Securities and Exchange Commission

February 4, 1998 PSE CIRCULAR FOR BROKERS NO. 043-98 SECURITIES AND EXCHANGE COMMISSION SEC FORM 11-C CURRENT REPORT UNDER SECTION OF THE REVISED SECURITIES ACT (R AND RSA RULE 11(a)-1(b)(3) THEREUNDER 1. FEBRUARY, 1998 Date of Report (Date of earliest event reported) 2. SEC Identification Number 097869 3. BIR Tax Identification No. 000-486-050 4. PCI LEASING & FINANCE, INC. Exact name of registrant as specified in its charter 5. Philippines 6. (SEC Use Only) Province, country or other jurisdiction of Industry Classification Code: incorporation 7. PCI Leasing Centre, Corinthian Gardens, Ortigas Ave., Q.C. 1100 Address of principal office Postal Code 8. 632/635-64-16, 635-58-11, 635-58-05, 635-38-98 Registrant's telephone number, including area code 9. N/A Former name or former address, if changed since last report 10. Securities registered pursuant to Sections 4 and 8 of the RSA Title of Each Class Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding Common Stock, P1.00 par value 606,100,000 shares, P2,098,336 ITEM NUMBERS REPORTED: Item 1. Changes in Control of Registrant Nothing to report Item 2. Acquisition or Disposition of Assets Nothing to report Item 3. Changes in Registrant's Certifying Accountant Nothing to report Item 4. Resignation, Removal or Election of Registrant's Directors or Officers Nothing to report Item 5. Legal Proceedings Nothing to report Item 6. Changes in Securities Nothing to report Item 7. Defaults Upon Senior Securities Nothing to report Item 8. Change in Fiscal Year Nothing to report PCI Leasing & Finance, Inc . would like to disclose that Credit Information Bureau , Inc . (CIBI) change the ratings of both our short-term and long-term commercial papers. We were informed by CIBI that the adjustments were made mainly because of the present market conditions and are reflective of the industry as a whole. We are attaching a copy of the letter of Credit Information Bureau, Inc. (CIBI) for your reference. Item 10. Financial Statements & Exhibits Not Applicable Pursuant to the requirements of the Revised Securities Act, I hereby certify that all the information set forth in the above report are true and correct of my own knowledge. PCI LEASING & FINANCE, INC. (SGD.) MANOLO C. ARZADON Chief Financial Officer February 2, 1998 Date