Second Quarter / First Half 2011 Financial & Operating Results 29 July 2011

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1 Second Quarter / First Half 2011 Financial & Operating Results 29 July 2011

2 AGENDA Overview Review of Business Units Pilmico Foods Corporation City Savings Bank Union Bank of the Philippines Aboitiz Power Corporation AEV Financials Q&A 2

3 AGENDA Overview Review of Business Units Pilmico Foods Corporation City Savings Bank Union Bank of the Philippines Aboitiz Power Corporation AEV Financials Q&A 3

4 AGENDA Overview Review of Business Units Pilmico Foods Corporation City Savings Bank Union Bank of the Philippines Aboitiz Power Corporation AEV Financials Q&A 4

FINANCIAL HIGHLIGHTS REVENUE (in million pesos) 9M 2006 6,154 18%

5 FINANCIAL HIGHLIGHTS REVENUE (in million pesos) 9M ,154 18% 7,291 QUARTERLY BREAKDOWN 4% 3,725 15% 3,565 3,227 Flour Feeds Swine 5

6 FINANCIAL HIGHLIGHTS NET INCOME (in million pesos) QUARTERLY BREAKDOWN % % 26% Flour Feeds Swine 6

7 FINANCIAL HIGHLIGHTS EBITDA (in million pesos) QUARTERLY BREAKDOWN 1,257 21% % 25% Flour Feeds Swine 7

8 OUTLOOK Food Group Iligan and Tarlac Feed milling plants were recommended for HACCP and ISO 9001:2008 Certification in July Flour Iligan port dredging in preparation for bigger wheat vessels is now 60% completed as of June This will prepare the port to accommodate bigger international vessels. Rehabilitation of the unloading facility with a pneumatic unloader, 60% completed. Swine Construction of Farm 5, with 7,200 heads growing capacity was completed end of June A fourth growing-finishing farm, with the same capacity as that of Farm 5 is scheduled to start on September 2011 and is expected to be completed on April An expansion of an existing growing-finishing farm will begin in mid-july This project intends to increase the farm s capacity from 4,800 heads to 7,200 heads by December

9 AGENDA Overview Review of Business Units Pilmico Foods Corporation City Savings Bank Union Bank of the Philippines Aboitiz Power Corporation AEV Financials Q&A 9

10 Robust lending continues to enhance bottomline performance Net Income (in Million Pesos) Net Interest Income (in Million Pesos) 31% 35% Operating Expenses (in Million Pesos) 34% 10

11 Healthy loan growth driven by branch expansion and increase in average loan per borrower Branch Network Loan Portfolio (in Million Pesos) 13% 32% Average Loan Per Borrower (in Thousand Pesos) 22% 11

12 Total Resources (in Million Pesos) Total Deposits (in Million Pesos) 37% 46% Capital Funds (in Million Pesos) 52% 12

13 Capital Adequacy Ratio Revenue to Overhead NPL Coverage Ratio 13

14 AGENDA Overview Review of Business Units Pilmico Foods Corporation City Savings Bank Union Bank of the Philippines Aboitiz Power Corporation AEV Financials Q&A 14

15 Net income growth driven by higher securities trading gains 29% 58% 15

16 Expanding earning assets and lower funding costs partially offset decline in yields 10% 4% 51bps 10% 6M M

17 Non interest income bolstered by trading gains 2,649 2,091 3,334 1,274 17

18 Operating expenses rose in support of business expansion and booking of profit sharing 9% 17% 18

19 Deposits: Slowing growth momentum to match securities sales 7% 19

20 Credit portfolio: Growth in consumer finance and commercial businesses %

21 Key financial ratios strengthened 21

22 Capital ratios supportive of growth 22

23 UBP stock outperforming PSE and Financial Sector indices 23

24 AGENDA Overview Review of Business Units Pilmico Foods Corporation City Savings Bank Union Bank of the Philippines Aboitiz Power Corporation AEV Financials Q&A 24

25 NET INCOME (in million pesos) 12,714 EPS = P1.73 ROE = 77% 17% 10,594 EPS = P1.44 ROE = 42% QUARTERLY BREAKDOWN 7% 4% 5,488 5,285 5,106-20% +74% Distribution Generation AP Parent 25

26 CORE NET INCOME (in million pesos) Non-Recurring Items 1H2010 1H2011 FX gains/(loss) - Parent 42 (41) FX gains/(loss) - Generation (198) 184 TMI Revenue Adjustment 348 STEAG NPC reimbursement ,871 EPS = P1.75 ROE = 78% 23% (156) 670 9,924 EPS = P1.35 ROE = 40% Non-Recurring Items 1Q2011 2Q2011 2Q2010 FX gains/(loss) - Parent (47) 6 35 FX gains/(loss) - Generation (595) TMI Revenue Adjustment STEAG NPC Reimbursement QUARTERLY BREAKDOWN 4,651 13% 10% 5, (560) 5,845-27% +74% Distribution Generation AP Parent 26

CORE NET INCOME, Ex Pagbilao Effect (in million pesos) Pagbilao Finance Lease Effect 1H2010 1H2011 Accreted Interest Expense 2,524 2,683 Depreciation 547 547 PSALM Monthly Payments (563) (549) 15,379

27 CORE NET INCOME, Ex Pagbilao Effect (in million pesos) Pagbilao Finance Lease Effect 1H2010 1H2011 Accreted Interest Expense 2,524 2,683 Depreciation PSALM Monthly Payments (563) (549) 15,379 EPS = P2.09 ROE = 94% 18% 2,508 2,682 12,606 EPS = P1.71 ROE = 50% Pagbilao Finance Lease Effect 1Q2011 2Q2011 2Q2010 Accreted Interest Expense 1,331 1,352 1,274 Depreciation PSALM Monthly Payments (276) (274) (281) 1,330 1,352 1,266 QUARTERLY BREAKDOWN 5,981 11% 7% 6,625 7,112-22% +74% Distribution Generation AP Parent 27

28 PROFORMA EBITDA (in million pesos) 18,905 QUARTERLY BREAKDOWN 13% 16,385 8,019 4% 7% 8,367 8,991-18% +61% Distribution Generation AP Parent 28

29 OPERATING HIGHLIGHTS: GENERATION ENERGY SALES BREAKDOWN (GWh) 4,984 26% 7% 4,640 1, % 15% 68% -48% 2,857 3, % 16% % -3% 1H2010 1H2011 Contracted (Capacity) Contracted (Energy) Spot Market 29

30 OPERATING HIGHLIGHTS: 1H2011 WESM HIGHLIGHTS WESM AVERAGE PRICES (P/MWh) 14,000 12,000 10,000 YTD Prices Peak Off Peak All Hours ,681 3,827 5,898 June 10 9,048 5,169 7,245 June 11 4,298 2,183 3,284 Gas curtailments Low Hydro High Outages Fuel limitations Forced outages of Masinloc, StaRita, Malaya & Ilijan High Outage: 1 unit of Sual and Calaca on outage Hydros still on minimal output 8,000 6,000 Typhoon Pepeng Typhoon Ondoy 4,000 2,000 - Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08 Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 (2,000) (4,000) (6,000) Peak Off Peak All Hours Note: 1. Calculated based on raw data downloaded from the WESM website as of July July 26 October 25, 2008 prices are reflective of NPC TOU rates. Source: WESM, SNAP 30

31 OPERATING HIGHLIGHTS: 1H2011 WESM HIGHLIGHTS AVERAGE CAPACITY ON OUTAGE (in MW) 2, ,698 1,704 1,355 1,251 1, January February March April May June Source: WESM, SNAP 31

32 OPERATING HIGHLIGHTS: 1H2011 WESM HIGHLIGHTS WEEKLY SYSTEM PEAK DEMAND (in MW) 8,000 7,500 7,000 6,500 6,000 5,500 5,000 4,500 4, ,500 3,000 w1 w2 w3 w4 w5 w6 w7 w8 w9 w10 w11 w12 w13 w14 w15 w16 w17 w18 w19 w20 w21 w22 w23 w24 w25 w26 Source: WESM 32

33 OPERATING HIGHLIGHTS: HYDRO ATTRIBUTABLE ENERGY SALES (GWh) CONTRACTED ENERGY (GWh), at 100% Hedcor Sibulan HEDCOR LHC SNAP Magat 81% SPOT MARKET (GWh), at 100% SNAP Magat SNAP Benguet 1H2010 1H2010 1H2011 1H2011 NET CAPACITY FACTOR 52% 39% 32% 21% 18% 23% 5% 16% 13% 2% Hedcor Sibulan HEDCOR LHC SNAP Magat SNAP Benguet 33

34 OPERATING HIGHLIGHTS: HYDRO MAGAT S WATER LEVEL VS. RULE CURVE (in MASL) Water Level 2011 Water Level Magat Rule Curve (meter) Critical 140 Source: SNAP 1Q 2Q 3Q 4Q 34

35 OPERATING HIGHLIGHTS: HYDRO AVERAGE SELLING PRICE (in P/kWh) CONTRACTED ENERGY SPOT MARKET H Sibulan HEDCOR LHC SNAP Magat SNAP Magat SNAP Benguet 1H2010 1H

36 OPERATING HIGHLIGHTS: HYDRO SNAP MAGAT & SNAP BENGUET ANCILLARY SERVICES (at 100%) Ancillary Revenues (in million pesos) Accepted & Billed Capacity (in GW/h) 285% 495% 5,130 1,260 1, ,331 3, ,011 1, H2010 1H2011 1H2010 1H2011 SNAP Magat SNAP Benguet 36

37 OPERATING HIGHLIGHTS: GEOTHERMAL AP RENEWABLES (Tiwi-Makban) WESM BCQ 1, Energy Sales (in GWh) 4% 1, BCQ WESM WTD Ave 4.47 Average Selling Prices (P/kWh) Steam P1.22/kWh Steam P1.06/kWh 1,395 1,355 1H2010 1H2011 Steam Vented (GWh) 1H2010 1H Net Capacity Factor 86% 82% 1H2010 1H

38 OPERATING HIGHLIGHTS: COAL 1% ENERGY SALES (GWh) 1,918 1,795 2,232 2, STEAG TLI CEDC Attributable Total Energy Sales 91% 82% 63% 55% 39% 64% NET CAPACITY FACTOR STEAG TLI CEDC 1H2010 1H

39 OPERATING HIGHLIGHTS: COAL THERMA LUZON (Pagbilao) WESM BCQ Energy Sales (in GWh) 1H2010 Average Selling Price P/kWh , ,012 6% 1, ,503 BCQ WESM WTD Ave 1H2011 Average Selling Price P/kWh Coal Cost + Energy Fee = P1.82/kWh Coal Cost = P1.67/kWh H2010 1H2011 Coal Cost + Energy Fee = P2.41/kWh Coal Cost = P2.23/kWh BCQ WESM WTD Ave 39

40 OPERATING HIGHLIGHTS: OIL ENERGY SALES (GWh) 52% EAUC CPPC SPPC WMPC Therma Marine Attributable Energy Sales 92% 75% 67% 58% 49% 53% 48% 29% 16% 8% EAUC CPPC SPPC WMPC Therma Marine NET CAPACITY FACTOR 1H2010 1H

41 OPERATING HIGHLIGHTS: OIL LAKE LANAO WATER LEVEL (in MASL) critical level shutdown

42 OPERATING HIGHLIGHTS: GENERATION PF BENEFIClAL EBITDA RENEWABLE PLANTS 26% 17,947 18% 14,796 1H2010 1H2011 3,378 5,523 4,778 6,484 8, Hydro Geothermal Total Benef icial EBITDA THERMAL PLANTS 42% 1H2010 1H ,385 11,464 1H2010 1H2011 5,577 6,641 1,079 1,065 Amounts in Million Pesos Oil Coal Total Beneficial EBITDA 42

43 OPERATING HIGHLIGHTS: DISTRIBUTION BENEFICIAL POWER SALES (Gwhr) 3% 1,896 1,971 2,127 2,419 2,461 2,507 2,790 3,142 3,322 3,606 1,753 1, H2010 1H2011 BENEFICIAL GWH SALES GROWTH (BY CUSTOMER TYPE) 5% 1,753 3% 1,814 PEAK DEMAND (MW) 1H2010 1H % 927 1% 1,264 1, Residential Commercial & Industrial Total Power Sales DLPC VECO CLPC SFELAPCO SEZ MEZ BEZ Total 1H2010 1H

44 OPERATING HIGHLIGHTS: DISTRIBUTION GROSS MARGIN / KWH SALE SYSTEMS LOSS * * ** Gov t Cap 8.50% 4% 8% 6% 8% 8% 9.6% 9.9% 9.2% 10.0% 1% 1% 3% 1% 1% MEZ BEZ SEZ SFELAPCO Davao Light Cotabato Light Visayan Electric * Adjusted for timing of transmission charge recovery ** 12 month moving average 1H2010 1H

45 OPERATING HIGHLIGHTS: DISTRIBUTION PF BENEFICIAL EBITDA 61% 1,695 1,018 1, Davao Light VECO Cotabato Light San Fernando Electric Subic Enerzone Mactan Enerzone Balamban Enerzone Total Beneficial EBITDA Amounts in Million Pesos 1H2010 1H

46 FINANCIAL CONDITION BALANCE SHEET (In million Pesos) YE2010 PARENT 1H2011 CONSOLIDATED YE2010 1H2011 Cash and Equivalents 11,082 9,016 18,302 20,220 Investments and Advances 28,949 29,541 28,799 27,972 Total Assets Total Interest Bearing Debt Total Liabilities Net Debt Total Equity 40,487 13,073 16,427 1,991 24,060 41,114 16,752 17,048 7,736 24, ,557 67,065 76,823 48,763 57, ,335 73,277 85,250 53,056 59,085 Current Ratio Net Debt to Equity

47 FINANCIAL CONDITION BALANCE SHEET (In million Pesos) YE2010 BENEFICIAL 1H2011 Total Interest Bearing Debt 86,953 94,290 Cash 24,033 25,479 Net Debt Equity* Net Debt to Equity 62,921 57, ,811 58, Net Debt to EBITDA 1.72 *Equity Attributable to Parent 47

48 OUTLOOK: Generation Business BROWN/GREENFIELD LUZON GRID Ambuklao Hydro 30 MW Binga Hydro 20 MW Tiwi-Makban 17 MW Subic Coal 600 MW Magat Hydro 90 MW MINDANAO GRID Tamugan Hydro 11.5 MW Tudaya 1&2 Hydro13.6 MW Davao Coal 300 MW PRIVATIZATION IPP Administrator (IPPA) Contracts Unified Leyte Geothermal plants (EDC) 550 MW, Visayas Grid Earliest by July 2011 IPPA: Caliraya-Botokan-Kalayaan (J Power) 728 MW, Luzon Grid Asset sale: Agus Hydro 727 MW & Pulangi Hydro 255 MW, Mindanao Grid Restricted capacity per EPIRA 48

for Ambuklao - All three units by 3Q2011 - To increase capacity to 105 MW Target completion dates for Binga - Unit 1: 2011 -

49 PROJECT PROJECT UPDATE: UPDATE Generation Business AMBUKLAO-BINGA REHABILITATION Total combined project cost of $280 million - $189 million for 75 MW Ambuklao + $10 million for new headrace tunnel - $81 million for 100 MW Binga Target completion dates for Ambuklao - All three units by 3Q To increase capacity to 105 MW Target completion dates for Binga - Unit 1: Unit 2: Unit 3: Unit 4: To increase capacity to 120 MW Capex spent as of end-1h2011 at $247.7 million 49 49

PROJECT UPDATE PROJECT UPDATE: Generation Business TIWI-MAKBAN REHABILITATION At Makban Completion rate at 86% as of end-1h2011 Estimated completion date

2 billion (roughly $51 million, out of the combined project cost of roughly $120 million) After completion, combined production capacity is estimated at

50 PROJECT UPDATE PROJECT UPDATE: Generation Business TIWI-MAKBAN REHABILITATION At Makban Completion rate at 86% as of end-1h2011 Estimated completion date by March 2012 At Tiwi Completion rate at 53% as of end-1h2011 Estimated completion date by May 2012 Total actual capex spent at P2.2 billion (roughly $51 million, out of the combined project cost of roughly $120 million) After completion, combined production capacity is estimated at 484 MW (taking into account current steam supply and decline rates), with improvements in plant efficiency, reliability and availability Tiwi Geothermal Field Makban Plant E 50

PROJECT PROJECT UPDATE: UPDATE Generation Business 242 MW NAVOTAS POWER BARGES To undergo rehabilitation, which involves: Overhaul of engines Repair of barge super-structure and deck Possible dry

51 PROJECT PROJECT UPDATE: UPDATE Generation Business 242 MW NAVOTAS POWER BARGES To undergo rehabilitation, which involves: Overhaul of engines Repair of barge super-structure and deck Possible dry docking Construction of new transmission line Total rehab cost estimated at ~$30 million Projected rehab timeline 4Q2011: 123 MW 1Q2012: 52 MW 2Q2012: 67 MW Off-take Merchant Possible contracts for peaking capacity 51 51

52 Annex A: EARNINGS BREAKDOWN (in million pesos) YEAR - TO - DATE FOR THE QUARTER INVESTEE ACTUAL ACTUAL ACTUAL ACTUAL Parent & Others (595) (657) (329) (325) Power Generation Group: HEDCOR, INC. (64) (133) (10) (57) HEDCOR SIBULAN LUZON HYDRO SNAP - MAGAT 1, ,189 (152) SNAP - BENGUET SOUTHERN PHILS. POWER WESTERN. MINDANAO POWER CEBU PRIVATE POWER CORP EAST ASIA UTILITIES CORP THERMA MARINE STEAG ABOVANT THERMA LUZON 1,768 6, ,204 AP RENEWABLES, INC. 4,255 4,997 2,162 2,410 OTHERS Sub-Total Power Generation 10,167 12,784 5,249 5,241 Power Distribution Group: COTABATO LIGHT & POWER DAVAO LIGHT & POWER VISAYAN ELECTRIC CO SFELAPCO SUBIC ENERZONE MACTAN ENERZONE BALAMBAN ENERZONE Sub-Total Power Distribution 1, TOTAL NET INCOME 10,594 12,714 5,488 5,285 NET INCOME TO COMMON 10,594 12,714 5,488 5,285 % increase (decrease) -17% 4% RECURRING NET INCOME 9,924 12,871 5,273 5,845 % increase (decrease) -23% -10% RECURRING INCOME ex Pagbilao 12,606 15,379 6,625 7,112 % increase (decrease) -18% -7% 52

53 Annex B: OPERATING HIGHLIGHTS GENERATION CONTRACTED (CAPACITY) CONTRACTED (ENERGY) % , ,044 11% 3,172 1, ,395 1, H2010 1H2011 1H2010 1H2011 SPOT MARKET 1,314 48% Hydro Geothermal *Figures are in GWh Coal Oil 1H2010 1H

54 Annex C: DEBT PROFILE AP PARENT Maturity Profile - PhPM (As of June 2011) 7,300 3,336 5, Breakdown by Tenor (As of June 2011) Breakdown by Currency (As of June 2011) Breakdown by Interest Rate (As of June 2011) Short Term 0.03% Peso 100% Fixed 100% Long Term 99.97% 54

55 Annex D: DEBT PROFILE AP BENEFICIAL Maturity Profile - PhPM (As of June 2011) 14,316 11,121 11,727 3,735 5,354 7,659 7,346 5,216 4,833 8,000 3,638 3,328 2,782 2,517 1, Breakdown by Tenor (As of June 2011) Short Term 4% Breakdown by Currency (As of June 2011) Dollar 34% Breakdown by Interest Rate (As of June 2011) Floater 3% Long Term 96% Peso 66% JPY 0% Fixed 97% 55

56 AGENDA Overview Review of Business Units Pilmico Foods Corporation City Savings Bank Union Bank of the Philippines Aboitiz Power Corporation AEV Financials Q&A 56

57 CONSOLIDATED PROFIT & LOSS (In Million Pesos) 2Q2010 2Q2011 % Ch 1H2010 1H2011 % Ch Revenues 24,436 18,777-23% 47,180 35,888-24% Equity Earnings 1,021 3, % 1,973 4, % EBITDA 10,054 9,895-2% 20,579 18,518-10% Net Income 5,035 5,612 11% 11,281 10,217-9% Core Net Income 5,463 5,447 0% 11,401 9,705-15% Core Net Income (Ex Pagbilao Effect) 6,430 6,480 1% 13,317 11,754-12% 57

58 NET INCOME (In Million Pesos) 11,281 EPS = P2.04 ROE = 53% % 10,217 EPS = P1.85 ROE = 35% 650 1,434 QUARTERLY BREAKDOWN 22% 11% 5,612 5,035 4, , ,714 8,094 3,901 4,193 4,038 (120) 1H2010 1H2011 (10) 1Q2011 2Q2011 2Q2010 Power Banking Transport Food Parent & Others 58

59 CORE NET INCOME (In Million Pesos) Non-Recurring Items 1H2010 1H2011 Parent (0.5) (0.0) Power (119) 512 Total Gains/(Losses) (120) 512 Non-Recurring Items 1Q2011 2Q2011 2Q2010 Parent (0.0) (0.2) (0.2) Power (428) Total Gains/(Losses) (428) 11,401 EPS = P2.06 ROE = 53% 15% 9,705 EPS = P1.76 ROE = 34% QUARTERLY BREAKDOWN 28% 0.3% 4, ,447 5, , ,554 4,029 4,466 (10) 1Q2011 2Q2011 2Q2010 Power Banking Transport Food Parent & Others 59

60 CORE NET INCOME, Ex Pagbilao Effect (In Million Pesos) Pagbilao Finance Lease Effect 1H2010 1H2011 Accreted Interest Expense 1,928 2,050 Depreciation PSALM Monthly Payments (430) (420) 13,317 EPS = P2.41 ROE = 62% % 1,916 2,049 11,754 EPS = P2.13 ROE = 41% 650 1,434 Pagbilao Finance Lease Effect 1Q2011 2Q2011 2Q2010 Accreted Interest Expense 1,017 1, Depreciation PSALM Monthly Payments (211) (209) (215) 5, QUARTERLY BREAKDOWN 23% 1% 6,480 1,016 1, , , ,750 9,631 4,569 5,062 5,434 (120) 1H2010 1H2011 (10) 1Q2011 2Q2011 2Q2010 Power Banking Transport Food Parent & Others 60

61 EBITDA (In Million Pesos) 10% 10% 20,579 18,518 17,334 15,611 EBITDA (Consolidated) EBITDA (Proforma) 1H2010 1H

62 PARENT NET DEBT (In Million Pesos) Parent net debt up by 46% Cash & Equivalents 15% 796 5,554 4, FY2010 YTD June '11 Long-term Debt 10% 6,100 5,495 FY2010 YTD June 2011 FY2010 YTD June '11 62

63 CONSOLIDATED BALANCE SHEET / KEY RATIOS (In Million Pesos, except ratios) YE 2010 YTD June 2011 % Change Cash and Cash Equivalents 26,097 28,868 11% Total Assets 174, ,697 7% Total Liabilities 96, ,170 10% Total Equity 78,317 80,527 3% Equity Attributable to Parent 64,313 66,105 3% Book Value Per Share Current Ratio Debt to Equity Net Debt to Equity

64 ANNEX A: EARNINGS CONTRIBUTION (In Million Pesos) 2Q2010 2Q2011 % Ch 1H2010 1H2011 % Ch Aboitiz Power Corp. 4,038 4,193 4% 9,714 8,094-17% City Savings Bank % % Union Bank % 903 1,224 36% ATSC (10) (120) Pilmico Parent & Others % (73) % (143) Net Income Core Net Income 5,035 5,612 11% 5,463 5,447 0% 11,281 10,217-9% 11,401 9,705-15% Core Net Income (Ex Pagbilao Effect) 6,430 6,480 1% 13,317 11,754-12% 64

65 AGENDA Overview Review of Business Units Pilmico Foods Corporation City Savings Bank Union Bank of the Philippines Aboitiz Power Corporation AEV Financials Q&A 65

66 Second Quarter / First Half 2011 Financial & Operating Results 29 July 2011

Third Quarter / YTD September 2011 Financial & Operating Results 4 November 2011

Third Quarter / YTD September 2011 Financial & Operating Results 4 November 2011 AGENDA Overview Review of Business Units Pilmico Foods Corporation Aboitiz Power Corporation Union Bank of the Philippines