PSE Circular for Brokers No. 1542-98

July 7, 1998 PSE CIRCULAR FOR BROKERS NO. 1542-98 July 6, 1998 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: July 6, 1998 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. Former name or former address: Not applicable 10. 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 11. Item Number reported: 9 Item 9. Other Events Manila Electric Company executed today a loan agreement for U.S.$120,000,000 with NORDDEUTSCHE LANDESBANK GIRONZENTRALE , as Lender and ING BANK , N . V ., as Arranger. The proceeds of the loan will be utilized for system capital projects on the modernization of sub-transmission and distribution facilities of the Company. cdlex 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.) ATILANO S. GUEVARRA, JR. Assistant Corporate Secretary