NEWSFLASH

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BELEAGUERED ORIENT BANK TO RE-OPEN IN 2 WEEKS

Manila, Feb. 20, 1998 -President Ramos is confident that Orient Bank's rehabilitation will be undertaken successfully and that the bank will re-open soon, just like troubled Monte De Piedad & Savings Bank did last year.

Yesterday, the Bangko Sentral ng Pilipinas assured anxious depositors of Orient Bank that the BSP can finalize the entry of a new investor in two weeks or less.

"They (Orient Bank) should be able to reopen before or in less than two weeks," Singson said. "In the case of Monte de Piedad, it took us two weeks. We can resolve this even before that time."

Negotiating to purchase the bank are: RCBC, Urban Bank, PCIB and Equitable Bank.

Deogracis Vistan, president of the Bank Association of the Philippines, said Orient Bank was not insolvent but suffered liquidity problems.

Real estate developer Jose Go, a major investor in Orient Bank, said his group was willing to give up 100% of the bank to a new investor who would pour in fresh equity.

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