PSE Circular for Brokers No. 1683-99

July 9, 1999 PSE CIRCULAR FOR BROKERS NO. 1683-99 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. June 29, 1999 Date of Report (Date of earliest event reported) 2. SEC Identification Number 19073 3. BIR Tax Identification No. 350-000-288-698 4. FIRST PHILIPPINE HOLDINGS CORPORATION Exact name of registrant as specified in its charter 5. N/A Province, country or other jurisdiction of incorporation 6. (SEC Use Only) Industry Classification Code 7. 6th Floor, Benpres Building, Meralco Avenue cor. Exchange Road, Pasig City 1600 Address of principal office Postal Code 8. 2-631-8024 to 30 Registrant's telephone number, including area code 9. N/A Former name or former address, if changed since last report 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 Class "A" Common Shares 295,529,409 shares Class "B" Common Shares 152,858,491 shares Total 448,397,900 shares Long Term Commercial Paper (LTCP) P2,000,000,000 11. Indicate the item numbers reported herein: Item No. 4 Item 4 We refer to your fax of July 2, 1999 requesting clarification and confirmation of a news article entitled "Two foreign firms submit bids for 40% of First Power" published in the July 2, 1999 issue of Philippine Star. As we had disclosed on November 26, 1998, First Philippine Holdings Corporation approved the creation of a holding company, First Generation Holdings Corporation ("First Generation") to house all of FPHC's power generation businesses. We confirm that FPHC has held preliminary discussions with a number of international power companies as possible partners in First Generation. However, the process of choosing that partner or partners is at its incipient stages. We have, in fact, not started any negotiations. Since we cannot, at this point, determine the outcome of such discussions, we feel that any disclosure might be misleading. We shall, however, make the proper disclosures when we can ascertain the probability of positive results from our discussions. dctai Pasig City, July 8, 1999 FIRST PHILIPPINE HOLDINGS CORPORATION By: (SGD.) ERNESTO B. RUFINO, JR. Corporate Information Officer