div class=ts-pagebuttonPage 1button div class=ts-image a href=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5page1jpg target=_blank amp-img class=ts-thumb alt=Page 1: BPI Direct 2011 FS - bpiexpressonlinecom · performanceand its cash flows for the years then ended in accordance With Philippine Financial Reporting Standards only have either src=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5thumbnails1jpg width=142 height=106 layout=responsive amp-imga divdivdiv class=ts-pagebuttonPage 2button div class=ts-image a href=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5page2jpg target=_blank amp-img class=ts-thumb alt=Page 2: BPI Direct 2011 FS - bpiexpressonlinecom · performanceand its cash flows for the years then ended in accordance With Philippine Financial Reporting Standards only have either src=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5thumbnails2jpg width=142 height=106 layout=responsive amp-imga divdivdiv class=ts-pagebuttonPage 3button div class=ts-image a href=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5page3jpg target=_blank amp-img class=ts-thumb alt=Page 3: BPI Direct 2011 FS - bpiexpressonlinecom · performanceand its cash flows for the years then ended in accordance With Philippine Financial Reporting Standards only have either src=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5thumbnails3jpg width=142 height=106 layout=responsive amp-imga divdivdiv class=ts-pagebuttonPage 4button div class=ts-image a href=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5page4jpg target=_blank amp-img class=ts-thumb alt=Page 4: BPI Direct 2011 FS - bpiexpressonlinecom · performanceand its cash flows for the years then ended in accordance With Philippine Financial Reporting Standards only have either src=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5thumbnails4jpg width=142 height=106 layout=responsive amp-imga divdivdiv class=ts-pagebuttonPage 5button div class=ts-image a href=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5page5jpg target=_blank amp-img class=ts-thumb alt=Page 5: BPI Direct 2011 FS - bpiexpressonlinecom · performanceand its cash flows for the years then ended in accordance With Philippine Financial Reporting Standards only have either src=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5thumbnails5jpg width=142 height=106 layout=responsive amp-imga divdivdiv class=ts-pagebuttonPage 6button div class=ts-image a href=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5page6jpg target=_blank amp-img class=ts-thumb alt=Page 6: BPI Direct 2011 FS - bpiexpressonlinecom · performanceand its cash flows for the years then ended in accordance With Philippine Financial Reporting Standards only have either src=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5thumbnails6jpg width=142 height=106 layout=responsive amp-imga divdivdiv class=ts-pagebuttonPage 7button div class=ts-image a href=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5page7jpg target=_blank amp-img class=ts-thumb alt=Page 7: BPI Direct 2011 FS - bpiexpressonlinecom · performanceand its cash flows for the years then ended in accordance With Philippine Financial Reporting Standards only have either src=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5thumbnails7jpg width=142 height=106 layout=responsive amp-imga divdivdiv class=ts-pagebuttonPage 8button div class=ts-image a href=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5page8jpg target=_blank amp-img class=ts-thumb alt=Page 8: BPI Direct 2011 FS - bpiexpressonlinecom · performanceand its cash flows for the years then ended in accordance With Philippine Financial Reporting Standards only have either src=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5thumbnails8jpg width=142 height=106 layout=responsive amp-imga divdivdiv class=ts-pagebuttonPage 9button div class=ts-image a href=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5page9jpg target=_blank amp-img class=ts-thumb alt=Page 9: BPI Direct 2011 FS - bpiexpressonlinecom · performanceand its cash flows for the years then ended in accordance With Philippine Financial Reporting Standards only have either src=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5thumbnails9jpg width=142 height=106 layout=responsive amp-imga divdivdiv class=ts-pagebuttonPage 10button div class=ts-image a href=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5page10jpg target=_blank amp-img class=ts-thumb alt=Page 10: BPI Direct 2011 FS - bpiexpressonlinecom · performanceand its cash flows for the years then ended in accordance With Philippine Financial Reporting Standards only have either src=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5thumbnails10jpg width=142 height=106 layout=responsive amp-imga divdivdiv class=ts-pagebuttonPage 11button div class=ts-image a href=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5page11jpg target=_blank amp-img class=ts-thumb alt=Page 11: BPI Direct 2011 FS - bpiexpressonlinecom · performanceand its cash flows for the years then ended in accordance With Philippine Financial Reporting Standards only have either src=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5thumbnails11jpg width=142 height=106 layout=responsive amp-imga divdivdiv class=ts-pagebuttonPage 12button div class=ts-image a href=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5page12jpg target=_blank amp-img class=ts-thumb alt=Page 12: BPI Direct 2011 FS - bpiexpressonlinecom · performanceand its cash flows for the years then ended in accordance With Philippine Financial Reporting Standards only have either src=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5thumbnails12jpg width=142 height=106 layout=responsive amp-imga divdivdiv class=ts-pagebuttonPage 13button div class=ts-image a href=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5page13jpg target=_blank amp-img class=ts-thumb alt=Page 13: BPI Direct 2011 FS - bpiexpressonlinecom · performanceand its cash flows for the years then ended in accordance With Philippine Financial Reporting Standards only have either src=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5thumbnails13jpg width=142 height=106 layout=responsive amp-imga divdivdiv class=ts-pagebuttonPage 14button div class=ts-image a href=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5page14jpg target=_blank amp-img class=ts-thumb alt=Page 14: BPI Direct 2011 FS - bpiexpressonlinecom · performanceand its cash flows for the years then ended in accordance With Philippine Financial Reporting Standards only have either src=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5thumbnails14jpg width=142 height=106 layout=responsive amp-imga divdivdiv class=ts-pagebuttonPage 15button div class=ts-image a href=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5page15jpg target=_blank amp-img class=ts-thumb alt=Page 15: BPI Direct 2011 FS - bpiexpressonlinecom · performanceand its cash flows for the years then ended in accordance With Philippine Financial Reporting Standards only have either src=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5thumbnails15jpg width=142 height=106 layout=responsive amp-imga divdivdiv class=ts-pagebuttonPage 16button div class=ts-image a href=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5page16jpg target=_blank amp-img class=ts-thumb alt=Page 16: BPI Direct 2011 FS - bpiexpressonlinecom · performanceand its cash flows for the years then ended in accordance With Philippine Financial Reporting Standards only have either src=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5thumbnails16jpg width=142 height=106 layout=responsive amp-imga divdivdiv class=ts-pagebuttonPage 17button div class=ts-image a href=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5page17jpg target=_blank amp-img class=ts-thumb alt=Page 17: BPI Direct 2011 FS - bpiexpressonlinecom · performanceand its cash flows for the years then ended in accordance With Philippine Financial Reporting Standards only have either src=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5thumbnails17jpg width=142 height=106 layout=responsive amp-imga divdivdiv class=ts-pagebuttonPage 18button div class=ts-image a href=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5page18jpg target=_blank amp-img class=ts-thumb alt=Page 18: BPI Direct 2011 FS - bpiexpressonlinecom · performanceand its cash flows for the years then ended in accordance With Philippine Financial Reporting Standards only have either src=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5thumbnails18jpg width=142 height=106 layout=responsive amp-imga divdivdiv class=ts-pagebuttonPage 19button div class=ts-image a href=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5page19jpg target=_blank amp-img class=ts-thumb alt=Page 19: BPI Direct 2011 FS - bpiexpressonlinecom · performanceand its cash flows for the years then ended in accordance With Philippine Financial Reporting Standards only have either src=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5thumbnails19jpg width=142 height=106 layout=responsive amp-imga divdivdiv class=ts-pagebuttonPage 20button div class=ts-image a href=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5page20jpg target=_blank amp-img class=ts-thumb alt=Page 20: BPI Direct 2011 FS - bpiexpressonlinecom · performanceand its cash flows for the years then ended in accordance With Philippine Financial Reporting Standards only have either src=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5thumbnails20jpg width=142 height=106 layout=responsive amp-imga divdivdiv class=ts-pagebuttonPage 21button div class=ts-image a href=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5page21jpg target=_blank amp-img class=ts-thumb alt=Page 21: BPI Direct 2011 FS - bpiexpressonlinecom · performanceand its cash flows for the years then ended in accordance With Philippine Financial Reporting Standards only have either src=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5thumbnails21jpg width=142 height=106 layout=responsive amp-imga divdivdiv class=ts-pagebuttonPage 22button div class=ts-image a href=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5page22jpg target=_blank amp-img class=ts-thumb alt=Page 22: BPI Direct 2011 FS - bpiexpressonlinecom · performanceand its cash flows for the years then ended in accordance With Philippine Financial Reporting Standards only have either src=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5thumbnails22jpg width=142 height=106 layout=responsive amp-imga divdivdiv class=ts-pagebuttonPage 23button div class=ts-image a href=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5page23jpg target=_blank amp-img class=ts-thumb alt=Page 23: BPI Direct 2011 FS - bpiexpressonlinecom · performanceand its cash flows for the years then ended in accordance With Philippine Financial Reporting Standards only have either src=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5thumbnails23jpg width=142 height=106 layout=responsive amp-imga divdivdiv class=ts-pagebuttonPage 24button div class=ts-image a href=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5page24jpg target=_blank amp-img class=ts-thumb alt=Page 24: BPI Direct 2011 FS - bpiexpressonlinecom · performanceand its cash flows for the years then ended in accordance With Philippine Financial Reporting Standards only have either src=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5thumbnails24jpg width=142 height=106 layout=responsive amp-imga divdivdiv class=ts-pagebuttonPage 25button div class=ts-image a href=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5page25jpg target=_blank amp-img class=ts-thumb alt=Page 25: BPI Direct 2011 FS - bpiexpressonlinecom · performanceand its cash flows for the years then ended in accordance With Philippine Financial Reporting Standards only have either src=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5thumbnails25jpg width=142 height=106 layout=responsive amp-imga divdivdiv class=ts-pagebuttonPage 26button div class=ts-image a href=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5page26jpg target=_blank amp-img class=ts-thumb alt=Page 26: BPI Direct 2011 FS - bpiexpressonlinecom · performanceand its cash flows for the years then ended in accordance With Philippine Financial Reporting Standards only have either src=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5thumbnails26jpg width=142 height=106 layout=responsive amp-imga divdivdiv class=ts-pagebuttonPage 27button div class=ts-image a href=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5page27jpg target=_blank amp-img class=ts-thumb alt=Page 27: BPI Direct 2011 FS - bpiexpressonlinecom · performanceand its cash flows for the years then ended in accordance With Philippine Financial Reporting Standards only have either src=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5thumbnails27jpg width=142 height=106 layout=responsive amp-imga divdivdiv class=ts-pagebuttonPage 28button div class=ts-image a href=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5page28jpg target=_blank amp-img class=ts-thumb alt=Page 28: BPI Direct 2011 FS - bpiexpressonlinecom · performanceand its cash flows for the years then ended in accordance With Philippine Financial Reporting Standards only have either src=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5thumbnails28jpg width=142 height=106 layout=responsive amp-imga divdivdiv class=ts-pagebuttonPage 29button div class=ts-image a href=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5page29jpg target=_blank amp-img class=ts-thumb alt=Page 29: BPI Direct 2011 FS - bpiexpressonlinecom · performanceand its cash flows for the years then ended in accordance With Philippine Financial Reporting Standards only have either src=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5thumbnails29jpg width=142 height=106 layout=responsive amp-imga divdivdiv class=ts-pagebuttonPage 30button div class=ts-image a href=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5page30jpg target=_blank amp-img class=ts-thumb alt=Page 30: BPI Direct 2011 FS - bpiexpressonlinecom · performanceand its cash flows for the years then ended in accordance With Philippine Financial Reporting Standards only have either src=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5thumbnails30jpg width=142 height=106 layout=responsive amp-imga divdivdiv class=ts-pagebuttonPage 31button div class=ts-image a href=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5page31jpg target=_blank amp-img class=ts-thumb alt=Page 31: BPI Direct 2011 FS - bpiexpressonlinecom · performanceand its cash flows for the years then ended in accordance With Philippine Financial Reporting Standards only have either src=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5thumbnails31jpg width=142 height=106 layout=responsive amp-imga divdivdiv class=ts-pagebuttonPage 32button div class=ts-image a href=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5page32jpg target=_blank amp-img class=ts-thumb alt=Page 32: BPI Direct 2011 FS - bpiexpressonlinecom · performanceand its cash flows for the years then ended in accordance With Philippine Financial Reporting Standards only have either src=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5thumbnails32jpg width=142 height=106 layout=responsive amp-imga divdivdiv class=ts-pagebuttonPage 33button div class=ts-image a href=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5page33jpg target=_blank amp-img class=ts-thumb alt=Page 33: BPI Direct 2011 FS - bpiexpressonlinecom · performanceand its cash flows for the years then ended in accordance With Philippine Financial Reporting Standards only have either src=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5thumbnails33jpg width=142 height=106 layout=responsive amp-imga divdivdiv class=ts-pagebuttonPage 34button div class=ts-image a href=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5page34jpg target=_blank amp-img class=ts-thumb alt=Page 34: BPI Direct 2011 FS - bpiexpressonlinecom · performanceand its cash flows for the years then ended in accordance With Philippine Financial Reporting Standards only have either src=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5thumbnails34jpg width=142 height=106 layout=responsive amp-imga divdivdiv class=ts-pagebuttonPage 35button div class=ts-image a href=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5page35jpg target=_blank amp-img class=ts-thumb alt=Page 35: BPI Direct 2011 FS - bpiexpressonlinecom · performanceand its cash flows for the years then ended in accordance With Philippine Financial Reporting Standards only have either src=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5thumbnails35jpg width=142 height=106 layout=responsive amp-imga divdivdiv class=ts-pagebuttonPage 36button div class=ts-image a href=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5page36jpg target=_blank amp-img class=ts-thumb alt=Page 36: BPI Direct 2011 FS - bpiexpressonlinecom · performanceand its cash flows for the years then ended in accordance With Philippine Financial Reporting Standards only have either src=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5thumbnails36jpg width=142 height=106 layout=responsive amp-imga divdivdiv class=ts-pagebuttonPage 37button div class=ts-image a href=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5page37jpg target=_blank amp-img class=ts-thumb alt=Page 37: BPI Direct 2011 FS - bpiexpressonlinecom · performanceand its cash flows for the years then ended in accordance With Philippine Financial Reporting Standards only have either src=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5thumbnails37jpg width=142 height=106 layout=responsive amp-imga divdivdiv class=ts-pagebuttonPage 38button div class=ts-image a href=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5page38jpg target=_blank amp-img class=ts-thumb alt=Page 38: BPI Direct 2011 FS - bpiexpressonlinecom · performanceand its cash flows for the years then ended in accordance With Philippine Financial Reporting Standards only have either src=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5thumbnails38jpg width=142 height=106 layout=responsive amp-imga divdivdiv class=ts-pagebuttonPage 39button div class=ts-image a href=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5page39jpg target=_blank amp-img class=ts-thumb alt=Page 39: BPI Direct 2011 FS - bpiexpressonlinecom · performanceand its cash flows for the years then ended in accordance With Philippine Financial Reporting Standards only have either src=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5thumbnails39jpg width=142 height=106 layout=responsive amp-imga divdivdiv class=ts-pagebuttonPage 40button div class=ts-image a href=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5page40jpg target=_blank amp-img class=ts-thumb alt=Page 40: BPI Direct 2011 FS - bpiexpressonlinecom · performanceand its cash flows for the years then ended in accordance With Philippine Financial Reporting Standards only have either src=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5thumbnails40jpg width=142 height=106 layout=responsive amp-imga divdivdiv class=ts-pagebuttonPage 41button div class=ts-image a href=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5page41jpg target=_blank amp-img class=ts-thumb alt=Page 41: BPI Direct 2011 FS - bpiexpressonlinecom · performanceand its cash flows for the years then ended in accordance With Philippine Financial Reporting Standards only have either src=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5thumbnails41jpg width=142 height=106 layout=responsive amp-imga divdivdiv class=ts-pagebuttonPage 42button div class=ts-image a href=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5page42jpg target=_blank amp-img class=ts-thumb alt=Page 42: BPI Direct 2011 FS - bpiexpressonlinecom · performanceand its cash flows for the years then ended in accordance With Philippine Financial Reporting Standards only have either src=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5thumbnails42jpg width=142 height=106 layout=responsive amp-imga divdivdiv class=ts-pagebuttonPage 43button div class=ts-image a href=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5page43jpg target=_blank amp-img class=ts-thumb alt=Page 43: BPI Direct 2011 FS - bpiexpressonlinecom · performanceand its cash flows for the years then ended in accordance With Philippine Financial Reporting Standards only have either src=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5thumbnails43jpg width=142 height=106 layout=responsive amp-imga divdivdiv class=ts-pagebuttonPage 44button div class=ts-image a href=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5page44jpg target=_blank amp-img class=ts-thumb alt=Page 44: BPI Direct 2011 FS - bpiexpressonlinecom · performanceand its cash flows for the years then ended in accordance With Philippine Financial Reporting Standards only have either src=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5thumbnails44jpg width=142 height=106 layout=responsive amp-imga divdivdiv class=ts-pagebuttonPage 45button div class=ts-image a href=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5page45jpg target=_blank amp-img class=ts-thumb alt=Page 45: BPI Direct 2011 FS - bpiexpressonlinecom · performanceand its cash flows for the years then ended in accordance With Philippine Financial Reporting Standards only have either src=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5thumbnails45jpg width=142 height=106 layout=responsive amp-imga divdivdiv class=ts-pagebuttonPage 46button div class=ts-image a href=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5page46jpg target=_blank amp-img class=ts-thumb alt=Page 46: BPI Direct 2011 FS - bpiexpressonlinecom · performanceand its cash flows for the years then ended in accordance With Philippine Financial Reporting Standards only have either src=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5thumbnails46jpg width=142 height=106 layout=responsive amp-imga divdivdiv class=ts-pagebuttonPage 47button div class=ts-image a href=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5page47jpg target=_blank amp-img class=ts-thumb alt=Page 47: BPI Direct 2011 FS - bpiexpressonlinecom · performanceand its cash flows for the years then ended in accordance With Philippine Financial Reporting Standards only have either src=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5thumbnails47jpg width=142 height=106 layout=responsive amp-imga divdivdiv class=ts-pagebuttonPage 48button div class=ts-image a href=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5page48jpg target=_blank amp-img class=ts-thumb alt=Page 48: BPI Direct 2011 FS - bpiexpressonlinecom · performanceand its cash flows for the years then ended in accordance With Philippine Financial Reporting Standards only have either src=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5thumbnails48jpg width=142 height=106 layout=responsive amp-imga divdivdiv class=ts-pagebuttonPage 49button div class=ts-image a href=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5page49jpg target=_blank amp-img class=ts-thumb alt=Page 49: BPI Direct 2011 FS - bpiexpressonlinecom · performanceand its cash flows for the years then ended in accordance With Philippine Financial Reporting Standards only have either src=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5thumbnails49jpg width=142 height=106 layout=responsive amp-imga divdivdiv class=ts-pagebuttonPage 50button div class=ts-image a href=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5page50jpg target=_blank amp-img class=ts-thumb alt=Page 50: BPI Direct 2011 FS - bpiexpressonlinecom · performanceand its cash flows for the years then ended in accordance With Philippine Financial Reporting Standards only have either src=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5thumbnails50jpg width=142 height=106 layout=responsive amp-imga divdivdiv class=ts-pagebuttonPage 51button div class=ts-image a href=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5page51jpg target=_blank amp-img class=ts-thumb alt=Page 51: BPI Direct 2011 FS - bpiexpressonlinecom · performanceand its cash flows for the years then ended in accordance With Philippine Financial Reporting Standards only have either src=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5thumbnails51jpg width=142 height=106 layout=responsive amp-imga divdivdiv class=ts-pagebuttonPage 52button div class=ts-image a href=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5page52jpg target=_blank amp-img class=ts-thumb alt=Page 52: BPI Direct 2011 FS - bpiexpressonlinecom · performanceand its cash flows for the years then ended in accordance With Philippine Financial Reporting Standards only have either src=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5thumbnails52jpg width=142 height=106 layout=responsive amp-imga divdivdiv class=ts-pagebuttonPage 53button div class=ts-image a href=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5page53jpg target=_blank amp-img class=ts-thumb alt=Page 53: BPI Direct 2011 FS - bpiexpressonlinecom · performanceand its cash flows for the years then ended in accordance With Philippine Financial Reporting Standards only have either src=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5thumbnails53jpg width=142 height=106 layout=responsive amp-imga divdiv