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Based on the attached audited Statement of Financial Position of Ayala Corporation, kindly prepare a reflection/reaction paper using your knowledge about our lesson on Investments and Inventories. Kindly see also the attached guidelines for your reference. AYALA LAND, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Amounts in Thousands) 5. Short-term Investments Short-term investments consist of money market placements made for varying periods of more than three (3) months and up to one (1) year and earn interest at the respective short-term investment rates. The annual interest rates of the short-term investments are as follows: 6. Financial Assets at FVTPL This account consists of: The Group invests in money market UITF which aims to generate liquidity and stable income by investing in a diversified portfolio of primarily short-term fixed income instruments and with no minimum holding period requirement. Investment in ARCH Capital Fund pertains to monetary interest in a fund in which the management takes the view that these are held for trading and it is a portfolio of identified property funds invested and managed by professional managers. In 2020, the Group also invested in Treasury Bills which are short-term secure investments issued by the Philippine government through the Bureau of Treasury (BTr) and these are held for trading. The Group's investment in UITF includes investment in BPI. As of December 31, 2020, the Group invested in UITF with a fair value of P209 million for BPI Money Market Fund and P95 million for BPI USD Short Term Funds. The Funds' Net Asset Value (NAV) was at P61,961.9 million with duration of 255 days and P41,101.9 million with duration of 307 days, respectively. As of December 31, 2019, the Group invested in BPI MMF with a fair value of P80.9 million. The BPI MMF's NAV was at P23,980.6 million with duration of 131 days. The following table provides the fair value hierarchy of the Group's financial assets at FVTPL which are measured at fair value as of December 31, 2020 and 2019: The fair value of the investment in UITF is based on net asset values as of reporting dates. The fair value of the investment in ARCH Capital Fund is determined using the discounted cash flow (DCF) method. Under the DCF method in fund fair valuation, it is estimated using assumptions regarding the benefits and liabilities of ownership over the underlying asset's life including an exit or terminal value. This method involves the projection of a series of cash flows on a real property interest. To this projected cash flow series, a market-derived discount rate is applied to establish the present value of the income stream, associated with the underlying asset. The exit yield is normally separately determined and differs from the discount rate. Significant inputs considered were rental, growth and discount rates. The higher the rental and growth rates, the higher the fair value. The higher the discount rates, the lower the fair value. The fair value of investment in treasury bills is based on BVAL reference rates on government securities. For the year ended December 31, 2020, the BVAL reference rates range from 1.002% to 3.953%. Reconciliation of fair value measurement of investment in ARCH Fund is shown below: Reconciliation of fair value measurement of Investment in UITF is shown below: 8. Inventhriee A summary of the movements in inventories is set out below: The Group has no purchase commitments pertaining to its inventories as of December 31,2020 and 2019. There are no liens and encumbrances on the Group's real estate inventories. 10. Financial Assets at Fair Value through OCl This account consists of: Investments in quoted shares of stock include shares held for clubs wherein the Group does not exercise control or demonstrate significant influence. Investments in unquoted shares of stock include unlisted shares of public utility companies which the Group will continue to carry as part of the infrastructure that it provides to its real estate projects. The Group made additional investments in equity instruments amounting to P99.0 million and P93.5 million in 2020 and 2019 , respectively. The Group also disposed investments amounting to P21.1 miltion and P56.9 million in 2020 and 2019 , respectively. No gain or loss was recognized from the disposal. Movements in the reserves for financial assets at FVOCl as of December 31, 2020 and 2019 are as follows: The Group entered into and designated interest rate swaps as hedging instruments as a cashflow hedge from loans bearing interest at floating rate. The fair value of the interest rate swap is estimated using valuation techniques with observable inputs, which uses present value calculations and incorporate various input including interest rate curves. Total fair value amounted to 7330 million. As of December 31, 2020 and 2019 reserves for financial assets at FVOCl attributable to noncontrolling interests amounted to P132.6 million and P2.6 million, respectively. The following table provides the fair value hierarchy of the Group's financial assets at fair value through OCl which are measured at fair value as of December 31, 2020 and 2019 (in thousands): December 31, 2020 Fair value measurement using December 31, 2019 Fair value measurement using? Shares of stock: Quoted Real estate Tourism and leisure Retail Utilities and energy Telecommunication Financial asset management Unquoted Tourism and leisure Financial asset management Utilities and energy Real estate Telecommunication December 31, 2020 December 31, 2020 December 31, 2020 December 31,2020 December 31, 2020 December 31, 2020 Vario Various Various Various Various Quoted prices in Significant Significant active observable unobservable markets Date of Valuation Total (Level 1) inputs Shares of stock: Quoted Real estate Tourism and leisure Financial asset management Retail Ubilies and energy Telecommunication December 31, 2019 December 31, 2019 December 31, 2019 December 31, 2019 December 31, 2019 December 31, 2019 P525,541 282,927 81,622 54,658 15, 965 2,816 (Level 2) inputs (Level 3) P.525, 541 282,927 81,622 54,658 15,965 2,816 -50 - Fair value measurement using The equity share in cumulative translation adjustments represents exchange differences arising from the translation of financial statements of the foreign operations, whose functional currency is other than Philippine Peso. Based on the attached audited Statement of Financial Position of Ayala Corporation, kindly prepare a reflection/reaction paper using your knowledge about our lesson on Investments and Inventories. Kindly see also the attached guidelines for your reference. AYALA LAND, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Amounts in Thousands) 5. Short-term Investments Short-term investments consist of money market placements made for varying periods of more than three (3) months and up to one (1) year and earn interest at the respective short-term investment rates. The annual interest rates of the short-term investments are as follows: 6. Financial Assets at FVTPL This account consists of: The Group invests in money market UITF which aims to generate liquidity and stable income by investing in a diversified portfolio of primarily short-term fixed income instruments and with no minimum holding period requirement. Investment in ARCH Capital Fund pertains to monetary interest in a fund in which the management takes the view that these are held for trading and it is a portfolio of identified property funds invested and managed by professional managers. In 2020, the Group also invested in Treasury Bills which are short-term secure investments issued by the Philippine government through the Bureau of Treasury (BTr) and these are held for trading. The Group's investment in UITF includes investment in BPI. As of December 31, 2020, the Group invested in UITF with a fair value of P209 million for BPI Money Market Fund and P95 million for BPI USD Short Term Funds. The Funds' Net Asset Value (NAV) was at P61,961.9 million with duration of 255 days and P41,101.9 million with duration of 307 days, respectively. As of December 31, 2019, the Group invested in BPI MMF with a fair value of P80.9 million. The BPI MMF's NAV was at P23,980.6 million with duration of 131 days. The following table provides the fair value hierarchy of the Group's financial assets at FVTPL which are measured at fair value as of December 31, 2020 and 2019: The fair value of the investment in UITF is based on net asset values as of reporting dates. The fair value of the investment in ARCH Capital Fund is determined using the discounted cash flow (DCF) method. Under the DCF method in fund fair valuation, it is estimated using assumptions regarding the benefits and liabilities of ownership over the underlying asset's life including an exit or terminal value. This method involves the projection of a series of cash flows on a real property interest. To this projected cash flow series, a market-derived discount rate is applied to establish the present value of the income stream, associated with the underlying asset. The exit yield is normally separately determined and differs from the discount rate. Significant inputs considered were rental, growth and discount rates. The higher the rental and growth rates, the higher the fair value. The higher the discount rates, the lower the fair value. The fair value of investment in treasury bills is based on BVAL reference rates on government securities. For the year ended December 31, 2020, the BVAL reference rates range from 1.002% to 3.953%. Reconciliation of fair value measurement of investment in ARCH Fund is shown below: Reconciliation of fair value measurement of Investment in UITF is shown below: 8. Inventhriee A summary of the movements in inventories is set out below: The Group has no purchase commitments pertaining to its inventories as of December 31,2020 and 2019. There are no liens and encumbrances on the Group's real estate inventories. 10. Financial Assets at Fair Value through OCl This account consists of: Investments in quoted shares of stock include shares held for clubs wherein the Group does not exercise control or demonstrate significant influence. Investments in unquoted shares of stock include unlisted shares of public utility companies which the Group will continue to carry as part of the infrastructure that it provides to its real estate projects. The Group made additional investments in equity instruments amounting to P99.0 million and P93.5 million in 2020 and 2019 , respectively. The Group also disposed investments amounting to P21.1 miltion and P56.9 million in 2020 and 2019 , respectively. No gain or loss was recognized from the disposal. Movements in the reserves for financial assets at FVOCl as of December 31, 2020 and 2019 are as follows: The Group entered into and designated interest rate swaps as hedging instruments as a cashflow hedge from loans bearing interest at floating rate. The fair value of the interest rate swap is estimated using valuation techniques with observable inputs, which uses present value calculations and incorporate various input including interest rate curves. Total fair value amounted to 7330 million. As of December 31, 2020 and 2019 reserves for financial assets at FVOCl attributable to noncontrolling interests amounted to P132.6 million and P2.6 million, respectively. The following table provides the fair value hierarchy of the Group's financial assets at fair value through OCl which are measured at fair value as of December 31, 2020 and 2019 (in thousands): December 31, 2020 Fair value measurement using December 31, 2019 Fair value measurement using? Shares of stock: Quoted Real estate Tourism and leisure Retail Utilities and energy Telecommunication Financial asset management Unquoted Tourism and leisure Financial asset management Utilities and energy Real estate Telecommunication December 31, 2020 December 31, 2020 December 31, 2020 December 31,2020 December 31, 2020 December 31, 2020 Vario Various Various Various Various Quoted prices in Significant Significant active observable unobservable markets Date of Valuation Total (Level 1) inputs Shares of stock: Quoted Real estate Tourism and leisure Financial asset management Retail Ubilies and energy Telecommunication December 31, 2019 December 31, 2019 December 31, 2019 December 31, 2019 December 31, 2019 December 31, 2019 P525,541 282,927 81,622 54,658 15, 965 2,816 (Level 2) inputs (Level 3) P.525, 541 282,927 81,622 54,658 15,965 2,816 -50 - Fair value measurement using The equity share in cumulative translation adjustments represents exchange differences arising from the translation of financial statements of the foreign operations, whose functional currency is other than Philippine Peso