EDC 2014 SR (UPDATED)

EDC 2014 Performance Report
2014 2013
Present value of defined benefits obligation ₱4,218,408,384 ₱3,817,394,402
Fair value of plan assets (2,422,412,944) (2,158,806,805)
Net retirement and other post-employment benefits
liability ₱1,795,995,440 ₱1,658,587,597
Changes in the present value of the defined benefit obligation are as follows:
2014 2013
Defined benefits obligation at beginning of year ₱3,817,394,402 ₱3,281,316,791
Current service cost 238,936,137 216,224,407
Interest cost on benefits obligation 165,888,990 164,156,619
Benefits paid (155,906,725) (19,848,396)
Remeasurements arising from:
Changes in demographic assumptions – 6,783,750
Changes in financial assumptions 14,042,361 (136,913,466)
Deviations of experience from assumptions 138,053,219 305,674,697
Defined benefits obligation at end of year ₱4,218,408,384 ₱3,817,394,402
Changes in the fair value of plan assets are as follows:
2014 2013
Fair value of plan assets at beginning of year ₱2,158,806,805 ₱1,844,120,175
Interest income 93,689,176 92,205,010
Contributions to the plan 206,954,000 202,342,501
Benefits paid (154,899,955) (18,317,296)
Return on plan assets, excluding interest income 117,862,918 38,456,415
Fair value of plan assets at end of year ₱2,422,412,944 ₱2,158,806,805
Actual return on plan assets ₱211,552,095 ₱130,661,425
EDC’s retirement benefits fund is maintained by the Bank of the Philippine Islands Asset
Management and BDO Trust while GCGI’s and BGI’s retirement benefits funds are maintained by
BDO Trust. These trustee banks are also responsible for investment of the plan assets.
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