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First Pacific Cptl (78JZ)

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Tuesday 18 September, 2001

First Pacific Cptl

MPC BLC received proposal

First Pacific Capital (1997) Ld
18 September 2001



FIRST PACIFIC COMPANY LIMITED

PRESS RELEASE


Tuesday, 18 September 2001

PRE-QUALIFIED PROPONENT AYALA LAND, INC. BID TO DEVELOP THE CITY'S NORTHERN
CBD

The attached press release was distributed today by Metro Pacific Corporation,
in which the First Pacific Group holds an attributable interest of 80.6 per
cent.


Metro Pacific, which is based and listed in Manila, principally holds property
assets, including Bonifacio Land Corporation, Landco Pacific and Pacific Plaza
Towers. Further information on Metro Pacific can be found at http://
www.metropacific.com


                                    * * *

For further information, please contact:


Metro Pacific Corporation
Jose Ma. Lim                         Tel: (632) 555 0211
Group Vice President
Chief Finance Officer

Michael P. Goco                      Tel: (632) 888 0806
Group Vice President
Corporate Development


Information about First Pacific can be accessed on:
Web Site:                          http://www.firstpacco.com
E-mail:                            [email protected]



                          Metro Pacific Corporation

                                PRESS RELEASE



PRE-QUALIFIED PROPONENT AYALA LAND, INC. BID TO DEVELOP THE CITY'S NORTHERN
CBD

Metro Pacific Corporation (MPC) today announced that its subsidiary, Bonifacio
Land Corporation (BLC), has received one proposal for its 55% development
rights with respect to 18.9 hectares of land known as the northern central
business district (CBD).


Pre-qualified bidder Ayala Land, Inc. has submitted their proposal following a
series of pre-qualification conference with officials of Fort Bonifacio
Development Corporation (FBDC), the developer of the Bonifacio Global City.
Officials of the three pre-qualified proponents were present during the
opening of the bid at the FBDC headquarters in Taguig, Metro Manila.


Ricardo S. Pascua, president and CEO of MPC said: 'We will start the process
of evaluating the bid and announce our decision within the next seven days.
The proposal will be assessed on its own merit in the context of the Global
City's overall development.'


Background:


  * In 1995, an MPC-led consortium won the bid to act as 55% partner in a
    joint venture with the Philippine government agency BCDA to develop a
    150-hectare portion of the former military base, Fort Bonifacio. The joint
    venture is called FBDC.




  * BLC is the company formed by the MPC-led consortium to hold its shares
    in FBDC. MPC holds a 69.6% interest in BLC.




  * On 28 June 2001, BLC announced that it intended to sell its development
    rights over a 18.9 hectare area of land known as the northern central
    business district, which is located north of S&R Price Club and adjacent
    to the University Park.




  * On 27 August 2001, BLC announced that property firms Ayala Land, Inc.,
    Robinsons Land Corporation and investment firm Penta Capital (as the
    lead-consortium for Penta Capital Investment Corporation, The Philodrill
    Corporation, Anglo Philippine Holdings Corp. and Penta Capital Holdings,
    Inc.) had pre-qualified for the bidding of its 55% development rights in
    respect of the northern central business district.




  * Pacific Plaza Towers, a project of MPC and BCDA was inaugurated in March
    2001. Both Pacific Plaza Towers and Essensa East Forbes have residents
    since 2nd quarter of this year. e-Square, the 25 hectare PEZA-registered
    IT Park now hosts completed projects Net One Center, Hatchasia GlobalCity
    Center and Bonifacio StopOver. Bonifacio Ridge, the 18-storey residential
    condominium is scheduled for completion in 2002. The City's University
    Park hosts the Manila Japanese School, British School Manila and soon the
    International School Manila.



September 18, 2001

                                                                                
       

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