Manuel Suez, a Philippine resident, filed for SVB on November 2, 2000. He met all
SVB qualification requirements and was awarded SVB beginning November 2000. Mr. Suez'
SVB is reduced due to his receipt of a monthly PVAO pension of 4,000 pesos. This converts
to $78.52 U.S. dollars using the exchange rate in effect on November 1, 2000-the month
in which the notice is prepared advising Mr. Suez that he meets all SVB qualification
requirements-reducing monthly SVB to $306.23. The cost-of-living adjustment in the
FBR effective January 2001 increases Mr. Suez' monthly SVB payment to $319.73—75 percent
of the January 2001 FBR reduced by $78.52 other benefit income. (NOTE: The exchange rate used in November 2000 remains the exchange rate of record since
there was no change in Mr. Suez' other benefit income.)
On July 2, 2001, Mr. Suez reported that his PVAO had increased to 4,500 pesos effective
May 2001. Mr. Suez' new PVAO is equivalent to $87.71 in U.S. dollars. (The pesos-to-U.S.
dollar exchange rate on May 1, 2001 is used—the first day of the month in which the
change in PVAO is first paid.) Beginning May 2001, Mr. Suez's monthly SVB is $310.54—75
percent of the May 2001 FBR ($531) reduced by $87.71 other benefit income.