President's Foreword

I consider this Academic Year 2012-2013 as one of the most challenging years the Foundation has ever experienced. Amidst global financial instability, our Assets grew by P74 million, or 7.4%. Restricted donations showed a significant decrease from P32 million to P26.5 million. Also, investment income showed a drop from P28 million to P8.7 million due to low interest rates locally and globally. From a loss of P52.1 million in AY 2011-2012, the Foundation swung positively to P76.9 million this year.

Our scholarship awards and grants increased from 940 to 1070 this year with the bulk of increase in the number of scholars coming from DLSU, Manila. Compared to last year, there was a decrease of 13% in Professorial Chairs grants which in monetary terms was from P7.9million to P6.8 million. Although the Foundation had the capacity to provide 262 professorial chairs only 222 were used. Some qualified recipients failed to submit the requirements hence were not approved. Scientific research and research development expenditures showed an increase of 30% from P10 million to P13.2 million. Administrative expenses decreased by 23% from P3.6 million to P2.8 million. Our financial statements are provided in this report.

The Foundation applied for re-accreditation with the Philippine Council for NGO Certification (PCNC) as a donee institution. Before the year ends (December 2013), we are confident we will again be granted a 5 year accreditation expiring in 2018. Also, our re- accreditation with the Department of Science and Technology is on-going.

On behalf of the Foundation and the Board of Trustees, administration, students, faculties and prospective grantees I wish to extend our appreciation to all of you. Your support of the Foundation is a source of deep encouragement.

[Signed]
Rene R. Fuentes
President