Philippines - Financial sector study (Vol. 3 of 3) : Statistical annexes

Report No. 7177-PH Philippines Financial Sector Study (In Three Volumes) Volume Ill: Statistical Annexes August 23,1988 Industry and Energy Operations Division Country Department II Asia Region FOR OFFICIAL USE ONLY H Document of the World Bank This report has a restricted distribution and may be used by recipients only in the performance of their official duties. Its contents may not otherwise be disclosed without World Bank authorization.  CURRENCY EQUIVALENTS US$1.00 = Pesos (P) 20.90 P 1.00 = US$0.047 FISCAL YEAR January 1 - December 31 ABBREVIATIONS AND ACRONYMS ACPB - Agriculture Credit Policy Council ADB - Asian Development Bank AIC - Average intermediation cost AITTP - Agro-Industrial Technology Transfer Program ALF - Agriculture Loan Fund Apex - Apex Development Finance Unit APT - Asset Privatization Trust ASC - Accounting Standards Council BBP - Bakahang Barangay Program BDP - Biyayang Dagat Program BSKP - Bagong K;.lusang Kaunlaran at Kabuhayan CALF - Comprehensive Agriculture Loan Fund CBP - Central Bank of the Philippines CDLF - Cooperative Development Loan Fund CFI - Court of first instance CFP - Cotton Financing Program CHM - Chattel mortgage CIB - Credit Bureau of Investigation CIGLF - Cottage Industry Guarantee Loan Fund CPA - Certified Public Accountant DA - Department of Agriculture DRP - Development Bank of the Philippines DLC - Department of Loans and Credit DOSRI - Directors, cfficers, stockholders and related interests DTI - Department of Trade and Industry ECP - Expanded Corn Program EIMP - Export Industry Modernization Program GAAP - Generally accepted accounting principles GDP - Gross domestic product GEM - Gross earnings margin GFSME - Guarantee Fund for Small and Medium Enterprises GIM - Gross interest margin GRT - Gross receipts tax GSIS - Government Service Insurance System HYV - High yield variety ICI - Intermediation cost index IGLF - Industrial Guarantee and Loan Fund ILFP - Industrial Loan Fund Program  FOR OMCL Use ONLY 'IRPP - Intensified Rice Production Progr ...,. LBP - Land Bank of the Philippines LIBOR - London interbank offered rate MB - Monetary Board MRR - Manila Reference Rate 14-99 - Masagana 99 NEDA - National Economic Development Authority OECF - Overseas Economic Cooperation Fund PCIC - Philippine Crop Insurance Corporation PDIC - Philippine Deposit Insurance Corporation PFI - Participating financial institution PNB - Philippine National Bank QGFB - Quedan Guarantee Fund Board REM - Real estate mortgage SEC - Securities and Exchange Commission SES - Supervision and Examination Sector SME - Small and medium enterprises SMI - Small and medium industry STD - Special time deposit TLRC - Technology and Livelihood Resource Center TRP - Textile Rehabilitation Program T-bills - Treasury Bills ULFP - Urban Livelihood Financing Program Unibanks - Universal banks USAID - United States Agency for International Development USUCC - U.S. Uniform Commercial Code This document has a restricted distribution and may be used by recipients only in the performance of their official duties. Its contents may not otherwise be disclosed without World Bank authorization.  LIST OF ANNEXES 1. National Accounts and Balance of Payments, 1975, 1980-86 2. Sectloral Output, 1979-86 3. Interest Rates, 1970-87 4. Assets of the Financial System 5. Percentage Distribution of Assets of the Financial System 6. Number of Thrift and Rural Banks 7. Savings and Mortgafe Banks' Summarized Consolidated Balance Sheets, as of December 31, 1984-86 8. Savings and Mortgage Banks' Summarized Consolidated Income Statements, for the Years Ended December 31, 1984-86 9. Private Development Bainks' Summarized Consolidated Balance Sheets, as of December 31, 1984-86 10. Private Development Banks' Summarized Consolidated Income Statements, for the Years Ended December 31, 1934-86 11. Stock Savings and Loan Associations' Summarized Consolidated Balance Sheets, as of December 31, 1984-86 12. Stock Savings and Loan Associations' Summarized Consolidated Income Statements, for the Years Ended December 31, 1984-86 13. Rural Banks' Summarized Consolidated Balance Sheets, as of December 31, 1984-86 14. Rural Banks' Summarized Consolidated Income Statements, for the Years Ended December 31, 1984-86 15. Specialized Government Banks' Summarized Consolidated Ealance Sheets, as of December 31, 1984-86 16. Specialized Government Banks' Summarized Consolidated Income Statements, for the Years Ended December 31, 1984-86 17. Profile of the Insurance Industry, 1982-86 18. The Social Security System 19. The Government Service Insurance System: Corporate Balance Sheet, 1985/86 20. Ranking and Selected Balance Sheet Accounts of Individu.al Banks as of September 30, 1987 21. Commercial Banks' Summarized Consolidated Balance Skeets, as of December 31, 1970, 1975, 1980-86 22. Commercial Banks' Summarized Consolidated Income Statements, for the Years Ended December 31, 1970, 1975, 1980-86 23. Analysis of Commercial Banks' Sources and Uses of Funds, 1980-86 24. Performance Ratios of the Commercial Banking System 25. Consolidated Balance Sheets of the Commercial Banking Less PNB 26. Consolidated Income Statements of the Commercial Banking System Less PNB, 1984-86 27. Performance Ratios of the Commercial Banking System Less PNB, 1984-86 28. Analysis of Deposit Structure of Commercial Banks 29. Distribution of Outstanding Loans by Purpose, 1980-86 30. Distribution of Outstanding Loans by Security 31. Distribution of Outstanding Loans by Maturity 32. Commercial Bank Branches by Region, 1976-86 33. Analysis of the Cost of Intermediation, 1983-86 34. Commercial Banks: Analysis of Arrears, December 31, 1986 35. Government-Supervised/Directed Credits: Agriculture 36. Financial Performance of Selected Credit Programs by Year 37. Government-Supervised/Directed Credits: Industry 38. Government-Directed Credit Programs in Agriculture-Subsidization 39. Movements of Exchange Rates, 1982-87  - 1 - ANNEX 1 PHILIPPINES FINANCIAL SECTOR STUDY National Accounts and Balance of Payments, 1975, 1980-86 1975 1980 1981 1982 1983 1984 1985 1986 Constant Prices: Billion 1973 Pesos GNP 68.53 92.63 96.04 97.54 98.62 91.64 87.77 88.09 Personal consumption expenditures 46.16 59.27 61.62 63.54 65.35 66.03 65.98 66.60 Government consumption 7.03 8.27 8.60 9.15 8.69 8.26 8.21 8.55 Fixed capital formation 15.04 22.74 23.54 23.69 23.01 15.59 11.83 10.08 Stocks, increase in 3.95 3.87 3.68 2.58 1.91 -1.38 -0.70 0.12 Export of goods and services 9.95 18.15 17.95 17.67 19.26 20.85 19.35 23.56 Import of goods and services 13.51 19.45 18.85 19.51 21.75 :8.18 14.00 17.56 Statistical discrepancy -0.26 -0.14 -0.32 1.89 3.44 2.75 -0.86 -0.59 Net factor income from abroad 0.17 -0.08 -0.17 -1.46 -1.30 -2.28 -2.04 -1.68 Current Prices: Billion Pesos GNP 114.3 265.1 303.6 335.4 378.7 527.4 594.5 614.3 Personal consumption expenditures 76.2 178.1 206.9 234.5 268.2 403.4 469.1 475.0 Government consumption 10.9 21.2 24.8 29.2 29.5 35.6 42.5 48.6 Fixed capital formation 27.8 81.1 93.3 96.5 102.5 92.0 85.4 82.2 Stocks, increase in 7.9 13.2 14.0 10.5 7.3 -8.1 -4.6 1.2 Export of goods and services 21.3 54.2 57.8 56.2 75.3 117.7 126.6 155.1 Import of goods and services 29.1 68.9 74.4 79.3 101.: 118.4 108.5 116.2 Statistical discrepancy -0.4 0.3 -3.2 3.5 9.8 10.2 -5.6 -17.9 Net factor income from abroad -0.3 -0.9 -1.6 -5.2 -5.4 -13.1 -14.9 -12.4 Personal savings 10.5 15.3 19.9 11.5 3.5 4.9 7.6 27.4 % of personal disposable income 12.1 7.9 8.8 4.7 1.3 1.2 1.6 5.5 Corporate savings 3.2 14.5 16.0 14.9 16.2 -1.7 -3.2 -2.1 General government savings 4.6 13.3 11.4 10.1 16.6 20.5 20.0 18.5 GNP, US$ billion 15.77 35.29 38.43 39.27 34.09 31.58 31.95 30.13 Current account, US$ billion -0.89 -1.90 -2.06 -3.20 -2.75 -1.30 -0.08 1.02 Overall deficit, US$ billion 0.52 0.38 0.56 1.62 2.07 -0.26 -2.39 -1.25 % GNP (Value Basis) Personal consumption expenditures 66.7 67.2 68.1 69.9 70.8 ';6.5 78.9 77.3 Government consumption 9.5 8.0 8.2 8.7 7.8 6.8 7.1 7.9 Fixed capital formation 24.3 30.6 30.7 28.8 27.1 17.4 14.4 13.4 Stocks, increase in 6.9 5.0 4.6 3.1 1.9 -1.5 -0.8 0.2 Export of goods and services 18.6 20.4 19.0 16.8 19.9 22.3 21.3 25.2 Import of goods and services 25.5 26.0 24.5 23.6 26.7 22.4 18.3 18.9 Statistical discrepancy -0.3 0.1 -1.1 1.0 2.6 1.9 -0.9 -2.9 Net factor income from abroad -0.3 -0.3 -0.5 -1.6 -1.4 -2.5 -2.5 -2.0 Current account, US$ billion -5.64 -5.38 -5.36 -8.15 -8.07 -4.12 -0.25 3.39 Overall deficit, US$ billion 3.30 1.08 1.46 4.12 6.07 -0.82 -7.48 -4.15 Source: CBP.  - 2 - ANNE% 2 PHILIPPINES FINANCIAL SECTOR STUDY Sectoral Output, 1979-86 1979 1980 1981 1982 1983 1984 19b! 1986 In Billions of Constant 1972 Pesos Gross national product 88.7 92.6 96.0 97.5 98.6 91.6 87.8 89.1 Gross domestic product 88.3 92.7 96.2 99.0 99.9 93.9 89.8 90.8 Agric., fish. and forestry 22.; 23.7 24.6 25.4 24.9 25.4 26.3 27.2 Industry 32.3 33.5 35.0 35.7 36.0 32.3 29.0 28.2 Mining and quarrying 2.13 2.24 2.18 2.00 1.97 1.76 1.77 1.56 Manufacturing 22.2 23.2 24.0 24.5 25.1 23.3 21.5 21.7 Constr"ction 7.12 7.14 7.83 8.08 7.69 5.87 4.26 3.38 Services 33.4 35.5 36.6 37.9 39.1 36.2 34.6 35.3 Trade - - - 13.1 13.9 14.1 14.1 14.3 Finance and housing - - - 7.25 7.58 5.13 3.98 4.06 Banks - - - 2.31 2.41 1.01 0.00 0.22 Percentage Change Gross national product - 4.40 3.67 1.56 1.13 -7.10 -4.15 1.48 Gross domestic product - 4.98 3.78 2.91 0.91 -6.01 -4.37 1.11 Agric., fish. and forestry - 4.87 3.80 3.25 -1.97 2.01 3.54 3.42 Industry - 3.72 4.48 2.00 0.84 -10.28 -10.22 -2.76 f{ining and quarrying - 5.16 -2.68 -8.26 -1.50 -10.66 0.57 -11.86 Manufacturing - 4.30 3.45 2.08 2.45 -7.17 -7.73 0.93 Construction - 0.28 9.66 3.19 -4.83 -23.67 -27.43 -20.66 Services - 6.29 3.10 3.55 3.17 -7.42 -4.42 2.02 Trade - - - - 6.11 1.44 0.00 1.42 Finance and housing - - - - 4.55 -32.32 -22.42 2.01 Banks - - - - 4.33 -58.26 -99.60 5,475.00 Source: CBP.  -3- ANNEX 3 PHILIPPINES FINANCIAL SECTOR STUDY Interest Rates, 1970-87 1970 1975 1980 1981 1982 1983 1984 1985 1986 1987 (Sep) Treasury bills: 3 months 13.1 10.3 12.1 12.6 13.8 14.2 40.9 26.2 16.3 10.7 : 6 months 13.9 10.8 12.5 13.1 14.5 14.8 30.5 24.8 14.4 12.2 : 12 months 13.7 10.9 12.8 13.2 14.9 14.9 41.5 35.2 13.2 13.7 Central Bank bills - - - - - - 35.3 27.0 19.1 - Savings deposics 6 6 7 NA 9.8 9.7 9.9 10.8 8.6 6.0 Tlme deposits < 1 year 6.7 8.7 14 NA 14.1 13.7 23.2 21.8 12.3 7.0 Time deposits > 1 year - - - - 16.9 16.4 26.2 21.8 15.6 9.5 Bank loans < 1 year 12 12 14 16 16.8 18.8 26.7 28.3 17.1 12.2 Bank loans > 1 year - - - - 21.6 21.5 26.8 26.3 19.1 14.1 Inflation - 9.5 10.5 8.4 12.0 49.8 17.7 1.8 5 5 (GNP defl year ahead) Real 12-month T-bills - 1.3 2.1 4.4 2.6 -23.3 20.2 32.8 7.8 8.3  ~ ~ 4 ~ ANNEX 4 PHILIPPINES_ FINANCIAL SECTOR STUDY Assets of the Financial System As of December 31, 1970, 1975, 1980-86, and June 30, 1987 (Billion pesos) June 1970 1975 1980 1981 1982 1983 1984 1985 1986 1987 Central Bank 6.0 26.0 65.4 71.6 91.7 13.04 206.0 251.6 313.9 316.0 Banking System 188.8 69.9 188.8 226.0 269.8 331.5 391.8 395.2 297.0 302.6 Commercial banks 14.1 53.2 138.4 164.4 191.0 247.9 289.2 283.3 248.5 253.8/b Private 8.3 35.1 85.1 103.4 111.0 141.7 160.6 168.0 166.6 177.7 Government 4.6 18.1 34.6 40.6 53.3 65.2 80.4 70.3 34.8 29.3 Foreign 1.2 - 18.7 20.6 26.7 41.0 48.2 45.0 47.1 46.8 Thrift banks 0.9 2.1 10.6 11.6 12.6 16.1 15.0 15.1 17.6 17.2/b Savings 0.7 1.4 7.4 6.9 5.9 7.4 7.6 6.8 8.1 8.4 Private development banks 0 2 0.4 1.6 2.6 3.7 4.6 4.6 5.1 5.6 4.9 Stock savings & loan associations - 0.3 1.6 2.1 3.0 4.1 2.8 3.2 3.9 3.9 Rural banks 0.7 2.8 5.6 6.6 8.1 9.5 9.0 8.8 9.3 9.5 Specialized government banks 3.1 11.8 34.2 43.2 53.3 65.3 78.6 88.0 28.6/e 27.4/e,/d Nonbank Financial Intermediaries 6.1 26.8 58.9 63.3 74.2 92.u 95.5 107.2 112.9 118.3 Insurance companias 5.9 11.9 29.5 33.3 40.7 44.6 50.0 60.8 70.8 74.7 Government /a 4.0 7.7 19.5 22.0 27.0 30.9 35.9 42.7 50.5 54.4/e Private 1.9 4.2 10.0 11.3 13.7 13.7 14.1 18.1 20.3 20.3 Investment institutions - 10.3 25.6 23.5 25.6 25.2 19.7 23.8 23.2 23.8/c Financing companies - 3.5 11.9 12.1 12.9 11.8 9.6 6.2 5.6 5.6 Investment companies - 2.0 5.0 5.5 5.9 6.2 2.6 11.0 10.1 9.9 Investment houses 4.8 8.7 5.9 6.8 7.2 7.5 6.6 7.5 8.3 Trust operations (fund managers) - 2.6 1.7 0.8 1.1 1.5 0.9 1.6 1.3 1.6/c Other financial intermediaries 0.2 2.0 2.1 5.8 6.8 20.7 24.9 21.0 17.6 18.2 Total 200.9 122.7 313.1 36C.9 435.7 553.9 693.3 754.0 723.8 736.9 /a Includes GSIS and SSS. /b M.1 1987. /c March 1987. /d Preliminary. /e After transfer of certain assets and liabilities to the government. Source: CBP.  - ANNEX 5 PHILIPPINES FINANCIAL SECTOR STUDY Percentage Distribution of Assets of the Financial System As of December 31, 1970, 1975, 1980-86, and June 30. 1987 June 1970 1975 1980 1981 1982 1983 1984 1985 1986 1987 Central Bank 19.4 21.2 20.9 19.9 21.1 23.6 29.7 33.4 43.4 42.9 Banking System 60.8 57.0 60.3 62.6 61.9 59.8 56.5 52.4 41.0 41.1 Commercial banks 45.6 43.4 44.2 45.6 44.9 43.4 41.7 37.5 33.4 33.7 Private 26.8 28.6 27.2 28.7 26.6 24.2 23.2 22.3 22.1 23.4 Government 14.9 14.8 11.0 11.2 12.2 11.8 11.6 9.3 4.8 4.0 Foreign 3.9 - 6.0 5.7 6.1 7.4 6.9 5.9 6.5 6.3 Thrift banks 2.9 1.7 3.4 3.2 2.9 2.9 2.2 2.0 2.4 2.4 Savings 2.3 1.1 2.4 1.9 1.4 1.3 1.1 0.9 1.1 1.2 Private development 0.6 0.3 0.5 0.7 0.8 0.8 0.7 0.7 0.8 0.7 Stock savings & loan associations - 0.3 0.5 0.6 0.7 0.8 0.4 0.4 0.5 0.5 Rural banks 2.3 2.3 1.8 1.8 1.9 1.7 1.3 1.2 1.3 1.3 Specialized government banks 10.0 9.6 10.9 12.0 12.2 11.8 11.3 11.7 3.9 3.7 Nonbank Financial Intermediaries 19.8 21.8 18.8 17.5 17.0 16.6 13.8 14.2 15.6 16.0 Insurance companies 19.1 9.7 9.4 9.2 9.3 8.1 7.2 8.1 9.8 10.1 Government /a 12.9 6.3 6.2 6.1 6.2 5.6 5.2 5.7 7.0 7.4 Private 6.2 3.4 3.2 3.1 3.1 2.5 2.0 2.4 2.R 2.7 Investment institutions - 8.4 8.2 6.5 5.9 4.5 2.9 3.1 3.2 3.2 Financing companies - 2.9 3.8 3.4 3.0 2.1 1.4 0.8 0.8 0.8 Investment companies - 1.6 1.6 1.5 1.3 1.1 0.4 1.4 1.4 1.3 Investment houses - 3.9 2.8 1.6 1.6 1.3 1.1 0.9 1.0 1.1 Trust operations (fund managers) - 2.1 0.5 0.2 0.2 0.3 0.1 0.2 0.2 0.2 Other financial intermediaries 0.7 1.6 0.7 1.6 1.6 3.7 3.6 2.8 2.4 2.5 Total 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 /a Includes GSIS and SSS. Source: CBP.  ANNEX 6 PHILIPPINES FINANCIAL SECTOR STUDY Number of Thrift and Rural Banks As of December 31, 1970, 1975, 1980-86, and May 31, 1987 Thrift banks Stock Savings and Private devel- savings and loan Grand total mortgage banks opment banks associations Total Rural banks Head Head Head Read Read Head office Brancbes office Branches office Branches office Branches office Branches office Branches Total 1970 557 88 14 42 29 23 28 - 71 67 486 21 507 1975 855 211 10 81 33 53 44 25 87 159 768 52 820 1980 1,129 640 10 258 43 111 91 160 144 529 985 111 1,096 1981 1,180 624 9 178 44 138 87 181 140 497 1,040 127 1,167 1982 1,096 692 8 185 45 158 84 196 137 539 959 153 1,112 1983 1,085 774 8 201 45 173 83 198 136 572 949 202 1,151 1984 1,061 746 8 203 43 166 70 160 121 529 940 217 1,157 1985 1,022 756 7 219 45 170 66 154 118 543 904 213 1,117 1986 993 757 7 224 43 170 66 155 116 549 877 208 1,085 1987 971 753 7 224 42 161 65 158 114 543 857 210 1,067 Source: CBP.  - 7 - ANNEX 7 PHILIPFINES FINANCIAL SECTOR STLDY Savings and Mortgaae Banks' Sutmarlzed Consolidated Balance Sheets. as of December 31, 1984-8b (Million pesos) 1984 1985 1986 Assets MasM and Due From Banks 757.3 1,131.9 1.131.7 Cash on hand l7 19a . :SU.) Check and other cash items 23.5 6.6 8.4 Due from CB 213.4 627.6 607.4 Due from other banks 376.3 317.0 210.1 Loan Portfolio (Net) 5,019.8 3.695.1 4 470.2 Interbank loans receivable 77.5 191.5 47.0 Loans and discounts 4,604.2 1,756.4 2206.1 AGRA/AGRI credit loans 253.4 393.7 681.3 Bills purchased 90.7 502.6 770,9 Customer liability on drafts under LC/TR /a 2.7 - - Trading account securities - loans - 874.0 792.0 Less: Allowance for probable losses 8.7 23.1 27.1 Investments 485.3 1,039.9 1 423.2 TrRdTng account securities - investment 7Un 192.3 35 Investment in bonds and other debt instruments 437.4 847.6 1,058.1 Equity investment in allied/nonallied 35.9 - - Other Assets 1.344.4 929.7 1.072.3 Bank preMises/fixtures and equipment 195.3 134E2 Z03.6 Real or other properties owned or acquired 279.9 216.6 264.1 Other assets 869.2 578.9 604.6 Total Assets 7,606.8 6,796.6 8.097.3 Liabilities and Capital jep wsts 3.032.4 5.625.4 6.960.8 Demand and negotiable order of withdrawal b/.1 1U6.9 1T1.7 Savings 1,683.3 3,132.9 4,518.0 Time 1,186.7 2,311.6 2,192.2 Other 95.3 74.0 79.0 Bills Payble 3 435.0 175.5 69.9 c~tent Bank 3:406.6 - n3 Interbank 1.9 75.5 40.0 Local banks 8.0 100.0 - Others 18.5 - - Other Liabilities 498.8 605.0 510.2 Time certificate - special financing TII:rW T97TZ TlY'.V Due to the Treasurer 2.4 0.7 0.8 Due to local banks 0.7 0.2 0.5 Treasurer's/manager's/gift :hecks 18.8 57.9 51.1 Marginal deposito 1.0 - - Accrued taxes ane other expenses 116.0 89.5 81.4 Unearned income a,i other deferred credits 9.3 106.0 100.9 Due to Central Bank 135.5 22.7 2.5 Other liabilities 95.7 165.9 172.1 total Liabilities 6.966.2 6.406.0 7.540.8 Capital 640.6 390.6 556.5 ap5;pital stock 3T5TT 11U5. 47lT Surplus and surplus reserves 167.3 28.1 104.9 Undivided profits 19.9 21.9 22.8 Total Liabilities and Capital 7,606.8 6,796.6 8,097.3 /a LC/TR - letters of credit/trust receipts. Source: CBP.  ANNEX 8 PHILIPPINES FINANCIAL SECTOR STUDY Savings and Mortgage Banks' Summarized Consolidated Income Statements, for the Years Ended December 31, 1984-86 (Million pesos) 1984 1985 1986 Total Operating Income 1,100.3 911.0 1,189.6 Interest income J53.2 775.9 972.5 IBL receivable - 5.8 9.5 Loans & discounts 859.8 427.8 471.9 Investments 65.4 292.5 456.7 Deposits in banks 23.6 23.8 34.4 Trading account sec 4.4 3.6 - Others - 22.4 - Bank commissions 1.1 1.2 3.0 Service charges/fees 88.4 31.8 60.6 Trading gain/(loss) (11.7) 62.0 110.8 Foreign exchange profit/(loss) 2.3 1.1 2.0 Income-trust department 3.6 1.4 1.1 Other income 63.4 37.7 39.5 Total Operating Expenses 1,038.6 910.3 1,112.7 Interest expenses 634.8 572.4 610.6 Deposits 561.6 552.9 598.9 Borrowed funds 68.9 19.4 11.7 Others 4.4 0.0 0.0 Compensation/fringe benefits 150.1 129.2 216.1 Management & other professional fees 5.4 1.7 2.5 Supervision & exam fees 1.1 1.8 2.4 Fines, penalties & other charges 4.1 0.2 0.3 Taxes & licenses 22.4 35.2 55.8 Insurance 10.5 5.3 9.5 Depreciation/amortization 27.6 22.6 44.5 Lit/assets acquired expenses 9.9 4.8 6.1 Other expenses 158.8 119.5 156.8 Provisions 13.9 17.5 8.2 Net Operating Income/(Loss) 61.7 0.7 76.9 Extraordinary credits/(charges) 28.4 23.8 41.8 Net Income/(Loss) Before Income Tax 90.1 24.5 118.7 Provision for income tax 22.7 9.9 21.5 Net Income/(Loss) After Income Tax 67.4 14.6 97.2 Source: CBP.  ~ 9 - ANNEX 9 PHILIPPINES FINANCIAL SECTOR STUDY Private Development Banks' Summarized Consolidated Balance Sheets. as or December 31. 1