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An Appeal for an End to Rumors and Speculations

01.22.2001

“We are aware of the need of the Philippine economy for the banking public to have faith and confidence in the banking system. Our economic recovery and the public welfare will be supported by a strong banking system that will allow businesses to grow and for customers to know that they can save for the future with strong banks. We have noted that other Asean economies have encountered greater difficulty in their economic recovery because of weak banks.

“The Philippines' third largest bank, Equitable PCI Bank has sound fundamentals that justify our continuing support to ensure that it stays strong and that it continues to be a major player in the banking industry.  It has manifested a good track record of profitability, high capital base, and better than average asset quality under the management of a professional corps of employees. In the past few weeks, the bank has unfortunately been the subject of disinformation and text rumors.

“With this statement of assured support, we are confident that the banking public will not pay any attention to rumors anymore and will not dignify irresponsible speculation.  We expect Equitable PCI Bank to quickly regain the confidence of the banking public as the political crisis has been resolved. The financial system and the banking industry can now focus on the normalization of business activities and to move the country forward.

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