PSE Circular for Brokers No. 249-99

February 11, 1999 PSE CIRCULAR FOR BROKERS NO. 249-99 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. February 10, 1999 Date of Report (Date of earliest event reported) 2. SEC Identification Number 19073 3. BIR Tax Identification No. 350-000-288-6981 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 294,937,333 shares Class "B" Common Shares 152,249,299 shares Total 447,186,632 shares Long Term Commercial Paper (LTCP) P2,000,000,000 11. Indicate the item numbers reported herein: Item 9 Item 9 FGP Corp. (FGP) , a joint venture company among First Gas Holdings Corp. (FGHC) (42%), Lopez, Inc. (35%) and British Gas plc (23%), executed today in Metro Manila a Memorandum of Agreement (MOA) with Siemens AG (Siemens) of the Federal Republic of Germany. The MOA set forth the understanding between FGP and Siemens as to their ongoing and subsequent negotiations on, and possible execution of, an Agreement for the Engineering, Procurement, Construction and Operation and Maintenance of the proposed 500 MW Combined Cycle Power Plant in Batangas City. FGHC is a joint venture company among First Philippine Holdings Corp. (51%). British Gas Asia Pacific Holdings Pte. Ltd. (40%) and the Meralco Pension Fund (9%). Pasig City, February 10, 1999. FIRST PHILIPPINE HOLDINGS CORPORATION By: (SGD.) ENRIQUE I. QUIASON Corporate Secretary