Philcomsat Holdings CorporationAmendments to the By-Laws

February 25, 1998 PSE CIRCULAR FOR BROKERS NO. 217-98 SUBJECT : Philcomsat Holdings Corporation Amendments to the By-Laws Philcomsat Holdings Corporation ("PHC") informed the Exchange, in a letter dated February 24, 1998, that the Securities and Exchange Commission approved on February 19, 1998 the following amendments to its By-Laws: 1. Article I Changing the Corporation's principal place of office to Metro Manila; 2. Article II Clarifying that the date for the election of directors is the annual meeting of the stockholders; 3. Article VII (2) Changing the period for submission of proxies to ten (10) days; 4. Article VII (5) Changing the date of the annual stockholder's meeting to any day in the month of May; 5. Article VII (5-A) Specifying that notice of meetings shall be sent at least fifteen (15) days prior to the date of the stockholders' meeting; 6. Article VII (9) Providing for the manner of determining the record date for stockholders' meetings, declaration of dividends and other acts; 7. Article IX Changing the corporate name to be indicated on the seal to PHILCOMSAT HOLDINGS CORPORATION'. For your information. (SGD.) MA. ISABEL T. GARCIA Head, Listing and Disclosures Group