"The Company regrets that there will be
unavoidable delay in submitting its 20-F
report to the US-SEC for reasons that
compliance with new Philippine/US
Accounting Standards (SFAS) is being
worked out and the need for the financial
report to be reviewed by the US partner
of our Philippine auditing firm, Sycip Gorres
Velayo & Co. The Company expects to
meet the filing requirement before end of
the month or soon thereafter."