PSE Circular for Brokers No. 075-00

January 13, 2000 PSE CIRCULAR FOR BROKERS NO. 075-00 METRO PACIFIC OBTAINS LICENSE TO ISSUE PESOS 2 BILLION WORTH OF STCP'S Metro Pacific Corporation ("MPC") announced that it has been authorized by the Securities and Exchange Commission to issue Pesos 2.0 billion worth of short-term commercial papers (STCPs). The proceeds of the issue will be used for the company's working capital and ongoing debt-reduction program. All Asia Capital and Trust Corporation was appointed as the Lead Selling Agent for the issue with other members of the selling syndicate as follows: Abacus Capital and Investment Corporation, AB Capital and Investment Corporation, Amalgamated Investment Bancorporation, Asian Alliance Investment Corporations Bancommerce Investment Corporation, Corporate Investments Philippines, Inc., Land Bank of the Philippines, Unicapital Incorporated, United Pacific Capital Corporation and Wise Capital Investment and Trust Co., Inc. The STCP's, combined with other substantial credit lines presently available to Metro Pacific, obviates any possible need for Metro Pacific to issue additional common shares this year. The Philippine Ratings Services Corporation (formerly CIBI Ratings, Inc.) recently maintained the credit rating of Metro Pacific for its commercial papers at PRS-A rating on outstanding long-term commercial paper and PRS 2- on short-term commercial papers (STCPs).