1 MINUTES OF THE REGULAR MEETING

2 OF THE BOARD OF DIRECTORS OF

3 FIRST UNITED FARMERS RURAL BANK INC.
4 Held at Quezon Blvd. Brgy. Calios corner Villa Josefina Subd. Sta. Cruz, Laguna
5 On August 31, 2023 at 11:00 AM
6
7 I. ATTENDANCE
8
9 DIRECTORS PRESENT: ABSENT
10
11 GEN. HUBERTO M. REBONG SR., AFP (Ret.) ATTY. LARRY SOLIS
12 MR. RAMON C. REYES
13 MS. LENARIZ R. PABLO
14 MS. ROSEMARIE EBRON
15 MS. MA. DOREEN R. MAGLAQUI
16 MS. ALICIA BAUTISTA
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19
20
21 ALSO PRESENT:
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23 MR. EDGARDO AQUINO - Incoming Chief Compliance Officer/
24 Internal Auditor
25 MR. JOSEPH WERBA - Accounting Supervisor
26
27
28 II. CALL TO ORDER
29
30
31 The Chairman of the Boar, Mr. Ramon C. Reyes, called the meeting to order on 31
32 August 2023. at exactly 11:00am.
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34 III. ROLL CALL AND DETERMINATION OF QUORUM
35
36 The Chairman, with notation from the Corporate Secretary, Ms. De Guzman, that SIX (6) of
37 the directors are present, declared that there is a quorum for this BOD meeting
38
39
40 IV. APPROVAL OF THE MINUTES OF THE REGULAR MEETING HELD ON
41 JULY 27, 2023
42
43 The Board of Directors was furnished a copy of the minutes of the regular meeting held
44 on July 27, 2023. The
45 on July 27, 2023.
46
47
48 Foregoing considered and after receipt of comments from the Board, it was unanimously
49 approved and seconded:
50
51 BOARD RESOLUTION NO. B-07-02-S2023
52 Minutes of Regular Meeting 22 June 2023
53
54 APPROVED, as it is hereby approve, the Minutes of Meeting of the
55 FUFRB Board of Directors held last 22 June 2023.
56
57 Approved unanimously
58

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59 V. BUSINESS ARISING
60
61 5.1. Presented below are the findings and corresponding replies of Head Office and
62 Sta. Rosa Branch as based on the spot audit conducted by the CCO/IA last May
63 2023.
64
65 HEAD OFFICE
66
67
BRANCH REPLY/COMMENTS
I. STA. CRUZ
1. Vault opening logbook not updated for TWO (2) weeks The General Manager talked to the officer of Head Office the importance of
daily logging of opening and closing of vault door.
It was already updated.
2.Head Office opened at 9am while vault at 10am dated There is an emergency reason, the cashier’s son is sick she waited for his
May 16, 2023 son to take his medicine, I am on leave due to heavy bleeding, and the
accounting bookkeeper’s son has a school activity that’s why she is late in
opening of the vault.
3.Wooden door access to the entrance of the vault not The wooden door is being open because of the stock room is located in
locked. This should be opened by accounting there which it has all the papers of the two units were put inside. So for
representatives only. Accounting rep not at the branch yet safety reasons we open the door of the stock room to have a well ventilation
when CCO/IA arrived. after a long day/night of being closed. Still the gate to the entrance to the
vault door is still locked.
There are two more doors other than the wooden door before going to the
vault door.

4.IT Staff still performing function of the Teller - this is We are still hiring for tellering position and the I.T. Encoder is no longer
not negotiable with BSP. performing this task after the said audit day.

5.Review of the Teller’s Blotter of the Cashier for May a. Logging of clients visited the bank in the logbook was just put in place
15, 2023 revealed two material transactions. The during the pandemic as one of the bank’s safety protocol for contact tracing
following were observed: against Covid period.
A) No log that the client visited the bank b. & c. The clients already updated their signature card, and proof of
B) Withdrawal slip does not have the printed name residency.
C) Signature of Gabriel, Ronald - some strokes in the The bank sent a confirmation letter on their balances last May 30, 2023.
signature card not same on withdrawal slip. The client received the day after. No report or complaint from the client. (as
D) Address of the TWO deposits: one is in attached). They had their normal bank transaction personally to the bank
Taguig while the other one, permanent address is last June 30, 2023.
in Pasig.
6.Petty Cash disbursement for two counts exceeded P The General Manager call the attention of the Head office Cashier.
500.00
7. Disbursements of Petty Cash should always be with It was corrected and promising it will never happen again.
proper documentation- payment to guard for additional The General Manager required Head Office cashier the complete
salary no time card. documents of petty cash before disbursing payment.
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69
70
71 STA. ROSA
72
BRANCH REPLY/COMMENTS
II. STA. ROSA

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 BRANCH REPLY/COMMENTS
2. Short represents cash advance of GM. This should be made The cash advance of GM happened in the morning of April
through check. 20, 2023 in haste to buy the unifom of the employees for use
in the Stockholder’s Meeting on April 29, 2023. GM made
payment of Php1,000.00 for gas and allowances of two
companions (driver and admin staff) of Php500.00 each. The
Php2,000.00 was included in the computation but since the
receipt was still with GM at that time of spot audit,
however,it was cleared the next day upon presentation of the
receipts.

2.Vault opening time erroneously noted. It should be actual opening A directives was issued to correct the no. 2 and 3 spot audit.
time. Both cashier and accounting staff sign even if time is not Under Memorandum No.25 dated May 30, 2023.
correct.

3.Cashier opened the vault at 8:40 am. This should be opened on or A directives was issued to correct the no. 2 and 3 spot audit.
before 8:30 am. Under Memorandum No.25 dated May 30, 2023.

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132 After Mr. Werba’s presentation on the response of Head Office and Sta. Rosa Branch, the Board of
133 Director’s commented as follows:
134 ?
135 Director Bautista: A new audit plan must be properly prepared and laid out in each branch before
136 conducting an audit. The bank should have a risk based audit process. It is
137 necessary to revisit or review and update findings to avoid existing and the
138 danger of having recurring findings.
139
140 Chairman Reyes: The findings should be given focus carefully and should be answered promptly
141 so as to avoid conflicts in the operation.
142
143 On the other hand, the CCO/IA must issue an audit plan (process) and recommend it to the Board
144 to the Board for approval.
145
146 Other Comments;
147
148 * Chairman Reyes cited a notation on Large Exposure Limit. Instead of putting a
149 “LIMIT”, Mr. Werba will replace it by the word “BENCHMARK”, because according
150 according to Director Bautista, the exposure is only based on our risk appetite, and we
151 do not need to control our Loan portfolio/availment should the opportunity to lend out
152 bigger loans for bigger income arises, Director Ebron added.
153
154 * The Large Exposure Benchmark will only be used for in-house monitoring
155 (Bases of monitoring). And Mr. Werba will change the notation as follows;
156
157 “Based on the details below, about XXXXXXXXXX, falling under the classification of Large Exposure
158 Benchmark with total amount of Php XXXXXXXXXXX which are required to be monitored closely.”
159
160
161 VI. OPERATIONAL REPORTS ON FINANCIAL POSITION
162
163 The Board has been given copies of the reports. The highlights below reflect
164 increase or decrease in the balance sheet and status of operation for 30 June
165 compared last year’s figures and end of June 2022.

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166
167 6.1 Changes in Balance Sheet
168
169 a. Resources increased by 0.93% vs. last year’s data; 1.54% against May 31, 2023 and 26.37%
170 short on the target performance. The slight increase in resources for the last year even from the
171 last month is gradually visible though there were Loans written off that did not affect the trend of
172 banking. However, it can be noted that the actual is low compared to the Target Strategic Plan,
173 which is why the President assigned Mr. Werba to reprogram the Strat.Plan with the help of the
174 General Manager and Director Mam Marie Ebron.
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202 b. Deposits registered a 1.49% decrease over June 30, 2022 data; reflected a 1.62% increased over
203 last month (May 31, 2023) figures, but an 25.46 % short on the target performance.
204

205

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206 Reasons;
207 weak deposit generation, termination/closed accounts, constant withdrawals to support cash
208 requirement of clients entering into new business ventures.
209 Director Rosemarie Ebron emphasized that aside from the pending application of the bank for
210 the Re-discounting line at the Land bank of the Philippines, each branch also needs to market New
211 and fresh deposits to use the money for lending.
212
213 c. Liquidity - composed of Cash and Other Cash Items, due from Banko Sentral ng Pilipinas, Due
214 from Other Banks and Held-to-Maturity (HTM). This reflected a 6.39% increased over last year’s
215 data and a 4.57% increased over last May 31, 2023 liquidity data; it fell short of its target
216 performance by 1.44%. A big part of the increase in liquidity is the new addition to the Treasury Bill
217 of Php 4.5M ( Php 3.0M STA ROSA, 1.5M SAN PABLO).
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250 * The bank is compliant with 20% of the BSP minimum Liquidity Ratio.
251
252
253 6.2 Changes in Income Statement
254
255 a. Gross Income marked an 11.69% increase over June 30, 2022 figures, also reflected a 16.49%
256 increase vs. last month’s (May 31, 2023) figures. Surpass the target performance by 20.77%.
257 Increase in income vs. last month is being notice because of the continues payment of monthly
258 interest on loans and collection from past due interest.
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279 b. Gross Expenses increased by 4.29% over last year’s figures. Also, it reflected a 16.74%
280 increase over May 31, 2023 figures, gross expenses surpass by 41.49% vs. its target performance.
281 One factor that increased the expenses of the FUFRB was the payment of Monthly and Quarterly
282 Taxes.
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300 c. Net Income registered a significant increase of 45.14% over last year’s net income figures, as
301 well as 15.34% increase over May 31, 2023 figures. Non-compliant by 27.29% compare to target
302 performance. The increases in net income over last year could be attributed to the economy’s more
303 favorable situation this current year.
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323
324
325 5.3 Changes in Allowance for Losses - General and Specific
326
327 There were no significant changes in the Specific Allowance for Credit Losses after the Loans
328 written-off last May 31, 2023 financial report. General Loan Loss Provision remains constant at
329 P1,785,000.00.
330
331 * As per internal control and monitoring, Director General Manager Rosemarie Ebron
332 instructed every branch to conduct control of ACL to prevent of being excess/deficient in every
333 loan account particularly on Past Due Loans.
334
335
336
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338
339
340
341
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347
348
349 Attached is the consolidated Summary Report on Allowance for Credit Losses. The bank booked allowance
350 for credit losses are sufficient with excess of PHP 1,096,597.03 and complied with BSP Cir. 1011
351
352 The
353
354 VII. OPERATIONAL REPORTS ON LENDING OPERATIONS
355
356 7.1 Loans Granted – Approval and Confirmation
357
358
359 NAME OF THE BORROWER AMOUNT BRANCH/REMARKS
360
361 1.Elizabeth Ramos P 1,500,000.00 Sta. Rosa – New loan
362
2. Reginald Dan Cerdena 700,000.00 Sta. Rosa - New Loan
363
3.Estrellita Daño 8,000,000.00 Sta. Rosa - Re-Loan
364
4. Herbert Formeloza 2,000,000.00 Head Office – Re- Loan
365
5. Claire Reyes 500,000.00 Head Office – Re- Loan
366
6.Abdon Sumunistrado 600,000.00 Head Office – Re- Loan
367
368 7.Carlito Pisano 400,000.00 Head Office – Re- Loan
369 8.Elmer Bernardino 2,500,000.00 Head Office – Re- Loan
370 9.Mercedes Monreal 3,500,000.00 Head Office – Re- Loan
371 10. Ruffo Doria 200,000.00 Head Office – Re- Loan
11.Anchie Ponce 3,500,000.00 Head Office – Re- Loan with additional
12. Leonora Mendoza 1,000,000.00 San Pablo – Re- Loan
13.Ariel Tanqueco 1,733,750.00 San Pablo – Re-Loan
14. Marriane C. Masayon 500,000.00 San Pablo – New Loan
15. Mepa Tornea 700,000.00 Sta. Rosa - New Loans
Total P 27,333,750.00

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372 Upon deliberation of the Board and upon recommendation of the General Manager for approval
373 of the new loan and re-loan of the aforementioned valued clients of the Bank. the following resolution
374 was passed:
375
376
377 BOARD RESOLUTION NO. B-07-03-S2023
378 Approval of New and Re-Loan Applications
379
380 “APPROVED, That the Board be and it hereby approved, the new and
381 re-loan applications of the above-named valued clients of the Bank totaling to
382 about P 27,333,750.00 and following the terms and conditions as contained in the
383 borrowers’ loan documents.
384
385 Approved Unanimously
386
387 7.2 Collection Report and Past Due Monitoring
388
389 Highlights of the collection report and past due monitoring are presented below:
390
391 a) Total Past Due Loans for the month ending June 30, 2023 decreased by 119.46% vs. last
392 year’s figures. Comparatively, with May 31, 2023, it increased by about 9.00%, and
393 decreased by 41.23% compared to the Strat.Plan.
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424 The huge decreases in the total past due loans were brought about by the writing-off of
425 non-moving accounts amounting to P10.745M.
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427
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429 b) Past Due Ratio is 5.75% of total loans outstanding.
430

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448 c) Out of the total past due loans of about P 6,079,598.78 (62%) is performing, P 1,437,802.85 (15)
449 is non- performing and about 23% (2,189,350.17) is under litigation.
450
451 VIII. OPERATIONAL REPORTS ON AMLC AND ROPA
452
453 8.1 ROPA and SCR Movement
454
455 a) There is minimal movement in the ROPA account since majority of the properties have already
456 been disposed off in the previous years. From P2,916,257.67 as of June 2023, it went down to
457 P729,730.53 as of June 2023 or a decrease of 299.63%. Currently, the Buenavista property which
458 has 6,000 square meters is expected to be disposed off at approximately P1.0M. This is one of
459 the two (2) Kalayaan properties.
460
461 b) The amount of SCR for the month of June 30, 2023 (P 602,318.75),decreased by 57% as
462 against last year’s figures (P 942,892.78). It has a decreased by about 6% comparatively to last
463 month balances. Decreases are attributed to regular monthly payment of SCR accounts.
464
465
466 Foregoing discussions on the above reports considered, it was unanimously resolved that:
467
468
469 BOARD RESOLUTION NO: B-07-04-S2023
470 Financial and Operational Reports - June 30, 2023
471
472 “APPROVED, That the Board be and it hereby approved, the
473 Financial and Operational reports for the year ended June 30, 2023
474
475 Approved Unanimously
476
477
478 IX. RISK MANAGEMENT REPORTS (June 30, 2023)
479
480 9.1 Credit Management
481
482 9.1.1 Loans to DOSRI and other related parties
483
484 Total loan outstanding to five (5) DOSRI borrowers is ₱ 6,251,340.44. Loans
485 were used for various sources, i.e., Agrarian Reform Loan, Salary – Fringe Benefit
486 Loan and Loans to Individual for Other Purposes.
487
488

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490
491
492
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494
495
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500
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504 9.1.2 Benchmarks Per Individual Borrower/Large Exposure
505
506
Qualifying Capital: 46,784,468.26
507
Large Exposure Benchmark: 2,339,223.41
508
509
Single Borrower’s Limit : 9,687,031.96
510 No. of Accounts Exceeding SBL: 0
511
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520
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522
523
524
Net Worth 6/30/2023 38,748,127.82
Single Borrower's Limit 20% of Net Worth 7,749,625.56
Single Borrower's Limit 25% of Net Worth 9,687,031.96

Net Loan Portfolio 160,146,529.88

30% of Net Loan Portfolio 48,043,958.96

Qualifying Capital 46,784,468.26

15% of Total Risk Capital 7,017,670.24
5% of Total Risk Capital (Large Exposure) 2,339,223.41
20% of Total Risk Capital (Aggregate Large Exposure) 9,356,893.65

DOSRI
15% of Loan Portfolio or 25,305,226.61
30% of Adjusted Capital (whichever is lower) 12,738,178.03
525
526
527 Mr. Werba reported that based on the details above, about TWENTY-TWO (22) accounts falling
528 under the classification of Large Exposure Benchmark with total amount of Php 79,337,114.77.
529 All account are required to be monitored closely.”

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530
531 Comments/Discussion:
532
533 a) Each Board of Director has agreed to use the word “Benchmark” in tagging the large exposure instead
534 of LIMIT.
535
536 Foregoing discussions/comments considered, it was duly moved and seconded the passing of the
537 resolution as follows:
538
539 BOARD RESOLUTION NO: B-07-05-S2023
540 Report on Benchmarks Per Individual Borrower
541
542 “APPROVED, That the Board be and it hereby approved the report on
543 individual borrowers who exceeded the established limits on 15% of total risk
544 capital and on the 5% Large Exposure benchmark.
545
546 Approved Unanimously
547
548 9.1.3 Report on Loan Industry Concentration
549
550
Classification Amount Target % Variance/s
Agrarian Reform/Other AgrIcultural Loans 1% 4% -3%
Agrarian Reform 1% 2% -1%
Other Agricultural Loans 1% 2% -1%
Microenterprise Loans 23% 19% 4%
Small and Medium Enterprise Loan 41% 43% -2%
Loans to Individuals for Housing Purposes 27% 26% 1%
Loans to Individuals for Other Purposes 4% 5% -1%
Salary Loans 3% 3% 0%
Total 100.00% 100%
551
552
553 9.1.4 Report on Exposure Benchmark on 30% of Net Loan Portfolio
554
555 Net Loan Portfolio: 160,146,529.88
556
30% of Net Loan Portfolio 48,043,958.96
557
558
559
Classification Amount Short / (Over)
Agrarian Reform/Other Agricultural Loans 2,348,064.13 -
Other Micro,Small and Medium
Enterprise Loan 108,515,217.98 (65,950,884.84)
Loans to Individuals for Housing
Purposes 45,998,757.59 (3,434,424.45)
Loans to Individuals for Other
Purposes 6,486,047.50 -
Salary Loans 5,353,423.53 -
Total 168,701,510.73 (69,385,309.29)
560
561 Foregoing considered, it was duly moved and seconded that the reports be approved through the
562 following resolution

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563
564
565
566 BOARD RESOLUTION NO: B-07-06-S2023
567 Reports on Exposure Limits and Loan Industry Concentration
568 Per Loan Classification
569
570 “APPROVED, That the Board be and it hereby approved, the report on loan
571 classifications that exceeded the 30% net loan portfolio identified as follows:
572 a) Other Micro, Small and Medium Enterprise Loan; and b) Loans to
573 Individuals for Housing Purposes. It was also identified that the loan industry
574 concentration was on the same above-mentioned loan classifications.
575
576 . Approved Unanimously
577
578
579
580 9.1.5 Benchmarks - Required Percentages on Exposures As Approved By
581 the Board Per Loan Classification
582
As approved by BOD per BOD meeting
(April 20,2022)
Classification Jun-23 Req % Over/(Short)
Gross Purpose
Agrarian Reform/Other AgrIcultural Loans 1% 4% -3%
Agrarian Reform 1% 2% -1%
Other Agricultural
Loans 1% 2% -1%
Microenterprise Loans 23% 19% 4%
Small and Medium Enterprise Loan 41% 43% -2%
Loans to Individuals for Housing
Purposes 27% 26% 1%
Loans to Individuals for Other Purposes 4% 5% -1%
Salary Loans 3% 3% 0%
Total 100.00% 100% 0%
583
584
Classificatio Over/
n Jun-23 Req % (Short)
Gross
Status
Current 94% 83% 11%
Past Due 1% 2% -1%
Non
Performing 5% 15% -10%
Total 100% 100% 0%

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 Classification Jun-23 Req % Over/(Short)
Over/
Classification
Type of Business / Jun-23 Req % (Short)
Classified
Industry as to Original
Term (Gross) Agriculture, Forestry and Fishing 3% 8% -5%
Short Term (1 year or less)Electricity Gas Steam and Air conditioning 4%
1% 10% -6%
1%
Medium Term (>1 to 5 years)
Construction 82%
12% 76%
20% 6%
-8%
Long Term (>5 years) Wholesale and Retail Trade, Repair of 14% 14% 0%
Total Motor Vehicles 100%
17% 100%
22% 0%
-5%
Accomodation and Food Service Activities 0% 0%
Transportation and Storage 3% 3%
Information & Communication 6% 2% 4%
Real Estate Activities 31% 24% 7%
Administrative and Support Service
Activities 0% 0%
Human Health and Social Works activities 0% 0%
Other Services Activities 24% 18% 6%
Consumption Loans 3% 6% -3%
Education 0.00 0%
Total 100% 100% 0%

586 Upon presentation and discussion, the Board approved and seconded,
587
588 BOARD RESOLUTION NO: B-07-07-S2023
589 Report on Benchmarks on Required Percentages of
590 Exposures As Approved by the Board Per Loan Classification
591
592 “APPROVED, That the Board be and it hereby approved,
593 the under/over attainment of loan classifications based
594 on percentages approved by the Board.
595
596 “APPROVED Further, that the Bank is directed to ensure that
597 these classifications of loans are taken into consideration in
598 marketing of loans; that regardless of Loan industry FUFRB will still
599 accept even if it is exceeding the set fourth threshold.
600
601 Approved Unanimously
602
603 9.1.6 Benchmarks - Asset Quality Ratios (Current vs previous month and BSP)
604
605
606

607
608
609
610
611

612
613
614
615
616
617
618 9.2 Liquidity Risk Management
619

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620 9.2.1 Liquidity Ratios (current vs. previous)
621
622

623

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626

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628

629

630

631

632

633

634

635

636

637
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646
647
648
649
650
651
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653 Liquidity Ratios (current vs. BSP)
654
655
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660
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663
664
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669
670
671
672
673
674

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676
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680
681
682
683
684
685
686
687
688 9.3 Operational Risk Management
689
690
691
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693
694
695
696
697
698
699
700
701
702
703
704
705
706
707
708 Foregoing presentation considered, it was unanimously resolved the approval of the above
709 reports, hence, the following resolution was passed:
710 A
711
712 BOARD RESOLUTION NO: B-07-12-S2023
713 Financial, Operational and Risk Management Reports –
714 June 30, 2023
715
716 “APPROVED, that the Board be and it hereby approved, the Financial,
717 Operational and Risk Management Reports as of June 30, 2023, specifically
718 containing the benchmarks established by the Board on exposures
719 per loan industry classification and all the liquidity and operational
720 management ratios;
721
722 APPROVED Further, that the management is directed to ensure that these
723 loan classifications will be taken into consideration in the marketing of loans
724 and when income opportunity comes, FUFRB will continue to accept loans
725 even if these exceed the benchmarks set forth.
726
727 Approved Unanimously

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728
729
730
731
732
733
734
735
736
737
738
739
740
741
742 X. OTHER MATTERS
743
744 I. Status of Rediscounting Line to LANDBANK OF THE PHILIPPINES (LBP)
745
746 As per Dir/Gen. Manager Rosemarie S. Ebron, all documentary requirements are
747 submitted to the Land Bank office (Laguna Lending Center Southern Luzon Lending
748 Group Land Bank of the Philippines) under our assigned account officer Ms. Raquel A.
749 Bunzo and Ms. Marie Nicol V. Olivera. The Bank is waiting for the approval.
750
751 II. Acceptance of the resignation of the CCO/IA
752
753 The Board after hearing the reason behind the resignation of Ms. Marissa M.
754 Young which is health concern, Approved the resignation of Ms. Marissa M. Young.
755
756 BOARD RESOLUTION NO: B-07-08-S2023
757
758 “APPROVED, that the Board be and it hereby approved,the
759 Resignation of Ms. Marissa M. Young, Chief Compliance Officer/Internal
760 Auditor of First United Farmers Rural Bank Inc., effective June 22, 2023.
761
762 Approved Unanimously
763
764
765 III. Open the position of Chief Compliance Officer and Internal Auditor.
766
767 The position of Chief Compliance Officer/Internal Auditor is open since June 23, 2023, The
768 bank is on hiring and looking for someone to take the position. The Bank received an application
769 of Mr. Edgardo R. Aquino, a former banker and president of Agricultural Bank. He is know by our
770 Chairman Ramon Reyes and recommended by a former banker.
771
772 BOARD RESOLUTION NO: B-07-09-S2023
773
774
775 “RESOLVED, That the resignation of Ms. Marissa M. Young as Compliance Officer and
776 Internal Auditor is hereby accepted;
777
778 RESOLVED, FURTHER, That the Bank hereby expresses its gratitude for her contributions to
779 the Bank;
780
781 RESOLVED, FINALLY, That upon deliberation and careful perusal of the qualifications of
782 Mr. Edgardo R. Aquino, he is appointed as Chief Compliance Officer and Internal Auditor of the
783 bank e effective 1 August 2023.”

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784
785 The afore-quoted resolutions have not been revoked and/or superseded by a subsequent
786 resolution of the Board of Directors inconsistent therewith and are, therefore, still in full force and
787 effect.
788
789 IV. Designation of new CCO/IA in AMLC Portal
790
791 To facilitate access to AMLC portal through approval of Mr. Aquino’s designation, the following
792 resolution was passed:
793
794
795
796 BOARD RESOLUTION NO: B-07-10-S2023
797 Designation of Mr. Edgardo R. Aquino
798
799 “APPROVED, as it hereby approved by the Board of
800 Directors of First United Farmers Rural Bank, Inc. (FUFRB),
801 That EDGARDO R. AQUINO as new Chief Compliance Officer/Internal auditor
802 of the Bank and as such shall be authorized to
803 Register with the Anti-Money Laundering Council so that the
804 Bank will be given access to the AMLC Portal.
805
806 Approved Unanimously
807
808
809
810 V. Appointment of Mr. Joseph A. Werba as DATA PRIVACY OFFICER of FUFRB
811
812 In compliance to Bangko Sentral ng Pilipinas Section 2 of Republic Act No. 10173,
813 also know Data Privacy Act 2012. Mr. Werba is hereby appointed as DPO Officer to
814 attend regarding matters concerning data privacy and security.
815
816 BOARD RESOLUTION NO: B-07-11-S2023
817
818 “APPROVED, as it hereby approved by the Board of
819 Directors of First United Farmers Rural Bank Inc., (FUFRB), the
820 appointment of Mr. Joseph Werba as Data Privacy Officer (DPO) in
821 compliance to Bangko Sentral ng Pilipinas Section 2 of Republic Act
822 No. 10173, also known as Data Privacy Act of 2012 (DPA) who shall
823 be responsible for the overall management and oversight of Data
824 Protection Strategy. Duties and Responsibilities of Mr. Werba is
825 hereby attached as reference.
826
827 Approved Unanimously
828
829
830 VI. Duties and Responsibilities of Data Protection Officer
831
832
833 You shall, among others:
834 a.monitor the PIC’s or PIP’s compliance with the DPA, its
835 IRR, issuances by the NPC and other applicable laws and policies.
836 You may:
837 1.collect information to identify the processing operations,

18 18
838 activities, measures, projects, programs, or systems of the PIC or PIP,
839 and maintain a record thereof;
840 2.analyze and check the compliance of processing activities,
841 including the issuance of security clearances to and compliance by
842 third-party service providers;
843 3.inform, advise, and issue recommendations to the PIC or
844 PIP;
845 4.ascertain renewal of accreditations or certifications
846 necessary to maintain the required standards in personal data
847 processing; and
848 5.advice the PIP or PIP as regards the necessity of executing a
849 Data Sharing Agreement with third parties, and ensure its
850 compliance with the law;
851 b.ensure the conduct of Privacy Impact Assessments relative
852 to activities, measures, projects, programs, or systems of the PIC or
853 PIP;
854 c.advise the PIC or PIP regarding complaints and/or the
855 exercise by data subjects of their rights (e.g., requests for
856 information, clarifications, rectification or deletion of personal data);
857 d.ensure proper data breach and security incident
858 management by the PIC or PIP, including the latter’s preparation
859 and submission to the NPC of reports and other documentation
860 concerning security incidents or data breaches within the prescribed
861 period;
862 e.inform and cultivate awareness on privacy and data
863 protection within your organization, including all relevant laws,
864 rules and regulations and issuance's of the NPC;
865 f.advocate for the development, review and/or revision of
866 policies, guidelines, projects and/or programs of the PIC or PIP
867 relating to privacy and data protection, by adopting a privacy by
868 design approach;
869 g.serve as the contact person of the PIC or PIP vis-à-vis data
870 subjects, the NPC and other authorities in all matters concerning
871 data privacy or security issues or concerns and the PIC or PIP;
872 h.cooperate, coordinate and seek advice of the NPC regarding
873 matters concerning data privacy and security.
874
875
876 VII. WITHDRAWAL IN EXCESS ON THE BANK’s REQUIRED AND
877 AVAILABLE RESERVES AGAINST DEPOSIT LIABILITIES.
878
879 Based on BSP Circular No. 1175 dated June 2023, Reduction on Reserves
880 Requirements.
881
882 Per discussion of the Board of Directors, they all agreed to withdraw
883 the amount in excess on the Bank’s required reserves against deposit
884 liabilities of the bank to use as part of the liquidity since DFBSP account is
885 not interest bearing so it can be use to finance loans or place on the
886 treasury bills instead.
887
888 BOARD RESOLUTION NO: B-07-13-S2023
889

19 19
890 APPROVED, as it hereby approved by the Board of Directors of
891 First United Farmers Rural Bank Inc., the withdrawal of P h p 3 . 0 M the
892 amount in excess of the bank’s demand deposit reserve requirement;
893

894 Approved further, that the following officers of FUFRB, whose names and
895 specimen signatures appear below, are authorized to effect all demand
896 deposit transactions and all its other related activities, to wit:
897
898 NAME SPECIMEN SIGNATURE
899

900 1. GEN. HUBERTO M. REBONG SR. AFP (Ret.) _________________

901 2. ROSEMARIE S. EBRON __________________

902 Approved Unanimously

903

904

905 VIII. CREDIT COMMITTEE MEETING

906
907 Credit Committee meeting dated last May 25 and June 29, 2023 was read
908 and discussed, and the Board unanimously approved the minutes.
909
910 BOARD RESOLUTION NO: B-07-14-S2023
911
912 “APPROVED, as it hereby approved the minutes of Credit
913 Committee Meeting dated last May 25, 2023 and June 29, 2023.8.30
914
915 Approved Unanimously
916
917
918
919
920
921
922 There being no matters to discuss, the meeting adjourned at 12:45 pm.
923
924 Respectfully submitted:
925
926 Joseph A. Werba
927 Acting Corporate Secretary
928
929 ATTESTED BY:
930
931 RAMON REYES
932 Chairman of the Board
933
934 GEN. HUBERTO M. REBONG, SR. AFP ( RET) ROSEMARIE EBRON
935 Vice-Chairman Member
936

20 20
937
938 MA. DOREEN R. MAGLAQUI ALICIA D. BAUTISTA
939 Member Member
940
941
942 ATTY. LARRY SOLIS LENARIZ R. PABLO
943 Member Member
944
945
946
947

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