Financial Statements

Statements of Changes in Equity
  Years Ended December 31
  2007 2006
PREFERRED STOCK
Balance at beginning of year P 2,223,528,100 P 2,223,528,100
Balance at end of year - 2,223,528,100
COMMON STOCK 3,873,528,100 150,000,000
SURPLUS RESERVES
Balance at beginning of year 11,332,251 8,547,900
Transfer from surplus 5,033,148 2,784,351
Balance at end of year 16,365,399 11,332,251
SURPLUS
Balance at beginning of year
   As previously reported 484,986,826 561,387,057
   Provision of tax contingency - (71,171,943)
   Provision for impairment and credit
   losses		 (369,117,460) -
   Derecognition of the DTA on
   NOLCO and MCIT		 - (129,719,623)
   As restated 115,869,366 360,495,491
Net Income
   As previously reported 137,284,645 127,275,686
   As restated
Transfer to surplus reserve		 137,284,645
(5,033,148)		 127,275,686
(2,784,351)
Balance at end of year 248,120,863 484,986,826
Net Accumulated Unrealized Gains on Available-for-Sale Financial Assets (14,525,270) 10,964,610
  P 4,123,489,092 P 2,880,811,787

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