January 15, 2003

BSP CIRCULAR LETTER

TO : All Banks and Non-Bank Financial Intermediaries

The Securities and Exchange Commission (SEC) approved on December 27, 2002 the Articles and Plan of Merger by and between FEB Investments, Inc. (Absorbed Corporation) and BPI Capital Corporation (Surviving Corporation) dated June 19, 2002, whereby the entire assets and liabilities of FEB Investments, Inc. will be transferred and absorbed by BPI Capital Corporation.

The merger took effect on December 27, 2002.

For your information and guidance.

(SGD.) ALBERTO V. REYES
Deputy Governor

AIC Grande Tower Garnet Road
Ortigas Center, Pasig City
Metro Manila Philippines

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