Banco de Oro Universal Bank (BDO) has appointed Mr. Terence Ong Sea Eng as one of the members of its Board of Directors. Mr. Ong is a Senior Executive Vice President of Singapore-based United Overseas Bank (UOB).

Mr. Ong, who joined UOB in 1982, has overall responsibility for the management and growth of UOB's global treasury and fund management businesses. He holds a Bachelor of Accountancy from the University of Singapore and has more than 20 years of experience in treasury services and operations. Before joining UOB, Mr. Ong was the Deputy General Manager of the Board of Commissioners of Currency, Singapore.

BDO and UOB have previously expressed their intention to explore means to expand their partnership, particularly in the areas of trade finance, consumer lending and private banking in the Philippines as well as in the region. Mr. Ong will play a vital role in expanding this partnership.

BDO is ranked among the top eight banks in the Philippines in terms of total deposits, net loans and capital assets as at 30 June 2006. BDO's consolidated total assets were P233.8 billion and P284.1 billion as at 31 December 2005 and 30 June 2006 respectively, and total capital funds were P20.2 billion and P21.4 billion as at 31 December 2005 and 30 June 2006 respectively.

BDO is effectively controlled by the SM Group, of which the family of Mr. Henry Sy Sr. owns directly and indirectly 53.5% of BDO's common shares as at 30 June 2006.