PSE Circular for Brokers No. 2561-98

November 10, 1998 PSE CIRCULAR FOR BROKERS NO. 2561-98 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. November 9, 1998 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 Section 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 242,912,566 shares Class "B" Common Shares 152,249,299 shares Total 395,161,865 shares Long Term Commercial Paper (LTCP) P2,000,000,000 11. Indicate the item numbers reported herein: Item Nos. 4 and 9 Item 4 During the annual meeting of the stockholders held on November 9, 1998, the persons named herein were elected as members of the Board of Directors of First Philippine Holdings Corporation (the "Corporation"): Name Nationality Residence Mr. Oscar M. Lopez Filipino 672 Notre Dame, Wack-Wack Vill. Greenhills, Mandaluyong City Mr. Augusto Almeda-Lopez Filipino 35 Joaquin Street, San Lorenzo Village, Makati City Mr. Peter D. Garrucho, Jr. Filipino 44 Roseville St., White Plains, Quezon City Mr. Oscar Hilado Filipino c/o Phinma Property Holdings Corp. 7/F, Phinma Bldg., 166 Salcedo St., Legaspi Vill., Makati City Mr. Elpidio L. Ibanez Filipino 141 Capricorn St., Cinco Hermanos Subd., Marikina City Mr. Eugenio Lopez, Jr. Filipino Benpres Holdings Corp. 5/F Benpres Bldg., Meralco Ave., Pasig City Mr. Manuel M. Lopez Filipino Manila Electric Company 12/F, Lopez Bldg., Ortigas Ave., Pasig City Mr. Christian S. Monsod Filipino 2304 Morado St., Dasmarinas Vill. Makati City Mr. Vicente T. Paterno Filipino Philippine Seven Corporation 11/F, Columbia Tower, Ortigas Ave. Mandaluyong City Mr. Ernesto B. Rufino, Jr. Filipino 29 Banaba Road, Forbes Park Makati City Mr. Washington Z. Sycip Filipino 14/F, SGV I Bldg., 6760 Ayala Ave. Makati City Item 9 During the annual meeting of the stockholders of the Corporation held on November 9, 1998, the following matters were ratified, to wit: 1. Amendment of Article SEVENTH of the Amended Articles of Incorporation to exclude from the pre-emptive rights of stockholders shares to be allocated for adjustments in cases of conversion resets or price adjustments pertinent to the US$90 Million Convertible Notes. LexLib 2. Amendment of Section 7, Article I of the By-Laws to reduce the number of days for the submission of proxies from at least ten (10) working days to at least five (5) working days. 3. Amendment of Section 2, Article II of the By-Laws to change the date of determination of the qualification of Directors from five (5) working days before the Annual Stockholders Meeting to that of the last regular Board Meeting prior thereto. Pasig City, November 9, 1998. FIRST PHILIPPINE HOLDINGS CORPORATION By: (SGD.) RODOLFO R. WAGA, JR. Asst . Corporate Secretary