DOCSLIB.ORG

2011 PNB Annual Report

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
2011 PNB Annual Report about the cover We seize every moment and every opportunity each day to be better in all respects: financial, customer service, operational efficiency and products. We have a clear Vision of what TOMORROW will be and should be for PNB. In every action we take TODAY, we always have in mind the core of our existence—our Customers and Stakeholders. We strive to make sure that the possibilities we create for them TODAY will lead to a better and more successful TOMORROW. table of contents Consolidated Financial Highlights 1 Our Report to Our Shareholders 2 Operational Highlights 6 Corporate Social Responsibility 18 Corporate Governance 19 Risk Management 22 Our Board of Directors 28 Our Senior Management Team 32 Products and Services 36 The Bank’s Congenerics 39 Financial Statements 40 Management Directory 131 Directory of Branches and Offices 133 consolidated financial highlights December 31 2011 2010 Results of Operations Gross Income 22,174,665 21,722,241 Total Expenses 18,302,113 19,030,513 Net Income 3,872,552 2,691,728 Financial Condition Total Assets 316,284,286 302,133,360 Loans and Receivables 126,249,035 110,315,478 Total Liabilities 277,062,560 268,661,824 Deposit Liabilities 237,533,938 226,435,884 Total Equity 39,221,726 33,471,536 Per Share1 Basic/Diluted Earnings Per Share 5.83 4.03 Book Value Per Share 59.15 50.31 1/ attributable to equity holders of the Parent Company PHILIPPINE NATIONAL BANK 2011 ANNUAL REPORT 1 2 TODAY, WE START ON YOUR TOMORROW our report to our shareholders midst a global economic slowdown, the Philippines accounting standards. However, when based on Philippine held its own. External forces posed challenges as Financial Reporting Standards (PFRS), net income should be well as opportunities for the domestic economy. The P4.7 billion vs. the P3.5 billion reported in 2010. AEurozone continued to grapple with issues on debt, fiscal imbalance and lack of confidence in their financial systems. Return on average equity crossed the double digit mark at The awaited recovery of the United States economy was 11%, up 8% year-on-year and the highest in 5 years. Return slow and fragile. Other external negative developments such on average assets improved from 0.9% to 1.3%. Earnings as natural and man-made calamities caused supply chain per share grew 45% to P 5.83. Book value per share stood at disruptions slowing down growth prospects. However, this P59.15 per share. external environment allowed emerging markets like the Philippines to benefit from strong capital inflows as investors A Balancing Act, Sustaining Values looked for better yields and some measure of stability. The growth in the bottomline is a testament of your Bank’s improved capability to ensure a steady stream of income from The Philippine economy registered a 3.7% growth in real its core businesses amidst stiff competition; and to have a Gross Domestic Product for the full year 2011. Growth was keen eye for opportunities to make gains in a relatively volatile generally propelled by strong domestic consumption and the environment. Lending was challenged by the generally low– increase in investments. The major production sectors such as interest rate scenario which squeezed margins, more so for prime agriculture, industry and service also provided a boost to the corporates and high-ticket loans. PNB balanced its firm hold over economy. Average inflation in 2011 inched slightly year-on- the large corporate segment with an aggressive push to grow the year to a manageable 4.7%. The peso appreciated against the middle market and consumer loans portfolio. Net loans and US Dollar by 4.0% with an average P/$ exchange rate during receivables excluding loans to BSP and other banks grew by 14% the year of P43.31/US$1. to P126.2 billion. Net interest margin was stable at 3%. The Philippine banking industry provided a strong support Trading gains significantly increased as PNB took advantage of platform for the economy. In 2011, it sustained its growth opportunities in the financial market. As a result, net gains from trajectory. Continuous financial reforms, adherence to the trading, investment securities and foreign exchange was up 23%. highest standards of corporate governance, and compliance Net fees and commission income increased slightly with the with international standards and best practices made the reduction in service expenses and an improvement in remittance banking system stronger, more stable and resilient to negative and trust fees. PNB’s trust assets nearly doubled in 2011. Its shocks from external forces. Improvements were seen across remittance business likewise registered a 21% growth in business all key performance indicators. Total resources of the banking volume which outperformed the industry’s growth of 7%. system rose by 5.7% to P7.6 trillion. Through the years, PNB has stayed committed to be cost- With these as backdrop, the five-year (2011-2015) strategic efficient in its operations. In 2011, in spite of critical roadmap of your Bank which sought to fast-track its investments made to support business initiatives, its cost transformation into a first-rate institution got off the ground efficiency ratio improved to 61% coming from 76% four to a good start and proved to be on the right path. In 2011, years ago. Operating expenses were lower by 10% or P1.2 Philippine National Bank (PNB) posted unprecedented billion. Provisions for impairment and credit losses booked record income of P3.9 billion, up 44% vs. the comparable during the year amounted to P860.4 million compared to P2.4 adjusted 2010 net income and the highest ever in five years. billion in 2010. As a result of the conservative provisioning This reported income follows Bangko Sentral ng Pilipinas’ made in previous years, the Bank saw no need to increase requirement to deduct the amortizations on deferred SPV its provisions beyond reflected levels. This was made possible losses against current operations instead of charging the same with improved customer and credit risk-modeling capabilities against surplus as done in previous years in line with financial adopted across the organization which included among others PHILIPPINE NATIONAL BANK 2011 ANNUAL REPORT 3 our report to our shareholders the rapid portfolio review of accounts by lending centers and Common Shares. Likewise, the branch network contributed the development of risk asset acceptance criteria for identified significantly in the sale and distribution of other product lines industry segments. such as consumer loans, bancassurance, trust, fixed-income securities, and credit cards. Asset quality further improved with non-performing loans ratio dropping from 4.5% to 3.1% by the close of 2011. NPL cover Trust assets under management (AUM) grew 82%. The Bank’s stood at 78.4% in 2011 compared to 67.2% of the previous roster of trust products includes retail unit investment trust year. PNB was successful in disposing a substantial number of funds (UITF), two of which have delivered top performance foreclosed assets which generated P3.8 billion from the sale in 2011 — the Mabuhay Prestige Fund & the Mabuhay Prime of 1,595 properties. Capital Adequacy Ratio was 21.7%, up Peso money market fund. Likewise, for the 2nd year in a from 19.4% a year ago, and more than twice the 10% statutory row, PNB received recognition from Mastercard’s Hall of requirement of the BSP. Fame Awards, besting top banks in the Asia-Pacific region and winning more awards than any other local bank. Its Mabuhay In 2011, PNB’s balance sheet remained strong with total Miles Mastercard Elite Program was awarded best activation consolidated resources of P316.3 billion, up by 5% or P14.2 campaign and best in class finalist. With year-round acquisition billion. Total deposits grew another P11.1 billion to end the and utilization promotions, there were 60,000 PNB Mastercard year with P237.5 billion. With the continuous focus on new cards-in-force by year-end. customer acquisition, cross-selling and relationship-building, the Bank’s distribution network once again proved its capability PNB also ranked amongst the top 5 in the Philippine Dealing to generate funds. A number of branches were relocated to Exchange Broker Sales Industry. Through the Treasury maximize market potential and cover areas where competitors Group, the distribution of fixed-income securities and foreign were not present, thus making financial services accessible to exchange was focused on corporate, institutional and high net the “unbanked.” The Bank opened 10 new branches bringing worth investors. With these as primary markets, volume went the total network to 331 by year-end. up by 180% year-on-year. A Notch Higher PNB’s institutional banking arm figured prominently in the In recent years, the Bank made significant headway in its major financing requirements of prime corporate names such sales and service capabilities. Customers have noticed the as SMART, MNTC, Beacon, Rockwell and PSALM totaling P21 change; and have embraced the “new PNB”: more efficient, billion. It fortified its middle market lending capabilities with less queues, more customer-friendly processes, aggressive in the refinement of its SME strategies and sales organization. sales acquisition, more innovative offerings; and a revitalized It launched a comprehensive “Kabuhayan” Loan Program as image. In 2011, it further stepped-up efforts to improve on its bid to capture a significant share of the SME market. The its successes and fast-track the changes which will ultimately Bank formally kicked-off the program in the market by being make the Bank a first-rate organization. a major sponsor in the annual International Convention of the Philippine Franchise Association. The Bank’s corporate loan The Bank continued to evolve its sales infrastructure to be portfolio grew 24% year-on-year.
Load more

Recommended publications
  • Frequently Asked Questions on What Is Pesonet?
    Frequently Asked Questions on What is PESONet? PESONet is a new electronic fund transfer service that enables customers of participating banks, e- money issuers or mobile money operators to transfer funds in Philippine Peso currency to another customer of other participating banks, e-money issuers or mobile money operators in the Philippines. It is more inclusive platform for Electronic Fund Transfers which will make G2B(Government-to- Business) and G2C(Government-to-Consumer) payments more practical, convenient, fast, and secure. What is the purpose of PESONet? Through PESONet, businesses, government, and individuals will be able to conveniently pay or transfer funds from their account to one or multiple recipient accounts in other financial institutions. PESONet is the perfect alternative to the still widely used paper-based check system. What are the features of PESONet? What are the uses of PESONet? How does PESONet work? Customers instruct their financial institution to send credit instructions to other financial institutions via online banking, mobile banking or over-the-counter transaction. They need to provide the payees’ financial institution, account number, and amount. The credit instruction is transmitted by the financial institution to the clearing switch operator, which currently is the Philippine Clearing House Corporation (PCHC). The funds are settled in the respective financial institutions demand deposit accounts held in Bangko Sentral ng Pilipinas (BSP) through BSP’s Philippine Payments and Settlement System (PhilPaSS). Upon settlement, the beneficiary’s or payee’s financial institution will credit the payee's account. How long does it take to transfer funds via PESONet? The availability of funds to the receiving account shall depend on the facility used to carry out your transaction.
    [Show full text]
  • Tabak Und Zigaretten Der Vegan News-‐Einkaufsguide
    Tabak und Zigaretten Der Vegan News-Einkaufsguide VEGAN* Imperial Tobacco Quelle: www.imperial-tobacco.at/component/itrfile/?view=download&id=209 Davidoff JPS Drum R1 Ernte 23 Rizla Gauloises Route 66 Gauloises Brunes Stuyvesant Gitanes Van Nelle Golden Virginia West Von-Eicken Quelle: http://www.von-eicken.com/de/umweltschutz/ Allure Dockers Burton Manitou Organic Denim Pepe Dimitrinos St. Pauli Pöschl Tabak Quelle: E-Mail Anfrage Black Hawk Manila Bounty Pontiac Brookfield Pueblo Holland Art Red Bull JBR Turner *Vegan in Zusammenhang mit Zigaretten/Tabak meint an dieser Stelle, dass in den Produkten keine tierischen Inhaltsstoffe vorhanden sind sowie seitens des Unternehmens keine TierversuChe durChgeführt werden. Vegan News Stand: 31. Dezember 2015 NICHT FÜR VEGANER GEEIGNET Lorillard Tobacco Kent Old Gold Maverick Satin Max True Newport R.J. Reynolds Tobacco Company Barclay Monarch Belair More Capri Natural American Spirit Carlton Now Doral Salem Eclipse Tareyton GPC Vantage Kool Viceroy Misty Philip Morris Accord Diana Number 7 Alpine Dji Sam Soe Optima Apollo-Soyuz Eve Papastratos Assos English Ovals Parisienne Jaune Basic f6 Parliament Belmont Fajrant Peter Jackson Best Fortune Petra Bond Street Hope Philip Morris Boston Juwel Players Bristol Karo Polyot Bucks L&M Red & White Cambridge Lark Sampoerna A Canadian Classics Longbeach Saratoga Chesterfield Marlboro SG Classic Merit Sparta Collector’s Choice Moven Gold Start Commander Multi DeLuxe U Mild Daves Multifilter Vatra Delicados Muratti Virginia Slims Vegan News Stand: 31. Dezember 2015 British American Tobacco Dunhill Prince Fair Play Samson HB Schwarzer Krauser Javaanse Jongens Vogue Lord Vype (E-Zigarette) Lucky Strike Westpoint Pall Mall Japan Tobacco International Benson & Hedges Nil Camel Old Holborn Club Overstolz Coronas Peter I Ducat Reyno Export 'A' Ronson Glamour Russian Style M Salem Magna Silk Cut Mayfair Sobranie Memphis Sovereign Mi Ne St George Mild Seven Tawa Mercedes de Luxe Troika Monte Carlo Winston More Winchester Vegan News Stand: 31.
    [Show full text]
  • Supplementary Table 10.7
    Factory-made cigarettes and roll-your-own tobacco products available for sale in January 2019 at major Australian retailers1 Market Pack Number of Year Tobacco Company segment2 Brand size3 variants Variant name(s) Cigarette type introduced4 British American Super-value Rothmans5 20 3 Blue, Gold, Red Regular 2015 Tobacco Australia FMCs 23 2 Blue, Gold Regular 2018 25 5 Blue, Gold, Red, Silver, Menthol Green Regular 2014 30 3 Blue, Gold, Red Regular 2016 40 6 Blue, Gold, Red, Silver, Menthol Green, Black6 Regular 2014 50 5 Blue, Gold, Red, Silver, Menthol Green Regular 2016 Rothmans Cool Crush 20 3 Blue, Gold, Red Flavour capsule 2017 Rothmans Superkings 20 3 Blue, Red, Menthol Green Extra-long sticks 2015 ShuangXi7 20 2 Original Red, Blue8 Regular Pre-2012 Value FMCs Holiday 20 3 Blue, Gold, Red Regular 20189 22 5 Blue, Gold, Red, Grey, Sea Green Regular Pre-2012 50 5 Blue, Gold, Red, Grey, Sea Green Regular Pre-2012 Pall Mall 20 4 Rich Blue, Ultimate Purple, Black10, Amber Regular Pre-2012 40 3 Rich Blue, Ultimate Purple, Black11 Regular Pre-2012 Pall Mall Slims 23 5 Blue, Amber, Silver, Purple, Menthol Short, slim sticks Pre-2012 Mainstream Winfield 20 6 Blue, Gold, Sky Blue, Red, Grey, White Regular Pre-2012 FMCs 25 6 Blue, Gold, Sky Blue, Red, Grey, White Regular Pre-2012 30 5 Blue, Gold, Sky Blue, Red, Grey Regular 2014 40 3 Blue, Gold, Menthol Fresh Regular 2017 Winfield Jets 23 2 Blue, Gold Slim sticks 2014 Winfield Optimum 23 1 Wild Mist Charcoal filter 2018 25 3 Gold, Night, Sky Charcoal filter Pre-2012 Winfield Optimum Crush 20
    [Show full text]
  • ASH NEW ZEALAND Tobacco Returns Analysis 2013 1 TOBACCO
    ASH NEW ZEALAND Tobacco Returns Analysis 2013 TOBACCO RETURNS ANALYSIS 2013 Tobacco manufacturers and importers in New Zealand are required to file their annual tobacco returns pursuant to section 35 of the Smokefree Environments Act 1990. The tobacco returns consist of two components – Schedule A and Schedule B. Schedule A is the information about ingredients and amounts used in their tobacco products. Schedule B is the company list of all their products, retail price and sale quantity We analysed data from Schedule B in order to understand the brand positioning of the major tobacco companies. This includes analysis of retail price, sale volume and estimated sales returned of all tobacco brands. Market share also is estimated based on this data. This analysis accounted for cigarette and loose leaf tobacco products sold within New Zealand (or domestic market). Information provided by tobacco companies may vary and hence the results of the analysis. British American Tobacco New Zealand (BATNZ) provided recommended retail prices as at January 2013 while Imperial Tobacco New Zealand and Philip Morris provided theirs as at December 2013. This had resulted in artificially higher estimates of average retail price and sale return for BATNZ products due to the January 2014 tax increase. Having considered this, most of the results on overall tobacco market in this analysis were presented according to the sale quantity and hence better accuracy. Fourteen companies filed their tobacco returns in 2013. As this analysis only included cigarette and loose leaf tobacco products, three companies were excluded as they sold cigar or other tobacco products. Tobacco Returns 2012 can be accessed through the National Drug Policy New Zealand website (http://www.ndp.govt.nz/moh.nsf/indexcm/ndp-tobacco-returns-2012 ).
    [Show full text]
  • How Western Invests in Arms, Tobacco and Oil Companies
    Equities RBC Wealth Management defines equities as pieces of a company, also known as "stocks." When you buy stocks or shares of a company, you're basically purchasing an ownership interest in that company. A company's stockholders or shareholders all have equity in the company, or own a fractional portion of the whole company. Western’s U.S. equities Western’s U.S. equities are managed by State Street Global Advisors and J.P. Morgan Asset Management. The SSGA man- ages large cap U.S. equities and tries to match the S&P 500 index. It also manages U.S. mid cap equities and tries to match the S&P mid cap 400. International Equities Western’s international equities are managed by Franklin Tem- pleton Institutional and MFS Investment management. Tem- pleton manages international equities with a bottom-up value process. MFS manages international equities with a bot- tom-up “growth-at-a-reasonable price” (GARP) process. Market capitalization Market capitalization is the total dollar market value of all of a company's outstanding shares. Market capitalization is cal- culated by multiplying a company's shares outstanding by the current market price of one share. The investment community uses this figure to determine a company's size, as opposed to sales or total asset figures. (Source: Investopedia) S&P 500: Unadjusted company market capitalization of US $5.3 billion or more. S&P MidCap 400: Unadjusted company market capitalization of US $1.4 billion to US $5.9 billion. Equity investments, which account or 65.8 per cent o Western’s total operating and endowment portolio, are managed by third party investment companies and Western does not have direct control over these investments.
    [Show full text]
  • PMI Powerpoint Presentation
    Investor Day – Asia Region Lausanne, June 23, 2010 Matteo Pellegrini President, Asia Region Philip Morris International Agenda ● Operating environment ● PMI strategic priorities in Asia ● Brand portfolio and innovations ● Key Asia markets: highlights ● Questions & Answers 2 Operating Environment 2009 • Population : 3.8 billion Korea Japan • Cigarette Volume: 3.4 trillion China Taiwan Cigarette Volume: Pakistan Hong Kong 1.2 trillion units (Excl. – China) Others 15% India Bangladesh Indonesia Thailand Philippines 22% Vietnam Bangladesh 6% Malaysia Pakistan Singapore 6% Vietnam Indonesia 7% Japan 20% Australia Philippines New Zealand 7% Korea 8% India Asia accounts for 56% of the world’s population 9% And 60% of the world’s cigarette volume… Note: Cigarette volumes reflect 2009 Source: Global Insights 3 GDP Per Capita in 15 Key Markets ($ 000) 50 43.9 39.9 36.4 30.4 USA US $ 46,300 European Union US $ 33,100 Asia Pacific US $ 4,000 17.2 16.5 7.0 Asia: $ 4.0 3.9 3.5 2.3 1.8 1.1 1.0 0.9 0.6 0 India China Japan Taiwan Vietnam Thailand Pakistan Malaysia Australia Indonesia Singapore Philippines Hong Kong Bangladesh South Korea Source: Global Insights 4 GDP Growth and Unemployment Rates (%) Japan (%) Australia 7 7 7 7 5.1 4.7 4.1 5.6 3.8 4.0 5.2 4.8 4.4 2.0 2.3 2.0 4.2 2008 2009 4.7 3.3 0 0 2.6 2006 2007 2010 F 2.4 (1.2) 1.3 (5.2) (7) (7) 0 0 GDP Growth Rate 2006 2007 2008 2009 2010 F Unemployment Rate (%) Indonesia (%) Philippines 12 12 12 12 10.3 9.1 8.4 7.9 8.1 8.0 7.3 7.4 7.5 7.3 6.3 6.1 5.5 5.6 5.3 7.1 4.5 3.8 4.2 0.9 0 0 0 0 2006 2007 2008
    [Show full text]
  • Managing in the New Normal
    MANAGING IN THE NEW NORMAL 2020 ANNUAL REPORT Vision: ABOUT THE THEME CONTENTS To be the country’s consumer and retail bank of choice. Managing in the New Normal 01 About PSBank Mission: The coronavirus (COVID-19) pandemic has dramatically and irreversibly changed, not just 02 Message from the Chairman • As an INSTITUTION: To conform to the highest standards of integrity, professionalism and teamwork. the way we live, but also the way we bank. This unprecedented crisis is ushering in a “new 06 President’s Report • For our CLIENTS: To provide superior products and reliable, normal,” with digital technology playing a pivotal top-quality services responsive to their banking needs. role. Those previously reluctant to embrace 10 Financial Highlights • For our EMPLOYEES: To place a premium on their growth, technology now find themselves thrust into a and nurture an environment of teamwork where outstanding relationship with their laptops or mobile phones 12 Digital Ready performance is recognized. for work, education, health care, commercial transactions, and social interactions. 16 Safety First • For our SHAREHOLDERS: To enhance the value of their investments. At PSBank, putting the customer first has always 20 Employee & Customer Engagement been at the heart of our business strategy. Even before the pandemic, we have already been 22 Sustainability Commitment embarking on digital initiatives that would make ABOUT PSBANK every customer journey simple and maaasahan 26 Risk Management (reliable). This pandemic only deepened our Philippine Savings Bank (PSBank) is the thrift banking arm of the commitment to keep up with the new breed of 31 Audit Committee Report Metrobank Group, one of the largest financial onglc omerates in the “always-connected” customers and to deliver an Philippines.
    [Show full text]
  • October 2019 Author Southeast Asia Tobacco Control Alliance (SEATCA)
    October 2019 Author Southeast Asia Tobacco Control Alliance (SEATCA) Cover Design and Layout Wendell Balderas Acknowledgements This regional report is based on a review of intellectual property registration of tobacco brands in five ASEAN countries: Indonesia, Malaysia, Philippines, Thailand, and Vietnam. SEATCA would like to thank the following country collaborators and researchers: Indonesia: Mr. Tubagus Haryo Karbyanto, Jakarta Resident’s Forum Malaysia: Mr. Yong Check Yoon, Consultant Philippines: Mr. Allan Chester Nadate, Consultant Thailand: Dr. Roengrudee Patanavanich, Department of Community Medicine, Faculty of Medicine Ramathibodi Hospital, Mahidol University Vietnam: Dr. Nguyen Thi Thu Hien, Department of Economics, Thuongmai University Suggested Citation Southeast Asia Tobacco Control Alliance. Big Tobacco’s smoke-free deception: Tobacco trademarks in ASEAN countries uncover the truth. October 2019, Southeast Asia Tobacco Control Alliance (SEATCA), Bangkok, Thailand. The information, findings, interpretations, and conclusions expressed herein are those of the author(s) and do not necessarily reflect the views of the funding organization, its staff, or its Board of Directors. While reasonable efforts have been made to ensure the accuracy of the information presented at the time of publication, SEATCA does not guarantee the completeness and accuracy of the information in this document and shall not be liable for any damages incurred as a result of its use. Any factual errors or omissions are unintentional. For any corrections, please contact SEATCA at [email protected]. © Southeast Asia Tobacco Control Alliance 2019 This document is the intellectual property of SEATCA and its authors. SEATCA retains copyright on all text and graphics in this document, unless indicated otherwise. This copyright is protected by domestic copyright laws and international treaty provisions.
    [Show full text]
  • One Day Travel Card
    One Day Travel Card One Day Travel Card Title : One Day Travel Card S I G N A L : N O I S E The signal to noise ratio of daily life reworks its parameters in the marketplace of signs. Old data gives way to new data, radios switch stations; search engines change tracks, the network swells, ebbs and swells again to the pull of distant traffic. The city listens, notices, speaks. At times such as these the media emergency and rescue services, spin doctors and node nurses go into overdrive. They send word across the networks that the images must be doctored, that redress must be done, and ensure that the things that need to be said are said, convincingly. The city is the emergency, the city is the rescue operation, and realities are wheeled into the casualty ward. This is the daily life of the media in a city. (Raqs Media Collective1 Pg 105) 9:40 am, Gerrards Cross Station to London Marylebone, Travel Card, Chitern Railways, platform 1. Walk into the waiting room; Good Morning! quite a few people inside. Jay is busy cleaning his small area inside the café; two old ladies, speaking in hushed tones, all made-up, with pearl necklaces and matching gloves; hear them talking about the theatre, lunch and their excited giggles; Coffee? ‘Yes Please’; Have a quick look at the newspaper headlines – ‘disaster, earthquake in Haiti’, ‘Big Brother actress beds Jones to avoid eviction’, Coffee, Black? Yes Please, Thank you, ‘Obama attacks obscene bonuses’, the hum of the cooler is loud and steady; Jay looks relaxed behind his counter, but his body is taut, a puppet pulled by strings tied round the door handle; Sugar? Yes Please, Thank you! A professor-type sitting in the corner intently studying some sheets with musical notes; Good Morning Sir, Tea? Yes Please! Suddenly a silent wave of communication from the tense waiting bodies from the platform triggers off a ripple of activity.
    [Show full text]
  • Vaping and E-Cigarettes: Adding Fuel to the Coronavirus Fire?
    Vaping and e-cigarettes: Adding fuel to the coronavirus fire? abcnews.go.com/Health/vaping-cigarettes-adding-fuel-coronavirus-fire/story By Dr. Chloë E. Nunneley 26 March 2020, 17:04 6 min read Vaping and e-cigarettes: Adding fuel to the coronavirus fire?Because vaping can cause dangerous lung and respiratory problems, experts say it makes sense that the habit could aggravate the symptoms of COVID-19. New data released by the Centers for Disease Control and Prevention last week warns that young people may be more impacted by COVID-19 than was initially thought, with patients under the age of 45 comprising more than a third of all cases, and one in five of those patients requiring hospitalization. Although scientists still don’t have good data to explain exactly why some young people are getting very sick from the novel coronavirus, some experts are now saying that the popularity of e-cigarettes and vaping could be making a bad situation even worse. Approximately one in four teens in the United States vapes or smokes e-cigarettes, with the FDA declaring the teenage use of these products a nationwide epidemic and the CDC warning about a life-threatening vaping illness called EVALI, or “E-cigarette or Vaping- Associated Lung Injury.” Public health experts believe that conventional cigarette smokers are likely to have more serious illness if they become infected with COVID-19, according to the World Health Organization. Because vaping can also cause dangerous lung and respiratory problems, 1/4 experts say it makes sense that the habit could aggravate the symptoms of COVID-19, although they will need longer-term studies to know for sure.
    [Show full text]
  • 2020 PNB Annual Report
    Panahon Ng Bayanihan 2020 Annual Report CONTENTS Financial Summary / Financial Highlights 1 Corporate Governance 58 Corporate Objective Sustainability Report 84 Vision-Mission 2 GRI Content Index 120 About the PNB Brand Board of Directors and Board Advisors 126 PNB Values Board of Directors 128 Business Model & Scope of Business 4 Board Advisors 136 Message from the Chairperson’s to Shareholders 6 Management Committee 138 Message from the President and CEO to Shareholders 8 The Bank’s Subsidiaries and Affiliate 145 Operational Highlights 10 Market Price of and Dividends on 147 Awards and Recognitions 26 PNB Common Equity Plans for 2020 27 Statement of Management’s Responsibility Message from the Board Audit and Compliance 28 for Financial Statements 149 Committee Chairman Independent Auditor’s Report 150 Message from the Board IT Governance 30 Statements of Financial Position 157 Committee Chairman Statements of Income 158 Message from the Board Oversight 32 Statements of Comprehensive Income 159 RPT Committee Chairman Statements of Changes In Equity 160 Message from the Board Strategy and Statements of Cash Flows 162 Policy Committee Chairman 29 Products and Services 164 Capital Structure and Adequacy 36 Management Directory 166 Message from the Risk Oversight Overseas Offices 166 Committee Chairman 39 Region and Area Heads 178 Risk Management Disclosure 40 Area Retail Lending Centers 179 Message from the Corporate Governance and PNB Domestic Subsidiaries and Affiliate 180 Sustainability Committee Chairperson 56 ABOUT THE COVER Annual Report 2020 Paper used: MOHAWK Navajo Smooth 216 gsm Bright White Philippine National Bank FSC-Certified reinforces its commitment as Paper meets the mark of responsible forestry a Partner Ng Bayan.
    [Show full text]
  • 09. Directors' Profiles
    BOARD OF DIRECTORS FLORENCIA G. TARRIELA FELIX ENRICO R. ALFILER REYNALDO A. MACLANG FLORIDO P. CASUELA Age 69 Age 67 Age 78 Age 75 Nationality Filipino Nationality Filipino Nationality Filipino Nationality Filipino Education • Bachelor of Science in Business Administration Education • Bachelor of Science and Masters in Statistics, Education • Bachelor of Laws, Ateneo de Manila University Education • Bachelor of Science in Business Administration, Major in degree, Major in Economics, University of the University of the Philippines Accounting, University of the Philippines Philippines Current Position • President of the Bank • Masters in Business Administration, University of • Masters in Economics degree, University of Current Position • Vice Chairman/Independent Director in the Bank the Philippines in the Bank • Advanced Management Program for Overseas Bankers, California, Los Angeles, where she topped the Masters Date of First • February 9, 2013 (as Director) Comprehensive Examination Philadelphia National Bank in conjunction with Date of First • January 1, 2012 Appointment • May 27, 2014 (as President) Wharton School of the University of Pennsylvania Current Position • Chairman of the Board/Independent Director Appointment Directorship in • None Government Civil Service Eligibilities in the Bank Directorship in • None Other Listed Ř &HUWLƓHG3XEOLF$FFRXQWDQW(FRQRPLVW&RPPHUFLDO Companies Attaché Date of First • May 29, 2001 (as Director) Other Listed Appointment • May 24, 2005 (as Chairman of the Board) Companies Other Current • Chairman of PNB (Europe) Plc. Current Position • Director • May 30, 2006 (as Independent Director) Other Current • Chairman/Independent Director of PNB General Insurers Positions • Director of Allied Leasing & Finance Corporation, PNB in the Bank Positions Co., Inc. and PNB RCI Holdings Co., Ltd. Directorship in • Independent Director of LT Group, Inc.
    [Show full text]