Policy Research Helping Provide Affordable Rice to Filipinos

Philippine Institute for Development StudiesANNEX UPIDS PROVIDENT FUND INC.NOTES TO FINANCIAL STATEMENTS1 Cash in BankThis account represents the current account beingmaintained with the Land Bank of the Philippinesor the PIDS Provident Fund Account no.0052-1272-11.6 Withholding Taxes PayableThis account represents taxes withheld from honorariumof secretariat for the months of July to December2004.2 Accrued Interest ReceivableThis account represents interest earned as of December31, 2004 but to be collected only uponmaturity of the investment.7 Dividends PayableThis account represents the unpaid dividends asof CY 2003 to be distributed to the members uponsecession of their membership from the Fund.583 Short-Term InvestmentsThis account represents investments with the Bureauof Treasury and Development Bank of thePhilippines which will mature within one year, brokendown as follows:Maturity Date Rate Tenor Cost of InvestmentMaturity ValueT-Bills:Bureau of TreasuryJan. 12, 2005 6.9948% 79 days 984,882.35 1,000,000.00Feb. 23, 2005 7.6250% 90 days 295,510.58 300,000.00Oct. 12, 2005 8.9136% 352 days 1,011,815.06 1,100,000.00Oct. 26, 2005 8.9334% 364 days 1,008,872.02 1,100,000.00Dec. 07, 2005 8.8956% 63 days 1,835,372.08 2,000,000.00SUB-TOTAL P5,136,452.09 5,500,000.00Development Bank of the PhilippinesAug 03, 2005 8.8750% 350 days 2,300,000.00 2,456,070.58GRAND TOTAL P7,436,452.09 P7,956,070.584 Long-Term InvestmentsThis account represents investments with the Bureauof Treasury and Land Bank of the Philippineswhich matures beyond one year, brokendown as follows:Maturity Date Rate Tenor Carrying Amount Maturity ValueT-Bonds:Bureau of TreasuryOct. 30, 2005 7.8750% 2 years 1,000,000.00 1,000,000.00Oct. 24, 2007 10.074% 3 years 1,095,311.54 1,100,000.00Oct. 11, 2011 14.8500% 10 years 1,724,476.40 1,600,000.00SUB TOTAL P3,819,787.94 P3,700,00.00Land Bank of the PhilippinesDec. 05, 2006 9.7500% 3 years 1,286,843.21 1,282,447.62GRAND TOTAL P 5,106,631.15 P 4,982,447.625 Due to Resigned/Retired MemberThis account represents unclaimed payments toresigned/retired members of the Fund.8 Fund BalanceThis pertains to the total fund balance consistingof: (a) contributions to the fund by the PIDS andFund members; (b) equity fund or the initialfunding of the Fund amounting to P2.0million asauthorized by the PIDS Board of Trustees perPIDS Board Resolution No. 97-05 dated July 24,1997; and (c) fund earnings consisting of theGeneral Reserve Fund or that percentage of earningsof the Fund set aside for specific purposesand the unappropriated net earnings.9 Interest Income on InvestmentsThis represents the interest earned from investmentsin Treasury Bills and Treasury Bonds.10 Interest Income from BankThis represents income from interest earned fromsavings/current account for the quarter endingDecember 31, 2004.11 Distributable Share in Income–Retired/ResignedThis represents the share in income of retired/resigned members computed at the time of theirresignation/ retirement.12 ExpensesThis represents the various expenses incurred inthe operations of the fund including but not limitedto honorarium of secretariat and trustees, supplies,photocopy, annual registration to BIR andauditor’s fee.