For us at FICOBank, the business environment in the year 2023 presented challenges and market uncertainties which served as tests that demonstrated our resilience and capabilities. But despite the circumstances we faced, our FICOBank navigated a successful path forward and performed well as it reported a net income of Php147.99 million. Though the adapted changes in the Philippine Financial Reporting Standards (PFRS), particularly the adaption of PFRS 16, have led to an adjustment in our net income previously recorded at Php155.23 million. Consequently the adoption of the new standard also scaled up our assets to P5.92 billion.

   Our Bank also reported a better-than-expected Capital Adequacy Ratio (CAR) and Minimum Liquidity Ratio (MLR) of 23.64 percent and 75.66 percent, respectively, proving its financial strength and resilience amidst the challenges and uncertainties in the business landscape. Our ability to achieve and sustain this success is rooted in the strong foundations upon which we have built FICOBank over the years, and in staying dedicated to our Bank's mission, upholding our brand promise to remain committed to cooperative banking, and in nurturing our customers and cooperators' growth alongside our Bank's.

  We have maintained high standards of professionalism and performance in serving well the needs of our customers and cooperators through our highly skilled and well-trained personnel. At the same time, we also take advantage of the diverse range of expertise and experience we have in the board and ensure effective collaboration to fulfill our oversight responsibilities and guide our Bank strategically. This diversity empowers our Directors to fulfill their governance roles effectively.

  For over four decades in cooperative banking, our Bank continued to grow and capitalized on opportunities to serve well the countryside. To serve our clients with quality financial services and solutions and make such solutions easily accessible through our "near you servicing" pursuits, FICOBank has invested and will continue to invest in its digital transformation initiatives. The Bank has successfully migrated to its new core banking system, which is expected to provide a more streamlined process and access to inter-branch transactions for the convenience of our customers. The digital transformation initiatives were geared towards serving soon our customers with the convenience of inter-bank transactions, and digital and mobile banking services. The future of FICOBanking will be focused on enhancing the banking experience by providing ease of access for our customers, which will be embarked on through the combination of the Bank's branch network expansion and its digital banking pursuits.

   We remain committed to providing, our customers and cooperators, opportunities for economic ascendancy. We will remain observant of prudent risk management and sound banking practices as we serve the countryside with innovative, accessible, and viable financial services and solutions.

   In closing, I would like to express my gratitude to the Board of Directors and the Senior Management for your exemplary leadership and competence in serving well the best interests of our Bank and strategic partners. To our customers and cooperators, thank you for your unwavering trust. We look forward to be working again on your behalf in 2024.