NEWSFLASH

---

HOLBROOK PRAISES FVR, JDV FOR ECONOMY

Manila, Jan. 19, 1998 - Veteran diplomat and former US Assistant Secretary of State Richard Holbrook praised President Fidel Ramos and Speaker Jose de Venecia for "evolving and maintaining the soundest economic fundamentals" in the Philippines which enabled the country to be the least affected of all Asian countries by the current financial crisis.

Holbrook, the author of the Bosnia Peace Accord, was in Manila early this week as part of an Asia-wide trip to assess the currency turmoil in the region. He is currently vice chairman of Credit Suisse First Boston Investment House.

The statesman-banker noted that the Philippine economy's sound fundamentals have drawn expressions of support and confidence in Manila by influential foreign investors.

Holbrook proposed that Bangko Sentral governor Gabriel Singson fly to New York to deliver a major policy speech on the current situation. He offered to make all the necessary arrangements for the Singson trip.

---