PSE Circular for Brokers No. 100-98

February 10, 1998 PSE CIRCULAR FOR BROKERS NO. 100-98 Current Report Under Section 11 of the Revised Securities Act (RSA) and RSA Rule 11-(a)-1(b)(3) thereunder 1. Date of Report :February 6, 1998 (Amendment) 2. SEC Identification Number 133653 3. BIR Tax Identification No. 033-000-132-413-V 4. Exact name of registrant as specified in its charter ASIAN TERMINALS, INC. 5. Province, Country or other jurisdiction of incorporation Manila, Philippines 6. Industry Classification Code (SEC Use Only) 7. Address of principal office/postal code Muelle de San Francisco, South Harbor, Port Area, Manila 8. Registrant's telephone number/area code 527-80-51 to 81 9. Former name or former address, if changed since last report N/A 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 Capital stock common 1,000,000,000 Long Term Commercial Papers P1,500,000,000 11. indicate the item numbers reported herein: Item 9 Other Events The Philippine Ports Authority (PPA) in its meeting on December 8, 1997 has approved a 20% temporary relief tariff adjustment in vessel charges covering containerized cargoes and arrastre & stevedoring charges for non-containerized cargoes for both South Harbor and Manila International Container Terminal (MICT) which will be implemented starting January 1998. The recent increase in the said rates is in Consonance with the last increase in arrastre charges for containerized cargoes granted by the PPA in July 1997. The Company's petition for the rate adjustment was brought about by the different factors affecting the Philippine economy and the rest of the ASEAN region, more particularly the adverse effect of the peso devaluation against the US Dollar, increase in operating expenses and the significant erosion in the Company's Return on Equity arising from the said increase in cost of operations. LexLib The peso devaluation has raised the cost of all imported items including fuel and other items such as cargo handling equipment, spare parts and utilities. These items are purchased in US Dollars, such went up in conjunction with the exchange rate movements. Being a capital intensive business, the Company normally incurs debt, usually denominated in foreign currency, to enhance its position in the local container terminal industry. The Company's recovery from the recent economic distress that it faces would enable it to operate continuously and provide efficient service. 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 thereunto duly authorized. ASIAN TERMINALS, INC. Registrant ATTY. RODOLFO G. CORVITE, JR. Corporate Secretary