PSE Circular for Brokers No. 2398-98

October 20, 1998 PSE CIRCULAR FOR BROKERS NO. 2398-98 SECURITIES AND EXCHANGE COMMISSION SEC FORM 11-C CURRENT REPORT UNDER SECTION 11 OF THE REVISED SECURITIES ACT (RSA) AND RSA RULE 11(a)-1(b)(3) THEREUNDER 1. October 19, 1998 Date of Report 2. SEC Identification Number ASO94-006430 3. BIR Tax Identification Number 003-942-108 4. EMPIRE EAST LAND HOLDINGS, INC. Exact name of registrant as specified in its charter 5. Metro Manila Province, Country or other jurisdiction of incorporation or organization 6. (SEC Use Only) Industry Classification Code 7. 21st Floor, The World Centre 330 Sen. Gil J. Puyat Avenue Makati City, Philippines 1227 Address of principal office 8. (632) 867-8351 to 59 Registrant's telephone number, including area code 9. Securities registered pursuant to Sections 4 and 8 of the Revised Securities Act Title of Class No. of Common Shares Outstanding Common 4,676,530,649 10. Item 9 (b). Other Events Please see Exhibit "1" hereof. Empire East To Team Up With 9 Financial Institutions For Laguna BelAir Buyers' Fund Housing developer Empire East Land Holdings, Inc. is partnering with nine banking and insurance companies for a wide range of affordable financing arrangements to be offered to new homebuyers at the Laguna Bel Air, the company's pioneer township community in Laguna. The nine financial institutions which have signified interest to allot funds for new house and lot acquisitions at the township are Far East Savings Bank, International Exchange Bank, United Coconut Planters Bank, Land Bank of the Philippines, Citibank, Great Pacific Savings Bank, Metrobank, PCIB Savings Bank and the Philippine American Life and Insurance Co. aisadc Market analysts note that this type of collaboration with a housing provider indicates a significant new direction in the banking industry where banks are taking a more active role to finance end-users especially middle-income earners interested to acquire their own homes. They see it as a fundamental shift that will benefit not only the property firms but also the banking sector in the long run. The individual house and lot financing packages being offered by the financial institutions will open up a multibillion pool of funds whose beneficiaries will include future buyers in the two expansion phases of Laguna BelAir, a community which now spans two towns in Laguna. Empire East Land Holdings President Anthony Charlemagne Yu said the partnership with the concerned institutions will provide buyers with more attractive funding alternatives each featuring competitive interest rates, long repayment periods and flexible loan availment amounts. Repayment periods under the participating institutions' housing loan packages extend to as long as 20 years. These packages also include market-competitive interest rates and loan availment amounts of up to 80 percent for some house-and-lot offerings. House and lot prices at the Laguna BelAir range from P900,000 to 1.8 million. Yu added that Empire East in presently negotiating with the partner institutions to find new ways of further enhancing the buyer appeal of the financing terms. "Empire East's partnership with these institutions is built on their stable confidence in our ability to carry on the task of providing affordable and quality housing to an end-user driven market that continues to register strong demand during these times," the Empire East president explained.