78JZ Sg Issuer 25

RNS No 1083x
FIRST PACIFIC CAPITAL (1997) LTD
14 October 1999


FIRST PACIFIC COMPANY LIMITED


  FIRST PACIFIC'S FORT BONI UNIT AGREES TO RETURN 64-HECTARES OF LAND TO
  PHILIPPINE GOVERNMENT

First Pacific announced today that Fort Bonifacio Development Corporation 
(FBDC), the developer of the landmark Fort Bonifacio project in Metro Manila,
has agreed to return a 64-hectare plot within the 214-hectare project to the
Government's Bases Conversion Development Authority (BCDA).

In exchange for relinquishing its claim to the land, Bonifacio Land Corporation
(BLC) the private consortium that owns 55 per cent of FBDC and is controlled by
First Pacific's Philippine flagship Metro Pacific Corporation - will not have to
pay the P8.8 billion that was owed to the Government from its February 1995
bid of Pesos 39.2 billion for the project.  In addition, FBDC will receive four
plots of property within the 57-hectare Big Delta development within the Global
City, and other assets worth P1.1 billion.

BLC's balance sheet as of end June 1999 had outstanding obligations of P13.7
billion and total assets of P40.2 billion.  Following the adjustments,  BLC's
debts would be reduced to just below P5 billion and total assets to P31 billion.

The agreement follows negotiations between FBDC and the BCDA, which commenced
once it became evident that the 64-hectare plot, which had been designated for a
golf course and other recreational purposes within the Fort Bonifacio site,
would not be handed over to the developer.  BCDA now proposes to use the 64
hectares for the development of an Information Technology Special Economic Zone
that would generate employment and support the Philippine's drive to become
globally competitive.

First Pacific's Executive Chairman Manuel Pangilinan said: "The agreement with
the Govermnent resolves a matter that has distracted attention from the project
for many months now.  I am very pleased with the outcome, which strengthens
BLC's balance sheet and enables the Estrada Administration to proceed with its
laudable plans to make better use of the land in line with the administration's
pro-poor policy.

"We can now move forward to accelerate development at Fort Bonifacio. Following
the enormous success of the Entertainment Center, the Philippine Stock 
Exchange's decision to relocate there and other recent events concerning
development of the project, Fort Boni is well on its way to achieving its goal
of serving as the Philippine's new central business hub," he said.

The Fort Bonifacio project is 55 per cent owned by BLC and 45 per cent owned by
the BCDA, a Government body responsible for converting former military bases to
non-military commercial use.  Carefully planned as the Philippine's first city
of the 21st century, the project is being built over the next 20-25 years on a
former military base located between Metro Manila's Makati business district and
the city's international airport.  The site will ultimately accommodate up to
300,000 residents and a million commuters and offer a wide range of cultural,
entertainment, health and educational facilities.

EDITOR'S NOTE:

The P11.7 billion owed to BLC in exchange for the 64 hectare site was
calculated using the following method:

 -  The full value of the Fort Bonifacio project is P71.2 billion, as
    established by BLC's winning bid of P39.2 billion for its 55 per cent
    participation in the development in February 1995.

 -  The 64 hectare plot represents 29.9 per cent of the 214-hectare project,
    equivalent in value to P21.3 billion. BLC's 55 per cent share of this sum
    equates to P11.7 billion. 

For further information, please contact: 

First Pacific Company Limited 
Rebecca Brown                             Tel: (852) 2842 4301 
Assistant Vice President 
Group Finance 

Metro Pacific Corporation 
Corazon P. Guidote                        Tel: (632) 811 0367 or 811 0055
Vice President 
Corporate Communications and Investor Relations

Fort Bonifacio Development Corporation
Ronaldo Mayor                             Tel: (632) 555 0216
Vice President
Marketing and Corporate Communications

Information about First Pacific can also be accessed on:

Web Site:                 http://www.firstpacco.com
                          http://www.irasia.com/listco/hk/firstpac
E-mail:                   info@firstpac.com.hk

END

MSCFFSSIIUUUFLS

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