2009 BDO Annual Report Description

CONTENTS3 Financial Highlights4 Message from the Chairman Emeritus6 Message from the Chairperson8 Message from the President10 Review of 2009 OperationsEconomic EnvironmentOperational Highlights28 Accolades30 Board of Directors34 Corporate Governance36 Statement of Management’sResponsibility for FinancialStatements37 Report of Independent Auditors38 Statements of Financial Position39 Statements of Income40 Management Directory46 Products and Services48 BDO Group of Companies49 International Remittance Offices50 Branch DirectoryBUILDING FOR THE FUTUREThe year 2009 was both a challenging and a rewarding year for Banco De Oro Unibank. It was a period of challenges forthe BDO Group as the lingering effects of the 2008 global financial crisis told on the country’s economic performance andgnawed at business confidence. It was a difficult time for business and industry but the Group, exhibiting great resiliencyand financial strength, ably cleared the hurdles by taking the right strategies that included the offering of more build-to-suitfinancial products and continued expansion of the branch network, thus, increasing further the client base.2009 was also a rewarding year for Banco De Oro Unibank. Despite the hard times, the Group’s performance exceededexpectations with its better-than-industry results for growth and income generated. Its market share continued to expandand its hold on being the market leader in terms of total assets, customer loans, deposits and assets under management hassolidified even more.