JUNE 21, 2004

Contact Nos.: 5273421/5279806

LABOR DISPUTE AT BPI FAMILY BANK SETTLED DESPITE ASSUMPTION ORDER

The 41-day labor dispute between BPI Family Bank and BPI Consumer Banking Group Employees Union-FFW was settled on June 15, 2004

In a report to DOLE Acting Secretary Manuel B. Imson, National Conciliation and Mediation Board (NCMB) Director Romeo A. Young said that the parties finally inked an agreement after several conciliation meetings. OIC Imson has earlier assumed jurisdiction over the labor dispute on June 2, 2004.

Notwithstanding the assumption order, the parties opted to maximize the conciliation-mediation services of the Board, which culminated in the execution of an agreement on June 15, 2004.

Director Young said that the agreement provided for a total economic package of P95.7 million benefiting 1,337 workers. Salient points in the agreement include payment of basic monthly pay of P1,050/month for the 4^th year effective October 31, 2003 and another P1,050/month for the 5^th year effective October 31, 2004, P50/month cost of living allowance, medical/dental assistance of P435 each for the 4^th and 5^th years of the CBA period and signing bonus in the amount of P9,000. The amount of the multi-purpose loan was increased to P40,000 from P33,000 to be aligned with BPI.

The assistance of Conciliator Leonida V. Romulo who facilitated the conclusion of their CBA paved the way to the settlement of the dispute.