To extend final approval to the purchase/merger plan between the FIRST PHILIPPINE INTERNATIONAL BANK (First Bank) and the PDCP DEVELOPMENT BANK (PDCP)

CIRCULAR LETTER Series of 1996

TO : All Banks and Non-Bank Financial Intermediaries

The Monetary Board, in its Resolution No. 590 dated June 13, 1996, extended final approval to the purchase/merger plan between the FIRST PHILIPPINE INTERNATIONAL BANK (First Bank) and the PDCP DEVELOPMENT BANK (PDCP), with PDCP as the surviving institution. The purchase/merger plan was implemented thru the acquisition of selected assets and assumption of all liabilities of First Bank by PDCP.

The merger took effect on July 10, 1996, date of approval by the Securities and Exchange Commission of the amendments to the Articles of Incorporation of First Bank which effectively terminated the operation of First Bank as a commercial bank.

For your information and guidance.

ALBERTO V. REYES Deputy Governor