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SECURITIES AND EXCHANGE COMMISSION

SEC FORM 17-Q

QUARTERLY REPORT PURSUANT TO SECTION 17 OF THE SECURITIES

REGULATION CODE AND BRC RULES 17 (2) (b) THEREUNDER

1.For the quarter ended June 30, 2008.

2.Commission identification number 34001 3. BIR Tax Identification No. 000-708-174-000

BANCO DE ORO UNIBANK, INC.

4.Exact name of issuer as specified in its charter

Mandaluyong City, Philippines

5.Province, country or other jurisdiction of incorporation or organization

6.	Industry Classification Code	(For SEC Use Only)
	12 ADB Ave. Ortigas Center, Mandaluyong City
7.	Address of issuer's principal office	Postal Code

702-6313/702-6000 LOC 5326

8.Issuer's Telephone number, including area code

NA

9.Former name, former address and former fiscal year, if changed since last report

10.Securities registered pursuant to Section 8 and 12 of the Code of Section 4 and 8

of the RSA
	Number of shares of	Amount of
Title of each class	common stock outstanding	Debt Outstanding
Common stock	2,302,032,661
11. Are any or all of the securities listed on a stock exchange?
Yes [X]	No. [ ]

If yes, state the name of such stock exchange and the class/es of securities listed therein: Philippine Stock Exchange -Common Stock

12.Indicate by check mark whether the registrant:

a. has filed all reports required to be filed by Section 17 of the Code and SRC Rule 17 thereunder or Section 11 of the RSA and RSA 11 (a)-1 thereunder, and Section 26 and 141 of the Corporations Code of the Philippines, during the preceding twelve (12) months or such shorter period the registrant was required to file such reports.

Yes [X]No. [ ]

b. has been subject to such filing requirements for the last ninety (90) days

Yes [X]

No. [ ]

SIGNATURES

Pursuant to the requirements of the Securities Regulation Code, the issuer has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Issuer

BANCO DE ORO UNIBANK, INC.

Signature and Title	LUCY CO DY
	EVP/COMPTROLLER
Date	August 01, 2008
Principal Financial /Accounting
Officer/Comptroller	LUCY CO DY
Signature and Title
	EVP/COMPTROLLER
Date	August 01, 2008

SEC FORM 17-Q

I hereby certify that all the information set forth in the above report are true and correct

of my own knowledge.

LUCY CO DY (EVP Comptroller)

Authorized Signatory

(PRINTED NAME & DESIGNATION)

REPUBLIC OF THE PHILIPPINES }

CITY OF MANDALUYONG } S.S.

SUBSCRIBED AND SWORN TO before me this _________4th_____________ day of August,

2008, the above affiant exhibiting to me his/her described Competent Evidence of Identity (“CEI”):

Name	CEI	Date & Place Issued
Lucy Co Dy TT0770339		09.07.2006/Manila

Notary Public

Doc. No.

Page No.

Book No.

Series of

*To be signed by any of the following officers pursuant to a Board Resolution filed with the Commission

1.Chief Operating Officer

2.Chief Financial Officer

3.Comptroller or Treasurer

BANCO DE ORO UNIBANK, INC. & SUBSIDIARIES

CASH FLOW STATEMENTS

FOR THE PERIODS ENDED JUNE 30, 2008 AND 2007

(Amounts in Thousands of Pesos)

	2008	2007
CASH FLOWS FROM OPERATING ACTIVITIES
Income before tax	P 3,296,137		P 4,493,113
Adjustments for:
Interest income	-18,051,964	-17,347,120
Interest expense	8,206,519	8,155,277
Provision for impairment losses	1,548,027	3,056,432
Depreciation and amortization	1,344,836	1,046,946
Fair value loss (gain)	29,394,643	277,135
Amortization of deferred charges	57,071	54,420
Operating loss before changes in operating
resources and liabilities	25,795,269	-263,797
Decrease (increase) in financial assets at fair value
through profit or loss	-22,798,158	5,780,738
Increase in loans and other receivables	-35,626,031	26,287,358
Increase in investment properties	1,324,318	1,113,863
Decrease (increase) in other resources	-940,399	299,709
Increase (decrease) in deposit liabilities	54,880,582	-9,287,544
Increase in other liabilities	-1,238,180		5,589,137
Cash generated from (used in) operations	21,397,401	29,519,464
Interest received	18,364,080	18,629,728
Interest paid	-7,389,336	-7,676,448
Cash paid for income tax	-917,840		-3,076,036
Net Cash From (Used in) Operating Activities	31,454,305	37,396,708
CASH FLOWS FROM INVESTING ACTIVITIES
Net acquisitions of bank premises, furniture,
fixtures and equipment	-2,249,033	-1,317,887
Net decrease (increase) in equity investment	-6,965	-523,893
Net decrease (increase) in held-to-maturity investments	572,912	29,333,072
Increase in available-for-sale financial assets	-23,218,823	-16,561,906
Dividends received
Trust account deposit under escrow
Net Cash From (Used in) Investing Activities	-24,901,909	10,929,386
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of common shares	0	0
Net proceeds from (payments of) bills payable	8,963,217	-21,094,350
Sale (acquisition) of treasury stock	0	1,428,104
Dividends paid	0		0
Net Cash From (Used in) Financing Activities	8,963,217	-19,666,246
NET INCREASE IN CASH
AND CASH EQUIVALENTS (Carried Forward)	15,515,613	28,659,848
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR
Cash and other cash items	18,387,847	17,905,035
Due from Bangko Sentral ng Pilipinas	49,461,276	42,236,370
Due from other banks	20,689,635		12,834,782
	88,538,758	72,976,187
CASH AND CASH EQUIVALENTS AT END OF YEAR
Cash and other cash items	13,990,697	10,188,565
Due from Bangko Sentral ng Pilipinas	76,975,529	68,945,128
Due from other banks	13,088,145		22,502,342
	104,054,371	101,636,035

BANCO DE ORO UNIBANK, INC. & SUBSIDIARIES 12 ABD Ave. Ortigas Center, Mandaluyong City

AGING OF LOANS AND ACCOUNTS RECEIVABLE

As of June 30, 2008

(Amounts in Thousands of Pesos)

	TYPE OF ACCOUNTS		CURRENT		61 – 180 DAYS		181 - 360 DAYS		OVER 360 DAYS		ITEMS IN		TOTAL
											LITIGATION
	A. INTERBANK CALL LOANS RECEIVABLES	P	22,442,629	P	0	P	0	P	0	P	0	P	22,442,629
	Interbank Call Loan Receivable-Local Banks		3,076,133										3,076,133
	Interbank Call Loan Receivable-Fx. Regular		4,490										4,490
	Interbank Call Loan Receivable Fcdu(Fx Banks-Abroad)		19,362,006										19,362,006
	B. LOANS AND RECEIVABLES	P	312,574,250	P	6,285,193	P	2,680,907	P	12,490,129	P	2,073,412	P	336,103,891
	Loans & Discounts		218,942,817		3,574,043		744,757		4,260,162		1,771,274		229,293,053
	Agra-Agri Loans		27,628,400		286,340		70,042		1,092,098		93,400		29,170,280
	Development Incentive Loans		346,504		13,290		31,665		17,808		17,062		426,329
	Bills Purchases		14,262,741		19,810		0		16,147		1,817		14,300,515
	Customers Liability on draft under LC/TR		25,444,146		174,066		339,938		2,637,208		65,714		28,661,072
	Customers Liability for this bank's acceptances		2,938,469		0		0		0		0		2,938,469
	Credit Card Receivables		11,066,829		1,029,041		946,792		491,004		0		13,533,666
	Restructured Loans		686,831		1,153,908		534,172		3,672,148		107,397		6,154,456
	Other Loan & Receivables		3,778,422		34,695		13,541		303,554		16,748		4,146,960
	Reverse Repurchase Agreement		7,479,091		0		0		0		0		7,479,091
	C. ACCOUNTS RECEIVABLE	P	4,411,979	P	32,338	P	89,506	P	196,004	P	337	P	4,730,164
	TOTAL	P	339,428,858	P	6,317,531	P	2,770,413	P	12,686,133	P	2,073,749	P	363,276,684

Annex A

BANCO DE ORO UNIBANK, INC. & SUBSIDIARIES 12 ABD Ave. Ortigas Center, Mandaluyong City

COMPUTATION OF WEIGHTED NUMBER OF COMMON SHARES

(Amounts in Thousands of Pesos Except Per Share Data)

NO. OF SHARES – COMMON			Balance of		Average Number of
As of June		Common Shares			Common Shares
January 2007			2,270,628
February 2007			2,270,628
March 2007			2,270,628
April 2007			2,270,628
May 2007			2,270,628
June 2007			2,270,628		2,270,628
Weighted Average					2,270,628
Basic Earnings per share
Consolidated Net Income					3,176,033
Divided by the weighted average number of
outstanding common shares					2,270,628
Basic Earnings per share					1.40
Diluted Earnings Per Share					1.38
January 2008			2,302,032
February 2008			2,302,032
March 2008			2,302,032
April 2008			2,302,032
May 2008			2,302,032
June 2008			2,302,032		2,302,032
Weighted Average					2,302,032
Basic Earnings per share
Consolidated Net Income for the six-months period ending June 2008					2,380,081
Divided by the weighted average number of
outstanding common shares					2,302,032
Basic Earnings per share					1.03
Diluted Earnings Per Share
Consolidated Net Income for the six-months period ending June 2008					2,380,081
Total Consolidated net income for DEPS computation					2,380,081
Weighted Average number of outstanding common shares			2,302,032		2,302,032
Add: Amount of Grant			52,200
Stock Grant
Average amount of grant			26,100
Average market price of BDO Shares (P103.50/2)			51.75		504
Stock Options
Stock Grant			504.35
	X		10.00		5,044
Total number of share to be issued					5,548
Treasury Shares (5,044x29/51.75)			2,827		-2,827
Potential Common Shares from assumed conversion
of stock option plan					2,721
Total weighted average Common Shares after conversion					2,304,753
Diluted Earnings Per Share					1.03

7.g Segment revenue and segment result for business segments or geographical segments whichever is the issuer’s primary basis of segment reporting. (This shall be provided only if the issuer is required to disclose segment information in its annual financial statements).

Remarks: NONE. The Bank does not yet report quarterly revenues and expenses by business segment.

7.h Material events subsequent to the end of the interim period that have not been reflected in the financial statements for the interim period.

Remarks: NONE

7.i The effect of changes in the composition of the issuer during the interim period, including business combinations, acquisition or disposal of subsidiaries and long-term investments, restructurings and discontinuing operations.

Remarks: NONE

7.j Changes in contingent liabilities or contingent assets from December 31,2007.

Total Contingent Accounts went up by 24% to P665.255B due to the following:

Trust Department Accounts increased by 7% to P294.236B from higher levels of funds managed.

Outstanding Guarantees Issued and Export L/Cs Confirmed grew by 195% and 185% to P4.154B and P214M, respectively, on account of higher volume of trade transactions.

Bills for Collection was increased by 84% to P16.643B from increased levels of bills, drafts and checks sent for collection.

Late Deposit / Payments Received was up by 186% to P5.562B as more transactions were received from clients after clearing cut-off time.

Other Contingent Accounts expanded by 43% to P319.508B primarily owing to higher volume of spot, forward and swap transactions.

ISCUSSION & ANALYSIS

I.Balance Sheet – June 2008 vs. December 2007

Total Resources expanded by 10% to P676.665B from a growth in liquid assets funded by an increase in Total Deposits.

Cash and Other Cash Items went down by 24% to P13.991B to maximize earnings on reserve assets. Additionally, the year-end 2007 level was unusually high due to cash deposits by clients, from sales generated during the Christmas season.

Due from BSP account accordingly increased by 56% to P76.976B, coming from the Bank’s cash account as well as additional reserves from a higher level of deposits.

Due from Other Banks declined by 37% to P13.088B owing to lower levels of foreign currency denominated placements and working balances with correspondent banks.

Investment Securities grew by 9% to P179.409B. Available-for-Sale Securities (AFS) rose by P19.269B or 25%, owing to investment of excess liquidity as well as a rebalancing of the securities portfolio from Financial Assets at Fair Value Through Profit or Loss (FVPL), which declined by P6.298B or 30%.

Net Loans and Other Receivables went up by 10% to P341.397B from a 41% increase in interbank loans and an 8% growth in gross receivables from customers as the Bank continued to expand its corporate and consumer loan portfolios.

Bank Premises rose by 12% to P12.768B on account of expenditures related to head office renovations, conversion of former EPCI branches, and investments in new equipment in anticipation of higher business volumes.

Investment Properties declined by 10% to P16.394B, owing to the Bank’s ROPA disposal programs.

Total Deposit Liabilities grew by 12% to P498.845B from an increase in low cost deposits owing to continued deposit marketing efforts. Savings Deposits declined by 12% as the Bank started to convert its high-cost savings deposits into Time Deposits, which consequently increased by 92%.

Bills Payable also increased by 18% to P62.181B on account of higher levels of interbank borrowings to support earning assets growth.

Subordinated Notes Payable increased by 8% to P20.146B as the Bank issued P10.0B worth of Lower Tier 2 Capital and redeemed a previous $200M Lower Tier 2 issue.

Capital Funds went down by 10% to P54.547B, despite the Bank’s profit for the first half of the year. The decline is attributable to the payment of cash dividends in April as well as unrealized losses on AFS Securities vis-à-vis unrealized gains as of year-end 2007.

II. Balance Sheet – June 2008 vs. June 2007

Total Resources grew by 12% from an expansion in the Bank’s investment securities and loan portfolios, funded by deposits and other borrowings.

Cash and Other Cash Items as well as Due from BSP increased by 37% and 12%, respectively, on account of growth in deposit levels.

Due from Other Banks went down by 42%, due to lower levels of foreign currency denominated placements and working balances with foreign banks.

Investment Securities rose by 9% from a growth in AFS and Held-to-Maturity Securities of 16% and 21%, respectively. On the other hand, FVPL declined by 43%.

Net Loans and Other Receivables grew by 24% as gross customer receivables expanded by 24% from sustained loan marketing efforts, and Securities Purchased Under Reverse Repurchase Agreements went up 96%.

Bank Premises went up by 9% owing to investments related to head office renovations, EPCI branch conversions and investments in new equipment.

Equity Investments declined by 26% to P1.702B due to additional allowance for impairment and the sale of certain non-core subsidiaries.

Deferred Tax Assets dropped by 12% to P5.391B following the de-recognition of a portion of the Bank’s tax assets, which may not be realized in the future.

Other Resources went down by 42% primarily owing to the sale of the Bank’s special purpose subsidiary, Onshore Strategic Assets, Inc.

Total Deposit Liabilities grew 9% from continued deposit marketing efforts. Savings Deposits dropped by 12% as the Bank started to convert its high-cost savings deposits into Time Deposits, which accordingly increased by 68%.

Bills Payable likewise increased by 58% to support the expansion of earning assets.

Subordinated Notes Payable doubled from the two P10.0B issues of Lower Tier 2 Notes and the redemption of the Bank’s $200M Lower Tier 2 Debt.

Capital Funds slid 5% as the Bank’s bottomline profits were offset by unrealized losses on AFS Securities.

III. Income Statement – June 2008 vs. June 2007

Net Income attributable to Equity holders of the Parent Company went down by 25%, registering at P2.380B for the first half of 2008 owing to unfavorable revaluation of the Bank’s trading and investment portfolios.

Net Interest Income (NII) increased by 3% to P10.897B primarily owing to an expansion in the Bank’s investment and loan portfolios as well as an improvement in its deposit funding mix.

Provision for Impairment Loss was 49% lower at P1.548B after booking substantial provisions last year.

Other Income declined by 27% to P7.024B due to the following:

Trading Loss for the first half of the year stood at P872M versus a gain of P2.596B for the same period the previous year. This is owing to market volatility resulting in unfavorable revaluation of the Bank’s trading and investment portfolios.

Service Charges and Fees also went down by 15% to P3.521B primarily owing to sizeable one-time advisory fees in the first semester of 2007.

87M on a larger portfolio of assets managed.

Foreign Exchange Gain surged 364% to P2.177B primarily due to treasury trading activities, and increased volume of interbank swaps, trade transactions and OFW remittances.

Miscellaneous Income was down by 15% to P1.709B on account of a one-time gain on sale of EPCI shares in the first half of 2007.

Operating Expenses was slightly up by 4% to P13.077B owing to the following:

Employee Benefits increased 27% from a higher manpower count brought about by business expansion.

Taxes and Licenses decreased by 13% as the previous year’s level included the settlement of previous years’ assessments.

Security, Clerical, Messengerial & Janitorial expenditures grew by 52% primarily owing to business expansion, branch conversions and growth in other fixed assets.

Advertising expenses was up 14% due to rebranding and advertising activities.

Litigation/Assets Acquired expenses declined by 21% after considerable NPA-related expenditures last year.

Miscellaneous Expenses also dropped 12% mainly owing to lower expenses related to repairs and maintenance, representation, as well as management and other professional fees.

1.Discussion of the company’s and its majority-owned subsidiaries’ top five (5) key performance indicators. It shall include a discussion of the manner by which the company calculates or identifies the indicators presented on a comparable basis.

2Q2008 2Q2007 Inc/(Dec)

1.) Return on Average Equity (Annualized)

Net Income / Average Total Capital Account

2,380,081	/	57,543,904	8.27%
3,176,033	/	54,946,644	11.56%	(3.29%)
2.) Return on Average Assets (Annualized)
Net Income / Average Total Assets
2,380,081	/	647,043,203	0.74%
3,176,033	/	617,404,498	1.03%	(0.29%)
3.) Net Interest Margin (Annualized)
Net Interest Income / Average Earning Assets
10,897,282		/ 566,454,166	3.85%
10,572,662		/ 531,572,982	3.98%	(0.13%)

4.) Capital Adequacy Ratio (covering credit and market risk)

Total Qualifying Capital / Total Risk Weighted Assets

67,764,515	/ 460,495,036	14.72%
57,314,804	/ 367,486,556	15.60%	(0.88%)
67,764,515	/ 512,699,473*	13.22%

*includes operational risk

5.) Basic Earnings per Share
Net Income / Average Common Stock
2,380,081 / 2,302,032	1.03
3,176,033 / 2,270,628	1.40	(0.37)

Vertical Analysis-Material Changes

I.Balance Sheet – June 2008 vs. December 2007

Savings Deposits as a percentage of Total Deposits dropped to 56% from 71.5% as the Bank started to convert its high-cost savings deposits into Time Deposits, which consequently increased to 39.1% of Total Deposits from 22.8%.

II. Balance Sheet – June 2008 vs. June 2007

Savings Deposits as a portion of Total Deposits dropped to 56% from 69.1% as the Bank started to convert its high-cost savings deposits into Time Deposits, which accordingly increased to 39.1% from 25.3% of Total Deposits.

III. Income Statement – June 2008 vs. June 2007

Interest Income on Loans and Other Receivable grew to 63.6% of Total Interest Income from 56.8%, due to a significant expansion of the Bank’s loan portfolio.

Interest Expense on Deposits as a portion of Total Interest Expense dropped to 72.6% from 78.2%, as the Bank reduced its dependence on high cost deposits.

Interest Expense on Bills Payable and Other Liabilities increased to 27.4% of Total Interest Expense form 21.8%, primarily owing to the two P10.0B issues of Lower Tier 2 Notes.

Provision for Impairment Losses as a percentage of Net Interest Income went down to 14.2% from 28.9% after booking substantial provisions last year.

Trading gain as a percentage of Other Income dropped to –12.4% from 27.1%, as a result of unfavorable revaluation of the Bank’s trading and investment portfolios.

Service Charges & Fees rose to 50.1% from 43.4% of Other Income owing to a lower level of Other Income year-on-year.

FX Gain to Other Income surged to 31.0% from 4.9% on account of increased volume of treasury trading activities, interbank swaps, trade transactions and OFW remittances.

Employee Benefits as a portion Operating Expenses increased from 29.4% to 35.9%, owing to a higher manpower count brought about by business expansion.

Miscellaneous Expenses dropped to 28.5% of Operating Expenses from 33.6%, from lower expenditures for repairs and maintenance, representation, as well as management and other professional fees.

3.h Any seasonal aspects that had a material effect on the financial condition or results of operations.

Remarks: NONE