STATEMENT OF MANAGEMENT’S RESPONSIBILITY

FOR FINANCIAL STATEMENTS

The management of HDA. TINIHABAN I COMMUNITY MULTI-PURPOSE COOPERATIVE is

responsible for all information and representations contained in the financial statements for the years
ended December 31, 2018 and 2017. The financial statements have been prepared in conformity with
Philippine Financial Reporting Standards applicable to the Cooperatives in the Philippines and reflect
amounts that are based on the best estimates and informed judgment of management with an appropriate
consideration to materiality.

In this regard, management maintains a system of accounting and reporting which provides for the
necessary internal controls to ensure that transactions are properly authorized and recorded, assets are
safeguarded against unauthorized use or disposition and liabilities are recognized.

The Board of Directors reviews the financial statements before such statements are approved and
submitted to the members of the cooperative.

Elmar S. Salgado, CPA, the independent auditor appointed by the Board of Directors, has examined the
financial statements of the cooperative in accordance with Philippine Standards on Auditing and the
Standard Audit Systems for Cooperative and has expressed his opinion on the fairness of presentation
upon completion of such examination, in his report to the board of directors and members of the
cooperative.

CESAR ALVAREZ
Chairman of the Board

GERARDO BUENSUCESO
Manager

RODELINO DIANA
Treasurer