2011 Annual Report - BDO

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OUR COMMITMENTOur commitment to provide the best financial service to our clients requires usto be prudent in our design of financial solutions. We undertake to renderproper due diligence, objective valuation and full disclosure of materialinformation. Through this process, we apply global standards in creatingactive markets for instruments we sponsor and offer to our clients.Our product offerings are based on an open product architecture model,where clients are offered the best available products regardless ofprovider, an approach geared towards delivering the highest possiblereturns to each of our client groups.In all these, we anchor our commitment on a solid base, a sound balancesheet and a strong team of professionals.TO CLIENTS:• Deliver high value products and quality service• Offer innovative solutions to specific needs• Provide timely advice and investment/market informationTO SHAREHOLDERS:• Maximize return on investment• Manage our business with the highest professional,ethical and moral standards• Pursue opportunities that improve shareholder valueTO ASSOCIATES:• Create a responsive environment that promotes teamwork• Recognize individual worth and contribution• Maintain and enhance the intellectual capital of our associates throughrigorous and relevant training and educationwww.bdo.com.ph 3
MESSAGE FROM THECHAIRPERSONDEAR CLIENTS AND SHAREHOLDERS,Our wealth management and advisory business performed well and delivered the targetedresults in <strong>2011</strong>. Our assets under management (AUM) increased by 22% and we ended the yearwith a healthy profit.As a testament to our open architecture platform, even with the low interest rate environmentand squeeze of spreads in the financial markets, we were able to achieve better than marketreturns for our clients by accessing products appropriate to their risk-appetite. For clients whosought wealth protection and preservation amidst life’s uncertainties, they have chosen ourbespoke trust engagements to address their specific needs.The Bank’s capability to establish itself as a true wealth management house would be driven byour incessant focus on growing our wealth management business, the expertise of our peopleand your continued trust. We believe we are on the right track as our pioneering achievementscontinue to earn recognitions from respected foreign publications such as Euromoney,FinanceAsia, The Asset and Alpha Southeast Asia.We remain steadfast in our vision and mission to assist you in growing and protecting yourwealth, and ensuring that your beneficiaries enjoy the fruits of your life’s work.I would like to thank you for the trust and confidence in <strong>BDO</strong> Private Bank. Your continuedsupport and loyalty drive our success and growth.Sincerely,Teresita T. Sy
Page 2 and 3: TABLE OFCONTENTS246Corporate Missio
Page 6: We remain steadfast in our vision a
Page 10 and 11: The Storywww.bdo.com.ph 9
Page 12 and 13: • Execution. If you are more of a
Page 14 and 15: ELIZABETH T. SY,Director59 years ol
Page 16: ADVISERSHarley T. Sy Ian T. Fish Ra
Page 19 and 20: CORPORATEGOVERNANCEBDO Private Bank
Page 21 and 22: CORPORATEGOVERNANCEChairman: Nestor
Page 24 and 25: Awardswww.bdo.com.ph 23
Page 26 and 27: Best Private Bankin the Philippines
Page 28 and 29: REPORT OFINDEPENDENT AUDITORSTHE BO
Page 30 and 31: STATEMENTS OFINCOMEFOR THE YEARS EN
Page 32 and 33: STATEMENTS OFCHANGES IN EQUITYFOR T
Page 34 and 35: www.bdo.com.ph 33
Page 36 and 37: 2.01 Basis of Preparation of Financ
Page 38 and 39: 2010Notes FRSP Difference PFRSChang
Page 40 and 41: Bank is not subject to minimum fund
Page 42 and 43: losses on AFS, can be reclassified
Page 44 and 45: i. only in rare circumstances and i
Page 46 and 47: together with the host contract wit
Page 48 and 49: If there is objective evidence that
Page 50 and 51: Bills payable are recognized initia
Page 52 and 53: In considering each possible relate
Page 54 and 55:
translated into the Bank’s presen
Page 56 and 57:
Deferred tax is provided, using the
Page 58 and 59:
• The Risk Management Unit is res
Page 60 and 61:
2.15.02.01 Foreign Exchange RiskThe
Page 62 and 63:
The following table shows the amoun
Page 64 and 65:
2011More MoreOne to than three than
Page 66 and 67:
2010More MoreOne to than three than
Page 68 and 69:
The following table sets out the cr
Page 70 and 71:
December 31, 2010Loans - Trading an
Page 72 and 73:
The Bank’s lead regulator, the BS
Page 74 and 75:
3. CRITICAL ACCOUNTING ESTIMATES AN
Page 76 and 77:
Details of impairment losses (recov
Page 78 and 79:
payable) with repricing frequencies
Page 80 and 81:
and any resulting impairment loss c
Page 82 and 83:
from 0.0% to 9.13% per annum in 201
Page 84 and 85:
6.01 Collateralized Debt Obligation
Page 86 and 87:
P9,483,508 in 2011 and 2010, respec
Page 88 and 89:
this transaction amounted to P84,58
Page 90 and 91:
In 2010, the Bank has assessed two
Page 92 and 93:
A reconciliation of the carrying am
Page 94 and 95:
Interest rates on deposit liabiliti
Page 96 and 97:
14. ACCRUED TAXES AND OTHER LIABILI
Page 98 and 99:
15.05 Surplus ReserveIn compliance
Page 100 and 101:
Changes in the present value of the
Page 102 and 103:
Assumptions rgarding future mortali
Page 104 and 105:
21. TAXES21.01 Current and Deferred
Page 106 and 107:
The Bank is subject to MCIT which i
Page 108 and 109:
The composition of the Bank’s AUM
Page 110 and 111:
www.bdo.com.ph 109
Page 112:
PRODUCTSAND SERVICESWEALTH ADVISORY
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2011 Annual Report - BDO

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