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2013 Annual Report a

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b Metropolitan Bank & Trust Company 2013 Annual Report 1

MISSIONWe aim to be a premier universal bank of international standing,

committed to creating and providing the best possible value for our core constituents – clients, employees, shareholders, and the communities whom we serve.

We shall exert all efforts to transform every opportunity to expand our sphere of business activities into instruments to help our constituents realize their own goals and aspirations.

We shall strive to reach a highly diversified customer base through an extensive distribution network at the same time delivering a wide array of premium-value

products and services with distinctive quality.We realize that our success depends on the quality of our people, the efficiency of our systems,

and the strength of our organization. Hence, we shall continuously invest in our human resources to ensure a service force characterized by the highest standards of dignity, probity and professionalism.

We shall constantly endeavor to be more responsive to dynamic market conditions, flexible in coping with customer needs, innovative in leading the competition, and united in pursuing

common objectives. Our financial capability shall likewise be continually invigorated to maintain dynamism, growth and stability.

Recognizing our responsibility to our shareholders, we shall exercise judicious management to consistently provide them with fair returns and enhance the value of their investments.

As a responsible corporate citizen, we shall remain committed to making meaningful contributions for the economic and social development of the communities in which we serve.

VISION

To be the best bank for all our stakeholders.

We deliver your needsAt Metrobank, we are your partner.

We are committed to know you better.Because that’s what a great partnership is all about,

a partnership that you can trust.

2 Metropolitan Bank & Trust Company 2013 Annual Report 3

In million pesos (except per share amounts)

Increase (Decrease)

2013 2012 Amount % As restated

At Year End

Total Assets 1,378,569 1,046,643 331,926 31.7%

Trading and Investment Securities 367,295 247,412 119,883 48.5%

Loans and Receivables, net 611,064 525,895 85,169 16.2%

Deposit Liabilities 1,016,268 738,694 277,574 37.6%

Equity

Attributable to:

Equity Holders of the Parent Company

134,887

117,733 17,154 14.6%

Non-controlling Interest 7,818 6,976 842 12.1%

Book value per share 46.83 52.75

Increase (Decrease) Increase (Decrease)

2013 vs 2012 2012 vs 20112013 2012 2011 Amount % Amount %

As restated As restated

For the Year

Net Interest Income 38,269 30,854 29,437 7,415 24.0% 1,417 4.8%

Other Operating Income 40,655 26,224 19,696 14,431 55.0% 6,528 33.1%

Total Operating Income 78,924 57,078 49,133 21,846 38.3% 7,945 16.2%

Total Operating Expenses 49,497 37,853 34,523 11,644 30.8% 3,330 9.6%

Net Income 24,156 17,917 12,491 6,239 34.8% 5,426 43.4%

Attributable to:

Equity Holders of the Parent Company

22,488

15,399

11,031

7,089 46.0%

4,368 39.6%

Non-controlling Interest 1,668 2,518 1,460 (850) (33.8%) 1,058 72.5%

Basic/Diluted Earnings

Per Share Attributable to Equity Holders of the Parent Company 8.02

5.44*

3.86*

*Restated to include the effect of stock dividend issued in 2013

GROUPFINANCIAL HIGHLIGHTS


Partnerships are essential in doing business. Over the past 50 years, Metrobank has built and nurtured strong partnerships with our stakeholders. From the Bank’s employees to our customers, government and civil society groups to businesses and foundations and committed individuals, our partners have been instrumental in Metrobank’s continuous success.

The expertise and dedication of our people has allowed Metrobank to become the best bank for our stakeholders. The continued patronage and trust of our customers has catapulted us to rapid growth and industry leadership. Without the engagement and support of our social partners in the public and private sectors, we would have not been able to expand the reach and impact our development programs for nation-building.

In the process of cultivating these partnerships, we have learned that indeed, great partnerships are made. They take time, effort and vision.

As Metrobank embarks on our next half-century, you can be rest assured of our commitment to strengthen our existing partnerships as well as to forge new ones, promoting better collaboration and synergy to achieve the Bank’s long-term sustainability for the benefit of our stakeholders and the society.

Dr. George S. K. TyFounder, MetrobankChairman, Metrobank Group


CHAIRMAN’S MESSAGE

Metrobank is ready to face the challenges

that come with brighter prospects under an

expanding economy.

Y our Bank delivered another

record performance in 2013.

Our financial results reflected

the strength of the Metrobank

franchise and the gains achieved

in our core business.

In 2013, our asset base grew 32% and

peaked at P1.4 trillion. We also recorded the

highest-ever income in our 51-year history at

P22.5 billion.

This performance came on the back of

a strong domestic economy. At 7.2% full year

GDP, the Philippines was the fastest-growing

player in Asia after China. Inflation was kept

benign at 3.0%, while the low interest rate

environment fueled business activities across

the country and spurred system loan growth

to 16%.

Perhaps the highlight of the year was

when the Philippines was awarded the much-

coveted Investment Grade rating by all three

“Our deep understanding of our customers lets

us know exactly what they need. This allows us to be one step ahead

in anticipating and developing products.

We have realigned our customer coverage model to ensure that we remain

sticky and relevant as our customers progress

through their own business and life cycle.”

international credit agencies: Standard &

Poor’s, Fitch, and Moody’s. This was a strong

testament to the country’s solid economic

principles, sound financial system, and

the generally positive investor sentiment.

Similarly, Metrobank’s financial

performance was complemented by

recognitions from external parties. The most

recent was the credit rating upgrade by

Moody’s Investor Services to Baa3,

which equates to Investment Grade status,

putting us at par with the Republic of the

Philippines. The other was being named

Strongest Bank in the Philippines by The Asian

Banker, making us the only Philippine bank in

the Top 50 list in the Asia-Pacific region.

As we made great strides in our financial

and operating performance in 2013, sadly,

Typhoon Yolanda struck last November

and wreaked havoc in Eastern and Central

Visayas. Although severely affected, our

Dear Fellow Shareholders,

Arthur TyChairman


nine branches were relatively unscathed, and

more importantly, all of our 282 employees

in the affected areas survived the ordeal.

Nonetheless, the situation prompted a call

to action.

In the aftermath of the typhoon, the

Metrobank Group organized extensive relief

and rehabilitation efforts, donating close to

P70 million in total financial aid. In keeping

with our commitment to serve the community,

the Metrobank Foundation spearheaded

rebuilding projects and medical missions.

Similarly, our employees, in cooperation

with GT-Metro Foundation, launched the

Metrobankers for Metrobankers Yolanda Fund

drive to assist our colleagues in coping with

post–disaster activities.

We take pride in the resilience and

dedication of our people. Metrobank was

the first to re-open in central Leyte, within

two weeks after the devastating events of

November 8. Further, we were among the

first to commit to set up credit and support

facilities to help our business partners.

Early on, the Bank undertook plans for the

construction of a new banking center in

Leyte, a clear commitment to the rebuilding

of the area. It is our firm belief that the

Visayas region can, and will overcome these

challenges and regain its status as one of the

country’s key economic drivers in the near future.

I would like to personally thank our

employees, especially those based in the

Visayas, for their spirit, faith, and steadfast

commitment. They exemplify the core values

of a true Metrobanker.

2014 will be another challenging year

for the banking industry, but we face it with

optimism. GDP growth is seen to remain

solid. We see the upside coming from higher

government and investment spending,

sustained increases in remittances and

BPO receipts, and opportunities from

increased economic activity, especially

from reconstruction and rehabilitation efforts.

In addition, the changing demographics

are favorable, and new growth sectors

are emerging.

On the other hand, this year is marked

by many regulatory developments, foremost

of which is the adoption of Basel III. With

stringent standards on risk management

and higher capital buffers, Basel III will

challenge banks to re-think the way they

do business, requiring a constant balance

between franchise growth, profitability and

capital efficiency. For Metrobank, part of our

preparation included the sale of non-core

assets, most notable of which were Toyota

Motor Philippines Corporation and Global

Business Power Corporation. With these

divestments, coupled with organic capital

growth and the issuance of Basel III-compliant

Tier 2 Notes, we are confident we can maintain

a comfortable level of capitalization beyond

the minimum ratios required under the new

regulatory regime.

Rest assured, the new capital rules do

not diminish the importance we place on

building shareholder value and strengthening

customer relationships.

Operationally, we plan to diversify

our revenue streams and re-balance our

portfolio such that risk asset growth will be

focused towards more favorable segments

offering better risk-adjusted returns. We

will continue to use value-adding product

offerings as our differentiation tool, to

seek opportunities in fee income within

our existing businesses, and to target new

opportunities in consumer banking.

A key element to our future growth

and the expansion into the consumer space

is our focus on delivering the best customer

experience. We believe that what transforms

people from being regular customers into

loyal advocates is the trust they gain from

their personal experiences. Thus, we continue

to embed a customer-centric culture across

the organization and invest in projects that

will serve and create value for our customers.

We can leverage on these for our

differentiation strategy.

In closing, the Board would like to thank

our management team and our employees for

their myriad efforts that have contributed to

the Bank achieving its goals.

Most importantly, we would like to

express our gratitude to our shareholders,

customers and partners for their continued

support, confidence and loyalty.

We step into the future guided by the

principles of trust, partnership, and corporate

social responsibility. We will stay committed

to keeping you in good hands.

Arthur TyChairman

1 0 Metropolitan Bank & Trust Company 2013 Annual Report 11

2013 was another banner year for Metrobank

as we delivered our promise to increase market share,

profitability and long term growth.

2013 was another stellar year for the Philippine economy. The country posted the highest GDP growth in the ASEAN region at 7.2% and received upgrades to

Investment Grade status by all three major international rating agencies, Standard & Poor’s, Fitch, and Moody’s. The positive economic backdrop supported the banking industry’s steady performance as system loan growth hit 16% while deposits surged by over 34%. The banking system remained well-capitalized, and banks are geared up for the implementation of Basel III by January 2014.

External headwinds, however, caused the volatilities in the domestic financial market as the Philippine Peso weakened by almost 9% to end the year at P44.41, while the Philippine Stock Exchange index slowed to a modest 1% growth to close at 5,889.83.

Nonetheless, the positive developments augured well for Metrobank in 2013.

Our net income reached a new high of P22.5 billion, up significantly by 46%.

Fabian S. DeePresident

“Receiving a mark of investment grade from Moody’s and being awarded the Strongest Bank in the Philippines by The Asian Banker indicate the quality of earnings of Metrobank and the emphasis we place on delivering long term sustainable growth.”

Consequently, return on average equity climbed to 17.8% from the 13.6% in 2012.

Consolidated resources expanded further and peaked at P1.4 trillion. Supporting this growth was our prudent balance sheet build-up which saw total deposits piercing the 1-trillion mark, and our loan book expanding by 16% to P611.1 billion. Our achievements are rooted on our strict adherence to credit and risk management standards. By end-2013, our asset quality metrics remained relatively better compared to our peers.

Total revenues reached P80.4 billion, 35% higher than the P59.6 billion reported in 2012. Overall, this was driven by increases in our net interest income, resilient gains in trading, continuous improvement in fee-based income, and gains from one-time sale of non-core assets in preparation for Basel III implementation.

Sustained volume growth and healthy margins pushed net interest income to P38.3 billion, or 24% higher than the previous year’s P30.9 billion. With lower funding costs, our net interest margin improved further to 3.9% from 3.6% previously.

PRESIDENT’S REPORT


Non-interest income, on the other hand, jumped 46% to P42.1 billion. The treasury business brought in P14.9 billion in trading and foreign exchange gains, or 45% higher than last year, while the Trust Banking Group delivered 26% growth in income for a total of P1.1 billion. In addition, service charges and bank commissions grew 6% to P8.6 billion, while miscellaneous income was reported at P13.1 billion mainly driven by the one-time gain from the divestment of non-core assets.

Meanwhile, total operating expenses reached P38.8 billion driven mainly by manpower-related costs, as well as taxes and expenses attributed to the sale of assets.

In terms of funding, total deposit liabilities closed the year at P1.0 trillion for a P277.6 billion increase. The sharp increase was due to high system liquidity which was boosted by moves of the Bangko Sentral ng Pilipinas (BSP) to reduce the Special Deposits Account (SDA) facility. Meanwhile, our branch expansion strategy culminated with 28 branches added by year-end to bring our total consolidated network to 856, still the largest in the industry. This network reach is complemented by 1,936 automated teller machines (ATMs).

Metrobank reported P611.1 billion in net loans and receivables, up 16% from the previous year. Demand for credit accelerated consistently across all segments. The portfolio mix has remained relatively the same, but consumer lending is slowly gaining momentum and now accounts for 28% of the entire loan book with the balance being in commercial lending.

Despite the increase in credit demand and increasing pressure on sustaining profitability, the Bank has not strayed away from its principles on asset quality and capital efficiency. For 2013, non-performing loans (NPLs) ratio improved further to 1.3% from the

previous year’s 1.8%. In absolute terms, gross NPLs declined to P7.8 billion, from P9.6 billion in 2012. On the other hand, the NPL cover ratio increased to 164.1% as the Bank maintained its conservative provisioning policy and included coverage for areas in the Visayas region that were badly hit by Typhoon Yolanda in November 2013.

We prepared prudently for Basel III implementation as we reduced our investments in non-core assets. Last year, Metrobank sold its remaining 15% stake in Toyota Motor Philippines Corporation, while First Metro Investment Corporation sold its 40% stake in Global Business Power Corporation. These moves strengthened our capital adequacy ratio to 16.7% at year-end, with Tier 1 ratio at 15.0%. Moving into 2014, the Bank has made plans to issue Basel III-compliant Tier II Notes to further boost our capital position.

Metrobank Group’s outstanding performance is fortified through the strong partnerships we built with our subsidiaries and affiliates.

First Metro Investment Corporation (First Metro), our investment banking arm, continues to dominate the Philippine bond market. First Metro remains to be the largest investment bank in the industry, participating in 94% of total market bond issuance. It reported a consolidated net income of P11.5 billion, up significantly from the P3.3 billion reported in 2012. The sharp increase was driven by strong growth in its core businesses coupled by the one-time gains from the divestment of non-core assets and trading activities.

Philippine Savings Bank (PSBank), our thrift banking arm, was recently recognized as the Strongest Savings Bank in the Philippines by The Asian Banker. With a dominant hold on the retail sector, PSBank posted net income growth of 29% to P2.9 billion.

Metrobank Card Corporation (MCC), a joint venture with ANZ, now has the biggest

card base at over 1.3 million cards among members of the Credit Card Association of the Philippines (CCAP). MCC reported net income of P2.0 billion, 17% higher than the 2012 reported earnings.

Philippine AXA Life Insurance Corporation (AXA Philippines) is a partnership between AXA and the Metrobank Group. For 2013, AXA Philippines posted a 58% increase in gross premiums to P18.3 billion.

Charter Ping An Insurance Corporation (Charter Ping An) expanded its non-life insurance business with the introduction of new product lines and increasing distribution channels. As a result, gross premiums grew by 20%, twice the industry growth rate.

Overseas, Metrobank is also expanding its presence. The international network now includes 26 subsidiaries and offices, 6 full-service branches, and 111 remittance correspondents across North America, Europe, Middle East, and Asia Pacific. We continue to expand our distribution reach and to make our remittance business accessible via the almost 6,000 payout partners located nationwide.

Our network reach supported the expansion of our remittance business. In 2013, we recorded an all-time high of US$3.6 billion in remittance proceeds, outpacing industry growth numbers with our volume increasing by 25% from last year.

At Metrobank, we constantly challenge ourselves to improve our capabilities so that we remain relevant to our customers. For our client partners, we constantly look to improve our customer service standards. We have instilled in our team a customer-centric mindset and increased customer accessibility as we enhance our products and services to match their evolving needs.

We are building capacity to ensure we are able to support the growing economy and evolving client expectations. Our recent initiatives in developing customer analytics

has allowed us to better understand the dynamics of our target markets. Coupled with system enhancements for streamlining internal processes, we are now more responsive to the changing needs of our customers.

We remain committed to continuous training and development of our employees as these improve our level of service delivery standards and are also key essentials of career development and succession planning.

2013 has indeed been another banner year for the Metrobank Group. Our strong financial performance was capped by our upgrade to Investment Grade status by Moody’s Investor Services, and further by being awarded the Strongest Bank in the Philippines by The Asian Banker. These two recognitions indicate the quality of earnings of Metrobank and the emphasis we place on delivering long term sustainable growth and ultimately, shareholder value.

The positive outlook in our domestic economy provides a stable backdrop and an opportunity for us to reach even greater heights in the future.

On behalf of the management team of Metrobank, I would like to thank all of our employees for their continued dedication and hard work. More importantly, I take this opportunity to extend my gratitude to our valued customers who continue to be the driving force in our pursuit of excellence.

Fabian S. DeePresident


Confidence in the franchise

BREAKTHROUGH PERFORMANCEP8.02/Share

P22.5Billion

P135Billion

Record-breaking profit

Prudent balance sheetgrowth

Sustained credit demand

Strong capital position

Maximizing shareholder value

P1.4Trillion

P611Billion

P1.0Trillion

Net Income Total EquityEarnings per share

Total Resources Net Loans andReceivables

Total Deposits


It takes time, effort and vision to form great partnerships.

Partnerships and trust lie at the heart of our core business strategy. These guiding principles allow us to have a better understanding of our customers, and in turn, enable us to be more responsive to their changing needs.

Different people have different needs. But no matter which walk of life you come from, Metrobank is the partner you can trust. We tailor-fit our products and services to our customers and provide value-adding solutions.

2013 HIGHLIGHTS


Metrobank has always taken pride in nurturing client relationships. Over the years, we have partnered with clients as they evolved from small businesses into large corporates and expanded into dominant conglomerates.

Taking advantage of the strong domestic economy, we sustained our growth momentum and expanded commercial loans and receivables by 16% from 2012.

Demand for credit accelerated consistently across all industries. Commercial borrowings were used mainly for working capital requirements and for expansion into new markets and business opportunities.

We are constantly challenged to improve our commercial banking services as we look to keep in stride with our evolving customer base. To this extent, we have focused on expanding coverage and providing more relevant product choices such as customized, client-specific solutions which can only be achieved through a deep understanding of our customers.

Cash management is a prime example of this. The depth of our client relationship allows us to appreciate how they operate their businesses and this allows us to enhance their collection and disbursement processes. This not only improves their productivity but also creates more cross-selling opportunities.

Metrobank also leverages on our partnerships to expand client coverage. Seeing the potential via the entry of foreign and regional players in the SME space, we engaged with two policy-based institutions of the Japanese government. These include the Japan Finance Corporation (JFC) and the Japan Bank for International Cooperation (JBIC). The objective of these partnerships is to support the financing of Japanese SMEs in the Philippines. We have seen the early signs of success of these initiatives as some Japanese SMEs have already started partnering with Metrobank.

While 2013 was a strong year for the Philippine economy, turmoil in the global capital markets presented a challenging backdrop for our clients’ risk management. Understanding these risks was critical to delivering customized hedging solutions to protect our corporate clients against market volatility.

Moving forward, the Bank will be at the forefront of infrastructure-related projects with focus on strategies that will continue to support nation-building. And in keeping with our theme of building relationships, Metrobank will continue supporting its corporate clients to achieve their global aspirations.

As your trusted partner in business, we give you the support you need to help you achieve your goals.


Whether it’s to make an important

purchase or build up your savings, we offer you a range of products and services to meet your personal aspirations.

The retail segment is seen to be the key driving force behind the country’s recent economic turnaround, with close to 70% of GDP being attributed to consumer spending. Hence, the retail banking segment will continue to be a major business driver for Metrobank. Our product range caters to a wide spectrum of clients – from traditional deposit-taking and remittances, to consumer loans, investment products and wealth management services.

Our sales force and strong client network contributed to a record setting year in terms of deposit growth and remittance inflows.

Deposits surged by over 38% providing the Bank a stable low-cost funding base to fuel our lending and investment activities. Last year was also a strong year for remittances, as over 5 million transactions amounting to US$3.6 billion were coursed through our counters. This represented a 25% growth in volume.

Consumer loans likewise expanded at a steady pace. Last year, we reported a total of P168 billion in consumer loans, which includes home mortgages, auto loans and credit cards. Consumer loans, which has been the fastest growing segment in recent years, comprised 28% of the total loan portfolio in 2013. The increasing contribution of consumer loans signals the Bank’s renewed focus towards this growing retail segment. Directionally, we will continue to build this segment as we look to rebalance our loan portfolio.


We are your dependable and trusted partner

that protects and grows your hard-earned

investments.

Recent initiatives in the retail banking space include the roll-out of new prepaid and debit cards as well as the implementation of new online systems and applications. Our intensified data mining initiatives also enabled us to tap and generate business from qualified customers.

Metrobank’s retail offerings also include investment products and wealth management services. These are offered by the Bank’s Treasury and Trust Banking units. We have deployed a nationwide team of investment specialists in over 30 locations, catering to the investment and wealth management needs of our high net-worth customers. Trust Banking expanded its coverage by opening countryside Trust Desks while focusing its marketing efforts towards the high-value trust products such as UITFs and Employee Benefit Trust.

Given the positive economic backdrop, we will increase customer relevance and deepen wallet share by developing innovative products and consistently expanding coverage. We will prioritize the roll-out of high-value trust products and alternative investment outlets in order to maximize the return on our clients’ investments.


Ensuring positive customer experience has always been one of the priorities of Metrobank. We have maintained leadership position in various market segments by strengthening

our sales culture, and implementing programs that ensure fast and efficient service to meet customer expectations. With better client coverage and accessibility, we foster customer satisfaction and customer loyalty.

Metrobank opened 28 new branches in 2013, bringing our total consolidated network to 856 branches and cementing our position as the bank with the largest consolidated domestic network. This is supplemented by 1,936 automated teller machines (ATMs). We have also expanded coverage through partnerships and alternative channels. This network advantage allows us to capture new business opportunities in terms of deposit generation, cash management services, loans origination and cross-selling of other financial products and services of the Metrobank Group.

Over the years, Metrobank has proven to be a reliable provider of remittance and banking services to Overseas Filipinos. We have further expanded our network of foreign branches, offices and subsidiaries as we forged partner arrangements with more agents across the globe. As of year-end, our coverage increased to over 160 remittance centers in the Middle East, Americas, Europe and Asia-Pacific.

On the local front, we expanded our local remittance distribution network through tie-ups with payout partners for our Cash Pick-up Anywhere service. These partner arrangements have increased our domestic reach to almost 6,000 payout locations nationwide.

Moving forward, we will open more branches to remain relevant to the growing domestic economy and increasing customer base.

The Metrobank Group launched various products that cater to the growing needs of our customer base:• Metrobank debit and prepaid cards: The Bank launched the debit and prepaid cards

targeted specifically at the growing consumer market. The debit card is a payment card that provides the convenience of cashless transactions at over 30 million MasterCard-affiliated merchants worldwide.

Customers can easily access their funds through Metrobank, Bancnet, Expressnet and Megalink ATMs nationwide. The prepaid card is a stored value card with the same features as the debit card, but requires no initial deposit and maintaining balance.

• EnhancedCardSecurity: Metrobank and PSBank were the first in the Philippines to have ATMs certified to acquire EMV chip-enabled cards. The EMV is a global standard initiated by Europay, MasterCard and Visa to ensure the security and inter-operability of cards, fortifying protection against fraudulent activities. Metrobank Card Corporation (MCC) also equipped its credit cards with EMV chip technology. For more secure online transactions, MCC likewise launched the Secure Online Shopping One-Time Password.

• FirstMetroETF: First Metro launched the country’s first and only exchange traded fund (ETF). ETFs are similar to mutual funds but are listed and traded in the Philippine Stock Exchange, tracking the performance of the PSE index. The ETF gives its investors an alternative investment outlet to help diversify their portfolio.

• NewPSBankSavingsAccounts: Highlighting the importance of saving at an early age, PSBank introduced two new savings products for children and teens: the PSBank Kiddie Savers Account for children from 0-12 years old, and the PSBank Teen Savers Account for kids 13-18 years old. The new deposit products have no initial deposit and maintaining balance, and offer insurance coverage to the kiddie depositors.

•MSwipe: To further expand its merchant-acquiring business and to reach the small- and medium-business sectors, MCC launched M Swipe, a facility that allows card payment acceptance powered only by a smartphone.

•AXAInvestmentProducts: Metrobank’s life insurance provider, Philippine AXA Life launched two new products AcademiX and DiverXity. AcademiX is a secure investment-linked plan designed to provide for education expenses through high-earning potential AXA investment funds. Meanwhile, DiverXity is an investment-linked plan which allows customers to invest in both Philippine and China equities through a structured note managed by international banks.

Metrobank believes that customer coverage lies at the heart of customer experience. We foster

customer satisfaction and loyalty by better client

coverage and accessibility.


Metrobank strives to strengthen operational efficiency and control and aims to maintain adherence to best practices and global standards.

Along with the consistent effort to upgrade service levels to global standards, we are focused on increasing productivity and streamlining internal processes through functional realignments and centralization.

Our recent efforts on building capacity ensure that the middle and back office will provide the support needed to sustain the growing business needs. We have prioritized operational measures that will create cycle time reduction, scalability and enhanced capacity while also implementing cost management initiatives.

Most importantly, we continuously invest in developing human capital because we believe that our internal partners are the key drivers to ensure the success of our business strategy.

We have also established building blocks for a strong learning and leadership culture through the Metrobank Academy. Two main training and development programs were created to ensure the long term sustainability of our goals.

Project Accelerate was implemented specifically for branch officers to develop a more technically capable, confident, and empowered workforce. Under Accelerate, training programs focus on the practical application of theories and e-learning activities. The approach is meant to build a strong mentoring culture and for line managers to evolve into practical coaches and leaders who can espouse the Metrobank core values.

MILER Leadership Development and Succession Management Program recognizes high potential talents who can be trained and developed to assume higher responsibilities. The program is designed to ensure the internal employee resource base who will support the Bank’s strategic initiatives.

INTERNAL AUDIT

Audit activities are carried out through a systematic and disciplined process. The process starts with a Board-approved, comprehensive and risk-based audit plan.

The audit plan is strategically aligned with the Bank’s business objectives and is developed to identify the audit universe, assess risk and set priorities based on pre-defined criteria. The plan also determines required resources needed to meet its objectives.

Execution of the audit plan entails flexibility in adapting with the changing structures, priorities and emerging risks while conforming to the International Standards for the Professional Practice of Internal Auditing.

Audits and assessments provide an independent and objective overall evaluation of the state of internal controls, risk management and governance system with regards to the overall reliability and integrity of financial and operational information, effectiveness and efficiency of operations and controls, adequacy of safeguarding and usage of assets, and compliance with contracts, laws, rules, regulations and internal policies, including best practices.

As part of our commitment to uphold excellence and deliver exceptional quality audit services, the Internal Audit Group continuously reached beyond compliance assessments by promoting consulting and advisory services, sharing insights with stakeholders and providing relevant recommendations and advice to the organization.

Quality practices to achieve the highest possible standards of service delivery are embedded in the audit process, including the upgrade of skills and competencies to keep pace with expectations. Audit results are grounded on a work that conforms to the Standards which establish credibility and solidify understanding of the internal audit activity.

We believe that the Internal Audit Group of Metrobank has moved beyond “general” conformance with the Standards and has a mature quality assurance and improvement program focused on continual advancement of processes. These practices were cascaded to internal audit units of subsidiaries undergroup supervision.

A pledge to always keep you in good hands

Trust is the cornerstone of our business. We uphold transparency, accountability

and fairness in all operations and dealings.

Accountability, fairness and transparency. These values are deeply ingrained in Metrobank’s business philosophy. The Bank adheres to good corporate governance practices and implements structures and processes that would ensure that our business is being run well and responsibly.


The Internal Audit Group delivered the 2013 Audit Plan with additional significant activities to include coverage of emerging risks and significant areas of interest of stakeholders. Enhancements and new mechanisms are introduced and fused into the internal processes to ensure that expanding coverage and expectations are met, including the increased reliance on the work of Internal Audit by others within and outside the organization.

AuditCommitteeThe Audit Committee assists the Board in

fulfilling its statutory and fiduciary responsibilities, enhancing shareholder value, and protecting shareholder’s interest through: (a) effective oversight of internal and external audit functions; (b) transparency and proper reporting; (c) compliance with laws, rules and regulations, and code of conduct, and; (d) adequate and effective internal controls. It is also responsible for the appointment, re-appointment and termination of the Internal Auditor as well as the External Auditor.

The Audit Committee discharges its independent oversight function on financial reporting; compliance with bank policies, laws and regulations; adequacy and effectiveness of internal controls; and external and internal audit functions through review of audit plans and reports and deliberations during its regular monthly and special meetings.

Results are reported to the Board of Directors periodically, which culminates in the preparation of the annual report. The activities of the Committee are aligned with best practices on good corporate governance as prescribed by regulation.

The members are appointed annually by the Board of Directors. The Committee is composed of five Board members (four of whom are independent directors, including the Chairman) wherein two of the members are Certified Public Accountants; and aided by two Board advisers who have the necessary technical competence and expertise to exercise the authority vested in them.

COMPLIANCE

ComplianceDivisionCompliance functions as an integral component of the Bank’s internal controls and provides

reasonable assurance that the Bank and its directors, officers and employees comply with relevant banking and corporate laws, regulations, rules and standards – all to promote safe and sound banking operations.

Compliance Division is tasked to promote effective implementation of the compliance standard and address breaches that may arise. Compliance Division ensures that emerging compliance issues and key compliance risks are proactively identified, measured, and assessed: and that sufficient and representative compliance testing and periodic independent verification are performed to assess awareness on Compliance Policy Manual. Compliance advices and provides support to Management in managing regulatory and compliance risk. On a regular basis, the division ensures that the Bank conducts awareness trainings for all employees and that there is an effective upstream and downstream communication within the Bank to

address compliance matters. Compliance Division also ensures that matters are reported to appropriate levels of management and to the Board of Directors through the Corporate Governance Committee.

Compliance Division will continue to actively seek ways to boost compliance and adopt best practices in corporate governance. It shall also maintain a dynamic interaction with regulators to ensure a balance between having the right compliance culture and a risk-averse environment that will support business growth.

BoardofDirectorsThe Board approves the Bank’s Mission

and Vision Statement and leads in establishing the tone of good governance. It is primarily responsible for approving and overseeing the implementation of the Bank’s strategic objectives, risk strategy, corporate governance, corporate values and the code of conduct. The Board ensures consistent adoption of corporate governance policies and systems across the Group ensuring that compliance issues are resolved expeditiously.

BoardCompositionAt the end of 2013, the Board was

comprised of 14 directors. Each of the Directors are experts in their field and bring with them diversity in age, gender, ethnic background, skills and experience.

All members of the Board were selected based on their qualifications such as integrity/probity, physical/mental fitness, competence, relevant education/financial literacy/training, diligence and knowledge/experience.

Pursuant to the Bank’s By-Laws, directors are elected by the vote of the common stockholders. Nominations for directorial positions must be signed by the nominating stockholder and submitted to the Nominations Committee together with the acceptance of the nominee. Nominees found to have all the qualifications and none of the disqualifications shall be included in the Final List of Candidates. Only names appearing in the List shall be eligible for election as director during the annual meeting of the stockholders.

Any vacancies occurring in the Board of Directors may be filled by the vote of at least a majority of the remaining directors, if still constituting a quorum. Any vacancy occurring by reason of removal by stockholders, by expiration of term or increase in the number of directors shall be filled by the stockholders in a regular or special meeting called for the purpose.

The Bangko Sentral ng Pilipinas (BSP) and Securities and Exchange Commission (SEC) both require a minimum of 20% representation of independent directors in the Board. For Metrobank, seven or 50% of the Board members are independent directors, the highest in the banking industry.

EXECUTIVE COMMITTEE

George S.K. Ty Adviser Antonio S. Abacan, Jr. AdviserJames Go Adviser Mary V. Ty AdviserArthur Ty Chair Fabian S. Dee Vice-ChairFrancisco C. Sebastian MemberEdmund A. Go MemberRobin A. King MemberCorazon B. Nepomuceno Member Eligio C. Labog, Jr. Member Noel Peter Z. Yuseco Secretary

CORPORATE GOVERNANCE COMMITTEE Antonio S. Abacan, Jr. AdviserPlacido L. Mapa, Jr. Adviser Remedios L. Macalincag ChairFrancisco C. Sebastian Vice-ChairArthur Ty MemberRex C. Drilon II MemberAntonio V. Viray MemberFrancisco F. del Rosario, Jr. MemberAmelia S. Amparado Corp. Gov. Officer Regina L. Castillo Secretary

*The Committee also performs functions of the Remuneration Committee

AUDIT COMMITTEE Antonio S. Abacan, Jr. AdviserCornelio C. Gison AdviserRenato C. Valencia ChairRemedios L. Macalincag Vice-ChairVicente B. Valdepeñas, Jr. MemberFrancisco F. del Rosario, Jr. MemberAmelia B. Cabal MemberDiana N. Mendez Secretary

Maritess B. Antonio Chief Audit Executive


OrientationandContinuingEducationAll first-time directors are furnished with a copy of the general responsibility and specific duties

and responsibilities of the Board and of a director. Directors are required to certify under oath that they have received copies and fully understand and accept the general responsibility and specific duties. The certification is also submitted to BSP together with a certification that he or she has all the prescribed qualifications and none of the disqualifications after their election.

As required by regulations, all directors must have attended a special seminar on corporate governance for board of directors conducted or accredited by the BSP. In maintaining their professional integrity, the directors are encouraged to continuously seek to enhance their skills, knowledge and understanding of the activities that the Bank is engaged in or intends to pursue as well as the developments in the banking industry including regulatory changes through continuing education or training. For this purpose, the Bank also has a policy on continuing education for directors.

FairBusinessTransactionsThe members of the Board conduct fair business transactions with the Bank and ensure that personal

interests does not interfere with Board decisions. Directors whenever possible, avoid situations that would give rise to a conflict of interest. If transactions with the Bank cannot be avoided, it is done in the regular course of business and upon terms not less favorable to the Bank than those offered to others.

The Bank has a policy on related party transactions where transactions with related parties are reviewed by a Board Committee composed of independent directors and require prior written approval of the members of the Board, with the exclusion of the director concerned in case the transaction involves him or his related interests. All directors and officers are required to disclose related party transactions and include a sign-off and commitment to disclose proposed transactions that the director or officer or their related party will undertake with Metrobank. Also, directors report their transactions of the Bank’s shares.

EvaluationSystemThe Board has an internal self-rating system and procedures to determine and measure compliance

with the Corporate Governance Manual vis-à-vis good corporate governance principles and practices: (i) each director self-rates; (ii) the Corporate Governance Committee (CGC) rates itself, the Board and the President; and (iii) the Audit, Risk Management and other Board committees respectively rate themselves. When a director or officer has multiple positions in the Group, CGC determines whether or not said director or officer is able to and has been adequately carrying out his/her duties. The results of the annual self-assessment are validated and summarized, discussed by the Corporate Governance Committee and reported to the Board.

Based on the results of the annual evaluation, the Bank has fully complied with the requirements of the Corporate Governance Manual.

CorporateGovernanceManualandCodeofConductThe Corporate Governance Manual is a valuable reference in the implementation of the corporate

governance rules and regulations. The Manual is periodically updated for regulatory issues and best industry practice.

Our independent directors are independent of management and free from any business or other relationship. They have not engaged and do not engage in any transaction with the institution, or with any of its related companies, or with any of its substantial shareholders- whether by themselves or with other persons, or through a firm of which they are partners, or a company of which they are directors or substantial shareholders- other than transactions which are conducted at arms-length and could not materially interfere with or influence the exercise of their judgment.

BoardMeetingsThe organizational meeting of the Board is held immediately after the Annual Stockholder’s Meeting.

Regular Board meetings are held every second Wednesday of each month. Special meetings may be called at any time by the Chairman, or in his absence, by the Vice-Chairman or pursuant to the written request of any four (4) directors.

In 2013, the Board has 16 meetings with the incumbent directors attending more than 85% of all meetings. Non-executive directors regularly meet without the executive directors during the Board Committee meetings where executive directors are not members.

CorporateSecretaryThe Office of Corporate Secretary plays a significant role in supporting the Board in discharging its

responsibilities. The Office is composed of the Corporate Secretary and two Assistant Corporate Secretaries who are both lawyers. The Office is responsible in preparing the agenda and sending out notices and the materials before the meeting date; prepares and distributes the minutes of the previous meeting and keeps full minutes of all Board and stockholder meetings. The Office of the Corporate Secretary also communicates with the directors the relevant statutory and regulatory changes as well as schedules of relevant seminars.

Board of Directors Position Board Meetings

Executive Committee

Risk Oversight

Committee

Domestic Equity

Investments Committee

Trust Committee

Audit Committee

Corporate Governance Committee

Legal and Tax Advisory

Committee

Related Party

Transactions Committee

Overseas Banking

Committee

Nominations Committee

George S.K. Ty Group Chairman 14/16

Arthur Ty Chairman 16/16 41/52* 5/6 8/9 5/5

Francisco C. Sebastian Vice Chairman 15/16 18**** 5/6 9/11 5/9 5/5 10/10

Fabian S. Dee President/Director 16/16 46/52 10/11 3/5

Edmund A. Go Director 16/16 22**** 9/12 9/11 3/4

Amelia B. Cabal Director 16/16 10/12 6/6 11/12 4/4* 5/5

Antonio V. Viray Director 16/16 8/9 4/4

Renato C. Valencia Independent 16/16 12/12 12/12* 13/13* 10/10*

Remedios L. Macalincag Independent 16/16 12/12* 11/12 9/9* 13/13

Jesli A. Lapus Independent 16/16 8/12 5/6 11/11*

Robin A. King Independent 15/16 9**** 6/6* 1/2*** 5/5* 10/10

Vicente B. Valdepeñas, Jr. Independent 15/16 10/12 12/12 13/13

Rex C. Drilon II Independent 15/16 5/6 10/11 8/9 11/13

Francisco F. Del Rosario Jr.** Independent 13/13 7/8 7/7 3/3 4/4

DIRECTORS’ ATTENDANCE IN BOARD AND BOARD COMMITTEE MEETINGS FOR 2013

Legend: Present / No. of Meetings heldNote: All Directors attended the 2013 Annual Stockholders’ Meeting*Committee Chairman**Membership started April 15, 2013***Membership ended March 26, 2013****Rotating Director


The Board of Directors, Management, officers and staff of the Bank commit themselves to the principles and practices contained in the Manual and acknowledge that the same will guide them in the development and achievement of our corporate goals.

The Codes of Conduct for Directors and Employees ensure that the Bank goes beyond adherence with regulatory framework requiring Metrobankers to adhere only to the highest standard of fairness, accountability and transparency. The Codes of Conduct aim to instill a commitment and dedication to the virtues of honesty and integrity, together with a high sense of prudence, responsibility and efficiency in the conduct of duties.

The Codes are implemented by the Corporate Governance Committee and the Human Resources Group. Breaches are subject to appropriate disciplinary actions set forth under the Corporate Governance Manual and the Bank’s Manual on Policies and Procedures in accordance with the principles of due process.

To enjoin bank-wide compliance, the Board-approved Corporate Governance Manual and Code of Conduct are available in the Bank’s intranet and posted in the Bank’s website for public access.

Whistle-BlowingPolicyAll employees are encouraged to play their part in improving the overall effectiveness and success of

the Bank and in strengthening the Bank’s system of integrity. The Bank has a Whistle-blowing Policy which aims to guide officers and staff on reporting complaints related to fraud, malpractice, conflict of interest or violation of internal/regulatory policies, procedures and controls.

RISK MANAGEMENT

The Risk Management Group (RSK) is an independent unit of the Bank that identifies, analyzes, measures, and monitors credit, market, liquidity, and operational risks in close coordination with other business units.

The Group reports directly to the Board of Directors through the Risk Oversight Committee, which is composed primarily of independent members of the Board. The Committee’s active role in overseeing the Bank’s risk infrastructure, operating policies, and exposures ensures consistency among strategies and a good balance between risk appetite and prudence. RSK, which has matrix reporting lines to the Office of the President, is composed of four divisions covering the three major risk silos (credit, market and liquidity, and operational risks) and a strategic support division.

CreditRiskManagementRisk plays a key role in ensuring that credit

risk exposures are managed consistently with the Bank’s risk appetite and in support of the balance sheet’s sustainability.

To improve in monitoring credit risks, RSK recalibrated its Credit Review Framework to further draw out the credit-related risk areas in the lending units. Likewise, it has expanded its review coverage to include the Special Accounts Management Group. Transitioning into a more granular assessment of the Bank’s credit risk exposure, RSK launched the use of statistically-based risk rating models for parallel use with the approved Internal Credit Risk Rating System (ICRRS). .

To ensure that Senior Management and the ROC are aware of various facets regarding the Bank’s loan portfolio, regular reporting and stress-testing is conducted by RSK for their information, guidance and strategy development.

Market&LiquidityRiskManagementRSK enhanced its support of the Bank’s

balance sheet management and trading initiatives in a manner consistent with regulatory and Basel expectations, as well as business requirements.

RSK focused on system improvements for asset and liability management as well as value-at-risk models. RSK invested in a third party ALM system to improve monitoring of interest and liquidity risk. On the other hand, RSK developed an internal value-at-risk model to enhance the monitoring of the Bank’s balance sheet. Last year, RSK completed automation of risk measurement as well as risk capital assessment for both trading and banking books. These enhancements now allow RSK to present the management team with more timely and granular balance sheet information.

RISK OVERSIGHT COMMITTEE Remedios L. Macalincag ChairEdmund A. Go Vice-ChairRenato C. Valencia MemberJesli A. Lapus MemberVicente B. Valdepeñas, Jr. MemberAmelia B. Cabal MemberEnrique M. Gregorio Secretary

DOMESTIC EQUITY INVESTMENTS COMMITTEE Antonio S. Abacan, Jr. AdviserRobin A. King ChairJesli A. Lapus Vice-Chair Arthur Ty MemberFrancisco C. Sebastian MemberAmelia B. Cabal MemberRex C. Drilon II MemberMaritess B. Antonio MemberRose T. Reyes Secretary

TRUST COMMITTEE

Antonio S. Abacan, Jr. AdviserPlacido L. Mapa, Jr. AdviserJames Go AdviserJesli A. Lapus ChairFrancisco C. Sebastian Vice-ChairRex C. Drilon II MemberEdmund A. Go MemberFabian S. Dee MemberJosefina T. Tuplano MemberJasmin E. Navarra Secretary

LEGAL AND TAX ADVISORY COMMITTEE Artemio V. Panganiban AdviserCornelio C. Gison AdviserAmelia B. Cabal ChairAntonio V. Viray Vice-ChairEdmund A. Go MemberFrancisco F. del Rosario, Jr. MemberMarilou C. Bartolome Secretary


RSK supported the Treasury business with quick risk-return assessments on trade or investment proposals, while carrying out the Board mandate of keeping exposures within bank risk appetite. RSK also further refined risk practices by looking into basis risk and market liquidity risk.

OperationalRiskManagementRSK-enhanced operational risk

management tools were continuously implemented across a wider number of bank units to aid in identifying, measuring, controlling and monitoring operational risks.

RSK continued the establishment of risk management policies and procedures through detailed policy and procedure reviews, and information dissemination. RSK also commenced the business level Key Risk Indicator (KRI) implementation to ensure business units manage their risks through regular monitoring of key metrics. As part of the risk awareness and information campaign, RSK issued e-learning materials to all employees in order to develop an institutional risk conscious environment. RSK also improved the process of information dissemination in using the Call Tree.

Overall, the Risk Management Group continued to improve reporting to the Senior Management Committees and the Risk Oversight

Committee providing timely risk analysis of existing risk events and any emerging risks. Consistent with its corporate vision of using risk management not only for regulatory compliance and good governance, RSK activities and initiatives were used in the Bank’s performance assessment and strategic decision-making process.

REMUNERATION POLICY

The Corporate Governance Committee is responsible for overseeing the design and implementation of the Bank’s compensation program. Specific responsibilities are:

1. Recommend a compensation policy and plan to the Board2. Ensure controls are in place to guarantee compliance to the compensation plan3. Ensure that an annual compensation review is conducted independently of management4. Obtain and review comparative market information on remuneration in other companies

RemunerationPolicyThe Bank aims to provide the Board of Directors and its officers with a compensation package that is

competitive with those paid by other companies, taking into account the Bank’s position against peers in the industry and other market considerations.

Generally, officers’ salaries are determined with reference to the salary scale corresponding to the position and rank. Annual salary review is conducted and all increases are performance-based. The Bank grants fixed and guaranteed bonuses inclusive of 13th month pay in compliance with the law.

The Bank also grants a performance bonus (non-guaranteed) based on the Bank’s performance, overall market conditions and individual performance.

The members of the Board of Directors receive compensation (fees, bonuses and allowances) based on their banking or finance experience and their attendance in the meetings of the Board and the committees where they are members or chairs of. The pro-rated amount of said compensation is given to directors who are unable to complete their 1 year term.

The Board of Directors sees to it that the remuneration policy is regularly reviewed to ensure that it is commensurate with corporate and individual performance and that the remuneration is consistent with industry while maintaining internal equity at the same time.

RELATED PARTY TRANSACTIONS COMMITTEE Renato C. Valencia ChairVicente B. Valdepeñas, Jr. Vice-ChairRemedios L. Macalincag MemberRex C. Drilon II MemberMaritess B. Antonio MemberAmelia S. Amparado Secretary

NOMINATIONS COMMITTEE Renato C. Valencia ChairFrancisco C. Sebastian MemberRobin A. King MemberLaarni D. Bernabe Secretary

OVERSEAS BANKING COMMITTEE Antonio S. Abacan, Jr. AdviserMary V. Ty AdviserRobin A. King ChairFrancisco C. Sebastian Vice-ChairArthur Ty MemberFabian S. Dee MemberAmelia B. Cabal Member Francisco F. del Rosario, Jr. MemberMaritess B. Antonio Member Jocelyn D. Alejandro Secretary

INFORMATION TECHNOLOGY STEERING COMMITTEEArthur Ty ChairFabian S. Dee Vice-ChairEdmund A. Go MemberJose Raymund O. Vergara MemberBernardino V. Ramos Secretary*The Committee was craeted in November 2013


The Audit Committee (the Committee) assisted the Board of Directors (the Board) in fulfilling its fiduciary responsibilities to enhance stakeholders’ value and protect their interest. It was provided adequate information, resources, and cooperation by Management to carry out the work.

The Committee is composed of qualified members, each of whom has broad knowledge and extensive experience in finance, auditing and risk management; and has held various roles in major business and government institutions creating a suitable mix of competence and capability. Selected Committee members are concurrent members of the Risk Oversight Committee, who obtain and evaluate the appropriateness of the organization’s risk taking and management activities.

Oversight of Audit FunctionsThe Committee regularly receives results of testing by internal and external auditors on internal control

systems and ensures that significant areas for improvement are properly acted upon by Management. They met twelve (12) times during the year; communicated regularly with Management and also held private sessions with the Chief Audit Executive (CAE) and the external auditor. Significant matters discussed are reported to the Board of Directors; with members, including the CAE, available should any Director wish to discuss any particular issue in detail. The activities of the Committee are responsive to organizational needs and its external environment, and continued to evolve in line with market, industry, regulatory and organizational changes and growth in 2013.

External The Committee monitored and evaluated the performance, objectivity and independence of the external

auditor and recommended to the Board/shareholders the appointment of the external auditor. The audit scope/plan to ensure that the areas of focus are appropriate, and result of the audit of year-end financial statements, were reviewed and approved/endorsed to the Board for approval. SGV & Co. has been Metrobank’s external auditor over the years, and, in compliance with regulatory requirements, the lead partner and concurring partner are rotated every five years.

The Committee exercised its role in ensuring the integrity of financial reports, which include reviews of internal controls on preparation of financial statements, appropriateness of valuation techniques and estimates used, impact of significant transactions, new accounting standards and regulations.

InternalThe internal audit charter, methodology and risk-based internal audit plan were reviewed ensuring

adequate coverage. Internal audit reports on results of assurance and consulting activities, which set out internal audit’s assessment of the control environment, effectiveness of implementation of controls, and performance against key indicators per auditable unit and bank-wide basis, including status of implementation of management’s action plans, were discussed and evaluated. The Committee raised observations and shared valuable insights/recommendations during deliberations.

The Committee is timely apprised of significant compliance matters identified during the recent regulatory examination of the Bank and exercised its oversight role through discussions with examiners, Management, CAE and the Board.

New Developments & Emerging RisksThe Committee proactively seeks information on internal changes driven by industry and market

developments and assesses whether Management has taken the necessary steps to ensure that processes, tools and technology are adequate to mitigate risks while meeting business objectives and strategic plans.

Based on the work undertaken, the unqualified opinion from the external auditors on the financial statements; CAE’s favorable overall assessment/judgment on the adequacy and effectiveness of the Bank’s risk management, governance and internal control processes; and, representation letter from the Management of the Bank, the Audit Committee concludes that mechanisms are in place to achieve business objectives in accordance with acceptable banking practices.

The Audit Committee will continue to monitor the activities of Management to ensure that it adheres to guidelines set by the Board while achieving strategic goals. Moreover, the impact of changes in the operating environment shall be continuously assessed to ensure that business strategies remain relevant and keep pace with market, industry and regulatory conditions.

Renato C. Valencia Remedios L. MacalincagChairman of the Audit Committee Vice Chairman of the Audit Committee

Vicente B. Valdepeñas, Jr. Amelia B. Cabal Francisco F. del Rosario, Jr.Member Member Member

F irst Metro Investment Corporation (First Metro) is the investment banking arm of the Metrobank Group.

First Metro capped its 50th year with a series of milestones, ending the year 2013 with a consolidated net income of P11.5 billion. This is 253% or P8.3 billion higher than its 2012 net income of P3.3 billion resulting to a return on equity of 68.3%. Total assets stood at P82.8 billion while capital funds reached P18.9 billion, 27% higher than the previous year-end balance of P14.9 billion. Capital adequacy ratio remains healthy at 23.1%.

In terms of market share, First Metro continues to dominate the Philippine bond market as it successfully participated in 94% of the total bond issuance, raising a total of P219.5 billion for the year. First Metro ranked #1 in Bloomberg’s League Table for the Philippine Peso debt market.

A strong network of partners

Investment Banking

REPORT OF THE AUDIT COMMITTEE TO THE BOARD OF DIRECTORS


Philippine Savings Bank (PSBank) is the thrift banking arm of the Metrobank Group. The Bank holds the distinction of being one of the strongest banks in the country recognized by The Asian Banker for the third consecutive time. Its consumer banking business is supported by a domestic network of 224 branches and 551

automated teller machines (ATMs). In 2013, the Bank’s net income grew 29% to P2.9 billion from P2.3 billion in 2012. Gross loan

portfolio grew by 17% to P85.9 billion with the bulk of the increase coming from consumer loans. Total deposits, likewise, posted a notable increase of 13% year-on-year, surpassing the P100 billion-level to end the year at P106.5 billion.

On the other hand, the Bank’s net non-performing loan (NPL) ratio improved to 0.2% while its NPL coverage ratio is in excess of 100%. With the expansion in PSBank’s core assets, net interest income increased by 18% to P6.7 billion this year from P5.7 billion last year while total gross revenue posted an 18% growth to P14.7 billion this year from P12.4 billion in 2012.

Thrift Banking

Metrobank Card Corporation (MCC) is a joint venture of Metrobank and Australia and New Zealand Bank (ANZ) and is currently,one of the leading payment solutions providers in the Philippines.

MCC improved its industry ranking, now being ranked 1st in terms of card base with 1.3 million cards, 2nd in net receivables with P31.3 billion, and 2nd in acquiring billings with P55.3 billion based on data from the Credit Cards Association of the Philippines, as of year-end 2013.

In 2013, MCC posted P2.0 billion in net profit after tax, 17% higher than in 2012. Despite aggressive growth initiatives, MMC maintained its asset quality with a past due rate of 4.8%, better than the industry average of 5.5%.

MCC complemented its product line-up with the introduction of the new Metrobank ON Internet MasterCard, a credit facility exclusively for online use . MCC further dominates in the premium card segment with lavish perks for the Metrobank Platinum MasterCard and Metrobank World MasterCard in partnership with premier restaurants and entertainment partners.

Credit Cards


AXA Philippines is a partnership between the Metrobank Group and AXA. Benefiting from the global recognition of the AXA brand, AXA Philippines continues to be one of the distinguished leading insurance providers in the local industry.

It remains steadfast in the life insurance market, posting 58% growth in gross written premiums to total P18.3 billion driven by the increase in traditional sources and new prospects. This resulted to an expansion in market share to 11%.

AXA Philippines focused on increasing marketing and distribution channels through new agency branches and new sales hubs. It beefed up its product portfolio by launching two thematic campaigns: Fail Proof Your Future Campaign and Fail Proof Your Child’s Education Campaign. On top of these, it also launched various system enhancements such as the M Swipe, a payment platform through mobile phone, and Group Management System, an online platform for managing policies by client groups.

Moving forward, AXA Philippines will be exploring means to maximize opportunities within the Metrobank Group as it exerts its cross-selling efforts to the Group companies.

Life Insurance

Charter Ping An expanded its market penetration by bundling Metrobank Group products. Non-life insurance products are packaged with Metrobank Card Corporation’s Metro Fraud Guard while its accident insurance is bundled with Philippine Savings Bank’s Kiddie Savers and Teen Savers.

These initiatives boosted its growth in terms of gross premiums by 20%, doubling the industry’s 10% growth rate. Moreover, this improved its industry ranking to 4th in terms of net premiums written, based on insurance commission statistics.

Charter Ping An increased its distribution channels with 320 new agents and 28 additional accredited car dealers nationwide. It also adopted a Metrobank referral program and technological enhancements to facilitate a faster and more coordinated sales process. A new website was also launched to effectively promote products through interactive communication with customers.

In 2013, the Securities and Exchange Commission approved the P512.5 million paid up capitalization of the company with authorized capital increasing from P350 million to P1 billion.

Non-Life Insurance


Power GenerationGlobal Business Power Corporation

Global Business Power Corporation (GBPC) is one of the leading independent energy provider in the Visayas region with over 600 MW in installed capacity. GBPC posted a consolidated net income of P1.9 billion in 2013.

GBPC entered into a strategic partnership with ORIX Corporation (ORIX), Japan’s leading integrated financial services company, and Meralco PowerGen (MGen), a subsidiary of the country’s largest power distribution utility. ORIX and MGen each acquired 20% ownership stake in GBPC through share sale agreements with First Metro Investment Corporation.

In 2013, GBPC launched a pipeline of projects in the Visayas which include an 82 MW expansion in Toledo Power Corporation (TPC) and 150 MW of additional capacity for Panay Power Crporation (PPC).

As testament to the GBPC’s commitment to efficiency and safety, PPC and TPC each achieved the “One Million Man Hours, Zero Accident Safety Milestone” in 2013.

ORIX Metro Leasing and Finance Corporation, a joint venture between Metrobank and ORIX Corporation of Japan, celebrated 36 years of success in the leasing and finance industry in 2013.

ORIX Metro offers financial leasing and mortgage loans for vehicles, industrial machinery, office and medical equipment and other types of personal property. By the end of 2013, the company has a network of 63 branches nationwide.

The company’s wholly owned subsidiaries ORIX Auto Leasing Philippines Corporation and ORIX Rental Corporation are engaged in short term car rental and long term operating leases of vehicles with maintenance and fleet management.

The fiscal year October 2012 to September 2013 yielded P18.8 billion in total resources, an increase of 23% from previous year. Gross revenues also showed significant growth of 21% rising to P2.9 billion. Return on equity increased to 21.4%.

LeasingORIX Metro Leasing and Finance Corporation

OTHER DOMESTIC SUBSIDIARIES & AFFILIATES


We measure our performance not only with our financial returns but also with our social

objectives.

Together with building trust and partnerships, Metrobank places as much emphasis on social responsibility and nation-building. Through our corporate social responsibility arm, Metrobank

Foundation (MBFI) and the employee volunteerism group, Purple Hearts Club (PHC), we continue to provide meaningful contribution to society.

COMMUNITY RE-BUILDINGThe Visayas region was hit by twin disasters

in the 4th quarter of 2013. In October, a 7.2 magnitude earthquake hit Cebu and Bohol provinces. A month later, the world’s strongest typhoon in history struck Eastern Visayas,

particularly Tacloban, Leyte leaving a trail of devastation.

Working hand-in-hand with members of the Metrobank Group, GT-Metro Foundation, MBFI and PHC made a collective action to extend help and operate on relief efforts for the typhoon victims.

The Metrobank Group pledged a P55-million donation for relief operations and rehabilitation of infrastructure such as schools, health centers and churches, as well as creating livelihood projects in the affected communities.

The Purple Hearts Club, organized Metrobankers for Metrobankers, a relief operation initiative which raised donations totaling

P11 million benefiting Metrobankers affected by the calamities. Employees from the Visayas Region volunteered in the Helping Hands: Yolanda Relief Operation which benefited a total of 21,072 families in four cities, 23 towns in the 9 hardest-hit provinces in the Visayas. The Manila Doctors Hospital (MDH) also initiated medical missions in Leyte and Bohol which provided treatments and consultations to more than 2,300 residents.

Other humanitarian activities such as I Am B.L.E.S.T. (Bringing Love and Encouragement to Students and Teachers) was conducted to uplift the morale of survivor-teachers and students, and

Heart for Humanity was jointly conducted with Metrobank Art and Design Excellence - Network of Winners (MADE-NOW), as an art psycho-social intervention for the Metrobank employees who survived the super typhoon.

METROBANK FOUNDATION Now on its 34th year, MBFI continues to

deliver on its commitment of nation-building, empowering people, and upholding the value of excellence in public service.

Through its excellence awards and other conferment, the Foundation seeks outstanding

MetrobankFoundationistheloneglobalFinacialInclusionawardeeduringTheBanker’s2013BankoftheYearAwardsforitsfinancialliteracyprogram for OFWs based in Singapore and their families in the Philippines.

Dr.GeorgeS.K.TyreceivedtheSignumMinisteriifromDeLaSalleUniversityforMetrobankFoundation’ssignificantservicerenderedto thecountryandthePhilippinesociety.


individuals who strive for the highest levels of performance in their respective professions, and in the process serving as an inspiration and standard for others.

In 2013, Metrobank Foundation continued on its annual excellence awards: Search for Outstanding Teachers, The Outstanding Philippine Soldiers, and Country’s Outstanding Police Officers in Service. Together with Probe Media Foundation Inc. (PMFI), MBFI also awarded distinctive media personalities this year, whose works have contributed to the development of the nation, during its search for the Journalists of the Year (JOY).

Spearheaded by MADE-NOW, two art psycho-social interventions were created under the banner project Heart for Wellness: Heart for Healing for teens with autism in partnership with Autism Society Philippines, and Heart for Self-Transformation for children in conflict with the law.

PURPLE HEARTS CLUBOn its 10th year anniversary, the Purple Hearts Club grew to a total of 49 chapters with over 6,500

members actively participating in various socially relevant programs. Employees continuously support the Club’s activities and projects, effectively keeping the spirit of voluntarism and social responsibility alive in Metrobank.

PHC launched Build-A-Classroom Project as the legacy project of employees during the 50th anniversary of the Bank. The project targeted to construct 24 classrooms by 2014. Funds collected reached a total of P5.5 million through employee pledges and projects such as the Metrobank Fiesta Fun Run. As of end-2013, a total of six classrooms were built for elementary schools in Mindanao, while another 14 classrooms are currently undergoing construction.

The Metrobank Group pledged a P55 million donation for relief operations and rehabilitation of infrastructures such as schools and churches, and in creating livelihood activities in communities affected by Typhoon Yolanda.


BESTBONDHOUSEFirst Metro was chosen for the fifth consecutive year as the Best Domestic Bond House

in the Philippines by The Asset in its Triple A Country Awards for 2013. First Metro was cited for its leadership in the Philippine domestic bond market.

FinanceAsia, on the other hand, named First Metro the Best Domestic Bond House citing its success as a domestic bond house and its strengths in deal origination, structuring and execution.

First Metro was also voted as Best Primary Bank for Corporate Bonds, Investors’ Vote Philippines by The Asset Benchmark Research 2013

INVESTMENTGRADESTATUSMetrobank was upgraded to Investment Grade status by Moody’s Investors Service (Moody’s).The Bank Financial Strength Rating (BFSR) was upgraded to Baa3. The credit rating upgrade

is viewed as an affirmation and recognition that Metrobank has taken the right strategic path to sustainable growth. Metrobank is just one of two Philippine banks given the

investment grade rating by Moody’s.

This upgrade sets Metrobank at par with the Republic of the Philippines and demonstrates the strength of the Metrobank franchise in the country and reflects its

strong correlation to the domestic economy.

TOPRETIREMENTFUNDMANAGERIn the trust banking space, Metrobank Trust was again recognized as the Top Fund Manager in the Philippines by the Towers Watson Survey in terms of Investment Performance of Retirement Funds.

Metrobank ranked first under the All Trusteed Funds with at least five funds category.

CORPORATESOCIALRESPONSIBILITYAWARDSMetrobank, through the Metrobank Foundation, was awarded the prestigious

Financial Inclusion Award by The Banker, the world’s premier banking and finance resource monthly magazine.

As the lone global Financial Inclusion Awardee, Metrobank was distinguished for its support to the back-to-back financial education and microfinance for Overseas Filipino Workers (O.F.W.) in

Singapore and their families in the Philippines. In partnership with Alalay Sa Kaunlaran, Inc. (A.S.K.I.) Philippines and A.S.K.I. Global Ltd., the program provides training on financial education

and basic entrepreneurship to OFWs in Singapore and their families.

The Metrobank Foundation emerged as one of the most awarded institutions in the recent 2013 Philippine Quill Awards. The Foundation was nominated for Company of the Year with a total of

eight Quill Awards, among which are four Awards of Excellence.

STRONGESTBANkINTHEPHILIPPINESMetrobank was named 2013 Strongest Bank in the Philippines by

The Asian Banker. This is the second time for Metrobank to receive the recognition. Metrobank is the only Philippine bank in the top 50, ranking 44th overall in the Asia-Pacific region.

•Philippine Savings Bank was recognized for the third consecutive year by The Asian Banker as the

Strongest Savings Bank in the Philippines.

BESTSECURITIESHOUSEMetrobank received the prestigious Cesar E.A. Virata Award for being the Best Securities House under the Bank Category for 2013 from the Philippine Dealing System (PDS). The Bank garnered several prestigious

treasury awards from PDS including Top Dealing Participant for Corporate Securities, Top Brokering Participant for Retail Transactions, Citation for Best Execution through Active Use of Fixed-Income Broker

Internet Order System, Top 5 PDDTS/PvP Participant, and Top 5 Fixed Income Dealing Participant. The PDS awards serve as an indication of Metrobank’s distribution strength and treasury capabilities, demonstrating

the level of customer service that the Bank provides. The awards also showcase the contributions ofthe Bank towards the development of the local capital markets.

•In the investment banking space, First Metro Investment Corporation (First Metro) dominated the PDS

awards for 2013. First Metro reaped six awards from the PDS Group. For the third straight year, First Metro was recognized with the highest and most prestigious Cesar E.A. Virata Award for Best Securities House

(Investment House Category). The company was also awarded as the Top Brokering Participant Corporate Securities, Top Issue Manager/Arranger, Top Corporate Securities Market Maker, Top Fixed Income

Brokering Participant and Top Fixed Income Dealing Participant.

With your trust and support,

we are recognized in the industry


Arthur Ty ChairmanDirector since April 200247 years oldChairman, GT Capital Holdings Inc.Vice Chairman, Philippine Savings BankChairman, Metropolitan Bank (China) Ltd.Vice Chairman, First Metro Investment Corp.

Remedios L. Macalincag Independent DirectorDirector since October 200476 years oldChairman/Pres., Premium Equities Inc.Former Pres./CEO, Development Bankof the PhilippinesFormer Chairman, LGU Guarantee Corp.

Francisco F. del Rosario Jr.Independent DirectorDirector since April 201366 years old Former Undersecretary, Department of National DefenseIndependent Director, Mapfre Insular Insurance Corp.Independent Director, DMCI HomesTrustee, ABS-CBN FoundationFormer President/CEO, Development Bank of the Philippines

Renato C. Valencia Independent DirectorDirector since October 199871 years oldPresident/CEO, Roxas Holdings Inc.Former President/CEO, Social Security SystemFormer Chairman/CEO, Union Bankof the Philippines

Fabian S. DeePresident/DirectorDirector since April 2012 (also served as Director from September 2007 to March 2011)51 years oldChairman, Metrobank Card Corp.Director, FMIC Equities Inc.Chairman, Metro Remittance Singapore Pte. Ltd.

Antonio V. VirayDirectorDirector since April 2012 (also served as Director from April to July 2009 and April 2005 to July 2008)74 years oldCorporate Secretary, GT Capital Holdings, Inc.Of Counsel, Feria Tantoco Robeniol Law Office

Rex C. Drilon IIIndependent DirectorDirector since August 201267 years oldIndependent Director, First Metro Investment Corp. Independent Director, First Metro Asset Management, Inc. Trustee, Institute of Corp. DirectorsTrustee, Institute for Solidarity in AsiaTrustee, Shareholders Association of the Philippines

BOARD OF DIRECTORS

Seated: left to right

Standing: left to right

Dr. George S.K. Ty Group ChairmanFounder, Metrobank82 yrs. oldHonorary Chairman, GT Capital Holdings, Inc.Chairman, Toyota Motor Philippines Corp.Chairman, Metrobank Foundation Inc.

Francisco C. Sebastian Vice ChairmanDirector since April 200259 years oldChairman, First Metro Investment Corp.Director, Federal Land Inc.Chairman, Global Business Power Corp.Chairman, First Metro Asset Management Inc.

Robin A. King Independent DirectorDirector since April 201166 years oldFormer Independent Director, Toyota Financial Services Philippines Inc.Former Independent Director, First Metro Investment Corp.Former Independent Director, PBC Capital Investment Corp.Former President & CEO, International Bank of CaliforniaFormer President & Director, Global Business Bank Inc.

Dr. Vicente B. Valdepeñas, Jr. Independent DirectorDirector since April 201176 years oldConsultant, Bangko Sentral ng PilipinasChairman Advisory Panel to the ASEAN +3Former Member, Monetary Board

Jesli A. Lapus Independent DirectorDirector since August 201064 years old Chairman, STI Education Service Group. Inc.Chairman, LBP Service Corp.Former Secretary, Department of Trade and IndustryFormer Secretary, Department of EducationFormer President/CEO, Land Bank of the Philippines

Amelia B. CabalDirector Director since April 2012 (also served as Director from September 2009 to August 2011)67 years oldIndependent Director, Deutsche RegisIndependent Director, Ionics EMS, Inc.Bank Supervisor, Metropolitan Bank (China) Ltd.Former Chairman, External Audit Committee, International Monetary Fund

Alfred V. Ty Corporate SecretarySince April 200246 years oldVice Chairman, GT Capital Holdings Inc.President, Federal Land Inc.Vice Chairman, Toyota Motor Philippines Corp.Independent Director, PLDT

Edmund A. Go DirectorDirector since May 200763 years oldDirector, Metropolitan Bank (China) Ltd.Adviser, Philippine Savings BankDirector of Investment, Ateneo de Manila University


SENIOR ADVISERS

ADVISERS

James Go Senior AdviserChairman, Toyota Cubao Inc.Chairman, Toyota Manila Bay Corp.

Domingo L. Siazon, Jr. Senior AdviserFormer Secretary, Department of Foreign AffairsFormer Director General, United Nations Industrial Development Organization (UNIDO)Former Philippine Ambassador to Japan

Fidel V. Ramos Senior AdviserFormer President, Republic of the Philippines

Gabriel Chua Senior AdviserPresident, Solid State Multi Products Corp.

Dr. Placido L. Mapa Jr. Senior AdviserSenior Adviser, Metrobank Foundation, Inc.Chairman, University of Asia & the PacificChairman, SMBC Metro Investment Corp.

Artemio V. Panganiban Senior AdviserFormer Chief Justice, Supreme Court of the PhilippinesChairman, Board of Advisers, Metrobank Foundation

David K.P. Li Senior AdviserChairman/CEO, Bank of East Asia, Ltd. Hong Kong

Washington Sycip Senior AdviserFounder, SGV & Co. Chairman Emeritus, Asian Institute of Management

Dr. Antonio S. Abacan, Jr. Senior AdviserVice Chairman, Metrobank Group of CompaniesChairman, Toyota Financial Services (Phils) Inc.Chairman, Sumisho Motor Finance Corp.Chairman, Manila Medical Services, Inc.Vice Chairman/Executive Director, Global Business Power Corp.

Tan Tian Siong AdviserChairman/President, Nation Paper Products & Printing Corp.

Cornelio C. Gison AdviserFormer Undersecretary, Department of Finance

Roberto Juanchito T. Dispo AdviserPresident, First Metro Investment CorporationChairman, First Metro Securities Brokerage Corp.Vice Chairman, First Metro Asset Management, Inc.Former Deputy Treasurer of the Philippines

David O. Chua AdviserDirector, Philippine Stock ExchangeTrustee, University of the EastVice President, Federation of Filipino- Chinese Chambers of Commerce and Industry, Inc.President, Cathay Pacific Steel Corp.

SENIOR EXECUTIVE VICE PRESIDENTS

EXECUTIVE VICE PRESIDENTSLefttoRight:(toprow)Bernardo H. Tocmo, Eligio C. Labog,Vivian L. Tiu, Bernardito M. Lapuz,Dennis G. Suico

LefttoRight:(bottomrow)Aniceto M. Sobrepeña, Helen U. Fargas,Corazon Ma. Therese B. Nepomuceno, Maritess B. Antonio

Fernand Antonio A. Tansingco, Joshua E. Naing


SENIOR VICE PRESIDENTS

LefttoRight(toprow):Domingo V. Guanio, Dennis C. Qua, Adrian Francisco A. Villanueva, Stephen S. See, Jose Raymund O. Vergara, Richard Benedict S. So, Paul Robert Y. Murga

LefttoRight(bottomrow):Mary W. Sy, Leandro G. Santillan, Amelin S. Yao, Christine W. Yang, Josefina T. Tuplano

LefttoRight(toprow):Antonio R. Ocampo, Jr., Cesar L. Lugtu, Edwin S. Chow, Fermin T. Chio, Leopoldo M. Ubaldo, Jose M. Chan, Jr., Quintin T. Medrano, Jr., Nonato P. Arboleda

LefttoRight(bottomrow):Rowena D. Oliveros, Angelica S. Reyes, Arlene Lapuz-Ureta, Marilou C. Bartolome, Reynaldo H. Liao


SENIOR OFFICERS

SHAREHOLDER INFORMATION

STOCK TRANSFeR AGeNTMetrobank Trust Banking Group

17th Floor GT Tower International6813 Ayala Avenue corner H.V. de la Costa St.

Makati City, Philippines 1200Tel: +632 857 5600

Fax: +632 858 8010

INVeSTOR ReLATIONS11th Floor Metrobank Plaza

Sen. Gil Puyat AvenueMakati City, Philippines 1200

Tel: +632 857 9783Fax: +632 817 6355

email: [email protected]

CORPORATe COMMUNICATIONS11th Floor Metrobank Plaza

Sen. Gil Puyat AvenueMakati City, Philippines 1200

Tel: +632 857 5526Fax: +632 893 3726

email: [email protected]

www.metrobank.com.phMetrobank is the country’s premier universal bank, with an extensive consolidated network that spans over 1,900 ATMs nationwide, 856 local branches, and 32 foreign branches, subsidiaries and representative offices. eASTeRN – 63555 MeTMKT PN (TeLeX)FAX +632 817 6248Customer Care: 8700 700Domestic Toll-Free: 1 800 1888 5775Member of the Philippines Deposit Insurance CorporationA proud member of Bancnet

FIRST VICE PRESIDENT Abellar, Ma. Lourdes P.Abes, Kathryn Francis B.Amparado, Amelia S.Arnaldo, Alex F.Barrera, Emmanuel C.Capulong, Jovencio R.Carandang, Francisco R.Centena, Mia S.Chang, Valentino C.Chu, Mary Beck Y.Cruz, Godofredo V.Dayrit, Nurjehan Maria D.De Santos, Justina Ma. Teresita M.De Vera, Rosanna F.Dela Peña, Pocholo V.Dionisio, Rommel Enrico C.Dy, Teresita L.Esguerra, Edgar D.G.Espina, Luis S.Fajardo, Ma. Theresa A.Gamboa, Fatima P.Gamboa, Marie Edgette C.Go, Emmeline D.Go, Domingo C.Guerrero, Edgar Alan P.Guiao, Melizza Doris L.Jandayan, Vicente F.Kwan, Flordeliz T.Lim, Alex C.Marfa, Maximiano Jr., D.Mariano, Federico T.Niere, Susan L.Osorio, Manolito M.Oxales, Maria Lourdes Veronica C.Pagaspas, Angel O.Perez, Mark Anthony B.Ramos, Bernardino D.Reyes, Rose Mary T.Rivera, Maritess D.Rivera, Elmer R.Salgado, Mark Anthony H.Tan, Irene Y.Tan, Lita S.Tolentino, Lorna Y.Ty, Zandra M.Villegas, Joan Marie A.Yap, Anthony Paul C.Yap, Josephine Kee Hong S.Yu, Allan S.Yuseco, Noel Peter Z.

VICE PRESIDENTAguila, Elizabeth B.Ajos, Jay Nazarene Christene A.Alcantara, Allen D.Alincastre, Celso Manuel Jr., G.Almeda, Mary Jacqueline Justina H.Amahan, Alfredo F.Arellano, Marian B.Arjonillo, Carolina K.Baculi, Antonio T.Balagtas, Dennis Edmund E.Banson, Ma. Amparo M.Bellon, Elaida A.Bondad, Elizabeth D.Buenavista, Grace C.Burgos, Reynaldo C.Cabrera, Katherine H.

Calumpang, Eric A.Chan, Marie Chorie Candice R.Chiong, Easter Angela S.Chiu, Mary Ann K.Chua, Claudine U.De Guzman, Crisostomo P.De Jesus, Marie Joan Socorro J.Diño, Carissa A.Diokno, Pollyanna B.Dy Buncio, Anjanette T.Esguerra, Samuel D.Evangelista, Ferlou I.Fausto, Edgardo M.Felipe, Herman Rufino S.Florendo, Eugenia A.Fragante, Leo R.Gianan, Antonio T.Gonzales, Maricar Rosario C.Gonzales, Antonio Soliman Jr., A.Goyenechea, Lelany O.Gregorio, Enrique M.Guinto, Elizabeth B.Gumban, Milagros L.Kaamiño, Esmeralda Carilyn P.Lao, Carolyn T.Lecaros, Arnold A.Leung, Ramir M.Lim, Mary Joyce S.Lindo, Ely Roy B.Liwanag, Fina Victoria S.Lu, Dennis Lawrence T.Lugue, Manolo T.Magdame, Peter Louie D.G.Manalad, Editha R.Manzano, Ma. Imelda L.Mapa, Juan Placido III, T.Maraingan, Rey T.Matriano, Romulo Jr., M.Mayor, Ma. Ana S.Medalla, Maria Nelia S.Mercado, Rizaldo G.Mirasol, Esmeraldo S.Molas, Dalisay S.Navarra, Jasmine E.Ng, Natalie T.Ochoa, Marie Antoinette M.Ong, Nerisa Y.Ongsiaco, Edna O.Oppus, Maja G.Palao, Katherine T.G.Pedrosa, Ricardo N.Pineda, Jose Antonio C.Que, Winny S.Reyes, Maria Sharon C.Ruiz, Cynthia G.Salazar, Ma. Rosario L.Samala, Marie Angeli W.See, Nelson G.Sevidal, Raquel N.Simbulan, Mylene S.Siriban, Cynthia P.Tan, Helen L.Tan, Jennifer G.Tanglao, Elmer R.Tiongson, Carmelita A.Tobias, Benigno G.Tobias, Juan Antonio T.Trinidad, Maria Elena Z.Urbiztondo, Rey C.

Vasco, Jose Antonio O.Victoriano, Randell D.Villanueva, Enrico P.Wong, Jay S.Xu, May Sherri M.Yap, Sydney Thaddeus K.Zoluaga, Olivia Visminda G.

ASSISTANT VICE PRESIDENTAbueg, Alona A.Alburo, Rosauro A.Amantillo, Ma. Concepcion A.Amiscaray, Gina Rowena V.Antonio, Rodolfo E.Anunciacion, Dante P.Aquino, Cecilio II, A. Arellano, Hector B.Arenas, Celina A.Atraje, Maria Teresa S.Bartolo, Eden L.Bautista, Ildemarc C.Bautista, Dionnette P.Bauto, Ramoncito O.Belaniso, Jesus III, S. Beltran, Ma. Jizzelle Lee M.Berbaño, Noel L.Bernabe, Laarni D.Bonagua, Lito D.Bormate, Rebecca B.Cabaero, Claro B.Cabral, Emmanuel R.Cabuco, Marily M.Candelaria, Liv Ivy Lane P.Cañedo, Rogelio A.Capacillo, Joyce L.Capili, Remigio R.Carreon, Reynilo M.Cayanan, Gabriel N.Chan, Susana Y.Chan, Policarpio S.Cirujano, Edralino G.Co, Cristina G.Cocabo, Jinnah E.Constantino, Marilyn M.Cordero, Eufrocina C.David, Jaqueline L.Davila, Socorro D.De La Paz, Ma. Cecilia V.De Leon, Patricia May P.Del Rosario, Ma. Theresa P.Delizo, Ricardo S.Dionisio, Isabelo M.Fernandez, Ma. Carlota C.Fernandez, Ferdinand B.Flores, Loreta U.Francisco, Criselda N.Fuentes, William J.Gabriel, Eloisa A.Gan, Grace P.Gatuslao, Geralyn Q.Gerona, Carmencita L.Go, Andrew Michael G.Go, Nathaniel D.Gonzales, Cromel D.Jose, Jocelyn C.Ko, Francisco K.Koa, Alicia K.Legaspi, Elizabeth D.Legaspi, Elizabeth B.

Leh, Paul Terence T.Leonardo, Carilla S.Liao, Ma. Theresa E.Lim, Walter C.Limpin, Irmino Noel R.Madlangbayan, Reyni D.Madrazo, Alma E.Magsalin, Ma. Dulce D.Manese, Estela J.Mangaban, Neliza B.Mangonon, Flordeliza E.Maraña, Alfonso S.Mariano, Marian Louise F.Martinez, Lourdes L.Matibag, Virgin Glore E.Millonado, Maida Lourdes E.Navarro, Don Manolo M.Paatan, Yagtan Kenin S.Padilla, John L.Payabyab, Ener F.Pecaña, Genevieve C.Pineda, George T.Rabot, Joel U.Raymundo, Lilibeth S.Reyes, Ma. Imelda A.Reyes, Maurita C.Reyes, Eileen D.Rivera, Teddy D.Rosales, Florian C.Rosette, Edita E.Roxas, Ronald James F.Roxas, Cynia C.Salazar, Robert Manuel B.Salcedo, Rosana R.Salientes, Rodolfo J.Salvador, Maria Virna A.Samaniego, Chad Aaron R.Samonte, Angela Esperanza M.San Miguel, Rolando L.Sanagustin, Jose Luis S.Sanchez, Enrico E.Santos, Ma. Milagros Laureta D.Santos, Ruben L.Santos, Veronica C.Say, Spencer C.Seludo, Mary Grace J.Siochi, Reynaldo C.Sowy, Maria Theresa Z.Tan, Leny C.Tan, Mary Janet S.Tan, Roseanne T.Tan, Vivien T.Tee, Elsa U.Tenorio, Florencio A.Tiu, Betty T.Trajano, Ma. Nelsa M.Trinidad, Anna Maria C.Untal, Alexander C.Valencia, Edwin M.Valenzuela, Ma. Gingili A.Vargas, Merlito M.Varquez, Esther T.Velez, Ma. Christina A.Ventura, Remigia R.Yapson, Ma. Socorro L.Yee, Mary Ruth Frances M.

5 8 Metropolitan Bank & Trust Company

Head Office: Metrobank PlazaSen. Gil Puyat Avenue

Makati City, Philippines 1200

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