Provident International Resources Corporation (PIRC)

CIRCULAR LETTER Series of 1997

TO : All Commercial Banks and Non-Bank Financial Intermediaries Concerned

SUBJECT : Provident International Resources Corporation (PIRC)

Attached, for your reference and guidance, is a copy of the letter dated March 10, 1997 of Mr. Reynaldo S. Guiao, Commissioner, Presidential Commission on Good Government (PCGG) regarding their hold payment order advice against all forms of money disbursements by Provident International Resources Corporation (PIRC) in view of its non-compliance of a pre-audit arrangement with the PCGG covering their disbursements.

In addition, the PCGG informed that the Supreme Court in G.R. No. 113420 promulgated on March 7, 1997 has resolved the validity of PCGG's sequestration over PIRC setting aside the previous resolutions of the Sandiganbayan lifting said sequestration.

EDGARDO P. ZIALCITA Officer-in-Charge

March 10, 1997

Hon. GABRIEL C. SINGSON Governor BANGKO SENTRAL NG PILIPINAS Vito Cruz, Roxas Blvd., Manila

Dear Governor Singson:

Please issue a hold payment order to all commercial banks and financing institutions against all forms of money disbursements by Provident International Resources Corporation (PIRC) in view of the non-compliance of a pre-audit arrangement with the Commission covering their disbursements. Attached are relevant communications pertinent to said agreement.

Please be informed that the Supreme Court in G.A. No. 113420 promulgated on 07 March 1997 in "Republic of the Philippines, represented by the PCGG as Petitioner, versus the Sandiganbayan, Provident International Resources Corporation and Philippine Casino Operators Corporation (PCOC) as Respondents, resolved the validity of the sequestration of PCGG over said corporations setting aside the previous resolutions of the Sandiganbayan lifting said sequestration.

Thank you for your prompt assistance and cooperation.

Very truly yours,

FOR THE COMMISSION:

REYNALDO S. GUIAO Commissioner