.:: Homecredit | Message from the President

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.:: President's Message

With Exports and Investments leading the way, the Philippines recorded an all time high Gross Domestic Product (GDP) of 7.33% in 2010, influenced partly by the successful peaceful transfer of government power, and by the global economic recovery. OFW remittances of US$18.76 Billion or a growth rate of 8.2% boosted the Philippine peso to P45.12 against the US dollar, from P46.425 at the beginning of the year. Inflation was well contained at 3.8%, well within the government’s target range of 3.5-4.5%.

HomeCredit’s total assets grew by 6.98% to P229 Million. Cash and Cash equivalents increased by 72% or P23 Million over due to the disposal of several real estate properties, as well as members’ contributions of P18.7 Million for an increase of 27%. The sale of properties decreased Investment Properties by 10.6% or P4.6 Million to P38.4 Million. On the other hand, the total Preferred Shares and Redeemable Preferred Capital Contribution, the money entrusted to us by our members, grew from P118.8 Million to P137.6 Million or a 15.8% increase.

Homecredit's President
Ronnie B. Alcantara
(HCMBLA President)

Total revenues declined by 0.74% to P45.7 M from P46.1 M last year, due mainly to declines in Loan and Receivables and in Service Fees.

Homecredit signed up a total of 3,354 new members. This represents an increase of 850 new members of 34% compared to the 2,504 new members in 2009. We continue to attract companies from different industries led by the Business Process Outsourcing sector with an employee base of 14,000, with the non-BPO sector with a base of 7,000 employees.

In terms of Miscellaneous Income, Dormant Fees accounted for 54.5%, with the rest coming from Gain on Sales of Properties and Other Income.

Total Operating Expense increased to P44.45 Million as the Association accrued a P7.9M Common Overhead Expense item for the year. All other expense items generally declined by 3% versus last year. Prior to the COH accrual, Net Income showed a 34% increase vs. 2009. After COH, Total Comprehensive loss for the year is P3.94 Million.

The Association is viewed by most of its accredited companies and members as an organized way of building up funds for home acquisition and other future financial needs. It is committed to achieve such task through prudent and professional management of its resources and providing excellent service to all its members and other stakeholders.

In closing, we would like to thank the Board of Directors, especially our Chairman, Mr. Vicente R. Ayllón, for his unwavering support; the Management and staff of the company, for their continuing commitment: and our members, for their trust and confidence in entrusting their hard-earned funds to HomeCredit.

Thank your very much.

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