Peso Rediscounting Rate

19 August 2004

Mr. Senen D. Glorioso
President
Rural Bankers Association of the Philippines
RBAP Bldg., A. Soriano Ave., cor. Arzobispo St.
Intramuros, 1000 Manila

Dear Mr. Glorioso:

In accordance with Bangko Sentral ng Pilipinas (BSP) Circular No. 411 dated …