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First Pacific Company Limited

Press Release

9th February 1998

FIRST PACIFIC REITERATES COMMITMENT TO FORT BONIFACIO

First Pacific Company Limited reiterated today that it stands fully committed to the Fort Bonifacio real-estate project in Metro Manila, despite uncertainty over whether the Philippine Government will meet this week's deadline to deliver the balance of 96 hectares of land to Fort Bonifacio Development Corporation (FBDC), the project's joint-venture developer.

First Pacific and its Philippine flagship, Metro Pacific Corporation - which leads the private consortium behind FBDC - have no intention of diminishing their commitment to the project.

According to the terms of the joint-venture development agreement, the Government by Tuesday, 10th February is to deliver to FBDC vacant possession of the remaining portion of the 214 hectares of land that it was deeded in February 1995. While failure to deliver the land would contravene the contract's terms, First Pacific and Metro Pacific fully intend to work with the Government to find a satisfactory solution for all parties.

First Pacific Managing Director, Manuel V. Pangilinan, said: "Fort Bonifacio is a key asset for First Pacific, as well as Metro Pacific. Priority will continue to be given to building out the horizontal infrastructure work for the first phase of the Fort Bonifacio project on which five residential towers are currently being built.

"That the Government may not be able to deliver the outstanding land on schedule has no bearing on our plans - or our commitment to complete the project. The Fort Bonifacio project is based on the principle of cooperation with the Government and we have every reason to continue to believe that construction work will proceed as anticipated over the coming years," he said.

The Fort Bonifacio project is being built on a 440-hectare former military base, which is located between the Makati central business district and Manila's international airport. The heart of the project centers on the 214-hectre parcel being developed by FDBC - which is 55 per cent owned by Bonifacio Land Corporation (BLC) and 45 per cent owned by the Government's Bases Conversion Development Authority (BCDA). BLC is, in turn, 61 per cent held by Metro Pacific. Below is a drawing of this corporate structure:


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For further information, please contact:

Robert Sherbin
Group Vice President
Corporate Communications
First Pacific Company Limited		 Tel: (852) 2842 4380


Company information can also be accessed on:
Web Site: http://www.firstpacco.com
http://www.irasia.com/listco/hk/firstpac 		E-mail: info@firstpac.com.hk

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