Dr. Nicanor Reyes, Sr. Founder and First President
4 ANNUAL REPORT 2016 Financial Highlights President’s Report Chair’s Message Board ofTrusteesProfile CONTENTS Consolidated StatementsofCashFlows Consolidated StatementsofChangesinEquity Consolidated StatementsofComprehensiveIncome Consolidated StatementsofFinancialPosition Report ofIndependentAuditors for FinancialStatements Statement ofManagement’sResponsibility
28 27 25 23 22 21 12 9 6 30 FAR EASTERN UNIVERSITY 5 Lourdes R. Montinola
88, Filipino: Chair Emeritus (August 2013 to present), Chair (June 1989 to August 2013), Far Eastern University, Inc.
Other Corporate Affiliations: Chair, Board of Directors, FERN Realty Corporation; Chair and President, FEU Educational Foundation, Inc.; Trustee, Nicanor Reyes Educational Foundation, Inc.; Chair, Far Eastern College Silang, Inc.; Governor, Nicanor Reyes Memorial Foundation; Trustee, FEU-Dr. Nicanor Reyes Medical Foundation, Inc. and East Asia Educational Foundation, Inc.; President, MEMORARE- Manila 1945 Foundation, Inc.; Board Member, The English Speaking Union. She is also a Member of the Museum Foundation of the Philippines, Inc., the Oriental Ceramic Society, the Heritage Conservation Society, HABI: The Philippine Textile Council, Inc. and the Asia Society Philippine 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.
Aurelio R. Montinola III
64, Filipino: Chairman of the Board of Trustees (August 2013 to present), Vice Chair (June 1989 to August 2013), Far Eastern University, Inc.
His other affiliations, among others, include: Chairman, Amon Trading Inc., East Asia Computer Center, Inc., Nicanor Reyes Educational Foundation, Inc., World Wildlife Fund Philippines and Roosevelt College, Inc. (effective May 12, 2016); Vice Chairman, Philippine Business for Education Foundation (PBED); Trustee, Makati Business Club and Member, Management Association of the Philippines.
He is also a Director of the Bank of the Philippine Islands, a listed corporation.
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. He was awarded the 2005 and 2009 Asian Banker Leadership Award for the Philippines and the MAP Management Man of the Year Award in 2012.
Michael M. Alba
59, Filipino: President and Member of the Board of Trustees, Far Eastern University, Inc. (October 2012 to present)
He is President concurrently of East Asia Educational Foundation, Inc., East Asia Computer Center, Inc., Nicanor Reyes Educational Foundation, Inc., Far Eastern College Silang, Inc., FEU Alabang, Inc., and Roosevelt College, Inc. (effective May 12, 2016). His affiliations include, among others: Philippine Association of Colleges and Universities (Board Member and Chair, Industry-Academe Linkage Committee), Commission on Higher Education Technical Committee for Economics (Chair), Philippine Economic Society (Lifetime Member and President in 2007), Action for Economic Reforms (Fellow), Philippine Human Development Network (Member), St. John’s Institute Foundation (Member).
He obtained his AB (Economics) degree from the Ateneo de Manila University in 1978, MA (Economics) degree from the School of Economics, University of the Philippines (Diliman), in 1987, and PhD (Applied Economics) degree from Stanford University in 1993. ANNUAL REPORT 2016 REPORT ANNUAL
6 Angelina Palanca Jose
63, Filipino: Trustee (June 1990 to present) and Corporate Secretary, Far Eastern University, Inc. (1998 to present)
Other Corporate Affiliations: Member, Board of Directors, FERN Realty Corporation; Corporate Secretary and Trustee, Nicanor Reyes Educational Foundation, Inc.; Treasurer and Trustee, FEU Educational Foundation, Inc.; Corporate Secretary and Governor, Nicanor Reyes Memorial Foundation; Member, Executive Committee, Far Eastern University, Inc.; Corporate Secretary and Director, Far Eastern College Silang, Inc. and FEU Alabang, Inc.; Chair and President, Angel C. Palanca Peace Program Foundation, Inc.; and Chair, Board of Trustees, (up to April 9, 2015) and now Enrolled Member (April 10, 2015 to present) Ahon Sa Hirap, Inc.
Ms. Jose obtained her Bachelor of Science degree, major in Economics, from the University of the Philippines (Dean’s Medal).
Paulino Y. Tan
69, Filipino: Trustee, Far Eastern University, Inc. (June 1991 to present)
Other Business Experience: Chairman of FEU Alabang, Inc. President of Asia Pacific College. 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, SM (Shoemart) Foundation, Inc., Asia Pacific Technology Educational Foundation, FERN Realty Corporation, Far Eastern College Silang, Inc., and Roosevelt College, Inc. (effective May 12, 2016).
Dr. Tan obtained the Degree of Bachelor in Science in Chemical Engineering 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.
Antonio R. Montinola
63, Filipino: Trustee, Far Eastern University, Inc. (November 2013 to present)
Corporate Affiliations: President and Director Southwestern Cement Ventures, Inc.; Director, Round Royal, Inc.; Vice-Chair & Director, AMON Trading Corp.; President & Director, FERN Realty Corp.; President & Director, Monti-Rey, Inc.; President & Director, Juliana Management Co., Inc.
Sports Affiliations: Senior Board Member,Universities Athletic Association of the Philippines (UAAP); Team Manager, FEU Tamaraws; Member, Manila Golf Club; Member, Tagaytay Midlands Golf Club;
Member, The Rockwell Club. FAR EASTERN UNIVERSITY
He worked with Procter & Gamble and Jardine Davies, Inc. in the Philippines and with General Mills Corp., based in Minneapolis, Minnesota, U.S.A.
Mr. Montinola holds an A. B. Economics Degree (honors course) from Ateneo de Manila University (1973) and an M.B.A. from Stanford University, Palo Alto, California, U.S.A. (1978).
7 Sherisa P. Nuesa
61, Filipino: Independent Trustee, Far Eastern University (August 2010 to present)
Her other affiliations include: President and Board Director, ALFM Mutual Funds Group and Independent Director, Generika/Actimed Group, East Asia Computer Center, Inc. and FERN Realty Corporation. She is also an Independent Trustee of East Asia Educational Foundation, an Independent Governor of the FEU Health, Welfare and Retirement Fund Plan. She is a Trustee of Institute of Corporate Directors (ICD), Financial Executives Institute of the Philippines (FINEX) Foundation, and Integrity Initiative, Inc., and a Senior Board Adviser of Metro Retail Stores Group, Inc.
She is also an Independent Director of Manila Water Company, a listed corporation.
She graduated with the degree of Bachelor of Science in Commerce (summa cum laude) at Far Eastern University in 1974 and received her Master in Business Administration degree from the Ateneo - Regis Graduate School of Business in 2010. She also attended post-graduate management programs at Harvard Business School and Stanford University. She received the ING -FINEX CFO of the Year award in 2008.
Edilberto C. de Jesus
73, Filipino: Independent Trustee, Far Eastern University, Inc. (August 2012 to present)
His other affiliations, among others, include: Member, Board of Directors, Cagayan de Oro College, Phinma Corp. and Philippine Reclamation Authority; Member, Board of Trustees, Philippine Normal University and Foundation for Liberty and Prosperity; Member, Makati Business Club, Advisory Board and Philippine Business for Education; Fellow, Institute of Corporate Directors; Professor Emeritus, Asian Institute of Management and Independent Trustee, Nicanor Reyes Educational Foundation, Inc. and Roosevelt College, Inc. (effective May 12, 2016).
He obtained a BA Honors Degree in the Humanities, cum laude at the Ateneo de Manila University in 1962, and received his M. Phil. (1969) and Ph.D. degrees (1972) from Yale University. He served as president of: Far Eastern University (1995-2002); University of the Cordilleras (2008-2009); Asian Institute of Management (2009-2012); and Secretariat Director, Southeast Asia Ministers of Education Organization in Bangkok (2005-2007). He also served in the Cabinet of President Corazon Aquino as Deputy Peace Commissioner and Presidential Adviser on Rural Development (1987-1992) and as Secretary of Education in the Cabinet of President Gloria Arroyo (2002-2004).
Robert F. Kuan
67, Filipino: Independent Trustee, Far Eastern University, Inc. (September 2004 to present)
Other Business Affiliations: Trustee, St. Luke’s Medical Center, Quezon City (Chairman, 1996-2011), St. Luke’s Medical Center, Global City, Inc. (Chairman, 2009-2011), St. Luke’s College of Medicine–William H. Quasha Memorial, Brent International School of Manila and Brent International School Subic, Inc., and AIM Scientific Research Foundation, Inc.; Chairman, Brent International School Baguio, Inc., Brent Schools, Inc., Willis Towers Watson Insurance Brokers Philippines, Inc. and St. Theodore of Tarsus Hospital Sagada, Inc.; Independent Director, China Bank Savings, Inc., Planter’s Development Bank, SEAOIL Philippines, Inc., and CBC Investment Corporation, Inc.; Independent Trustee, Roosevelt College, Inc. (effective May 12, 2016).
He is also an Independent Director of China Banking Corporation, a listed corporation.
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 TOFIL (The Outstanding Filipino) Awardee in 2003 in the field of Business & Entrepreneurship; Agora Awardee for Entrepreneurship and Triple-A Awardee of AIM; Outstanding Alumnus Awardee in the field of Business given by the Alumni
ANNUAL REPORT 2016 REPORT ANNUAL Association of the University of the Philippines (UP) and Distinguished Alumnus Awardee given by the College of Business Administration of the University of the Philippines (UP). 8 On behalf of the Board of Trustees, I would like to of Elementary Education and Bachelor of Secondary welcome you to another event-filled year for Far Education, as well as a Center of Development Eastern University. (COD) in Business Administration. The Philippine Association of Colleges and Universities Committee on Accreditation (PACUCOA ) elevated 8 programs to Level FAR EASTERN UNIVERSITY Strategic Plan IV Accreditation. Finally, we received two international accreditations in Tourism and Hotel Management. We continue to make progress on our five-year Strategic Plan. Regarding employment, we marginally improved to 5th place in the Job Street survey for schools with the Academically, we have made great strides. We retained most employable graduates. Our estimate, based on our Autonomous Status for another three years. The a limited survey, is that over 90% of our graduates are Commission of Higher Education (CHED) awarded able to get jobs after graduation, pursue postgraduate us Center of Excellence (COE) Awards in Bachelor courses, or start a business.
9 10 ANNUAL REPORT 2016 Academic Achievements the tuition increase,andunceasingcost-consciousinitiatives. on modest a billion population, student Php1.2 higher the to of strength 14% by grew Income Net Without this,expensesincreased3%overlastyear. accepted. employees 149 which program retirement voluntary time one a to due mainly 8%, rose Expenses population rose8%to34,000. student Technology.Overall of Institute FEU the from primarily students additional to due level billion Php3 Revenues grew 10%, and for the first time, breached the Your companyremainsfinanciallystrongandsecure. Financial Results under discuss will we Subsequent Events. offset actions to corporate with hope this we However, minimal enrolment. to due freshmen students 7,000 around resulting of June, drop a this in start will subjects School High The landmark K-12 national program to require Senior highlight built education technologychanges. to also classroooms We interactive Manila. innovative in two a School of High opening Senior the for FEU renovated time we in and Building Nursing Alabang, our Filinvest in for campus groundbreaking a a had we facilities, of terms In edr as ere idvda ad ru aad in awards group and individual earned also student leaders Various awardee. (TOSP) Philippines Students the Education Outstanding of Ten was consecutive of president, third Council FEU’s Institute Student and Gana, valedictorian Stephanie Marie Student Accomplishments productive a as image FEU’s developer ofteachersforthepublicschoolsystem. buttress for and three by Examination times, average national Licensure the exceed the (LET) Teachers in Licensure grades Nurse passing 87% and combined 84% and Tech78% Similarly, results. Examination Med 99% include Highlights tests. these all for rates passing national the to compared better 100% were rates passing FEU tests. external in improvement continuing our is note of Also his in yearly President’sReport. on above focus mentioned will partially Alba, matters academic M. Michael Dr. President, Our u o te sa Yuh oni i Taln, Kebyn Thailand, in Council Youth Asean the for Yu Nicole selected staff Affairs International CHED The College Students. for Congress Association Christian Men’s Young the the Red Cross Youth Council, the Knights of Rizal, and e ae nw en D. la e a rz a our at strengthen ourCODcapability. Cruz, la de Alma to (IABF) Finance and Business, Dr.Accounts, of Institute Dean, new a have We teaching practice. FEU into Management inculcated surely but slowly is pedagogical (LMS) Learning System blended technology-related a through in practice effort major A provided Excellence Continuing multiple trainingprogramsforexistingfaculty. and Learning, Teaching, for Center through our addition, In faculty secondments. overseas PhD-related for and training provide training CHED-sponsored to plans external up additional drew FEU K-12, Anticipating Faculty Development 2015 the at Medal Gold World SchoolsIndividualChessChampionships. the won athlete student a Finally, championships. UAAP consecutive sixth their recorded significantly also teams Football Juniors our the of support Brave” entire FEU community. “Be Our Men’s Track and Gold, Field and All out, all the was a won dramatically record team 20th UAAP championship; what made it sweeter Basketball Men’s FEU’s program, Jeneys and Sophia Centeno for the China- Asean Youth camp. Tokyo the for Indiola Jesica Micah Forum, Frontier Korea South - Asean the for Villarino FAR EASTERN UNIVERSITY 1111 Chair, Board of Trustees Aurelio Reyes Montinola III Aurelio Reyes opportunity to send 29 total faculty, regular or faculty, roughly for 11% CHED training programs of to and earn Masters Degrees other and PhDs full-time to improve their academic credentials. Looking Forward K-12 is upon us, and we expect short-term headwinds, particularly in the financial results area. However, we believe we have coped reasonably with well a new, actively and with enrolled the forward-looking Senior purchase of High Roosevelt College, Inc. School We remain committed affordable, to accessible quality education our for students core and a meaningful career for faculty and employees. values of an We therefore management, wish our to particularly, our faculty, thank shareholders and our our stakeholders their unwavering support during the past year. for employees, board, and our Corporate Governance Corporate We remain among the Corporate Governance; in fact, our scores in the Insititute Top 50 listed survey have marginally improved. of Corporate Directors companies in Subsequent Events (RCI). Inc College Roosevelt acquired FEU 2016, May In 10, to total campus FEU’s double will campuses five Its and its Basic Education thrust complements tertiary FEU’s education the with expertise. students 5,000 its retained has RCI as smooth, Transition has been new FEU management. started Manila in School High Senior FEU 2016, June In operations with almost 2,000 students. Both the RCI enrolment and help cushion the the drop FEU students in the FEU system due to K-12. of Senior roughly 7,000 High School With less freshman load, FEU also used the Management and Penology, and Pabahay a Gawad project. Kalinga Finally, WWF Philippines and the a DENR aims to double the Tams2 endangered tamaraw population by 2020. project with and active involvement many of disciplines FEU contributed volunteers Environmental to across protection and multiple conservation output. remain big themes. Significant projects include H.O.P.E, a psychological health and therapeutic program at the Bureau of Jail We We continue with various community extension and socially responsible endeavours, primarily a BLOSSOM through (Be in Love of Selfless Service for Others Merit) framework. agreements with various NGOs Partnership increased, Bringing arts closer to the audience, a FEU launched Cultural App, a firsthosted in six the Harvard Business Philippines. School (HBS) who studied We also how FEU students students attendance in cultural events could be improved. Our President’s continues Committee as the best on showcasing 20 cultural university events involving some 12,000 cultural Culture in place offering, first won Corps Bugle and Drum The students. (PCC) Company Dance the while competition, Indonesian an event. folk dance placed third in a Korean Culture and Community Service Culture and 12 ANNUAL REPORT 2016 Education, Bachelor of Secondary Education, BS BS Business Administration,and BSPsychology. Education, BS Secondary Biology, BS Mathematics, Applied BS Accountancy, of flagship Bachelor eight Education, campus’s the programs: BA Communication, Bachelor of Elementary to category) highest quality its (i.e., status IV Level accorded (PACUCOA) Colleges and Universities Commission on Accreditation of Association Philippine the Likewise, Development. and Excellence its businessadministrationprogramasaCenterof of Center of a as Bachelor Education) and Secondary the Education of Elementary consist of Bachelor (which programs education teacher Manila’s FEU December designated also CHED respectively, 2015, and 2016 March in Earlier 2012). of series CHED’s of 46 typology (CMO framework quality-assurance quality) stringent more (or vertical the in level highest the status, University Autonomous the (CHED) (re-)conferred bytheCommissiononHigherEducation was Manila FEU 2016, April In schools. of system FEU the for acquisition, by and organic both expansion, of as well as quality programs academic of FEU’s of year confirmations a was 2015–2016 (AY) Year Academic graduates oftheschool(see appendix). medtech, nursing, and engineering licensure examinations teachers, were architecture, 2016 and 2015 the of top-notchers the that was distinction Tech,the FEU (See Tables 4a-4d of the generally appendix). For FEU Manila and were average examinations. cohorts national the than higher as well these as improving of licensure rates passing professional The various takers of first-time its also of performance was the programs by validated academic FEU’s of quality The Management programs. BS Tourism Management and BS Hotel and Restaurant Hospitality Management (THE-ICE) in July 2015 for its Tourismin and Excellence of Centre International the Business of BS Administration programs andan associate member of Master Accountancy, and BS Administration, its for Business 2016 April in the (AACSB) of member international a as Business of Schools Collegiate Advance to received Association accepted was Manila It FEU recognition. addition, In FAR EASTERN UNIVERSITY 1313 Manila, where applicable, the report cites achievements and developments in other schools as well. All FEU tables cited can be found in the Appendices for further reference. But how did the FEU system of schools fare in the course of normal operations? In what follows, this report, like of framework the adopts last year’s, FEU’s institutional aspiration as its organizing The difference is that, instead principle. of focusing only on FEU dependents per person of working age) will be falling from about 0.6. If gainfully working employed, age will Filipinos be able of to save productivity the improve more—savings further to use can country the that of both workers and the economy, thereby spurring a the over sustained is that rate growth economic higher period. This demographic dividend, however, is not automatic, but an education-activated largesse to the country. It is brought about by developing a globally competitive workforce, which is an outcome of quality education.] On the other hand, when reform, 12 + K the of the turmoils the after stabilizes sector education footprint better and bigger a have to poised be will FEU in both basic and higher education. important as ever in order to help the country optimize country the help to order in ever as important its demographic dividend. [In the next 40 years, dependency the ratio (the number of young and elderly enrollment levels each year. [In AY 2016–2017, there will be few freshmen; in AY 2017–2018, few freshmen and sophomores; in AY 2018–2019, few sophomores and juniors; and so on.] hand, The expanding reasons: access On to the one quality education is as vision to improve access to taking a long-term strategic position in the quality education education and sector, even as it braces for period the brought five-year about transition by the addition time which during cycle, education basic the to 12 and of Grades 11 one or two year-levels of college will have insignificant Quezon City and Marikina City in the National Capital Region and Cainta, San Mateo, and Rodriguez in Rizal Province (Region 4A CALABARZON) with a total student population of about 5,000. By expanding in terms of market capacity,” share FEU is and both “plant holding true to its founder’s in September 2016 for targeted completion in 2018. in September 2016 for targeted completion Growth also came by 2016, way FEU gained of a acquisition. controlling College, In Inc, stake an May in 80-year, Roosevelt private, non-sectarian, profit educational institution, which for- has campuses in past academic year. Organically, this past came academic in year. the form preparations, of years two After schools. FEU new two of FEU High School opened its doors to 1,958 Grade 11 senior high school students for AY 2016–2017. And in November 2015, groundbreaking rites were held for FEU Alabang and building construction is set to start the University’s institutional unrelenting pursuit of commitment excellence, they also indicated to to aspiration its the realizing to way the on well is FEU that universities of the country. be among the top five Growth was the other significant development of the All these third-party substantiations signaled FEU’s academic ascendance. Not only did they underscore 14 ANNUAL REPORT 2016 of the benefits; 83 were tenured faculty and therest and faculty tenured were 83 benefits; the of avail to opted workforce the of members 149 of total A programs. gratuity retirement early two implemented the to also Manila due FEU enrollments, operations in downturn projected down scale to measure a As the challenge topursuetheirdoctoralstudies. 21accepted these, Of affiliations. departmental various disciplines that are aligned with the professors’ in grants faculty 28 with rewarded was and for applied is that faculty during the K + 12 transition period, FEU program Manila the of credentials CHED academic the improve to the intended of advantage Taking (Educational Leadership)andMA(LibraryScience). EdD Gamolo, Gia (Maria librarian university the and Padmapaniand (Biology), Perez, (Anthropology)), PhD (Arnel Concepcion, PhD (Biology), Marcos Valdez, PhD dela (Alma Cruz, PhD Finance (Business)), three university research and fellows Business, Accountancy, of Key recruits in academics were the dean of the Institute of affairs Roosevelt College(Gillian JoyceVirata). academic for vice-president and (Ann Hidalgo); Diliman FEU of operations and administration for director Dintinger), executive (Olivier Cavite FEU Manila; FEU of director in Ormillon) (Rogelio officer management risk and compliance and auditor internal and Serapio) (Renato development resource human for vice-president the included These 2015–2016. AY in filled were positions administrative key of number A Talent ManagementandDevelopment Manila’s academic programs. Manila’s academicprograms. FEU of status accreditation the show 3b and 3a Tables of levels. accreditation number upgrade and programs the accredited increase both to is continuing efforts relentless campus its flagship the Still, of years. validity a three with 2016 April on Manila FEU to status As flourishing. been has mentioned, FEU CHED conferred the autonomous front, university quality the On 2a–2d Tables year’s. provide thelevelsbyschoolandprogram. last as same the about 39,894, System-wide, total enrollment in the first-term reached show their numberbyschoolandprogram. appendix) (see 1a–1d Tables graduates. 7,273 produced schools of system FEU the 2015–2016 AY In Programs andServicesDevelopment support staff. on andoff-campustrainingstints. and (CLIP); Program Influence Leadership of Circles the work; that volunteer and forums discursive on focused activities student-organization in active engagement leaders’ student the to due was This 2013). in accomplishments 9 and 2014 in leadership-related awards 12 to (compared recorded 35 were of in student total A achievements awards, significant partnerships, research activities, and linkages. in which resulted projects, implemented pioneering and successfully plans development Development Student Student Development the than higher ranked national passingrate(seeTables 4a-4d). and improving been generally has also examinations licensure professional various of takers first-time FEU’s of performance The n ita; ia Jsc Idoa vc peiet of president vice Indiola, Jesica Micah Vietnam; in held 2016 Week Youth Korea, Meeting Asia-Europe South the and Busan, in held Forum Frontier Korea ASEAN- 6th the attended Council, Student IABF the of officer relations public Villarino, Youth Kebyn 2015; ASEAN Camp the for Thailand, Chang-Rai, to Youth CHED’s went National Yu by Nicole Philippines: the the represent to chosen or Commission Staff were Affairs leaders International student Four the of national hero. values the exhibiting for Rizal of Knights the by Philippines the of Students Rizal Model Ten the of the one as recognized was Elections, on Commission FEU of representative student Tagaan, Titus orphans. Jose Roland San de Hospicio for sessions tutorial Balay Dunong Her (TOSP). Philippines the of Students Outstanding Ten 2015 the of one as achievers of pack the leading Gaña, president of Stephanie the Institute of Maria Education Student with Council, soared leaders Student rjc poie lann sae and spaces learning provided Project FAR EASTERN UNIVERSITY 15 Green in which prominent A distinction for FEU, ARPS Director Dr. Marcon Espino Marcon Dr. Director ARPS FEU, for distinction A Placement of Association the of director as elected was Practitioners of Colleges and Universities, Inc., national organization the of placement practitioners in the Philippines. On placement included services, a 71.7% improvement in ARPS the total of number accomplishments FEU RésuméLink registrants in from AY about 2014–2015 4,600 to the about university’s database 7,900. of (RésuméLink alumni ARPS résumés partner is firms which can check to fill up vacancies.) It also reported on the initial results of the FEU QUEST (Questionnaire on Employment Tracer and which Status), had 571 was firms 95 to partnerships job-placement of number respondents. An increase also achieved. in the On behalf of the university, ARPS accepted donations from several alumni groups: P50,000 from Girls the FEU High School Integrated/Secondary 1975, Laboratory School P15,000 1969–1981, and from P10,000 from the the FEU FEU Girls It High turned School over 1976. to the FEU Educational Fund, Inc, endowment of US$50,000 for Lydia the A. Dr. an Palaypay FEUNAF USA. Project/Grant from In addition, ARPS produced five issues Alumni Newsletter and Gold Online of the alumni were featured. broadcast These included journalist Al Jamela Communication, Jazeera IAS, 2006), Chiang Kai Chek College Alindogan (AB Banking (BSC Roxas Allen Chairman Trustees of Mass Board President and CEO Maybank 1970), IABF, Finance, and 1976), School, High Boys (FEU Jr Famatigan, Herminio H&M Communication and Press Danreb department Mejia (AB head Mass Communication, IAS, 2002), and DepEd technical assistant and IAS, 2013). Awardee Michael Miatari (BS Psychology, TOSP National January 2016, University Library Viewing Room). January 2016, University Library Viewing Room). several Tamaraw Family events such as the FEU Law Alumni Association General Meeting (8 August 2015, PCC Conference Room), the Oath-Taking Ceremonies of the new set of officers of the FEU Sword Fraternity, Inc (25 August 2015, IAS Conference Room), and the FEU High School Alumni Batch 1990 meeting (28 ARPS also Nursing of assisted Institute the to various support extended It alumni activities. groups in their (IN), the FEU Nursing Alumni Foundation (FEUNAF) the stage successfully to USA FEUNAF and Philippines, IN Grand Alumni Homecoming on 18 January 2016 in hosted It anniversary. founding 60th IN’s of celebration homecoming reunions for various alumni groups. And groups. alumni various for reunions homecoming it facilitated the revival of the Institute of Education alumni association, which has since been registered with the Securities and Exchange Commission as the Eastern University IE Alumni Association, Inc. Far alumni relations: It developed a three-year Statement Aspiration FEU the strategic with aligned is that plan 2020 in which a revitalized alumni an community and intensified network of industry partnerscore pillars. formed It strengthened the open-house program for alumni, which led to six campus visits and 10 organization presidents, and campus journalism. and Placements Partnerships In AY 2015–2016, Alumni Relations and Services (ARPS) Placement achieved the following milestones in environments, predictive needs analysis, analytics managing failure, between and bridging campus the and gap workplace spot-on leadership, organizations student during the strategies K–12 in transition, student for writing business creative conflictasset, leadership a as quotient management, high emotional participate in training solutions that leveraged their skills set. A total of 24 seminars and workshops under CLIP were implemented to and academic scholars. freshman class mayors, train student leaders, Training focused on working in multicultural completed completed the China-ASEAN Youth Camp in Guiyang China. and Guangzhou, Coined after Stephen Covey’s “circle CLIP provided a venue of for learning opportunities that influence,” allowed students to actively engage in discourses and Peace Peace TAYO, learned Japanese culture JENESYS 2015 Program and in Sophia Tokyo; Centeno through the 16 ANNUAL REPORT 2016 air Aael, n Iee aoa 21. “The 2015. Latosa. Irene and Anabella, Javier, and Valdez, B. Marcos D., Kesniel Heinz Guieb, Camp Diabetes “The 2015. Josefina. Florendo, 2016. Jr. Villanueva P. Romulo and A., Selwyn Cruz, 2015. Doctolero. L. Priscila and P., Eliza Maria Cruz, Chavez, Jayson, Russel Evan L. Venturina, and Grecebio as Space “Public 2016. Rowena. Reyes, Capulong Brillon, Cherish Aileen A. 2015. “From Local to Global: and A., Limjap, A. Aguja, S. Prudente, M. J., Jr., Anito following the or articles journal chapters inbooks: included as appeared that contributions These research in increase marked publications. a saw 2015–2016 AY Research andLinkages Crossroads of Life: Understanding the Coping Research Journal ofBiologicaland Pharmaceutical Massage Method.” Massage Abdominal Abdominal by Philippine by Collected Extended Sperm Domesticus) of Gallus (Gallus Chicken Quality Native “Comparison the 2016. of Aquino. P. Flocerfida Philippine JournalofNursing Exercise of Adolescents with Type 1 Diabetes.” Publishing, 272–286. Scholars Cambridge Kingdom: United Tyne, upon Newcastle editors. Coombe, Christine Research and Practice Language Evaluation,Assessment,andTesting: In Philippines.” the in Study Case A Students: Freshman ESL and EFL of Proficiency Grammar of Level the “Assessing [SCOPUS] Research.” Practitioner-Action A Education: Graduate in Education Outcome-Based of “Articulation Philippines.” Palawan, Phytotaxa from Morindeae- of Rubiaceae Species Novel A Leonardii: “Gynochthodes 2015. Alejandro. D. Jonathan Humanity Space.” Public International Journal ofSocialScience and of Function Use, and the Meaning, Over Battle The Space: Contested Science Indexing(ISI)] the Communication and Diaspora.” Networks Filipino Broadcast Philippine Equations.” with Publishers. [SCOPUSIndexed] Playing Advanced Science Letters Physics by “Solving [2016]. Problems press In Rubi. P. 3(1):24–27. 6(3):201–207. 222(1):67–71.[ISI] Jurnal Teknologi 9 : 2202–2220. [International 2202–2220. : 9 International Journalof Crsia isk and Gitsaki Christina . Aeia Scientific American . 85(1):37–49. 7 2) 37–41. : (26) 77 Current Issuesin American iea M, . ifeo M Tdyn ad . Limjap. A. and Tudayan, M. Sinfuego, M. M., Rivera, Perez, Hector M., and Rosalito De Guzman. 2013. “Brain Limjap, A., G. Santos, M. Lapinid, L. Roleda, and J. Anito [2016]. press In Mojica. L. and Miciano, R. A., Limjap, h Isiue f conac, uies ad Finance and Business, Accountancy, of Institute the Education; of Institute Benji Kong Hong the from Dr.scholars Alviar-Martin, Tracey Chang, and Dr. Ronel King—all of Dr.whom are renowned by arebeing mentored teams of Education Institute Specifically, consultant. a by supervised being each with institutes are underway, involving research teams from different projects research To36 activities. end, research this in participation faculty improve to campaign aggressive The increase in research output is due in large part to the 2015. Nagal. A. Camille Kathrine and Torres,Melinda, In Limjap. A. and Espulgar, W. Mende, G. G., Santos, Chavez, G. Jayson P., D. John Julius Salamanes, Equality and Linear Equations.” of Understanding Students’ School YearHigh 2015. “Use of Manipulatives to Develop Second Applied Sciences Patients.” Male of Depressed and Anxious Diagnosed Processing Clinically Emotional of Lateralization American ScientificPublishers.[SCOPUS] Competitiveness.” Science for National Development and ASEAN Philippine K–12 “Gearing [2016]. press In Jr. Salle La De University PublishingHouse. Philippines: Manila, editor. Salazar-Clemeña Education: EssaysinHonorofRose Marie In The Education: and Journey.” of College the Teaching in Learning Transformative “Towards Elderly.” Filipino Philippine JournalofNursing Neglected of Strategies Tourism and Students.” Hospitality in Innovation of Journal Pacific Hospitality for Training Programs International of Assessment “An [SCOPUS] Publishers Scientific American Letters. Science Classes Physics.” Environment Education Science for General in System-Based Instruction Information Geographic the Implementing and “Designing [2016]. press Botany Letters Philippines.” del Norte, Surigao from Rubiaceae) (Guettardeae, Antirhea of D. Species New “A Jonathan 2015. Alejandro. Grecebio and Arriola, H. Axel 12 (1):30–35. 4(2):203–215. 162(3):153–156.[ISI] Counseling, Psychology, and 2 (3):20–41. . Allan Benedict I. Bernardo, I. Benedict Allan . Asian Journal of Natural and Natural Asian Journalof Advanced Science Letters. Acta BotanicaGallica: 85(2):22–33. In Intersection Advanced Asia- .
FAR EASTERN UNIVERSITY 17 have since been retablos can be declared a national retablos (NCR) and the role of implementing Service the Education Contracting (ESC) Below Program is in a summary 2015-2016. of processed the and signed off by the NCR PEAC Secretariat ESC grant applications enrolled student-grantees ESC 73,591 for 2015-2016 in in 250 ESC private high schools in NCR. Students also engaged in output-based projects such as the production of distributed mosquito in traps, Gawad which were Kalinga lights for the communities; Tau-Buid of solar Mindoro; tree-tags, which were donated to the Ninoy Aquino Life Parks Center; and and trash Wild cans and various made handicrafts out of recyclable materials and eco-bags—the adopted to donated were which of sales from proceeds communities and select partner agencies. Banking on the technical FEU expertise Manila’s of Institute the of faculty Architecture and FEU of Cavite entered Fine into a tripartite Arts, agreement with the municipal government of Silang, Cavite, and the parish pastoral council of the Nuestra Señora Cathedral de to secure Candelaria proper documentation so that the church’s 300-year old heritage artifact by the National Historical Commission. On-site measurements of the taken as the first step of conservation assessment. FEU accepted and took on the Private management of the Education Regional Assistance Secretariat in Committee the National Capital (PEAC) Region Community Extension and Outreach Services Extension and Community FEU’s commitment to service was strengthened with its growing number of partner institutions and NGOs that are engaged in volunteer work. Donations in the forms of school supplies, relief goods, and emergency from collected were million P1 about to amounting kits Way” Tamaraw’s the Back “Giving Community. FEU the helped instill among the volunteers and stakeholders the importance of paying things forward. FEU academic managers and student MalaysiaUniversiti from representatives student-council leaders hosted to discuss student development initiatives. Pahang Hospitality Education of the University of Mindanao (Davao City) as well Management as the program Hotel and College—the chair visitors’ Restaurant agenda: to of exchange notes on practices best teaching and program administration Davao Doctor’s 2015, October In management. restaurant and hotel in managers from the University of St Louis-Tuguegarao City who examined FEU’s initiatives in and processes online enrollment, e-learning, research, and outcomes-based ISO education. Later in the certification, Management Hotel and Tourism of Institute FEU year, officials received a contingent from the College of University, and Dominican University (California, USA). (California, University Dominican and University, Recognized for its academic leadership, FEU Manila is proud to be visited by delegates from universities in the Philippines and Asia for benchmarking activities. In August 2015, the university welcomed senior Memoranda of Understanding are also in the process of process the in also are Understanding of Memoranda Education, of Institute Kong Hong with finalized being Deakin University and La Trobe University (Australia), University of Brunei Darussalam, Mahidol University and Kasetsart University (Thailand), Taipei Medical University (Malaysia), National Institute of Education (Singapore), Universiti Teknologi Malaysia, University of Padjadjaran (Indonesia), Universitas Bung (Indonesia), Hatta Universidad Catolica San Murcia (Spain), National Antonio Sun Yat Sen de University and Cheng Shiu University (India), and Niagara College (Canada). (Taiwan), Amity University FEU faculty members presented their research papers. research their presented members faculty FEU To further established the enhance University Mobility academic office Linkages in April 2015. and To linkages, date,has Student the university FEU established universities: Far active East partnerships University Korea, with Taylor’s 11 the 2nd National Conference on Urban Studies (with the University of San Carlos, Cebu) and the 1st SIMPI (Sustainability Initiatives: Case Studies in Malaysia, Philippines, and Indonesia) Conference Universiti Teknologi Malaysia and (with which was held in the Johor Bahru). In both conferences, a good number of being guided by highly esteemed researchers like Dr. Manila. of the Philippines, Lorenzo of University Fe To improve the university’s FEU collaborated visibility with in other academic research, to sponsor institutions and co-host academic meetings such as team is being assisted Teknologi by Malaysia, Kuala Dr. Lumpur; Rahim and the of rest are Universiti 18 ANNUAL REPORT 2016 FEU PublicPolicy Center Community ExtensionandOutreachServices: covering moreschools. freshmen college of batch new a including by survey the of scope the expanded and sophomores become had FPPC who respondents the student the track laurels, to continued its on resting Not excellence. for Award Quill Philippine coveted a firm) relations press media attention and garnered for Eon (the university’s groundbreaking college experience on Filipino students, attracted the wide of impact The the study to is which of Millennial?” goal the study, Filipino the is “Who theme the under survey freshmen of college results the initial the presented it 2015, August 6 On Bangsamoro Initiative:ThePriceofPeace.” “The entitled Law Basic Bangsamoro the on forum convened a FPPC other the 2015, and February seminars 24 On usual activities. its held also It permits. government necessary Center the obtained Policy and foundation Public FEU research a as procedures the incorporation its completed 2015–2016, AY In TOTAL Valenzuela Taguig San Juan Quezon City Pateros Pasig Pasay Paranaque Navotas Muntinlupa Marikina Manila Mandaluyong Malabon Makati Las Pinas Caloocan • •
was increasedtoPhp18,000perrecipient. TSS subsidy for teachers of Php 12,000 per recipient was increased from Php 10,000 to Php 11,000, while student per grant (only) 7 Grade ESC 2015-2016, SY year.this increase For approved the to adjusted not OHS standsforOpenHigh School. are schedule above the in amounts Php total The CITY SCHOOLS # OFESC 250 25 51 10 14 46 13 32 9 3 1 9 8 2 9 5 9 4 # Grantees 73,242 11,352 14,172 3,931 8,525 8,135 2,122 1,081 3,120 3,238 1,625 1,692 3,216 2,795 2,719 3,302 1,420 797 ESC 732,420,000 113,520,000 141,720,000 81,350,000 21,220,000 10,810,000 31,200,000 32,380,000 16,250,000 16,920,000 32,160,000 27,950,000 27,190,000 33,020,000 14,200,000 39,310,000 85,250,000 Amt. (Php) 7,970,000 # OFGRANTEES ANDTOTAL AMOUNTOFGRANT On 17 March 2016, the FPPC held an election town hall n eriig o A 21–07 wt Gae 10 Grade with instead school high 2016–2017, senior to AY detouring completers for recruiting In to schoolsinthePhilippines. which Applica, students connects that platform web-based a provides with agreement signed of memorandum also a It available. opportunities scholarship and admission on information current most the with applicants prospective provide to website FEU the global of FEU’s Page Admissions increase the updates regularly AFA presence, To students. for market international the exploring been has AFA addition, In relationships withthem. strong forging by schools high senior “feeder” new16-strong among The presence FEU’s increase to working be 2016. will team AFA in early pattern staffing and structure office’s the reorganized university the college freshmen will be senior high school graduates, when 2018–2019 AY starting landscape recruitment student- changed radically a of challenge the confront to has (AFA) Assistance Financial and Admissions As Admissions andFinancialAssistance Operational ExcellenceinExecutionandStreamlining their share to opinions abouttherecentpresidentialelection. schools university-belt different from leaders the student for venue a The provided seminar Leader?” your is Who Series: Talk “Millennial # Grantees 349 129 200 11 0 0 0 0 0 0 0 0 0 9 0 0 0 0 OHS Amt. (Php) 3,490,000 1,290,000 2,000,000 110,000 90,000 0 0 0 0 0 0 0 0 0 0 0 0 0 # Grantees 4,099 229 109 821 170 148 136 160 197 890 157 152 145 223 409 55 60 38 TSS 49,188,000 10,680,000 Amt. (Php) 2,748,000 1,308,000 9,852,000 2,040,000 1,776,000 1,632,000 1,920,000 2,364,000 1,884,000 1,824,000 1,740,000 2,676,000 4,908,000 660,000 720,000 456,000 FAR EASTERN UNIVERSITY 19 Ang Paglalatag ng Pilipinas Ang Paglalatag . To commemorate the 71st anniversary of Improving the information and systems, services of Education applications, Technology (EdTech) was given high priority in AY 2015–2016. To support the technical and developmental upgrading of education- technology infrastructure in terms of reliability, functionality, and utility, EdTech was provided with two holdings, a notable one being a P0.5 million donation in kind, which came copyrights from 2014 to 2016. in the form of books with FEU Manila also beefed up its by digitization acquiring services four servers, flatbed an scanner, and LED TV 2 FEU Law, of Institute the of transfer the accommodate monitor, two desktop computers. a library To law the of space the increased part, its for Makati by two classrooms. In addition, the FEU Makati library replaced 20 computer units, added desks, more and computer installed an security services for both users and the collection. electronic gate to improve Bringing added distinction to library in FEU, Manila the successfully organized university two events: in partnership with the Philippine exhibit the staged it Society, Map Collectors’ sa Mapa the Fall of Manila, it showcased the Lourdes Dr. Reyes II Collection Exhibit. War Montinola World Education Technology TABLES TABLES 4a and 4b (see appendix) provide lists of the G&C programs and activities, involved. students and the number of Sheila Marie Hocson gained plaudits G&C Director Dr. for the University Secretary of the Philippine Guidance and by Counseling being Association appointed and National simultaneously, for its anti-bullying spokesperson advocacies. the She Peer Organization of the also Philippines, the official co-founded counselors in the country. association of peer Library The university library continued to build a balanced collection by applying all the usual processes, such as community analysis of needs and uses, selection and acquisition of new titles and or holdings, deselection weeding of outdated evaluation materials, in and all collection and formats electronic books). (print, Purchased for online the 2,470 volumes year amounting journals, to P6.4 were million. Gifts from friends was the other source of additions to the library departments, and student organizations, G&C provides students also with psycho-educational training workshops and seminars. therapy, cinema therapy, music therapy, de soul” and (which provides psychological “pan nourishment for body and soul), as programs well as for other support-group preventive In coordination guidance with external and partner agencies in catharsis. and collaboration with the university’s institutes, These initiatives empower students to become agents of change by championing modules provide knowledge and develop G&C the skills of causes. Training student volunteers. In addition, G&C offers creative therapies, such as art To To provide responsive, (G&C) Counseling and Guidance services, accountable dynamic, innovative, consist which (TAP), Programs Advocacy Tams the runs and of the Peer Counseling Prevention Program, Program, and the the Anti-Bullying Program. Drug Abuse decreased by 10%, to 2,294 (from 2,550) in number of recipients. terms In monetary terms, the of value of the grants amounted to P44.1 million. Guidance and Counseling specifically, to ensure a more equitable distribution assigning time same the at while grants scholarship of more weight to streamlined the application needs-based process and conducted financialstricter screening procedures. aid—AFA Compared to AY 2014–2015, scholarship grants Moreover, AFA is preparing to revise the Admissions Manual to account for the abnormal conditions of AY 2017–2018. 2016–2017 and AY To improve its financial assistance services— to include room-to-room campaigns in FEU schools to to schools FEU in campaigns room-to-room include to make students as university’s ambassadors and help conduct presentations in career talks and fairs in the Greater Metro Manila area as well as Bulacan, Cavite, and Laguna. This targeted high school graduates of not gone to college. earlier years who had schools with DepEd-approved K-12-ready programs, graduates of the ten-year basic education program of AY 2014–2015 or earlier, passers of colleges other from the transferees and exam, equivalency high-school and universities were eligible for college. To address this problem, AFA expanded its articulation activities of proceeding to college, faced AFA a severely reduced market demand in which only graduates of a few high 20 ANNUAL REPORT 2016 markers, LAN connections and electrical plugs; plugs; electrical were alsoprocuredforutilizationintheseclassrooms. and cables, connections interactive switcher; and wifi access. Forty VGA chromebooks LAN with markers, tables lapel interactive monitors; microphones; LED following projector; interactive the with features: with outfitted were infrastructure They communications EdTech. were for environment constructed learning to collaborative designed a classrooms provide interactive two Moreover, procured aspartoftheenhancements. laboratory—were computer Makati’s FEU in deployed 150 addition, In units of Lenovo desktop computers—41 of which were servers. application and web new click ofusers’mobiledevices. and one paintings within events PCC-organized of all and sculptures, trove treasure campus, art-deco schools and cultural organizations. The app sets FEU’s among kind its of application audience-development it soft-launched the FEU Cultural App, the only mobile awareness for FEU Manila’s “living-museum” campus, increase help To projects. special three had PCC The groups oftheuniversity. for cultural six areas the for storage houses and meetings, that rehearsals, theater multi-use PCCCenter, a 200-seat a with provided finally was it that was PCC the for development significant more a Perhaps the by staged offerings President’s CommitteeonCulture(PCC)thisyear. cultural of cornucopia Table 5a (see appendix) lists the (as always) impressive President’s CommitteeonCulture s h Sn eata Bslc, oa e eh, Calle Leche, de Gota Basilica, Sebastian San the as to such Quiapo, tours and Sampaloc in their sites heritage include expanded Guides FEU the addition, art, of works FEU’s including particular appreciate and museums among thetopfiveuniversitiesofcountry. be to aspiration institutional its to closer ever moving is it that confident and prospects FEU’s about optimistic am I are that initiatives many the currently being undertaken will of not be seen for many impact years, full the While and theFilipinopeople. country the of service the in institutions academic of K–12 the of system a as better and stronger out even period transition comes it that ensure building—to capacity in as well as development and is management it Strategically, years. two taking innovative and well-considered steps—in next talent the over least at education higher in enrollments in downturn the for In sum, FEU appears to be flourishing even as it braces Summary PCC that group cultural dispensed inAY 2015–2016. by grants, scholarship service- of number reports appendix) (see 5b TABLE Hidalgo, andBahayNakpilBautista. Tamaraw e kd ectd bu visiting about excited kids Museum get to Foundation the Jollibee and Inc., Philippines, the of of Foundation project a Newseum, in participation FEU’s facilitated also PCC the services, outreach community its of part a as awareness cultural Extending university by administrators. noted to duly presented and were team improved. HBS be The recommendations of the may cultural PCC’s offerings in attendance Community’s FEU the how to study assigned of were who team students (HBS) a School Business hosted Harvard also PCC President, Far EasternUniversity y ee d Gza. In Guzman. de Peter by Michael M.Alba FAR EASTERN UNIVERSITY 21 22 ANNUAL REPORT 2016 FAR EASTERN UNIVERSITY 23 24 ANNUAL REPORT 2016 FAR EASTERN UNIVERSITY 25 7,931,610 6,769,756 2,238,847 3,733,100 ) 14,433,500 47,465,839 12,763,501 14,569,321 13,095,621 20,352,881 13,630,418 42,077,941 559,584,420 363,282,079 131,526,860 226,482,865 579,407,538 552,556,482 476,094,579 634,269,481 846,936,083 880,919,382 1,379,723,038 6,538,259,729 8,053,448,592 5,158,536,691 1,765,336,184 3,046,212,408 5,007,236,184 8,053,448,592 3,914,179,071 1,515,188,863 1,376,863,400 3,743,328,450
P 2014 P
P P
(
6,726,839 6,645,677 8,097,018 10,949,072 46,510,369 29,812,454 33,591,271 13,793,018 55,481,307 33,855,641 ) 887,447,257 538,195,294 131,526,860 202,013,495 751,289,327 688,955,389 422,640,557 647,176,278 136,401,540 1,629,470,847 7,518,830,301 9,090,879,147 5,889,359,454 2,045,219,220 3,804,402,126 5,286,477,021 9,090,879,147 4,192,338,598 1,516,567,539 1,572,048,846 1,651,435,400 4,135,378,155
P 2015 P
P P - -
(
9,575,440 6,656,734 8,063,668 4,360,135 11,840,122 18,072,300 66,763,560 51,164,589 14,042,052 33,855,641 ) 44,997,346 652,219,771 121,613,876 212,615,124 602,275,911 450,192,695 563,137,344 747,851,800 704,013,177 722,415,364 1,651,579,396 8,220,780,899 9,691,048,063 6,569,201,503 1,089,584,537 2,151,377,898 4,227,411,206 5,463,636,857 9,691,048,063 4,423,746,294 1,470,267,164 1,651,435,400 4,906,624,398
P
2016 P
P P -
(
(Amounts in Philippine Pesos) (Amounts 8 9 9 11 12 13 17 18 10 11 14 15 16 23 18 23 24 25 25 11 25 10, 13 19, 24 Notes MARCH 31, 2016, 2015 AND 2014 MARCH 31, 2016, 2015 CONSOLIDATED STATEMENTS OF FINANCIAL POSITION OF FINANCIAL STATEMENTS CONSOLIDATED THE FAR EASTERN UNIVERSITY, INCORPORATED AND SUBSIDIARIES AND INCORPORATED UNIVERSITY, EASTERN THE FAR company of parent owners equity to attributable Total interests Non-controlling and cash equivalents Cash - net and other receivables Trade assets financial Available-for-sale held-for-sale Real estate assets - net Other current Trade and other receivables - net other receivables and Trade other payables and Trade loans Interest-bearing liability Derivative revenues Deferred tax payable Income Available-for-sale financial assets Available-for-sale in an associate Investment Property - net and equipment property - net Investment tax assets - net Deferred Other non-current assets Interest-bearing loans Interest-bearing Deferred tax liabilities - net Deferred Other non-current liabilities Equity attributable to owners of the parent company of the parent owners to attributable Equity TOTAL LIABILITIES AND EQUITY TOTAL Equity Total
T S A S S E CURRENT ASSETS Total Current Assets Current Total NON-CURRENT ASSETS Liabilities Current Total LIABILITIES AND EQUITY CURRENT LIABILITIES Assets Non-current Total ASSETS TOTAL
NON-CURRENT LIABILITIES Total Non-current Liabilities Non-current Total
Total Liabilities Total cost - at stock Treasury reserves Revaluation Retained earnings EQUITY stock Capital 26 ANNUAL REPORT 2016 Earnings Per Share Attributable to: NET PROFIT TAX EXPENSE BEFORE TAXPROFIT OTHER CHARGES OTHER INCOME FINANCE COSTS FINANCE INCOME OPERATING INCOME COSTS ANDOPERATING EXPENSES
Other schoolfees Other Tuition fees -net REVENUES Basic andDiluted Basic Non-controlling interests oftheparentOwners company Other operatingOther income Management fees Rental Educational THE FAR EASTERNUNIVERSITY, INCORPORATED ANDSUBSIDIARIES FOR THE YEARS ENDEDMARCH31,2016,2015AND2014 CONSOLIDATED STATEMENTS OFPROFITORLOSS Notes 26 23 14 17 21 21 20 24 16 19
(Amounts inPhilippinePesos) P P
P P ( (
P 2016
1,224,898,618 3,066,344,176 1,166,023,155 1,224,898,618 1,383,237,037 1,151,015,059 1,915,329,117 2,918,585,383 2,847,941,948 158,338,419 171,949,548 124,073,069 58,875,463 71,999,234 11,656,699 ) 20,449,880 70,643,435 3,235,844 70,105 ) 70.89
P P P P ( (
P 2015
1,078,162,296 2,778,467,058 1,028,967,513 1,078,162,296 1,228,239,357 1,005,585,569 1,772,881,489 2,611,997,935 2,518,541,215 150,077,061 221,596,123 117,937,492 49,194,783 51,219,404 50,118,822 ) 43,494,910 93,456,720 5,036,721 42,917 ) 62.48
P P P P ( (
P 2014
2,448,192,464 1,030,926,983 1,618,887,807 2,282,168,459 2,208,746,459 902,817,204 855,024,656 902,817,204 128,109,779 223,421,624 829,304,657 47,792,548 13,362,850 35,085,309 ) 12,253,788 55,358,978 98,411,239 73,422,000 76,839 ) 51.89
FAR EASTERN UNIVERSITY 27 44,421,859 47,792,548 902,817,204 182,030,211 ) 137,608,352 ) 765,208,852 717,416,304 765,208,852
2014 P ( ( P P P
86,555,138 ) 94,323,599 49,194,783 180,878,737 1,078,162,296 1,172,485,895 1,123,291,112 1,172,485,895
2015 P (
P P P
53,689,984 ) 38,385,706 ) 92,075,690 ) 58,203,967 1,224,898,618 1,132,822,928 1,074,618,961 1,132,822,928
2016 P ( ( ( P P P
11 Notes (Amounts in Philippine Pesos) (Amounts FOR THE YEARS ENDED MARCH 31, 2016, 2015 AND 2014 THE FOR CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME OF COMPREHENSIVE STATEMENTS CONSOLIDATED THE FAR EASTERN UNIVERSITY, INCORPORATED AND SUBSIDIARIES INCORPORATED EASTERN UNIVERSITY, THE FAR Item that will be reclassified subsequently will be reclassified that Item of tax - Net Income (Loss) Other Comprehensive company Owners of the parent interests Non-controlling
NET PROFIT to profit or loss profit to financial gains on available-for-sale value Fair assets - net of tax gains (losses) during the year value Fair or loss to profit gains reclassified value Fair OTHER COMPREHENSIVE INCOME (LOSS) INCOME COMPREHENSIVE OTHER
INCOME COMPREHENSIVE TOTAL
Attributable to: Attributable
28 ANNUAL REPORT 2016
THE FAR EASTERN UNIVERSITY, INCORPORATED AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR THE YEARS ENDED MARCH 31, 2016, 2015 AND 2014 (Amounts in Philippine Pesos)
Attributable to Owners of the Parent Company Treasury Stock Revaluation Retained Earnings Non-controlling Capital Stock - at Cost Reserves (See Note 25) Interests (See Note 25) (See Note 25) (See Note 11) Appropriated Unappropriated Total (See Note 25) Total Equity
Balance at April 1, 2015 P 1,651,435,400 ( P 33,855,641 ) P 136,401,540 P 2,034,503,100 P 2,100,875,055 P 4,135,378,155 P 1,629,470,847 P 7,518,830,301
Transactions with owners Cash dividends - - - - ( 394,776,912 ) ( 394,776,912 ) ( 36,095,418 ) ( 430,872,330 ) Appropriations of retained earnings Appropriations for the year - - - 707,500,000 ( 707,500,000 ) - - - Reversal of appropriations during the year - - - ( 168,270,000 ) 168,270,000 ------539,230,000 ( 539,230,000 ) - - - Total comprehensive income (loss) Net profit for the year - - - - 1,166,023,155 1,166,023,155 58,875,463 1,224,898,618 Other comprehensive loss - - ( 91,404,194 ) - - - ( 671,496 ) ( 92,075,690 ) - - ( 91,404,194 ) - 1,166,023,155 1,166,023,155 58,203,967 1,132,822,928
Balance at March 31, 2016 P 1,651,435,400 ( P 33,855,641 ) P 44,997,346 P 2,573,733,100 P 2,332,891,298 P 4,906,624,398 P 1,651,579,396 P 8,220,780,899
Balance at April 1, 2014 P 1,376,863,400 ( P 3,733,100 ) P 42,077,941 P 2,055,433,100 P 1,687,895,350 P 3,743,328,450 P 1,379,723,038 P 6,538,259,729
Transactions with owners Issuance of shares of stock ------240,000,000 240,000,000 Acquisition of treasury stock - ( 30,122,541 ) - - - - - ( 30,122,541 ) Stock dividend 274,572,000 - - - ( 274,572,000 ) ( 274,572,000 ) - - Cash dividends - - - - ( 362,345,808 ) ( 362,345,808 ) ( 36,117,570 ) ( 398,463,378 ) Reduction in non-controlling interest ------( 3,329,404 ) ( 3,329,404 ) 274,572,000 ( 30,122,541 ) - - ( 636,917,808 ) ( 636,917,808 ) 200,553,026 ( 191,915,323 ) Appropriations of retained earnings Appropriations for the year - - - 35,800,000 ( 35,800,000 ) - - - Reversal of appropriations during the year - - - ( 56,730,000 ) 56,730,000 ------( 20,930,000 ) 20,930,000 - - - Total comprehensive income Net profit for the year - - - - 1,028,967,513 1,028,967,513 49,194,783 1,078,162,296 Other comprehensive income - - 94,323,599 - - - - 94,323,599 - - 94,323,599 - 1,028,967,513 1,028,967,513 49,194,783 1,172,485,895
Balance at March 31, 2015 P 1,651,435,400 ( P 33,855,641 ) P 136,401,540 P 2,034,503,100 P 2,100,875,055 P 4,135,378,155 P 1,629,470,847 P 7,518,830,301
FAR EASTERN UNIVERSITY 29
2014 31, March at Balance 2,055,433,100 P 42,077,941 P ) 3,733,100 P ( 1,376,863,400 P 6,538,259,729 P 1,379,723,038 P 3,743,328,450 P 1,687,895,350 P
- ) 137,608,352 ( - - 765,208,852 47,792,548 855,024,656 855,024,656
loss comprehensive Other - ) 137,608,352 ( - - ) 137,608,352 ( - - -
year the for profit Net - - - - 902,817,204 47,792,548 855,024,656 855,024,656
Total comprehensive income (loss) income comprehensive Total
426,700,000 ------) 426,700,000 (
year the during appropriations of Reversal ) 5,800,000 ( ------5,800,000
year the for Appropriations 432,500,000 ------) 432,500,000 (
Appropriations of retained earnings retained of Appropriations
- - - - 108,504,819 479,250,000 ) 370,745,181 ( ) 370,745,181 (
declared Dividends - - - - ) 370,745,181 ( - ) 370,745,181 ( ) 370,745,181 (
stock of shares of Issuance - - - - 479,250,000 479,250,000 - -
Transactions with owners with Transactions
2013 1, April at Balance 1,628,733,100 P 179,686,293 P ) 3,733,100 P ( 1,376,863,400 P 5,664,546,058 P 852,680,490 P 3,259,048,975 P 1,630,315,875 P
11) Note (See 25) Note (See 25) Note (See Unappropriated Appropriated Equity Total 25) Note (See Total
Reserves Cost at - Stock Capital 25) Note (See Interests
Revaluation Stock Treasury Earnings Retained Non-controlling Non-controlling
Company Parent the of Owners to Attributable
- 2 - 2 - 30 ANNUAL REPORT 2016 Forward
FLOWSCASH FROMINVESTINGACTIVITIES
Increase (decrease) liabilities inothernon-current Increase indeferred revenues Increase (decrease) inderivative liability Increase (decrease) intrade andotherpayables Decrease (increase) inothercurrent assets
Increase inreal estate held-for-sale Decrease (increase) intrade andotherreceivables Unrealized foreign exchange losses(gains)-net
Interest income Impairment lossesonreceivables from related parties Depreciation andamortization Share innetlossesofanassociate FLOWSCASH FROMOPERATING ACTIVITIES Interest expense
Net Cash Used inInvesting Activities Proceeds andequipment from disposalofproperty Advances from related parties Advances granted to related parties Acquisitions ofinvestment properties Collections ofadvances to related parties Interest received Net investment onavailable-for-sale financialassets Acquisitions of property andequipmentAcquisitions ofproperty Net Cash From Operating Activities Income taxes paid Cash generated from operations Operating profit before workingcapital changes Adjustments for: Profit before tax Other investmentOther income from available-for-sale financialassets THE FAR EASTERNUNIVERSITY, INCORPORATED ANDSUBSIDIARIES FOR THE YEARS ENDEDMARCH31,2016,2015AND2014 CONSOLIDATED STATEMENTS FLOWS OFCASH
(Amounts inPhilippinePesos) Notes
24 24 16 24 15 21 21 21 20 14 21 21
( - - ( (
( ( (
- ( ( - ( (
( -
P
2016 (
1,043,507,889 1,141,648,055 1,484,373,765 1,383,237,037 421,935,917 147,713,114 217,968,211 ) 333,246,291 ) 214,350,474 ) 140,334,630 ) 118,254,585 ) 272,615,272 35,570,042 ) 57,234,963 ) 74,370,475 98,140,166 20,253,191 27,561,385 ) 26,133,578 ) 8,542,831 )
249,034 400,899 70,105 )
)
( - ( ( ( ( (
( 138,219,985 - ( ( - P 2015 (
1,262,071,772 1,396,527,730 1,288,218,428 1,228,239,357 564,744,441 215,698,568 600,066,483 ) 134,455,958 117,582,349 ) 216,597,678 26,934,928 86,645,801 ) 71,027,801 ) 19,490,981 69,128,833 ) 31,941,048 14,433,500 ) 22,118,858 14,929,392 69,699,689 ) 35,189,430 89,197,997 )
162,600 42,917 )
)
(
- ( ( ( ( ( ( ( ( (
P 2014 (
1,128,431,887 1,202,798,280 1,337,229,885 1,030,926,983 133,315,204 ) 225,735,693 ) 785,367,171 ) 134,431,605 236,414,132 956,460,920 126,315,197 ) 146,856,813 30,537,540 ) 38,870,848 14,433,500 80,332,004 36,689,243 ) 80,712,423 18,428,746 ) 78,677,681 ) 7,625,547 3,323,385 8,889,534 1,067,645
954,264 27,326 76,839 ) ) ) FAR EASTERN UNIVERSITY 31 86,664
7,421,452 ) 56,981,515 31,804,701 ) 479,250,000 338,059,095 559,584,420 349,933,094 ) 147,072,268 221,525,325
- P ( P ( ( - 2014
- 352,092 ) 2,171,650 ) 35,189,430 ) 30,122,541 ) 135,090,424 ) 406,538,357 ) 559,584,420 887,447,257 366,940,752 ) 330,034,487 240,000,000
( ( ( ( P ( P ( 2015 (
978,010 19,990,694 ) 688,958,043 ) 887,447,257 391,463,964 ) 420,412,701 ) 202,137,280 680,000,000 1,089,584,537
- P ( P ( ( - - ( 2016
- 2 -
1 18 18 25 25 15 24 Notes Investment Property15 and 16). (see Notes Investment 15). million in 2016 and P30.7 million in 2014 (see Note P19.6 to amounting costs borrowing capitalized Group The 1). (see Note deconsolidated was (SPARC) Inc. - FRC SportsTMC Medicine Center, and Physical Performance In 2015, 25). P274.6 million in 2015 (see Note to or equivalent dividend, and issued 20% stock declared University The In 2016, 2015 and 2014, the University declared cash dividends totaling P394.8 million, P362.3 million and P370.7 million, respectively, of which, of which, P394.8 million, P362.3 million and P370.7 million, respectively, cash dividends totaling declared In 2016, 2015 and 2014, the University 17 and 25). (see Notes of declaration not paid in the year were P11.9 million, P6.0 million and P10.8 million, respectively, certain Real Moreover, Property Propertyto Equipment. and Investment from reclassified In 2016, certain P103.9 million was to assets amounting Property 15 and 16). Notes (see to Investment reclassified P9.9 million was Sale to for Held amounting Estate to Property Equipment and from reclassified were In 2015 and 2014, certain respectively, P154.8 million and P12.9 million, to assets amounting of treasury shares Acquisition 4) 5) 6) AT END OF YEAR END OF AT 1) 2) 3) Net Cash From (Used in) Financing Activities in) Financing (Used From Cash Net YEAR BEGINNING OF AT Repayments of interest-bearing loans interest-bearing of Repayments loans of interest-bearing Proceeds Dividends paid paid Interest a to shares of preferred issuance from Proceeds on Cash and Cash Equivalents CASH CASH AND EQUIVALENTS
CASHCASH AND EQUIVALENTS Activities: and Financing on NoncashSupplemental Investing Information CASH CASH AND EQUIVALENTS CASH FLOWS FROM FINANCING ACTIVITIES FROM FINANCING CASH FLOWS party management related under common
Effect of Exchange Rate Changes Rate Effect of Exchange NET INCREASE IN of a Effect of Deconsolidation Subsidiary 32 ANNUAL REPORT 2016 Earnings pershare Returnonequity Returnonassets Equity-to-asset ratio ratio Debt-to-asset ratio Debt-to-equity ratio Quick Current ratio /liquidity TEST OFPROFITABILITYrefers to theGroup's earningcapacity. This includestheGroup's to ability RATIOSLIQUIDITY measures theGroup's to liabilitiesasthesefalldue. pay ability itsshort-term SOLVENCY RATIOSSOLVENCY measures theGroup's to pay ability allitsliabilities, bothcurrent andnon-current, Earnings pershare -netincome dividedby oustandingcommon shares Return -netincome onequity dividedby total stockholders' equity Return onassets-netincome dividedby total assets income inrelation to total investment. Equity-to-asset ratioEquity-to-asset -total dividedby stockholders' total equity assets ratio -totalDebt-to-asset libilitiesdividedby total assets ratio -total libilitiesdividedby total stockholders'Debt-to-equity equity horizon. ratio -quickassets(cashQuick equivalents, andcash marketable andaccounts securities receivables) dividedby current Current ratio -current assetsdividedby current liabilities liabilities THE FAR EASTERNUNIVERSITY, INCORPORATED ANDSUBSIDIARIES March 31,2016,2015and2014 Financial Soundness Indicators Financial Soundness 2016 P 70.89 15% 13% 0.85 0.15 0.18 5.37 5.65
2015 P 62.48 14% 12% 0.83 0.17 0.21 2.36 2.51
earn reasonable amount of
over alongertime 2014 P 51.89 14% 11% 0.81 0.19 0.23 4.45 4.80 FAR EASTERN UNIVERSITY 33 34 ANNUAL REPORT 2016 FEU AlabangGroundbreaking Ceremony November 11,2015-FEUBlock, SouthCorporateAvenue, corner CorporateWoods Avenue,FilinvestAlabang FAR EASTERN UNIVERSITY 3535 Nicanor Reyes Street, Sampaloc, Manila Street, Sampaloc, Nicanor Reyes Far Eastern University High School Building Facade Eastern University High Far 36 ANNUAL REPORT 2016 FAR EASTERN UNIVERSITY 3737
FAR EASTERN UNIVERSITY 37 38 ANNUAL REPORT 2016 Accounts, Business and Finance won the Best Paper AwardintheInternationalStudentConference the won Finance and Business Accounts, Hanz Benjamin C. Gepty, Justin Emile P. Lalata and Japhet Louis O. Tantiangco from the Institute of of Hanz BenjaminC.Gepty,JustinEmileP. LalataandJaphetLouisO.Institute Tantiangcothe from on Asia-AfricaStudies(ISCAAS)heldOctober,16-182015inBandung,Indonesia. IABF Team winsBestpaperawardinIndonesia Ang Paglalatag ngPilipinas saMapaExhibit June 30,2015-GroundFloor, NicanorReyes Hall FAR EASTERN UNIVERSITY 39 Corporate Secretary/ Member Chair President Member Member - - - - -
Juan Miguel R. Montinola Mr. Aurelio R. Montinola III Mr. Michael M. Alba Dr. Jose Ms. Angelina P. Tan Y. Paulino Dr. Executive C0mmittee