AGRICULTURAL GUARANTEE FUND POOL

(Under the Administration of the Philippine Guarantee Corporation)

STATEMENTS OF FINANCIAL POSITION
As at December 31, 2021 and 2020
(In Philippine Peso)
2020

January 1, 2020
Note 2021 (As Restated) (As Restated)

ASSETS

Current Assets
Cash and Cash Equivalents 5 2,963,095,609 1,135,616,024 3,466,305,896
Financial Assets at FVOCI 6 4,737,224,266 2,670,008,720 1,490,818,710
Investment Securities at Amortized Cost 6 432,300,000 381,340,000 -
Receivables, net 7 570,847,268 447,548,687 800,971,131
Other Current Assets 10 5,660,114 629,039 1,090,862
8,709,127,256 4,635,142,470 5,759,186,599

Non-current Assets
Financial Assets at FVOCI 6 2,123,738,434 3,284,703,993 5,682,726,607
Other Non-current Investments 6 16,963,825 16,837,714 16,268,428
Property and Equipment, net 8 422,846 752,799 1,206,228
Intangible Assets, net 9 - 87,807 271,480
2,141,125,105 3,302,382,313 5,700,472,743

TOTAL ASSETS 10,850,252,361 7,937,524,783 11,459,659,342

LIABILITIES

Current Liabilities
Financial Liabilities 11 527,907,530 325,327,177 320,931,787
Inter-agency Payables 12 199,262,051 633,462,085 4,055,534,085
Deferred Credits 13 31,446,341 24,711,623 22,805,517
758,615,921 983,500,885 4,399,271,389

TOTAL LIABILITIES 758,615,921 983,500,885 4,399,271,389

EQUITY
Government Equity 14.1 8,421,230,584 5,115,117,100 5,115,117,100
Retained Earnings 14.2 1,641,800,468 1,663,807,786 1,925,383,764
Cumulative Changes in Fair Value of Investments 14.3 28,605,388 175,099,012 19,887,089

TOTAL EQUITY 10,091,636,440 6,954,023,898 7,060,387,953

TOTAL LIABILITIES AND EQUITY 10,850,252,361 7,937,524,783 11,459,659,342

The Notes on pages 325 to 366 form part of these financial statements.

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 PHILIPPINE GUARANTEE CORPORAT
CONDENSED STATEMENT OF FINANCIAL
(ALL FUNDS)
0
(In Million Php)

ASSETS
Cash and Cash Equivalents
Subrogated Receivable - Net
Investment in Trust
Other Assets
Total Assets

LIABILITIES
Withholding Tax Payable
Accrued Expenses
Deferred Credits
Due to Partner Lending Institutions
Due to Philguarantee
Other Payables
Total Liabilities

EQUITY
Government Equity
Retained Earnings/(Deficit)
Cumulative Changes in Fair Value
Total Equity

Total Liabilities and Equity

 PHILIPPINE GUARANTEE CORPORAT
CONDENSED STATEMENT OF FINANCIAL
(ALL FUNDS)
0
(In Million Php)

ASSETS
Cash and Cash Equivalents
Subrogated Receivable - Net
Investment in Trust
Other Assets
Total Assets

LIABILITIES
Withholding Tax Payable
Accrued Expenses
Deferred Credits
Due to Partner Lending Institutions
Due to Philguarantee
Other Payables
Total Liabilities

EQUITY
Government Equity
Retained Earnings/(Deficit)
Cumulative Changes in Fair Value
Total Equity

Total Liabilities and Equity

AGRICULTURAL GUARANTEE FUND POOL
(Under the Administration of the Philippine Guarantee Corporation)
STATEMENTS OF COMPREHENSIVE INCOME
For the Years Ended December 31, 2021 and 2020
(In Philippine Peso)

2020
Note 2021 (As Restated)

REVENUE
Service and Business Income 16 257,451,865 204,174,574
Gains 16 11,652,169 17,709,753
Other Non-operating Income 16 136,233 14,519
269,240,267 221,898,846

EXPENSES
Personnel Services 17.1 19,612,956 2,145,149
Maintenance and Other Operating Expenses 17.2 9,959,307 30,169,244
Financial Expenses 17.3 12,139,172 7,296,903
Non-cash Expenses 17.4 204,113,947 408,376,202
245,825,382 447,987,498

PROFIT (LOSS) BEFORE TAX 23,414,885 (226,088,652)

Income Tax Expense 21 45,422,203 35,487,326

NET LOSS (22,007,318) (261,575,978)

Other Comprehensive Income (Loss) 14.3 (146,493,624) 155,211,923

TOTAL COMPREHENSIVE LOSS) (168,500,942) (106,364,055)

The Notes on pages 325 to 366 form part of these financial statements.

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AGRICULTURAL GUARANTEE FUND POOL
(Under the Administration of the Philippine Guarantee Corporation)
STATEMENTS OF CHANGES IN EQUITY
For the Years Ended December 31, 2021 and 2020
(In Philippine Peso)

Cumulative
Changes in Fair
Government Value of
Equity Retained Earnings Investments Total
(Note 14.1) (Note 14.2) (Note 14.3)

BALANCE AT JANUARY 1, 2021 5,115,117,100 1,663,807,786 175,099,012 6,954,023,898

CHANGES IN EQUITY FOR 2021

Add (Deduct):
Receipt of Share in Agra-Agra Penalties 3,306,113,484 - - 3,306,113,484
Comprehensive Loss for the Year - (22,007,318) (146,493,624) (168,500,942)
BALANCE AT DECEMBER 31, 2021 8,421,230,584 1,641,800,468 28,605,388 10,091,636,440

BALANCE AT JANUARY 1, 2020, AS REPORTED 5,115,117,100 1,797,453,058 19,887,089 6,932,457,247

ADJUSTMENTS:
Add (Deduct):
Prior Period Adjustments - 127,930,706 - 127,930,706
BALANCE AT JANUARY 1, 2020, AS RESTATED 5,115,117,100 1,925,383,764 19,887,089 7,060,387,953

CHANGES IN EQUITY FOR 2020

Add (Deduct):
Comprehensive Income (Loss) for the Year - (261,575,978) 155,211,923 (106,364,055)
BALANCE AT DECEMBER 31, 2020 5,115,117,100 1,663,807,786 175,099,012 6,954,023,898

The Notes on pages 325 to 366 form part of these financial statements.

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AGRICULTURAL GUARANTEE FUND POOL
(Under the Administration of the Philippine Guarantee Corporation)
STATEMENTS OF CASH FLOWS
For the Years Ended December 31, 2021 and 2020
(In Philippine Peso)

2020
Note 2021 (As Restated)
CASH FLOWS FROM OPERATING ACTIVITIES
Cash Inflows
Collection of Income/Revenue 44,329,126 37,497,717
Collection of Receivables 123,649,490 97,984,280
Net Interest Earned on Regular Savings Account 90,765 184,849
Other Receipts 262,851 42,691
Total Cash Inflows 168,332,232 135,709,538
Cash Outflows
Payment of Guarantee Claims 256,553,880 168,342,453
Payment of Expenses 168,508 513,440
Refund of Deposits 1,861,560 289,093
Remittance of Personnel Benefit Contributions - 11,537,870
Other Disbursements - 279,565
Total Cash Outflows 258,583,949 180,962,421
Net Cash Used in Operating Activities (90,251,718) (45,252,883)

CASH FLOWS FROM INVESTING ACTIVITIES

Cash Inflows
Sale of Investments 435,688,051 1,425,706,529
Receipts of Interests Earned 193,514,550 252,778,151
Proceeds from Matured Investments 3,451,929,359 2,409,248,560
Total Cash Inflows 4,081,131,960 4,087,733,240

Cash Outflows
Purchase of Investments 4,995,074,628 2,782,129,368
Total Cash Outflows 4,995,074,628 2,782,129,368
Net Cash Provided by (Used In) Investing Activities (913,942,668) 1,305,603,872

CASH FLOWS FROM FINANCING ACTIVITIES

Cash Inflows
Receipt of Share in Agri-agra Penalties 3,306,112,584 -
Total Cash Inflows 3,306,112,584 -
Cash Outflows
Withdrawal of Equity Contribution of NG 465,440,227 3,534,559,773
Payment of Interest on Loans and Other Financial Charges 8,998,386 56,481,087
Total Cash Outflows 474,438,613 3,591,040,861

Net Cash Provided By (Used In) Financing Activities 2,831,673,971 (3,591,040,861)

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 1,827,479,585 (2,330,689,872)
Effects of Exchange Rate Changes on Cash and Cash Equivalents - -
CASH AND CASH EQUIVALENTS, JANUARY 1 5 1,135,616,024 3,466,305,896

CASH AND CASH EQUIVALENTS, DECEMBER 31 5 2,963,095,609 1,135,616,024

The Notes on pages 325 to 366 form part of these financial statements.

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