2011 Annual Report - BDO

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this transaction amounted to P84,588,905 and P93,939,283 in 2011 and 2010, respectively(presented as part of the Accrued Taxes and Other Liabilities in the statements of financialposition).The total interest earned on held-to-maturity investments amounted to P437,896,081 in 2011and P523,367,851 in 2010.In compliance with the regulations that govern the Bank’s trust functions, government bondsowned by the Bank with a total face value of P1,104.0 million and P1,095.9 million as ofDecember 31, 2011 and 2010, respectively, are deposited with the BSP (see Note 22).On 2010, the Bank has assessed one of its held-to-maturity private securities under DeutscheBank AG with a carrying amount of P219.2 million as partially impaired after consideringseveral factors that would result to a loss being incurred by the Bank. Impairment lossrecognized in 2010 amounted to P41.5 million.On October 31, 2011, the related security has matured; hence, the previously recognizedallowance for impairment was reversed as recovery from impairment.8. LOANS AND RECEIVABLESLoans and receivables consist of the following:Notes 2011 2010Receivables from customersIndividuals 20Consumer P 251,442,062 P 25,927,113Commercial - 86,731,854251,442,062 112,658,967CorporateCommercial 1,276,606,373 2,674,254,2741,528,048,435 2,786,913,241Unquoted debt securities 6.02 - 880,918,524Allowance for impairment 8.02 - ( 76,716,633 )- 804,201,891Other receivables 20 5,873,061 5,527,275P 1,533,921,496 P 3,596,642,407www.bdo.com.ph 87
NOTES TOFINANCIAL STATEMENTSThe maturity profile of the Bank’s loans and other receivables follows:2011 2010Within one year P 318,573,952 P 1,702,090,707Beyond one year, within five years 827,347,544 744,515,967Beyond five years 388,000,000 1,150,035,733As to security, loans and receivables are classified into:P 1,533,921,496 P 3,596,642,4072011 2010Secured:Real estate mortgage P - P 11,147,705Chattel mortgage - 7,693,723Others 293,528,818 180,277,965Unsecured 1,240,392,678 3,397,523,0148.01 Interest Income on Loans and ReceivablesThis account consists of:P 1,533,921,496 P 3,596,642,4072011 2010Receivable from customers P 132,464,801 P 220,486,411Unquoted debt securities 10,920,443 128,628,896Others 1,194,694 2,288,508P 144,579,938 P 351,403,815Unquoted debt securities bear effective interest rates ranging from 1.6% to 2.0% per annum in2011and 2010.8.02 Impairment Loss on Unquoted Debt SecuritiesUnquoted debt securities represent corporate and government bonds which were reclassifiedfrom AFS securities to loans and receivables in accordance with the Bank’s adoption of theamendments to PAS 39 and guidelines set out by BSP Circular 628 (see Note 6.02).
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TABLE OFCONTENTS246Corporate Missio
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OUR COMMITMENTOur commitment to pro
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We remain steadfast in our vision a
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The Storywww.bdo.com.ph 9
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• Execution. If you are more of a
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ELIZABETH T. SY,Director59 years ol
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ADVISERSHarley T. Sy Ian T. Fish Ra
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CORPORATEGOVERNANCEBDO Private Bank
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CORPORATEGOVERNANCEChairman: Nestor
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Awardswww.bdo.com.ph 23
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Best Private Bankin the Philippines
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REPORT OFINDEPENDENT AUDITORSTHE BO
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STATEMENTS OFINCOMEFOR THE YEARS EN
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STATEMENTS OFCHANGES IN EQUITYFOR T
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www.bdo.com.ph 33
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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 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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