2004 - Asianbanks.net

PCIB Securities, Inc. (PCIB Securities) 100 PhilippinesReal Estate:PCIB Properties, Inc. (PCIB Properties) 100 PhilippinesEquimark-NFC Development Corporation(Equimark) 60 PhilippinesOthers:EBC Strategic Holdings Corp. (ESHC) andSubsidiaries 100 PhilippinesEquitable Data Center, Inc. (EDCI) 100 PhilippinesPCI Automation Center, Inc. (PCIAutomation) 100 PhilippinesEquitable Venture Capital Corporation 60 PhilippinesMaxicare 60 PhilippinesSubsidiaries are consolidated when control is transferred to the Group or Parent Company. Consolidation ofsubsidiaries ceases when control is transferred out of the Group or Parent Company. The results of operations of asubsidiary disposed of are included in the statements of income until the date of disposal when the Group or ParentCompany ceases to have control of the subsidiary (Note 6).Under Standing Interpretations Committee No. 12, Consolidation of Special Purpose Entity (SPE), control over anentity may exist even in cases when an enterprise owns little or none of SPE’s equity, such as when an enterpriseretains majority of the residual risks related to the SPE or its assets in order to obtain benefits from its activities. Inaccordance with these standards, the Group financial statements include the accounts of Philippine Investment One(PIO) and Philippine Investment Two (PIT), special purpose vehicles (SPV), in which the Group does not have equityinterest (Note 28). PIO and PIT bought certain assets of the Parent Company under a transaction that qualified as atrue sale as approved by the BSP (Note 28).- 46-