Exportbank incurs P1.15-B loss.

(From BusinessWorld (Philippines))

Byline: Ma. Elisa P. Osorio

After withholding the release of its financial statements for three quarters, Export and Industry Bank (Exportbank) finally disclosed that it incurred losses amounting to over P1 billion as of September last year.

In its loss statement - which was included in a Dec. 29, 2005 regulatory filing - the bank booked losses amounting to P1.15 billion in nine months to September last year. This is a reversal of the P12.8-million income recorded in the same period in 2004.

"We had to take a loss," Export-bank Chairman Sergio L. Ortiz-Luis told BusinessWorld, adding that the negative …