February 29, 2000

BSP CIRCULAR LETTER

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

Please be informed that BPI AGRICULTURAL DEVELOPMENT BANK has changed its corporate name to BPI DIRECT SAVINGS BANK, INC., effective 17 February 2000, as duly approved by the Securities and Exchange Commission. Cdpr

(SGD.) ALBERTO V. REYES
Deputy Governor