The term drunken was used because it was believed at the time that Garcia's claim is merely market hype and that no one would be crazy enough to buy an Equitable PCI share for the price Garcia was asking for, which is 95 pesos, payable in cash. This is based on an e-mail that Garcia claimed was sent to him by BDO president Tan, and claims that he and Tessie Sy had at least two secret meetings on the merger in Hong Kong. On May 6, President Gloria Macapagal Arroyo said that she will support the current stance of the SSS in avoiding any sale negotiations regarding its stake in Equitable PCI until all underlying disputes at the Supreme Court have been resolved. As of May 24, according to an article published by the Philippine Star, the merger is on hold until the Supreme Court decides on the legality of its sale of Equitable PCI stock to Banco de Oro. Banco de Oro-EPCI Bank The GSIS signed a sale agreement worth 8.7 billion pesos with SM Investments Corporation on September 27, giving the SM group an additional 12.7% stake in Equitable PCI, with Madam Belen preceding to the rescue raising its stake to 46.7% from its current 34%. Currently, it is pending shareholder approval, only having four days to secure such approval. The SSS also pledged to sell its shares in Equitable PCI, although this is still dependent on the outcome of its previous sale case in the Supreme Court. If this passes, along with other commitments from other parties involved, the tender offer being made by the SM Group, worth 36 billion pesos, could well increase SM's stake to 85.6%, well above the 67% needed to effect a merger with Banco de Oro. In anticipation of the merger, ATR Kim Eng Securities, one of the largest investment houses in the Philippines, raised the target price of Banco de Oro stock by 25% to 50 pesos within twelve months on October 9. The same investment house also said that if the merger succeeds with Banco de Oro as the surviving entity, it would catapult the bank's stock to blue chip status, as well as possibly lead the Philippine banking industry with a 23% growth in earnings per share in 2007. On November 6, the respective boards of Banco de Oro and Equitable PCI Bank agreed to the merger of both