MONEY MARKET ASSOCIATION OF THE PHILIPPINES MART at 40: Getting Things Done

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My warmest greetings to the Money Market Association of the Philippines (MART), as you hold your 14th Money Market Consciousness Week in celebration of your 40th Anniversary. As a major advocate of the development, expansion, and regulation of our money market these past four decades, you stand as among our reliable partners in revitalizing our countrys economy. I commend your initiative to raise public awareness about the importance of your industry in sustaining the critical capital requirements that redounds to a more stable and secure financial environment. May this milestone occasion reaffirm your commitment to uphold the highest ethical and professional standards in the dispensation of your duties. I wish you a successful event. The daylight of hope and reform brings a renewed trust in our institutions and the growing support of our citizenry. Let us continue to excel in our respective endeavors and build the foundations of the bright future that every Filipino deserves. BENIGNO S. AQUINO III President, Republic of the Philippines The Money Market Association of the Philippines (MART) deserves the highest accolade and commendation as it celebrates its 40th year of existence. Over the last four decades, MART has encountered challenges that it has overcome and it has opened opportunities that enabled MART to establish the over-the-counter market (OTC) for government securities. It formulated and implemented Market Conventions that ensure price transparency, market efficiency, and investor protection. In recognition of its achievements, the inter-dealer fixed income market in Thailand adopted the same inter-dealer OTC Trading platform and benchmarking that MART earlier on established and operated locally through the Bloomberg Information System, a globally accepted best-practice. MART, having pioneered since 1971 in its advocacy and development of the OTC Market in fixed income securities, Indonesia, based on the Philippine experience, was also convinced that the OTC Market is the way to go in fixed income securities and Indonesia has thus effectively abandoned its fixed income exchange (The Surabaya Exchange) and reverted back to an OTC platform for fixed income securities trading. It cannot be over-emphasized that Singapore and Hong Kong have an OTC platform in their fixed income markets. As MART commemorates the various milestones in its accomplishments, its holding of the annual Money Market Consciousness Week, reaffirms MARTs niche in the development of the financial markets in our country. Congratulations to all the officers and members of MART on your 40th Founding Anniversary. Best wishes and more power! LUIS R. VILLAFUERTE Congressman, House of Representatives Vice-Chair, Committee on Banks and Financial Intermediaries

Messages

With a mission to be the key instrument in developing local interest rate markets to be at par with global standards while contributing to economic growth, the Money Market Association of the Philippines (MART) has been a stalwart example of how being pro-active and committed to its goals can lead to achieving new heights regardless of whatever challenges that may come. As MART celebrates 40 years of growth and success in the industry, MART president Mariquita L. Agena shares with The Philippine STAR its biggest achievements, how it overcomes difficulties, and what members can look forward to as it goes beyond the 40-year mark.

2011 OFFICERS & BOARD OF DIRECTORS

THE EXECUTIVE COMMITTEE
President MARIQUITA L. AGENA Senior Vice President Metropolitan Bank & Trust Company

BOARD OF DIRECTORS
ERVIN PAOLO S. BELEN Head-Treasury Group Multinational Investment Bancorp. REUEL R. JAVIER Asst. Vice President Philippine Savings Bank

Vice President HORACIO E. CEBRERO, III EVP/Treasury Head Philippine National Bank

MICHAEL D. CALLEJA Senior Vice President Bank of the Philippine Islands

REYNALDO B. MONTALBO, JR. Senior Vice President First Metro Investment Corporation

Secretary PAUL RAYMOND A. FAVILA Director Citi, N.A.

PEDRO M. FLORESCIO, III EVP/Treasurer Banco de Oro Unibank, Inc.

RAUL MARTIN A. PEDRO Senior Vice President Security Bank Corporation

My warmest greetings and congratulations to the Money Market Association of the Philippines (MART) on its 40th anniversary! This years theme, MART at 40: Getting Things Done, is very timely and underscores MARTs proactive role in promoting a well-functioning financial market amidst a continuously evolving financial landscape across the globe. MARTs commitment to standardize and professionalize trading practices of its members supplements BSPs enduring efforts en route to a more transparent and efficient capital market. We commend the directors, officers, and the entire membership of MART in their thrust to uphold ethical standards and best practices. We look forward to your continued partnership in developing and maintaining a strong economy amidst the lingering challenges in the global financial markets. We hope that MART will continue to provide excellent service to its members and the investing public. Again, congratulations on your 40th anniversary and I wish that the celebration of the 14th Money Market Consciousness Week will likewise be a success! AMANDO M. TETANGCO, JR. Governor, Bangko Sentral ng Pilipinas The Securities and Exchange Commission congratulates the Money Market Association of the Philippines (MART) on the occasion of its 40th Anniversary. In its four decades of existence, MART, has diligently worked toward the development of our capital markets. Its dedication enhances the stability of a free and open debt market in accord with global standards and pursuant to the fulfillment of a strong economic growth for our country. To the officers and members of MART, we salute you for your strong commitment to promote, develop, expand, and regulate a free and healthy market for debt securities and debt-related products. The Commission hopes that you will remain constant in the pursuit of your mission and objectives, as chief captain in the progress of the national governments efforts to enhance our countrys securities market. Mabuhay! TERESITA J. HERBOSA Chairperson, Securities and Exchange Commission Our warmest greetings and salutations to the Board of Directors and Members of the Money Market Association of the Philippines (MART) on the occasion of your 14th Money Market Consciousness Week and your 40th Founding Anniversary. On this occasion, may I warmly commend the MART as a valuable partner of the Bureau of the Treasury (BTr) in the important task of developing the Philippine bond market. Indeed, the growth and complexity of the domestic bond market has accelerated during recent years and MART can rightly claim major credit for this development. Together, we have established deep benchmarks up to the longest tenors allowable by law, greatly extended the maturity profile of Government debt, and drastically reduced the number of illiquid bonds. With your support, the BTr may now raise funds through the issuance of long term bonds, has instituted effective developmental funding programs such as Retail Treasury Bond offerings, and undertaken widely successful debt exchange transactions. Through our partnership, we have pushed down the domestic yield curve to levels one could hardly imagine the country can achieve in so short a period of time. Indeed, in the longstanding relationship between the MART and the BTr, we create greater synergy that serve to foster the maturity of the capital markets. Taking advantage of technological improvements in trading, settlement and delivery infrastructure, we strengthen our capacity to mobilize financial resources to sustain the healthy growth of the economy. Dark clouds in the global economic horizon remind us that external threats continue to loom around us. It is in the reliable partnership we have that can contribute in strengthening the countrys capability to weather the uncertainties besetting the international financial markets. I believe that the market foundations we have helped build together will ensure that the economy can overcome the financial challenges that may go our way. Let us celebrate this great partnership and work to nurture it further. Congratulations again and Mabuhay! ROBERTO B. TAN Treasurer of the Philippines, Bureau of the Treasury As the Money Market Association of the Philippines (MART) celebrates its 40th Founding Anniversary and observes its 14th annual MART Consciousness Week, it is my privilege to preside over such a milestone event for our esteemed fellowship. In line with the ideals and aspirations of our Founders, MART has come so far and has accomplished so much. It is through our dedication towards being responsive to the needs of our membership and the public good, and our strict adherence to the highest levels of professionalism, which brings us closer to achieving our vision of being the prime mover of the interest rate markets. Having chosen Getting Things Done as this years guiding theme, MART has actively cooperated and coordinated its efforts working hand-in-hand with government authorities in order for the local financial market to evolve and be at par with global standards. As a collective body, MART has strived to address the needs of its institutional membership, presenting a unified, mutually supportive community in order to better face the extreme challenges represented by the ongoing turmoil in the global financial markets. And now, more than ever, MART believes that it must empower the investing public with a better understanding of financial market dynamics so that they may take advantage of the opportunities presented by the wide variety of investment products and instruments available, in a business environment committed to transparency and fair play. This year, as part of our mission to fulfil our obligation to the investing public, we have conducted free seminars with focus on risks of investing, describing the various investment products, and introducing the basic derivatives instruments. The regulatory framework and market infrastructure continue to change in order to develop and strengthen our capital markets. MART remains a partner and our collaborative spirit must prevail to get things done. This year we have a number of projects and we have developed position papers that aim to create an even deeper financial market. It is with great hope and unwavering confidence that we look towards the future, ready to face any challenge and seek opportunities whenever and wherever we find them. Let me therefore extend my heartfelt gratitude to the hardworking MART board members, the dedicated members of various hardworking committees, the member institutions, and our regulator partners in the fixed income market, for their continued commitment and support to the ideals of our organization. MARIQUITA L. AGENA President, MART Senior Vice President, Metropolitan Bank & Trust Company

Treasurer JOSELITO RICARDO G. NAZARIO SVP/Treasurer Philippine Veterans Bank

MANUEL ANDRES D. GOSECO SVP/Treasurer East West Banking Corporation

PAUL JOHN T. REYES FVP & Deputy Treasurer Bank of Commerce

2010 Past President JOAN G. POLICARPIO Director Deutsche Bank, A.G-Manila Branch

CAREL D. HALOG VP/Head of Treasury Land Bank of the Philippines

RAUL VICTOR B. TAN Senior Vice President Rizal Commercial Banking Corporation

Always pro-active and committed to adhering to its mission and vision with each project that they undertake, MART serves as the institutional medium between regulators and its members. All of its projects are geared towards fulfilling its commitments to its stakeholders. In applying its mission and vision, MART actively participates in the formulation of relevant policies and procedures for its regulators while for the investing public, MART continues to protect and educate them through upholding ethical standards, transparency, and of course, always making use of the best practices. Currently, due to mergers and acquisitions, MART has a total of 61 members under its wing that are made up of banks and non-bank financial institutions. Current projects To date, MARTs biggest project was completing the Code of Ethics Governing Financial Market Activities in the Philippines last year; a project that was actually two years in the making. (See more of MARTs signicant achievements through the years in the sidebar.) But it remains to be steadfast with its goals, by not being complacent in spite of its achievements. This year, MART definitely has a lot of things on its plate each one having a great contribution to the deepening of the debt/capital market. When it comes to choosing projects to take on, MART prioritizes those that are necessary for the local market to progress and will enable the Philippines to be at par with global standards. While waiting for the approval/endorsement of the regulators may take some time, MART as always, remains patient and optimistic just like with its past projects. Out of the current projects that they have in their lineup, Agena considers the most important being the Interbank Repo. She shares, When this product is delivered, we can expect a shift in

momentum as far as creating an even deeper market is concerned. We must recognize that our local debt markets lag considerably in terms of depth even amongst our Asian neighbors. But it is precisely this recognition that will keep us focused on achieving our objectives. We have been through this path before, but alongside our regulators we shall be laser-focused in ensuring the objective is achieved. Always sailing through Even with so many exciting things lined up, of course, just like any other association, MART does have its share of challenges as well. However, what makes them still efcient is how they choose to handle each difculty, Agena shares, There are many ways of approaching a challenge. The problem is we can look at these challenges from various perspectives. The point is that regardless of the perspective, the objective is one and the same. The key is how to get the regulators and the market to see things from a common view. Their ability to provide proper analysis and effectively communicating their goals to all the stakeholders is something that Agena shares, is what theyre really good at. MART has a very good track record in cooperating with regulatory authorities and communicating our concerns with respect to the overall well-being of our stakeholders and the domestic nancial markets as a whole, and we believe that our coordinated efforts will see us through any obstacle, she adds. Challenges aside, Agena and the rest of her team are now focused in the celebration of this years Money Market Consciousness Week. The week-long celebration started yesterday and will culminate on the 12th. Activities will be kicked off with a special dinner for MARTs 40th year that will include a video presentation of MARTs rich history, recognition of its past achievements as well as the founding members and past presidents, Well also have economic briefings for businessmen, fora with regulatory bodies, radio interviews,

campus visits, financial seminar for journalists, and socio-civic undertakings. The highlight will be the MART Convention in Cagayan de ORO, says Agena. (For the full lineup of the MART Week Activities, see page E-4.) Celebrating 40 years of success According to Agena, the difference of this years celebration from last years is of course, 2011 being a milestone year for MART as it celebrates 40 years of continued success. In 40 years, MART has held itself strong and adaptive to the changes and surprises of the market. It has remained an important medium that we could all count on to work hand-in-hand with the regulators in trying to build local nancial markets. As we recollect on MARTs history, we are reminded of the important factors that continue to lead us to keep getting things done the values that we have instilled in every member and the relationships we have made in practicing those values. Thus its only tting that they chose this years theme to be MART at 40: Getting Things Done. Agena shares, We would like our members to feel proud that they are a part of a dynamic, relevant organization that is responsive to the developmental needs of our industry. And as for our theme, we wanted to make sure things are getting delivered, endorsed, and accepted by our regulators, particularly the BSP and the SEC. Now with just two months left in the current year, Agena and her team are hoping that some, if not all of their proposals/projects will be considered and approved by their regulators come years end. If not, these projects will be turned over and continue to be pursued by the next administration. They already have a lot to start with, she says. With so many things going for MART, theres no doubt that it will continue to blaze through, accomplishing more achievements along the way as it grows into a bigger and better Association in the service of the Philippines. For more information about the Money Market Association of the Philippines please visit http://www.mart.com.ph.

MONEY MARKET ASSOCIATION OF THE PHILIPPINES Penthouse PDCP Bank Centre, V.A. Runo corner L.P. Leviste Sts., Salcedo Village, Makati City Tel. Nos. 813-7479/894-0148 Fax: 813-2571 E-mail: mart1971@globenet.com.ph Website: www.mart.com.ph

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MARTs most significant achievements throughout the years

oney Market Association of the Philippines president Mariquita L. Agena looks back on the Associations biggest achievements throughout the years and how all these contributed in shaping the industry for the better. In the last 40 years, MART has always been in the background working hand-in-hand with the regulators in trying to develop the local financial markets. Through the decades, the BSP and the Bureau of the Treasury (BTr) have worked very closely with MART to bring forward progressive regulatory changes, with the objective of deepening the domestic capital markets. In the 80s MART garnered the respect and recognition of the financial community and was asked to sit in the Board of the Credit Information Bureau. It was also enlisted to join the Asian Development Banks task force, which aimed to strengthen the capital markets in developing countries. In the 90s, MART further bolstered its place in the local capital markets as it strengthened its position as the prominent industry association working with the BTr in developing policies for the primary market. It was at this point that the fiscal function of bond issuance was transferred from the BSP to the BTr which received its fresh mandate to develop the local bond markets. By the late 90s, MART managed to bring about market transparency in cooperation with Bloomberg to create the MART1 benchmark. For the first time in Philippine history, local bond market prices and trades were organized in an electronic platform to give the public and the world a window into the daily market activity of the local bond markets. This development led to the establishment of a new benchmark for asset pricing and was welcomed by the BSP.

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The turn of the century was a particularly challenging period for MART as sweeping changes in the regulatory environment demanded even faster reforms from the market. Despite the many difficulties faced by MART, it stood its ground and instead focused its efforts on ensuring that these many challenges were met to the satisfaction of its regulators. Through its active engagement of the BSP and the SEC, MART again established itself as a major industry partner. In 2003, with the advent of derivatives, a key tool to hedge risks and deepen the growth of the capital markets, the Peso interest rate swap market was launched. In 2007, MART alongside the BSP and the Bureau of the Treasury signed a Memorandum of Agreement establishing the intra-day liquidity facility, which ensures the smooth functioning of interbank settlements. Most notable is Governor Tetangcos challenge for MART to author the Code of Ethics Governing Financial Market Activities in the Philippines, which would serve as the very bible governing professional market behavior amongst banks and quasi-banks. Today, the MART Code of Ethics is enshrined in BSP Circular letter 2010-013 recognizing the code as a crucial component of a modern organized market. MARTs work does not end though as it continues to be at the forefront in trying to break new ground to bring the local financial market forward. This year alone, MART began with a 10-point agenda. Most of them are projects/proposals, seeking the nod of its regulators (BSP and SEC), which aim for the deepening and continued progress of its markets, particularly the fixed income market. MART has worked on the following projects/proposals: 1. Submitted a position paper proposing a securities-based yield curve to ensure that benchmark rates are more reflective of going market prices. 2. Submitted recommendations on the review of BSP Circular 594 (the regula-

tions governing the derivatives activities of banks) to address the hedging and investment needs of banks and customers. 3. Ongoing project (joint with ACI Philippines) to come up with a Comprehensive Modular Trading Convention for Financial Markets in the Philippines. 4. Ongoing project with the BAP-Capital Markets Development Committee on the review of the draft Securities Regulation Code Implementing Rules and Regulations; submitted proposed amendments which aim to bring forth a robust and vibrant capital market in the Philippines. 5. Ongoing project to channel the overnight RRP/SDA placements via a secured Bloomberg platform to enhance the process for both the BSP Treasury and market participants. 6. Conducted free seminars for clients on a quarterly basis, as part of its mission to fulfill its obligation to the investing public. 7. Submitted a proposal to BSP, to create an active Interbank Sell/Buy & Buy/ Sell Repo market which the Association thinks will best suit current market conditions and regulations with an additional value of providing a new market determined short-term benchmark for IRS fixing. 8. Ongoing projects with the Bureau of Treasury (BTr): a) MART was officially designated by the BTr to represent the Government Securities Eligible Dealers (GSEDs) as the main liaison for all communications between the BTr and the GSEDs, and b) Tax Unification project to allow tax-exempt institutions to trade with taxable FIs. 9. and 10. Creation of a Bond Forward Market and the Basis Swap Product which are contingent upon the approval of the Interbank Repo Buy/Sell and Sell/Buy proposal.

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2011 MART Working Committees

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PROFESSIONAL MARKETS OVERSIGHT COMMITTEE (From left) Raul Pedro, SBC; Manu Goseco, East West Bank; Paul Favila, Citi (Chairman); Raul Tan, RCBC

FIXED INCOME COMMITTEE (From left) Yumyum Delno, Deutsche Bank; Raul Tan, RCBC (Chairman)

MONEY MARKET COMMITTEE (From left) Manu Goseco, East West (Chairman); Cherry Kimpo, East West; Ervin Belen, MIB (not in photo: Malou Barrameda, BPI; Fritz Chan, MBTC; Robs Sy, Citi)

INTEREST RATE DERIVATIVES COMMITTEE (From left) Rino Gomez, Tradition; Choloy David, Tullett Prebon; Coco Martin, BDO; Raul Pedro, SBC (Chairman); Joel Caniza, RCBC; Joan Policarpio, Deutsche Bank; Louie Salazar, BDO; Adrian Ching, SBC; (not in photo: Henry Arceo, BPI; Mayu Contreras, ANZ; Buddy Corpus, Amstel; Faye Del Rosario, Citi; Jerry Hao, ING Bank; John Lu, StanChart; Noel Malabag, HSBC)

COMMITTEE ON ETHICS, SELF REGULATIONS & STANDARDS (From left) Martin Timbol, BOC; Paul Reyes, BOC; Rino Gomez, Tradition; Yumyum Delno, Deutsche Bank; Ricky Cebrero, PNB (Chairman)

MEMBERSHIP COMMITTEE (From left) Coco Martin, BDO; Jonas Ravelas, BDO; Blue Florescio, BDO (Chairman); Joric Nazario, PVB; Ricky Cebrero, PNB EDUCATION COMMITTEE (From left) Rino Gomez, Tradition; Bernice Nobleza, FMIC; Rey Montalbo, FMIC (Chairman); Charmaine Hao, Planters Bank (not in photo: Tiffany Cua, Citi; Bunny Recto, Chinatrust; Lourdes Uy, Allied Bank) FINANCIAL LITERACY COMMITTEE (From left) Rey Montalbo, FMIC; Kit Agena, MBTC (Chairperson); Peter Bautista, FMIC; (not in photo: Czari Romero, MBTC)

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MONEY MARKET CONSCIOUSNESS WEEK Programme of Activities 07-13 November 2011

November 07, Monday 8:15 A.M. Radio Station Interview Saksi sa Dobol B (594kHz AM and simulcast over GMA News TV) Anchorman: Joel Reyes Zobel Guests: Reynaldo B. Montalbo, Jr. & Michael D. Calleja November 08, Tuesday *Special MART Supplement Issue in The Philippine STAR 9:00 A.M. Trading Room Walkthrough of Regulators (BSP, BTr, SEC, PDIC, OIC) 6:00 P.M. MART 40th Anniversary Mass and Cocktails at Opus, Newport Mall, Resorts World

November 09, Wednesday 10:00 A.M. Outreach Activity at Boys Town Manila Courtesy visit to Manila Mayor Alfredo S. Lim 12:30 P.M. Financial Literacy Seminar for Economic Journalist Association of the Philippines/ Bangko Sentral ng Pilipinas Press Corp. Speaker: Augusto Cosio, Jr.

November 10, Thursday 12:00 NN Cagayan De Oro Bankers Briefing Speaker: Jonathan L. Ravelas 1:30 P.M. 4:00 Campus Briefing at Xavier University, Cagayan de Oro City Speakers: Reynaldo B. Montalbo, Jr. & Ervin Paolo S. Belen Economic Update & Investment Outlook for CDO Chamber of Commerce and Misamis Oriental Federation of Filipino-Chinese Chamber of Commerce, Inc. Speaker: Jonathan L. Ravelas

November 11, Friday 6:00 P.M. Convention Proper at Mallberry Suites, CDO Speakers: Hon. Oscar S. Moreno, Provincial Governor, Cagayan de Oro City Vaughn F. Montes, Former Country Economist, Citibank, N.A. Elections for the 2012 Board of Directors 9:00 Fun Night at Kylas Bar & Restaurant November 12, Saturday 7:30 A.M. Various Educational Tours 9:00 P.M. Brokers Night at Candys Bar & Restaurant

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COMMUNICATIONS COMMITTEE (From left) Chino Copuyoc, BPI, Chesa Ibarra, RCBC, Mike Calleja, BPI, (Chairman), Jaime Ferrer, BDO Private (not in photo: Alan Zapata, BPI)

FELLOWSHIP AND SPORTS COMMITTEE (From left) Paul Reyes, BOC (Chairman), Gray Tacda, PCCI, Erick Dones, PVB, Reuel Javier, PSBank, (Vice Chairman), Don Javillonar, Planters Bank, (not in photo Oliver De Goma, Amstel, Joy Gallega, Tradition, Eman Nazareno,Tullett Prebon, Sonny Tadeo, ICAP Phils.)

CONVENTION COMMITTEE (From left) Malou Liwag, PNB, Erick Dones, PVB, Joric Nazario, PVB (Chairman), Bing Barbasa, China Bank, Gidget Real, MART, Gigi Wong, BDO, Roree Manguerra, PBCom

EXTERNAL AFFAIRS COMMITTEE (From left) Ervin Belen, MIB, Gigi Wong, BDO, Gidget Real, MART, Joan Policarpio, Deutsche Bank (Chairperson), Junie Navarro, ICAP Phils, Roree Manguerra, PBCom, Erick Dones, PVB

LEGAL AND AUDIT COMMITTEE (From left) Erick Ratio, Landbank, Carel Halog, Landbank (Chairman), Manny Dimaano, Landbank

COMMITTEE ON ELECTIONS (From left) Gray Tacda, PCCI (Chairman), Charmaine Hao, Planters Bank, Don Javillonar, Planters Bank

AD HOC COMMITTEE (From left) Coco Martin, BDO, Paul Favila, Citi, (Chairman), Kit Agena, MBTC, Joan Policarpio, Deutsche Bank, Joric Nazario, PVB, Reuel Javier, PSBank, Ricky Cebrero, PNB(not in photo John Pichay UBP)

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Corazon J. Reyes Account Manager

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MONEY MARKET ASSOCIATION OF THE PHILIPPINES 2011 Member Institutions

AFS Philippines, Inc. Allied Banking Corporation Amalgamated Investment Bancorporation ANZ Banking Group, LTD. Asia United Bank Corporation Asiatrust Development Bank Banco De Oro Unibank, Inc. Bank of America, N.A. - Manila Branch Bank of China Limited, Manila Branch Bank of Commerce Bank of the Philippine Islands BDO Private Bank, Inc. China Banking Corporation Chinatrust (Phils.) Commercial Bank Corporation Citi, N.A. Citibank Savings, Inc. Citystate Savings Bank, Inc. Deutsche Bank, AG - Manila Branch Development Bank of the Philippines East West Banking Corporation Export & Industry Bank First Metro Investment Corporation HSBC ICAP Philippines, Inc. ING Bank, N.V. Manila Branch JP Morgan Chase Bank, N.A. Land Bank of the Philippines Malayan Bank Savings & Mortgage Bank Maybank Philippines, Inc. Metropolitan Bank & Trust Corporation Multinational Investment Bancorporation Pentacapital Investment Corporation Philippine Bank of Communications Philippine Business Bank Philippine Commercial Capital, Inc. Philippine Health Insurance Corporation Philippine National Bank Philippine Postal Savings Bank, Inc. Philippine Savings Bank Philippine Trust Company Philippine Veterans Bank Planters Development Bank Premiere Development Bank Producers Savings Bank Corporation RCBC Savings Bank Rizal Commercial Banking Corporation Robinsons Savings Bank Security Bank Corporation Standard Chartered Bank State Investment Trust, Inc. Sterling Bank of Asia, Inc. The Bank of Tokyo -Mitsubishi UFJ, Ltd. Toyota Financial Services Phils., Corporation Tradition Financial Services Philippines, Inc. Tullett Prebon Philippines, Inc. UCPB Savings Bank Unicapital, Incorporated Union Bank of the Philippines United Coconut Planters Bank United Overseas Bank - Philippines Vicsal Investment, Inc.