2011 Annual Report - BDO

STATEMENT OF MANAGEMENT’SRESPONSIBILITY FORFINANCIAL STATEMENTSThe management of BDO Private Bank, Inc. is responsible for the preparation and fairpresentation of the financial statements for the years ended December 31, 2011 and 2010in accordance with financial reporting standards in the Philippines for banks.This responsibility includes designing and implementing internal controls relevant tothe preparation and fair presentation of financial statements that are free from materialmisstatement, whether due to fraud or error, selecting and applying appropriate accountingpolicies, and making accounting estimates that are reasonable in the circumstances.The Board of Directors reviews and approves the financial statements and submits the same tothe stockholders of the Bank.Punongbayan & Araullo, the independent auditors appointed by the stockholders, hasexamined the financial statements of the Bank in accordance with Philippine Standards onAuditing and has expressed its opinion on the fairness of presentation in its report to theBoard of Directors and stockholders, upon completion of such examination.TERESITA T. SYCHAIRMAN OF THE BOARDJOSEFINA N. TANPRESIDENTAGNES B. SANTOSFIRST VICE PRESIDENT / HEAD – FINANCIAL CONTROL