Cagamas’ ratings reflect the strong ability and flexibility of the Company to meet its financial commitments, the favorable portfolio of loans and debts with full recourse to the selling institutions, strong capitalization and a proactive and innovative management team. As the country’s National Mortgage Corporation, the Company’s strategic role in the development of the secondary mortgage market and the strength of the Company’s shareholders are positive factors.

Despite operating within an environment of excess liquidity and low interest rates, Cagamas posted an increase in both outstanding loans and debts held as well as in loans and debts purchased duringARC credits Cagamas’ management as proactive and innovative, while employing prudent operating and asset-liability management strategies.