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 27, 1999 PSE CIRCULAR FOR BROKERS NO. 2416-99 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. 24 September 1999 Date of Report 2. SEC Identification No. 8802 3. BIR Tax Identification No. 360-000-288-923 4. Reynolds Philippines Corporation Exact name of registrant as specified in its charter 5. Dasmarias, Cavite Province, Country or other jurisdiction of incorporation or organization 6. (SEC use only) Industry Classification Code 7. Dasmarias, Cavite Address of principle office 8. 838-2088/838-6862 Registrant's telephone number including area code 9. METROPOLITAN INSURANCE COMPANY 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 One Billion (1,000,000,000) 11. Indicate the item numbers reported herein: Item No. 9 On 24 September 1999, Reynolds Philippines Corporation held its 45th annual shareholders' meeting at Orchard Golf & Country Club, Dasmarias, Cavite. In the absence of the Company's chairman of the Board, Mr. Antonio M. Garcia, the President, Mr. Jaime Y. Gonzales, acted as Chairman of the meeting. Majority of the shareholders were present in person and by proxy. There being a quorum, the shareholders immediately approved the minutes of the last annual shareholder's meeting held on 24 September 1999, after which they approved the Annual Report and Audited Financial Statements for the period ended 31 December 1999 as previously distributed to the shareholders. prcd Mr. Gonzales highlighted that the significant portion of the loss declared by the Company was due to the write-off provisions. According to Mr. Gonzales, these provisions will be reversed and shall be taken up as non-taxable income when recovered. Thus, the President reported that as shown by the financial statements for the period ended 31 August 1999, the provisions for doubtful accounts, which were based on GAAP rules proved to be conservative as the Company was able to recover some of the bad debts amounting to 130 million pesos. Also the Company was able to recover the goodwill which was written off amounting to 298 million pesos on the sale of the Company's 100% interest in New Saga Power Corporation After Mr. Gonzales' presentation, the body approved the motion ratifying all acts of the Company's Management and of the Board of Directors from 24 September 1998 to 24 September 1999. The shareholders then proceeded to elect the Company's Board of Directors as follows: Antonio M. Garcia Jaime Y. Gonzales Jorge B. Navarra Demetrio Tuason Jesli A. Lapus Roland U. Young Benito R. Araneta Eusebio Tanco Masataka Dobashi Jose Miguel T. Arroyo Alfonso Cruz The Stockholders also approved a motion re-electing Sycip Gorres and Velayo and Co. as the Company's external auditor for the year 1999. Upon the inquiry of the shareholders, the Company's Chief Financial Officer, discussed the developments on the sale of the Company's 100% interest in New Saga Power Corporation. Mr. Navarra explained to the body that a substantial portion of the total consideration of the sale will be applied through off setting of advances of NSPC to the Company. The President also confirmed reports that the Company is seriously considering the sale of its aluminum assets and pertinent liabilities to as Singaporean fund or a major world aluminum player. On a motion duly made and seconded, the Management was authorized, subject to the ratification and approval of the Board of Directors, to implement the spin-off of the Company's aluminum manufacturing operations and sell as much as 100% of the spun-off Company. cdll There being no further matters to discuss, the shareholder's meeting was adjourned at 4:30 p.m. 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. Reynolds Philippines Corporation Registrant (SGD.) MARIA OLIVIA T. YABUT-MISA Corporate Information Officer