2.3  Working Capital 3.0 Management Letter 169. National Development Bank period and a decrease in claims provision from P239.53 million to  P142.50 million in the year under review.  Total operating income decreased by 50.39% from P156.05 million in the previous year to P77.42 million in the year under  review mainly as a result of the considerable change in the  following comparative figures: However, the total expenses decreased by 18.73% from P407.38  million in the previous year to P331.07 million in the year under  review. The major contributor to the reduction in total expenses is  the 40% reduction in claims provision from P239.53 million in the  previous year to P142.50 million in the year under review.  As at 31 December 2017, the working capital position of the Fund  showed current assets of P727.21 million and current liabilities of P247.20 million, resulting in a net current asset position of P480.01 million.  The financial statements submitted to me did not include management letter. Consequently, I have not been able to  comment on any issues that might had been raised therein.  As part of my writing of this report, and in line with the long standing  arrangement with the Public Accounts Committee, I had circularized  all statutory bodies and state-owned enterprises requesting them to  forward to me copies of their audited financial statements and reports  for purposes of review and inclusion of the review results in this report. The Chief Executive Officer of the Bank has responded stating that they  were unable to do so as the audit had not yet been concluded,  pending confirmation of an outstanding matter with the Ministry of  Finance and Economic Development.  183  2017 2016  Investment Income  123 791 683  155 168 223  Change in Fair Value of investments at Fair value through profit and loss  (7 253 395)  1 453 943  Foreign Exchange Losses  (107 535 908)  (61 544 764) 