SEC Form 20-IS - iRemit Global Remittance

The major categories of plan assets follow:
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2011 2010
Private equity securities* P=9,245,139 P=10,249,745
Deposits in banks 7,613,374 2,047,387
Government debt securities 4,763,467 2,760,719
Interest receivable 215,615 162,126
Trust fee payable (21,271) (23,047)
P=21,816,324 P=15,196,930
*This includes P=0.81 million of the Parent Company’s own equity securities bought under the SSPP (see Note 19).
The amounts of experience adjustments relating to the plan liabilities of the Parent Company
follow:
2011 2010 2009 2008 2007
Present value of obligation 22,524,680 P=21,847,360 P=10,080,516 P=6,574,511 P=7,770,113
Fair value of plan assets 21,816,324 15,196,930 12,421,022 3,168,050 −
Deficit (surplus) 708,356 6,650,430 (2,340,506) 3,406,461 7,770,113
Changes in actuarial assumptions (498,493) 9,932,542 1,070,082 (3,766,312) (9,785,892)
Experience adjustments on plan
liabilities (5,559,744) (894,376) (382,676) (206,448) 4,176,250
Experience adjustments on plan assets (1,394,512) (2,643,029) 4,452,972 – −
The subsidiaries are not required to establish and accrue retirement obligation.
19. Special Stock Purchase Program (SSPP)
On July 20, 2007, the Parent Company’s BOD approved the proposal to set up a SSPP totaling
15,000,000 shares for the employees of the Parent Company who have been in the service for at
least one (1) calendar year as of June 30, 2007, as well as its BOD members, resource persons and
consultants (collectively referred to as “the Participants”). A Notice of Exemption under Section
10.2 of the Securities Regulations Code had been approved by the SEC on September 13, 2007.
Notwithstanding the aforesaid confirmation by the SEC of the exempt status of the SSPP shares,
the SEC nonetheless required the Parent Company to include the SSPP shares among the shares
of the Parent Company which were registered with the SEC prior to the conduct of its Initial
Public Offering in October 2007. The registration of the Parent Company shares, together with
the SSPP shares, was rendered effective on October 5, 2007.
All 15,000,000 shares were exercised. The shares subject to the SSPP were sold at par value or
P=1.00 per share. Total shares amounting to P=11.74 million were paid in full, while the difference
totaling P=3.26 million were paid by way of salary loan. Shares acquired through SSPP are subject
to a lock-up period of two years from date of issue, which ended on September 19, 2009.
The sale is further subject to the condition that should the officer or employee resign from the
Parent Company prior to the expiration of the lock-up period, the shares purchased by such
resigning employee or officer shall be purchased at cost by the Parent Company as Treasury stock.
As of December 31, 2009, 24 employees resigned (9 in 2009, 13 in 2008 and 2 in 2007) and their
shares totaling 808,100 (130,900 in 2009, 548,500 in 2008 and 128,700 in 2007) were bought
back by the Parent Company at par value.
*SGVMC116502*