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 Corporation	1.58
3. Abacus Cons. Res. & Hldg. "A"	0.51
4. Aboitiz Equity Ventures	1.26
5. Abra Mining Industrial	0.0055
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 Corporation	2.00
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 Corporation	15.75
28. Ayala Corporation - Preferred	0.88
29. Ayala Land, Inc. "B"	16.00
30. Bacnotan Cement Corporation	1.88
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 Islands	89.00
35. Bankard, Inc.	1.52
36. Basic Consolidated, Inc.	0.32
37. Belle Corporation	1.56
38. Benguet Corporation "A"	2.10
39. Benpres Holdings Corp.	6.00
40. Boulevard Property Holdings	0.155
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 Pedro	0.84
48. Centro Escolar University	1,500.00
49. China Banking Corporation	500.00
50. Cityland Development Corporation "A"	7.00
51. Cosmos Bottling Corporation	3.30
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 Mines	0.03
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 Financial	1.08
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 Corporation	3.05
81. House of Investments, Inc.	0.92
82. Imperial Resources	0.008
83. Interphil Laboratories Inc. "A"	1.38
84. Interphil Laboratories Inc. "B"	1.38
85. Interport Resources	0.008
86. Interport Resources "B"	0.008
87. Int'l. Container Terminal Services, Inc.	5.00
88. Ionics Circuits, Inc.	16.50
89. Island Mining & Industries	0.013
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 Holdings	0.96
95. Keppel Holdings "B"	1.50
96. Kepphil Shipyard, Inc.	1.00
97. Kuok Philippine Properties	0.52
98. La Tonde a 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 Holdings	0.28
103. Lorenzo Shipping Corporation	1.20
104. Mabuhay Holdings Corp.	0.45
105. Mabuhay Vinyl Corp.	0.30
106. Manila Bulletin Publishing	5.50
107. Manila Electric Company "A"	82.50
108. Manila Electric Company " B"	134.00
109. Manila Jockey Club	20.00
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 Corporation	14.50
123. Negros Navigation Co., Inc,.	0.60
124. Omico Corporation	0.002
125. Oriental Petroleum & Mineral "A"	0.004
126. Oriental Petroleum & Mineral "B"	0.0042
127. Pacific Cement Co., Inc.	4.20
128. Pacifica	0.01
129. PCI Leasing & Finance, Inc.	0.72
130. PDCP Development Bank	13.75
131. Petrofields Corporation	0.22
132. Petrofields Corporation "B"	0.18
133. Petron Corporation	3.35
134. Phil. Bank of Communication "A"	130.00
135. Phil. Banking Corporation	120.00
136. Phil. Commercial International Bank	115.00
137. Phil. Estates Corp.	3.00
138. Phil. National Bank	89.00
139. Phil. National Construction Corp.	4.70
140. Phil. Racing Club	4.00
141. Phil. Realty & Holdings	0.30
142. Phil. Savings Bank	13.75
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 - COMMON	880.00
156. PLDT - Series T	10.00
157. PLDT - Series W	15.00
158. PLDT - Series X	9.40
159. Polar Mines & Development Corp.	0.011
160. Premiere Ent. Prod., Inc.	1.10
161. Primetown Property Group	5.50
162. Prudential Banking Corporation	900.00
163. Pryce Corporation	1.10
164. Purefoods Corp. "A"	70.00
165. Republic Glass Holdings Corp. "A"	1.14
166. Reynolds Phils. Corporation	1.38
167. RFM Corporation "A"	6.60
168. Rizal Commercial Banking Corp.	25.00
169. Robinson's Land Corporation	1.38
170. San Jose Oil	0.044
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 Corporation	0.25
176. Seafront Resources Corporation "B"	0.27
177. Security Bank Corporation	17.00
178. Selecta Dairy Products	1.60
179. Sinophil Corporation	0.55
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 Resources	0.008
185. Southeast Asian Cement	0.53
186. SPI Technologies, Inc.	22.00
187. Steniel Manufacturing	0.28
188. Swift Foods, Inc.	0.82
189. Trans-Asia Oil & Energy	0.63
190. Unioil Res. & Holdings Co.	0.34
191. Unioil Resources & Holdings	0.38
192. Union Bank of the Philippines	17.50
193. United Paragon Mining Co.	0.21
194. Universal Rightfield Property	0.66
195. Universal Robina Corporation	4.95
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 Corporation	0.68
201. Vulcan Mining	0.22
202. Waterfront Phils. Inc.	1.12
203. Wellex Industries, Inc.	0.30
204. William, Gothong & Aboitiz	0.61
205. Zeus Holdings, Inc.	0.70
206. Zipporah Realty Holdings, Inc.	2.40