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66 BANCO DE OROOther operating expenses consist of the following:ConsolidatedParent2005 2004 2005 2004Advertising P 269,074 P 87,000 P 157,868 P 29,982Representation and entertainment 190,483 159,470 150,928 134,741Management and other professional fees 134,114 46,508 123,682 32,669Repairs and maintenance 133,045 130,761 123,222 117,995Power, light and water 116,616 93,481 91,437 72,624Banking fees 106,504 88,000 102,000 88,000Travelling 100,928 79,923 91,443 72,413Supplies 94,966 94,387 71,222 66,298Amortization of deferred charges 5,286 54,431 5,286 54,431Miscellaneous 608,397 225,368 478,355 202,763P 1,759,413 P 1,059,329 P 1,395,443 P 871,91620. EMPLOYEES BENEFITSExpenses recognized for employee benefits are presented below:ConsolidatedParent2005 2004 2005 2004Salaries and wages P 1,505,471 P 1,193,265 P 1,363,928 P 1,079,829Bonuses 384,066 311,539 371,329 303,745Retirement - defined benefit plan 70,846 66,608 66,958 61,611Social security costs 58,728 46,033 56,545 44,471Other benefits 89,864 62,563 75,729 51,549P 2,108,975 P 1,680,008 P 1,934,489 P 1,541,205The Group maintains a tax-qualified, noncontributory retirement plan that is being administered by a trustee covering all regular fulltimeemployees.The Group obtained an updated actuarial valuation as of January 1, 2004 to ascertain its transitional liability as of that date in accordancewith PAS 19, Employee Benefits. The Group’s transition to PAS 19 is discussed in Note 2. Actuarial valuations are made every two yearsto update the retirement benefit costs and the amount of contributions.The amounts of retirement benefit asset recognized and recorded as part of Other Resources account in the statements of condition aredetermined as follows:ConsolidatedParent2005 2004 2005 2004Present value of the obligation (P 645,394) (P 473,755 ) (P 607,021) (P 450,205)Fair value of plan assets 796,356 510,203 750,005 471,177Excess of plan assets 150,962 36,448 142,984 20,972Unrecognized actuarial losses (gains) 34,270 ( 13,481 ) 23,119 ( 16,774)Retirement benefit asset P 185,232 P 22,967 P 166,103 P 4,198The amounts of retirement benefits recognized in the statements of income are as follows:ConsolidatedParent2005 2004 2005 2004Current service costs P 53,499 P 53,306 P 49,246 P 50,181Interest costs 68,220 51,666 64,830 49,794Expected return on plan assets ( 51,020) ( 38,364 ) ( 47,118) ( 38,364)Net actuarial losses recognized 147 - - -Retirement benefits P 70,846 P 66,608 P 66,958 P 61,611