PSE Circular for Brokers No. 023-00

January 5, 2000 PSE CIRCULAR FOR BROKERS NO. 023-00 SECURITIES AND EXCHANGE COMMISSION SEC FORM 11-C CURRENT REPORT UNDER SECTION 11 OF THE REVISED SECURITIES ACT (RSA) AND RSA RULE 11(a)-1(b)(3) THEREUNDER 1. Date of this Report: January 4, 2000 2. SEC Identification Number PW-102 3. BIR Tax Identification Code: 350-000-101-528 4. Name of Registrant as specified in its Charter: Manila Electric Company 5. Country of Incorporation: Philippines 6. Industry Classification: (SEC use only) 7. Address: Lopez Building, Ortigas-Avenue, Pasig City 8. Telephone Numbers: 631-5571 and 631-5572 9. Securities registered pursuant to Sections 4 and 8 of RSA: Number of Shares of Title of Each Class Common Stock Outstanding Class "A" 502,297,435 Class "B" 334,864,956 Total 837,162,391 10. Item Number reported: Item 5 Item 5. Legal Proceedings This is to inform the Securities and Exchange Commission that the Company has received information as to the status of Court of Appeals case CA-G.R. SP No. 46888, Manila Electric Company versus Energy Regulatory Board et al. Manila Electric Company received today reports of a favorable decision on the aforesaid case. The Company immediately sought to verify such a report with the Court of Appeals via telephone which resulted in the confirmation of the said report. The decision which we understand was promulgated sometime in December 1999 denied the Motion for Reconsideration filed by the Energy Regulatory Board appealing the Court of Appeals earlier decision which was favorable to MERALCO. The Company shall provide the SEC a full disclosure on this matter upon our receipt of the official copy of the Court of Appeals decision. LibLex The Company has earlier provided the Securities and Exchange Commission under SEC Form 11-C dated March 3, 1999 information regarding the Court of Appeals case CA -G.R.-SP No. 46888, Manila Electric Company versus-Energy Regulatory Board, et al. SIGNATURES Pursuant to the requirements of the Revised Securities Act, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. MANILA ELECTRIC COMPANY Registrant (SGD.) ROLANDO R. ARBUES Assistant Corporate Secretary