EPCIB Blues

In fairness to Equitable PCI Bank directors, officers

Inquirer News Service

THIS is in reaction to Conrado Banal III's column, "If it ain't broker." (Inqurirer, 8/2/05) I have previously opted to remain silent despite the continuing tirades of Banal against the Equitable PCI Bank and some of its directors and officers, but I believe it is now incumbent upon me to react to his lies to do justice to the reputation of all the parties -- Antonio L. Go who represented the Go family, Social Security System president and CEO Corazon S. de la Paz, Government Service Insurance System president and general manager Winston F. Garcia, lawyer Ferdinand Martin G. Romualdez who represented Trans Middle East Corp., and lawyer Nilo T. Divina -- who attended the meetings called by Governor Amando M. Tetangco Jr. of the Bangko Sentral ng Pilipinas (BSP, the Philippine central bank) last July 20.

As president and CEO, I was requested to be present in two meetings. The meetings were called for the sole purpose of ensuring that the bank can continue to conduct normal operations and service the needs of its clients. It was clear to all the parties that any suggestions to be discussed during the meetings will all be pursuant to the said objective—the protection of the bank and its stakeholders.

Banal's statement that "the Tetangco panel simply wanted the government side to give way to the Go family" is a malicious lie which casts aspersions on all those who were in the meetings. Discussed in the meetings were three main topics:

1. To allow the Equitable PCI Bank's management to continue running the day-to-day affairs of the bank and to exercise its authority under the limits previously granted to it.

2. To minimize heated public discussions of the shareholder issues as these may cause undue concerns on the part of the bank's clients and depositors.

3. For the major shareholder groups, to continue discussions so that a final resolution of the various issues can be arrived at as soon as possible, including the final composition of the board, where all shareholder groups would have the proper representation by virtue of their proportionate shares in the bank.

I can attest that the discussions were very open and cordial. There was never any impression on the part of the shareholders' representatives that the BSP panel was taking sides.

It is very sad that Banal would make up a story portraying that the meetings, wherein he was not even present, had objectives other than ensuring the protection of the bank and its clients. I do not know what motivated him to insist on a particular column slant, which none of the parties in the meetings ever saw.

I also take this opportunity to comment on Banal's continuing lies against my person and his oft-repeated statements that I have been siding with the Go family. I believe that the best proof that this allegation is false and one that is not shared by any of the major shareholder groups is the fact that the existing management team under my leadership was elected by both boards of directors.

If it ain't broker – Breaktime, by Conrado Banal III (Aug. 2, 2005)

RENE J. BUENAVENTURA, president and chief executive officer, Equitable PCI Bank, Makati City