October 7, 2002

BSP CIRCULAR LETTER

TO : All Banks and Non-Bank Financial Institutions with Quasi-Banking Functions

The Securities and Exchange Commission (SEC) approved on September 10, 2002 the Articles and Plan of Merger executed on January 10, 2001 and the Amended Articles and Plan of Merger executed on August 20, 2002 by and between the Rural Bank of Camalig (Albay), Inc. (Surviving Corporation) and the Rural Bank of Virac (Catanduanes), Inc. (Absorbed Corporation), whereby the entire assets and liabilities of the Rural Bank of Virac (Catanduanes), Inc. will be transferred to and absorbed by the Rural Bank of Camalig (Albay), Inc.

The merger took effect on September 10, 2002.

For information and guidance.

(SGD.) ALBERTO V. REYES
Deputy Governor