78JZ Sg Issuer 25

RNS Number:2366N
First Pacific Capital (1997) Ld
16 November 2001

FIRST PACIFIC COMPANY LIMITED

PRESS RELEASE

Friday, 16 November 2001

METRO PACIFIC CLARIFIES PHILIPPINE DAILY INQUIRER ARTICLE OF TODAY

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:


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

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



                          Metro Pacific Corporation

                                Press Release

METRO PACIFIC CLARIFIES PHILIPPINE DAILY INQUIRER ARTICLE OF TODAY

This refers to the Philippine Daily Inquirer article of today that speculates
about a possible management buyout of Bonifacio Land Corporation (BLC).


Metro Pacific Corporation (MPC) would like to make it clear that while the
managed sale process of BLC continues, and that bids are presently being
considered, MPC has not received any offers relating to a management buyout.


Commenting on this matter, Manuel V. Pangilinan, Chairman of MPC stated:
"There is absolutely no truth to this rumor. I am not part of any management
buyout and I have no intention of ever putting myself across the table from
First Pacific in this or any transaction."


As appropriate, MPC will make further announcements once bids have been
received and considered, and once the evaluation process has been concluded.


16 November 2001

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