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(NAR) VOL. 9 NO. 1/JANUARY-MARCH 1998

[ IC CIRCULAR LETTER NO. 1-98, January 13, 1998 ]

PREPARATION OF THE 1997 ANNUAL STATEMENT



In connection with the preparation of your Annual Statement, we are pleased to furnish you with the following information:

1. The conversion rate to be used for foreign currencies shall be Ps39.975 to U.S. $1.00 or its equivalent.

2. The recommended values of selected stocks are in the attached list. For the valuation of stocks other than insurance companies not included in the attached list, insurance companies may furnish the Investment Services Division of this Commission with complete financial statements and audited reports on the financial condition of the issuing companies for the past three years and the corresponding proof of receipts of each dividends during the same years, for the determination of the amount, representing "fair market value" of the stocks.

Please be guided accordingly.

Adopted: 13 Jan. 1998

(SGD.) EDUARDO T. MALINIS
Insurance Commissioner

LIST OF RECOMMENDED VALUES PER SHARE OF SELECTED STOCKS AS OF DECEMBER 31, 1997

I.INSURANCE COMPANIES (Book Value per Approved 1996 Synopses) 
1. Eastern General Reinsurance Corp.15.50
2. Insular General Insurance Co., Inc.139.65
3. National Reinsurance Corp. of the Phils. 313.10
4. Tokio Marine Malayan Insurance Corp. 88.80
5. Travellers Insurance & Surety Corp. 150.75
6. Travellers Life Assurance of the Phils., Inc. 169.98
7. United Insurance Company, Inc. 28.99
II. OTHER THAN INSURANCE COMPANIES 
1. A. Brown Company, Inc. 1.02
2. A. Soriano Corporation1.58
3. Abacus Cons. Res. & Hldg. "A"0.51
4. Aboitiz Equity Ventures1.26
5. Abra Mining Industrial0.0055
6. ABS-CBN Broadcasting Corp. 18.00
7. Acoje Holdings, Inc. 0.012
8. Air Phils. Int'l. Corp. 0.24
9. Alaska Milk Corporation 1.56
10. Alcorn Petroleum & Mineral Co. "A"0.0032
11. Alsons Cement Corporation2.00
12. Alsons Cons. Resources, Inc.1.14
13. Anglo Phil. Holdings Corp.0.34
14. APC Group, Inc.0.48
15. Apex Mining Company, Inc. "A"0.0022
16. Apex Mining Company, Inc. "B"0.0065
17. Araneta Properties, Inc.0.38
18. Asia Amalgamated Holdings 0.01
19. Asian Pacific Equity Corp. 0.80
20. Asian Terminals, Inc.2.50
21. Asiatrust Development Bank, Inc.7.10
22. Atlas Consolidated Mining & Dev. Corp.1.20
23. Atlas Fertilizer Corp. "A"0.80
24. ATN Holdings, Inc.2.70
25. ATN Holdings, Inc. "B"3.00
26. Atok Big Wedge Co., Inc.39.00
27. Ayala Corporation15.75
28. Ayala Corporation — Preferred0.88
29. Ayala Land, Inc. "B"16.00
30. Bacnotan Cement Corporation1.88
31. Bacnotan Consolidated Industries, Inc.13.00
32. Baguio Gold Holdings Corp. 4.25
33. Balabac Res. & Holdings, Inc.0.29
34. Bank of the Philippine Islands89.00
35. Bankard, Inc.1.52
36. Basic Consolidated, Inc.0.32
37. Belle Corporation1.56
38. Benguet Corporation "A"2.10
39. Benpres Holdings Corp.6.00
40. Boulevard Property Holdings0.155
41. C & P Homes, Inc.2.36
42. Cebu Holdings, Inc. 1.00
43. Cebu Property Ventures "A"0.90
44. Cebu Shipyard & Engineering "A"0.94
45. Cebu Shipyard & Engineering "B"1.18
46. Centennial City, Inc.0.28
47. Central Azucarera de Don Pedro0.84
48. Centro Escolar University1,500.00
49. China Banking Corporation500.00
50. Cityland Development Corporation "A"7.00
51. Cosmos Bottling Corporation3.30
52. Crown Equities, Inc.1.08
53. Davao Union Cement Corp. "A"1.26
54. Digital Telecom Phils., Inc.1.46
55. Dizon Copper-Silver Mines0.03
56. DMCI Holdings, Inc.1.20
57. DMCI Holdings, Inc. — Pref.505.00
58. East Asia Power Res. Corp.1.58
59. Ebecom Holdings, Inc.0.105
60. Empire East Land, Inc.0.59
61. Engineering Equipment, Inc. 0.80
62. Equitable Banking Corporation 54.50
63. Ever-Gotesco Resources 0.41
64. Far East Bank & Trust Co.49.00
65. Fil-Estate Land, Inc.1.18
66. Filinvest Dev't. Corp.3.40
67. Filinvest Land, Inc.1.60
68. Filipino Fund, Inc.0.79
69. First Abacus Financial1.08
70. First Phil. Holdings Corp. "A"17.50
71. First Phil. Holdings Corp. "B"31.50
72. Fortune Cement Corp.4.00
73. Global Equities, Inc.0.50
74. Globe Telecom GMCR, Inc. "A"3.95
75. Gotesco Land, Inc.2.50
76. Gotesco Land, Inc. "B"5.20
77. Grand Plaza Hotel Corp.18.00
78. Greater Asia Res. Corp.0.51
79. Guoco Holdings (Phils.)0.77
80. Hi-Cement Corporation3.05
81. House of Investments, Inc.0.92
82. Imperial Resources0.008
83. Interphil Laboratories Inc. "A"1.38
84. Interphil Laboratories Inc. "B"1.38
85. Interport Resources0.008
86. Interport Resources "B"0.008
87. Int'l. Container Terminal Services, Inc.5.00
88. Ionics Circuits, Inc.16.50
89. Island Mining & Industries0.013
90. Itogon-Suyoc Mines, Inc.0.011
91. J.G. Summit Holdings, Inc.3.30
92. Jardine Davies, Inc.30.00
93. Jollibee Foods Corp.16.75
94. Keppel Holdings0.96
95. Keppel Holdings "B"1.50
96. Kepphil Shipyard, Inc.1.00
97. Kuok Philippine Properties0.52
98. La Tondeña Distillers, Inc.18.25
99. Lepanto Consolidated Mining Co. "A"0.35
100. Lepanto Consolidated Mining Co. "B"0.41
101. Liberty Flour Mills, Inc.18.00
102. Liberty Telecom Holdings0.28
103. Lorenzo Shipping Corporation1.20
104. Mabuhay Holdings Corp.0.45
105. Mabuhay Vinyl Corp.0.30
106. Manila Bulletin Publishing5.50
107. Manila Electric Company "A"82.50
108. Manila Electric Company " B"134.00
109. Manila Jockey Club20.00
110. Manila Mining Corporation "A"0.013
111. Manila Mining Corporation "B"0.013
112. Marsman & Company, Inc. "A"1.00
113. Marsman & Company, Inc. "B"0.75
114. Marsteel Consolidated, Inc. "A"0.011
115. Matsushita Electric Phils. Corp.9.00
116. Megaworld Properties & Holdings, Inc.0.76
117. Metro Pacific Corp.1.12
118. Metropolitan Bank & Trust Co.272.50
119. Mondragon International Phils., Inc.0.71
120. MRC Allied Industries, Inc.0.60
121. MUI Resources Phils., Inc.1.40
122. Music Corporation14.50
123. Negros Navigation Co., Inc,.0.60
124. Omico Corporation0.002
125. Oriental Petroleum & Mineral "A"0.004
126. Oriental Petroleum & Mineral "B"0.0042
127. Pacific Cement Co., Inc.4.20
128. Pacifica0.01
129. PCI Leasing & Finance, Inc. 0.72
130. PDCP Development Bank 13.75
131. Petrofields Corporation0.22
132. Petrofields Corporation "B"0.18
133. Petron Corporation3.35
134. Phil. Bank of Communication "A"130.00
135. Phil. Banking Corporation120.00
136. Phil. Commercial International Bank115.00
137. Phil. Estates Corp.3.00
138. Phil. National Bank89.00
139. Phil. National Construction Corp.4.70
140. Phil. Racing Club4.00
141. Phil. Realty & Holdings0.30
142. Phil. Savings Bank13.75
143. Phil. Telegraph & Telephone "B"0.60
144. Phil. Tobacco Flue. Curing & Redry.10.50
145. Philcomsat Holdings Corp.1.50
146. Philex Mining Corporation "A"0.51
147. Philex Mining Corporation "B"1.00
148. Philodrill Corporation "A"0.0036
149. Philodrill Corporation "B"0.003
150. Philtread Tire & Rubber "A"6.00
151. Philtread Tire & Rubber "B"10.50
152. PICOP Resources, Inc.0.42
153. Pilipino Telephone Corp. (PILTEL)4.50
154. Planters Development Bank "C"13.25
155. PLDT — COMMON880.00
156. PLDT — Series T10.00
157. PLDT — Series W15.00
158. PLDT — Series X9.40
159. Polar Mines & Development Corp.0.011
160. Premiere Ent. Prod., Inc.1.10
161. Primetown Property Group5.50
162. Prudential Banking Corporation900.00
163. Pryce Corporation1.10
164. Purefoods Corp. "A"70.00
165. Republic Glass Holdings Corp. "A"1.14
166. Reynolds Phils. Corporation1.38
167. RFM Corporation "A"6.60
168. Rizal Commercial Banking Corp.25.00
169. Robinson's Land Corporation1.38
170. San Jose Oil0.044
171. San Jose Oil "B"0.044
172. San Miguel Corporation "A"39.00
173. San Miguel Corporation "B"49.50
174. Sanitary Wares Manufacturing Corp. "B"1.00
175. Seafront Resources Corporation0.25
176. Seafront Resources Corporation "B"0.27
177. Security Bank Corporation17.00
178. Selecta Dairy Products1.60
179. Sinophil Corporation0.55
180. SM Development Corp.0.70
181. SM Prime Holdings, Inc.6.00
182. Solid Group, Inc.1.60
183. South China Petroleum & Expl.0.65
184. South Seas Resources0.008
185. Southeast Asian Cement0.53
186. SPI Technologies, Inc.22.00
187. Steniel Manufacturing0.28
188. Swift Foods, Inc.0.82
189. Trans-Asia Oil & Energy0.63
190. Unioil Res. & Holdings Co.0.34
191. Unioil Resources & Holdings0.38
192. Union Bank of the Philippines17.50
193. United Paragon Mining Co.0.21
194. Universal Rightfield Property0.66
195. Universal Robina Corporation4.95
196. Uniwide Holdings, Inc.0.60
197. Urban Bank, Inc.120.00
198. Urban Corp. Realty Dev., Inc.1.00
199. Vantage Equities, Inc.0.0065
200. Vitarich Corporation0.68
201. Vulcan Mining0.22
202. Waterfront Phils. Inc.1.12
203. Wellex Industries, Inc.0.30
204. William, Gothong & Aboitiz0.61
205. Zeus Holdings, Inc.0.70
206. Zipporah Realty Holdings, Inc.2.40






 

 
















   




   




   




   












   




   




   




   




   




   




   



 






   




   




   




   




   




   




   




   



 


   




   




   






   




   




   




   




   




   




   




   




   






   




   




   




   




   




   




   




   




   




   




   




   




   




   




   




   




   




   










   




   




   




   




   




   




   




   




   




   




   




   




   




   




   




   




   




   




   




   




   




   




   




   




   




   




   




   




   




   




   




   




   




   




   




   




   




   




   




   




   




   




   




   




   




   




   




   




   




   




   




   




   




   




   




   




   




   




   




   




   




   




   




   




   








   




   




   




   




   




   




   




   




   




   




   




   



   




   




   




   




   




   




   




   




   




   




   




   




   




   




   




   




   




   




   




   




   




   




   




   




   




   




   




   




   




   




   




   




   




   




   




   




   




   




   




   




   




   




   




   




   




   




   




   




   




   




   




   




   




   




   




   




   




   




   




   




   




   




   




   



 


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