PSE Circular for Brokers No. 3017-99

November 26, 1999 PSE CIRCULAR FOR BROKERS NO. 3017-99 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. November 24, 1999 Date of Report (Date of earliest event reported) 2. SEC Identification Number 5830 3. BIR Tax Identification No. 000-488-574 4. THE PHILIPPINE BANKING CORPORATION Exact name of registrant as specified in its charter 5. Metro Manila, Philippines Province, county or other jurisdiction of incorporation 6. (SEC Use Only) Industry Classification Code: 7. Philbank Building, 6778 Ayala Avenue, Makati City, Metro Manila Address of principal office 8. (632) 8170901 to 28 and 8171167 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 common shares 28,726,132 11. Indicate the item numbers reported herein: Item No. 3 We disclose that at a special meeting of the Board of Directors of the Philippine Banking Corporation ("Philbank") at 4:00 p.m., today, 24 November 1999, at which a quorum was present and acting throughout, the Board unanimously approved the appointment of Sycip Gorres Velayo and Co. as external auditors for the ensuing year. 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. PHILIPPINE BANKING CORPORATION By: (SGD.) RENATO J. FERNANDEZ Acting Assistant Corporate Secretary