respect of defined contribution
plans are expensed as they fall due. Liabilities and assets may be recognized if
underpayment or prepayment has occurred and are included in current liabilities
or current assets as they are normally of a short term nature.
- 16 -
(b)
Termination Benefits
Termination benefits are payable when employment is terminated by the
University before the normal retirement date, or whenever an employee accepts
voluntary redundancy in exchange for these benefits. The University recognizes
termination benefits when it is demonstrably committed to either: (a)
terminating the employment of current employees according to a detailed
formal plan without possibility of withdrawal; or (b) providing termination
benefits as a result of an offer made to encourage voluntary redundancy.
Benefits falling due more than 12 months after the reporting period are
discounted to present value.
(c)
Compensated Absences
Compensated absences are recognized for the number of paid leave days
(including holiday entitlement) remaining at the end of the reporting period.
They are included in Accounts Payable and Other Liabilities account at the
undiscounted amount that the University expects to pay as a result of the
unused entitlement.
- 17 -
Deferred tax assets and liabilities are measured at the tax rates that are expected to
apply to the period when the asset is realized or the liability is settled, provided such
tax rates have been enacted or substantively enacted at the end of the reporting
period.
Most changes in deferred tax assets or liabilities are recognized as a component of tax
expense in profit or loss. Only changes in deferred tax assets or liabilities that relate
to items recognized in other comprehensive income or directly in equity are
recognized in other comprehensive income or directly in equity.
2.17 Equity
Capital stock represents the nominal value of shares that have been issued.
Treasury shares are stated at the cost of re-acquiring such shares.
Accumulated fair value gains (losses) comprise gains and losses arising from the
revaluation of AFS financial assets.
Retained earnings include all current and prior period results of operations as
disclosed in profit or loss in the statement of comprehensive income. The
appropriated portion represents the amount which is not available for distribution.
- 18 -
3.
3.1
In the process of applying the Universitys accounting policies, management has made
the following judgments, apart from those involving estimation, which have the most
significant effect on the amounts recognized in the financial statements:
(a)
HTM Investments
In classifying non-derivative financial assets with fixed or determinable
payments and fixed maturity, such as bonds, as HTM investments, the
University evaluates its intention and ability to hold such investments up to
maturity. If the University fails to keep these investments to maturity other
than for specific circumstances as allowed under the standards, it will be
required to reclassify the whole class to AFS financial assets. In such a case, the
investments would therefore be measured at fair value, not amortized cost.
As of March 31, 2010, there are no HTM investments disposed of before their
maturity. In fiscal year 2011, all of the Universitys HTM investments matured
and were no longer reinvested in the same types of investments.
(b)
- 19 -
(c)
Classification of Leases
The University has entered into various lease agreements as either a lessor or a
lessee. Critical judgment was exercised by management to distinguish each lease
agreement as either an operating or finance lease by looking at the transfer or
retention of significant risk and rewards of ownership of the properties covered
by the agreements. Currently, all of the Universitys lease agreements are
determined to be operating leases.
Rental expense charged to operations amounted to P58.2 million in 2011,
P55.0 million in 2010 and P56.2 million in 2009 presented as part of
Administrative expenses under Operating Expenses (see Note 13) while rental
income earned from investment properties in 2011, 2010 and 2009 are
presented as Rental under Other Income (Charges) in the statements of
comprehensive income (see Note 8).
(d)
- 20 -
(b)
(c)
(d)
- 21 -
(e)
4.
2010
2009
P 211,842,147 P
100,407,916 P
326,755,299
P 381,502,288 P
427,163,215 P 1,121,771,210
169,660,141
149,405,908
972,365,302
Cash in banks generally earn interest at rates based on daily bank deposit rates.
Short-term placements are made for varying periods of up to three months depending
on the immediate cash requirements of the University. These placements earn
effective annual interest ranging from 4.2% to 8.6% in 2011, 2.5% to 4.5% in 2010
and 3.8% to 7.0% in 2009 for peso placements and 0.5% in 2011 and 1.8% to 4.0% in
2009 for dollar placements; there were no dollar placements in 2010. Interest income
earned from cash and cash equivalents are presented as part of Finance Income in the
statements of comprehensive income (see Note 14). The related interest from
placements as of March 31, 2011 are presented as part of Accrued interest under
outstanding Receivables in the statements of financial position (see Note 5).
Certain portion of cash and cash equivalents are set aside to cover for trust funds
(see Note 11). The amount of cash and cash equivalents set aside to cover trust funds
were P5.4 million, P44.0 million and P58.5 million as of March 31, 2011, 2010 and
2009, respectively. Considering the restriction on such amounts of cash and cash
equivalents, these are included as part of the Other Current Assets account in the
statements of financial position (see Note 21).
- 22 -
5.
RECEIVABLES
This account is composed of the following:
2011
Notes
Tuition and other
school fees
Allowance for
impairment
P
(
Loans receivable
Receivable from:
FRC
17.1, 17.2
FEU Educational
Foundation, Inc.
(FEFI)
ICF-CCE, Inc.
East Asia Educational
Foundation, Inc.
(EAEF)
FECSI
17.2
Accrued interest
4, 6, 17.1
Advances to employees
Others
P
2010
2009
160,628,916 P
104,475,283 P
64,246,194
24,428,937)(
136,199,979
164,031,155
15,727,708) (
88,747,575
477,000,000
14,146,263)
50,099,931
-
134,903,190
288,906
3,117,297
37,078,392
32,109,755
36,671,312
-
38,040,770
-
28,952,968
5,536,612
27,856,173
13,941,521
11,284,811
22,415,485
7,186,208
11,380,645
9,279,805
46,950,398
18,165,787
1,866,708
8,730,337
11,479,722
1,810,105
591,894,556 P
699,920,334 P
133,310,657
Note
Balance at beginning
of year
Impairment losses
during the year
Receivables written off
during the year
2010
2009
15,727,708 P
14,146,263 P
11,872,333
32,509,082
22,035,435
17,581,234
23,807,853)(
20,453,990) (
15,307,304)
24,428,937 P
15,727,708 P
14,146,263
P
13
All of the Universitys receivables had been reviewed for indicators of impairment.
Certain tuition and other school fees receivables were found to be impaired and
allowance has been recorded accordingly. The allowance for impairment loss on
receivables as of March 31, 2011, 2010 and 2009 relates only to receivables from
students which have been outstanding for more than one semester and specifically
identified to be impaired. No allowance for impairment loss on all other receivables
was provided as of March 31, 2011, 2010 and 2009 since management believes that
those are collectible in full. Impairment loss recognized on receivables is presented as
part of Operating Expenses in the statements of comprehensive income
(see Note 13).
Loans receivable represents promissory notes issued to certain rental and leasing
corporation as part of Universitys trust fund arrangement with a certain local bank.
Interest income earned from these loans is presented as part of Finance Income in the
statements of comprehensive income (see Note 14).
- 23 -
Other receivables as of March 31, 2010 includes a P43.7 million option money for the
acquisition of shares of stock of Crans Montana Holdings Corporation
(Crans Montana). Under the agreement, such option money will be refunded to the
University upon acquisition of Crans Montana or failure by FEU to pursue such
acquisition. Pending consummation of the Crans Montana acquisition as of March
31, 2010, the University temporarily leased the properties until November 2010
(land located in Makati City) owned by Crans Montana (Crans Montana Property) and
made improvements thereon, including construction of a new school building, for the
FEU Makati Campus (see Notes 1 and 20.1). In 2011, the P43.7 million option
money was refunded to the University since it did not pursue the acquisition; the land
was acquired by FRC instead (see Note 17.4). Accordingly, the University entered
into a new lease agreement with FRC (see Note 20.1).
In relation to the improvements made on the Crans Montana Property, the University
has made advances to contractors amounting to P52.0 million which remained
outstanding as of March 31, 2010. Such advances are presented as part of Other
Current Assets in the 2010 statement of financial position. In 2011, these
P52.0 million advances were subsequently used and capitalized as part of Buildings
and Improvement, presented under Property and Equipment account in the 2011
statement of financial position (see Note 9) upon completion of the construction.
The University provides management services to EAEF which agreed to pay
management fee computed at a certain percentage of their gross revenue subject to
certain conditions. Management fees earned by the University amounted to
P18.3 million in 2011, P14.1 million in 2010 and P11.5 million in 2009 which are
presented as Management Fees in the statements of comprehensive income.
Receivable from EAEF represents the outstanding receivables arising from
management services provided by the University to EAEF and those arising from the
lease of a school building to EAEF (see Note 8).
The University provides cash advances to FEFI for the latters operating requirements
such as faculty payroll, which FEFI regularly pays to the University. The outstanding
receivables arising from this transaction are presented as Receivable from FEFI.
The net carrying value of receivables is considered a reasonable approximation of fair
value (see Note 21.2).
6.
AVAILABLE-FOR-SALE INVESTMENTS
This category of financial assets consists of the following:
2011
Debt securities:
Government
Corporate
Equity securities
2010
2009
- 24 -
2010
2009
Current
Non-current
Interest income recognized in 2011, 2010 and 2009 are presented as part of Finance
Income in the statements of comprehensive income (see Note 14). The related
outstanding interest are presented as part of Accrued interest under Receivables in the
statements of financial position (see Note 5).
Certain AFS investments reached their maturity in 2009 and were no longer
reinvested; thus reclassified to Cash and Cash Equivalents resulting in the
reclassification to profit or loss of cumulative gains of P2.8 million in 2009 which
were previously recognized in equity. There were no similar transactions in 2011 and
2010.
As of March 31, 2011, short-term placements amounting to P100.1 million that earn
interest at 3% to 8% per annum, and maturing beyond three months from the date of
placement were presented as part of the AFS Investment account.
In 2011, some of the Universitys AFS investments in debt securities includes
derivatives asset arising from cross currency swap. As of March 31, 2011, the net
positive fair values of these embedded cross currency swaps amounting to
P8.5 million were presented as Financial Assets at FVTPL account in the 2011
statement of financial position and the related fair value gain as part of Finance
Income in the 2011 statement of comprehensive income (see Note 14). The net
changes in the carrying amount of the related interest payable from this cross currency
swap amounting to P3.4 million is presented as part of Finance Costs in the 2011
statement of comprehensive income while the related liability is presented as part of
Accrued expenses under the Accounts Payable and Other Liabilities account in the
2011 statement of financial position (see Note 14).
Analyses of the movements in the carrying amounts of the Universitys investments
held by trustee banks are presented below.
Note
Balance at beginning of
year
Additions
Withdrawals/disposal
Interest income
Fair value gains (losses)
Balance at end of year
14
2011
2010
P 1,202,638,312 P 1,073,109,957 P
291,523,399
464,552,265
(
113,912,058)(
414,986,880) (
117,510,202
62,571,971
12,793,283
17,390,999 (
2009
840,687,402
663,027,476
467,769,330)
45,180,490
8,016,081)
- 25 -
7.
10
2011
2010
2009
64,419,299 P
25,000,000
20,104,999
7,878,121
6,250,000
64,419,299 P
25,000,000
20,104,999
7,878,121
-
64,419,299
25,000,000
20,104,999
7,878,121
-
2,338,930)(
121,313,489
Advances to JV
under registration
121,313,489 P
2,338,930) (
115,063,489
6,250,000
121,313,489 P
2,338,930)
115,063,489
115,063,489
- 26 -
8.
INVESTMENT PROPERTIES
This account consists of the land and building being leased out to EAEF (see Note 5).
The gross carrying amounts and accumulated depreciation of investment properties at
the beginning and end of 2011, 2010 and 2009 are shown below.
Land
March 31, 2011
Cost
Accumulated depreciation
Net carrying amount
March 31, 2010
Cost
Accumulated depreciation
Net carrying amount
March 31, 2009
Cost
Accumulated depreciation
Net carrying amount
April 1, 2008
Cost
Accumulated depreciation
Net carrying amount
Building and
Improvements
Total
53,394,726 P
(
207,626,479 P
86,928,391) (
261,021,205
86,928,391)
53,394,726 P
120,698,088 P
174,092,814
53,394,726 P
(
207,626,479 P
76,547,068) (
261,021,205
76,547,068)
53,394,726 P
131,079,411 P
184,474,137
53,394,726 P
(
207,626,479 P
66,165,743) (
261,021,205
66,165,743)
53,394,726 P
141,460,736 P
194,855,462
53,394,726 P
(
204,900,484 P
55,895,547) (
258,295,210
55,895,547)
53,394,726 P
149,004,937 P
202,399,663
- 27 -
Land
Balance at April 1, 2010,
net of accumulated
depreciation
Depreciation charges
for the year
Balance at March 31, 2011,
net of accumulated
depreciation
Balance at April 1, 2009,
net of accumulated
depreciation
Depreciation charges
for the year
Balance at March 31, 2010,
net of accumulated
depreciation
Balance at April 1, 2008,
net of accumulated
depreciation
Additions
Depreciation charges
for the year
Balance at March 31, 2009,
net of accumulated
depreciation
53,394,726 P
-
131,079,411 P
10,381,323) (
Total
184,474,137
10,381,323)
53,394,726 P
120,698,088 P
174,092,814
53,394,726 P
141,460,736 P
194,855,462
10,381,325) (
10,381,325)
53,394,726 P
131,079,411 P
184,474,137
53,394,726 P
-
149,004,937 P
2,725,995
202,399,663
2,725,995
53,394,726 P
10,270,196) (
141,460,736 P
10,270,196)
194,855,462
- 28 -
9.
Building and
Improvements
Furniture and
Equipment
Leasehold
Improvements
Miscellaneous
Equipment
80,720,540
27,279,374
98,457,565
98,457,565
601,485,715
48,833,900
58,422,354
14,948,360
822,147,894
98,457,565
628,387,963
123,613,889
72,998,023
18,208,452
941,665,892
752,511,043
151,025,328 ) (
160,365,103
Total
111,531,203) (
115,382,431 ) (
22,298,186) (
98,019,303) (
P 1,119,333,625
12,331,014) (
18,647,599) (
297,185,731 )
12,115,403) (
244,164,736 )
98,457,565
513,005,532
25,594,586
54,350,424
6,093,049
697,501,156
98,457,565
513,765,632
114,826,750
65,423,403
13,515,760
805,989,110
89,307,115) (
88,590,851) (
15,190,788) (
11,889,255 ) (
204,978,009 )
98,457,565
424,458,517
26,235,899
50,232,615
1,626,505
601,011,101
98,457,565
391,268,141
107,011,947
50,719,189
12,409,149
659,865,991
98,457,565
67,658,804) (
P
323,609,337
77,080,300) (
P
29,931,647
12,325,394) (
P
38,393,795
11,659,252 ) (
P
749,897
168,723,750 )
P
491,142,241
98,457,565
-
Building and
Improvements
Furniture and
Equipment
Leasehold
Improvements
Miscellaneous
Equipment
513,005,532
124,059,468
35,579,285 ) (
25,594,586
36,775,150
13,535,836) (
54,350,424
7,722,517
3,650,587) (
98,457,565
601,485,715
48,833,900
58,422,354
98,457,565
-
424,458,517
114,622,330
26,235,899
10,411,464
50,232,615
7,574,620
26,075,315 ) (
11,052,777) (
247,416) (
6,093,049
9,102,727
Total
3,456,811) (
14,948,360
697,501,156
177,659,862
53,013,124)
822,147,894
1,626,505 P
4,692,693
601,011,101
137,301,107
226,149 ) (
40,811,052 )
98,457,565
513,005,532
25,594,586
54,350,424
6,093,049
697,501,156
98,457,565
-
323,609,337
122,497,491
29,931,647
7,814,803
38,393,795
14,704,214
749,897
1,106,611
491,142,241
146,123,119
98,457,565
21,648,311 ) (
424,458,517
11,510,551) (
26,235,899
2,865,394) (
50,232,615
230,003 ) (
1,626,505
36,254,259 )
601,011,101
- 29 -
10.
Notes
Accounts payable
Accrued expenses
Dividends payable
Withholding and
other taxes payable
Funds payable
Amounts due to
students
Accrued salaries and
employee benefits
Payable to FEU
retirement plan
Deposits payable
Subscriptions payable
Other current liabilities
6, 17.3
18.2
24.1
2010
2009
37,856,074 P
86,823,734
76,933,827
47,803,128 P
89,586,908
71,226,466
41,270,585
74,459,814
57,606,705
57,771,739
45,478,437
36,131,410
55,705,967
36,045,790
38,743,170
37,036,856
37,573,353
33,746,306
30,190,791
29,614,032
54,229,149
9,843,054
1,355,953
32,313,215
1,340,235
18,750,000
9,029,590
36,901,623
1,326,485
18,750,000
6,207,225
10,969,032
P 394,259,497 P
429,074,304 P
399,286,852
Accrued expenses include the Universitys accrual for utilities, rentals and directors
bonuses. Funds payable are amounts due to third parties for cooperative members
fees, school uniforms of students and computer loans of employees. Amounts due to
students represent excess payment of tuition and miscellaneous fees from students.
Subscription payable, which have been fully paid in fiscal year 2011, represents the
unpaid portion of the subscription to FECSIs shares of stock which is presented as
part of the Investment in Subsidiaries, Associate and Joint Venture account in the
statements of financial position (see Note 7).
11.
TRUST FUNDS
This account consists of the following as of March 31:
2011
Student welfare and
development fund
Visual aid development
fund
FEU central student
organization:
Student loan fund
Student scholarship fund
Others
2010
2009
13,141,458 P
26,202,141
14,635,307
13,224,923
13,384,402
2,290,745
518,838
12,777,129
3,902,308
2,384,141
43,970,750 P
58,490,642
5,394,693 P
5,394,693 P
- 30 -
These trust funds represent collections to defray expenses related to activities for
specific educational purposes. As discussed in Note 4, the amounts of cash and cash
equivalents corresponding to the outstanding balances of these funds, presented as
part of Other Current Assets in the statements of financial position, are set aside and
restricted for such purposes. In 2011, majority of the balances of the fund set aside
for the purposes listed above have been fully utilized.
12.
EDUCATIONAL REVENUES
Details of net tuition and other school fees presented in the statements of
comprehensive income are as follows:
2011
Tuition fees
Less discounts:
Scholarships
Cash
Family
2010
2009
61,000,082
10,294,191
9,277,458
80,571,731
1,665,790,366
63,723,848
10,214,508
8,746,646
82,685,002
1,611,808,467
13,628,854
8,510,075
8,602,882
2,677,978
822,812
34,242,601
12,879,474
9,903,306
8,794,229
2,910,208
770,448
35,257,665
29,904,890
8,775,916
9,030,205
1,745,791
824,008
50,280,810
Towards the end of every fiscal year, the University usually collects tuition fees from
students for summer classes which start after the reporting period. Such collections
amounted to P43.9 million, nil and P75.5 million as of March 31, 2011, 2010, and
2009, respectively, are excluded from tuition fees earned for the year and presented as
Unearned Tuition Fees in the statements of financial position. These are recognized
as revenue in the following year.
- 31 -
13.
OPERATING EXPENSES
Operating expenses consists of:
2011
Notes
Instructional and Academic
Salaries and allowances
Employees benefits
Related learning
experience
Affiliation
Others
17.6
P
15, 17.6
Administrative
Salaries and allowances
Rental
17.3, 17.4
Employees benefits
15
Directors bonus
Others
Maintenance and University
Operations
Utilities
Salaries and allowances
Janitorial services
Employee benefits
Repairs and maintenance
Property insurance
15
General
Depreciation and
amortization
8, 9
Impairment losses
on receivables
5
Security services
Professional fees
Publicity and promotions
Maintenance of art works
Taxes and licenses
24.6
Donation and charitable
contributions
Others
2010
2009
557,553,771 P
168,862,745
519,662,398 P
165,028,563
527,192,891
164,350,335
24,681,628
11,984,580
19,844,834
782,927,558
31,738,871
17,153,509
19,128,326
752,711,667
21,641,432
9,960,332
21,503,870
744,648,860
98,061,322
58,160,909
40,997,811
13,500,000
10,871,972
221,592,014
92,596,727
55,008,187
44,727,498
12,010,000
14,167,855
218,510,267
84,461,509
56,180,367
39,266,335
11,750,000
10,259,595
201,917,806
80,973,358
23,177,313
13,586,765
10,405,030
8,067,156
1,779,301
137,988,923
66,785,904
21,722,461
11,915,987
11,198,934
11,406,398
1,485,816
124,515,500
67,818,876
23,490,070
12,808,640
11,296,291
4,619,377
1,160,749
121,194,003
63,394,447
51,192,377
46,524,455
32,509,082
24,141,557
11,818,976
7,154,574
2,888,765
1,171,561
22,035,435
15,782,208
8,818,080
9,017,636
2,812,457
654,492
17,581,234
25,834,071
6,306,848
6,615,235
6,176,320
1,985,560
685,924
6,658,994
150,423,880
1,803,543
2,724,460
114,840,688
629,864
2,896,714
114,550,301
- 32 -
14.
FINANCE INCOME
This account consists of the following:
2011
Notes
Interest income from:
AFS investments
Cash and cash
equivalents
Loans receivable
Due from a
related party
HTM investments
Fair value gain from
financial assets at FVTPL
Foreign exchange
gains net
2010
2009
117,510,202 P
62,571,971 P
45,180,490
4
5
22,253,393
12,994,323
41,295,682
2,192,416
65,927,344
-
17.1
9,583,994
162,341,912
5,698,023
1,650,000
113,408,092
4,895,036
1,672,563
117,675,433
15.
8,456,381
3,037,732
170,798,293 P
113,408,092 P
120,713,165
Liabilities
758,247,882 P
62,940,415
24,083,864
114,396
845,386,557
67,028,640)(
Net Assets
778,357,917 P
2009
2008
715,250,000 P
52,926,997
9,997,093
136,263
778,310,353
55,569,843) (
643,050,000
38,547,269
10,784,913
185,654
692,567,836
50,395,960)
722,740,510 P
642,171,876
- 33 -
16.
INCOME TAXES
The components of the Universitys tax expense presented in profit or loss are as
follows:
2011
2010
2009
59,431,631 P
27,360,130
86,791,761
56,990,568 P
21,103,483
78,094,051
51,743,268
20,543,679
72,286,947
1,388,091)
2,888,741
76,705,960 P
75,175,688
160,096) (
86,631,665 P
2011
2010
2009
72,906,256 P
66,188,724 P
64,217,355
13,383,769
10,551,718
341,640 (
86,631,665 P
9,265,639
1,700,000
7,306)
34,482) (
76,705,960 P
75,175,688
The net deferred tax assets relate to the following as of March 31:
2011
Deferred tax assets:
Accrued rent expense
Allowance for impairment on
receivables
Unrealized foreign currency loss
Unearned income
Accrued donation
Deferred tax liability
Unrealized foreign currency gains
Deferred tax expense (income)
Deferred tax assets net
5,275,564
2,442,894
377,222
(
7,250,042
1,572,771
348,299
-
845,638)
P
5,168,876
7,089,946
2009
4,591,002
(P
106,688) ( P
577,874 )
( P 1,047,917 )
1,414,626
-
(
(
870,123) (
28,923) (
158,145 )
348,299 )
-
845,638
303,773 )
303,773
160,096) ( P 1,388,091 )
P 2,888,741
303,773 )
P
Profit or Loss
2010
2011
5,701,855
(P
The University availed of the Tax Incentives Provisions of Republic Act (R.A.)
No. 8525, Adopt-a-School Act of 1998. Total benefit from the availment of
these tax incentives provided under the R.A. is the sum of the amount of
contribution/donation that was actually, directly and exclusively incurred for the
Adopt-a-School Program, with limitations, conditions and rules set forth in
Section 34 (H) of the Tax Code and fifty percent (50%) of the amount of such
contribution/donation.
In 2011, 2010 and 2009, the Company opted to continue claiming itemized
deductions.
227,393 )
474,786
1,685,492
1,700,000
- 34 -
17.
Note
Balance at
beginning of year
Advances during the year
Balance at end of year
Current portion
Non-current portion
2010
2009
218,774,500 P
310,617,894
529,392,394
134,903,190
100,000,000 P
118,774,500
218,774,500
-
100,000,000
100,000,000
-
394,489,204 P
218,774,500 P
100,000,000
- 35 -
2009
FRC
FECSI
Net
Additions
( Collections )
2010
Net
Additions
( Collections )
2011
P 3,117,297 (P 2,828,391) P
288,906 (P 288,906) P
1,866,708
5,319,500
7,186,208 ( 1,649,596)
5,536,612
P 4,984,005
P 2,491,109
- 36 -
18.
2010
2009
116,142,820 P
18,958,287
116,432,220 P
18,247,691
113,999,963
18,063,955
135,101,107 P
134,679,911 P
132,063,918
EQUITY
Amount
2011
2010
2009
10,000,000
10,000,000
10,000,000
9,845,779
9,845,779
7,043,699
2,802,080
2011
2010
2009
9,845,779
9,845,779
37,331) (
37,331) (
9,808,448
9,808,448
37,331 ) (
980,844,800
984,577,900
3,733,100 ) (
P
704,369,900
280,208,000
984,577,900
3,733,100) (
984,577,900 P
-
984,577,900
9,845,779
9,808,448
984,577,900
980,844,800
3,733,100 )
980,844,800
2011
2010
Property and
investment
acquisition
P 1,200,000,000 P 1,000,000,000 P
Expansion of facilities
395,000,000
599,333,335
Purchase of equipment
and improvements
140,000,000
General retirement
65,000,000
57,000,000
Contingencies
20.3, 20.4
53,733,100
18,765,682
P 1,853,733,100 P 1,675,099,017 P
2009
899,333,335
57,000,000
18,765,682
975,099,017
- 37 -
2010
Cash dividend of
P15 per share
Cash dividend of
P15 per share
Date of
Record
Payment
July 6, 2010
January 3, 2011
July 6, 2009
January 8, 2010
2009
Cash dividend of
P15 per share
June 17, 2008
40% stock dividend
equivalent to
2,802,547 shares August 23, 2008
467 fractional shares
paid out in cash at
P100 per share
August 23, 2008
Cash dividend of
P15 per share
December 16, 2008
Amount
147,126,720
147,126,720
294,253,440
147,126,720
147,126,720
294,253,440
105,095,520
July 7, 2008
October 9, 2008
280,208,000
October 9, 2008
46,720
January 8, 2009
147,126,720
P
532,476,960
Unpaid dividends as of March 31, 2011, 2010 and 2009 are presented as dividends
payable under Accounts Payable and Other Liabilities in the statements of financial
position (see Note 10).
- 38 -
19.
2010
2009
642,430,892 P
585,181,285 P
9,808,448
9,808,448
65.50 P
566,997,861
8,407,408
59.66 P
67.44
7,006,368
2,802,080
9,808,448
Months
Outstanding
Weighted Number
of Shares
12
6
84,076,416
16,812,480
100,888,896
12
8,407,408
There were no stock issuances in 2011 and 2010, hence, the weighted average number
of shares outstanding is equivalent to the total outstanding shares as of
March 31, 2011 and 2010.
The University has no dilutive potential common shares as of March 31, 2011, 2010
and 2009.
20.
47,644,090 P
115,822,783
-
2010
43,312,809 P
221,116,303
16,222,259
2009
39,375,281
201,014,828
79,636,542
- 39 -
7,869,600 P
23,608,800
196,740,000
2,623, 200
10,492,800
12,241,600
P 228,218,400 P
25,357,600
35,656,350 P
2010
28,666,776 P
2009
28,666,776
142,625,400
114,667,104
114,667,104
14,856,813
57,333,552
86,000,328
- 40 -
20.4 Others
There are other contingencies that arise in the normal course of business that are not
recognized in the Universitys financial statements. Management believes that losses,
if any, arising from these commitments and contingencies will not materially affect its
financial statements, however, the University opted to generally appropriate portion
of its retained earnings to cover for such contingencies (see Note 18.2).
21.
Notes
AFS investments
HTM investments
Due from a
related party
Restricted cash and
cash equivalents
4
6
2010
2009
17.1
100,000,000
100,000,000
100,000,000
4, 11
5,394,693
43,970,750
58,490,642
- 41 -
The following table illustrates the sensitivity of income before tax for the years with
regard to the Universitys interest-bearing financial instruments. These percentages
have been determined based on the average market volatility rates, using standard
deviation, in the previous 12 months, estimated at 68% level of confidence. The
sensitivity analysis is based on the Universitys financial instruments held at
March 31, 2011, 2010 and 2009.
Reasonably
possible
change in rate
Cash and cash equivalents
AFS investments
HTM investments
Due from a related party
Restricted cash and cash equivalents
+/-0.79%
+/-0.79%
+/-0.79%
+/-0.79%
2011
Effect on
income before
tax
P
3,071,364
12,024,719
937,325
42,618
P 16,076,026
Reasonably
possible
change in rate
+/-1.39%
+/-0.94%
+/-1.39%
+/-0.78%
+/-1.39%
2010
Effect on
income before
tax
P
5,925,674
16,034,252
278,000
780,297
611,193
P 23,629,416
2009
Reasonably
Effect on
possible
income before
change in rate
tax
+/-2.67%
+/-2.83%
+/-2.67%
+/-2.73%
+/-2.67%
P 31,423,827
28,147,720
534,000
2,733,463
1,561,700
P 64,400,710
- 42 2011
Notes
AFS investments
(debt securities)
Restricted cash and
cash equivalents
Due from a
related party
HTM investments
4
5
2010
381,502,288 P
591,894,556
2009
427,163,215 P 1,121,771,210
699,920,334
133,310,657
8,456,381
1,318,716,186
1,180,709,313
1,053,371,205
4, 11
5,394,693
43,970,750
58,490,642
17.1
394,489,204
-
218,774,500
20,000,000
100,000,000
20,000,000
The table below shows the credit quality of the Universitys financial assets as of
March 31, 2011, 2010 and 2009 (presented in thousands Philippine pesos) having past
due but not impaired components.
2011
Cash and
cash equivalents
Receivables
Financial assets
at FVTPL
AFS investments
Restricted cash and
cash equivalents
Due from a
related party
Neither
past due nor
impaired
Past due
Impaired
Not
(see Note 5)
impaired
381,502
572,311
24,429
32,509
Total
381,502
629,249
8,456
1,318,716
8,456
1,318,716
5,395
5,395
394,489
394,489
P 2,680,869
24,429
32,509
P 2,737,807
- 43 -
2010
Cash and
cash equivalents
Receivables
AFS investments
HTM investments
Restricted cash and
cash equivalents
Due from a
related party
2009
Cash and
cash equivalents
Receivables
AFS investments
HTM investments
Restricted cash and
cash equivalents
Due from a
related party
Neither
past due nor
impaired
Past due
Impaired
Not
(see Note 5)
impaired
427,163
683,522
1,180,709
20,000
15,728
-
16,398
-
Total
427,163
715,649
1,180,709
20,000
43,971
43,971
218,774
218,774
P 2,574,139
15,728
16,398
P 2,606,266
P 1,121,771
118,536
1,053,371
20,000
14,146
-
14,775
-
P 1,121,771
147,457
1,053,371
20,000
58,491
58,491
100,000
100,000
P 2,472,169
14,146
14,775
P 2,501,090
The age of past due but not impaired receivables is about six months for each of the
three years.
The University classifies tuition and other school fees receivables from students based
on the number of semesters the receivables have been outstanding. Receivables from
students that are outstanding for more than one semester are analyzed to determine
whether they are impaired. Those that are not outstanding for more than one
semester or are currently receivable are determined to be collectible, based on
historical experience.
The Universitys management considers that all the above financial assets are not
impaired, except those specifically provided with allowance for impairment, at the end
of the reporting period and of good credit quality. Cash and cash equivalents, AFS
investments and HTM investments are coursed through reputable financial
institutions duly approved by the BOT. The balance of Due from a Related Party
account is from a profitable related party with good payment record; collections
therefrom are reasonably assured.
- 44 -
- 45 -
22.
22.1
The carrying amounts and fair values of the categories of financial assets and liabilities
presented in the statements of financial position are shown below.
Notes
Carrying
Values
2011
Fair
Values
Carrying
Values
2010
Fair
Values
Carrying
Values
2009
Fair
Values
Financial Assets
AFS investments:
Debt securities
Equity securities
4
5
381,502,288
591,894,556
381,502,288
591,894,556
427,163,215
699,920,334
427,163,215
699,920,334
P 1,121,771,210
133,310,657
P 1,121,771,210
133,310,657
5,394,693
5,394,693
43,970,750
43,970,750
58,490,642
58,490,642
394,489,204
394,489,204
218,774,500
218,774,500
100,000,000
100,000,000
1,373,280,741
1,373,280,741
1,389,828,799
1,389,828,799
1,413,572,509
1,413,572,509
1,318,716,186
191,836,952
1,318,716,186
191,836,952
1,180,709,313
21,928,999
1,180,709,313
21,928,999
1,053,371,205
19,738,752
1,053,371,205
19,738,752
1,510,553,138
1,510,553,138
1,202,638,312
1,202,638,312
1,073,109,957
1,073,109,957
4, 11
2,883,833,879
394,259,497
20,000,000
20,000,000
20,000,000
20,000,000
P 2,883,833,879
2,612,467,111
P 2,612,467,111
P 2,506,682,466
P 2,506,682,466
429,074,304
Financial Liabilities
10
394,259,497
429,074,304
399,286,852
399,286,852
See Notes 2.4 and 2.7 for a description of the accounting policies for each category of
financial instruments. A description of the Universitys risk management objectives
and policies for financial instruments is provided in Note 21.
Level 2: inputs other than quoted prices included within Level 1 that are
observable for the resource or liability, either directly (i.e., as prices) or indirectly
(i.e., derived from prices); and,
Level 3: inputs for the asset or liability that are not based on observable market
data (unobservable inputs).
The level within which the financial asset or liability is classified is determined based
on the lowest level of significant input to the fair value measurement.
- 46 -
The breakdown of the Universitys AFS investments measured at fair value in its
statements of financial position as of March 31, 2011 and 2010 is as follows
(see Note 6):
2011
Level 1
Debt securities:
Government
Corporate
Equity securities
Level 2
Level 3
Total
760,955,122
430,738,836
191,836,952
P 760,955,122
127,022,228
557,761,064
191,836,952
P 1,383,530,910
P 127,022,228 P 1,510,553,138
678,179,527
55,540,548
21,928,999
755,649,074
P 446,989,238 P 1,202,638,312
2010
Debt securities:
Government
Corporate
Equity securities
23.
P 678,179,527
446,989,238
502,529,786
21,928,999
491,311,389 P
2010
518,923,521 P
2009
576,893,441
3,558,511,144
3,197,540,409
2,889,221,565
0.14 : 1.00
0.16 : 1.00
0.20 : 1.00
- 47 -
Tax Base
Management fee
Rental
40,826,129
14,424,354
4,899,135
1,730,922
55,250,483
6,630,057
The outstanding output VAT payable amounting to P421,877 as of March 31, 2011 is
presented as part of Withholding and other taxes payable under the Accounts
Payables and Other Liabilities account in the 2011 statement of financial position
(see Note 10).
Pursuant to Section 109, VAT Exempt Transactions, of the National Internal Revenue
Code of 1997, the Universitys receipts from tuition and other fees related to
educational services amounting to P1.8 billion are VAT exempt.
- 48 -
572,565
424,723
160,000
10,500
3,773
1,171,561
24.5
P 18,069,303
1,549,483
P 19,618,786
2011
Notes
2010
2009
A S S E T S
CURRENT ASSETS
Cash and cash equivalents
Receivables - net
Financial assets at fair value through profit or loss
Available-for-sale investments
Held-to-maturity investments
Real estate held for sale
Other current assets
6
7
7
3
8
5, 6, 10
7
9
10
11
18
TOTAL ASSETS
418,324,237
518,305,654
8,456,381
1,235,981,682
120,922,260
70,014,423
468,148,054
839,947,375
1,240,095,151
20,000,000
122,532,288
128,520,280
1,172,859,362
138,151,928
1,088,109,957
20,000,000
129,216,942
90,677,164
2,372,004,637
2,819,243,148
2,639,015,353
311,515,573
9,948,773
356,957,509
1,629,565,811
13,435,789
18,082,480
13,251,976
371,577,177
1,207,576,778
10,841,548
16,117,892
7,055,963
364,903,545
843,473,310
9,228,791
26,151,492
2,339,505,935
1,619,365,371
1,250,813,101
4,711,510,572
4,438,608,519
3,889,828,454
364,430,602
51,955,357
5,394,693
53,875,651
3,662,796
453,578,125
2,715,463
43,970,750
78,758,273
3,371,494
349,657,377
76,555,105
58,490,641
48,721,315
3,103,359
12
14
13
10
10
18
479,319,099
582,394,105
536,527,797
3,292,947
14,805,270
6,955,744
13,822,482
10,327,238
13,170,629
18,098,217
20,778,226
23,497,867
497,417,316
603,172,331
560,025,664
-2-
Notes
EQUITY
Equity attributable to owners
of the parent company
Capital stock
Treasury stock - at cost
Accumulated fair value gains (losses)
Retained earnings
Appropriated
Unappropriated
20
20
2010
2009
984,577,900
3,733,100 ) (
20,650,845
984,577,900
3,733,100 ) (
7,857,562 (
984,577,900
3,733,100 )
9,533,437 )
20
2011
1,853,733,100
898,549,251
1,675,099,017
731,601,395
975,099,017
1,068,447,399
3,753,777,996
3,395,402,774
3,014,857,779
460,315,260
440,033,414
314,945,011
4,214,093,256
3,835,436,188
3,329,802,790
4,711,510,572
4,438,608,519
3,889,828,454
2011
Notes
REVENUES
Educational income
Tuition fees - net
Other school fees
22
8
15
OPERATING INCOME
OTHER INCOME (CHARGES)
Finance income
Management fees
Finance costs
Share in net losses of associate and joint venture
Gain on sale of investment property
Others
16
6
9
(
(
10
18
1,665,790,366
35,258,665
1,701,049,031
58,772,878
8,032,714
1,611,808,467
50,279,810
1,662,088,277
50,437,726
-
1,880,484,907
1,767,854,623
1,712,526,003
1,303,708,537
1,208,484,789
1,166,169,195
576,776,370
559,369,834
546,356,808
163,780,640
18,303,571
6,225,443 )
3,303,203 )
11,054,469
183,610,034
110,665,596
14,080,414
3,482,984 )
53,987 )
211,609,170
12,207,533
345,025,742
120,856,838
11,527,024
49,416 )
13,598,675
145,933,121
(
(
904,395,576
NET INCOME
OTHER COMPREHENSIVE INCOME
Fair value gains (losses)
Reclassification to profit or loss
1,760,859,152
36,011,952
1,796,871,104
72,056,661
11,557,142
760,386,404
2009
14
Rental
Sale of real estate
PREACQUISITION INCOME
2010
692,289,929
3,999,262
760,386,404
904,395,576
696,289,191
100,269,179
126,699,737
86,995,739
660,117,225
777,695,839
609,293,452
12,793,283
12,793,283
17,390,999
17,390,999
(
(
(
8,016,082 )
2,750,598 )
10,766,680 )
672,910,508
795,086,838
598,526,772
639,835,379
20,281,846
657,407,436
120,288,403
585,200,755
24,092,697
660,117,225
777,695,839
609,293,452
652,628,662
20,281,846
674,798,435
120,288,403
574,434,075
24,092,697
672,910,508
795,086,838
598,526,772
65.23
67.02
69.61
21
Capital Stock
Notes
Balance at April 1, 2010
Comprehensive income
Net income for the year
Fair value gains for the year
Total comprehensive income
Transactions with owners
Appropriations for the year
Reversal of appropriations during the year
Cash dividends
20
20
20
984,577,900
( P
3,733,100 )
7,857,562
984,577,900
( P
984,577,900
( P
3,733,100 )
3,733,100 ) ( P
9,533,437 )
-
20
20
20
731,601,395
Total Equity
440,033,414
3,835,436,188
20,281,846
660,117,225
12,793,283
672,910,508
639,835,379
20,281,846
557,967,418 )
379,333,335
294,253,440 )
472,887,523 )
(
(
294,253,440 )
294,253,440 )
1,853,733,100
898,549,251
460,315,260
4,214,093,256
975,099,017
1,068,447,399
314,945,011
3,329,802,790
17,390,999
17,390,999
639,835,379
557,967,418 (
379,333,335 )
(
178,634,083 (
20,650,845
1,675,099,017
-
12,793,283
12,793,283
Non-controlling
Interest
657,407,436
-
1,000,000,000 (
300,000,000 )
(
700,000,000 (
1,000,000,000 )
300,000,000
294,253,440 )
994,253,440 )
120,288,403
777,695,839
17,390,999
795,086,838
657,407,436
120,288,403
-
(
(
294,253,440 )
294,253,440 )
4,800,000
4,800,000
984,577,900
( P
3,733,100 )
7,857,562
1,675,099,017
731,601,395
440,033,414
3,835,436,188
704,369,900
(P
3,733,100 )
1,233,243
1,147,161,414
843,661,207
295,973,176
2,988,665,840
280,208,000
20
20
20
280,208,000
1
P
984,577,900
( P
(
(
(
3,733,100 ) ( P
8,016,082 )
2,750,598 )
10,766,680 )
585,200,755
(
9,533,437 )
975,099,017
172,062,397
252,268,960 )
280,208,000 )
360,414,563 )
(
(
172,062,397 ) (
1,068,447,399
609,293,452
8,016,082 )
2,750,598 )
598,526,772
(
(
24,092,697
172,062,397 )
585,200,755
24,092,697
(
P
280,208,000
(
(
(
252,268,960 )
280,208,000 )
252,268,960 )
5,120,862 ) (
5,120,862 )
314,945,011
3,329,802,790
2011
Notes
CASH FLOWS FROM OPERATING ACTIVITIES
Income before tax
Adjustments for:
Interest income
Depreciation
Fair value gains on financial assets at fair value
through profit or loss
Share in net losses of associate and joint venture
Unrealized foreign exchange losses (gains) - net
Gain on sale of investment property
Preacquisition income
Operating profit before working capital changes
Decrease (increase) in receivables
Decrease in real estate held for sale
Decrease (increase) in other assets
Increase (decrease) in accounts payable and other liabilities
Increase (decrease) in deferred income
Decrease in trust funds
Cash generated from operations
Income taxes paid
P
16
7, 16
155,324,259 )
81,719,829
8,456,381 )
3,303,203
2,967,193
684,595,989
16,957,013
1,610,028
23,661,463
17,381,808 )
49,239,894
38,576,057 )
720,106,522
93,883,448 )
9
10
1
P
(
2009
904,395,576
110,665,596 )
58,378,201
P
(
(
(
53,987
3,482,984
211,609,170 )
644,035,982
108,764,370 )
6,684,654
32,672,921 )
175,147,214
73,839,642 )
14,519,891 )
596,071,026
87,960,278 )
(
(
49,416
3,037,732 )
3,999,262 )
624,426,509
16,276,113 )
31,588,975
13,086,542 )
52,267,522
17,671,581 )
661,248,770
86,924,696 )
(
(
(
508,110,748
483,921,081 )
312,968,845
294,608,821 )
147,040,121
20,000,000
-
(
(
(
298,520,936 )
(
(
696,289,191
117,819,106 )
52,944,002
626,223,074
760,386,404
10, 11
2010
574,324,074
431,849,189 )
477,000,000 )
134,594,195 )
108,937,577
100,000,000
6,250,000 )
-
15,723,242 )
840,755,807 )
299,777,561 )
371,187,267 )
3,371,495 )
(
(
365,479,906 )
3,103,359 )
(
(
309,875,665 )
2,191,607 )
374,558,762 )
368,583,265 )
312,067,272 )
2,967,193 )
3,482,984 )
49,823,817 )
704,711,308 )
11
6
7
10
9
10
20
10
468,148,054
418,324,237
147,865,321 )
258,189,235 )
109,929,197
12,071,040
-
3,037,732
(
34,483,027 )
1,172,859,362
468,148,054
1,207,342,389
1,172,859,362
-28-- 1 -1 -
1.
CORPORATE INFORMATION
The Far Eastern University, Incorporated (the University or parent company) is a
domestic educational institution founded in June of 1928 and incorporated on
January 5, 1933. The University was registered with the Philippine Securities and
Exchange Commission (SEC) on March 7, 1940. As a private, non-sectarian
institution of learning comprising the following different institutes that offer specific
courses, namely, Institute of Arts and Sciences; Institute of Accounts, Business and
Finance; Institute of Education; Institute of Architecture and Fine Arts; Institute of
Nursing; Institute of Engineering; Institute of Law; and Institute of Graduate Studies.
The University became a listed corporation in the Philippine Stock Exchange on
July 11, 1986.
In November 2009, the University entered into a Joint Venture (JV) Agreement to
establish a joint venture company (JVC) for culinary arts. The registration of the JVC
was approved by the SEC on May 7, 2010 (see Notes 2.3 and 9). In 2010, the
University established the FEU Makati Campus (the Branch) in Makati City
(see Note 6). The Branch started operations in June 2010.
As of March 31, 2011, 2010 and 2009, the University holds interest in the following
subsidiaries, associate, and joint venture which were all incorporated and operating in
the Philippines:
Company Name
Subsidiaries:
East Asia Computer
Center, Inc. (EACCI)
Far Eastern College-Silang,
Inc. (FECSI)
Fern Realty Corporation (FRC)
TMC FRC Sports Performance
and Physical Medicine
Center, Inc. (SPARC)
100%
100%
100%
100%
37.52%
100%
37.52%
100%
37.52%
22.51%
22.51%
Associate
Juliana Management Co.,
Inc. (JMCI)
49%
49%
Joint Venture
ICF-CCE, Inc.
50%
49%
-
-2-
FECSI was incorporated on January 21, 2009 and has started commercial operations
in June 2010. FECSI and EACCI, similar to the University, were also established to
operate as educational institutions. FRC, on the other hand, operates as a real estate
company leasing most of its investment properties to the University and other related
parties. In 2009, FEU made additional investment in FRC which resulted in
37.52% ownership interest, recognition of preacquisition income and decrease in
non-controlling interest. FEU owns 22.51% of SPARC through FRC which acquired
60% equity ownership interest in SPARC in 2008. SPARC is engaged in the business
of organizing, owning, operating, managing and maintaining a sports facility for the
rehabilitation and sports performance enhancement within the Philippines.
Although the University controls less than 50% of the voting shares of stock of FRC,
it has the power to govern the financial and operating policies of the said entity. Also,
the University has the power to cast the majority of votes at meetings of the board of
directors and elect officers of FRC. Accordingly, FRC is recognized as a subsidiary of
the University.
The parent company and its subsidiaries are collectively referred to as the Group.
The registered office address and principal place of business of the University is
located at Nicanor Reyes Sr. Street, Sampaloc, Manila.
The consolidated financial statements of the Group for the year ended
March 31, 2011 (including the comparatives for the years ended March 31, 2010
and 2009) were authorized for issue by the Board of Trustees (BOT) on
June 21, 2011.
2.
2.1
(a)
-3-
(b)
(c)
Functional Currency
These consolidated financial statements are presented in Philippine pesos, the
parent companys and the subsidiaries functional currency, and all values
represent absolute amounts except when otherwise indicated.
Items included in the consolidated financial statements of the Group are
measured using the currency of the primary economic environment in which the
Group operates (the functional currency).
-4-
Discussed below are the effects on the consolidated financial statements of the
new and amended standards.
(i) PAS 27 (Revised 2008), Consolidated and Separate Financial Statements. The
revised standard requires the effects of all transactions with non-controlling
interests to be recorded in equity if there is no change in control and these
transactions will no longer result in goodwill or gains and losses. The
standard also specifies the accounting when control is lost. Any remaining
interest in the equity is re-measured to fair value and a gain or loss is
recognized in profit or loss. The adoption of the standard did not result in
any adjustment to the consolidated financial statements as there were no
transactions with non-controlling interests during the year.
(ii) PFRS 3 (Revised 2008), Business Combinations. The revised standard
continues to apply the acquisition method to business combination with
significant changes. For example, all payments to purchase a business are to
be recorded at fair value at the acquisition date, with contingent payments
classified as debt subsequently re-measured through the profit or loss.
There is a choice on an acquisition-by-acquisition basis to measure the
non-controlling interest in the acquiree either at fair value or at the
non-controlling interests proportionate share in the acquirees identifiable
net assets. All acquisition-related costs should be expensed. The University
did not have any business acquisition during the year, hence, the adoption of
the revised standard has no effect on the 2011 consolidated financial
statements.
(iii) Philippine Interpretation IFRIC 17, Distribution of Non-cash Assets to Owners.
IFRIC 17 clarifies that dividend payable should be recognized when the
dividend is appropriately authorized and is no longer at the discretion of the
entity. Also, an entity should measure the dividend payable at the fair value
of the net assets to be distributed and the difference between the dividend
paid and the carrying amount of the net assets distributed should be
recognized in profit or loss. The Groups adoption of this interpretation did
not have a material impact on the consolidated financial statements because
the Group did not distribute non-cash assets to its stockholders during the
current year and in prior years.
(iv) 2009 Annual Improvements to PFRS. Most of these amendments
became effective for annual periods beginning on or after July 1, 2009 or
January 1, 2010. Among those improvements, only the following
amendments were identified to be relevant to the Groups consolidated
financial statements but which did not also have any material impact on its
consolidated financial statements:
-5-
(b)
PFRS 1 (Amendment)
PFRS 2 (Amendment)
Philippine Interpretations
IFRIC 9
IFRIC 18
:
:
-6-
(c)
the entity measures the equity instruments issued at fair value, unless this
cannot be reliably measured;
Management has determined that the adoption of the interpretation will not
have any material effect on the Groups consolidated financial statements as
it does not normally extinguish financial liabilities through equity swap.
(vi) PFRS 7 (Amendment), Financial Instruments: Disclosures (effective from
-8-
(vii) PFRS 9, Financial Instruments (effective from January 1, 2013). PAS 39 will be
replaced by PFRS 9 in its entirety which is being issued in phases. The main
phases are (with a separate project dealing with derecognition):
The Group is currently reviewing the impact of the standard in time for its
adoption of the revised standard in fiscal year 2014.
-9-
(ix) PFRS 11, Joint Arrangements (effective from January 1, 2013). PFRS 11
supersedes PAS 31, Interests in Joint Ventures; and it aims to enhance the
accounting for, and the quality of information being reported about joint
arrangements. The option of using proportionate consolidation for joint
ventures that was previously included in PAS 31 has been eliminated (equity
accounting is now required for all joint ventures). Many arrangements
described in PAS 31 as jointly controlled entities will now be referrd to as
joint ventures. PFRS 11 removes PAS 31's current terminology of jointly
controlled operations and jointly controlled assets. Most of such
arrangements fall into the newly defined category of joint operation. The
Group is currently reviewing the impact of the standard in time for its
adoption of the revised standard in 2014.
(x) PFRS 12, Disclosure of Interests in Other Entities (effective from
January 1, 2013). PFRS 12 combines the disclosure requirements for
subsidiaries, joint arrangements, associates and structured entities within a
comprehensive disclosure standard. It aims to provide more transparency
on 'borderline' consolidation decisions and enhance disclosures about
unconsolidated structured entities in which an investor or sponsor has
involvement. The Group is currently reviewing the impact of the standard
in time for its adoption of the revised standard in 2014.
(xi) 2010 Annual Improvements to PFRS. The FRSC has adopted the
Improvements to PFRS 2010. Most of these amendments became effective for
annual periods beginning on or after July 1, 2010 or January 1, 2011.
Among those improvements, only the following amendments were
identified to be relevant to the Groups consolidated financial statements:
- 10 -
- 11 -
- 12 -
- 13 -
- 14 -
- 15 -
(c)
Held-to-maturity Investments
This includes non-derivative financial assets with fixed or determinable
payments and a fixed date of maturity. Investments are classified as
held-to-maturity if the Group has the positive intention and ability to hold them
until maturity which is presented as Held-to-maturity Investments account in
the non-current section of the consolidated statement of financial position,
except those maturing within 12 months from the reporting period which are
presented as part of current assets. Investments intended to be held for an
undefined period are not included in this classification.
Held-to-maturity investments are measured at amortized cost using the effective
interest method. In addition, if there is objective evidence that the investment
has been impaired, the financial asset is measured at the present value of
estimated cash flows. Changes to the carrying amount of the investment,
including impairment loss, are recognized in profit or loss.
- 16 -
(d)
Impairment losses, except those pertaining to tuition and other fees receivables which
are presented under Costs and Operating Expenses account, recognized on financial
assets are presented as part of Finance Costs account in the consolidated statement of
comprehensive income.
For investments that are actively traded in organized financial markets, fair value is
determined by reference to stock exchange-quoted market bid prices at the close of
business on the reporting period. For investments where there is no quoted market
price, fair value is determined by reference to the current market value of another
instrument which is substantially the same or is calculated based on the expected cash
flows (such as dividend income) of the underlying net asset base of the investment.
Non-compounding interest, dividend income and other cash flows resulting from
holding financial assets are recognized in profit or loss when earned, regardless of
how the related carrying amount of financial assets is measured. All income and
expense relating to financial assets recognized in profit or loss are presented in the
consolidated statement of comprehensive income line item Finance Income and
Finance Costs, respectively.
Derecognition of financial assets occurs when the rights to receive cash flows from
the financial instruments expire or are transferred and substantially all of the risks and
rewards of ownership have been transferred.
- 17 -
Real estate held for sale is carried at the lower of cost and net realizable value. Net
realizable value is the estimated selling price in the ordinary course of business, less
estimated costs to complete and the estimated costs necessary to make the sale.
Real estate held for sale is expected to be sold within 2 to 10 years from the time of
acquisition, which is considered as the normal operating cycle of FRC with respect to
its development and sale of real estate properties.
20 years
3-6 years
3-5 years
- 18 -
Depreciation is computed on a straight-line basis over the estimated useful lives of the
assets as follows:
Building and improvements
Land improvements
20 to 50 years
5 years
- 19 -
Provisions are measured at the estimated expenditure required to settle the present
obligation, based on the most reliable evidence available at the end of the reporting
period, including the risks and uncertainties associated with the present obligation.
Where there are a number of similar obligations, the likelihood that an outflow will be
required in settlement is determined by considering the class of obligations as a whole.
When time value of money is material, long term-provisions are discounted to their
present values using a pretax rate that reflects market assessments and the risks
specific to the obligation. Provisions are reviewed at the end of each reporting period
and adjusted to reflect the current best estimate.
In those cases where the possible outflow of economic resource as a result of present
obligations is considered improbable or remote, or the amount to be provided for
cannot be measured reliably, no liability is recognized in the consolidated financial
statements. Similarly, possible inflows of economic benefits to the Group that do not
yet meet the recognition criteria of an asset are considered contingent assets, hence,
are not recognized in the consolidated financial statements. On the other hand, any
reimbursement that the Group can be virtually certain to collect from a third party
with respect to the obligation is recognized as a separate asset not exceeding the
amount of the related provision.
(d) Rental Revenue is recognized in profit or loss over the term of the lease using
the straight-line method, and in certain cases, the amount determined using
straight-line method or amount determined using a certain percentage of the
lessees gross annual revenue whichever is higher. Rent received in advance is
recorded as Deferred Income in the consolidated statement of financial position
and transferred to Rental revenue when earned.
(e)
Interest Income is recognized as the interest accrues taking into account the
effective yield on the asset.
- 20 -
Cost and expenses are recognized in profit or loss upon receipt of goods, utilization
of services or at the date they are incurred. All finance costs are reported in profit or
loss on the accrual basis.
2.12 Leases
The Group accounts for its leases as follows:
(a)
Group as Lessee
Leases which do not transfer to the Group substantially all the risks and benefits
of ownership of the asset are classified as operating leases. Operating lease
payments are recognized as expense in profit or loss in the consolidated
statement of comprehensive income on a straight-line basis over the lease term.
Associated costs, such as maintenance and insurance, are expensed as incurred.
(b)
Group as Lessor
Leases which do not transfer to the lessee substantially all the risks and benefits
of ownership of the asset are classified as operating leases. Lease income from
operating leases is recognized in profit or loss in the consolidated statement of
comprehensive income on a straight-line basis over the lease term.
The Group determines whether an arrangement is, or contains a lease based on the
substance of the arrangement. It makes an assessment of whether the fulfillment of
the arrangement is dependent on the use of a specific asset or assets and the
arrangement conveys a right to use the asset.
- 21 -
Post-employment Benefits
Termination Benefits
Compensated Absences
Compensated absences are recognized for the number of paid leave days
(including holiday entitlement) remaining at the end of the reporting period. They are
included in Accounts Payable and Other Liabilities account at the undiscounted
amount that the Group expects to pay as a result of the unused entitlement.
- 22 -
- 23 -
2.20 Equity
Capital stock represents the nominal value of shares that have been issued.
Treasury shares are stated at the cost of re-acquiring such shares.
Accumulated fair value gains (losses) comprise gains and losses arising from the
revaluation of available-for-sale investments.
Retained earnings include all current and prior period results of operations as
disclosed in profit or loss in the consolidated statement of comprehensive income.
The appropriated portion represents the amount which is not available for dividend
distribution.
- 24 -
Each of these operating segments is managed separately as each of these service lines
require different technologies and other resources as well as marketing approaches.
All inter-segment transfers are carried out at arm's length prices.
A business segment is a group of asset and operations engaged in providing products
or services that are subject to risks and returns and are different from those of other
business segments.
The activities undertaken by the education segment includes income from tuition fees
and other school fees from offering specific courses as discussed in Note 1. Real
estate segment includes leasing of properties and acquiring and developing real
properties for sale or lease. Investments consists primarily of revenues and expenses
arising from investing activities, except those pertaining to subsidiaries, associate and
joint venture, of the Group.
The measurement policies the Group uses for segment reporting under PFRS 8 are
the same as those used in its consolidated financial statements. Share in net losses of
an associate, finance income that are not related to investments, finance costs,
miscellaneous income, preacquisition income and tax expense are not included in
arriving at the operating profit of the operating segment. In addition, corporate assets
which are not directly attributable to the business activities of any operating segment
are not allocated to a segment.
Financial information on operating segments is presented in Note 4 to the
consolidated financial statements.
3.
3.1
In the process of applying the Groups accounting policies, management has made the
following judgments, apart from those involving estimation, which have the most
significant effect on the amounts recognized in the consolidated financial statements:
(a)
- 25 -
If the Group fails to keep these investments to maturity other than for specific
circumstances as allowed under the standards, it will be required to reclassify the
whole class as available-for-sale financial assets. In such a case, the investments
would therefore be measured at fair value, not amortized cost.
As of March 31, 2010 and 2009, there are no held-to-maturity investments
disposed off before their maturity. In fiscal year 2011, all of the Groups
held-to-maturity investments matured and were no longer reinvested in the
same type of investment in 2011.
(b)
(c)
Classification of Leases
The Group has entered into various lease agreements as either a lessee or a
lessor. Critical judgment was exercised by management to distinguish each lease
agreement as either an operating or finance lease by looking at the transfer or
retention of significant risk and rewards of ownership of the properties covered
by the agreements. Currently, all of the Groups lease agreements are
determined to be operating leases.
Rental expense charged to operations amounted to P5.8 million in 2011,
P7.9 million in 2010, and P17.1 million in 2009 (see Note 15) while rental
income earned in 2011, 2010 and 2009 are presented as Rental account under
Revenues in the consolidated statements of comprehensive income.
(d)
- 26 -
(b)
(c)
- 27 -
(d)
(e)
4.
SEGMENT INFORMATION
- 28 -
2010
Rental Income
2009
2011
2010
Real Estate
2009
Sale of Properties
2011
2010
Investments
2009
2011
2010
Total
2009
2011
2010
2009
REVENUES
From external customers
Intersegment revenues
Total revenues
55,016
48,383
39,960
P 219,643 P -
P 183,232 P 124,533 P
9,025
5,698
64,041
54,081
44,855
1,796,872
1,701,048
1,662,089
127,072
107,156
90,397
11,557
219,643
192,258
130,231
936,176
877,228
865,843
24,144
31,116
17,001
1,610
6,685
1,812
1,366
963,742
916,395
67,520
51,061
46,162
12,246
6,527
6,782
80
69
79,846
57,657
52,944
313,300
283,938
270,341
1,836
1,938
315,136
285,876
270,341
1,316,996
1,212,227
1,182,346
1,610
6,685
3,728
3,373
36,390
37,643
23,783
882,844
SEGMENT OPERATING
INCOME
P 479,876 P 488,821 P
P 212,958 P -
P 188,529 P 126,858 P
- 29 -
In fiscal year 2011, the Branch and FECSI started operations. Accordingly,
as of March 31, 2011, the Groups operations are now concentrated in the following
locations, representing the Groups geographical segment (in thousands):
Manila
Makati
Segment revenues
From external customers
Intersegment revenues
Total revenues
Cost of real estate sales
Operating expenses
773,718
(P
4,707,777
1,060,478
2,020,925
60,599
2,081,524
1,307,806)
P
-
Cavite
19,252
2,342
21,594
23,540
1,100
24,640
1,610)
22,885)
(
(
26,423)
4,829)
Total
P
2,063,717
64,041
2,127,758
1,610)
1,357,114)
(
(
145
769,034
212,044
457,013
5,376,834
10,097
2,273
1,072,848
4.5 Reconciliation
Presented below is a reconciliation of the Groups segment information to the key
financial information presented in its consolidated financial statements (in thousands).
2011
Revenue
Total segment revenues
Elimination of intersegment
revenues
Finance and other income
Gain on sale of investment property
P
(
(
(
Profit or loss
Segment operating profit
Miscellaneous income
Finance costs
Share in net losses of an associate
and joint venture
Other unallocated expense
Preacquisition income
Tax expense
Group income as reported
in profit or loss
64,041 ) (
183,232 ) (
) (
P
2,127,758
2010
1,880,485
(
(
(
3,303 ) (
10,175 ) (
100,269 ) (
660,117
2,158,078
54,081 )
124,533 )
211,609 )
769,034
P
11,055
6,225 ) (
2009
P
(
(
(
1,767,855
898,150
12,208
3,483 )
44,855 )
127,806 )
)
P
1,712,526
679,058
13,599
-
54 )
2,425 )
(
(
126,700 )
777,696
1,885,187
49 )
318 )
3,999
86,996 )
609,293
- 30 2011
Assets
Segment assets
Investments in an associate
and joint venture
Goodwill
Deferred tax assets
Elimination of intercompany accounts
Liabilities
Segment liabilities
Deferred tax liabilities
Elimination of intercompany accounts
5.
4,711,511
1,072,848
P
14,805
590,236 ) (
(
P
Total Liabilities
9,949
12,353
13,436
701,061 ) (
Total Assets
5,376,834
2010
497,417
2009
4,765,214
13,252
12,353
10,842
363,052 )
603,172
7,056
12,353
9,229
346,334)
4,438,609
870,384
13,822
281,034 )
4,207,524
3,889,828
816,284
13,171
269,429 )
560,026
2010
2009
237,814,272 P
180,509,965
114,333,595 P 157,747,517
353,814,459
1,015,111,845
418,324,237 P
468,148,054 P 1,172,859,362
Cash in banks generally earn interest at rates based on daily bank deposit rates.
Short-term placements are made for varying periods of up to three months depending
on the immediate cash requirements of the Group. These placements earn effective
annual interest ranging from 4.2% to 8.6% in 2011, 2.5% to 4.5% in 2010 and 3.8% to
7.0% in 2009 for peso placements and 0.5% in 2011 and 1.8% to 4.0% in 2009 for
dollar placements; there were no dollar placements in 2010. Interest income earned
from cash and cash equivalents were presented as part of Finance Income account in
the consolidated statements of comprehensive income (see Note 16). Related interest
receivable as of March 31, 2011, 2010 and 2009 were presented as Accrued Interest as
part of Receivables account in the consolidated statements of financial position
(see Note 6).
Certain portion of cash and cash equivalents are set aside to cover for trust funds of
the Group (see Note 13). The amount of cash and cash equivalents set aside to cover
trust funds were P5.4 million, P44.0 million and P58.5 million as of
March 31, 2011, 2010 and 2009, respectively. Considering the restriction on such
amounts of cash and cash equivalents, these are included as part of the Other
Currents Assets account in the consolidated statements of financial position
(see Note 2.1).
- 31 -
6.
RECEIVABLES
This account is composed of the following:
2011
Notes
Tuition and other
school fees
Allowance for
impairment
Loans receivable
Accounts receivable
Receivable from:
FEU Educational
Foundation, Inc.
(FEFI)
ICF-CCE, Inc.
East Asia Educational
Foundation, Inc.
(EAEF)
Accrued interest
Advances to employees
Rental receivable
Others
2010
2009
161,384,453 P
104,475,283 P
64,246,194
10.1
24,491,068)(
136,893,385
164,031,155
70,243,249
15,727,708) (
88,747,575
477,000,000
140,000,000
14,146,263)
50,099,931
-
19.1
37,078,392
32,109,755
36,671,312
-
38,040,770
-
28,952,968
16,635,488
14,042,349
3,009,171
15,309,742
22,415,485
10,200,097
9,279,805
7,022,965
48,610,136
18,165,787
8,472,078
11,479,722
8,202,478
3,691,162
5, 7
518,305,654 P
839,947,375 P
138,151,928
2010
2009
15,727,708 P
14,146,263 P
11,872,333
32,571,213
22,035,435
17,581,234
23,807,853) (
20,453,990) (
15,307,304)
24,491,068 P
15,727,708 P
14,146,263
Note
Balance at beginning
of year
Impairment losses
during the year
Receivables written off
during the year
P
15
All of the Groups receivables have been reviewed for indicators of impairment.
Certain tuition and other fees receivables were found to be impaired and allowance
has been recognized accordingly. The allowance for impairment loss on receivables as
of March 31, 2011, 2010 and 2009 relates only to receivables from students which
have been outstanding for more than one semester and specifically identified to be
impaired. Impairment losses recognized on receivables are presented as part of
General operating expenses under Costs and Operating Expenses account in the
consolidated statements of comprehensive income (see Note 15). No allowance for
impairment loss on all other receivables was provided as of March 31, 2011, 2010 and
2009 since management believes that those are collectible in full.
- 32 -
AVAILABLE-FOR-SALE INVESTMENTS
This category of financial assets consists of the following:
2011
Debt securities:
Government
Corporate
Equity securities
2010
2009
- 33 -
2010
2009
Current
Non-current
Interest income recognized in 2011, 2010 and 2009 are presented as part of
Finance Income account in the consolidated statements of comprehensive income
(see Note 16). The related interest receivable as of March 31, 2011, 2010 and 2009
are presented as Accrued Interest as part of Receivables account in the consolidated
statements of financial position (see Note 6).
Certain AFS investments reached their maturity in 2009 and were no longer
reinvested; thus reclassified to Cash and Cash Equivalents account resulting in the
reclassification to profit or loss of cumulative gains of P2.8 million in 2009 which
were previously recognized in equity. There were no similar transactions in 2011 and
2010.
As of March 31, 2011, short-term placements amounting to P100.1 million that earn
interest at 3% to 8% per annum, and maturing beyond three months from the date of
placement were presented as part of the Available-for-sale Investments account.
In 2011, some of the Groups AFS investments in debt securities includes derivatives
asset arising from cross currency swap. As of March 31, 2011, the net positive fair
values of these embedded cross currency swaps amounting to P8.5 million were
presented as Financial Assets at Fair Value through Profit or Loss account in the 2011
consolidated statement of financial position and the related fair value gain as part of
Finance Income account in the 2011 consolidated statement of comprehensive
income. The net changes in the carrying amount of the related interest payable from
this cross currency swap amounting to P3.4 million is presented as part of Finance
Costs account in the 2011 consolidated statement of comprehensive income while the
related liability is presented as part of Accrued expenses under the Accounts Payable
and Other Liabilities account in the 2011 consolidated statement of financial position
(see Notes 12 and 16).
Analyses of the movements in the carrying amounts of the Groups AFS investments
held by trustee banks are presented below.
2011
Note
Balance at beginning of
year
Additions
Withdrawals/Disposal
Investment income net
Fair value gains (losses)
Balance at end of year
P
16
2010
1,240,095,151 P 1,088,109,957 P
291,363,945
486,717,814
113,912,058) (
414,986,880) (
117,156,934
62,863,261
12,793,283
17,390,999 (
2009
840,687,402
678,027,477
467,769,330 )
45,180,490
8,016,082 )
- 34 -
8.
2010
2009
103,751,973 P
17,170,287
103,751,973 P
18,780,315
103,751,973
25,464,969
120,922,260 P
122,532,288 P
129,216,942
Total sale of real estate properties amounted to P11.6 million with a cost of
P1.6 million in 2011, P8.0 million with a cost of P6.7 million in 2010 and nil in 2009.
The sale is reported as Sale of Real Estate account in the consolidated statements of
comprehensive income while the related cost is presented as Cost of real estate sold
under the Costs and Operating Expenses account in the 2011 and 2010 consolidated
statements of comprehensive income (see Note 15).
Management has assessed that the net realizable value of the assets is higher than
their cost, hence, no impairment loss was recognized in 2011, 2010 and 2009.
9.
2010
2009
7,878,121 P
7,878,121 P
7,878,121
(
(
(
876,145)(
57,338)(
933,483)(
6,944,638
822,158) (
53,987) (
876,145) (
7,001,976
772,742)
49,416)
822,158)
7,055,963
6,250,000
3,245,865)
3,245,865)
3,004,135
6,250,000
(
(
9,948,773 P
13,251,976 P
7,055,963
- 35 -
JMCIs summary of financial information as of December 31, 2010, 2009 and 2008
are as follows:
Total assets
Total liabilities
Total equity
Net loss
2010
2009
2008
14,904,579 P
731,853
14,172,726
117,018
14,913,564 P
623,820
14,289,744
110,178
14,824,762
424,840
14,399,922
100,849
73,177,511
67,169,240
6,008,271
6,491,729
INVESTMENT PROPERTY
The gross carrying amounts and accumulated depreciation of investment property at
the beginning and end of 2011, 2010 and 2009 are shown below.
Building
Construction
Land
and
in
Improvements Improvements
Progress
Land
March 31, 2011
Cost
Accumulated
depreciation
Net carrying amount
March 31, 2010
Cost
Accumulated
depreciation
Net carrying amount
P 135,983,037
-
P
(
2,941,666
2,609,265) (
P 306,970,520
109,891,354 )
Total
23,562,905
-
P 469,458,128
(
112,500,619)
P 135,983,037
332,401
P 197,079,166
23,562,905
P 356,957,509
P 135,983,037
2,941,664
P 306,970,521
23,914,725
P 469,809,947
P 135,983,037
2,419,214) (
P
522,450
95,813,556 )
P 211,156,965
23,914,725
98,232,770)
P 371,577,177
- 36 -
Land
March 31, 2009
Cost
Accumulated
depreciation
Net carrying amount
April 1, 2008
Cost
Accumulated
depreciation
Net carrying amount
P 138,676,925
-
Building
Land
and
Improvements Improvements
Construction
in
Progress
2,941,664
2,012,361) (
P 306,970,521
81,673,204)
Total
P 448,589,110
(
83,685,565)
P 138,676,925
929,303
P 225,297,317
P 364,903,545
P 125,982,883
2,722,557
P 304,160,428
P 432,865,868
P 125,982,883
1,467,850) (
P
1,254,707
67,660,802)
P 236,499,626
69,128,652)
P 363,737,216
Land
Building and
Land
Building
Improvements Improvements
P 135,983,037
190,050) (
P 211,156,965
-
P
(
14,077,800)
P 197,079,166
929,303
-
P 225,297,317
-
406,853) (
14,140,352)
1,254,707
219,107
P 236,499,626
2,810,093
929,303
14,012,402)
P 225,297,317
23,562,905
P 211,156,965
P 138,676,925
351,819)
14,267,850)
P 356,957,509
23,914,725
522,450
544,511) (
23,914,725 P 371,577,177
332,401
Total
351,819) (
Balance at
March 31, 2009,
net of accumulated
depreciation
P 135,983,037
522,450
Construction
in
Progress
P 364,903,545
2,693,888)
23,914,725
23,914,725
14,547,205)
P 371,577,177
P 363,737,216
15,723,242
14,556,913)
P 364,903,545
- 37 -
The total rental income earned from the investment property amounted to
P72.1 million in 2011, P58.8 million in 2010 and P50.4 million in 2009 and presented
as Rental account under Revenues section in the consolidated statements of
comprehensive income (see also Note 22.3). The direct operating expenses which
include depreciation expense incurred by the Group relating to investment property is
presented as part of Depreciation and Amortization under General operating
expenses of Costs and Operating Expenses account in the consolidated statements of
comprehensive income (see Note 15).
The fair value of the investment property is P2.2 billion as of March 31, 2011,
P2.3 billion as of March 31, 2010, and P2.5 billion as of March 31, 2009, which were
determined based on the most recent valuation performed by independent appraisers
immediately after the end of the reporting periods; except for portions pertaining to
FRCs investment property amounting to P1.8 billion and P1.9 billion as of
March 31, 2011 and 2010, respectively, which were determined by FRCs management
using the discounted net future cash flows model.
- 38 -
Land
Building and
Improvements
Furniture and
Equipment
Miscellaneous
Assets
469,263,118
P 1,272,240,858
200,032,689 ) (
166,281,726
112,704,463) (
Construction
in Progress
52,820,630
18,303,369)
Total
P 1,960,606,332
(
469,263,118
P 1,072,208,169
53,577,263
34,517,261
257,219,324
127,256,408
25,137,266
279,104,119
257,219,324
629,878,820
28,757,527
12,616,988
279,104,119
P 1,207,576,778
257,219,324
654,637,049
115,455,954
13,515,759
23,914,725
P 1,064,742,811
257,219,324
534,097,907
26,614,849
1,626,505
23,914,725
843,473,310
257,219,324
517,435,345
107,580,928
12,409,148
9,084,363
903,729,108
257,219,324
423,491,299
9,084,363
782,503,943
152,625,123 ) (
98,498,881) (
120,539,142 ) (
12,520,278)
88,841,105) (
93,944,046 ) (
30,275,496
11,889,254)
77,305,432) (
P
11,659,251)
P
331,040,521)
749,897
P 1,629,565,811
P 1,471,221,060
(
263,644,282)
221,269,501)
182,908,729)
P
720,820,379
257,219,324
212,043,794
Building and
Improvements
Furniture and
Equipment
Miscellaneous
Assets
629,878,820
132,571,261
28,757,527
40,284,682
357,165,654 (
1,154,188)
47,407,566 ) (
14,310,758) (
Construction
in Progress
12,616,988
26,479,740
1,154,188 (
5,733,655)
469,263,118
P 1,072,208,169
53,577,263
34,517,261
257,219,324
-
26,614,849
13,413,153
1,626,505
1,528,025
257,219,324
32,022,979 ) (
629,878,820
11,270,475) (
28,757,527
12,616,988
P 1,207,576,778
489,089,193
351,819
(
23,914,725
279,104,119
279,104,119
67,451,979)
P 1,629,565,811
23,914,725) (
537,542)
279,104,119
77,709,716
356,813,835)
534,097,907
127,803,892
Total
843,473,310
431,849,189
23,914,725)
43,830,996)
P 1,207,576,778
- 39 Building and
Improvements
Land
Balance at April 1, 2008,
net of accumulated
depreciation
Additions
Derecognition
Depreciation charges
for the year
Balance at March 31, 2009,
net of accumulated
depreciation
257,219,324
-
Miscellaneous
Assets
423,491,299 P
137,201,704
(
30,275,496 P
7,906,080
4,737)
26,595,096 ) (
11,561,990) (
257,219,324
Furniture and
Equipment
534,097,907
26,614,849
Construction
in Progress
749,897 P
1,106,611
(
9,084,363 P
23,914,725
9,084,363) (
230,003)
1,626,505
Total
23,914,725
720,820,379
170,129,120
9,089,100)
38,387,089)
843,473,310
2011
2010
2009
38,477,408 P
76,933,827
48,363,855 P
71,226,466
41,670,926
58,499,156
58,496,222
45,478,437
42,309,043
37,094,299
38,360,652
55,705,967
45,340,965
37,573,353
36,513,664
38,743,170
33,569,525
33,746,306
30,190,791
29,614,032
54,229,149
9,843,054
6,147,760
5,226,912
14,232,849
32,313,215
6,133,212
50,717,331
26,691,627
11,537,450
36,901,623
9,831,557
5,952,301
364,430,602 P
453,578,125 P
349,657,377
Accrued expenses include the Groups accrual for utilities, rentals and directors
bonuses. Funds payable are amounts due to third parties for cooperative members
fees, school uniforms of students, and computer loans of employees. Amounts due
to students represent excess payment of miscellaneous fees from students. Payable to
contractor represents amount due to a construction company for the construction of
FRCs building in Silang, Cavite.
- 40 -
13.
TRUST FUNDS
This account consists of the following as of March 31:
2011
Visual aid development
fund
FEU Central Student
Organization:
Student loan fund
Student scholarship
fund
Student welfare and
development fund
Others
2010
2009
14,635,307 P
13,224,923
13,384,402
12,777,129
2,290,745
3,902,308
13,141,458
518,838
26,202,141
2,384,140
43,970,750 P
58,490,641
5,394,693 P
5,394,693 P
These trust funds represent collections to defray expenses related to activities for
specific educational purposes. As discussed in Note 5, the amounts of cash and cash
equivalents corresponding to the outstanding balances of these funds, presented as
part of Other Current Assets account in the consolidated statements of financial
position, are set aside and restricted for such purposes. In 2011, majority of the
balances of the fund set aside for the purposes listed above have been fully utilized.
14.
2010
2009
61,000,082
10,294,191
9,277,458
80,571,731
63,723,848
10,214,508
8,746,646
82,685,002
1,760,861,152
1,665,790,366
1,611,808,467
13,628,854
8,602,882
8,576,425
2,677,978
2,525,813
36,011,952
12,879,474
8,794,229
9,903,306
2,910,208
771,448
35,258,665
29,904,890
9,030,205
8,775,916
1,745,791
823,008
50,279,810
- 41 -
Towards the end of every fiscal year, the Group usually collects tuition fees from
students for summer classes which start after the reporting period. Such collections
amounting to P43.9 million, nil and P75.5 million as of March 31, 2011, 2010, and
2009, respectively, are excluded from tuition fees earned for the year and presented as
part of Deferred Income account in the consolidated statements of financial position.
These are recognized as revenue in the following year.
15.
Notes
Instructional and Academic
Salaries and allowances
Employees benefits
Related learning
experience
Affiliation
Others
Sale of Real Estate
Cost of real estate sold
Administrative
Salaries and allowances
Employees benefits
Directors bonus
Rental
Others
Maintenance and University
Operations
Utilities
Salaries and allowances
Janitorial services
Repairs and maintenance
Employee benefits
Property insurance
19
17, 19
8
19
17, 19
17
2010
2009
565,959,225 P
168,862,745
519,662,398 P
165,028,563
527,192,891
164,350,335
25,955,995
12,095,802
20,069,264
792,943,031
31,738,871
17,153,509
19,128,326
752,711,667
21,641,432
9,960,332
21,503,871
744,648,861
1,610,028
6,684,654
104,359,201
40,997,811
13,500,000
5,849,365
19,556,327
184,262,704
98,577,604
44,727,498
12,010,000
7,914,634
20,833,245
184,062,981
87,788,025
39,266,335
11,750,000
17,136,041
17,243,886
173,184,287
84,347,669
23,177,313
14,334,033
12,715,115
10,405,030
1,997,526
146,976,686
67,704,864
21,722,461
11,915,987
18,579,781
11,198,934
1,485,816
132,607,843
68,074,983
23,490,070
12,808,640
6,458,042
11,296,291
1,160,749
123,288,775
- 42 Notes
General
Depreciation
10, 11
Impairment losses
on receivables
6
Security services
Professional fees
Publicity and promotions
Taxes and licenses
Maintenance of art works
Donation and charitable
Contributions
Others
2011
2010
2009
81,719,829
58,378,201
52,944,002
32,571,213
25,545,434
14,792,433
7,154,574
4,499,399
2,888,765
22,035,435
15,782,208
14,068,475
9,017,636
5,226,801
2,812,457
17,581,234
25,834,071
6,306,848
6,615,235
5,333,533
6,176,320
1,631,176
7,113,265
177,916,088
2,091,949
3,004,482
132,417,644
1,358,909
2,897,120
125,047,272
16.
FINANCE INCOME
This account consists of the following:
2011
Notes
Interest income from:
AFS investments
Cash and cash
equivalents
Receivables
HTM investments
Fair value gains on
financial assets
at FVTPL
2009
62,863,261 P
45,180,490
5
6
24,554,804
13,612,521
155,324,259
8,456,381
3,037,732
Foreign exchange
gains net
P
17.
117,156,934 P
2010
163,780,640 P
43,959,919
2,192,416
1,650,000
110,665,596
110,665,596 P
69,502,580
1,463,473
1,672,563
117,819,106
120,856,838
- 43 -
Contributions to this fund are in accordance with the defined contribution established
by the Retirement Board which is the sum of the employees and the Groups
contributions. Employees contribution is 5% of basic salary while the Groups
contribution is equivalent to 20% of the employees basic salary. Retirement expense
recognized in the Groups consolidated statements of comprehensive income
amounted to P69.8 million in 2011, P86.6 million in 2010 and P85.9 million in 2009
(see Note 15).
The retirement funds statements of financial position as of December 31, 2010, 2009
and 2008 showed the following:
2010
Assets
Money market placements
Receivables
Cash on hand and in banks
Others
18.
Liabilities
758,247,882 P
62,940,415
24,083,864
114,396
845,386,557
67,028,640)(
Net Assets
778,357,917 P
2009
2008
715,250,000 P
52,926,997
9,997,093
136,263
778,310,353
55,569,843) (
643,050,000
38,547,269
10,784,913
185,654
692,567,836
50,395,960)
722,740,510 P
642,171,876
INCOME TAXES
The components of the tax expense presented in profit or loss are as follows:
2011
2010
2009
59,431,631 P
27,763,436
56,990,568 P
21,691,427
51,743,268
21,258,726
14,685,564
101,880,631
(
(
P
1,611,452) (
1,611,452) (
100,269,179 P
48,978,646
127,660,641
960,904)
960,904)
10,812,275
83,814,269
126,699,737 P
4,788,752
1,607,282)
3,181,470
86,995,739
- 44 -
Tax expense
2011
2010
2009
72,907,887 P
90,439,558 P
69,628,919
13,185,575
12,663,261
10,257,745
48,303,738
8,858,395
10,843,328
237,071) (
1,749,527
24,161,010) (
(
1,859,706
100,269,179 P
126,699,737 P
3,289,439)
1,607,282)
2,561,818
86,995,739
The deferred tax assets and liabilities relate to the following as of March 31:
Consolidated Statements of Financial Position
2011
2010
2009
Deferred tax assets:
Unearned rental income
Accrued rent expense
Allowance for impairment loss on
receivables
Unrealized foreign currency loss
Unearned income
Accrued donation
Net-operating loss carryover
Minimum corporate income tax
(MCIT)
Deferred tax assets
5,340,109
5,275,564
2,442,894
377,222
-
13,435,789
P 10,841,548
(P
(
1,588,507) (P
106,688) (
528,439 )
577,874 )
( P 621,731 )
( 1,047,917 )
1,414,626
-
(
(
870,123) (
28,922) (
-
158,145 )
348,299 )
-
9,228,791
13,822,482 )
-
(P
(
12,866,856 )
303,773 )
(P 13,822,482 )
(P
13,170,629 )
13,959,632)
845,638)
(P
14,805,270)
2008
3,223,163
4,591,002
1,572,771
348,299
-
3,751,602
5,168,876
Profit or Loss
2009
2011
137,150
845,638
227,393 )
474,786
1,685,492
1,700,000
163,176
( P 1,611,452) ( P
2,115
955,626
303,773 )
749,169
303,773
960,904 )
P 3,181,470
The University availed of the Tax Incentives Provisions of Republic Act (R.A.)
No. 8525, Adopt-a-School Act of 1998. Total benefit from the availment of this tax
incentives provided under R.A. No. 8525 is the sum of the amount of contribution/
donation that were actually, directly and exclusively incurred for the Adopt-a-School
Program, with limitations, conditions and rules set forth in Section 34 (H) of the Tax
Code and fifty percent (50%) of the amount of such contribution/donation.
FRC is subject to MCIT which is computed at 2% of gross income, as defined under
the tax regulations. No MCIT was recognized in 2011, 2010, and 2009 as RCIT was
higher than the MCIT in those years.
On July 6, 2008, R.A. No. 9504 became effective giving corporate taxpayers an option
to claim itemized deduction or OSD equivalent to 40% of gross income which is
relevant only to FRC. Once the option is made, it shall be irrevocable for the taxable
year for which the option was made. In 2011, 2010 and 2009, FRC opted to use
OSD in computing its RCIT.
- 45 -
In accordance with R.A.No. 9337, RCIT rate, which is also applicable to FRC only,
was reduced from 35% to 30% while nonallowable deductions for interest expense
from 42% to 33% of interest income subjected to final tax beginning January 1, 2009.
19.
20.
2010
2009
116,142,820 P
18,958,287
120,223,887 P
18,247,691
113,999,963
18,063,955
135,101,107 P
138,471,578 P
132,063,918
EQUITY
Amount
2011
2010
2009
10,000,000
10,000,000
10,000,000
9,845,779
9,845,779
7,043,699
2,802,080
2011
2010
2009
9,845,779
37,331) (
9,808,448
9,845,779
37,331) (
9,808,448
37,331 ) (
P
984,577,900
3,733,100 ) (
P
980,844,800
704,369,900
280,208,000
984,577,900
3,733,100) (
980,844,800
984,577,900 P
-
984,577,900
9,845,779
9,808,448
984,577,900
3,733,100 )
980,844,800
- 46 -
2010
2009
P 1,200,000,000 P 1,000,000,000 P
395,000,000
599,333,335
140,000,000
65,000,000
50,000,000
3,733,100
57,000,000
18,765,682
-
899,333,335
57,000,000
18,765,682
-
P 1,853,733,100 P 1,675,099,017 P
975,099,017
2011
Cash dividend of
P15 per share
Cash dividend of
P15 per share
2010
Cash dividend of
P15 per share
Cash dividend of
P15 per share
Declaration
Date of
Record
July 6, 2010
January 3, 2011
Payment
July 6, 2009
January 8, 2010
Amount
147,126,720
147,126,720
294,253,440
147,126,720
147,126,720
294,253,440
- 47 Date of
Record
Declaration
2009
Cash dividend of
P15 per share
June 17, 2008
40% stock dividend
equivalent to
2,802,547 shares August 23, 2008
467 fractional shares
paid out in cash at
P100 per share
August 23, 2008
Cash dividend of
P15 per share
December 16, 2008
Payment
Amount
July 7, 2008
105,095,520
October 9, 2008
280,208,000
October 9, 2008
46,720
January 8, 2009
147,126,720
P
532,476,960
Unpaid dividends as of March 31, 2011, 2010 and 2009 are presented as Dividends
payable under Accounts Payable and Other Liabilities account in the consolidated
statements of financial position (see Note 12).
21.
2010
2009
639,835,379 P
657,407,436 P
9,808,448
9,808,448
65.23 P
585,200,755
8,407,408
67.02 P
69.61
7,006,368
2,802,080
9,808,448
Months
Outstanding
12
6
Weighted number
of shares
84,076,416
16,812,480
100,888,896
12
8,407,408
There were no stock issuances in 2011 and 2010, hence, the weighted average number
of shares outstanding is equivalent to the total outstanding shares as of
March 31, 2011 and 2010.
The University has no dilutive potential common shares as of March 31, 2011, 2010
and 2009.
- 48 -
22.
2010
2009
3,662,796 P
3,371,494 P
3,292,947
6,955,744
6,955,743 P
3,103,359
10,327,238
10,327,238 P
13,430,597
2,623,200
10,492,800
12,241,600
25,357,600
2011
2010
2009
35,656,350 P
28,666,776 P
28,666,776
142,625,400
14,856,813
114,667,104
57,333,552
114,667,104
86,000,328
193,138,563 P
200,667,432 P
229,334,208
- 49 -
FRC leases out certain land and buildings to several related and non-related parties for
a period of one to ten years. Certain lease contracts stipulate contingent rentals at a
certain percentage of the lessees monthly gross revenue. FRCs lease agreement with
Nicanor Reyes Educational Foundation, Inc. (Fern College) which covers certain
buildings that Fern College occupies within the campus from June 1, 2007 to
May 31, 2017 provides for an annual rental of P1.4 million or 10% of gross annual
revenue, whichever is higher. Rental income recognized from this transaction
amounted to P8.9 million in 2011, P6.7 million in 2010, and P5.5 million in 2009 and
is presented as part of Rental account in the consolidated statements of
comprehensive income (see Note 10).
Future minimum rental receivables, excluding contingent rental, under these operating
leases as of March 31 are as follows:
2011
2010
2009
74,287,361 P
52,648,424 P
50,442,397
238,549,609
19,823,670
192,814,163
23,215,842
252,835,730
17,802,160
332,660,640 P
268,678,429 P
321,080,287
22.5 Others
There are other contingencies that may arise in the normal course of business that are
not recognized in the Groups consolidated financial statements. However,
management believes that losses, if any, arising from these commitments and
contingencies will not materially affect its consolidated financial statements.
- 50 -
23.
Notes
Cash and cash
equivalents
AFS investments
(Equity Securities)
Held-to-maturity
investments
Restricted cash and
cash equivalents
5
7
2010
2009
1,218,166,152
1,068,371,205
20,000,000
20,000,000
43,970,750
58,490,642
5,394,693
5, 13
+/-0.79%
+/-0.79%
+/-0.79%
2011
Effect on
profit before
tax
775,545
2,473,381
42,618
3,291,544
Reasonably
possible
change in rate
+/-1.39%
+/-0.94%
+/-1.39%
+/-1.39%
2010
Effect on
profit before
tax
4,992,069
16,554,134
278,000
611,193
P 22,435,396
2009
Reasonably
Effect on
possible
profit before
change in rate
tax
+/-2.67%
+/-2.83%
+/-2.67%
+/-2.67%
P 32,788,553
28,547,356
534,000
1,561,700
P 63,431,609
- 51 -
Notes
5
6
7
5, 13
418,324,237 P
518,305,654
2010
2009
468,148,054 P 1,172,859,362
839,947,375
138,151,928
8,456,381
1,355,660,330
-
1,218,166,152
20,000,000
1,068,371,205
20,000,000
5,394,693
43,970,750
58,490,642
- 52 -
The table below shows the credit quality of the Groups financial assets as at
March 31, 2011, 2010 and 2009 (presented in thousands) having past due but not
impaired components.
2011
Cash and
cash equivalents
Receivables
Financial assets
At FVTPL
AFS investments
Restricted cash and
cash equivalents
2010
Cash and
cash equivalents
Receivables
AFS investments
Held-to-maturity
investments
Restricted cash and
cash equivalents
2009
Cash and
cash equivalents
Receivables
AFS investments
Held-to-maturity
investments
Restricted cash and
cash equivalents
Neither
past due nor
impaired
Past due
Impaired
Not
(see Note 6)
impaired
418,324
54,797
24,491
463,509
Total
418,324
542,797
8,456
1,355,660
8,456
1,355,560
5,395
5,395
P 1,834,176
24,491
463,509
15,728
-
16,398
-
468,148
823,549
1,218,166
P 2,330,532
468,148
855,675
1,218,166
20,000
20,000
43,970
43,970
P 2,573,833
15,728
16,398
P 2,605,959
P 1,172,859
123,377
1,068,371
14,146
-
14,775
-
P 1,172,859
152,298
1,068,371
20,000
20,000
58,491
58,491
P 2,443,098
14,146
14,775
P 2,472,019
The age of past due but not impaired receivables is about six months for each of the
three years.
The Group classifies tuition and other fee receivables from students based on the
number of semesters the receivables have been outstanding. Receivables from
students that are outstanding for more than one semester are analyzed to determine
whether they are impaired. Those that are not outstanding for more than one
semester or are currently receivable are determined to be collectible, based on
historical experience.
- 53 -
The Groups management considers that all the above financial assets are not
impaired, except those specifically provided with allowance for impairment, as of the
end of the reporting periods and of good credit quality. Cash and cash equivalents,
AFS investments and HTM investments are coursed through reputable financial
institutions duly approved by the BOT.
- 54 -
24.
Carrying
Values
2011
Fair
Values
Carrying
Values
2010
Fair
Values
Carrying
Values
2009
Fair
Values
Financial assets
AFS investments
Debt securities
Equity securities
5
6
418,324,237
518,305,654
418,324,237
518,305,654
468,148,054
839,947,375
468,148,054
839,947,375
P 1,172,859,362
138,151,928
P 1,172,859,362
138,151,928
5,394,693
5,394,693
43,970,750
43,970,750
58,490,641
58,490,641
942,024,584
942,024,584
1,352,066,179
1,352,066,179
1,369,501,931
1,369,501,931
1,355,660,303
191,836,952
1,355,660,303
191,836,952
1,218,166,152
21,928,999
1,218,166,152
21,928,999
1,068,371,205
19,738,752
1,068,371,205
19,738,752
1,547,497,255
1,547,497,255
1,240,095,151
1,240,095,151
1,088,109,957
1,088,109,957
5, 13
HTM investments
Debt securities
20,000,000
20,000,000
20,000,000
20,000,000
P 2,489,521,839
2,612,161,330
P 2,612,161,330
P 2,477,611,889
P2,477,611,889
364,430,602
6.955,743
364,430,602
6,955,743
453,578,125
10,327,238
453,578,125
10,327,238
349,657,377
13,430,597
371,386,345
371,386,345
463,905,363
463,905,363
363,087,974
2,489,521,839
P
P
Financial liabilities
12
10
349,657,377
13,430,597
P 363,087,974
See Notes 2.5 and 2.9 for a description of the accounting policies for each category of
financial instruments. A description of the Groups risk management objectives and
policies for financial instruments is provided in Note 23.
Level 2: inputs other than quoted prices included within Level 1 that are
observable for the resource or liability, either directly (i.e., as prices) or indirectly
(i.e., derived from prices); and,
- 55 -
Level 3: inputs for the asset or liability that are not based on observable market
data (unobservable inputs).
The level within which the financial asset or liability is classified is determined based
on the lowest level of significant input to the fair value measurement.
The breakdown of the Groups AFS investments measured at fair value in its
consolidated statements of financial position as of March 31, 2011 and 2010 are as
follows:
Level 1
Level 2
Level 3
Total
760,955,122
430,738,836
191,836,952
P 760,955,122
163,966,345
594,705,181
191,836,952
P 1,383,530,910
P 163,966,345 P1,547,497,255
678,179,527
55,540,548
21,928,999
755,649,074
P 484,446,077 P 1,240,095,151
25.
P 678,179,527
484,446,077
539,986,625
21,928,999
- 56 -
The Group monitors capital on the basis of debt-to-equity ratio, which is calculated as
total debt, net of deferred tax liabilities divided by total equity. Capital for the
reporting period March 31, 2011, 2010 and 2009 under review is summarized as
follows:
2011
Total debt net
Total equity attributable
to owners of the
parent company
Debt-to-equity ratio
482,612,046 P
2010
2009
589,349,849 P
546,855,035
3,736,860,251
3,391,278,312
3,028,124,316
0.13 : 1.00
0.18 : 1.00
0.18 : 1.00
- 22 -
Item 8.
Name
Ages
Citizenship
Position
Lourdes R. Montinola
83
Filipino
59
Filipino
Lydia B. Echauz
63
Filipino
President/Trustee
Angelina P. Jose
58
Filipino
Corporate Secretary/Trustee
Paulino Y. Tan
65
Filipino
Trustee
Gianna R. Montinola
53
Filipino
Trustee
Renato L. Paras
85
Filipino
Trustee
Robert F. Kuan
62
Filipino
Independent Trustee
Sherisa P. Nuesa
56
Filipino
Independent Trustee
Miguel M. Carpio
56
Filipino
Rudy M. Gaspillo
56
Filipino
50
Filipino
Herminia I. Maliwat
62
Filipino
Treasurer
Glenn Z. Nagal
54
Filipino
Comptroller
Severino M. Garcia
62
Filipino
Compliance Officer
Lourdes R. Montinola, 83, Filipino: Chair of the Board of Trustees of Far Eastern
University, Inc. (June 1989 to present)
Other Corporate Affiliations: Chair, Board of Directors, FERN Realty Corporation; Chair
and President, FEU Educational Foundation, Inc.; Chair, Nicanor Reyes Educational
Foundation; Chair, Executive Committee, Far Eastern University, Inc.; Chair, Far
Eastern College Silang; Governor, Nicanor Reyes Memorial Foundation; Trustee, FEUDr. Nicanor Reyes Medical Foundation; Trustee, AY Foundation, Inc.
Dr. Montinola holds a Bachelor of Arts degree (cum laude) from Marymount College,
New York, U.S.A., and an M.A. in Cultural History from the Asean Graduate Institute of
Arts. She completed the Management Development Program for College and University
Administrators in the Institute for Educational Management, Graduate School of
Education, Harvard University, U.S.A. She obtained her Ph.D. in English: Creative
Writing from the University of the Philippines.
2.
Aurelio Montinola III, 59, Filipino: Vice Chairman of the Board of Trustees, Far
Eastern University, Inc. (June 1989 to present)
President and Chief Executive Officer of Bank of the Philippine Islands and President,
Bankers Association of the Philippines. His other affiliations, among others, include:
Chairman of the Board of Directors of Amon Trading Corporation; Vice Chairman of the
Board of Directors of Republic Cement Corporation; Chairman of East Asia Educational
Foundation, Inc.; Regional Board of Advisers, MasterCard International; Director, Ayala
Land, Inc.; President, BPI Foundation, Inc.; Member, Makati Business Club; and
Member, Management Association of the Philippines.
He graduated with a BS Management Engineering degree at the Ateneo de Manila
University in 1973, and received his MBA at Harvard Business School in 1977.
3.
Lydia B. Echauz, 63, Filipino: President (June 2003 to present); Acting President
(September 2002 to May 2003) and Member of the Board of Trustees, Far Eastern
University, Inc. (1999 to present)
Appointed Acting President of Far Eastern University in September 2002, and since
June 2003, President; FEU-East Asia College; President, FEU-FERN College;
President, FEU East Asia Educational Foundation, Inc.; in 2010 President, Far Eastern
College Silang. Since 2002, Member, Board of Directors of FERN Realty Corporation
and Governor, Nicanor Reyes Memorial Foundation. She is past President and current
Director of the Association of Southeast Asian Institutes of Higher Learning Philippine
Council; Director of the Philippine Association of Colleges and Universities; Director,
Coordinating Council of Philippine Educational Associations; and former Governor and
current Member of the Management Association of the Philippines. She was Dean of the
Graduate School of Business, De La Salle University Professional Schools, Inc. (1986 2002) and Program Coordinator (1985 - 1986); former Associate Director (last position)
of the MBA Program, Ateneo de Manila University Graduate School of Business (1980 1985); also Associate Professor (last rank) of the College of Business Administration,
University of the East (1968 - 1980).
- 24 -
Angelina Palanca Jose, 58, Filipino: Trustee (1990 to present) and Corporate
Secretary, Far Eastern University, Inc. (1998 to present)
Other Corporate Affiliations: Member, Board of Directors, FERN Realty Corporation;
Secretary, Treasurer and Trustee, Nicanor Reyes Educational Foundation; Corporate
Secretary and Trustee, FEU Educational Foundation Inc.; Corporate Secretary and
Governor, Nicanor Reyes Memorial Foundation; Member, Executive Committee, Far
Eastern University, Inc.; and Corporate Secretary, Far Eastern College Silang.
Ms. Jose obtained her Bachelor of Science degree, major in Economics, from the
University of the Philippines (Deans Medal).
5.
Paulino Y. Tan, 65, Filipino: Trustee, Far Eastern University, Inc. (1991 to present)
Other Business Experience: President of Asia Pacific College; IT Services Consultant,
SM (Shoemart) Inc. At present, member of the Board of Directors/Trustees of the
following companies: Nicanor Reyes Educational Foundation, Inc., FEU Educational
Foundation, Inc., East Asia Educational Foundation, Inc., Lyceum of Batangas, Lyceum
of Laguna, Foundation for Upgrading the Standard of Education (FUSE),
SM
(Shoemart) Foundation, Inc., Asia Pacific Technology Educational Foundation,
FERN Realty Corporation and Far Eastern College Silang.
Dr. Tan obtained the Degree of Bachelor in Science in Chemical Engineering (summa
cum laude) from De La Salle University. He obtained both his M.S. and Ph.D. in
Chemical Engineering from the University of Notre Dame, Indiana, U.S.A.
6.
Gianna R. Montinola, 53, Filipino: Trustee of Far Eastern University, Inc. (1989 to
1993 and 1996 to present)
Concurrently Director and Corporate Secretary of FERN Realty Corporation and
Consultant for Marketing and Communications of Far Eastern University. A lawyer by
profession, she was connected with the Quisumbing, Torres and Evangelista Law Office
(an affiliate of the Baker & McKenzie Law Office, U.S.A.) from 1986 to 1992. She served
as Philippine Honorary Consul to the Republic of Peru from 1992 to 1996, and joined
the Marketing and Business Development departments of Rockwell Land Corporation
from 1996 to 1998. She is a member of the Board of Directors and Corporate Secretary
of Amon Trading Corporation and a Director of True Value Hardware Corporation. She
is also a co-founder of non-profit organizations Hands On Manila Foundation, Inc. and
Chairperson of PeaceTech, Inc.
She obtained her Bachelor of Arts degree in International Relations from Mount Holyoke
College, USA and a Bachelor of Laws (Ll.B.) degree, with honors, from the Ateneo de
Manila College of Law.
- 25 -
7.
Renato L. Paras, 85, Filipino: Trustee of Far Eastern University, Inc. (1989 to 1991
and 2002 to present)
Other Corporate Affiliations: Chair of CHEMREZ Technologies and of Philippine Ratings;
Vice Chair of CIBI Foundation and East Asia Educational Foundation, Inc. He is also a
member of the Board of Directors/Trustees of the following: FERN Realty Corporation,
CIBI Information, Inc., Insular Life Health Care, IBM Philippines Retirement Fund
Committee and is Asia Pacific Regional Treasurer of the World Organization of Scout
Movement. Dr. Paras was a member of the Central Bank Monetary Board, was also
Board Director and CFO of Procter & Gamble Philippines, and Consultant on Internal
Auditing to CFO of San Miguel Corporation.
Dr. Paras is a Certified Public Accountant. He topped the CPA Board Exam in 1948. He
finished his Bachelor of Science in Accountancy in FEU in 1949 (summa cum laude),
and earned his Master of Science in Accountancy at Columbia University in New York as
an FEU scholar. He took up an Advanced Management Program conducted by the
Harvard Graduate School of Business Faculty. In the year 2000, he was conferred an
honorary degree of Doctor of Humanities by FEU. He is listed in the Accountancy Hall of
Fame.
8.
Robert F. Kuan, 62, Filipino: Independent Trustee of Far Eastern University, Inc.
(2004 to present)
Other Business Affiliations: Chairman, St. Lukes Medical Center; Trustee, St. Lukes
College of MedicineWilliam H. Quasha Memorial; Trustee, Brent International School of
Manila; Chairman, Brent International School Baguio, Inc.; Trustee, Brent International
School Subic, Inc.; Chairman, Brent International School, Inc.; Chairman, St. Theodore
of Tarsus Hospital in Sagada, Inc.; Director, China Banking Corporation;
Founder/President, Chowking Food Corporation (1985 - 2000); and Director,
Far
Eastern College Silang.
Mr. Kuan graduated from the University of the Philippines (1970) with a degree of
Bachelor of Science in Business Administration. In 1975, he earned his Masters in
Business Management from the Asian Institute of Management (AIM). In 1993, he took
up the Top Management Program at AIM, a program exclusively for company Presidents
and Chief Executive Officers. He was a Ten Outstanding Filipino (TOFIL) Awardee in
2003 in the field of Business & Entrepreneurship; Agora Awardee for Entrepreneurship;
Triple-A Awardee of AIM; and Outstanding Alumnus of the University of the Philippines
(UP) in the field of Business.
9.
Sherisa P. Nuesa, 56, Filipino: Independent Trustee of Far Eastern University, Inc.
(2010 to present)
Managing Director, Ayala Corporation (current position): Chief Administrative Officer
and Chief Finance Officer; Integrated Microelectronics Inc. (IMI) (seconded from Ayala
Corp. until 31 July 2010); previously Chief Finance Officer & Treasurer of Manila Water
Company (2000 - 2008) and Philwater Holdings Company, Inc. (January 2000 December 2008).
- 26 -
She also served in various capacities in Ayala Land, Inc. (as Vice President and Group
Controller, then Group Head of Commercial Centers Group and member of the Senior
Management Committee) from 1989 to 1999. She has over twenty years experience as
a member of the Senior Management Committee of ALI, MWC and IMI.
She completed academic requirements for the Masters in Business Administration
(MBA) program of the Ateneo Graduate School of Business. In 1991, she attended the
Financial Management Program for Executives at Stanford University in California.
In 1999, she completed the three-month Advanced Management Program of the
Harvard Business School for senior executives in Boston, Massachusetts. In 2008, she
was honored in a country-wide search as the Outstanding CFO of the Year by the joint
partnership of the FINEX and ING Bank N.V.
10.
Miguel M. Carpio, 56, Filipino: Vice President for Special Projects, Far Eastern
University, Inc. (2010 to present)
Other Professional Experience: Founding member/incorporator and currently Vice
President for Administration, UST College of Architecture Alumni Association; Scribe,
College of Fellows - United Architects of the Philippines (UAP); Council of Advisers, UAP
Sta. Mesa Chapter; Member, Philippine Institute of Environmental Planners; Member,
National Real Estate Association, Inc.; Member, Council of Architectural Researchers
and Educators; Chairman, CHED Technical Committee on Architecture Education and
Member, Regional Assessment Team for Architecture Education
(2008 - 2010);
Executive Director, Commission on Education of the UAP (2002 - 2004); President of the
Council of Deans and Heads of Architecture Schools in the Philippines or CODHASP
(2003 - 2005); Secretary, National Committee on Architecture and Allied Arts of the
National Commission on Culture and the Arts (NCAA) (2003 - 2007); Dean, FEU
Institute of Architecture and Fine Arts (November 2000 - March 2008); Executive
Director, FEU Center for Studies on the Urban Environment or FEU-SURE
(2000 - 2002).
Arch./Environmental Planner Miguel Carpio is a Ph.D. in Development Studies,
University of Santo Tomas, Master of Environmental Management and Development,
Australian National University, Canberra, Australia, and Bachelor of Science in
Architecture, University of Santo Tomas. He also earned academic units in the Masters
in Urban and Regional Planning from the University of the Philippines.
11.
Rudy M. Gaspillo, PME, M. Eng., 56, Filipino: Vice President for Facilities and
Technical Services, Far Eastern University, Inc. (2010 to present)
Other Business Affiliations: International Member, National Fire Protection Association
(NFPA), American Society of Heating, Refrigerating and Air Conditioning Engineers
(ASHRAE); Member, Philippine Society of Ventilating, Air Conditioning and Refrigerating
Engineers (PSVARE) and Director, Philippine Society of Mechanical Engineers (PSME)
Makati Chapter.
- 27 -
Juan Miguel R. Montinola, 50, Filipino: Chief Finance Officer, Far Eastern
University, Inc. (2010 to present)
Other Corporate Affiliations: Assistant Corporate Secretary, FERN Realty Corporation;
Treasurer, East Asia Computer Center, Inc. and East Asia Educational Foundation, Inc.;
Treasurer and Member, Nicanor Reyes Memorial Foundation, Inc.; Treasurer and
Trustee, FEU Educational Foundation, Inc.; Member, Executive Committee and Board of
Directors of Far Eastern College Silang.
Mr. Montinola was Chief Executive Officer and Country Manager of Lafarge Cementi SA,
Italy, from 2006 to 2008 and President and CEO of Republic Cement Corporation from
1996 to 2006. During this period he served concurrently as Senior Vice President for
Commercial Business from 2002 to 2006, and SVP for Procurement from 2001 to 2002
of Lafarge Cement Services, Inc.
Prior to 1996, Mr. Montinola held various positions in Republic Cement Corporation and
served as a member of the Board of Directors in different organizations.
Mr. Montinola has an MBA from IMEDE, Switzerland, and an AB Economics degree
from College of William & Mary, Virginia, USA.
13.
Herminia I. Maliwat, 62, Filipino: Treasurer, Far Eastern University, Inc. (1998 to
present)
Ms. Maliwat is a Certified Public Accountant. She obtained her BS in Accounting, cum
laude, from the University of the East.
Before joining FEU, she worked as Chief Accountant for 10 years and Instructor for
eight years at the College of the Holy Spirit, as Administrative and Finance Officer for 16
years at the Asia Foundation, and as External Auditor for 10 years at the
Mother Edelwina Educational Foundation. She also served as Executive Director of the
FEU Educational Foundation for three years and as 2007 - 2008 Committee Chairperson
on special projects of the Philippine Institute of Certified Public Accountants (PICPA).
14.
Glenn Z. Nagal, 54, Filipino: Comptroller, Far Eastern University, Inc. (1996 to
present)
Work experience: External Auditor, Carlos J. Valdes and Company; Examiner, Central
Bank of the Philippines; Internal Audit Manager, Far Eastern University; Chief
Accountant and Budget Director, Far Eastern University; and Accounting Professor, Far
Eastern University.
A Certified Public Accountant by profession, Mr. Nagal graduated with the degree of
Bachelor of Science in Commerce, major in Accounting from Far Eastern University.
- 28 -
15.
Severino M. Garcia, 62, Filipino: Compliance Officer, Far Eastern University, Inc.
(January 2003 to present)
Former Assistant Vice President Audit.
Mr. Garcia earned the degree of Bachelor of Science in Commerce, major in Accounting
from FEU. A Certified Public Accountant, he worked in different companies as Auditor,
Chief Accountant, Finance and Accounting Manager and Senior Financial Analyst.
The term of office of a Trustee is one (1) year or until his/her successor is elected and qualified.
The members of the Board of Trustees of the Corporation are elected at the Annual Stockholders'
Meeting to hold office until the next succeeding annual meeting, up to the time their respective
successors shall have been elected and qualified.
The officers are appointed or elected annually by the Board of Trustees at its organizational
meeting, each to hold office until the corresponding meeting of the Board the following year or until
a successor shall have been elected, appointed and qualified.
Significant Employees
The corporation considers its entire work force as significant employees. Everyone is expected to
work together as a team to achieve the corporations goals and objectives.
Family Relationships
The Chair, Dr. Lourdes R. Montinola, is the mother of Mr. Aurelio R. Montinola III and
Atty. Gianna R. Montinola, all of whom are members of the Board of Trustees. Likewise, she is
the mother of Mr. Juan Miguel R. Montinola, Chief Finance Officer.
- 29 -
Name
April 1/2009 to
March 31/2010
April 1/2010 to
March 31/2011
April 1/2010 to
March 31/2011
_____________
P69,744,631.52
_____________
P66,092,897.38
____________
P71,020,329.17
Principal Position
Lourdes R. Montinola
Lydia B. Echauz
Angelina P. Jose
Fe v. Canilao 1
Juan Miguel R. Montinola2
Cecilia I. Anido
Miguel M. Carpio
Elizabeth P. Melchor3
Rudy M. Gaspillo
Herminia I. Maliwat
Severino M. Garcia
Note:
1
The compensation above presented are actual for the last two (2) completed fiscal years and the
estimate for the ensuing fiscal year ending March 31, 2011. Aggregate amount is P/206,857,858.07.
==============
Compensation of Directors
A.
Standard Arrangement
The members of the Board of Trustees of the corporation are receiving gas
allowances for regular board/special board meetings attended. They are also entitled
to bonuses at the end of the fiscal year at the discretion of the Board, while the officers
of the corporation are entitled to basic salaries, living allowance, special financial
assistance, fringe benefits, and also bonuses at the discretion of the Board.
B.
Other Arrangement
There are no other material terms or conditions of employment for contractual
executive officers.
- 30 -
Year
Salary
Bonus
Other Annual
Compensation
Lourdes R. Montinola
Chair, Board of Trustees
-x-
-x-
-x-
-x-
Lydia B. Echauz
Trustee/President
-x-
-x-
-x-
-x-
Angelina P. Jose
Trustee/Corporate Secretary
-x-
-x-
-x-
-x-
Fe V. Canilao
Chief Financial Officer1
-x-
-x-
-x-
-x-
-x-
-x-
-x-
-x-
Cecilia I. Anido
VP-Academic Affairs
-x-
-x-
-x-
-x-
Elizabeth P. Melchor
VP-Planning and Development3
-x-
-x-
-x-
-x-
Miguel M. Carpio
VP-Special Projects
-x-
-x-
-x-
-x-
Rudy M. Gaspillo
VP-Facilities and Technical Services
-x-
-x-
-x-
-x-
Severino M. Garcia
Compliance Officer
-x-
-x-
-x-
-x-
Herminia I. Maliwat
Treasurer
-x-
-x-
-x-
-x-
2009-2010
P/
48,736,473.56
P/21,008,157.96
-x -
2010-2011
49,046,427.10
17,046,470.28
-x-
2011-2012
52,970,141.27
18,050,187.90
-x-
Grand Total
Note:
1
- 31 -
Beneficial Owners of More Than 5% and 10% Securities as of March 31, 2011
As of March 31, 2011, Far Eastern University does not have on record any person, party or entity
who beneficially owns more than 5% and 10% of common stock except as set forth in the table
below:
Title of Class
Common
Common
Common
Citizenship
No. of
Shares Held
Percent
Filipino
784,800
8.0013
Filipino
2,807,835
28.6267
Filipino
2,076,839
21.1740
Dr. Lourdes, R. Montinola as President is authorized to vote for the shares of the Corporation.
Ibid
Mr. Henry Sy Sr. as Chair of the Board will vote for the shares of the Corporation.
- 32 -
Title of Class
Common
Common
Common
Common
Common
Common
Common
Common
Common
Common
Common
Common
Lourdes R. Montinola
Chair, Board of Trustees
Lydia B. Echauz
Trustee/President
Aurelio R. Montinola III
Vice Chair, Board of Trustees
Angelina Palanca Jose
Trustee/Corporate Secretary
Paulino Y. Tan
Trustee
Gianna R. Montinola
Trustee
Renato L. Paras
Trustee
Robert F. Kuan
Independent Trustee
Sherisa P. Nuesa
Independent Trustee
Juan Miguel R. Montinola
Chief Finance Officer
Herminia I. Maliwat
Treasurer
Glenn Z. Nagal
Comptroller
Number of
Shares and
and Nature of
Beneficial
Ownership
74,670 - D
Citizenship
Percent
Of Class
Filipino
0.76128
5,919 - D
Filipino
0.06035
169,310 - D
Filipino
1.72616
315,438 - D
Filipino
3.21598
1 - I
Filipino
0.00001
25,620 - D
Filipino
0.26120
1 - I
Filipino
0.00001
1 - I
Filipino
0.00001
1 - D
Filipino
0.00001
27,175 - D
Filipino
0.27706
66 - D
Filipino
0.00067
404 - D
Filipino
0.00412
618,606
6.30686 %
- 33 -
During the last two (2) years, the corporation or any of the members of the Board of Trustees
was never a party or proposed to be a party in any related transaction.
FAR EASTERN UNIVERSITY did not commit any major deviations from
the provisions of its Manual. Our Corporate Governance Compliance
Officer submitted his 2010 certification to the Securities and Exchange
Commission on the extent of the companys compliance with its manual
on January 20, 2011.
- 34 -
The regular Board of Trustees Meeting scheduled on June 15, 2011 was
cancelled due to lack of quorum.
Report received on June 8, 2010.
2.
3.
b..
4.
- 35 -
c.
d.
e.
f.
Vote of appreciation to the Board of Trustees, the officials,
faculty and staff.
Report received on September 1, 2010.
5.
b.
6.
b.
c.
d.
e.
f.
g.
- 36 -
7.
8.
9.
b.
FEUs
cash
advance
to
FEC
amounting
to
P22,199,500.00 shall be capitalized. Thus, FEUs paid up
capital in FEC shall be increased from P6,269,100.00 to
P28,448,600.00.
Report received on February 17, 2011.
10.
b.
- 37 -
Industry Profile
The following are the dominant characteristics of the education industry:
-
The business of higher education in the country is in the hands of the private
sector.
Far Eastern Universitys market is made up of the working class and the middle income
group. FEU is situated in Manila, particularly in the area popularly known as the
University Belt. To be competitive, the university must continuously improve its products
and at the same time maintain reasonable tuition fees.
II.
III.
IV.
V.
39.20%
18.67%
30.39%
- 38 -
VI.
Standard set by CHED encourages the University to continuously improve its quality of
teaching and its facilities.
Operational and Financial Information
Dividend payments are normally restricted by reserves and appropriations made by the
company, and by the amount needed to ensure smooth and unhampered operations
during the year.
Control and Compensation Information
No warrants or options are given by the corporation.