RNS Number:0470J
First Pacific Capital (1997) Ld
27 August 2001







FIRST PACIFIC COMPANY LIMITED

PRESS RELEASE




Monday, 27 August 2001

METRO PACIFIC ANNOUNCES PRE-QUALIFIED BIDDERS FOR BLC'S NORTHERN CBD
DISPOSITION PROGRAM

The attached press release was distributed today by Metro Pacific Corporation,
in which the First Pacific Group holds an attributable interest of 80.6 per
cent.


Metro Pacific, which is based and listed in Manila, principally holds property
assets, including Bonifacio Land Corporation, Landco Pacific and Pacific Plaza
Towers. Further information on Metro Pacific can be found at
www.metropacific.com




                                    * * *


For further information, please contact:

Metro Pacific Corporation
Jose Ma. Lim                         Tel: (632) 555 0211
Group Vice President
Chief Finance Officer

Michael P. Goco                      Tel: (632) 888 0806
Group Vice President
Corporate Development

Information about First Pacific can also be accessed on:
Web Site:                     http://www.firstpacco.com
E-mail:                       info@firstpac.com.hk








                          Metro Pacific Corporation


                                PRESS RELEASE




                METRO PACIFIC ANNOUNCES PRE-QUALIFIED BIDDERS

                  FOR BLC'S NORTHERN CBD DISPOSITION PROGRAM




Metro Pacific Corporation (MPC) today announced that its subsidiary, Bonifacio
Land Corporation (BLC), has received and accepted three applications for
pre-qualification to bid its 55% development rights in respect of 18.9
hectares of land north of Big Delta and Expanded Big Delta in the Bonifacio
Global City.


Ricardo S. Pascua, President and CEO of MPC, identified the pre-qualified
applicants as property firms Ayala Land, Inc., Robinsons Land Corporation and
investment firm Penta Capital, which is leading a bidding consortium composed
of the following: Penta Capital Investment Corporation, The Philodrill
Corporation, Anglo Philippine Holdings Corp. and Penta Capital Holdings, Inc.


Pascua said that MPC and BLC are pleased with the outcome of the
pre-qualification process. "The interest generated by the bidding exercise
will hopefully create a renewed interest in the property sector", he remarked.
Pascua reiterated that this initiative will accelerate the advancement of the
Bonifacio Global City's undeveloped areas while allowing Fort Bonifacio
Development Corporation (FBDC) to concentrate on its ongoing and future
vertical developments within Big Delta and Expanded Big Delta. Said initiative
will also augment early-sustained cash flows and long-term recurring income to
the MPC Group.


Under the terms of the sale, FBDC will inject 18.9 hectares of land into a
separate wholly owned company. Said parcel of land represents the northern
CBD, for which BLC holds 55% development rights. The Bases Conversion
Development Authority (BCDA) retains the remaining balance of 45%.


The northern CBD is located north of S&R Price Club up to the Kalayaan Gate of
Fort Bonifacio and near the University Park where three major international
schools are located.


The winning proponent is required to start construction within 18 months of
the date of the notice of award and should complete horizontal development
within approximately seven years from the start of construction, subject to
market conditions.


BLC is scheduled to hold a pre-bidding conference with the three pre-qualified
proponents next week. The actual bids are due for submission on September 17,
2001.


                        ************** ***************

                                                                27 August 2001






Background


  * In 1995, a MPC-led consortium won the bid to act as a 55% partner in a
    joint venture with Philippine government agency, BCDA to develop a
    150-hectare portion of the former military base, Fort Bonifacio. The joint
    venture is called FBDC.


  * BLC is the company formed by the MPC-led consortium to hold its shares
    in FBDC. MPC holds a 69.6% interest in BLC.
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