Copy of letter of PCGG dated 15 May 1997

CIRCULAR LETTER Series of 1997

TO : All Banks

SUBJECT : Lifting of Sequestration Order

Attached, for your reference and guidance, is a copy of the letter dated May 15, 1997 of Mr. Herminio A. Mendoza, Commissioner, Presidential Commission on Good Government (PCGG) requesting that all banks be advised that the order of sequestration of Marsteel Consolidated, Inc., Marsteel Corp., Dayton Metals Corp., Tourist Trade and Travel Corp., Bacolod Real Estate Dev. Corp., and Armco Marsteel Alloy Corp. dated August 9, 1988 had already been lifted pursuant to the Compromise Agreement between the Republic of the Philippines represented by the PCGG, Antonio Martel and Bacolod Real Estate Development Corporation dated June 28, 1996, approved by the Sandiganbayan on August 12, 1996, and that all banks where their deposits are maintained can disburse and release funds without approval of PCGG's asset monitor and/or PCGG.

GABRIEL C. SINGSON Governor

May 15, 1997

HON. GABRIEL C. SINGSON Governor Bangko Sentral ng Pilipinas Manila

Dear Governor Singson:

Please be advised that the order of sequestration of Marsteel Consolidated, Inc., Marsteel Corp., Dayton Metals Corp., Tourist Trade and Travel Corp., Bacolod Real Estate Dev. Corp., and Armco Marsteel Alloy Corp., dated August 9, 1988 had already been lifted pursuant to the Compromise Agreement between the Republic of the Philippines represented by the Presidential Commission on Good Government (PCGG), Antonio Martel and Bacolod Real Estate Development Corporation (Bredco) dated June 28, 1996, approved by Sandiganbayan on August 12, 1996; and all banks where their deposits are maintained can disburse and release funds without approval of our asset monitor and/or PCGG.

Kindly issue the corresponding memorandum circular to all banks for their guidance.

Thank you for your usual cooperation.

Very truly yours,

FOR THE COMMISSION:

(SGD.) HERMINIO A. MENDOZA Commissioner