Investor Presentaiton

4 6.0 Sep-19 Oct-19 Source: PSA Nov-19 Dec-19 Jan-20 Feb-20 PH: Inflation within BSP target, interest rates decline Mar-20 Apr-20 May-20 Jun-20 PHP yield curve Interest rates remain low across the yield curve YTD 2020 (%) Jul-20 September inflation remains benign at 2.3% Higher transport cost pushed the consumer price index higher Inflation and BSP Policy Rate (%) PHL Inflation YoY and Contribution 8.00 3.5 2.9 Breakdown (%) 7.00 6.7 3.0 2.7 2.6 2.5 2.5 2.5 Restaurants 2.4 2.3 6.00 2.5 Educ 2.1 5.00 Recreation 2.0 4.75 4.50 4.00 Comm. 4.00 1.5 Transport 2.75 2.9 3.00 0.8 1.0 Health 3.00 2.00 1.3 0.5 0.0 0.7 0.8 1.0 1.1 Furnishing 1.0 0.8 0.9 0.7 0.6 HW, Electricity, Gas, Other Fuels 1.00 -0.5 -0.4 0.3 0.0 2.25 2.1 0.8 Cloth 0.00 Alco Bev & Tob Food & Non-Alco Bev -1.0 Jan-16 Mar-16 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 1 May-17 Jul-17 Sep-17 Nov-17 Jan-18 Mar-18 May-18 Jul-18 Sep-18 Nov-18 Jan-191 Mar-19 May-19 Jul-19 Sep-19 Nov-19 Jan-20 Mar-20 May-20 Jul-20 Sep-20 Inflation Aug-20 Sep-20 Source: CEIC 5.159 5.218 12/31/2019 2.8119 2.7078 5.0 2.5500 4.461 2.50 2.3261 2.3474 2.4040 2.4217 4.061 4.279 4.0 3.830 3.738 3.940 3.894 3.876 09/30/2020 2.0745 1.9440 3.114 3.204 3.373 3.415 2.00 2.4004 2.7748 12/31/2019 2.4217 09/30/2020 10/06/2020 2.3987 2.3984 1.6146 2.980 3.0 2.733 2.894 3.876 3.853 10/06/2020 2.370 2.573 1.50 1.2570 2.118 1.1963 2.0 1.589 1.845 1.169 2.284 2.479 2.632 2.776 2.811 1.6029 1.00 2.052 0.6870 1.2310 1.048 1.814 0.5630 1.1703 10 1.583 1.165 0.50 0.6848 0.982 0.5197 0.0 0.00 1M 3M БМ 1Y 2Y BY NP 4Y SY 10Y 20Y 25Y ROP 24 ROP 26 ROP 28 ROP 29 ROP 30 ROP 40 ROP 41 ROP 42 Source: https://www.pds.com.ph/index.html Source: Global Markets Sales ROP Yield Curve ROP yields lower YTD, reflecting the decline in global rates YTD 2020 (%) THIS DOCUMENT IS THE PROPERTY OF BANK OF THE PHILIPPINE ISLANDS. STRICTLY CONFIDENTIAL. Inflation Target -Inflation -BSP Policy Rate BPI

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