September 26, 2002

BSP CIRCULAR LETTER

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

The Securities and Exchange Commission (SEC) approved on August 29, 2002 the Plan and Articles of Merger executed on April 12, 2000 by and between the Pres. Jose P. Laurel Rural Bank (Tanauan, Batangas), Inc. (Surviving Corporation) and the Rural Bank of Rosario (Batangas), Inc. (Absorbed Corporation), whereby the entire assets and liabilities of the Rural Bank of Rosario (Batangas), Inc. will be transferred to and absorbed by the Pres. Jose P. Laurel Rural Bank (Tanauan, Batangas), Inc.

The merger took effect on August 29, 2002.

For information and guidance.

(SGD.) NESTOR A. ESPENILLA, JR.
Sector-in-Charge