NEWSFLASH

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GOLF CLUB SHARES PLUNGE

Manila, Nov. 28, 1997 - It is now cheaper to buy entry into exclusive golf clubs.

According to Country Club Shares Specialist Broker, Inc., memberships at the elite Manila Golf Club right within snobbish Forbes Park crashed to about P24 million, while at Wack Wack Golf Club, shares sank to P14 million, both half the prices quoted four months ago.

High interest rates are blamed for the drastic plunge. To stabilize the peso, the Bangko Sentral ng Pilipinas has tightened credit and pushed rates on the 10-year bond from 13.5% in May to the current 22.9%.

The crunch is also hurting golf resort developers. Stocks of Belle Corp., builder of Tagaytay Midlands, fell 45% in the past month. Another golf course developer, Fil-Estate Land, Inc., saw its shares lose 76% since the start of the year.

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