Fiscal year 2009 may have been a tough year but your Foundation managed to bring up fund balance to PHP 385.10 million or 5% better than the PHP 368.15 million posted last year. Of these, PHP 17.16 million is a liability for future year payments on already approved grants. In addition, our reserve for future projects grew stronger from PHP 325 million in 2008 to PHP 335 million this year. Collectively, you have all helped us ensure a solid foundation to withstand the challenges that the year brought. Our fiscal year ended with Typhoon Ondoy’s deluge and destruction, rendering countless fellow Filipinos helpless and poorer, yet drawing strength and hope from every other Filipino’s spirit of bayanihan. Much has yet to be done, as we enter the new fiscal year. We will continue to maximize every donation, every contribution, and ensure that we remain fiscally responsible and efficient while rebuilding lives, restoring communities and respecting our planet. On behalf of the Board of Trustees, I extend my deepest gratitude to all our members, donors and partners who made our work possible.
Ramon R. del Rosario, Jr. Treasurer