COMPARATIVE FINANCIAL STATEMENT ANALYSIS.pptx

Financial Management

1. COMPARATIVE FINANCIAL STATEMENT ANALYSIS Submitted by: GROUP 5 – MMPA

2. COMPARATIVE FINANCIAL STATEMENT ANALYSIS BETWEEN TWO (2) PRIVATE ENTITIES GOVERNMENT AGENCIES

3. PRIVATE ENTITIES PETRON CORPORATION SHELL PILIPNAS CORPORATION PETRON CORPORATION AND SUBSIDIARIES (PETRON CORP.) & SHELL PILIPINAS CORPORATION (SHELL CORP.) CY 2022 & 2023

4. PRIVATE ENTITIES PETRON CORPORATION is the largest oil refining and marketing company in the Philippines. Established in 1933 and headquartered in Mandaluyong City, it operates an extensive network of service stations and supplies a significant portion of the country’s fuel demand. Petron operates the only remaining oil refinery in the Philippines, located in Limay, Bataan, which has the capacity to process around 180,000 barrels of crude oil per day. The company is involved in the production, marketing, and distribution of fuels, lubricants, and petrochemical products and has a growing presence in Malaysia. Petron's commitment to innovation and sustainability has made it a leader in energy supply within the region.

5. PRIVATE ENTITIES (formerly Pilipinas Shell Petroleum Corporation) is a prominent player in the Philippines' energy sector and is part of the global Shell network. Established in 1914, the company is based in Makati City and operates a network of retail service stations, offering a range of fuels, lubricants, and related products. While it previously operated a refinery in Batangas, Shell Pilipinas transitioned it into an import terminal in 2020 to align with global trends and improve operational efficiency. Known for its strong commitment to sustainable energy and innovation, Shell Pilipinas engages in various social responsibility initiatives and plays a significant role in the Philippines’ transition to cleaner energy. SHELL PILIPNAS CORPORATION

6. GOVERNMENT AGENCIES PAMANTASAN NG LUNGSOD NG MAYNILA POLYTECHNIC UNIVERSITY OF THE PHILIPPINES PAMANTASAN NG LUNGSOD NG MAYNILA (PLM)& Polytechnic University of the Philippines (PUP) CY 2019 & 2020

7. GOVERNMENT AGENCIES PAMANTASAN NG LUNGSOD NG MAYNILA is a premier public university in the Philippines, located in Intramuros, Manila. Established in 1965, PLM is known for offering high-quality education primarily for Manila residents and students from low-income backgrounds. It is widely recognized for its excellence in medicine, engineering, law, and public administration. PLM is committed to accessible education and continues to produce competent graduates who contribute to public service and various professional fields in the country.

8. GOVERNMENT AGENCIES is one of the largest public universities in the Philippines, with its main campus in Santa Mesa, Manila, and multiple campuses across the country. Founded in 1904, PUP is known for providing affordable yet quality education, with a strong focus on technical and vocational programs, as well as courses in business, engineering, and social sciences. PUP graduates are highly regarded for their competence and adaptability, and the university is celebrated for its inclusive, service-oriented approach to higher education. POLYTECHNIC UNIVERSITY OF THE PHILIPPINES

9. WORKING CAPITAL Working capital, also known as net working capital (NWC), is the difference between a company's current assets—like cash, accounts receivable/customers' unpaid bills, and inventories of raw materials and finished goods—and its current liabilities, such as accounts payable and debts. FORMULA: WORKING CAPITAL = CURRENT ASSETS - LIABILITIES

10. PETRON CORPORATION WORKING CAPITAL = CURRENT ASSETS - LIABILITIES

11. SHELL PILIPNAS CORPORATION WORKING CAPITAL = CURRENT ASSETS - LIABILITIES

12. 2022 2023 PETRON CORPORATION AND SUBSIDIARIES (in Million Pesos) 15,732 (-1,722) (-4,413,245) (-9,937,561) CY SHELL PILIPINAS CORP (in Thousand Pesos) A. WORKING CAPITAL PETRON CORPORATION •2022: POSITIVE WORKING CAPITAL OF 15,732M •2023: NEGATIVE WORKING CAPITAL OF (1,722)M SHELL PILIPINAS CORP •2022: SIGNIFICANT NEGATIVE WORKING CAPITAL OF (9,937,561)M •2023: NEGATIVE WORKING CAPITAL OF (4,413,245)M Petron, despite a decline, is closer to achieving balanced working capital than Shell. Shell, while showing improvement, remains in a more precarious financial position in terms of liquidity. Both entities could benefit from strategies to increase current assets or reduce short-term liabilities to strengthen their liquidity and operational stability.

13. PAMANTASAN NG LUNGSOD NG MAYNILA WORKING CAPITAL = CURRENT ASSETS - LIABILITIES

14. POLYTECHNIC UNIVERSITY OF THE PHILIPPINES WORKING CAPITAL = CURRENT ASSETS - LIABILITIES

15. 2019 2020 PAMANTASAN NG LUNGSOD NG MAYNILA 673,942,220 559,606,537 1,547,385,756.12 1,084,623,442.07 CY POLYTECHNIC UNIVERSITY OF THE PHILIPPINES A. WORKING CAPITAL PAMANTASANNGLUNGSODNGMAYNILA (PLM) •2019: Positive working capital of 673,942,220M •2020: Positive working capital of 559,606,537M POLYTECHNIC UNIVERSITY OF THE PHILIPPINES (PUP) •2019: Positive working capital of 1,084,623,442 •2020: Positive working capital of 1,547385,756 The computed working capital shows a strong liquidity position for both PLM and PUP in both years, though PUP has a significantly higher working capital than PLM.

16. CURRENT RATIO For every Php 1.00 of current liability, an entity mush have atleast Php 2.00 of current assets to pay for it. RULE OF THUMB: 2 OR 2:1

17. PETRON CORPORATION CURRENT RATIO = CURRENT ASSETS CURRENT LIABILITIES

18. SHELL PILIPNAS CORPORATION CURRENT RATIO = CURRENT ASSETS CURRENT LIABILITIES

19. 2022 2023 PETRON CORPORATION AND SUBSIDIARIES (in Million Pesos) 1.07 0.99 0.91 0.83 CY SHELL PILIPINAS CORP (in Thousand Pesos) B. CURRENT RATIO PETRON CORPORATION IS POSITIONED BETTER IN TERMS OF LIQUIDITY COMPARED TO SHELL PILIPINAS CORP IN 2022, BUT BOTH ENTITIES FACE CHALLENGES IN 2023 AS EVIDENCED BY THEIR CURRENT RATIOS BEING BELOW 1. PETRON NEEDS TO ADDRESS ITS DECLINING TREND, WHILE SHELL MUST CONTINUE IMPROVING ITS LIQUIDITY TO AVOID FINANCIAL DISTRESS.

20. CURRENT RATIO = CURRENT ASSETS CURRENT LIABILITIES PAMANTASAN NG LUNGSOD NG MAYNILA

21. CURRENT RATIO = CURRENT ASSETS CURRENT LIABILITIES POLYTECHNIC UNIVERSITY OF THE PHILIPPINES

22. 2019 2020 PAMANTASAN NG LUNGSOD NG MAYNILA 7.72 4.74 4.04 2.93 CY POLYTECHNIC UNIVERSITY OF THE PHILIPPINES B. CURRENT RATIO BOTH UNIVERSITIES EXHIBITED STRONG LIQUIDITY IN 2019, BUT BOTH EXPERIENCED A DECLINE IN THEIR CURRENT RATIOS BY 2020. WHILE PLM BEGAN WITH AN EXCEPTIONALLY HIGH CURRENT RATIO AND REMAINED STRONG, ITS DECLINE INDICATES A NEED FOR ATTENTION TO FINANCIAL PRACTICES. PUP ALSO DEMONSTRATED A DECREASE BUT REMAINS SOLIDLY ABOVE THE LIQUIDITY THRESHOLD, THIS SUGGESTS THAT IT IS IN A STRONG POSITION OVERALL.

23. QUICK RATIO RULE OF THUMB: 1 OR 1:1 For every Php 1.00 of current liability, an entity mush have atleast Php 1.00 of quick assets to pay for it. QUICK ASSETS current assets that will be utilized/converted into cash (receivables) within (3) months more or less; readily available within (3) months or less.

24. PETRON CORPORATION QUICK RATIO = QUICK ASSETS CURRENT LIABILITIES

25. SHELL PILIPNAS CORPORATION QUICK RATIO = QUICK ASSETS CURRENT LIABILITIES

26. 2022 2023 PETRON CORPORATION AND SUBSIDIARIES (in Million Pesos) 0.52 0.49 0.38 0.38 CY SHELL PILIPINAS CORP (in Thousand Pesos) C. QUICK RATIO BOTH CORPORATION HAS LOW QUICK RATIOS SIGNIFY POTENTIAL LIQUIDITY RISKS FOR BOTH COMPANIES, ESPECIALLY IF THEY FACE DISRUPTIONS IN INVENTORY TURNOVER. FOR PETRON, THE SLIGHT DECLINE IN THE QUICK RATIO FROM 2022 TO 2023 MAY INDICATE INCREASING FINANCIAL PRESSURE. OVERALL, THESE QUICK RATIOS UNDERSCORE THE RELIANCE OF BOTH COMPANIES ON LESS LIQUID ASSETS, PRESENTING A POSSIBLE VULNERABILITY TO MARKET FLUCTUATIONS IN THE OIL INDUSTRY

27. PAMANTASAN NG LUNGSOD NG MAYNILA QUICK RATIO = QUICK ASSETS CURRENT LIABILITIES

28. QUICK RATIO = QUICK ASSETS CURRENT LIABILITIES POLYTECHNIC UNIVERSITY OF THE PHILIPPINES

29. PAMANTASAN NG LUNGSOD NG MAYNILA 2019 2020 7.61 4.64 3.75 2.68 CY POLYTECHNIC UNIVERSITY OF THE PHILIPPINES C. QUICK RATIO BOTH GOVERNMENT INSTITUTIONS HAVE QUICK RATIOS ABOVE 1, HIGHLIGHTING THEIR STRONG LIQUIDITY AND LOW DEPENDENCY ON INVENTORY FOR MEETING IMMEDIATE OBLIGATIONS. PUP, WITH A HIGHER QUICK RATIO THAN PUP, DEMONSTRATES PARTICULARLY STRONG LIQUIDITY, BOTH INSTITUTIONS ARE IN A STABLE POSITION.

30. WORKING CAPITAL POLICY PROFITABILITY LIQUIDITY INVESTMENT OF WORKING CAPITAL

31. PETRON CORPORATION INVESTMENT OF WORKING CAPITAL

32. INVESTMENT OF WORKING CAPITAL SHELL PILIPNAS CORPORATION

33. 2022 2023 PETRON CORPORATION AND SUBSIDIARIES (in Million Pesos) CY SHELL PILIPINAS CORP (in Thousand Pesos) CONSERVATIVE CONSERVATIVE CONSERVATIVE CONSERVATIVE D. INVESTMENT OF WORKING CAPITAL •FOR TWO SUCCEEDING YEARS, BOTH PETRON AND SHELL HAVE ADOPTED CONSERVATIVE APPROACHES WITH REGARDS TO THEIR INVESTMENT IN WORKING CAPITAL. THEIR BALANCE SHEETS INDICATE THAT THEIR CURRENT ASSETS ARE HIGHER THAN THEIR FIXED ASSETS. BY ALLOCATING MORE CAPITAL TO CURRENT ASSETS OVER FIXED ASSETS, BOTH ARE MINIMIZING RISKS AT THE COST OF LOWER RETURNS.

34. INVESTMENT OF WORKING CAPITAL PAMANTASAN NG LUNGSOD NG MAYNILA

35. INVESTMENT OF WORKING CAPITAL POLYTECHNIC UNIVERSITY OF THE PHILIPPINES

36. PAMANTASAN NG LUNGSOD NG MAYNILA 2019 2020 CONSERVATIVE CY POLYTECHNIC UNIVERSITY OF THE PHILIPPINES D. INVESTMENT OF WORKING CAPITAL CONSERVATIVE CONSERVATIVE CONSERVATIVE •FOR PAST TWO YEARS, BOTH PLM AND PUP HAVE ADOPTED CONSERVATIVE APPROACH WITH REGARDS TO THEIR INVESTMENT IN WORKING CAPITAL AS REFLECTED IN THEIR BALANCE SHEETS WHERE CURRENT ASSETS EXCEED THE FIXED ASSETS.

37. FINANCING OF WORKING CAPITAL CURRENT LIABILITIES > NON-CURRENT LIABILITIES & EQUITY = AGGRESSIVE NON-CURRENT LIABILITIES & EQUITY > CURRENT LIABILITIES = CONSERVATIVE

38. PETRON CORPORATION FINANCING OF WORKING CAPITAL CURRENT LIABILITIES > NON-CURRENT LIABILITIES & EQUITY = AGGRESSIVE NON-CURRENT LIABILITIES & EQUITY > CURRENT LIABILITIES = CONSERVATIVE

39. FINANCING OF WORKING CAPITAL CURRENT LIABILITIES > NON-CURRENT LIABILITIES & EQUITY = AGGRESSIVE NON-CURRENT LIABILITIES & EQUITY > CURRENT LIABILITIES = CONSERVATIVE SHELL PILIPNAS CORPORATION

40. 2022 2023 PETRON CORPORATION AND SUBSIDIARIES (in Million Pesos) CY SHELL PILIPINAS CORP (in Thousand Pesos) CONSERVATIVE AGGRESIVE AGGRESIVE CONSERVATIVE E. FINANCING OF WORKING CAPITAL •PETRON’S FINANCING STRATEGY SHIFTED FROM CONSERVATIVE TO AGGRESSIVE APPROACH. FOR YEAR 2022, IT RELIED MORE OF ITS FINANCING FROM SECURING CURRENT LIABILITIES AND EQUITY HOWEVER, IN 2023 IT INCREASED ITS USE OF CURRENT LIABILITIES AND LESS FOR LONG TERM DEBTS. •IN CONTRAST, SHELL ADOPTED AN OPPOSITE STRATEGY, MOVING FROM AN AGGRESSIVE TO CONSERVATIVE APPROACH. IN 2022 IT USED MORE LONG-TERM DEBT AND CAPITAL OR EQUITY FOR FINANCING BUT BY 2023 IT RELIED MORE ON CURRENT LIABILITIES AND REDUCED ITS USED FOR LONG TERM DEBTS

41. FINANCING OF WORKING CAPITAL CURRENT LIABILITIES > NON-CURRENT LIABILITIES & EQUITY = AGGRESSIVE NON-CURRENT LIABILITIES & EQUITY > CURRENT LIABILITIES = CONSERVATIVE PAMANTASAN NG LUNGSOD NG MAYNILA

42. FINANCING OF WORKING CAPITAL CURRENT LIABILITIES > NON-CURRENT LIABILITIES & EQUITY = AGGRESSIVE NON-CURRENT LIABILITIES & EQUITY > CURRENT LIABILITIES = CONSERVATIVE POLYTECHNIC UNIVERSITY OF THE PHILIPPINES

43. PAMANTASAN NG LUNGSOD NG MAYNILA 2019 2020 CONSERVATIVE CY POLYTECHNIC UNIVERSITY OF THE PHILIPPINES CONSERVATIVE CONSERVATIVE CONSERVATIVE E. FINANCING OF WORKING CAPITAL •FOR TWO CONSECUTIVE YEARS, BOTH INSTITUTIONS PUP AND PLM HAVE ADOPTED A CONSERVATIVE APPROACH WITH REGARDS TO THEIR FINANCING ON THEIR WORKING CAPITAL. THEIR BALANCE SHEETS INDICATE THAT CURRENT LIABILITIES ARE LOWER THAN BOTH NON-CURRENT LIABILITIES AND EQUITY, PRIMARILY DUE TO SIGNIFICANT FUNDING OR SUBSIDY FROM THE GOVERNMENT.

44. RETURN ON SALES NET INCOME / SALES NET SURPLUS/ REVENUE

45. PETRON CORPORATION RETURN ON SALES NET INCOME / SALES

46. RETURN ON SALES NET INCOME / SALES SHELL PILIPNAS CORPORATION

47. 2022 2023 PETRON CORPORATION AND SUBSIDIARIES (in Million Pesos) CY SHELL PILIPINAS CORP (in Thousand Pesos) 0.78% 1.38% 1.27% 0.46% F. RETURN ON SALES PETRON ROSS INCREASED FROM 2022 TO 2023. THIS INDICATES IMPROVED PROFITABILITY AS IT WAS ABLE TO GENERATE A HIGHER PERCENTAGE OF PROFIT FROM EACH PESO OF SALES IN 2023. SHELL’S ROSS DECLINED SHARPLY FROM 1.38% IN 2022 TO 0.46% IN 2023. THIS DROP IMPLIES A SIGNIFICANT REDUCTION IN PROFITABILITY, SUGGESTING THAT SHELL FACED CHALLENGES IN MAINTAINING EFFICIENCY IN CONVERTING SALES INTO PROFIT.

48. RETURN ON SALES NET SURPLUS / REVENUE PAMANTASAN NG LUNGSOD NG MAYNILA

49. RETURN ON SALES NET SURPLUS / REVENUE POLYTECHNIC UNIVERSITY OF THE PHILIPPINES

50. PAMANTASAN NG LUNGSOD NG MAYNILA 2019 2020 -46% CY POLYTECHNIC UNIVERSITY OF THE PHILIPPINES 24% -45% 73% F. RETURN ON SALES PLM SHOWS A NEGATIVE ROS FOR BOTH YEARS, WITH A DEFICIT AMOUNTING TO 46% OF REVENUE IN 2019 AND 45% IN 2020. PUP HAS A POSITIVE ROS, INDICATING A SURPLUS IN BOTH YEARS. PUP’S ROS INCREASED FROM 24% IN 2019 TO 73% IN 2020, SHOWING A SUBSTANTIAL IMPROVEMENT IN MANAGING ITS REVENUE RELATIVE TO EXPENSES.

51. RETURN ON EQUITY NET INCOME / AVERAGE SHAREHOLDERS EQUITY Financial ratio that measures the performance of a company based on its average equity

52. PETRON CORPORATION RETURN ON EQUITY NET INCOME / AVERAGE SHAREHOLDERS EQUITY

53. RETURN ON EQUITY NET INCOME / AVERAGE SHAREHOLDERS EQUITY SHELL PILIPNAS CORPORATION

54. RETURN ON EQUITY NET INCOME / AVERAGE SHAREHOLDERS EQUITY

55. RETURN ON EQUITY NET INCOME / AVERAGE SHAREHOLDERS EQUITY

56. G. RETURN ON EQUITY 2023 9.51% 4.00% PETRON CORPORATION AND SUBSIDIARIES (in Million Pesos) CY SHELL PILIPINAS CORP (in Thousand Pesos) PETRON’S ROE OF 9.51% SUGGESTS IT GENERATED 9.51 PESOS OF PROFIT FOR EVERY 100 PESOS OF SHAREHOLDERS' EQUITY. SHELL’S ROE IS SIGNIFICANTLY LOWER AT 4.00%, MEANING IT GENERATED 4 PESOS OF PROFIT FOR EVERY 100 PESOS OF EQUITY.

57. G. RETURN ON EQUITY PAMANTASAN NG LUNGSOD NG MAYNILA 2020 -14% CY POLYTECHNIC UNIVERSITY OF THE PHILIPPINES 23% PLM’S ROE OF -14% INDICATES A DEFICIT, MEANING THAT FOR EVERY 100 PESOS OF EQUITY, THE INSTITUTION INCURRED A 14-PESO LOSS. PUP’S ROE OF 23% INDICATES A POSITIVE RETURN, MEANING THAT IT GENERATED A SURPLUS OF 23 PESOS FOR EVERY 100 PESOS OF EQUITY

58. RETURN ON ASSETS NET INCOME / AVERAGE TOTAL ASSETS THE ENTITY IS IN ITS GOING CONCERN (CONTINOUS OPERATION) RETURN on ASSETS

59. RETURN ON ASSETS NET INCOME / AVERAGE TOTAL ASSETS PETRON CORPORATION

60. RETURN ON ASSETS NET INCOME / AVERAGE TOTAL ASSETS SHELL PILIPNAS CORPORATION

61. RETURN ON ASSETS NET INCOME / AVERAGE TOTAL ASSETS

62. H. RETURN ON ASSETS 2023 2.24% 1.02% PETRON CORPORATION AND SUBSIDIARIES (in Million Pesos) CY SHELL PILIPINAS CORP (in Thousand Pesos) PETRON HAS A HIGHER ROA AT 2.24% THAN SHELL WITH ROA OF 1.02% . THIS COMPARISON ILLUSTRATES HOW PETRON IS SLIGHTLY MORE EFFECTIVE AT CONVERTING ITS ASSETS INTO PROFIT, PROVIDING A POTENTIAL ADVANTAGE IN TERMS OF OPERATIONAL EFFICIENCY AND COST MANAGEMENT IN THE HIGHLY COMPETITIVE AND CAPITAL-INTENSIVE OIL INDUSTRY.

63. H. RETURN ON ASSETS PAMANTASAN NG LUNGSOD NG MAYNILA 2020 -12% CY POLYTECHNIC UNIVERSITY OF THE PHILIPPINES 17% PLM’S ROA OF -12% INDICATES A DEFICIT, MEANING THAT FOR EVERY 100 PESOS OF ASSET, THE INSTITUTION INCURRED A 12-PESO LOSS. PUP’S ROA OF 17% INDICATES A SURPLUS REALTIVE TO ITS ASSETS, MEANING THAT IT GENERATED A SURPLUS OF 17 PESOS FOR EVERY 100 PESOS OF ASSETS.

64. DEBT RATIO TOTAL LIABILITIES / TOTAL ASSETS HOW MUCH ASSETS WERE FUNDED BY DEBT/LIABILITIES

65. PETRON CORPORATION DEBT RATIO TOTAL LIABILITIES / TOTAL ASSETS

66. DEBT RATIO TOTAL LIABILITIES / TOTAL ASSETS

67. I. DEBT RATIO 2022 2023 PETRON CORPORATION AND SUBSIDIARIES (in Million Pesos) CY SHELL PILIPINAS CORP (in Thousand Pesos) 75% 75% 78% 74% PETRON’S DEBT RATIO OF 75%-78% SUGGEST THAT ITS ASSETS ARE FINANCED THROUGH LIABILITIES. SHELL’S DEBT RATIO IS SLIGHTLY LOWER THAN PETRON BUT STILL 74%-75% OF ITS ASSETS ARE FUNDED THROUGH LIABILITIES.

68. DEBT RATIO TOTAL LIABILITIES / TOTAL ASSETS

69. DEBT RATIO TOTAL LIABILITIES / TOTAL ASSETS

70. DEBT RATIO TOTAL LIABILITIES / TOTAL ASSETS

71. I. DEBT RATIO PAMANTASAN NG LUNGSOD NG MAYNILA 2019 2020 9% CY POLYTECHNIC UNIVERSITY OF THE PHILIPPINES 27% 15% 78% PLMS DEBT RATIO SHOWS GRADUAL INCREASE BUT STILL MAINTAINED A RELATIVELY DEBT TO ASSET RATIO SIGNIFYING LOWER RISK, WHILE PUP HAS A DRASTIC INCREASE ON ITS DEBT RATIO, THIS INDICATES THAT A SIGNIFICANT PORTION OF ITS ASSETS IS FINACED BY DEBT, LEADING TO A HIGHER OR POTENTIAL RISK ON ITS ABILITY TO PAY OBLIGATIONS.

72. EQUITY RATIO TOTAL SHAREHOLDERS EQUITY / TOTAL ASSETS HOW MUCH ASSETS WERE FUNDED BY EQUITY/ASSETS

73. EQUITY RATIO TOTAL SHAREHOLDERS EQUITY / TOTAL ASSETS PETRON CORPORATION

74. EQUITY RATIO TOTAL SHAREHOLDERS EQUITY / TOTAL ASSETS

75. J. EQUITY RATIO 2022 2023 PETRON CORPORATION AND SUBSIDIARIES (in Million Pesos) CY SHELL PILIPINAS CORP (in Thousand Pesos) 25% 25% 22% 26% PETRON’S EQUITY RATIO OF DECLINED FROM 25% TO 22%. THIS REDUCTION INDICATES THAT THE CORP IS ICREASINGLY FINANCING ASSETS THROUGH DEBT RATHER THAN EQUITY. SHELL’S DEBT RATIO WAS MAINTAINED AND EQUITY RATIO OF 25-26%, THIS INCREASE REFLECTS STRENGTHENING OF ITS EQUITY POSITION.

76. EQUITY RATIO TOTAL SHAREHOLDERS EQUITY / TOTAL ASSETS

77. EQUITY RATIO TOTAL SHAREHOLDERS EQUITY / TOTAL ASSETS

78. J. EQUITY RATIO PAMANTASAN NG LUNGSOD NG MAYNILA 2019 2020 91% CY POLYTECHNIC UNIVERSITY OF THE PHILIPPINES 73% 85% 78% PLMS SHOWS A VERY EQUITY RATIO SHOWS WHICH SHOWS THAT MAJORITY OF ITS ASSETS ARE FINANCED THROUGH EQUITY. PUP IS LOWER, HOWEVER EQUITY RATIO IMPROVED IN 2020.

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