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Philippine Banking System 5 Trust and Other Fiduciary Services 17 Foreign Currency Deposit Units 20 Foreign Bank Branches and Subsidiaries 22

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Philippine Banking System 5 Trust and Other Fiduciary Services 17 Foreign Currency Deposit Units 20 Foreign Bank Branches and Subsidiaries 22 Status Report on the Philippine Financial System This semestral report is prepared pursuant to Secton 39(c), Artcle V of Republic Act No. 7653 (The New Central Bank Act) by the Ofce of Supervisory Policy Development, Supervision and Examinaton Sector, Bangko Sentral ng Pilipinas. This semester’s report incorporates the report on the implementaton of Republic Act No. 7721 (An Act Liberalizing the Entry and Scope of Operatons of Foreign Banks and for Other Purposes) and the reports on BSP’s Rules and Regulatons Promulgated, as well as Other Actuatons in Connecton with Thrif Banks/Rural Banks/ Non‑Stock Savings and Loan Associatons under Secton 27 of Republic Act No. 7906 (Thrif Banks Act of 1995), Secton 29 of Republic Act No. 7353 (Rural Banks Act of 1992) and Secton 26 of Republic Act No. 8367 (Revised Non‑Stock Savings and Loan Associaton Act of 1997), and the Republic Act No. 6426 (Foreign Currency Deposit Act of the Philippines) respectvely. A synopsis of the report is available online at htp://www.bsp.gov.ph. Table of Contents Table Table of Contents Page Number Glossary of Terms i Prologue v The Philippine Financial System: An Assessment 1 The Banking Sector The Philippine Banking System 5 Trust and Other Fiduciary Services 17 Foreign Currency Deposit Units 20 Foreign Bank Branches and Subsidiaries 22 The Non-Bank Financial Institutions Non‑Bank Financial Insttutons with Quasi‑Banking Functons 27 Non‑Stock Savings and Loan Associatons 30 Appendices 33 Glossary of Terms A. SELECTED ACCOUNTS 1. Financial Reportng Package (FRP) is a set of fnancial statements for prudental reportng purposes composed of the Balance Sheet, Income Statement and Supportng Schedules. The FRP is primarily designed to align the BSP reportorial requirements with the provisions of the Philippine Financial Reportng Standards (PFRS)/Philippine Accountng Standards (PAS) and Basel 2‑based Capital Adequacy Framework. It is also designed to meet BSP’s statstcal requirements. 2. Total Assets refer to the sum of all assets, adjusted to net of “Due from Head Ofce/Branches/Agencies” and “Due to Head Ofce/Branches/Agencies” of foreign bank branches. 3. Financial Assets (Other than Loans and Receivables) refer to the sum of all investments in fnancial Status Report on the Philippine Financial System assets, net of direct equity investments. These include fnancial assets held for trading (HFT), designated at fair value through proft or loss (DFVPL), available‑for‑sale (AFS), held‑to‑maturity (HTM), unquoted debt securites classifed as loans (UDSCL) and investments in non‑marketable equity securites (INMES). 4. Equity Investments refer to equity investments in subsidiaries, associates and joint ventures. 5. For purposes of computng the average, one period covers 12 months. a. Average assets refer to the sum of total assets as of end of two periods divided by 2. b. Average capital refers to the sum of total capital accounts as of end of two periods divided by 2. c. Average earning assets refer to the sum of earning assets as of end of two periods divided by 2. d. Average interest-bearing liabilites refer to the sum of interest‑bearing liabilites as of end of two periods divided by 2. 6. Financial Liabilites Held for Trading (HFT) refer to the sum of derivatves with negatve fair value held for trading and liability for short positon. 7. Financial Liabilites Designated at Fair Value Through Proft or Loss (DFVPL) refer to fnancial liabilites that upon inital recogniton are designated by the bank at fair value through proft or loss. 8. Unsecured Subordinated Debt (USD) refers to the amortzed cost of obligatons arising from the issuance of unsecured subordinated debt which may be eligible as Tier 2 (supplementary) capital of the bank, subject to certain terms and conditons. 9. Redeemable Preferred Shares refer to preferred shares issued which provides for redempton on a specifc date. 10. Total Capital refers to the sum of paid‑in capital of locally incorporate banks, other equity instruments, retained earnings and undivided profts, other comprehensive income, and appraisal increment reserves. In the case of capital of foreign bank branch, it refers to the sum of permanently assigned capital, undivided profts, and accumulated net earnings which is composed of unremited profts not yet cleared by the BSP for outward remitance and losses in operatons less capital adjustments. 11. Earning Assets refer to the sum of due from BSP, due from other banks, fnancial assets‑debt securites (net of allowance), fnancial assets HFT‑derivatves with positve fair value HFT‑interest rate contracts (stand‑alone and embedded), derivatves with positve fair value HFT‑interest rate contracts (stand‑alone and embedded) and TLP inclusive of IBL and RRPs (net of allowance). i Glossary of Terms 12. Interest-bearing Liabilites refer to the sum of fnancial liabilites HFT, fnancial liabilites designated at FVPL, deposit liabilites, bills payable, unsecured subordinated debt, bonds payable, redeemable preferred shares, derivatves with negatve fair value held for hedging and fnance lease payment payable. 13. Liquid Assets refer to the sum of cash and due from banks and other fnancial assets (net of allowance for credit losses). 14. Total Operatng Income refers to the sum of net interest income and non‑interest income. 15. Net Interest Income refers to the diference between interest income, provision for losses on accrued interest income from fnancial assets and interest expense. 16. Provision for Losses on Accrued Interest Income from Financial Assets refers to the impairment loss on accrued interest income from loans and other fnancial assets, net of equity securites, charged against current operatons. 17. Non-Interest Income refers to the sum of dividend income, fee‑based income (including income from fduciary actvites), trading income, foreign exchange profts, profts from sale/derecogniton of non‑trading fnancial assets and liabilites, profts from sale/derecogniton of non‑fnancial assets, profts on fnancial assets and liabilites DFVPL, profts on fair value adjustment in hedge accountng and other non‑interest income. 18. Dividend Income refers to cash dividends earned on equity securites held as HFT, DFVPL, AFS and INMES. 19. Fee-based Income refers to the sum of income from payment services, intermediaton services, custodianship, underwritng and securites dealership, securitzaton actvites, fduciary actvites and other fee‑based income. 20. Trading Income refers to the sum of realized gains/(losses) from sale/redempton, and unrealized gains/ (losses) from marking‑to‑market of HFT fnancial assets, and realized gains/(losses) from foreign exchange transactons. 21. Non-Interest Expenses refer to the sum of compensaton and fringe benefts, taxes and licenses, other administratve expenses, depreciaton and amortzaton, impairment losses and provisions. 22. Losses or Recoveries on Financial Assets refer to the sum of provision for credit losses on loans and receivables and other fnancial assets, bad debts writen‑of and recovery on charged‑of assets. 23. Income Tax Expense refers to provision for income tax. 24. Net Proft or Loss refers to the diference of total operatng income and non‑interest expenses, plus/ (less) the recoveries/(losses) on fnancial assets, share in the proft (loss) of unconsolidated subsidiaries, associates, joint ventures and minority interest in proft (loss) of subsidiaries. 25. Non-Performing Loans (NPL) refer to past due loan accounts whose principal and/or interest is unpaid for 30 days or more afer due date. This applies to loans payable in lump sum and in quarterly, semi‑ annual or annual installments, including: the outstanding balance of loans payable in monthly installments when three or more installments are in arrears; the outstanding balance of loans payable in daily, weekly or semi‑monthly installments when the total amount of arrearages reaches 10 percent of the total loan receivable balance; and restructured loans which do not meet the requirements to be treated as performing loans under existng rules and regulatons, including all items in litgaton. Efectve January 2013, Circular No. 772 dated 16 October 2012 removed the exclusion of loans qualifed as loss from NPL classifcaton for the reportng of gross NPLs and the rato of gross NPLs to gross TLP. The complementary concepts of net NPLs (gross NPLs less specifc allowance for credit losses on TLP) and the rato of net NPLs to gross TLP were also introduced. ii 26. Real and Other Propertes Acquired (ROPA) refer to real and other propertes, other than those used for banking purposes or held for investment, acquired by the bank in setlement of loans through foreclosure or dacion in payment and/or for other reasons, whose carrying amount will be recovered principally through a sale transacton. 27. Non-Performing Assets (NPA) refer to the sum of NPL and ROPA, gross. Efectve March 2003, NPAs exclude performing sales contract receivables, which met certain requirements under Circular No. 380. Based on the new FRP framework provided for under Circular No. 512 dated 3 February 2006 and efectve on 31 December 2006, NPA should also include non‑current assets held for sale. 28. Distressed Assets refer to the sum of NPLs, ROPA, gross, non‑current assets held for sale and performing restructured loans replaced current restructured loans. Status Report on the Philippine Financial System 29. Gross Assets refer to total assets plus allowance for credit losses on loans; allowance for credit losses on sales contract receivables (SCR); and allowance for losses on ROPA. 30. Allowance on NPAs refers to the sum of allowance for credit losses on loans, allowance for credit losses on SCR, allowance for losses on ROPA. 31. Non-Current Assets Held for Sale refer to ROPAs that are available for immediate sale in their present conditon subject only to terms that are usual and customary for sales of such assets and the sale must be highly probable. 32. Sales Contract Receivable (SCR) refers to the amortzed cost of assets acquired in setlement of loans through foreclosure or dacion in payment and subsequently sold on installment basis whereby the ttle to the said property is transferred to the buyers only upon full payment of the agreed selling price.
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