I. CONFIRMATION/RATIFICATION OF SHORT AND LONG TERM CASH ADVANCES TO AFFILIATES.
The President presented to the members of the Board of Directors of the Corporation the short and long term cash advances extended to the affiliates as recorded in the books of the Corporation for the year 2010. After an exhaustive deliberation on the matter and on motion duly made and seconded, the Board of Directors confirms and ratifies the following resolutions, to wit :
"RESOLVED, that the Board of Directors of the Corporation hereby confirms and ratifies the grant by the Corporation during the year 2011, of Short Term Cash Advances to affiliates in the amount of PESOS : Sixty Five Million Six Hundred Eighty Five Thousand Four Hundred Sixteen & 00/100 (P65,865,416.00). The short term cash advances have a definite one (1) year term and the long term cash advances shall have a term of five (5) years counted for the date the cash advance were made.
II. APPROVAL OF THE ISSUANCE OF THE 2011 AUDITED FINANCIAL STATEMENTS.
The Chairman also apprised the members of the Board that the final draft of the Financial Statements of the Corporation as exhaustively discussed by the members of the Audit Committee with the representatives of the external auditor of the Corporation, Sycip Gorres Velayo & Co. ("SGVCo”), were already submitted by the SGVCo to the Corporation for approval;
The Audit Committee recommended to the Board of Directors the approval of the issuance of the 2011 Financial Statements as audited by SGVCo. After deliberation and on motion duly made and seconded, the following resolution was passed and approved :
- https://www.affordablecebu.com/"RESOLVED, that the Board of Directors of the Corporation upon the recommendation of the Audit Committee hereby approved the issuance of the 2011 Financial Statements as audited by Sycip Gorres Velayo & Co., external auditors of the Corporation.”
