Gt Capital Holdings, Inc. · PSE:GTCAP
Gt Capital — Investor Presentation (March 2019)
73 slides from Gt Capital's investor presentation, Mar 27, 2019
Slide 1: Full-Year 2018 Results Investor Presentation
Full-Year 2018 Results Investor Presentation gtcapital.com.ph Updated 27 March 2019 D E F I N E D B Y E X C E L L E N C E , R E F I N E D T H R O U G H P A R T N E R S H I P
Slide 2: Notice/Disclaimer
Notice/Disclaimer The information in this presentation has been prepared by GT Capital Holdings, Inc. (the "Company"). By attending the meeting where this presentation is made, or by reading the presentation slides, you agree to be bound by the following limitations and represent that you are a pers
Slide 3: Table of Contents
Table of Contents Strategic Direction 6 GT Capital Corporate Profile 8 History of Strategic Partnerships 9 GT Capital Component Companies 10 Current Corporate/Ownership Structure 11 Group Consolidated Financial Highlights 12 Net Income Contribution 13 Metropolitan Bank and Trust Company (MBT) 15 Toy
Slide 4: Strong Group-wide Footprint
Strong Group-wide Footprint over 3.8M ₱2.4T Million 10,000 953 52 Trillion 20,000 individual institutional and branches remittance employees total resources depositors SME clients nationwide centers Group-wide 60,000 over 1.6M 69 80% 3,108 vehicles built annually Toyota units sold in dealerships Pay
Slide 5: Strong Group-wide Footprint
Strong Group-wide Footprint 31,572 12 global strategic 24.3 group-wide employees including contractual partners Million customers & agency 1,525 Branches Across an e nationwide spectrum lients Present in 9,893 Institutional 68 High net worth Upper middle-income Small and medium enterprises active Mi
Slide 6: Strategic Direction
Strategic Direction New Sectors Exploring underpenetrated Synergy sectors with new strategic partners Cross-selling within the GT Capital Group Expansion in Existing Sectors Extending the value chain of existing businesses 6
Slide 7: Strategic Direction
Strategic Direction Cross-selling New Sectors within the GT Capital Group Synergy Exploring underpenetrated sectors with new strategic partners • Toyota unit sales through • New strategic partners MBT/PSBank auto loans/TFS • Infrastructure (MPIC) lease-to-own package • Logistics (for Toyota) • Feder
Slide 8: Corporate Profile
Corporate Profile GT Capital directly owns market-dominant businesses in underpenetrated sectors of Strategic Partnerships with the Philippine economy, namely banking; Best-of-Class Brands automotive assembly, importation, dealership, and financing; infrastructure; property development; and life- an
Slide 9: Trusted by partners from Japan and around the world
Trusted by partners from Japan and around the world Toyota Manila Bay Corp ORIX Corporation ORIX Corporation and is established with Global Business Power is partners with Federal Federal Land enter into Toyota Financial Services (TFS) Toyota Motor Philippines is established Mitsui & Co. Ltd as Sumi
Slide 10: GT Capital Component Companies
GT Capital Component Companies No. 1 bank in net interest margins as of 1 end-December 2018 1 Most dominant automotive company Owns MERALCO, the Philippines’ largest power 1 distribution in the Philippines, with 38% market share company as of end-December 2018 2 Second largest Philippine bank by as
Slide 11: Current Corporate Ownership Structure
Current Corporate Ownership Structure Grand Titan Public Float 56.19% 43.81% Auto Assembly and Importation, Property Infrastructure Motorcycle Banking Dealership, and Financing Development Insurance and Utilities Financing 40.0%5 21.0% 36.0% 51.0% 25.3%2,3 15.55%6 20%8 26.47 %1 36.36%9 80% 10
Slide 12: Financial Highlights FY 2018
Financial Highlights FY 2018 GTCAP weathered strong headwinds in 2018 Php13.4 billion Consolidated Net Income (FV adjustments for PCFI, MPI, TMBC, TMP) -6% Php14.2 billion 2017 Php13.7 billion Core Net Income -9% Php15.0 billion 2017 Php215.8 billion Revenues -10% Php239.8 billion 2017 TMP [-15% Who
Slide 13: GT Capital Net Income Contribution
GT Capital Net Income Contribution Associates (MBT, AXA, MPI, TFS) delivered strong growth AXA TFSPH TMBC PCFI TFSPH TMBC PCFI 3.6% 1.6% 1.3% AXA 3.5% 1.8% 0.6% 2.1% 4.5% TMP MPIC MPIC 23.5% 11.6% Fed TMP 12.7% Land 38.2% Fed 7.9% Land 7.0% MBT MBT 33.7% 46.2% MBT + TMP = 72% MBT + TMP = 70% 2017 20
Slide 14: Net Income Contribution by Sector
GT Capital Net Income Contribution by Sector Noteworthy growth in insurance and infrastructure sectors Insurance Infrastructure Insurance 4% Infrastructure 5% 12% 13% Automotive Property Automotive Property 26% 10% 41% 10% Banking Banking 34% 46% 2017 2018 14
Slide 15: GT Capital Holdings Incorporated
Z,al CAPITAL HOLDINGS INCORPORATED qebenneneiow L ie | ME WAI | (WHE
Slide 16: Banking Sector Updates
Banking Sector Updates Banking still an underpenetrated sector Deposit accounts per 1,000 individuals ASEAN Members and Observers, 2017 2,277 2,242 Deposit accounts per 1,000 1,955 1,549 individuals 1,056 963 579 577 518 252 Source: International Monetary Fund Financial Access Survey, Tracking Acces
Slide 17: Full-Year 2018 Peer Banks Highlights
Full-Year 2018 Peer Banks Highlights Net Income (Php Billion) Net Interest Margin – NIMs (%) +17% +3% 32.7 +21% 3.8% 3.6% 22.0 23.1 3.1% BDO MBT BPI MBT BDO BPI NII less Opex (Php Billion) Fee Income* (Php Billion) 15.2 +6% +13% -2% 12.2 30.7 14.0 11.0 0.3 MBT BPI BDO BDO MBT BPI *Includes Service F
Slide 18: Full-Year 2018 Peer Banks Highlights
Full-Year 2018 Peer Banks Highlights Total Equity (Php Billion) Total CAR and CET1 (%) +10% +40% +38% CAR CET1 327 283 17.0% 249 16.1% 15.2% 14.6% 13.7% 12.1% Minimum BDO MBT BPI CET1* Total Loans (Php Billion) 10.17% +15% +10% +13% 2,001 1,391 1,350 MBT BDO BPI BDO MBT BPI *Minimum 11% by January 2
Slide 19: Metrobank Financial Highlights
Metrobank Financial Highlights Operating Income Net Interest Income +12% (Php68.8B or 74% of Operating +10% 92.6 84.2 23.8 Income) 22.8 ₋ NIMs from 3.75% to 3.82% in Php Billion 61.4 68.8 Non-Interest Income ₋ Loan portfolio +10% from Php1.3T to +4% Php1.4T Net Int. Income Non-Interest incom
Slide 20: Key Performance Drivers
Key Performance Drivers Loans and Receivables (Php Billion) Total Loan Portfolio Breakdown +10% Consumer 1,391 24% Commercial +8% +11% 76% Consumer Loan Portfolio Breakdown Credit Cards, 1,265 Others +15% 22% 33% Home +8% Auto 45% +4% FY 2017 FY 2018 Source: 17-C Report as of 31 December 2018 20
Slide 21: Investment Case
Investment Case Solid net income growth, consistent across quarters Loan growth remains healthy Sustained NIM expansion Expanding recurring revenue base Stable asset quality
Slide 22: GT Capital Holdings Incorporated
si, G@T CAPITAL HOLDINGS INCORPORATED
Slide 23: Comprehensive Auto Resurgence Strategy (CARS) Incentives
Comprehensive Auto Resurgence Strategy (CARS) Implementing Rules and Regulations – 23 December 2015 Incentives 23
Slide 24: CARS Rationale and Regulations
Comprehensive Auto Resurgence Strategy (CARS) Implementing Rules and Regulations – 23 December 2015 Rationale and Regulations • Aims to increase local content from 30% to 60% • Manufacturing of model, body shell, large plastic assemblies, common parts, OEM parts, and shared testing facility are cove
Slide 25: CARS Program Updates
CARS Program Updates Comprehensive Automotive Resurgence Strategy Participating model Php1.03 billion Vehicle Php5.24 production 348 parts Confirmed as of July 2017 billion Total Toyota CARS Project Investment 91 Toyota suppliers Php4.21 Plan as of Sept 2017 30 Confirmed direct suppliers for the bil
Slide 26: CARS Program Updates: Out-house parts projects
CARS Program Updates Out-house parts projects BOI-registered auto parts partners Php495.9 Php520.0 million million Php94.5 VALERIE PRODUCTS MANUFACTURING, INC. Php167.2 million million OGIHARA (THAILAND) CO., LTD. TECHNOL EIGHT PHILIPPINES CORP. Php1.3 billion Aggregate Investments Source: The Phili
Slide 27: CARS Program Updates: In-house parts projects
CARS Program Updates In-house parts projects approved on 7 June 2017 Press parts (Body shell) Large plastic parts manufacturing Stamping die storage expansion at Press Shop • Machine installation/ trial 1H 2018 24 Nov 2017 – Inauguration of TMP’s new • Investment plan Php1.29 billion plastic molding
Slide 28: Factors in relation to industry car sales
Factors in relation to industry car sales Historically, gasoline prices have not had a significant correlation with Philippine industry car sales. More significant contributors to auto sales would be the affordability of car loan interest rates and the increase in Filipinos’ disposable incomes. 28
Slide 29: Economic motorization amid low vehicle penetration
The Philippines is now enjoying the benefits of economic “motorization” amid low vehicle penetration Industry car sales vs. PH GDP per capita Motor vehicle penetration in ASEAN Units USD Vehicles per 1,000 individuals, 2017 500000 4000 Vehicles per 1000 450000 individuals 3500 400000 711 3000 350000
Slide 30: 2018 Recap
2018 Recap: 2017 Front Loading, 2018 Toyota specific factors, inflation and consumer confidence Toyota Vehicle Sales (In Units) vs. Inflation (in %) 18,000 2017 Front loading 6.7 8 15,000 7 6 12,000 5 9,000 4 6,000 3 2 3,000 1 0 0 Sep-16 Sep-17 Sep-18 Jan-16 Apr-16 Jul-16 Dec-16 Jan-17 Apr-17 Jul-17
Slide 31: 2018 Global Toyota Sales Performance Rankings
2018 Global Toyota Sales Performance Rankings 2018 1 Market United States Total 9 2,426,795 2 Japan 1,564,309 3 P.R. China 1,474,543 Still Top 4 Indonesia 357,390 5 Thailand 315,113 6 Canada 231,646 7 Australia 225,880 Despite sales compression 8 Brazil 202,843 9 Philippines 153,004 2017 10 11 India
Slide 32: Toyota dominant auto company: Overall Market Share
Toyota continues to be the Philippines’ dominant auto company Overall Market Share As of December 2018 YTD 38% 85,492 Unit difference No.1 No.1 No.1 Passenger Commercial Overall 17% Car Sales Vehicle Sales Sales 9% 9% 6% 6% 5% 4% Mitsubishi Hyundai 3% Nissan Ford 1% 0.9% Honda Suzuki 0.8% Isuzu Othe
Slide 33: Auto Industry Market Share
Toyota continues to be the Philippines’ dominant auto company Auto Industry Market Share As of December 2018 YTD Passenger Car Commercial Vehicle 40% 30.9% of total market 32.7% of Toyota sales 37% 69.1% of total market 67.3% of Toyota sales 29,604 55,888 Unit difference Unit difference 17% 16% 16%
Slide 34: Retail auto unit sales volume
Retail auto unit sales volume As of December 2018 YTD Industry 473,376 ▼ 15% Y-o-Y Toyota 400,298 ▼ 17% Y-o-Y • Front loading in 2017 183,908 • Inflation and dampened 153,004 consumer confidence • Vios (approx. 20%) run-out in anticipation of FMC in 1H 2018 12M 2017 12M 2018 • Impact of TNVS suspens
Slide 35: TMP Financial Highlights
TMP Financial Highlights Revenues Wholesale volume -15% 155,508 units; 185.3 Retail volume 153,004 -17% 159.2 -14% (vs -15% industry volume) TRAIN law, Inflation, Consumer in Php Billion confidence TNVS suspension Low supply of CV models (1Q 2018) Vios sales decline: 10,993 units lower 2
Slide 36: Toyota Dealership Expansion
Toyota Dealership Expansion January 2019 SANTA ROSA Nueva Ecija March 2019 DARAGA Albay 70 Dealerships as of 27 March 2019 Upcoming: Cebu (renovation), Valenzuela, Lucena (Quezon) 36
Slide 37: New model launches
TOYOTA MOVING FORWARD New model launches February 2019 Php1.442-2.686M | FY’18: 12.0% of sales January 2019 Php1.638 – 2.203M | FY’18: 0.3% of sales Introduced May 2018 July 2018 Dec 2018 37 Php958k – 1.090M Php659k – 1.110M Php1.806 – 2.007M FY’18: 7.0% of sales FY’18: 16.8% of sales FY’18: 0.1% of
Slide 38: Seasonality (Five-Year Historical)
Seasonality (Five-Year Historical) 4Q accounts for highest % of sales to total Industry Retail Sales - 2012 to 2017 Average Share of Monthly Sales to Total Sales 9.5% 8.6% 8.7% 9.1% 9.1% 8.4% 8.5% 8.5% 7.7% 7.9% 9.3% 6.7% 7.2% January February March April May June July August September October Novem
Slide 39: Vehicle Sales vs. Consumer Confidence
Vehicle Sales vs. Consumer Confidence Inflation is tapering, but consumer confidence is still negative Inflation vs. Consumer Confidence (in %) • 4Q18 consumer confidence index: declined Higher price of goods Calamities 6.6 to -22.5% from -7.1% in 3Q18. Rise in 9.5 Expected household Lower unemploym
Slide 40: TMP's road to unit sales recovery
TMP’s road to unit sales recovery • Front loading in 2017 • No additional taxes/higher discretionary income • TNVS suspension August 2017; • LTFRB 10,000 new licenses for 80% of TNVS are Vios Grab; accredited five new TNVS players • Vios run-out in anticipation of • Full production of Vios and FMC i
Slide 41: Toyota Brand Attributes
Toyota Brand Attributes Globally trusted brand QUALITY, DURABILITY, RELIABILITY (QDR) Dealership network offering full range of services Availability of original parts, supplies and service Corporate policy of High resale value (up to 50% manufacturing original of original selling price for 5 parts
Slide 42: Price Comparable by Category (PHP)
Price Comparable by Category in Million Philippine Peso (PHP) In Million PHP Toyota Hyundai Honda Mitsubishi Model Camry Accord Price 1.806 2.007 1.938 1.935 Model Corolla Altis Elantra Civic Price 0.961 1.492 0.970 1.065 1.168 1.693 Model Vios Accent (Sedan) City Mirage G4 Price 0.659 1.110 0.695 0
Slide 43: Price Comparable by Category (USD)
Price Comparable by Category in United States Dollars (USD) In US Dollars Toyota Hyundai Honda Mitsubishi Model Camry Accord Price 34,505 38,345 37,027 36,970 Model Corolla Altis Elantra Civic Price 18,361 28,506 18,533 20,348 22,316 32,346 Model Vios Accent (Sedan) City Mirage G4 Price 12,591 21,20
Slide 44: Grab drivers are now in better hands with Toyota
Grab drivers are now in better hands with Toyota Deal signed among TMP, TFS, Grab PH For existing Grab partners • Special loan packages • Maintenance Packages • Trade-in discounts • Fuel rebates • Free dash cam • Available in all Toyota dealerships w/in NCR Signed 24 Oct 2018 Effective 05 Nov 2018 4
Slide 45: Toyota Dealership Expansion
Toyota Dealership Expansion Target by end of year 2014 2015 2016 2017 2018 Current 2019E Number of Dealers 45 49 52 61 69 70 72 Expansion in Next Wave Cities outside Metro Manila Nueva Ecija DARAGA Albay January 2019 March 2019 70 Dealerships as of 28 March 2019 Upcoming: Albay, Cebu City (renovatio
Slide 46: GT Capital
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Slide 47: Residential and office demand and supply
Arcot AP Metro Manila residential condo demand In ‘000 units RESIDENTIAL DEMAND AND SUPPLY OFFICE SUPPLY AND DEMAND. Office supply expected to decline by 2020; Arcot AP Number of units 2012) 2013 «2014 «=. 2015. 2016) 2017_—- 2018 Hi Reservation Sales (Demand) [ll Launches (Supply) Source: PEP-BAML,
Slide 48: Federal Land Current Projects
Federal Land Current Projects 30 On-going Projects 8 Different Locations • 7 launched in 2011 • 11 launched in 2012 • 6 cities within Metro Manila • 5 launched in 2013 • 2 cities outside Metro Manila • 4 launched in 2014 Recurring Income at 9% of total revenue • 3 launched in 2015 • 4 launched in 20
Slide 49: Federal Land Financial Highlights
Federal Land Financial Highlights Revenues Real estate sales +16% from Php9.1B to Php10.6B 13.4 +19% Lot sales to JVs: e.g. Sunshine Fort (Php2.24B), GHR2 (Php0.45B) and AVEIA (Php0.21B) in Php Billion Deferred revenue of Php4.4B to be realized upon sale of units 11.3 Reservation sales Php12
Slide 50: Eight project launches in 2018
GEARING UP FOR FUTURE GROWTH Eight project launches in 2018 Number of units are all estimates and subject to change May May May Aug 236 units, Php2.5B 240 units, Php1.0B 163 units, Php0.7B 828 units, Php2.5B Palm Beach West Peninsula Garden Florida Sun Estates Quantum Baler Tower BAY AREA Mimosa Tow
Slide 51: Master-planned townships continue to grow
GEARING UP FOR FUTURE GROWTH Master-planned townships continue to grow and are nearing completion Grand Central Park Bonifacio Metro Park Bay Area 10 hectares Madison Park West 36 hectares Six Senses Park Avenue Residences (6) Grand Hyatt Park West Manila-Metrobank Central Park West Palm Beach West
Slide 52: Land Bank Location
Land Bank Location Land Bank Location (in hectares) Macapagal Metro Manila Metro Manila Quezon City Kalaw, Manila Bay Area, Pasay 14.8 Marikina Ermita, Manila Fort Bonifacio Marikina 8.8 Mandaluyong Mandaluyong 5.3 Makati Fort Bonifacio 1.9 Binan Laguna Binondo Manila Kalaw, Manila 0.6 Paranaque 0.3
Slide 53: Actual drone shot of Lancaster New City
Actual drone shot of Lancaster New City 53
Slide 54: Lancaster New City: 1,700 hectares
6 NLEX-SLEX Connector Road Skyway Extension NAIA Expressway Entertainment City 4 2 Cavitex C-5 South Link LRT-1 1 CALAX 3 Extension Alabang 1,700 hectares Daang-Hari MCX SLEX EPZA CALAX Exit LRT-6 5 Aveia Federal Land/ EPZA Alveo 54
Slide 55: Recent Lot Sales
Recent Lot Sales Imus Sale to Toyota Manila Bay Group to build Toyota Imus dealership Php223.8 million 1,700 13,429 sq. m @ hectares Php16,667/sq. m total June 2018 Sale to MetroPac Movers, Inc. Php1.1 billion 202,110 sq. m @ Php5,628/sq. m July 2018 Map not drawn to scale 55
Slide 56: Lancaster New City: Now Open
66 1,700 57,000 Retail/commercial Hectares of land Residents locators Now Open Soon to Open express 1,000-seater BPO hub Global leader from Australia in high-quality, human-annotated training data for machine learning and artificial intelligence 56
Slide 57: Rising Property Values Resulting from Infra and Competition
Rising Property Values Resulting from Infra and Competition CAVITEX CAVITEX C-5 South Link Target completion: 2021 Target completion: 2021 85% ROW 97% ROW CALAX CTBEx Original proponent CALAX Target construction: Target completion: 2022 2020 40% ROW
Slide 58: PRO-FRIENDS Financial Highlights
PRO-FRIENDS Financial Highlights Revenues Reservation Sales: Php21.2B Ave. Houses Completed: 452 units/mo 6.9 10.4 10.4 +50% Ave. Bank Takeout: Php649M/mo to Php730M/mo in Php Billion 6.9 0.9 Real estate sales +50% from Php6.3B to 0.6 9.5 Other Income Php9.5B 6.3 RES Excluding sale of
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Slide 60: Insurance still an underpenetrated sector
Still an underpenetrated sector Insurance Penetration as a % of GDP, 2017 21.31 Philippines Life: 1.24% 17.94 Non-Life: 0.55% Total: 1.79% 11.56 8.60 8.22 Non-Life Life 5.28 4.76 4.57 3.69 2.36 2.10 1.79 Source: SwissRe global reinsurance company, October 2018 60
Slide 61: Philippines one of the fastest-growing insurance markets
The Philippines is one of the fastest- growing insurance markets in the world Projected 10-year CAGRs of industry-wide life insurance premiums by country Top 15 fastest growing markets, 2017-2025 % CAGR UAE 10 Indonesia 9.2 Philippines Philippines 9.1% China 8.8 Brazil 8.1 Colombia 7.2 Mexico 6.9 Th
Slide 62: FY 2017 Life Insurance Industry Rankings
FY 2017 Life Insurance Industry Rankings Net Premium Income, in billion Php 32.1 26.2 20.3 19.9 19.2 17.6 11.7 Sun Life 9.9 BPI Philam 8.2 Philam PRU 6.5 Manulife Insular BDO Life ManuCHIB UCPB Life is the world’s number one insurance brand in terms of value Source: Insurance Commission, May 2018 62
Slide 63: Insurance Industry Updates
Insurance Industry Updates As of September 2018 Total Premiums Total Paid-up Capital +18% +6 % 240 52 49 204 in Php Billion +11% 66 in Php Billion 60 29 +1% 30 +20% 174 145 +11% 22 19 3Q 2017 3Q 2018 3Q 2017 3Q 2018 Legend Life insurance sector General/Non-Life insurance sector Source: Insurance Com
Slide 64: AXA Philippines Financial Highlights
AXA Philippines Financial Highlights Gross Premium New Business (APE) +13% from Php6.3B to Php7.1B due to favorable Protection & 31.6 35.4 +15% Health line o Regular Premium (RP) +17% in Php Billion Traditional +38% 26.4 29.7 AXA +13% Unit-linked +13% CPAIC +7% o Single Premium (SP) +4% 5.
Slide 65: Strong synergy and growth
Strong synergy and growth • Persistency Ratio: 85.3% ▲from 84.2% in FY 2017 • Exclusive financial advisors: 5,272 ▲from 4,000 in FY 2017 • Total bancassurance (Metrobank and PSBank) branches: 957 • AXA branches nationwide 55 Assets Under Management +2% 94.3 96.5 In Billion PHP FY 2017 FY 2018 65
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Slide 67: Strategic Partnership Agreement between GT Capital and Metro Pacific
Strategic Partnership Agreement between GT Capital (GTCAP) and Metro Pacific (MPI) Two transactions signed on 27 May 2016 Acquisition of 15.55% of Metro Pacific Sale of 56% of Global Business Power Investments Corp. (MPI) for Php29.9 Corp. (GBPC) to Beacon PowerGen billion at Php6.10 per share Holdi
Slide 68: Rationale & Significant Influence
Rationale & Significant Influence Rationale Accounting Criteria • Diversification of power for “Significant Influence” investments in the Visayas into the • Two board seats high-growth infrastructure and • Joint selection of an Independent utilities sectors Director • Many of MPIC’s ongoing PPP • Re
Slide 69: Metro Pacific Financial Highlights
Metro Pacific Financial Highlights Share in Operating Net Income (Core) Power 17.8 19.6 +10% o Meralco - Core NI Php22.4B +11% in Php Billion 0.4 0.3 Logistics / Indra 0.7 0.8 9.4 LRMC/AFPI o GBPC - Core NI Php2.5B -15% 10.8 Hospitals 3.9 4.4 Meralco/Beacon/GBPC Toll Roads - Core NI Php4.5B 3.7
Slide 70: Philippine Administration Agenda
Philippine Administration Agenda Continue stable Increase PH’s Relax constitutional Increase macroeconomic competitiveness restrictions on infrastructure policies and the ease of foreign ownership, spending to 9% doing business except for land of GDP by 2022 Boost rural Ensure security Develop human
Slide 71: Macroeconomic Indicators
Macroeconomic Indicators Foreign direct investments Inflation USD10.7 billion FY 2018E 5.2% ▲7% from 10.1 billion Y-o-Y as of December 2018 Gross international reserves Population USD78.5 billion 106.6 million end-December 2018 External Debt-to-GDP 23.5% as of Sept 2018 Personal remittances of 11 mi
Slide 72: Macroeconomic Indicators
Macroeconomic Indicators Fourth Quarter 2018 GDP Growth Components of GDP (%) As of 4Q 2018 6.2% Still the fastest 19.4% Consumption among the 3.3% ASEAN-5 11.8% Government 67.2% 4.4% Investments 2.6% 5.2% Household Consumption +6% In USD Billion Year-on-Year GDP Per Capita in USD, nominal 114.6 115
Slide 73: Outstanding Company
are recognized by the Institute of Corporate Directors as TOP-PERFORMING COMPANIES based on the ASEAN CORPORATE Mr. JV Alde Ms. Jette Gamboa Mr. Francis Suarez GOVERNANCE PSBank President Metrobank SVP GT Capital Group CFO SCORECARD Outstanding Company Philippines - Automobiles & Components Sector 7
GT Capital Holdings — Investor Presentation (March 2019) on 6ix