PSE Circular for Brokers No. 1636-98

July 16, 1998 PSE CIRCULAR FOR BROKERS NO. 1636-98 July 15, 1998 DISCLOSURE DEPARTMENT Listings and Disclosure Group 4/F Philippine Stock Exchange Center PSE Center, Exchange Road Ortigas Center, Pasig City Attention: Ms . Maria Isabel T . Garcia Department Head Listing Group Dear Ms. Garcia : Pursuant to the disclosure requirements of the Philippine Stock Exchange, Inc., please be informed that the Pilipino Telephone Employees Association Manggagawa ng Komunikasion ng Pilipinas ("PILTEA-MKP" or "the Union"), a labor organization of rank and file employees of the Pilipino Telephone Corporation ("Piltel"), filed on 13 July 1998 with the Department of Labor and Employment National Conciliation and Mediation Board ("DOLE NCMB") a Notice of Strike. Attached is a copy of the aforementioned Notice of Strike. Preventive mediation and conciliation meetings currently on-going between Piltel Management and the Union panel, as scheduled by the DOLE NCMB. Thank you very much. Very truly yours, PILIPINO TELEPHONE CORPORATION By: (SGD.) JOSEPH A. SANTIAGO Director, Legal Affairs ATTACHMENT