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

September 24, 1999 PSE CIRCULAR FOR BROKERS NO. 2398-99 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. 23 September 1999 Date of Report 2. SEC Identification No. 51048 3. BIR Tax Identification No. 000-053-167-000 4. FILINVEST DEVELOPMENT CORP. Exact name of registrant as specified in its charter 5. Philippines Province, Country or other jurisdiction of incorporation or organization 6. (SEC use only) Industry Classification Code 7. No. 173 P. Gomez Street, San Juan, M.M. Address of principle office 8. (632) 727-0431 to 55 Registrant's telephone number including area code 9. Not Applicable Former name, former address and former fiscal year, if changed since last year 10. Securities registered pursuant to Sections 4 and 8 of the Revised Securities Act Title of Each Class Number of Shares of Stock Outstanding 11. Indicate the item numbers reported herein: Item 9 Item 9 Other Events In a meeting of the Board of Directors held on September 23, 1999 at the FDC Building, No. 173 P. Gomez Street, San Juan, Metro Manila, the Board approved the sale of all of its 215,391,050 shares in East Asia Power Resources Corporation to El Paso Philippines Holding Company, Inc., subject to the fulfillment of certain closing conditions. 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. FILINVEST DEVELOPMENT CORPORATION Registrant (SGD.) DANTE T. RAMOS Corporate Secretary