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Marcos urged to keep grounded vessel at shoal

THE BRP SIERRA MADRE, a marooned transport ship which Philippine Marines live in as a military outpost, is pictured in the disputed Second Thomas Shoal, part of the Spratly Islands in the South China Sea. — REUTERS

By John Victor D. Ordoñez, Reporter

THE GOVERNMENT of President Ferdinand R. Marcos, Jr. should ensure that the World War II-era ship that the Philippines grounded at Second Thomas Shoal in the South China Sea in 1999 remains there amid Chinese pressure to get it out of the disputed shoal, according to a senator.

“The BRP Sierra Madre should remain on Ayungin,” Senator Ana Theresia N. Hontiveros-Baraquel said in a statement on Monday, referring to the Filipino name of Second Thomas Shoal. “Our troops have been risking their lives to guard that ship and we should not take their sacrifice for granted.”

China has been trying to block Philippine resupply missions to the shoal, accusing the Marcos government of bringing construction materials to fortify the ship.

China claims almost the entire South China Sea, through which more than $3 trillion of annual ship-borne commerce goes through. Its claims overlap with those of the Philippines, Vietnam, Indonesia, Malaysia and Brunei.

A United Nations-backed tribunal in 2016 voided China’s expansive claims for being illegal.

A Chinese coast guard vessel on March 23 fired a water cannon at a Philippine boat trying to bring food and other supplies to a handful of soldiers on the dilapidated vessel.

Manila later lodged a protest and said the boat was heavily damaged and some crew injured. It then summoned China’s envoy in Manila to protest “aggressive actions” in the South China Sea.

Last week, Mr. Marcos said his government would enforce countermeasures against “illegal, coercive, aggressive and dangerous attacks” by China’s coast guard and maritime militia within the Philippines’ exclusive economic zone in the waterway.

Former presidential spokesman Herminio L. Roque has said ex-President Rodrigo R. Duterte had a “gentleman’s agreement” with China not to bring building and repair materials to troops stationed at the ship.

The deal involved keeping the “status quo” at the shoal but did not entail the ship’s removal.

Chinese Foreign Ministry spokesman Gan Yu earlier said the March 23 Philippine resupply mission had tried to transport construction materials to the grounded ship.

Ms. Hontiveros-Baraquel said the supposed deal was not surprising Mr. Duterte’s foreign policy pivot toward China.

“Duterte never accorded our 2016 arbitral award its much-deserved respect and reverence, which is why this so-called gentleman’s agreement is not surprising,” she said in mixed English and Filipino.

“A decision of such importance would have gone through a thorough policy-making process,” Senator Jose “Jinggoy” P. Estrada said in a separate statement.

He said his father, former President Joseph E. Estrada, never made a deal with China to have the dilapidated ship removed from Second Thomas Shoal.

Senate Majority Floor Leader Emmanuel Joel J. Villanueva on Monday filed a resolution condemning China’s aggression in the South China Sea, urging the government to come up with countermeasures to assert Philippine sovereignty in the waterway.

In Resolution No. 980, he urged the government to “put an end to the continued aggression” of China in the South China Sea.

Ms. Hontiveros-Baraquel last week urged the Department of Foreign Affairs to file a resolution before the United Nations General Assembly condemning China’s aggression at sea.

Under Executive Order 57 published on Sunday, Mr. Marcos ordered agencies to boost coordination on maritime security to confront “a range of serious challenges” to territorial integrity and peace, as the sea dispute with China worsens.

The order does not mention China but follows a series of confrontations and accusations between the two neighbors over disputed areas of the South China Sea.

In a separate statement, Senator and presidential sister Maria Imelda “Imee” R. Marcos said allowing too much foreign interference in the sea dispute could escalate tensions.

Citing section 7 of the order, she said the National Maritime Council’s authority to accept donations, contributions and other grants from domestic and foreign sources could lead to a “trojan horse of foreign interference.”

“Such largesse has been the fuel to never-ending conflicts as we still see in Ukraine and Gaza,” said Ms. Marcos, who heads the Senate committee on foreign relations. “To prevent yet another regional conflict, what we need instead are solutions for peace from those who claim to be our genuine allies.”

The Philippine Senate has approved a bill that seeks to set up maritime zones and territories in the South China Sea and another that aims to attract investments in local defense equipment manufacturing.

Coast guard patrols vital to Chinese control of South China Sea features

PHILIPPINE COAST GUARD FILE PHOTO

By Kyle Aristophere T. Atienza, Reporter

CHINA’s coast guard was the dominant state force in disputed waters of the South China Sea last year, holding daily patrols at key features including Second Thomas Shoal, where the Philippines has kept a dilapidated ship as a military outpost since 1999, according to a US think tank.

Its daily patrols “demonstrate the centrality of the CCG in China’s peacetime operations to assert control over its vast claims in the South China Sea,” the Asia Maritime Transparency Initiative (AMTI) said in a Mar. 29 report, citing automatic transmission system (AIS) data from Marine Traffic and Starboard Maritime Analytics.

Second Thomas Shoal, Luconia Shoals, Scarborough Shoal, Vanguard Bank and Thitu Island were the five features most frequented by Chinese patrols, AMTI said. “In total, patrols observed in 2023 at these five features amounted to 1,652 ship-days.”

It said the Chinese Coast Guard (CCG) has slightly shifted its attention away from Vanguard Bank and toward Luconia Shoals and Second Thomas Shoal, where Manila grounded the BRP Sierra Madre 25 years ago to assert its sovereignty.

Second Thomas, which the Philippines calls Ayungin, is 240 kilometers off the coast of Palawan province and is about 900 kilometers from Hainan, the nearest major Chinese landmass.

AMTI said the CCG’s patrols at Second Thomas Shoal increased to 302 in 2023 from 279 a year earlier.

Chinese patrols at Luconia Shoals, near a major cluster of Malaysian oil and gas operations, also increased to 338 from 316.

Meanwhile, CCG patrols in Scarborough Shoal and Thitu Island fell to 311 from 344 and to 206 from 208 days, respectively. Chinese patrol days at Vanguard Bank also fell to 221 last year from 310 a year earlier, AMTI said.

Scarborough and Thitu, which is part of the Spratly Islands, are both within the Philippines’ 200 nautical-mile exclusive economic zone.

The numbers are only a baseline “and that the true number of days patrolled by the CCG is likely higher,” AMTI said.

It added that “CCG vessels are not always observable on commercial AIS platforms, either because their transceivers are disabled or not detectable by satellite AIS receivers.”

Second Thomas Shoal was the site of frequent tensions between Manila and Beijing last year, with the Chinese Coast Guard backed by maritime militia ships blocking Philippine resupply missions for troops stationed on the BRP Sierra Madre.

President Ferdinand R. Marcos, Jr. last week issued an executive order (EO) ordering agencies to boost coordination on maritime security to confront “a range of serious challenges” to territorial integrity and peace, as the sea dispute with China worsens.

The order reorganized the National Coast Watch Council and renamed it to the National Maritime Council.

The new council is part of the countermeasures that the President has vowed to pursue, National Security Council Assistant Director-General Jonathan Malaya told a televised news briefing on Monday.

“Many of our countrymen think that our counter-response or measures are purely military,” he said. “The measures cover [many] dimensions, and this is one aspect of that.”

Fisherfolk group Pamalakaya questioned the creation of the new council, saying it is “redundant and insignificant” because there is already an inter-agency task force handling South China Sea disputes.

“The government agencies belonging to the newly created National Maritime Council are already constitutionally mandated to uphold and protect our national territory and natural resources,” it said in a statement. “Why the need to consolidate these agencies into a council with the sole purpose of maritime security, despite an existing task force with the very same functions?”

Marcos orders new police chief to address emerging threats

WITH a handshake and a tap on the shoulder, President Ferdinand R. Marcos, Jr. bids Gen. Rommel Francisco D. Marbil well as the new chief of the Philippine National Police (PNP) at Monday’s change of command ceremony at Camp Crame, Quezon City. At right is Interior and Local Government Secretary Benjamin C. Abalos, Jr.— PHILIPPINE STAR/KJ ROSALES

PHILIPPINE President Ferdinand R. Marcos, Jr. on Monday ordered his newly appointed police chief to step up efforts against emerging threats such as cyber- and transnational crimes, and terrorism.

He issued the order to General Rommel Francisco D. Marbil, 55, during a change in command ceremony at the police headquarters near the Philippine capital.

Mr. Marbil will replace General Benjamin C. Acorda, Jr. as the head of the 232,000-strong Philippine National Police (PNP).

He will serve as police chief until he reaches the mandatory retirement age of 56 on Feb. 7, or three months before the midterm elections. He is the third police chief under Mr. Marcos and the 30th since the PNP’s creation in 1991.

Mr. Marbil was the head of the PNP Directorate for Comptrollership. He once led the Eastern Visayas police.

He assumed his post as new police chief amid concerns about deaths related to the government’s anti-illegal drug campaign.

That there had been at least 10 drug-related killings from Mar. 16 to 23, eight of which were confirmed to have been committed by state agents, according to the Dahas project of the University of the Philippines Third World Studies Center.

It recorded 165 drug-related deaths in July to December last year and 29 each in January and February 2024.

Mr. Marcos in December last year extended the term of Mr. Acorda as PNP chief after he turned 56. He was first appointed to the post in April 2023.

Mr. Marbil and Mr. Acorda both belong to the Philippine Military Academy Class of 1991. — Kyle Aristophere T. Atienza

Lawmaker blames vaccine hesitancy among Filipinos for pertussis outbreak

PHILSTAR

VACCINE hesitancy among Filipinos is likely to have caused the ongoing outbreak of Pertussis or whooping cough in parts of Luzon and Visayas, a lawmaker and former health secretary said on Monday.

Speaking to members of the media, Iloilo Rep. Janette L. Garin said that vaccine hesitancy among Filipinos which stemmed from the Dengvaxia controversy in 2017 had caused parents to avoid subjecting their children to state-sponsored vaccines.

“Why in the whole world is it that only in the Philippines was there a pertussis outbreak!” Ms. Garin, who served as Department of Health (DoH) secretary during the presidency of the late Benigno S. Aquino, III, told the media in Filipino.

“The pertussis outbreak is due to the number of people refusing to be vaccinated,” she added.

Quezon City in Metro Manila and Cavite province, south of the capital, as well as Iloilo City in Western Visayas have already declared an outbreak of pertussis as early as last month.

The sharp rise in pertussis cases have also resulted in a number of reported deaths. Last March 16, the DoH reported 40 children dying of the respiratory infection.

The two-dose vaccine against pertussis is commonly administered at government hospitals and health centers for free to children aged as young as 2-6 months and 15-18 months.

Those who missed their vaccinations at these periods can have a one-dose vaccine against whooping cough, called T-dap, at the age of 7 to 10 years old.

Pertussis or whooping cough is a highly contagious bacterial respiratory infection that causes influenza-like symptoms such as mild fever and coughs lasting seven to 10 weeks after exposure. — Kenneth Christiane L. Basilio

Safety of Iraq-based Pinoys sought

BW FILE PHOTO

THE SENATE is bent on conducting a comprehensive review of existing protection mechanisms for Filipinos based in Iraq, which has been saddled with years of conflict and political strife.

Filed by Senator Ferdinand “Robin” C. Padilla on March 14, the proposed Senate Resolution No. 969 seeks an inquiry in aid of legislation with the aim of making refinements to existing measures safeguarding Filipinos in Iraq.

“It is imperative to conduct a comprehensive review of the efficacy of measures in place to safeguard the well-being of Filipino nationals in Iraq, including the evaluation of the country’s overall security situation,” it said.

Last year, the Department of Foreign Affairs (DFA) welcomed a delegation of Iraq officials who asked the Philippines to lift a deployment ban on Filipino workers to aid Iraq’s need for healthcare sector workers.

The Iraq delegation had also invited Philippine Foreign Affairs officials to assess what they called an improving security situation in the country.

In 2021, the crisis level in Iraq reached Alert Level 3, prompting the Department of Foreign Affairs to call on Filipinos there to voluntarily return to the Philippines. — John Victor D. Ordoñez

Heat can force class suspensions

PHILIPPINE STAR/EDD GUMBAN

THE PHILIPPINES’ El Niño Task Force on Monday urged local governments and school heads to consider suspending classes in cases of extreme heat for the health and physical wellbeing of students.

“If students cannot concentrate because it’s too hot, if you are experiencing extreme heat in your locality, it is within your power to shift your face-to-face classes to online classes,” Joey Villarama, the task force’s spokesperson, said in a televised news briefing, citing a Department of Education (DepEd) advisory.

Earlier, nearly a dozen local government units mostly in Western Visayas had suspended classes on April 1 and 2 due to extreme heat conditions. The areas include Iloilo City, Bacolod City on Negros Island, and Roxas City in Capiz.

Also suspending classes until Tuesday were Silay City, Bago City, Isabela, Hinoba-an, E.B. Magalona, and Kabankalan, all in Negros Occidental. — Kyle Aristophere T. Atienza

Births, deaths declining — PSA

PHILIPPINE STAR/MIGUEL DE GUZMAN

BIRTHS and deaths from January to October 2023 declined from the previous year with newborn figures dropping below 1 million over the 10-month period, preliminary data released by the Philippine Statistics Authority (PSA) on Monday showed.

Births recorded by the PSA for the period reached 971,002, fewer than the 1,190,520 births in the first 10 months of 2022, reflecting an 18.4% drop. On the other hand, registered deaths fell to 484,961 from 565,344 for a year-on-year decline of 14.2%.

Marriage statistics also decreased by 17.5% to 305,375 in the same reference period from 369,967 in 2022.

In a separate release, ischemic heart disease, neoplasms, and cerebrovascular disease remained the top three causes of death in Filipinos over the same period last year.

Ischemic heart disease accounted for 19% of the total deaths with 91,936 cases, down 10.8% from the 103,058 cases in 2022.

The rest of the five causes of death were neoplasms (10.6% share), cerebrovascular diseases (10.1%), diabetes mellitus (6.3%), and pneumonia (6%). — Andrea C. Abestano

Zubiri not running for office in ’28

SENATE President Juan Miguel F. Zubiri is mulling retirement from politics at the end of his elective term, revealing on Monday that he plans on not running for public office in 2028.

“To dispel any rumors that may arise, I would like to make it clear that I will not be running for any public office in 2028,” Mr. Zubiri told reporters through Viber. “I am in fact contemplating on my retirement from almost 30 years of politics.”

The Senate President spoke ahead of any speculation that he would seek higher office, following a Pulse Asia survey published on Sunday in which 7% of Filipinos would likely vote for him as vice president in 2028.

The list was topped by Senator Mary Grace N. Poe-Llamanzares who polled 35%, followed by Senator Maria Imelda “Imee” R. Marcos who garnered 16%. 

Former senator and boxing legend Emmanuel “Manny” D. Pacquiao, Sr. tied with Senator Ferdinand “Robin” C. Padilla at third with 14%, followed by Mr. Zubiri who ranked fourth.

“Rest assured that my last four years of service will be dedicated to uplifting the lives of every Filipino through meaningful legislation,” Mr. Zubiri said.

Mr. Zubiri is in his third term as senator and was previously Bukidnon’s third district representative to the House of Representatives from 1998 to 2007. — John Victor D. Ordoñez

P21-M smuggled cigarettes seized

IMPORTED cigarettes seized by police in Sarangani on Saturday are prepared for turnover to the Bureau of Customs. — PHILIPPINE STAR/JOHN FELIX M. UNSON

COTABATO CITY — Police seized P21 million worth of cigarettes from Indonesia, intercepting the boat loaded with the contraband in an anti-smuggling operation in Glan, Sarangani last weekend, authorities revealed on Monday.

Brig. Gen. Percival Augustus P. Placer, Police Regional Office 12 (PRO-12) director, said his men impounded the P1.7-million watercraft that was carrying the 1,075 cases of cigarettes from Tongkil Island in Sulu province.

The interception by joint police units came following a tip-off that the merchandise was being transported through Tampat Point in Batulaki area in Glan on Saturday afternoon and was due for distribution to buyers in Sarangani and General Santos City.

The seized cigarettes have been turned over to the Bureau of Customs for proper disposition.

The island municipalities of Sulu and Tawi-Tawi, both in the Bangsamoro Autonomous Region in Muslim Mindanao, are known transshipment points of cigarettes from Indonesia, brought in by Tausug and Sama seafarers. — John Felix M. Unson

Makati files graft raps vs. Taguig city treasurer, 2 others

THE MAKATI City government has filed graft charges against the Taguig City treasurer and two other employees for allegedly holding out on tax clearance paperwork for three land properties purchased by Makati amounting to over P146 million.

In the 10-page complaint filed before the Office of the Ombudsman on Monday, the Taguig City government executive and two employees are being charged with grave misconduct, gross neglect of duty, and conduct prejudicial to the best interest of the service — all violations under the Anti-Graft and Corrupt Practices Act.

Makati Mayor Mar-len Abigail S. Binay, in a statement, scored Taguig City for allegedly disregarding the law by delaying for 11 months the release of tax clearance documents covering the three parcels of land purchased by Makati City from the Bases Conversion and Development Authority (BCDA).

The complaint accuses the officials of intentionally delaying the process without giving a valid reason and cited the Taguig Citizen’s Charter, which states that the City Treasurer’s Office needs only three days for individuals and five days for corporations to process such requests.

Sought for comment, Taguig’s Public Information Office told BusinessWorld that the case filed by Makati is baseless and “intended only to harass Taguig officials.”

“The cases filed against the officials and employees of Taguig will not detract them from giving the EMBO residents transformative programs that they deserve,” the Taguig PIO said in an email.

The two cities are at odds over jurisdiction of the 10 Enlisted Men’s Barrio or EMBO villages even though the Supreme Court (SC) had already issued a ruling that they are part of Taguig and had been illegally occupied and used by Makati for 30 years.

As a result of that ruling, many public service facilities established and funded for years by the Makati City government are now turned over to Taguig City.

Last month, four Makati employees were trapped in a park previously maintained by Makati City when Taguig City employees locked it up. The Makati City government resorted to suing Taguig City Mayor Laarni L. Cayetano. – Chloe Mari A. Hufana

BuCor releases 783 prisoners in March

BUCOR

THE BUREAU of Corrections (BuCor) announced on Monday the release of 783 prisoners across all its facilities in the country last month.

BuCor Chief Gregorio P. Catapang Jr. said 132 of those released have been acquitted of the crimes they were charged with, while four were freed on bail and two granted conditional pardons.

As part of efforts to decongest the country’s jails, the BuCor also released 528 prisoners whose maximum sentences had expired, along with 20 more granted probation, and 97 granted parole.

Breaking them down by BuCor facility, Mr. Catapang reported 149 convicts freed from the New Bilibid Prison (NBP)-Minimum Security Compound, 146 from the NBP Maximum Security Compound, 99 from the NBP-Medium Security Compound, 96 from the Davao Prison and Penal Farm, 65 from the Correctional Institution for Women and Iwahig Prison and Penal Farm, 55 from the San Ramon Prison and Penal Farm, 48 from the Sablayan Prison and Penal Farm, 44 from the Leyte Regional Prison, and 16 from the NBP-Reception and Diagnostic Center.

The releases allowed the BuCor to move 500 prisoners from the NBP to the San Ramon Prison and Penal Farm in Zamboanga City to aid decongestion efforts. It also recently transferred 500 prisoners from the NBP to the Sablayan Prison and Penal Farm in Occidental Mindoro.

According to the BuCor, a total of 12,836 prisoners have been released since President Ferdinand R. Marcos Jr. took office.

“The release of these [prisoners] not only addresses congestion in our prison and other detention centers but allows them to reintegrate into mainstream society,” said Justice Secretary Jesus Crispin C. Remulla in a statement of Monday.

He urged those released to “march forward with unwavering determination” and never to return to the life of crime.

Bank of the Philippine Islands (BPI) to conduct 2024 annual meeting of stockholders virtually on April 23

NOTICE OF ANNUAL STOCKHOLDERS’ MEETING

NOTICE IS HEREBY GIVEN that the annual meeting of stockholders of Bank of the Philippine Islands (BPI) will be conducted virtually via http://www.ayalagroupshareholders.com/ on Tuesday, April 23, 2024 at 9:00 A.M., for the transaction of the following business:

  1. Call to Order
  2. Certification of Notice of Meeting, Determination of Quorum, and Rules of Conduct and Procedures
  3. Approval of the Minutes of the Annual Meeting of the Stockholders on April 27, 2023
  4. Approval of Annual Report and Audited Financial Statements
  5. Ratification of the Acts of the Board of Directors and Officers
  6. Election of the Board of Directors (including the Independent Directors)
  7. Election of External Auditors and Fixing of their Remuneration
  8. Consideration of Such Other Business as May Properly Come Before the Meeting
  9. Adjournment

Stockholders of record as of March 4, 2024, will be entitled to notice of, and to vote at, this meeting.

Stockholders may attend the meeting by remote communication or by appointing the Chairman of the meeting as their proxy.

Duly accomplished proxy forms shall be submitted to the Office of the Corporate Secretary located at 28/F Ayala Triangle Gardens Tower 2, Paseo de Roxas Cor. Makati Ave., Bel-Air, Makati City or by email to bpi-asm@bpi.com.ph not later than 5:00 P.M. of April 12, 2024. Validation of proxies is set on April 15, 2024 at 2:00 P.M.

Stockholders intending to participate by remote communication should notify the Bank by email to bpi-asm@bpi.com.ph on or before April 12, 2024. Stockholders may vote electronically in absentia, subject to validation procedures. The procedures for participation in the meeting through remote communication and for casting votes in absentia are set forth in the Bank’s website and Information Statement.

For this purpose and in accordance with Article XII of the Bank’s Amended By-Laws, the Stock and Transfer Book of BPI will be closed from March 23, 2024 to April 22, 2024.

Makati City, March 12, 2024.

FOR THE BOARD OF DIRECTORS
(Sgd.) MARIA LOURDES P. GATMAYTAN
Corporate Secretary

EXPLANATION OF AGENDA ITEMS FOR ANNUAL STOCKHOLDERS’ MEETING – APRIL 23, 2024

  1. Call to Order

Mr. Jaime Augusto Zobel de Ayala, Chairman of the BPI Board of Directors, will call the meeting to order.

  1. Certification of Notice of Meeting, Determination of Quorum and Rules of Conduct and Procedures

The Corporate Secretary will certify the date when written notice of the meeting was sent to all stockholders of record as of March 04, 2024, and the date of publication of the notice at a newspaper of general circulation.

The Corporate Secretary will further certify whether a quorum is present for the valid transaction of the Annual Stockholders’ Meeting. Pursuant to Sections 57 and 23 of the Revised Corporation Code which allow voting in absentia by stockholders, the Bank has set up a designated online web address which may be accessed by the stockholders to register and vote in absentia on the matters for resolution at the meeting. The holders of record of a majority of the stock of the Bank then issued and outstanding and entitled to vote, represented by proxy or participating through remote communication or voting in absentia, shall constitute a quorum for the transaction of business.

The following are the rules of conduct and procedures for the meeting:

(a) Stockholders may attend the meeting remotely through the online web address (URL) provided. Questions and comments may be sent via e-mail prior to or during the meeting to bpi-asm@bpi.com.ph, and shall be limited to the items in the Agenda of the meeting. Other channels may be opened to address questions and comments.

(b) Stockholders must notify the Bank of their intention to participate in the meeting by remote communication, by sending an email to bpi-asm@bpi.com.ph, to be included in the determination of quorum, together with stockholders who voted in absentia and by proxy.

(c) Voting shall only be allowed for stockholders registered in the Bank’s Voting In Absentia & Shareholder (VIASH) System or through the Chairman of the meeting as proxy. Detailed requirements and instructions pertaining to the VIASH System and the use thereof are provided in the Bank’s website and Information Statement. Stockholders may also contact the BPI Stock Transfer Office for information and assistance.

(d) For items on the agenda for approval, the affirmative vote of stockholders representing at least a majority of the issued and outstanding capital stock is required. Each outstanding share of stock entitles the registered holder to one vote. The election of directors will be determined by plurality of votes and every stockholder shall be entitled to cumulate his votes. All votes received shall be tabulated by the Office of the Corporate Secretary and the results shall be validated by the Bank’s auditor.

(e) The meeting proceedings will be recorded in audio and video format.

  1. Approval of the Minutes of the Annual Meeting of the Stockholders on April 27, 2023

The minutes of the meeting held on April 27, 2023 are available at the Bank’s website, www.bpi.com.ph.

  1. Approval of Annual Report and Audited Financial Statements as of December 31, 2023

The audited financial statements (AFS) as of December 31, 2023 will be presented for approval of the stockholders. Prior thereto, the Chairman, Mr. Jaime Augusto Zobel de Ayala, and the President and Chief Executive Officer, Mr. Jose Teodoro K. Limcaoco, will deliver their report to the stockholders on the highlights of BPI’s performance in 2023 and the outlook for 2024.

A copy of the Bank’s AFS is posted on the Bank’s website.

  1. Ratification of the acts of the Board of Directors and Officers

The acts and resolutions of the Board of Directors and its committees were those taken or adopted since the annual stockholders’ meeting on April 27, 2023 until April 23, 2024, contracts and transactions entered into by the Bank, credit/loan transactions including to related parties, projects and investments, treasury matters, manpower related decisions/approvals, including programs of the Bank’s employee stock incentive plans, corporate governance-related actions, and other matters covered by disclosures to the Bangko Sentral ng Pilipinas (BSP), Securities and Exchange Commission (SEC) and the Philippine Stock Exchange (PSE). The acts of Management were those taken to implement the resolutions of the Board or its committees or made in the general conduct of business.

  1. Election of the Board of Directors (including the Independent Directors)

Any stockholder, including minority stockholders, may submit to the Nomination Committee nominations to the Board of Directors not later than March 5, 2024. The Nomination Committee will determine whether the nominees for the Board, including the nominees for independent directors, have all the qualifications and none of the disqualifications to serve as members of the Board. The profiles of the nominees to the Board will be provided in the Information Statement and in the company website.

  1. Election of External Auditor and Fixing of their Remuneration

The Audit Committee will endorse to the stockholders the appointment of the external auditor for the ensuing year as well as its proposed remuneration.

  1. Consideration of Such Other Business as May Properly Come Before the Meeting

The Chairman will open the floor for comments and questions by the stockholders, and take up items included in the agenda received from stockholders in accordance with existing laws, rules and regulations of the Securities and Exchange Commission.1

  1. Adjournment

Upon determination that there are no other matters to be considered, the Chairman shall declare the meeting adjourned.

 

1SEC Memorandum Circular No. 14, series of 2020 or “Shareholders’ Right to Put items on the Agenda for Regular/Special Stockholders’ Meetings”

 

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