- The document is the financial statements of the Credit Information Corporation for the years ending December 31, 2019 and 2018. - It includes statements of financial position, financial performance, changes in equity, cash flows, and notes to the financial statements providing details on accounting policies and line items. - The financial position as of December 31, 2019 shows total assets of P162.4 million, total liabilities of P29.5 million, and total net assets/equity of P132.9 million.

1. Note 2019 2018
As restated
ASSETS
Current assets
Cash and cash equivalents 5 68,947,387 24,816,248
Receivables 6 1,602,937 1,352,122
Inventories 7 920,326 756,456
Input tax 8 23,380,029 17,839,760
Prepayments 9 9,094,295 8,502,600
Other assets 10 2,496,764 1,706,540
106,441,738 54,973,726
Non-current assets
Property, plant and equipment (net) 11 22,732,884 24,751,229
Intangible asset (net) 12 32,853,816 53,513,963
Deferred tax assets 13 387,567 333,874
55,974,267 78,599,066
TOTAL ASSETS 162,416,005 133,572,792
LIABILITIES
Current liabilities
Financial liabilities 14 21,396,085 12,917,941
Inter-agency payables 15 6,648,280 5,780,329
Guaranty/security deposits payable 16 1,424,373 254,480
TOTAL LIABILITIES 29,468,738 18,952,750
NET ASSETS 132,947,267 114,620,042
NET ASSETS/EQUITY
Share capital 17 125,000,000 125,000,000
Accumulated surplus/(deficit) 7,947,267 (10,379,958)
TOTAL NET ASSETS/EQUITY 132,947,267 114,620,042
(in Philippine Peso)
The notes on pages 9 to 17 form part of these financial statements.
CREDIT INFORMATION CORPORATION
CONDENSED STATEMENTS OF FINANCIAL POSITION
December 31, 2019 and 2018
4
ANNEX "A"

2. Note 2019 2018
restated
REVENUE
Service income 18 6,655,864 5,357,143
Interest income 26,066 23,939
Other income 60,194 54,595
6,742,124 5,435,677
CURRENT OPERATING EXPENSES
Personnel services 19 35,446,856 28,748,639
Maintenance and other operating expenses 20 63,320,279 48,314,868
Non-cash expenses 21 31,591,157 30,493,093
130,358,292 107,556,600
NET SURPLUS/(DEFICIT) FROM CURRENT
OPERATIONS (123,616,168) (102,120,923)
Subsidy from National Government 22 142,024,019 67,971,000
NET SURPLUS/(DEFICIT) FOR THE PERIOD 18,407,852 -34,149,923
(in Philippine Peso)
The notes on pages 9 to 17 form part of these financial statements.
CREDIT INFORMATION CORPORATION
CONDENSED STATEMENTS OF FINANCIAL PERFORMANCE
For the Years Ended December 31, 2019 and 2018
5

3. Capital Subscribed Subscription Accumulated Total
Stock Share Receivable Surplus/ Stockholder's
(Note 17) Capital (Deficit) Equity
Balance, 01 January 2018 116,666,700 8,333,300 (5,833,300) 24,548,860 143,715,560
Transaction for the year: -
Reclassification of Trust
Liabilities in payment in the
subscription receivable 0 0 5,833,300 0 5,833,300
Issuance of stock to fully paid
subscription 8,333,300 (8,333,300) 0 0 -
Adjustment for accrued
employee benefits (751,980) (751,980)
Adjustment for Expired MCIT (26,915) (26,915)
CY 2018 Net deficit 0 0 0 (34,149,923) (34,149,923)
Balance, 31 December 2018
125,000,000 - - (10,379,958) 114,620,042
Transactions for the year:
Reclassification of Trust
Liabilities in payment in the
subscription receivable -
Issuance of stock to fully paid
subscription -
Adjustment for Expired MCIT (80,627)
CY 2019 Net income 18,407,852 18,407,852
Balance, 31 December 2019
125,000,000 0 0 7,947,267 132,947,267
CREDIT INFORMATION CORPORATION
STATEMENTS OF CHANGES IN NET ASSETS/EQUITY
For the years ended December 31, 2019 and 2018
(In Philippine Peso)
The notes on pages 10 to 20 form part of these financial statements.
7

4. Note 2019 2018
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from business/service income 2,086,897
Other Receipts 148,995,406 77,145,639
Interest earned from current account 26,066 23,921
Payments of expenses -19,416,318 -10,885,904
Payments to suppliers an creditors (36,995,286) (56,247,082)
Payroll and other payments to employees (33,701,697) (25,136,260)
Net cash generated by operating activites 60,995,068 (15,099,686)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment (14,370,039) (1,361,875)
Acquisition of Credit Information System software (2,493,890) (11,162,951)
Net Cash used by investing activities (16,863,929) (12,524,826)
CASH FLOWS FROM FINANCING ACTIVITIES
Net Cash used by investing activities - -
NET INCREASE IN CASH AND CASH EQUIVALENT 44,131,139 (27,624,512)
CASH AND CASH EQUIVALENTS AT BEGINNING OF
YEAR 24,816,248 52,440,760
CASH AND CASH EQUIVALENTS AT END OF YEAR 5 68,947,387 24,816,248
The notes on pages 9 to 17 form part of these financial statements.
(in Philippine Peso)
CREDIT INFORMATION CORPORATION
STATEMENTS OF CASH FLOWS
For the Years Ended December 31, 2019 and 2018
7

5. ACTUAL
AMOUNTS ON DIFFERENCE
Notes
ORIGINAL FINAL
COMPARABLE
BASIS
FINAL BUDGET
AND ACTUAL
RECEIPTS
Subsidy 164,226,000.00 164,226,000.00 142,024,019.00 22,201,981.00
Corporate income 38,184,857.00 38,184,857.00 2,086,897.43 36,097,959.57
Subscription 5,357,143.00 5,357,143.00 5,946,428.58 (589,285.58)
Interest Income - 26,066.00 (26,066.00)
Others - - 1,024,958.01 (1,024,958.01)
-
TOTAL RECEIPTS 207,768,000.00 207,768,000.00 151,108,369.02 56,659,630.98
-
PAYMENTS
PERSONNEL SERVICES 45,125,000.00 45,125,000.00 33,701,696.84 11,423,303.16
MAINTENANCE AND OTHER
OPERATING EXPENSES
91,761,000.00 89,534,000.00 56,411,604.15 33,122,395.85
CAPITAL OUTLAY 47,713,000.00 47,713,000.00 16,863,928.00 30,849,072.00
FINANCIAL EXPENSES - - - -
OTHERS - - - -
TOTAL PAYMENTS 184,599,000.00 182,372,000.00 106,977,228.99 75,394,771.01
NET RECEIPTS/PAYMENTS 23,169,000.00 25,396,000.00 44,131,140.03 (18,735,140.03)
CREDIT INFORMATION CORPORATION
STATEMENT OF COMPARISON OF BUDGET AND ACTUAL AMOUNT
FOR THE PERIOD ENDED DECEMBER 31, 2019
PARTICULARS
BUDGETED AMOUNTS
The notes on pages 9 to 17 form part of these financial statements.

6. 10
NOTES TO FINANCIAL STATEMENTS
(All amounts in Philippine Peso unless otherwise stated)
1. GENERAL INFORMATION
The Credit Information Corporation (CIC) was established through Republic Act No.
9510 on October 31, 2008 with Securities and Exchange Commission as the lead
government agency to implement and enforce this Act. The authorized capital of the
corporation is P500 million divided into common and preferred shares. The National
Government owns 60 per cent of the common shares and the balance of 40 per cent
is subscribed by qualified investors, P44 million or 35 per cent of which are held and
paid, and are limited to industry associates of banks, quasi-banks and other credit-
related associations including associations of consumers. The Act further provides
that the amount of P75 million will be appropriated in the General Appropriations Act
to represent the government’s 60 per cent equity share and the amount of P50
million pesos will be subscribed and paid up by such qualified investors but in no
case that each of the qualified investors represented by association of banks, quasi-
banks and other credit-related association including the associations of consumers
have more than 10 per cent each of the total common shares issued by the
corporation.
The authorized P500 million capital stock of CIC is divided into 1,250,000 common
shares with par value of P100.00 per share and 1,875,000 preferred shares with par
value of P200.00 per share.
The powers and functions of CIC are exercised by the Board of Directors (BOD)
composed of 15 members. The members of the BOD representing the government
shares are appointed by the President of the Philippines.
The primary purpose of CIC is to receive and consolidate basic credit data and to act
as central registry or central repository of credit information or credit history and
financial condition of borrowers.
The BOD in its CIC Resolution No. __ Series of 2020 approved the issuance of CIC’s
2019 Financial Statements on _______.
2. STATEMENT OF COMPLIANCE AND BASIS OF PREPARATION OF
FINANCIAL STATEMENTS
2.1 The financial statements have been prepared in compliance with the
Philippine Public Sector Accounting Standards (PPSAS) prescribed by the
Commission on Audit through COA Resolution No. 2014-003 dated January 24,
2014.
2.2 The accounting policies have been consistently applied throughout the year
presented.
2.3 The financial statements have been prepared on the basis of historical cost,
unless stated otherwise. The Statement of Cash Flows is prepared using the direct
method.

7. 11
2.4 The financial statements are presented in peso (P), which is also the
country’s functional currency.
2.5 The preparation of financial statements in compliance with the adopted
PPSAS requires the use of certain accounting estimates. It also requires the entity to
exercise judgment in applying the entity’s accounting policies. The areas where
significant judgments and estimates have been made in preparing the financial
statements and their effects are disclosed in Notes 3.4, 9 and 10.
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
3.1 The financial statements are prepared on an accrual basis in accordance with
the PPSAS.
3.2 Cash and cash equivalents comprise cash on hand and cash in bank.
3.3 CIC adopts the COA Circular No. 2016-006 where tangible items below the
capitalization threshold of P15,000 is accounted as semi-expendable property. These
items are recognized as expense upon issuance of the property to the end-user.
3.4 Property, Plant and Equipment is measured at cost. Depreciation is
computed using the straight line method based on the following useful life of the
depreciable asset, after deduction of 10 per cent residual value:
Asset Group Estimated Useful Life (No of Years)
Furniture and fixtures 10
Motor vehicle 7
Office equipment 5
Information and communication technology
equipment 5
Leasehold improvements Shorter of lease term or its useful life
3.5 Amortization of intangible assets is computed at cost divided by the life of
amortizable asset estimated at five (5) years.
3.6 Income and expenses are recognized using accrual method of accounting
except subsidy received from National Government.
3.7 CIC recognizes assets and revenue from gifts and donations when it is
probable that the future economic benefits or service potential will flow to the entity
and the fair value of the assets can be measured reliably. Goods in-kind are
recognized as assets when the goods are received, or there is a binding
arrangement to receive the goods. If goods in-kind are received without conditions
attached, revenue is recognized immediately. On initial recognition, gifts and
donations including goods in-kind are measured at their fair value as at the date of
acquisition which are ascertained by reference to an active market.
3.8 Operating leases are leases that do not transfer substantially all the risks and
rewards incidental to ownership of the leased item to the CIC. Operating lease

8. 12
payments are recognized as rent expense in surplus or deficit on a straight-line basis
over the lease term.
4. BUDGET INFORMATION
The annual budget information is prepared on a cash basis and is published in the
company’s website. The CIC presents a separate Statement of Comparison of
Budget and Actual Amounts (SCBAA). The SCBAA is presented showing the original
and final budget and the actual amounts on comparable basis to the budget.
Explanatory comments are provided in the notes to the annual financial statements.
5. CASH AND CASH EQUIVALENTS
This account consists of the following:
2019 2018
Cash on hand 1,595 0
Petty cash fund 100,000 100,000
Cash in bank 68,845,792 24,716,248
68,947,387 24,816,248
Cash in bank consists of deposits maintained with Landbank of the Philippines which
earn interest at the prevailing bank deposit rates.
6. RECEIVABLES
This account consists of the following:
2019 2018
Accounts receivable 1,500,021 1,340,370
Due from officers and employees 102,916 11,352
Other receivables 0 400
1,602,937 1,352,122
The accounts receivable pertains to the receivable arising from the accrual of service
income related to the accreditation of Special Accessing Entities (SAEs).
The aging of the receivables is as follows:
Less than 90 days
Accounts receivable 1,500,021
Due from officers and employees 102,916
1,602,937

9. 13
7. INVENTORIES
This consists of office supplies inventories amounting to P920,326 and P756,456 in
2019 and 2018, respectively. The summary of transactions for CY 2019 was shown
in the following table:
Office supplies
Balance, January 1, 2019 756,456
Additions 1,254,739
Issuance (1,090,869)
Balance, December 31, 2019 920,326
8. INPUT TAX
Input tax pertains to excess of VAT input tax over VAT output tax to be
carried over on the next period.
9. PREPAYMENTS
2019 2018
Prepaid subscription 573,509 0
Other prepaid expenses 8,520,786 8,502,600
9,094,295 8,502,600
10. OTHER ASSETS
This account consists of the following:
2019 2018
Deposits 2,335,926 1,599,447
Creditable withholding tax 160,838 107,093
2,496,764 1,706,540
The Deposits pertain to the rental of the office space and four parking slots of the
CIC in Makati City.

10. 14
11. PROPERTY, PLANT AND EQUIPMENT (NET)
This account consists of:
Information
and
communication
technology
equipment
Motor
vehicle
Furniture
and
Fixtures
IT
Equipment Office
equipment
Leasehold
improvements Total
Cost
01 January 2019
21,398,172 1,825,982 498,677 6,872,889 1,465,281 10,580,756 42,641,757
Additions 6,203,967 32,321 21,116 6,257,404
31 December 2019 27,602,139 1,825,982 530,998 6,872,889 1,486,397 10,580,756 48,899,161
Accumulated
Depreciation
1 January 2019 (8,085,297) (880,261) (232,838) (3,681,042) (803,393) (4,207,696) (17,890,527)
Depreciation (4,058,433) (234,769) (53,277) (1,121,696) (150,083) (2,657,492) (8,275,750)
December 2019 (12,143,730) (1,115,030) (286,115) (4,802,738) (953,476) (6,865,188) (26,166,277)
Net book value
31 December 2019
15,458,409 710,952 244,883 2,070,151 532,921 3,715,568 22,732,884
Net book value
31 December 2018
13,312,875 945,721 265,839 3,191,846 661,888 6,373,060 24,751,229
12. INTANGIBLE ASSET
The account pertains to the following:
Credit
Information
System
Software
Development-
in- Progress
Computer
software
Total
Cost, 01 January 2019 115,014,948 2,499,429 117,514,377
Additions 2,226,688 428,571 2,655,259
Balance, 31 December 2019 117,241,636 2,928,000 120,169,636
Accumulated amortization, 01 January 2019 (64,000,414) 0 (64,000,414)
Amortization (23,315,406) 0 (23,315,406)
Adjustments 0 0
Balance, 31 December 2019 (87,315,820) 0 (87,315,820)
Net Book Value, 31 December 2019 29,925,816 2,928,000 32,853,816
Net Book Value, 31 December 2018 51,014,534 2,499,429 53,513,963

11. 15
13. DEFERRED TAX ASSET
This account pertains to the Minimum Corporate Income Tax which is two per cent of
the gross income as of the end of the taxable year, as follows:
Taxable Year 2019 2018
2016 80,627
2017 145,012 145,012
2018 108,235 108,235
2019 134,320 0
387,567 333,874
14. FINANCIAL LIABILITIES
This account represents the following:
2019 2018
(As restated)
Accounts payable 16,502,808 10,450,101
Accrued employee benefits payable 4,260,617 2,467,840
Unearned Income 632,660 0
21,396,085 12,917,941
The Accounts payable pertains to liability arising from acquisition of fixed assets,
computer software and accrual of various expenses such as professional services,
communication expense, utilities expense, representation expenses and other
miscellaneous expenses.
Restatement of the Accrued Employee Benefits Payable
Accrued employee benefits payable, before adjustment 0
Adjustment 2,467,840
Accrued employee benefits payable, as restated 2,467,840
15. INTER-AGENCY PAYABLES
This account pertains to the following:
2019 2018
Due to BIR 5,985,749 5,358,290
Due to GSIS 596,062 382,410
Due to Philhealth 41,123 26,340
Due to Pag-ibig 18,146 13,289
Due to CICEA 7,200 0
6,648,280 5,780,329
This account pertains to the retention fee and performance security of the contractors
in connection with various services rendered to CIC.

12. 16
16. GUARANTY/SECURITY DEPOSIT
2019 2018
Guaranty/Security Deposit 1,424,373 254,480
17. STOCKHOLDERS’ EQUITY
The authorized, subscribed and issued shares of the CIC are as follows:
No. of Shares Authorized No. of Shares Issued
Preferred shares, P200 par value 1,875,000 0
Common shares, P100 par value 1,250,000 1,250,000
The Stockholders’ Equity is comprised of the following:
2019 2018
Share Capital 125,000,000 125,000,000
125,000,000 125,000,000
The paid-in capital of the public and private stockholders for 2019 and 2018 are as
follows:
Name of stockholders 2019 2018
Philippine Government 75,000,000 75,000,000
Bankers Association of the Philippines 9,999,900 9,999,900
Credit Card Association of the Philippines 9,999,900 9,999,900
Chamber of Thrift Banks 9,999,900 9,999,900
Philippine Cooperative Center 9,999,900 9,999,900
Rural Bankers Association of the Philippines 9,999,900 9,999,900
Independent directors 500 500
125,000,000 125,000,000
In 2010, CIC received the amount of P17.500 million from the National Government
(NG) as an initial payment of its capital subscription. In 2011, CIC received from the
NG through the Disbursement Acceleration Program an amount of P75 million
consisting of P57.500 million as full payment of NG’s capital subscription and
P17.500 million as subsidy to cover the operational requirements of CIC.
Section 5(m) of the Republic Act (RA) No. 9510, otherwise known as the Credit
Information System Act (CISA) prescribes that the National Government (NG) shall
continue to hold 60 per cent of the common shares for a period not to exceed five
years from the date of commencement of operations of the Corporation. After the
said period, the NG shall dispose of at least 20 per cent of its stockholdings in the
Corporation to qualified investors which shall be limited to industry association of
banks, quasi banks, insurance, financing and credit card companies including
consumer associations.
Based on the legal findings of the Office of the Government Corporate Counsel
(OGCC) in Sec. 5 of Republic Act No. 10149, the GOCC Governance Act of 2011
(GCG Act), amended, and qualified Section 5(m) of RA No. 9510, the privatization of

13. 17
the CIC is no longer by mere operation of law under the CISA but may only proceed
with the favorable recommendation of the GCG to the President upon a finding that
privatization is in the best interest of the State.
The Securities and Exchange Commission (SEC) as the lead government agency
mandated to implement the CISA, concur with the position of OGCC based on the
fact that the CIC had only recently begun a limited “institutional” roll-out of the Credit
Information System (CIS) in order to gear up for full-scale operations.
At present, SEC support maintaining the CIC under government control and
therefore, withdraw the previous endorsement given to GCG for its privatization
through SEC Res No. 804, s. of 2016 and as relayed in their letter dated 12
December 2016.
18. SERVICE INCOME
This pertains to access fees made by the Accessing Entities and Special Accessing
Entities from September to December 2019.
19. PERSONNEL SERVICES
This account consists of the following:
2019 2018 restated
Salaries and wages 23,314,118 19,535,691
Other compensation 9,149,763 6,619,571
Personnel benefit contributions 2,982,975 2,593,377
35,446,856 28,748,639
The Other Compensation for 2018 was restated for the accrual of employees leave
benefits amounting to P751,980.09.

14. 18
Restatement of Other Compensation:
Other compensation, before adjustment 5,867,591
Adjustment for accrual of employees’
leave benefits
751,980
Other compensation, as restated 6,619,571
20. MAINTENANCE AND OTHER OPERATING EXPENSES
This consists of the following:
2019 2018
(As restated)
Professional services a 24,339,403 11,315,824
Communication expenses 10,596,833 8,164,703
Rent expense 7,999,869 6,333,803
Advertising, promotional and marketing
expenses 1,888,368 1,727,171
Training expenses 1,457,756 844,951
Supplies and materials expense 1,436,560 1,467,158
Utility expenses 1,377,453 1,400,061
Taxes, insurance premiums and other fees 562,895 923,043
Other maintenance and operating
expenses b 13,661,142 16,138,154
63,320,279 48,314,868
a. Professional services
2019 2018
Consultancy services 9,584,658 2,210,277
Auditing services 507,203 420,000
Legal services 963,641 19,647
Other professional services 13,283,901 8,665,900
24,339,403 11,315,824
b. Other maintenance and operating expenses
2019 2018
(As restated)
Repairs and maintenance
Representation expenses
11,164,245
720,758
13,858,411
653,609
Directors and committee members’ fees 543,000 635,229
Travelling expenses 398,960 594,161
Extraordinary expenses 283,460 180,000
General services 148,366 70,991
Membership dues 83,903 80,857
Transportation and delivery expenses 61,787 51,216
Printing and publication expenses 17,739 13,680
Other MOOE 238,924
13,661,142 16,138,154

15. 19
Restatement of Maintenance and Other Operating Expenses
Maintenance and other operating
expenses, before adjustment
24,405,381
Reclassification of repairs and
maintenance
(8,267,227)
Maintenance and operating expenses,
as restated
16,138,154
21. NON-CASH EXPENSES
This account consists of the following:
2019 2018
Amortization of intangible assets 23,315,406 22,870,479
Depreciation expenses 8,275,751 7,622,614
31,591,157 30,493,093
22. SUBSIDY FROM NATIONAL GOVERNMENT
This account consists of the following:
2019 2018
Subsidy income from the National
Government
2019 GAA
2018 GAA
110,311,000
31,713,019
2017 GAA 12,795,000
2016 GAA 55,176,000
142,024,019 67,971,000
23. STATEMENT OF COMPARISON OF BUDGET AND ACTUAL AMOUNT
23.1 The budget that was approved by virtue of RA 11260 covers the fiscal period
January 1 to December 31, 2019.
23.2 The difference between the final budget and actual amount are shown as
follows:
Particulars Amount Remarks
Corporate
Income and
Subscription
35,508,674 The variance in the Corporate Income was due to the
delayed implementation of the paid access phase. It only
started in July, 2019. In Addition, as approved by the CIC
Board, the price of the credit report was change to P10.00
from P55.00 is also a big factor.

16. 20
Personnel
services
11,423,303 CIC has a difficulty in hiring high level positions and those
positions requiring skillset that is in demand is offered a high
salary in the private sector. In addition most of the
applicants lacks the necessary qualification standards
based on the CSC. Also contributing to the unutilized budget
is the high turn-over rate of 24%. As of December 31, 2019,
CIC has 34 plantilla, with 17 newly hired personnel but with
eight (8) resigned personnel..
Maintenance
and other
operating
activities
33,122,395 With only 27% of CIC's proposed budget was approved, the
CIC management decided to delay or stop the planned
expenses since CIC is not yet generating enough revenue
to sustain itself. Such as the hiring of additional support staff
and consultants. Also, cost-savings measures was also
introduced..
Capital outlay 30,849,072 The purchase of the document management system as well
as other capital outlays was halted due to budgetary
constraints.
24. SUPPLEMENTAL INFORMATION ON REVENUE REGULATION
In compliance with the requirements set forth by Revenue Regulation 15-
2010, hereunder are the information on taxes paid or accrued during the taxable
year:
2019 2018
i. Tax on compensation 3,947,870 2,731,735
ii. Creditable withholding taxes 1,469,361 807,470
iii. Final withholding taxes 6,532,168 17,292,356
11,949,399 20,831,561
Details of outstanding net operating loss carry over (NOLCO) for the year is shown
below:
Year Incurred 2019 2018
2015 0 43,158,476
2016 56,099,131 56,099,131
2017 63,507,809 63,507,809
2018 109,612,231
NOLCO for the year 229,219,171 162,765,416
Expired Portion
2015 0 (43,158,476)
2016 (56,099,131) 0
Outstanding NOLCO 173,120,040 119,606,940
Tax Rate 30% 30%
51,936,012 35,882,082
25. PENDING CASES
25.1 Civil Case No. 8618-R, Regional Trial Court (RTC) Baguio City, CIC and the
Securities and Exchange Commission (SEC) vs. Northern Luzon Federation of
Cooperatives and Development Center (NORLU CEDEC)
25.2 CA-G.R. SP. No. 151401, Court of Appeals 2nd
Division, CIC and SEC vs.
Baguio Benguet Community Credit Cooperative, et. al.

17. 21
25.3 R-CEB-17-04774-SC, RTC Branch 16, Cebu City, CIC vs. Cebu CFI
Community Cooperative
25.4 Civil Case NO. R-MKT-18-02117-SC, RTC Branch 56, Makati City, CIC vs.
Philippine Life Insurance Association, Inc.