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K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C . K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C .
Annual Report2004
“People in communities live in abundance with strengthened faith in God and right
relationship with their fellowmen and the rest of creations.”
“Sustainable Christian development Organization that contributes significantly to a poverty-free and
Christ-centered Philippines.”
RespectIntegrity
StewardshipCommitment to the Poor
DisciplineInnovationExcellence
“To reach 150,000 Filipino families.”
VISION
MISSION
CORE VALUES
GOAL FOR 2006
3K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C . K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C .
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Annua
l Repo
rt 20
04Table of Contents
3
Messages 4
Looking Back 6
The Year In Review 8
Milestones 10
Performance Recognition 12
Audited Financial Report 14
Organizational Profile 28
Corporate Directory 29
KMBI Board of Trustees 31
K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C .
Message
Congratulations, KMBI for a victorious 2004!
Truly it was a year marked by outstanding achievement
and recognition. The expansion from seven to 24
branches was an extraordinary feat, signifying growth and progress. Amidst the vast
development, we still managed to deliver excellent performance -- being hailed as
Opportunity International’s number one large-scale partner, not to mention bagging
the Gender Excellence award for the second time.
KMBI could not have gone this far if not for the valuable commitment of the board,
management and staff. Amidst all the challenges we faced, everyone showed
genuine dedication and passion for our work. Thus, I would like to commend
everyone for their noble hearts and diligent hands… for ours is not just a vocation,
but a God-given mission, seeking to bring about abundant life for our fellowmen.
To all the staff, I would like to express the board’s full support and gratitude.
Managers and key officers, thank you for exhibiting servant leadership. Program
assistants, I salute you for your perseverance and great love for our clients. I urge
you all to press on, and take part in our offered courses and trainings. Now is a time
of equipping, a time for gaining knowledge and skills -- to better serve our clients.
To our local and international partners, we thank you for your wholehearted support
and generosity. Because of you, we are able to reach an ever-increasing number
of Filipino families. We continue to uphold our strong partnership, for the Philippines
and beyond!
After a triumphant year, let us not remain complacent despite all the success. We
have a long way to go, a long run to take. Let us set fix our eyes on the vision and
mission of KMBI. Together, let us continue to pursue our purpose!
DR. AMELIA L. GONZALES, M.D.
Chairman
Board of Trustees
4 K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C . K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C .
Annual Report2004
K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C . K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C .
Annual Report2004
Message
Year 2004 was a year of great increase for KMBI. It was
also a year of great grace. Stepping out in faith, we
courageously pursued the theme, “Going global, growing
local… for God’s glory.”
Beginning with 29,004 clients in 2003, we experienced a remarkable 195% growth
in outreach, attaining a total of 85,457 clients. Massive expansion also took place,
with the launching of 17 branches across all areas. Today, KMBI has 24 branches
serving program members in Southern Luzon and Southern Mindanao.
Aside from increasing in number, we also strengthened training and development
programs for our staff, as well as training programs for our local and international
partners. We continued to develop transformational tools that are being used to
enhance the lives of our program members. As a result, our centers have become
places of learning where people interact, discover and apply new knowledge.
Indeed, God has enabled us to touch lives, both here and on the other parts of the
world through some initiatives. One of those was the “Regalo mula sa Puso” project,
a gift-giving venture that benefited some 20,000 poor Filipino families. There were
also some recognitions from international partners but more than these, our hearts
are more concerned with the impact God has allowed us to create in the lives of
our people, families, and program members.
All this would not have been possible if not because of our staff - program assistants,
managers and key officers - who have committed their hearts towards achieving
the vision and mission of KMBI. I am deeply proud of you. On the other hand, I am
grateful to our Board of Trustees who generously supported and unwaveringly guided
us through all these years.
Today, as we continue to reap the fruits of our efforts, let us continue to plant seeds
of faith, hope and abundance for our people... and give back the glory to our Lord
and Savior Jesus Christ for all the things he has done, and he will continue to do out
of his love for our nation and people. Together, let us go global and grow local…
for God’s glory!
ROSEMARIE C. CASTRO
Execuitve Director
K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C . K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C .
Annual Report2004
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Annual Report2004
Looking Back
6 K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C . K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C .
Annual Report2004
abalikat para sa Maunlad na Buhay, Inc. (KMBI), a Christian microfinance and
non-government organization, had its humble beginnings on March 1985 as a
church-based credit program in a six square-meter choir room with only one
worker. The following year, KMBI was able to assist 37 micro-entrepreneurs
through loans totaling Php145,000. Twenty of them were also provided with training on
Cash Management. Since then, by God’s grace and sustenance, KMBI never ceases to
grow in realizing its vision.
K
EVOLUTION TO MFIFrom 1986 to 1997, which is the foundational
period of the organization, KMBI evolved into
a full-blown microfinance organization through
the leadership of the then Board of Trustees
(BOT) chairwoman Dr. Amelia L. Gonzales and
execurive director Noel M. Alcaide, catering to
poor families not only from nearby communities
in Valenzuela, but also in Bulacan, Caloocan and
Quezon City. In the middle of these foundational
years, KMBI conducted strategic planning and
carried out reengineering process to come up
with “branch scale up” model that would reach
significant number of clients, and design effective
and efficient system to achieve organizational
objectives.
Implementation, Expansion and RecognitionThe years 1998 to 2000 were the implementation years of KMBI in scaling up its branches.
Under the team of Aurelio C. Llenado, Jr. and Donato G. Alcoba, Jr., then chairman of
the board and executive director, respectively, daily branch reporting and monitoring
system were put in place; a tool for transformation program - the Road Signs Book 1
- was developed; expansions in Gen. Santos, Marbel, Davao, and Pasay/Pañaque were
undertaken; and a Memorandum of Agreement to establish Opportunity Microfinance Bank
(OMB) was signed.
The succeeding years (2001 - 2003) were spearheaded by two women, Dr. Amelia
L. Gonzales as BOT chair and Rosemarie C. Castro as executive director. Under their
teamwork, the transfer of five KMBI Metro Manila branches and some head personnel to
OMB as part of the MOA was approved. It was also during their stints that some major
highpoints were achieved such as devolution of Training department, creation of Research
& Development/Publication department, standardization and expansion of MF operations,
and recognitions from both national and international networks.
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K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C . K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C .
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K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C . K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C .
Annual Report2004
The Year In Review
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ecalling how God moved in the midst of the organization’s undertakings in
fulfilling its mission and duty, KMBI saw the year 2004 as an eon marked not only
of expansion, but also of evolution and recognition. After 18 years of committed
service in microfinance industry, God rewarded KMBI with 24 branches. From only
seven branches in 2003, God added another 17 branches into its fold as the year unfolded,
such as Naga, Legaspi, Iriga and Gumaca in Bicol; Lucena in Quezon; Lipa and Batangas
City in Batangas; Sta. Cruz, San Pablo, and Calamba in Laguna; Lower Cavite in Cavite;
Muntiparlas (Muntinlupa, Parañaque, Las Piñas) in Metro Manila South; Compostela Valley,
San Francisco and Surigao in Caraga; Kidapawan and Digos in Southern Mindanao. These
24 branches yielded some 85,457 clients and 2,683 Success Centers. Coming from its
number of clients in 2003, KMBI posted a remarkable growth in its performance compared
to the previous year .
Table 1 – Comparative Annual Performance
Aside from the expansions, KMBI evolved into a better and bigger organization. For the
year 2004, KMBI experienced an increase of 171% in its workforce, and that is a total of
486 committed and endowed individuals supporting the demand of the organization’s
expansion (see Table 2). A transition from decentralized support group (composed of
finance, administrative and human resource departments) to centralized system was also
put in place for the interest of enhancing asset and fund management, delivery of service,,
and monitoring and evaluation.
A mission-driven organization, KMBI operated silently and continued to work hard in
reaching out poor families, not expectant of any recognition. But God sees the works of
his people. After being awarded for
two consecutive years as top partner
of the Opportunity International (OI) in
small and large scales, respectively, OI
recognized KMBI again in 2004 for two
marks of distinctions, being the number
one microfinance practitioner among
its international partners in the large
scale category, and top advocate for
Gender Excellence.
PORTFOLIO DATA 2004 2003 VARIANCE GROWTH POSTED
Client Outreach 85,457 29,004 56,453 195%Loan portfolio (million Php) 232 M 89.9 M 142.1 M 158%PAR (%) 0.76% 0.89% 0.13% 0.15%Financial Self-Sufficiency 109.50% 109.86% (0.36%) (0.32)%Operations Self-Sufficiency 113.41% 114.65% (1.24%) (1.09%)
R
K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C . K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C .
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K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C . K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C .
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Annual Report2004
The Year In Review
9
The Gender Excellence award, the second one for KMBI, was given after a selection
process done among the various microfinance institutions (MFI) from 36 countries.
Through the Women’s Opportunity Fund, OI chose KMBI to be its gender excellence
for the year 2004 recipient because of its tireless effort in empowering women in
poverty and facilitating holistic transformation. OI particularly gave premium to
the testimonies of KMBI’s program members whom they interviewed as part of the
selection process. They noticed from the interviewed program members, particular
from the southern Philippines, not only economic progress but also a change in
attitude among them through the KMBI success centers. The selection criteria for
the award revealed KMBI’s distinction from other MFIs, that is, aside from providing
financial assistance, KMBI is committed to facilitate holistic transformation in the
lives of its program members, and that speaks of values formation, restored family
relationship and a better view of faith in God.
K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C . K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C .
Annual Report2004
Network
Opportunity International Network
Microcredit Summit Campaign
Fundacion CODESPA of Spain
Alliance for Philippine Partners
for Enterprise Development, Inc.
(APPEND)
Micro-Finance Council of the
Philippines, Inc.,
Philippine Council of NGO Certification
Mindanao Microfinance Council
Opportunity Microfinance Bank
KMBI is an active partner and network member of both local and international
microfinance institutions, such as:
500450400350300250200150100
50
2003 2004
Table 2 - Staffing Breakdown
Tota
l No
. of
Sta
ff (4
86)
MF
Op
era
tions
(414
)
MF
Op
era
tions
Support
Support
Staff (72)
Tota
l No
. of
Sta
ff (1
68)
Big-
10 K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C . K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C .
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K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C . K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C .
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Milestones
K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C . K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C .
Annual Report2004
Bigger and Better Organization
Strengthened training and developmental program for the staff. KMBI invested
on 28 trainings for its staff, as well as for its local and international partners, and
MSI clients.
Provided exposure training to the international partners from OI-China, OI-Mexico
and Schmitz Stiftung.
Participated in the training and consultancy project for OMB staff under the
stewardship program.
Provided training for the local partner TPKI (Talete King Panyulung
Kapampangan, Inc. PKI) as tapped by PCFC to share experiences and
practices to the MFIs in the Northern and Southern Luzon and Mindanao.
Transformational Activities
Implemented nationwide transformation project called ‘Regalo Mula Sa Puso’
in its five areas of operations, namely Calabarzon 1, Calabarzon 2, Bicol,
Caraga, and Southern Mindanao.
Reached out to the typhoon and bombing victims in Bicol and General Santos.
Launched Road Signs Book 2 (in Tagalog and English version).
Implemented Purpose Driven Life book as staff’s devotional tool in all Branches.
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K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C . K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C .
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Milestones
K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C . K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C .
Annual Report2004
Improvements & Developments
Conducted training on Transformational
Tools Facilitation (Road Signs, PDL & PCL)
Researched on microinsurance
implementations through MBA or third
party insurer.
Initial research on another financial
offering, the individual loan, was also
conducted.
Funds
Received a grant of US$35,000 from
Opportunity International - United States for
Kidapawan branch.
Granted with US$500 through the Gender Excellence 2003 award.
Obtained an increase in loans from People’s Credit and Finance
Corporation and OIKO Credit from PhP33.0M during 2003 to almost 99.1M in
2004.
Performance Recognition
TOP PERFORMERS
BEST PROGRAM ASSISTANT: Jeanmar Labanero
Jeanmar of General Santos branch surpassed all the
others in overall perrformance. As of the fourth quarter,
she had a total client outreach of 344, loan portfolio of
PhP1.28M, 0% PAR and 3.38% client turnover. In 1999,
Jeanmar started in KMBI in the Bula branch. She was
transferred to Marbel Unit at General Santos Branch in 2002.
With the Best PA award, she is now reaping the prize of her
hardship and efforts. To her co-workers, especially the PAs,
she says,”Whatever challenge you encounter, don’t give up.
Make it your stepping stone in life. Be strong and take courage for God is always at
your side.”
Suzette Madayag, program unit supervisor at Marbel, shares a few things about
Jeanmar. According to her, “Jeanmar interacts well with other people. She is
trustworthy, and fully supports the endeavors of KMBI.” General Santos branch
manager Evelyn Francisco praised her diligence and perseverance.
“Jeanmar really loves her work,” she says. “She deserves the recognition.”
BEST BRANCH MANAGER: Enrique Maca
Butuan branch’s manager was named the Best Branch
Manager of 2004. His branch catered to 4,316 clients
and had a loan portfolio of PhP 15.7 million. From the
time he assumed the position, he was able to increase
the total number of clients by 19.64% and loan portfolio
by 49%. Aside from this, he managed records well and
implemented transformation activities effectively. He
also modeled good values, such as discipline, integrity
and commitment.
Enrique started with KMBI in May 1999 as a program
assistant. He was assigned to several branches before
becoming the program unit supervisor of Butuan, and eventually branch
manager. To other staff, Enrique shares a few words of wisdom: “Everyday,
do something that you don’t like but you have to. You will surely learn from the
12 K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C . K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C .
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K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C . K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C .
Annual Report2004
Performance Recognition
experience. Aside form this, whatever the position we hold; it is our responsibility to
create positive change. Let us be initiators, not just reactors.”
Rhanny Barrera, area manager of Caraga, where Butuan Branch is located, believes
that Enrique is a good leader. “Enrique brings out the best in people, encouraging
them to perform to their full potential. As a person, he’s got a great sense of humor
-- you will really appreciate his companionship.”
BEST BRANCH SUPPORT STAFF: Harry Dalanon
Harry was hailed as the Best Branch Support Staff of the year. Having been with KMBI
since January 2002, he was assigned to several branches in Mindanao and Luzon,
before being transferred to the Head Office in November 2004. His performance
showed brilliance in terms of job knowledge,
dependability and quality. Aside from this, he
participated actively in transformation activities.
He is also respectful, a good steward and
committed to his work.
Hailing from Koronadal City, Harry graduated
from Mindanao State University with a bachelor’s
degree in Business Administration, major in
Accountancy. He describes his experience with
KMBI as “challenging and fulfilling.” By God’s
grace, he cites that he has learned how to deal
with people, adjust to living in different places
and handle tasks responsibly. To other staff, he
shares, “God loves to use ordinary people like us to do extraordinary things. He wants
us to have a heart that is willing to obey, to follow Him and to depend on Him.”
SERVICE AWARDEES:
Four employees received the Service Award, in recognition of their five years of
dedicated service to KMBI, namely:
1. Rhanny P. Barrera (Area Manager, Caraga)
2. Vencent A. Abraham (Area Manager, Calabarzon 2 & Bicol)
3. Ma. Margarita J. Robles (Branch Manager, Upper Cavite)
4. Beniefe J. Tungala (Accounting Associate, Kidawapan)
K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C . K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C .
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Annual Report2004
Laya Mananghaya & Co.Certified Public Accountant & Management Consultants22/F, Philamlife Tower, 8767 Paseo de RoxasMakati City 1226, Metro Manila, Philip-
K PMG pines
Telephone +63 (2) 885 7000 +63 (2) 893 8507Fax +63 (2) 894 1985 +63 (2) 816 6595e-Mail manila@kpmg.com.ph
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REPORT OF INDEPENDENT AUDITORS
The Board of TrusteesKabalikat Para Sa Maunlad Na Buhay, Inc.
We have audited the accompanying balance sheet of Kabalikat Para Sa Maunlad Na Buhay, Inc. (a non-stock, non-profit organization) as of December 31, 2004, and the related statements of revenues and expense, changes in fund balance and cash flows for the year then ended. These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements based on our audit. The accompanyingfinancial statements of the Kabalikat Para Sa Maunlad Na Buhay, Inc. as of and for the year ended December 31, 2003, were audited by other auditors whose report thereon dated March 16, 2004, expressed an unqualified opinion on those statements, before the restatement described on Note 13 to the financial statements.
We conducted our audit in accordance with auditing standards generally accepted in the Philippines. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides reasonable basis for our opinion.
In our opinion, the 2004 financial statements referred to above presented fairly in all material respects, the financial position of Kabalikat Para Sa Maunlad Na Buhay, Inc. as of December 31, 2004, and the results of its operations and its cash flows for the year then ended in conformity with accounting principles generally accepted in the Philippines.
We also audited the adjustments described in Note 13 that were applied to restate the 2003 financial statements. In our opinion such adjustments are appropriate and have been properly applied.
March 28, 2005Makati City, Metro ManilaPhilippines
14 K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C . K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C .
Audited Financial Report
K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C . K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C .
Au
dit
ed F
inan
cial
Rep
ort
KABALIKAT PARA SA MAUNLAD NA BUHAY, INC.(A NON-STOCK, NON-PROFIT ORGANIZATION)
BALANCE SHEETDECEMBER 31, 2004
(With Comparative Figures for 2003)
2004
2003(As restated in
Note 13)
ASSETS
Current AssetsCash and cash equivalents (Note 3) P24,186,666 P23,870,811
Marketable securities - net (Note 4) 198,987 198,987
Receivables - net (Note 5) 239,479,401 93,925,375
Prepayments 4,144,399 789,834
Total Current Assets 268,009,453 118,785,007
Property and Equipment - net (Note 6) 11,167,991 6,071,597
Investment in Opportunity Microfinance Bank (Note 7) 15,900,000 15,900,000
Other Assets 2,287,654 1,146,800
P297,365,098 P141,903,404
LIABILITIES AND FUND BALANCE
Current LiabilitiesAccounts payable and accrued expenses (Note 8) P15,641,732 P5,898,411
Current portion of long-term debt (Note 9) 45,549,841 9,166,667
Total Current Liabilities 61,191,573 15,065,078
Long-term Debt (Note 9) 56,517,526 23,833,333
Capital Build-up (Note 10) 97,631,216 35,934,164
Fund Balance 82,024,783 67,070,829
P297,365,098 P141,903,404
See Notes to Financial Statements.
K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C . K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C . 15K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C . K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C .
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Audited Financial Report
STATEMENT OF REVENUES AND EXPENSESFOR THE YEAR ENDED DECEMBER 31, 2004
(With Comparative Figures for 2003)
2004
2003(As restated in
Note 13)
REVENUES
Service income P110,755,456 P46,264,402
Donations and contributions 1,974,031 130,357
Other 1,673,619 1,445,555
114,403,106 47,840,314
EXPENSES
Operating expenses (Note 11) 84,977,471 26,158,569
Administrative expenses (Note 12) 14,471,681 13,917,866
99,449,152 40,076,435
EXCESS OF REVENUES OVER EXPENSES P14,953,954 P7,763,879
See Notes to Financial Statements.
STATEMENT OF CHANGES IN FUND BALANCEFOR THE YEAR ENDED DECEMBER 31, 2004
(With Comparative Figures for 2003)
2003(As restated in
2004 Note 13)
FUND BALANCE
Balance at beginning of year
As previously reported P65,433,450 P59,538,805 Prior period adjustment (Note 13) 1,637,379 (231,855)
As restated 67,070,829 59,306,950
Excess of revenues over expenses 14,953,954 7,763,879
P82,024,783 P67,070,829
See Notes to Financial Statements.
16 K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C . K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C .
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K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C . K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C .
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED DECEMBER 31, 2004(With Comparative Figures for 2003)
2003
(As restated in 2004 Note 13)
CASH FLOWS FROM OPERATING ACTIVITIES
Excess of revenues over expenses P14,953,954 P7,763,879 Adjustments for: Depreciation and amortization 3,044,015 1,480,846 Provision for doubful accounts 398,181 - Write - off of receivables (684,449) - Prior period adjustment 1,637,379 (231,855)
Excess of revenues over expenses before working capital changes 19,349,080 9,012,870 Increase in: Marketable securities - (240) Receivables - net (146,905,137) (43,285,536) Prepaid expenses (3,354,565) (455,128) Increase (decrease) in: Accounts payable and accrued expenses 9,743,321 (4,328,994) Capital build-up 61,697,052 17,156,323
Net cash used in operating activities (59,470,249) (21,900,705)
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisitions of property and equipment (8,204,372) (1,984,203)Proceeds from sale of property and equipment 63,963 - Increase in other assets (1,140,854) (496,811)
Net cash used in investing activities (9,281,263) (2,481,014)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from long-term debt 83,000,000 33,000,000 Payment of long-term debt (13,932,633) -
Net cash provided by financing activities 69,067,367 33,000,000
NET INCREASE IN CASH -
AND CASH EQUIVALENTS 315,855 8,618,281 CASH AND CASH EQUIVALENTS
AT BEGINNING OF YEAR 23,870,811 15,252,530 CASH AND CASH EQUIVALENTS AT END OF YEAR P24,186,666 P23,870,811 See Notes to Financial Statements.
K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C . K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C . 17K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C . K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C .
Annual Report2004
Audited Financial Report
KABALIKAT PARA MAUNLAD NA BUHAY, INC.(A Non-Stock, Non-Profit Organization)
NOTES TO FINANCIAL STATEMENTS
1. Organization
Kabalikat Para Sa Maunlad Na Buhay, Inc. (“the Organization”) is a non-stock, non profit
microfinance and development organization which was organized on November 4, 1986
with the objective of assisting the low-income Filipinos in their pursuit for education, culture,
civic, physical and economic advancement with the end in view that they will become
responsible members and assets of society. To attain these objectives, the Organization
conducts seminars, lectures and trainings by inviting resource persons who have expertise
and knowledge in specialized fields and extends financial assistance at reasonable
interest rates to economically active poor people.
On September 18, 2002, the Organization was certified by the Philippines Council for NGO
Certification as a qualified donee institution in accordance with Revenue Regulations No.
13-98 for a period of three years. Accordingly, it is exempt from payment of income tax
on income it received and the filing of income tax return covering such income. Such
exemption, however, does not apply to income of whatever kind and character derived
from the use of the Organization’s properties, real and personal, or from any of its activities
conducted for profit regardless of the dispositions made of such income.
The Organization has 473 and 168 employees as of December 31, 2004 and 2003,
respectively, and holds its office at No. 12, San Francisco St., Karuhatan, Valenzuela City.
2. Summary of Significant Accounting Policies
The following summary explains the significant accounting policies which have been
adopted in the preparation of the financial statements:
Basis of Preparation
The financial statements are prepared in conformity with accounting principles generally
accepted in the Philippines and on the historical cost basis.
Adoption of New Accounting Standards Effective 2004
Effective January 1, 2004, the Organization adopted the Statement of Financial
Accounting Standard 17/International Accounting Standards 17, Leases, which
prescribes the accounting policies and disclosures for finance and operating leases.
Additional disclosures required by the new standard were included in the financial
statements, where applicable.
18 K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C . K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C .
Audited Financial Report
K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C . K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C .
New and Revised Accounting Standards Effective 2005
Several new accounting standards are due to take effect in 2005 to complete the
Philippines’ transition to international-based accounting standards. Accordingly, the
Accounting Standards Council (ASC) approved the issuance of new and revised
accounting standards, which are based on IAS, revised IAS and new International
Financial Reporting Standards (IFRS) issued by the International Accounting Standards
Board (IASB). The new standards are effective for annual periods beginning on or
after January 1, 2005. Accounting standards issued by the ASC were re-named to
correspond better to the issuances of IASB. Philippine Accounting Standards (PAS)
correspond to adopted IAS, while Philippine Financial Reporting Standards (PFRS)
correspond to adopted IFRS.
The Organization will adopt beginning January 1, 2005 the following new and
revised accounting standards which are relevant to its operations:
New Accounting Standards
PAS 19, Employee Benefits, prescribes the accounting and disclosures by
employers for employee benefits, including short-term employee benefits,
post-employment benefits, other long-term employee benefits and termination
benefits. For post-employment benefits classified as defined benefit plans, the
standard only allows the use of the projected unit credit method to measure
the organization’s obligations and costs and requires a sufficient frequency of
measurement. The standard requires as a minimum the recognition of a specific
portion of net cumulative actuarial gains and losses when the net cumulative
amount exceeds 10% of the greater of the present value of the defined benefit
obligation or the fair value of the plan assets, but also permits the immediate
recognition of all actuarial gains and losses.
PFRS 1, First-time Adoption of Philippine Financial Reporting Standards, sets out
all transitional requirements and exemptions available on the first-time adoption
of PFRS.
Revised Accounting Standards
PAS 1, Presentation of Financial Statements, provides a framework within which an
entity assesses how to present fairly the effects of transactions and other events
and the criteria for classifying liabilities as current or non-current; prohibits the
presentation of “extraordinary items” in the financial statements; and specifies
the disclosures about the key sources of estimation, uncertainty and judgments
management has made in the process of applying the entity’s accounting
policies.
K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C . K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C . 19K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C . K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C .
Annual Report2004
Audited Financial Report
PAS 8, Accounting Policies, Changes in Accounting Estimates and Errors, removes
the concept of fundamental error and the allowed alternative to retrospective
application of voluntary changes in accounting policies. It defines material omission
or misstatements, and describes how to apply the concept of materiality when
applying accounting policies and correcting errors.
PAS 10, Events After the Balance Sheet Date, prescribes the guidelines for events after
the balance sheet date that requires adjustments and disclosures.
PAS 16, Property, Plant and Equipment, provides additional guidance and clarification
on recognition and measurement of items of property, plant and equipment. The
standard also requires that each significant part of an item of property, plant and
equipment should be depreciated separately.
PAS 17, Leases, provides a limited revision to clarify the classification of a lease of land
and buildings and prohibits expensing of initial direct costs in the financial statements
of the lessors.
PAS 24, Related Party Disclosures, provides additional guidance and clarity in the
scope of the standard, the definitions and the disclosures for related parties.
PAS 32, Financial Instruments: Disclosure and Presentation/PAS 39, Financial
Instruments: Recognition and Measurement. PAS 32 deals with the presentation and
disclosure of financial instruments. PAS 39 provides recognition and measurement
requirements covering most financial instruments other than assets and liabilities arising
from employee benefit plans, own equity instruments, certain guarantees contingent
consideration in business combinations and other exceptions. PAS 39 requires that
all derivatives are recognized on the balance sheet and measured at fair value and
requires all financial assets to be classified into “loans and receivables” “held-to-
maturity”, “fair value through profit or loss” or “available-for-sale” categories. Loans and
receivables and held-to-maturity financial assets are measured at amortized cost. All
other financial assets are measured at fair value (with limited exceptions). Also, PAS 39
permits hedge accounting only when strict documentation and effectiveness testing
requirements are met.
PAS 36, Impairment of Assets, establishes the frequency of impairment testing for
certain intangibles and provides additional guidance on the measurement of an
asset’s value in use.
Under prevailing circumstances, the adoption of the above new and revised standards
will not result in substantial changes to the Organization’s accounting policies in 2005
except for PAS 19 and 39, the effect of which to the 2005 financial statements has yet to
be determined.
20 K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C . K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C .
Audited Financial Report
K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C . K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C .
Cash and Cash Equivalents
Cash equivalents are short-term highly liquid instruments purchased with the maturity of
three (3) months or less from date of acquisition and are subject to an insignificant risk of
change in value.
Receivables
Receivables are stated at face value, net of allowance for doubtful accounts maintained
at a level considered adequate to provide for potential uncollectible account.
Investments in stocks
The Organization’s investments in stocks are carried at the lower of its aggregate cost or
market value determined at the balance sheet date. The amount on which aggregate
cost of the portfolio exceeds market value is accounted for as allowance for decline in
value of marketable equity securities, which is charged to current operations.
Revenue Recognition
Revenue is recognized when it is probable that the economic benefits associated with
the transaction will flow to the Organization and the amount of the revenue can be
measured reliably. Revenues from loans and other related fees are recognized based on
the accrual method of accounting.
Property and equipment
Property and equipment are carried at cost less accumulated depreciation and
amortization and impairment losses, if any.
Initially, an item of property and equipment is measured at its cost, which comprises
its purchase price and any directly attributable costs of bringing the asset to working
condition. Subsequent expenditures are added to the carrying amount of the asset
when it is probable that future economic benefits, in excess of the originally assessed
standard of performance, will flow to the Organization. All other subsequent expenditures
are charged to operations as incurred.
Depreciation is computed using the straight-line method over the estimated useful lives
of the assets. Leasehold improvements are amortized over the estimated useful life of
the improvements or the term of the lease, whichever is shorter. The estimated useful lives
are as follows:
Number of Years
Building and improvements 40
Leasehold improvements 3
Furniture and equipment 1-5
Transportation equipment 1-5
K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C . K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C . 21K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C . K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C .
Annual Report2004
Audited Financial Report
Au
dited
Finan
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ort
The useful lives and depreciation and amortization methods are reviewed regularly to
ensure that such are consistent with the expected pattern of economic benefits from
those assets.
When an asset is disposed of, or is permanently withdrawn from use and no future
economic benefits are expected from its disposal, the cost and accumulated
depreciation, amortization and impairment losses, if any, are removed from the accounts
and any resulting gain or loss arising from the retirement or disposal is reflected in current
operations.
Asset Impairment
The carrying amounts of the Organization’s property and equipment and other non-
current assets are reviewed at each balance sheet date to determine whether there
is any indication of impairment. If any such indication exists, the asset’s recoverable
amount is estimated. An impairment loss is recognized whenever the carrying amount of
an asset or its cash-generating unit exceeds its recoverable amount. Impairment losses,
if any, are recognized in the statement of revenues and expenses.
Use of Estimates
The preparation of the financial statements in conformity with accounting principles
generally accepted in the Philippines requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and the reported
amounts of revenues and expenses during the reporting period. Actual results could differ
from those estimates.
3. Cash and Cash Equivalents
This account consists of:
2004 2003
Cash on hand and in banks P24,186,666 P23,068,196
Short-term investments - 802,615
P24,186,666 P23,870,811
Short-term investment represents thirty days cash placements on various dates. These
placements earn income based on interests ranging from 4% to 6.5% in 2003.
4. Marketable Securities
This account consists of:
2004 2003
Marketable equity securities at cost P686,895 P686,895
Less allowance for decline in market value 487,908 487,908
P198,987 P198,987
22 K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C . K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C .
Audited Financial Report
K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C . K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C .
Au
dit
ed F
inan
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Rep
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5. Receivables
This account consists of:
2004 2003
Loans receivable P231,989,325 P89,871,036
Interest receivable 3,930,790 1,637,379
Accounts receivable 3,810,803 2,954,745
239,730,918 94,463,160
Less allowance for doubtful accounts 251,517 537,785
P239,479,401 P93,925,375
Certain loans receivable are used as collateral for the Organization’s long-term debt (See
Note 9).
6. Property and Equipment
For the Year Ended December 31, 2004
Land
Building and
Improvements
Office Furniture
& Equipment
Transportation
Equipment
Leasehold
Improvement Total
Gross carrying amount:
Beginning balance P1,050,000 P5,184,211 P4,371,587 P848,352 P528,169 P11,982,319
Additions - 774,000 4,246,181 - 3,184,191 8,204,372
Disposals - (754,345) (1,860,616) (104,551) - (2,719,512)
Ending balance 1,050,000 5,203,866 6,757,152 743,801 3,712,360 17,467,179
Accumulated depreciation and amortization:
Beginning balance - 1,813,921 3,218,403 791,024 87,374 5,910,722
Provisions during the year - 123,021 1,514,614 34,692 1,371,688 3,044,015
Disposals - (754,345) (1,796,653) (104,551) - (2,655,547)
Ending balance - 1,182,597 2,936,364 721,165 1,459,062 6,299,188
Carrying amount:
Beginning balance P1,050,000 P3,370,290 P1,153,183 P57,328 P440,795 P6,071,597
Ending balance P1,050,000 P4,021,269 P3,820,786 P22,636 P2,253,298 P11,167,991
Certain above properties are used as collateral for the Organization’s long-term debt (see
Note 9).
K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C . K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C . 23K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C . K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C .
Annual Report2004
Audited Financial Report
Areas o
f Op
eration
s/Directo
ry
7. Microfinance Bank Project
In the year 2000, the Organization, together with the other member-partners of the Alliance
of Philippine Partners in Enterprise Development, Inc. (APPEND) established a micro-finance
bank wherein the Organization will fully participate as a lead partner with an initial cash
outlay of P100,000.
As part of the Securities and Exchange Commission (SEC) requirement, Opportunity
Microfinance Bank (OMB), with an authorized capital stock of P800 million, invested P58
million representing its initial paid-up capital into a trust account. Immediately thereafter,
the Organization invested a total amount of P8.3 million representing 83,000 shares of
stocks to OMB. To date, the Organization has a total investment of P15.9 million or 159,000
shares of stocks in OMB.
8. Accounts Payable and Accrued Expenses
This account consists of:
2004 2003
Account payable P4,188,294 P2,534,445
Unearned income 4,047,025 1,430,550
Accrued expenses 7,406,413 1,933,416
P15,641,732 P5,898,411
9. Long-Term Debt
Loan from Oiko Credit Foundation
In a meeting held on April 1, 2002, the Board of Trustees approved the availment of a
P33 million loan from Oikocredit Foundation Philippines, Inc., (Oikocredit) payable in three
(3) years at 10.67% interest per annum on the first year; succeeding annual interest rate
shall be the average interest rate paid on the 91-day Philippine Treasury Bills for all issues
during the 6 months period preceding Oikocredit’s review plus five percent (5%) provided
that the interest rate for the loan shall at no point be lower than 10%. The loan was used
to fund the expansion projects of the Organization.
The loan is secured by the following:
a. a first mortgage on real estate property of the Organization located in Karuhatan,
Valenzuela with an area of three (300) square meters and improvements thereon;
b. a first mortgage on the shares of capital stocks of the OMB, a partner, equivalent to
158,999 total shares with a par value of P100 each;
c. assignment of loan portfolio and related securities which, at all times, shall have a
face value of at least P9 million;
24 K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C . K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C .
Audited Financial Report
K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C . K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C .
d. a promissory note in form and substance acceptable to the lender.
Another loan was availed from Oiko Credit Foundation amounting to P55 million. The loan
agreement was issued on June 23, 2004. The interest for the loan during the first year is
12.16% while the succeeding interest payments will be on a monthly basis calculated
using treasury bill rates. Repayment is done in semi-monthly payments over a period of
three years. The first payment was done on February of 2005, eight (8) months after the
disbursal of the loan.
The loan is secured by the following:
a. 50% guaranty from Interchurch Organization for Development Cooperation (ICCO)
equivalent to P27.5 million;
b. Continuing deed of assignment of loan portfolio and related securities equivalent to
120% of the outstanding loan balance; and
c. Promissory note in form and in substance acceptable to the lender.
As of December 31, 2004, total balance of loan from Oikocredit amounts to P74.25
million.
Loan from People’s Credit and Finance Corporation (PCFC)
The Organization has an outstanding loan from PCFC amounting to P15 million. This
loan shall be used for the granting of sub-loans to finance micro-enterprise or livelihood
projects of qualified sub-borrowers.
The interest rate for investment loan is at 12% and 3% for institutional loan. These loans
are secured by the following:
a. Assignment of loans receivable for which the proceeds was used;
b. First mortgage on all acquired properties and equipment using the proceeds; and
c. Post dated checks.
Loan from Taytay sa Kauswagan, Inc. (TSKI)
On May 1, 2004, the Organization obtained loan from TSKI amounting to P11 million of
which P10 million was already received as of December 31, 2004. The interest rate is at
10% for the first two (2) years, 11% for the third year and 12% for fourth and fifth years.
The agreement requires KMBI to open a microfinance branch in Parañaque in behalf of
TSKI, calling it Kabalikat sa Kaunlaran Project.
K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C . K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C . 25K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C . K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C .
Annual Report2004
Audited Financial Report
10. Capital Build-Up
This represents initial membership contribution of P200 and the mandatory weekly savings
amounting to P40 per member that earns interest at the rate of 6% per annum.
11. Operating Expenses
This account consists of:
2004 2003
Salaries and wages P45,416,628 P12,176,459
Financing cost 7,731,584 2,238,493
Transportation and travel 6,031,562 1,624,315
Rent 4,737,147 1,148,744
Communication, light and water 3,579,747 1,750,316
Meetings, trainings and conferences 3,254,200 1,879,762
Depreciation and amortization (Note 6) 2,505,110 1,036,592
SSS, Medicare, ECC and Pag-ibig contribution 2,442,421 687,861
Supplies 2,336,701 697,566
Printing 2,256,518 648,203
Representation and entertainment 1,222,848 134,112
Insurance 461,682 163,533
Doubtful accounts 398,181 566,868
Repairs and maintenance 380,541 99,035
Legal, audit and other professional fees 264,164 369,424
Taxes and licenses 127,739 121,150
Donations and contributions 43,973 19,141
Security services 30,175 205,800
Miscellaneous 1,756,550 591,195
P84,977,471 P26,158,569
26 K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C . K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C .
Audited Financial Report
K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C . K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C .
12. Administrative Expenses
This account consists of:
2004 2003
Salaries and wages P5,941,859 P8,170,740
Transportation and travel 1,417,487 696,135
Communication, light and water 1,404,739 750,135
Non MED expense 1,177,824 398,943
Meetings, trainings and conferences 814,348 805,612
Depreciation and amortization (Note 6) 538,905 444,254
Retirement expense 522,294 531,150
Representation and entertainment 328,022 57,476
Legal, audit and other professional fees 297,767 158,325
Supplies 295,542 298,957
Taxes and licenses 294,931 51,921
Security services 249,000 88,200
SSS, Medicare, ECC and Pag-ibig contribution 228,824 294,797
Advertisement and promotion 194,374 32,973
Donations and contributions 111,885 8,203
Printing 83,600 277,801
Gasoline and oil 74,428 11,204
Insurance 56,627 70,086
Repairs and maintenance 29,303 42,443
Miscellaneous 409,922 728,511
14,471,681 P13,917,866
13. Prior Period Adjustment
Certain revenues pertaining to 2003 were incorrectly included in 2004. The financial
statements of 2004 and 2003 have been restated to correct this error. A corresponding
adjustment amounting to P1,637,379 was reflected in the 2003 result of operations.
14. Authorization for Issuance of the Financial Statements
The Organization’s financial statements as of and for the year ended December 31, 2004
were authorized for issue by the Board of Trustees’ authorized representative on March 28,
2005.
15. Reclassification
Certain accounts in the 2003 financial statements were reclassified to conform with
the 2004 presentation.
K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C . K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C . 27K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C . K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C .
Annual Report2004
Audited Financial Report
egistered as a non-stock, non-profit organization in the Philippines Securities
and Exchange Commission, KMBI envisions “People in communities live
in abundance with strengthened faith in God and right relationship with
their fellowmen and the rest of creations.”
It works primarily for spiritual transformation and poverty alleviation through offering
microfinance products and other services to the poor sector both in urban and
rural locales. Relatively, KMBI’s mission is to become a “Sustainable Christian
development organization that contributes significantly to a poverty-free and Christ-
centered Philippines.”
Operations, Products, and ServicesKMBI operates 24 branches located in the regions of Calabarzon and Bicol in Luzon,
and Caraga and some southern provinces in Mindanao. KMBI provides group
loan product to more than 85,000 “entrepreneurial poor” clients amounting from
Php4,000 to Php20,000. Aside from this, KMBI also provides business development
assistance, entrepreneurship training, and transformational activities facilitation. Very
soon, KMBI shall offer other products such as microinsurance, individual loan, and
housing loan.
Structure and CompositionThe organization has a total workforce of 486
personnel: 414 for the operations, while 72
are in the support group. Aside from the
Operations group, seven other departments
are working hand-in-hand with them, namely
the Human Resources, Administration, Finance,
Audit, Business Development, Research &
Development/Publication, and Management
Information System. All these, including
Operations, are reporting directly under the
office of the Executive Director. KMBI also has
ad hoc committees that function as think-tank
and recommendatory body for the different
aspects of the organization’s operations like
product development, purchasing, budget,
recruitment, systems and policy improvement,
and transformation. A formal committee,
called Management Committee which is
composed of department heads, assists the executive director in planning and
implementation, through the guidance and governance of the Board of Trustees.
Organizational Profile
R
28 K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C . K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C .
Annual Report2004
K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C . K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C .
HEAD OFFICEkmbi@pldtdsl.net
OFFICE OF THE EXECUTIVE DIRECTORroscastro@pldtdsl.netRosemarie C. CastroExecutive Director
OPERATIONS DEPARTMENTEdgardo S. MercedesDirector
Area Managers Carmela N. Porras (Calabarzon 1) Vencent A. Abraham (Calabarzon 2) Enrique B. Maca (Bicol) Rhanny P. Barrera (Caraga) Nemwell P. Arzaga (S. Mindanao) ADMINISTRATION DEPARTMENTConcepcion B. ParantarAdmin. Officer
AUDIT DEPARTMENTSancho A. Montaos IIAudit Officer (Luzon)Madelyn P. Frijillano Audit Officer (Mindanao)
BUSINESS DEVELOPMENT SERVICESHazel Christine Z. RosaciaBDS Officer (Luzon)Marifel C. SuplementoBDS Officer (Mindanao)
FINANCE DEPARTMENTAnnalie D. ConcepcionManager
Finance Officer Joselito S. Penalosa (Fund Mgt./Gen. Acctg.)
HUMAN RESOURCE DEVELOPMENTLiza D. EcoManager HR Officers Arthur N. Gonzaga (Training) Mary Grace M. Burgos (Admin.)
RESEARCH & DEVELOPMENTRizaldy R. DuqueManager
CALABARZON 1BATANGAS2nd Floor Ferrel II Bldg.Dy Silang St., Batangas City (043) 722.2443
CENTRAL CAVITE3rd Floor Lolo Berong BldgNueno Avenue, Imus Cavite (046) 471.4205Fax (046) 472.0423
LIPA2nd Floor Ornasco Trading Bo.Marawouy, Lipa City (043)-756-5104
LOWER CAVITE3rd Floor Orchids Bldg.Daang Amaya ITanza Cavite (046) 885.2378Fax (046) 85.2379
METRO MANILA SOUTH 12nd Floor Rudex Bldg.Baclaran St., Pasay City (02) 851.3582
METRO MANILA SOUTH 22nd Floor B.Nenita Bldg.8124 Dr. A. Santos Ave.Sucat, Paranaque (02) 820.0271
UPPER CAVITE2nd Floor MBC Bldg.Governor’s Drive, Old BulihanSilang Cavite (046) 890.0742Fax (046) 890.1473
CALABARZON 2CALAMBA3rd Floor Sajite Bldg.National Road Brgy ICalamba , Laguna (049) 545.5875
LUCENA3rd Floor HR Bldg.Quezon Ave., corner Gomez St., Lucena City (042) 710.8775
San Pablo3rd Floor Jaojoco Bldg.Burgos St., San Pablo City (049) 562.1308
K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C . K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C .
Annual Report2004
29K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C . K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C .
Annual Report2004
Corporate Directory
BICOL REGIONGUMACA2nd Floor AQC Bldg.Barangay PenafranciaGumaca, Quezon (042) 655.0065
IRIGA2nd Floor Tan’s Bldg.San Roque , Iriga City (054) 456.6012
LEGASPI2nd Floor Rosario Salvador Bldg.Rizal St. , Legaspi City (052) 481.3441Fax (052) 820.4547
NAGA2nd Floor Thomas Enrile Bldg.Penafrancia Ave., Naga City (054) 811.8116
CARAGA REGIONBUTUAN2nd Floor Lucebinino Bldg.J.C. Aquino Ave., Butuan City (085) 342.1816
COMPOSTELA VALLEY2nd Floor Mico PharmacyArabejo st., NabunturanCompostela Valley Province (084) 376.0802
SAN FRANCISCO2nd Floor Gift GalleryBrgy. 1 Bravo Comp.San Francisco , Agusan Del Sur (085) 839.1113Fax (085) 839.3348
SURIGAO2nd Floor Elipe Bldg.Corner Narciso & Kaimo St.Surigao City (086) 826.2442
SOUTHERN MINDANAODAVAO PROVINCE2nd Floor ERGB Bldg.Dalisay Gante Road (084) 218.5643Fax (084) 218.5644
DIGOS2nd Floor JMC Bldg. Rizal Ave., Zone II Digos CityDavao del Sur (082) 553.9084
GENERAL SANTOSDoor # 1 & 2 Aquino Bldg.J. Catolico Ave.General Santos City (083) 554.5908Fax (083) 554.6048
KIDAPAWAN2nd Floor Prudenciado Bldg.Jose Abad Santos St.Kidapawan City, North Cotabato (064) 278.3129
MARBEL2nd Floor Del Rosario Bldg.Gen.Santos Drive cor. Aquino St.Koronadal City (083) 228.6298
METRO DAVAODoor 31 & 32 Carlos Villa AbrilleJ.P. Laurel St., Quirino Ave.Davao City (082) 224.5905 | 225.3850Fax (082) 224.6514
30 K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C . K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C .
Corporate Directory
K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C . K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C .K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C . K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C .K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C . K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C .
K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C . K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C . 31K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C . K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C .
Annual Report2004
Corporate Directory
31K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C . K A B A L I K A T P A R A S A M A U N L A D N A B U H A Y , I N C .
Annual Report2004
The Board of Trustees
Dr. Amelia L. GonzalesCHAIRWOMAN
Aurelio C. Llenado, Jr. CORPORATE TREASURER
Emmanuel M. de Guzman VICE-CHAIRMAN
Eduardo C. JimenezMEMBER
Damiana D. ExiomoMEMBER
Atty. Servillano C. MendozaCORPORATE SECRETARY
Dr. Ricardo B. JumawanMEMBER