The Philippine Banking Corporation

February 3, 2000 PSE CIRCULAR FOR BROKERS NO. 253-00 SUBJECT : The Philippine Banking Corporation The Philippine Banking Corporation ("TPB") furnished the Exchange a copy of its SEC Form 34-C (Definitive Information Statement) including its Plan of Merger in connection with its Special Stockholders' Meeting which will be held on February 22, 2000, at 9:00 a.m., at 6778 Ayala Avenue, City of Makati. The agenda for the meeting shall be as follows: LexLib 1. Call to Order 2. Secretary's Proof of Due Notice 3. Approval of the Minutes of the Previous Stockholders' Meeting held on June 28, 1999 4. Appointment of External Auditors 5. Amendment of Articles of Incorporation and By-Laws of the Corporation 6. Approval of the Increase in Authorized Capital Stock from P3.5B to P10B 7. Approval of the Plan of Merger between the Corporation and Global Business Bank, Inc. 8. Other Matters 9. Adjournment Stockholders of record as of January 24, 2000 are entitled to notice of, and to vote at, said meeting. Stockholders who will not be able to attend the meeting may designate their respective proxies and send their proxy forms to the Office of the Corporate Secretary on or before February 12, 2000. A copy of TPB's Definitive Information Statement including its Plan of Merger is available for reference at the PSE Centre and PSE-Plaza Libraries. For your information. (SGD.) MARIA ISABEL T. GARCIA OIC, Listings and Disclosure Group