The Philodrill Corporation: Change in Par Value from P0.01 to P1.00

February 17, 1998 PSE CIRCULAR FOR BROKERS NO. 153-98 SUBJECT : The Philodrill Corporation Change in Par Value from P0.01 to P1.00 The Philodrill Corporation (the "Company") informed the Exchange, in its letter dated February 13, 1998, that the Securities and Exchange Commission on February 12, 1998 has approved the amendments in the Articles of Incorporation of the Company for the change in the par value of its Class "A" and Class "B", shares from One Centavo (P0.01) to ONE PESO (P1 . 00) per share. It was further stated in the letter that: "(T)he Company shall be issuing a general notice to its stockholders advising them: (1) of the change in par value of the Company's shares; and, (2) that they may surrender their old stock certificates for replacement by new stock certificates, which reflect the new par value of the shares. For shares traded through the stock exchange, the old stock certificates covering those shares shall be cancelled and new stock certificates reflecting the new par value of the traded shares shall be issued by our stock transfer agent within the prescribed settlement period." The effectively of the change in the par value will be announced later pending further advise from the Company. For your information. (SGD.) MARIA ISABEL T. GARCIA Head, Listings & Disclosures Group