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2005 ANNUAL REPORT57Changes in the held-to-maturity account are summarized below:ConsolidatedParent2005 2004 2005 2004Balance at beginning of year P 26,185,668 P 43,569,302 P 24,078,260 P 41,025,729Additions 95,241,443 31,194,832 91,775,399 29,507,430Maturity ( 89,746,344) ( 48,597,181) ( 86,832,687) ( 46,449,617)Foreign currency revaluation ( 587,795) 621,090 ( 562,256) 597,092Impairment during the year ( 51,330) ( 602,375) ( 51,330) ( 602,374)Balance at end of year P 31,041,642 P 26,185,668 P 28,407,386 P 24,078,260The fair values of the held-to-maturity investments are as follows:ConsolidatedParent2005 2004 2005 2004Government debt securities P 30,658,079 P 17,969,644 P 27,976,020 P 15,934,141Other debt securities 2,044,255 6,180,189 2,044,255 6,180,189P 32,702,334 P 24,149,833 P 30,020,275 P 22,114,330The fair value is determined through valuation techniques by determining the net present value of estimated future cash flows. Interestrates on these investments range from 4% to 16.50% per annum in 2005 and 3.44% to 18% per annum in 2004.10. LOANS AND OTHER RECEIVABLESThis account consists of the following:ConsolidatedParent2005 2004 2005 2004Receivables from customers:Loans and discounts P 69,360,516 P 53,938,850 P 73,674,314 P 53,941,594Customers’ liabilities under letters of credit andtrust receipts 10,047,366 7,422,671 10,047,367 7,422,670Bills purchased 1,893,204 1,958,434 1,893,204 1,958,434Others 1,523,459 565,545 - -82,824,545 63,885,500 85,614,885 63,322,698Allowance for impairment losses ( 4,337,917) ( 3,605,076 ) ( 4,279,222) ( 3,590,435)Net 78,486,628 60,280,424 81,335,663 59,732,263Other receivables:Interbank loans receivables 17,237,492 9,153,376 18,299,086 10,279,978Securities purchased under reverse repurchaseagreements 4,325,000 2,396,000 975,000 1,100,000Accrued interest receivable 2,893,241 2,431,155 2,585,330 2,431,155Accounts receivable 1,383,885 2,167,185 1,353,661 1,613,610Sales contract receivables 352,311 483,461 352,321 483,46326,191,929 16,631,177 23,565,398 15,908,206Allowance for impairment losses ( 563,680) ( 370,804 ) ( 563,679) ( 370,804)Net 25,628,249 16,260,373 23,001,719 15,537,402P 104,114,877 P 76,540,797 P 104,337,382 P 75,269,665Interbank loans receivables include the host contract of credit-linked deposits (CLD) while the embedded credit default swaps werebifurcated and presented separately from the CLD (see Note 7). A CLD is an instrument under which the issuer/deposit-taker issues acertificate of deposit to the investor wherein both parties agreed that in the occurrence of a credit event in relation to the referenceentity, the CLD accelerates and the depositor is delivered the defaulted asset of the reference entity, or paid a net settlement amountequal to the market price of the defaulted asset or reference obligation adjusted for any transaction unwind costs.