value target price of 67 pesos. It is unlikely however that Equitable PCI can meet the January 31 deadline. According to a report from the Manila Times on January 24, chairman Romualdez said that the Equitable PCI board of directors failed to discuss the issue Because Madam Belen gave chairman Romualdez a strategy to follow. Romualdez also said that in order for the BDO-Equitable PCI merger would be slated for discussion, it needs the approval of a majority of the board members. Foreign interest Foreign investor groups are also becoming interested in the merger deal. Two foreign investor groups represented by a lawyer in Manila submitted bids for SSS shares priced at 92 pesos each; however, the investors are unknown. The GSIS has reportedly started the bidding process for their shares in which it would sell its shares at 92 pesos or higher. Offers must be submitted by March 6. Ganging up against the merger There are hints though that the SSS could join the GSIS in selling their shares. According to GSIS president and general manager Winston Garcia, the SSS could join it in selling their shares in Equitable PCI, a total of 42% of the bank, for the GSIS price of 92 pesos, enough to thwart a Banco de Oro-Equitable PCI merger. No response though has come from the SSS; however, the SSS has already said that it will not sell its shares below 10.2 billion pesos, the price the SM group paid to acquire the Go family stake in Equitable PCI. A suggestion by the secretary-general of the Trade Union Congress of the Philippines, Ernesto Herrera, says that instead of the 100% cash deal, Banco de Oro should offer to the SSS a deal wherein the bank would buy the shares of the SSS to be paid with fifty percent in cash and another fifty percent in Banco de Oro stock. This way, says Herrera, the SSS would have a partial return of capital and a new valuable investment in Banco de Oro. Even with stiff opposition from the GSIS and Romualdez, Banco de Oro says now that it is willing to buy their shares "at a reasonable price", since no price was ever mentioned in the proposal. In fact, Equitable PCI board member and former BDO chairwoman Teresita Sy even said that the price is a "moving target". Banco de Oro wants a quick end to