Current Report under Section 11 of the Revised Securities Act (RSA) and RSA Rule 11(a)-1(b)(3) Thereunder

October 26, 1999 PSE CIRCULAR FOR BROKERS NO. 2731-99 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. October 25, 1999 Date of Report 2. SEC Identification No. AS0930-4369 3. BIR Tax Identification No. 002-825-058 4. BENPRES HOLDINGS CORPORATION Exact name of registrant as specified in its charter 5. Metro Manila Province, Country or other jurisdiction of incorporation or organization 6. (SEC use only) Industry Classification Code 7. 5th Floor Benpres Building, Exchange Road cor. Meralco Ave., Pasig City Address of principle office 8. 631 1111 Registrant's telephone number including area code 9. Not Applicable Former name, former address and former fiscal year, if changed since last report 10. Securities registered pursuant to Sections 4 and 8 of the Revised Securities Act Title of Each Class Number of Shares of Stock Outstanding Common Shares 4,581,544,408 shares Long Term Commercial Papers P3,000,000,000.00 11. Indicate Item numbers reported herein: Item 9. Other Events In reference to the letter you sent us regarding the inclusion of ABS-CBN in the management discussion and analysis of SEC FORM 11-Q, please find below the Company's reasons for continuing to include its media assets in the said report. Benpres Holdings Corporation continues to include the performance of ABS-CBN in its management report since the Company still continues to maintain economic interest's in its media assets. All dividends that Benpres Holdings used to receive before the transfer of its media assets to Lopez Inc. still revert back to Benpres through the coupon of its convertible notes. Also, any special dividends declared by ABS-CBN still accrue to Benpres through the non-convertible note. LexLib BENPRES HOLDINGS CORPORATION Registrant By: (SGD.) CATHERINE C. LOPEZ Corporate Information Officer