Miranda is new PNB president

The Philippine National Bank (PNB) appointed a new president yesterday, a move analysts said showed the influence of shareholder Lucio Tan, an ethnic Chinese billionaire linked to President Joseph Estrada.

Feliciano Miranda, former deputy governor of the Central Bank of the Philippines, replaced Benjamin Palma-Gil, the bank said in a statement.

Palma-Gil will remain on PNB's 11-member board "to ensure continuity and assist in the disposition" of the government's remaining 30-percent stake.

PNB, one of the country's five largest in terms of assets, is due to be privatized this year.

Tan and his allies have acquired close to 50 percent of PNB over the past two months. They had earlier brought in six new members to the PNB board including Miranda.

The tycoon, a major contributor to Mr. Estrada's campaign in the 1998 presidential elections, has said he may try to acquire the government's share in the bank when it is offered for public bidding.

Allan Araullo, an analyst of Regina Capital Development Corp. said in a television interview that Tan was "laying the groundwork for control of PNB."

PNB shares rose P4 to close at P95 after Miranda's appointment was announced.

Analysts say Tan may want to merge PNB with Allied Bank, a medium-sized bank which he owns.

NG expects only P6.2 billion for stake The National Government expects to get only about P6.2 billion for its remaining 30-percent stake in the PNB, according to Finance Secretary Jose Pardo.

PNB has secured the services of Price Waterhous to audit the bank.

It is feared that the audit could reveal more non-performing loans and assets which could depress the value of PNB even more.