APRIL 2012 ASIA PACIFIC MARKET PULSE SURVEY PHILIPPINES REPORT

Transcription

1 APRIL 2012 ASIA PACIFIC MARKET PULSE SURVEY PHILIPPINES REPORT

2 Contents Confidentiality Introduction and Background Key findings Detailed analysis Appendix List of participating organizations 2012 Mercer (Philippines), Inc. 1

3 Section 1 CONFIDENTIALITY

4 Confidentiality To ensure the confidentiality of all data, a minimum number of observations is required in order for statistics to be displayed. Three organizations must report at least three observations for a variable in order for the mean to be displayed. Four organizations and four observations are required for display of the median. Five organizations reporting at least five observations are required to display 25th and 75th Percentiles. Where there has been insufficient data for analysis, this has been indicated with -. Human Resource professionals who deal regularly with surveys are aware of the variance that may exist in survey data. Data may fluctuate slightly from year to year due to changes in the participant base. It is also important to note that within a sample, a significant amount of data may be reported by one organization. It is also possible for data to change drastically from year to year due to industry-related factors and economic conditions. The information and data contained in this report are for information purposes only and are not intended nor implied to be a substitute for professional advice. In no event will Mercer be liable to you or to any third party for any decision made or action taken in reliance of the results obtained through the use of the information and/or data contained or provided herein. Mercer is providing this survey information to its clients to permit them to make independent decisions regarding salaries. Because the exchange of salary information among competitors may be construed in certain circumstances as a means to facilitate an antitrust violation, Mercer has taken appropriate steps in collecting and disseminating this information in order to avoid such perceptions Mercer (Philippines), Inc. 3

5 Section 2 INTRODUCTION AND BACKGROUND

6 Introduction and background The Philippine economy is expected to lift 2012 growth forecast to 4% with a further push for 2013 to 4.5% given the government s ability and commitment to increase public spending. A strong pick up in construction contributed to fixed investment growth in the last quarter of On local demand, there is an uptick because of the strong remittances from overseas workers and strong growth in services exports led by Business Process Outsourcing (BPO) work. These trends are expected to continue in 2012 and with a lift in government spending, this should keep us on the growth band until To provide up to date information on key HR trends practices, Mercer conducted its first half 2012 Market Pulse Survey in February 2012 and this report details our findings. Mercer s Market Pulse survey gathers key HR information across the following areas: Salary Increases Variable pay Attrition rate Hiring intention Jobs that are priority to recruit Jobs that are challenging to recruit and retain Business expectations HR budgets Workforce planning Highlights of innovative benefits practices and trends are included in this cycle. 124 organizations from various industry sectors participated in the survey. Their details are included in Appendix Mercer (Philippines), Inc. 5

7 Participant profile Industry* * Footnote: For purpose of analysis, sub-sectors are rolled-up to main industry sector. Please refer to List of Participants for complete list Mercer (Philippines), Inc. 6 6

8 Participant profile Type of entity Image Mercer (Philippines), Inc. 7

9 Participant profile Headcount : Local (Budgeted) 2012 Mercer (Philippines), Inc. 8

10 Participant profile Headcount : Local Plus (Budgeted) 2012 Mercer (Philippines), Inc. 9

11 Participant profile Headcount : Expatriates (Budgeted) 2012 Mercer (Philippines), Inc. 10

12 Participant profile Net Sales Revenue Image Mercer (Philippines), Inc. 11

13 Participant profile Type of Organisation Image Mercer (Philippines), Inc. 12

14 Participant profile Location of Parent Company Image Mercer (Philippines), Inc. 13

15 Section 3 KEY FINDINGS

16 Key findings The projected average salary increase for 2012 is 7.4%, which is slightly higher than the 7.2% salary increase given in These figures include companies that have imposed a salary freeze, i.e. 0% increase. A positive outlook is seen in 2012 as 90% (112 companies) of the respondents plan to grant salary increases and no respondents plan to impose salary freeze across the board in Another 2 respondents are planning to impose salary freeze for certain employee groups only. For 2013, no company intend to freeze salary overall whereas, only 1 respondent plans to freeze salary for certain employee groups only. Based on current forecast, organizations project a marginal increase in variable pay percentages for 2012 (based on 2011 performance) compared to 2011 payouts. However, 2012 variable targets are more conservative compared to that projected in As the economy is emerging stronger from the recession, job prospects are regaining momentum. 72% of the respondents are planning to add headcount to their organization for 2012, while 24% of the companies indicated that they would maintain their 2011 headcount Mercer (Philippines), Inc. 15

17 Section 4 DETAILED ANALYSIS

18 Frequency of salary review in organization Image033 96% (119 companies) of the respondents that participated in the survey review salaries once a year Mercer (Philippines), Inc. 17

19 Regular salary review month (1 st review) Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Overall (N= 119) 13% 5% 16% 30% 5% 2% 12% 1% 3% 3% 3% 7% Head of organization (N= 74) 24% 5% 14% 27% 5% 1% 7% 1% 4% 3% -- 8% Executives (N= 73) 23% 7% 16% 22% 4% -- 8% 1% 4% 3% 1% 10% Management - Sales (N= 65) 20% 8% 12% 25% 5% -- 14% 2% 3% 3% -- 9% Management - Non Sales (N= 76) 20% 7% 14% 29% 4% -- 9% 1% 4% 3% 1% 8% Professional - Sales (N= 62) 21% 8% 13% 26% 3% -- 11% 2% 3% 3% -- 10% Professional - Non Sales (N= 79) 20% 6% 14% 29% 4% 1% 9% 1% 4% 3% 1% 8% Para-Professional - White collar (N= 65) 20% 6% 14% 23% 5% 2% 12% -- 5% 3% 2% 9% Para-Professional - Blue collar (N= 52) 15% 6% 11% 18% 3% -- 9% 2% 3% 3% 2% 8% January and April are typically the review months. April is when most of the Consumer and Hi-Tech companies conduct their salary reviews Mercer (Philippines), Inc. 18

20 Salary increases The average salary increase granted for 2011 ranges from 6.8% to 7.5%, excluding salary freeze. Organizations are optimistic not only for 2012 but are also bullish for The projections for average salary increase (excluding freeze) ranges from 7.3% to 7.6% for 2012 and % to 7.7% in Mercer (Philippines), Inc. 19

21 Base salary increase % given/budgeted INCLUDING salary freeze All Industries Including salary freeze 2011 (Actual %) 2012 (Actual/Budgeted %) 2013 (Forecast %) N Median Average N Median Average N Median Average Overall Head of organization Executives Management - Sales Management - Non Sales Professional - Sales Professional - Non Sales Para-Professional - White collar Para-Professional - Blue collar The average salary increase given/budgeted in 2012 for the different levels in the organization shows very minimal increase to 7.4% from 7.2% in Among the different levels, Management Sales posted the highest salary increase given/budgeted in 2012 with 7.5% Mercer (Philippines), Inc. 20

22 Base salary increase % given/budgeted INCLUDING salary freeze By Industry Including salary freeze 2011 (Actual %) 2012 (Actual/Budgeted %) 2013 (Forecast %) N Median Average N Median Average N Median Average Chemical Consumer Energy Freight & Logistics Hi-Tech Pharmaceutical & Healthcare Shared Services & Outsourcing (ITeS/BPO/KPO/SSC) Others Majority of industries in 2012 will have very minimal increase in their average base salary. 7.1 The optimistic forecast would come from the Chemical, Freight & Logistics and Hi-Tech industries as they project an increase in median base salary ranging from 0.5% - 1% in For 2013, Energy, Hi-Tech and Pharmaceutical & Healthcare industries are forecasted to have positive salary growth Mercer (Philippines), Inc

23 Base salary increase % given/budgeted EXCLUDING salary freeze All Industries Excluding salary freeze 2011 (Actual %) 2012 (Actual/Budgeted %) 2013 (Forecast %) N Median Average N Median Average N Median Average Overall Head of organization Executives Management - Sales Management - Non Sales Professional - Sales Professional - Non Sales Para-Professional - White collar Para-Professional - Blue collar Organizations continue to be optimistic for 2012 as the projections for average salary increase (excluding freeze) is 7.4% for 2012 with none projecting salary freeze overall. The average salary increase projection for 2013 is 7.3% which is slightly lower than that of given/budgeted for in Mercer (Philippines), Inc. 22

24 Base salary increase % given/budgeted EXCLUDING salary freeze By Industry Excluding salary freeze 2011 (Actual %) 2012 (Actual/Budgeted %) 2013 (Forecast %) N Median Average N Median Average N Median Average Chemical Consumer Energy Freight & Logistics Hi-Tech Pharmaceutical & Healthcare Shared Services & Outsourcing (ITeS/BPO/KPO/SSC) Others There will be 2 companies that will put their salary increments on hold for 2012 and 1 company for However, this would be applicable for selected employee categories only Mercer (Philippines), Inc. 23

25 Promotion increment by level in 2011 Image Mercer (Philippines), Inc. 24

26 Promotion increment by level in 2012 Image Mercer (Philippines), Inc. 25

27 Special salary adjustments for 2012 (1 of 3) Image Mercer (Philippines), Inc. 26

30 Salary adjustments In 2011, the average promotion increment granted is 13.1%. This percentage is slightly higher than the 11.6% average in the results for the second half of A very minimal increase to 13.3% is seen for The range of promotion increments (between 25th and 75th percentile) were 7.9% and 17.3% for However, respondents are somehow conservative on their 2012 promotion increments as the numbers slightly dropped to 7% and 15%. Management Non sales has consistently given the highest promotion increment in 2011 and 2012 with an average of 14.6% and 13.9% respectively. Sales, HR and Finance & Accounting are the top functions being given special salary increments ranging from 8% to 12%. On the other hand, it appears that Information Technology will be given the highest salary adjustment of 13.4% (average) on top of the company s salary increase for all employees Mercer (Philippines), Inc. 29

31 Variable pay given/budgeted for All Industries 2011 (Target %) 2011 (Actual %) 2012 (Target %) N Median Average N Median Average N Median Average Overall Head of organization Executives Management - Sales Management - Non Sales Professional - Sales Professional - Non Sales Para-Professional - White collar Para-Professional - Blue collar Mercer (Philippines), Inc. 30

32 Variable pay given/budgeted for By Industry 2011 (Target %) 2011 (Actual %) 2012 (Target %) N Median Average N Median Average N Median Average Chemical Consumer Energy Freight & Logistics Hi-Tech Pharmaceutical & Healthcare Shared Services & Outsourcing (ITeS/BPO/KPO/SSC) Others Mercer (Philippines), Inc. 31

33 Variable Pay Overall, the actual variable pay given for 2011 was 19.5% (average), significantly lower than target. Companies overall are being conservative on their 2012 target as it is seen that there is minimal movement from the targeted variable pay in The Chemical and Energy Industries are seen to decrease their target variable pay for 2012, while Hi-Tech and those in the other sectors are maintaining their targets compared to Mercer (Philippines), Inc. 32

34 Voluntary turnover (%) All Industries (2011 full year) 2011 full year (%) N 25P Median 75P Average Overall Head of organization 17 Executives Management - Sales Management - Non Sales Professional - Sales Professional - Non Sales Para-Professional - White collar Para-Professional - Blue collar Overall, voluntary attrition decreased from 13.7% average in 2010 to 10.2% in Professional-Sales category reported the highest voluntary attrition at 7.5% (average) and as in the previous years, the Head of the organization reported 0% attrition Mercer (Philippines), Inc. 33

35 Voluntary turnover (%) All Industries (2012 YTD) 2012 YTD (%) (Jan - Feb) N 25P Median 75P Average Overall Head of organization 17 Executives Management - Sales Management - Non Sales Professional - Sales Professional - Non Sales Para-Professional - White collar Para-Professional - Blue collar For the period of January to February 2012, Professional-Sales reported the highest voluntary turnover rate of 2.6% Mercer (Philippines), Inc. 34

36 Voluntary turnover (%) By Industry 2011 full year (%) 2012 YTD (%) (Jan - Feb) N Median Average N Median Average Chemical Consumer Energy Freight & Logistics Hi-Tech Pharmaceutical & Healthcare Shared Services & Outsourcing (IteS/BPO/KPO/SSC) Others Attrition rate for most industries tapered off in 2011 as against It is evident that attrition rates are higher for Shared Services/ BPOs compared to other sectors. The average is very close to the 19.2% average in the 2011 November edition of the Pulse Survey for 2010 full year Mercer (Philippines), Inc. 35

37 Retrenchment (%) 2011 full year 2011 full year (%) N 25P Median 75P Average Overall Head of organization 12 Executives 13 Management - Sales Management - Non Sales Professional - Sales Professional - Non Sales Para-Professional - White collar Para-Professional - Blue collar The overall retrenchment rate for 2011 stood at 4.1%, where the Consumer and Pharmaceutical industries were greatly affected. The most notable retrenchment trend came from the Para-Professional category at 4.6% and 4.5% average for white and blue collar jobs respectively. Comparing these figures to the 2011 November edition of the Pulse Survey, these numbers are more or less lower by 5% Mercer (Philippines), Inc. 36

38 Retrenchment (%) 2012 YTD 2012 YTD (%) (Jan - Feb) N 25P Median 75P Average Overall Head of organization 13 Table 11 Executives 13 Management - Sales 14 Management - Non Sales Professional - Sales 12 Professional - Non Sales 15 Para-Professional - White collar Para-Professional - Blue collar As early as February of this year, 3 companies have already reduced headcount Mercer (Philippines), Inc. 37

39 Hiring Intention in the next 12 months starting February 2012 All Industries Image063 Average Headcount Change % Average Headcount Increase % Average Headcount Decrease % Mercer (Philippines), Inc. 38

40 Hiring Intention By the start of 2012 business is gaining momentum as most companies (72%) intend to increase their workforce. Only 4% of the total respondents plan to reduce headcount while the remaining 24% will be maintaining headcount. While most of the industries are planning to increase headcount, Energy, Hi-Tech and Consumer industries are looking into reducing workforce by 6 to 14%. The most aggressive sector in increasing its headcount is still the Shared Services and Outsourcing Industry Mercer (Philippines), Inc. 39

41 Hiring Intention in the next 12 months starting February 2012 By Industry N Increase headcount Maintain current headcount Decrease headcount Chemical 5 40% 60% - Consumer 18 72% 22% 6% Energy 7 57% 29% 14% Freight & Logistics 3 67% 33% 0% Hi-Tech 25 76% 16% 8% Pharmaceutical & Healthcare 9 67% 33% - Shared Services & Outsourcing (IteS/BPO/KPO/SSC) 4 100% - - Others 21 76% 24% Mercer (Philippines), Inc. 40

42 Top 3 priority jobs to recruit for within organizations Rank Executive Management Professional Para-Professional 1 Sales (2 cos) Marketing (14 cos) Sales (22 cos) Information Technology - Internal Support, Administration and Management 2 Project Management (2 cos) Finance & Accounting (13 cos) Information Technology - Internal Support, Administration and Management (3 cos) Engineering (2 cos) 3 Supply and Logistics Sales (8 cos) (18 cos) Finance & Accounting Call Centre (2 cos) (2 cos) (18 cos) x cos No. of companies who have responded Sales and Finance & Accounting functions appeared to be among the top priority to recruit across levels based on 105 companies who have responded Mercer (Philippines), Inc. 41

43 Top 3 most challenging jobs to recruit candidates for within organizations Rank Executive Management Professional Para-Professional Sales (2 cos) Project Management (2 cos) Supply and Logistics (2 cos) Marketing (14 cos) Finance & Accounting (13 cos) Sales (8 cos) x cos No. of companies who have responded Sales (22 cos) Information Technology - Internal Support, Administration and Management (18 cos) Finance & Accounting (18 cos) Information Technology - Internal Support, Administration and Management (3 cos) Engineering (2 cos) Call Centre (2 cos) Sales and Information Technology functions showed to be among the top as the most challenging jobs to recruit across levels based on the 106 companies who responded Mercer (Philippines), Inc. 42

44 Top 3 jobs that are challenging for organizations to retain existing employees Rank Executive Management Professional Para-Professional 1 Finance & Accounting (2 cos) Marketing (17 cos) Sales (27 cos) Information Technology - Internal Support, Administration and Management 2 Human Resources Sales (9 cos) Engineering (18 cos) (3 cos) Sales (2 cos) (1 co) 3 Project Management Finance & Accounting Finance & Accounting Call Centre (2 cos) (1 co) (4 cos) (14 cos) x cos No. of companies who have responded Sales and Finance & Accounting functions emerged to be among the top as the most challenging jobs to retain across levels based on the 100 companies who responded Mercer (Philippines), Inc. 43

45 Organization s expected business and financial performance in 2012 Image041 59% of the respondents are expecting moderate to significant increase in business and financial performance in Only 9% are expecting a moderate to significant reduction Mercer (Philippines), Inc. 44

46 HR budget for 2012 Image043 41% of the respondents are expecting moderate to significant increase in HR Budget, while 51% is expecting a similar budget for Mercer (Philippines), Inc. 45

47 Change in HR budget for allocations for the following items in 2012 compared to 2011 Image045 There are likely no changes in HR Budget allocations for Mercer (Philippines), Inc. 46

48 Plans regarding workforce levels in 2012 Image047 Although more companies are only hiring for replacement purposes, a good number (47) of companies are still looking into expanding overall workforce in Mercer (Philippines), Inc. 47

49 Change in headcount of different job functions in 2012 compared to 2011 Image out of 112 companies are keen to increasing headcount for the Sales & Marketing function in 2012, while most job functions are expected to maintain current headcount Mercer (Philippines), Inc. 48

50 Key practices that are followed across levels to increase employee motivation & retention Image051 Monetary incentives still remains as a factor in increasing motivation and retention of employees across levels Mercer (Philippines), Inc. 49

51 Impact on the budget in 2012 for the below on account of current economic conditions Image053 Although the economy is seen to be slowly recovering, companies strategy is still conservative in increasing expenses for 2012, investing more of the budget towards employee salaries Mercer (Philippines), Inc. 50

52 INNOVATIVE BENEFITS TRENDS

53 Estimated cost of benefits as a % of payroll Most companies cost of benefits lies within percent of total payroll (base salary + fixed allowance) The average cost of benefits is 27.9% of total payroll The median cost of benefits is 3% of total payroll 2012 Mercer (Philippines), Inc. 52

54 Policy on social networks and personal devices BYOD: Bring your own device employees are allowed to use their preferred devices for work 34% of companies allow the use of social media platforms and 26% of companies allow the use of personal devices for office purposes 13% of companies allow both access to social media and the use of personal devices Companies that allow access to social media usually do not limit access to websites 2012 Mercer (Philippines), Inc. 53

55 Provision of innovative benefits Employees are entitled to discounts programs and Vaccination services. For special occasions such as Mother s, Father s, or Valentine's Day, employees are given gifts. Monthly activities are organised by companies to encourage team building Mercer (Philippines), Inc. 54

56 Regional Benefit Highlights The top 3 countries where the cost of benefits spend as a percentage of annual base salary is the highest are Philippines, Indonesia, and Thailand. The 4 countries with the lowest benefits spending are India, Vietnam, Hong Kong, and Korea (Vietnam, Hong Kong, and Korea are tied). India, Taiwan, and Philippines companies are most likely to allow social media during work hours. Indonesia, Korea, and Philippines companies have a higher prevalence of allowing employees to use their own devices during work. Companies in India have on average a lower benefits to annual base salary cost ratio. They are also more likely to offer benefits such as games room, individual coaching, and concierge services out of the 11 countries surveyed Mercer (Philippines), Inc. 27 April

57 APPENDIX LIST OF PARTICIPATING ORGANIZATIONS

58 Appendix List of participating organizations Chemical 1. CP Kelco Philippines, Inc. 2. Cytec Australia Holdings Pty Ltd 3. Givaudan 4. Henkel Philippines 5. SABIC Asia Pacific Pte Ltd Philippines Representative Office 6. W.R. Grace Consumer Consumer Durables 1. Black and Decker Asia Pacific Pte. Ltd. 2. Electrolux Philippines, Inc. Fast Moving Consumer Goods (FMCG) 1. Avon Cosmetics, Inc. 2. Avon Products Mfg., Inc. 3. Del Monte Phils., Inc. 4. Energizer Philippines 5. Fonterra Brands Phils., Inc. 6. Green Cross, Inc. 7. Heinz 8. JT International (Philippines), Inc. Consumer (cont d) 9. Kellogg Asia Marketing Inc. 10. Kraft Foods (Philippines), Inc. 11. L Oreal Philippines, Inc. 12. Louis Vuitton Philippines, Inc. 13. Nestle Philippines, Inc. 14. P&G 15. PepsiCo 16. Perfetti Van Melle Philippines, Inc. 17. Pernod Ricard Philippines 18. RFM Corporation 19. Rustan Coffee Corporation Starbucks Coffee Philippines 20. San Miguel Corporation 21. The Hershey Company 22. Triumph International Philippines 23. Unilever Philippines Inc. 24. Wrigley Philippines Inc. Others 1. General Milling Corporation 2. Mary Kay Philippines 2012 Mercer (Philippines), Inc. 57

59 Appendix List of participating organizations Energy 1. Aboitiz Power Corporation - Generation Group 2. Alstom Philippines, Inc. 3. CBK Power Company Limited 4. DMCI Power Corporation 5. FDC Utilities Inc. 6. Masinloc Power Partners Co., Ltd. 7. Shell Philippines 8. STEAG State Power Inc. Freight & Logistics Transportation & Logistics 1. DHL Express Philippines Corporation 2. Federal Express Corp. 3. Kintetsu World Express (Philippines) Inc. 4. LBC Express Inc. Others 1. IDS Philippines, Inc. Hi-Tech Automobiles & Components 1. Lear Automotive Services (Netherlands) BV Philippines 2. Nec Tokin Electronics Philippines, Inc. Hi-Tech 1. Amdocs 2. Brother International Philippines Corporation 3. Chase Technologies Corporation 4. Corning 5. Densotechno Philippines 6. Diebold Philippines Inc. 7. Eastern Telecommunications Philippines, Inc. 8. FactSet Philippines, Inc. 9. Fairchild Semiconductor (Phis.) Inc. 10. Fisher-Rosemount Systems, Inc. 11. Fujitsu Ten Solutions Philippines, Inc. 12. Hewlett-Packard Philippines 13. Honeywell Philippines 14. Kaisa Consulting Company Inc. 15. Kforce Global Solution, Inc. 16. Lawson Software 2012 Mercer (Philippines), Inc. 58

60 Appendix List of participating organizations Hi-Tech (cont d) 17. Lexmark Research and Development Corporation 18. On Semiconductor 19. SeaChange Philippines Corporation 20. Sony Philippines, Inc. 21. TI (Philippines), Inc. 22. Toshiba (Philippines), Inc. 23. Tyco Electronics Philippines, Inc. 24. Vestas Services Philippines, Inc. 25. VMware software Machinery & Electrical Equipment 1. Fuji Xerox Philippines, Inc. Others 1. EMCI 2. Emerson Network Power Embedded Computing and Power 3. Globe Telecom Inc. 4. NKC Conveyors Philippines, Inc. 5. STMicoelectronics, Inc. Pharmaceutical & Healthcare Medical Equipment & Services 1. B Braun Medical Supplies, Inc. 2. Covidien Philippines, Inc. 3. RG Meditron, Inc. Pharmaceuticals 1. Baxter Healthcare Philippines, Inc. 2. GlaxoSmithKline 3. Invida Philippines, Inc. 4. Isopharma Inc. 5. Parexel Philippines 6. Pfizer Philippines, Inc. 7. Quintiles 8. SCC Innovasia, Inc Mercer (Philippines), Inc. 59

61 Appendix List of participating organizations Shared Services & Outsourcing (ITeS/BPO/KPO/SSC) Business & Process Outsourcing 1. JP Morgan Chase & Co. 2. Integreon Managed Solutions 3. Interactive Technology Solutions, Inc. 4. KGB Philippines, Inc. 5. Startek, Inc. 6. Teekay Business Process Services, Inc. 7. Teletech Offshore Investments B.V. Philippines Regional HQ Finance & Banking 1. Macquarie Offshore Services Pty. Ltd. Philippine Branch Others 1. 3M Philippines, Inc. 2. AB Mauri Philippines 3. Abacus Distribution Systems Philippines, Inc. 4. AirAsia, Inc. 5. CFS Group of Co. 6. Cummins Sales and Service Philippines, Inc. 7. Deutsche Gesellschaft fur Internationale Zusammenarbeit (GIZ) GmbH Others (cont d) 8. Good Year Philippines, Inc. 9. Greenfield Development Corporation 10. Jardine Schindler Elevator Corporation 11. Keppel Philippines Properties, Inc. 12. KFC 13. Lopez Holdings Corp. 14. Rizal Commercial Banking Corporation 15. Robert Bosch, Inc. 16. Save the Children 17. Schaeffler Philippines, Inc. 18. Solid Cement Corporation (Cemex Philippines) 19. Sun Life Grepa Financial 20. The Area President of The Church of Jesus Christ of Latter Day Saints in the Phils. Inc. 21. The British Council Philippine Branch Office 22. UnitedHealth Group 23. Universal Leaf Philippines, Inc. 24. Visa 25. Visteon 2012 Mercer (Philippines), Inc. 60

62 If you have any questions, please contact Michelle V. Malibago at