div class=ts-pagebutton class=gotoPage data-page=1Page 1button div class=ts-imagea href=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5page1jpg target=_blank img data-url=bpi-direct-2011-fs-performanceand-its-cash-flows-for-the-years-then-endedhtmlpage=1 data-page=1 class=ts-thumb lazyload 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 loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5thumbnails1jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=2Page 2button div class=ts-imagea href=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5page2jpg target=_blank img data-url=bpi-direct-2011-fs-performanceand-its-cash-flows-for-the-years-then-endedhtmlpage=2 data-page=2 class=ts-thumb lazyload 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 loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5thumbnails2jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=3Page 3button div class=ts-imagea href=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5page3jpg target=_blank img data-url=bpi-direct-2011-fs-performanceand-its-cash-flows-for-the-years-then-endedhtmlpage=3 data-page=3 class=ts-thumb lazyload 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 loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5thumbnails3jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=4Page 4button div class=ts-imagea href=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5page4jpg target=_blank img data-url=bpi-direct-2011-fs-performanceand-its-cash-flows-for-the-years-then-endedhtmlpage=4 data-page=4 class=ts-thumb lazyload 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 loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5thumbnails4jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=5Page 5button div class=ts-imagea href=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5page5jpg target=_blank img data-url=bpi-direct-2011-fs-performanceand-its-cash-flows-for-the-years-then-endedhtmlpage=5 data-page=5 class=ts-thumb lazyload 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 loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5thumbnails5jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=6Page 6button div class=ts-imagea href=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5page6jpg target=_blank img data-url=bpi-direct-2011-fs-performanceand-its-cash-flows-for-the-years-then-endedhtmlpage=6 data-page=6 class=ts-thumb lazyload 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 loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5thumbnails6jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=7Page 7button div class=ts-imagea href=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5page7jpg target=_blank img data-url=bpi-direct-2011-fs-performanceand-its-cash-flows-for-the-years-then-endedhtmlpage=7 data-page=7 class=ts-thumb lazyload 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 loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5thumbnails7jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=8Page 8button div class=ts-imagea href=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5page8jpg target=_blank img data-url=bpi-direct-2011-fs-performanceand-its-cash-flows-for-the-years-then-endedhtmlpage=8 data-page=8 class=ts-thumb lazyload 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 loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5thumbnails8jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=9Page 9button div class=ts-imagea href=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5page9jpg target=_blank img data-url=bpi-direct-2011-fs-performanceand-its-cash-flows-for-the-years-then-endedhtmlpage=9 data-page=9 class=ts-thumb lazyload 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 loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5thumbnails9jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=10Page 10button div class=ts-imagea href=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5page10jpg target=_blank img data-url=bpi-direct-2011-fs-performanceand-its-cash-flows-for-the-years-then-endedhtmlpage=10 data-page=10 class=ts-thumb lazyload 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 loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5thumbnails10jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=11Page 11button div class=ts-imagea href=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5page11jpg target=_blank img data-url=bpi-direct-2011-fs-performanceand-its-cash-flows-for-the-years-then-endedhtmlpage=11 data-page=11 class=ts-thumb lazyload 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 loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5thumbnails11jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=12Page 12button div class=ts-imagea href=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5page12jpg target=_blank img data-url=bpi-direct-2011-fs-performanceand-its-cash-flows-for-the-years-then-endedhtmlpage=12 data-page=12 class=ts-thumb lazyload 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 loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5thumbnails12jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=13Page 13button div class=ts-imagea href=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5page13jpg target=_blank img data-url=bpi-direct-2011-fs-performanceand-its-cash-flows-for-the-years-then-endedhtmlpage=13 data-page=13 class=ts-thumb lazyload 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 loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5thumbnails13jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=14Page 14button div class=ts-imagea href=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5page14jpg target=_blank img data-url=bpi-direct-2011-fs-performanceand-its-cash-flows-for-the-years-then-endedhtmlpage=14 data-page=14 class=ts-thumb lazyload 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 loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5thumbnails14jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=15Page 15button div class=ts-imagea href=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5page15jpg target=_blank img data-url=bpi-direct-2011-fs-performanceand-its-cash-flows-for-the-years-then-endedhtmlpage=15 data-page=15 class=ts-thumb lazyload 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 loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5thumbnails15jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=16Page 16button div class=ts-imagea href=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5page16jpg target=_blank img data-url=bpi-direct-2011-fs-performanceand-its-cash-flows-for-the-years-then-endedhtmlpage=16 data-page=16 class=ts-thumb lazyload 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 loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5thumbnails16jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=17Page 17button div class=ts-imagea href=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5page17jpg target=_blank img data-url=bpi-direct-2011-fs-performanceand-its-cash-flows-for-the-years-then-endedhtmlpage=17 data-page=17 class=ts-thumb lazyload 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 loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5thumbnails17jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=18Page 18button div class=ts-imagea href=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5page18jpg target=_blank img data-url=bpi-direct-2011-fs-performanceand-its-cash-flows-for-the-years-then-endedhtmlpage=18 data-page=18 class=ts-thumb lazyload 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 loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5thumbnails18jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=19Page 19button div class=ts-imagea href=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5page19jpg target=_blank img data-url=bpi-direct-2011-fs-performanceand-its-cash-flows-for-the-years-then-endedhtmlpage=19 data-page=19 class=ts-thumb lazyload 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 loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5thumbnails19jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=20Page 20button div class=ts-imagea href=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5page20jpg target=_blank img data-url=bpi-direct-2011-fs-performanceand-its-cash-flows-for-the-years-then-endedhtmlpage=20 data-page=20 class=ts-thumb lazyload 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 loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5thumbnails20jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=21Page 21button div class=ts-imagea href=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5page21jpg target=_blank img data-url=bpi-direct-2011-fs-performanceand-its-cash-flows-for-the-years-then-endedhtmlpage=21 data-page=21 class=ts-thumb lazyload 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 loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5thumbnails21jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=22Page 22button div class=ts-imagea href=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5page22jpg target=_blank img data-url=bpi-direct-2011-fs-performanceand-its-cash-flows-for-the-years-then-endedhtmlpage=22 data-page=22 class=ts-thumb lazyload 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 loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5thumbnails22jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=23Page 23button div class=ts-imagea href=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5page23jpg target=_blank img data-url=bpi-direct-2011-fs-performanceand-its-cash-flows-for-the-years-then-endedhtmlpage=23 data-page=23 class=ts-thumb lazyload 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 loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5thumbnails23jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=24Page 24button div class=ts-imagea href=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5page24jpg target=_blank img data-url=bpi-direct-2011-fs-performanceand-its-cash-flows-for-the-years-then-endedhtmlpage=24 data-page=24 class=ts-thumb lazyload 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 loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5thumbnails24jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=25Page 25button div class=ts-imagea href=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5page25jpg target=_blank img data-url=bpi-direct-2011-fs-performanceand-its-cash-flows-for-the-years-then-endedhtmlpage=25 data-page=25 class=ts-thumb lazyload 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 loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5thumbnails25jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=26Page 26button div class=ts-imagea href=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5page26jpg target=_blank img data-url=bpi-direct-2011-fs-performanceand-its-cash-flows-for-the-years-then-endedhtmlpage=26 data-page=26 class=ts-thumb lazyload 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 loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5thumbnails26jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=27Page 27button div class=ts-imagea href=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5page27jpg target=_blank img data-url=bpi-direct-2011-fs-performanceand-its-cash-flows-for-the-years-then-endedhtmlpage=27 data-page=27 class=ts-thumb lazyload 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 loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5thumbnails27jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=28Page 28button div class=ts-imagea href=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5page28jpg target=_blank img data-url=bpi-direct-2011-fs-performanceand-its-cash-flows-for-the-years-then-endedhtmlpage=28 data-page=28 class=ts-thumb lazyload 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 loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5thumbnails28jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=29Page 29button div class=ts-imagea href=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5page29jpg target=_blank img data-url=bpi-direct-2011-fs-performanceand-its-cash-flows-for-the-years-then-endedhtmlpage=29 data-page=29 class=ts-thumb lazyload 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 loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5thumbnails29jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=30Page 30button div class=ts-imagea href=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5page30jpg target=_blank img data-url=bpi-direct-2011-fs-performanceand-its-cash-flows-for-the-years-then-endedhtmlpage=30 data-page=30 class=ts-thumb lazyload 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 loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5thumbnails30jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=31Page 31button div class=ts-imagea href=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5page31jpg target=_blank img data-url=bpi-direct-2011-fs-performanceand-its-cash-flows-for-the-years-then-endedhtmlpage=31 data-page=31 class=ts-thumb lazyload 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 loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5thumbnails31jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=32Page 32button div class=ts-imagea href=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5page32jpg target=_blank img data-url=bpi-direct-2011-fs-performanceand-its-cash-flows-for-the-years-then-endedhtmlpage=32 data-page=32 class=ts-thumb lazyload 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 loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5thumbnails32jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=33Page 33button div class=ts-imagea href=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5page33jpg target=_blank img data-url=bpi-direct-2011-fs-performanceand-its-cash-flows-for-the-years-then-endedhtmlpage=33 data-page=33 class=ts-thumb lazyload 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 loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5thumbnails33jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=34Page 34button div class=ts-imagea href=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5page34jpg target=_blank img data-url=bpi-direct-2011-fs-performanceand-its-cash-flows-for-the-years-then-endedhtmlpage=34 data-page=34 class=ts-thumb lazyload 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 loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5thumbnails34jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=35Page 35button div class=ts-imagea href=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5page35jpg target=_blank img data-url=bpi-direct-2011-fs-performanceand-its-cash-flows-for-the-years-then-endedhtmlpage=35 data-page=35 class=ts-thumb lazyload 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 loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5thumbnails35jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=36Page 36button div class=ts-imagea href=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5page36jpg target=_blank img data-url=bpi-direct-2011-fs-performanceand-its-cash-flows-for-the-years-then-endedhtmlpage=36 data-page=36 class=ts-thumb lazyload 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 loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5thumbnails36jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=37Page 37button div class=ts-imagea href=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5page37jpg target=_blank img data-url=bpi-direct-2011-fs-performanceand-its-cash-flows-for-the-years-then-endedhtmlpage=37 data-page=37 class=ts-thumb lazyload 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 loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5thumbnails37jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=38Page 38button div class=ts-imagea href=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5page38jpg target=_blank img data-url=bpi-direct-2011-fs-performanceand-its-cash-flows-for-the-years-then-endedhtmlpage=38 data-page=38 class=ts-thumb lazyload 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 loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5thumbnails38jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=39Page 39button div class=ts-imagea href=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5page39jpg target=_blank img data-url=bpi-direct-2011-fs-performanceand-its-cash-flows-for-the-years-then-endedhtmlpage=39 data-page=39 class=ts-thumb lazyload 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 loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5thumbnails39jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=40Page 40button div class=ts-imagea href=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5page40jpg target=_blank img data-url=bpi-direct-2011-fs-performanceand-its-cash-flows-for-the-years-then-endedhtmlpage=40 data-page=40 class=ts-thumb lazyload 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 loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5thumbnails40jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=41Page 41button div class=ts-imagea href=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5page41jpg target=_blank img data-url=bpi-direct-2011-fs-performanceand-its-cash-flows-for-the-years-then-endedhtmlpage=41 data-page=41 class=ts-thumb lazyload 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 loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5thumbnails41jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=42Page 42button div class=ts-imagea href=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5page42jpg target=_blank img data-url=bpi-direct-2011-fs-performanceand-its-cash-flows-for-the-years-then-endedhtmlpage=42 data-page=42 class=ts-thumb lazyload 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 loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5thumbnails42jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=43Page 43button div class=ts-imagea href=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5page43jpg target=_blank img data-url=bpi-direct-2011-fs-performanceand-its-cash-flows-for-the-years-then-endedhtmlpage=43 data-page=43 class=ts-thumb lazyload 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 loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5thumbnails43jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=44Page 44button div class=ts-imagea href=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5page44jpg target=_blank img data-url=bpi-direct-2011-fs-performanceand-its-cash-flows-for-the-years-then-endedhtmlpage=44 data-page=44 class=ts-thumb lazyload 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 loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5thumbnails44jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=45Page 45button div class=ts-imagea href=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5page45jpg target=_blank img data-url=bpi-direct-2011-fs-performanceand-its-cash-flows-for-the-years-then-endedhtmlpage=45 data-page=45 class=ts-thumb lazyload 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 loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5thumbnails45jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=46Page 46button div class=ts-imagea href=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5page46jpg target=_blank img data-url=bpi-direct-2011-fs-performanceand-its-cash-flows-for-the-years-then-endedhtmlpage=46 data-page=46 class=ts-thumb lazyload 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 loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5thumbnails46jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=47Page 47button div class=ts-imagea href=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5page47jpg target=_blank img data-url=bpi-direct-2011-fs-performanceand-its-cash-flows-for-the-years-then-endedhtmlpage=47 data-page=47 class=ts-thumb lazyload 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 loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5thumbnails47jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=48Page 48button div class=ts-imagea href=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5page48jpg target=_blank img data-url=bpi-direct-2011-fs-performanceand-its-cash-flows-for-the-years-then-endedhtmlpage=48 data-page=48 class=ts-thumb lazyload 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 loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5thumbnails48jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=49Page 49button div class=ts-imagea href=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5page49jpg target=_blank img data-url=bpi-direct-2011-fs-performanceand-its-cash-flows-for-the-years-then-endedhtmlpage=49 data-page=49 class=ts-thumb lazyload 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 loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5thumbnails49jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=50Page 50button div class=ts-imagea href=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5page50jpg target=_blank img data-url=bpi-direct-2011-fs-performanceand-its-cash-flows-for-the-years-then-endedhtmlpage=50 data-page=50 class=ts-thumb lazyload 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 loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5thumbnails50jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=51Page 51button div class=ts-imagea href=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5page51jpg target=_blank img data-url=bpi-direct-2011-fs-performanceand-its-cash-flows-for-the-years-then-endedhtmlpage=51 data-page=51 class=ts-thumb lazyload 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 loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5thumbnails51jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=52Page 52button div class=ts-imagea href=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5page52jpg target=_blank img data-url=bpi-direct-2011-fs-performanceand-its-cash-flows-for-the-years-then-endedhtmlpage=52 data-page=52 class=ts-thumb lazyload 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 loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5thumbnails52jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=53Page 53button div class=ts-imagea href=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5page53jpg target=_blank img data-url=bpi-direct-2011-fs-performanceand-its-cash-flows-for-the-years-then-endedhtmlpage=53 data-page=53 class=ts-thumb lazyload 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 loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader042vdocumentsmxreader042viewer20220226075b8668d57f8b9af12d8cfb28html5thumbnails53jpg width=140 height=200 adivdiv
