Transition to New and Amended Philippine Financial Reporting Standards Effective Starting 01 January 2013

April 23, 2013 SEC MEMORANDUM CIRCULAR NO. 6, S. 2013 TO : All Corporations that are Required to Submit Interim Financial Statements SUBJECT : Transition to New and Amended Philippine Financial Reporting Standards Effective Starting 01 January 2013 The Commission En Banc in its meeting on 22 April 2013, resolved to allow covered corporations to present the prescribed information and to recognize the impact of the following standards in their interim financial statements starting with the period ended June 30, 2013 : HICATc Title Subject PAS 27 (Amended) Separate Financial Statements PAS 28 (Amended) Investments in Associates and Joint Ventures Amendments to PFRS 1 Government Loans Amendments to PFRS 7 Disclosures Offsetting Financial Assets and Financial Liabilities PFRS 10 Consolidated Financial Statements PFRS 11 Joint Arrangements PFRS 12 Disclosure of Interests in Other Entities PFRS 13 Fair Value Measurement The interim financial statements as of 30 March 2013 shall contain the following disclosures: (a) whether or not the above standards are applicable to the company; and (b) If yes, whether or not the company is currently evaluating the impact based on audited figures as of December 31, 2012. Issued this 23rd day of April 2013, Mandaluyong City, Philippines. For the Commission: (SGD.) TERESITA J. HERBOSA Chairperson Published in The Philippine Daily Inquirer and Business Mirror on April 25, 2013.