Statement of Cash Flows

For the Quarter Ended March, 2012
CASH FLOWS FROM OPERATING ACTIVITIES
	Total Comprehensive Income				P	132,471,727.90
	Adjustment for:
		Provided by Operating Activities			P	(134,122,278.65)
		Depreciation and Amortization			P
		Adjustments to Reconcile Net Surplus to Net Cash			P	(1,650,550.75)

	Operating Income before Working Capital Changes
		Changes in Assets and Liabilities
			(Increase) Decrease in Assets:
				Loans Receivable
				ACL Receivables
				Investment in Treasury Bills
			Increase (Decrease) in Liabilities
				Trade and Other Payables
				Insurance Policy and Contracts
	Net Cash Provided by (Used in) Operating Activities				P	(1,650,550.75)

	CASH FLOWS FROM OPERATING ACTIVITIES
		Acquisition of Property and Equipment			P	(1,278,916.33)
	Net Cash Provided by (Used in) Investing Activities				P	(2,929,467.08)

	NET INCREASE/(DECREASE) IN CASH				P	(2,929,467.08)
	CASH, DECEMBER 31, 2011				P	421,572,122.97

	CASH, MARCH 31, 2011				P	418,642,655.89