PSE Circular for Brokers No. 3027-99

November 27, 1999 PSE CIRCULAR FOR BROKERS NO. 3027-99 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 25, 1999 Date of Report (Date of earliest event reported) 2. SEC Identification Number 8802 3. BIR Tax Identification No. 360-000-288-923 4. Reynolds Philippine Corporation Exact name of registrant as specified in its charter 5. Dasmarias, Cavite Province, country or other jurisdiction of incorporation 6. (SEC Use Only) Industry Classification Code: 7. Dasmarias, Cavite Address of principal office Postal Code 8. 838-2088/838-6862 Registrant's telephone number, including area code 9. _______________________________________________ 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 One Billion (1,000,000,000) 11. Indicate the item numbers reported herein: Item No. 9 ITEM NO. 9 On 25 November 1999, the Board of Directors of Reynolds Philippines Corporation held its meeting at the Chemphil Board Room, Chemphil Building, Arnaiz Avenue, Makati City. The Company's Chairman of the Board, Mr. Antonio M. Garcia, presided over the meeting. The Company's President Mr. Jaime Y. Gonzales, reported a PhP143.4 million consolidated net income as of October 31, 1999. The said income was lower than that reported as of August 31, 1999 due to the continued lack of working capital to support its operations. The President stressed that the Corporation needs to operate at a 1000MT level in order to maximize its fixed operating costs which have already been reduced from P24 million per month to P17 million. prcd The President further reported that though the parent company continue to lose from operations, its subsidiaries continue to increase their revenues especially its consumer business unit whose revenues increased by more than 100%. cdll The Company's Chief Financial Officer, Mr. Jorge B. Navarra, presented to the Board management's efforts to set up working capital facilities with the Government for the whole industry in order to help financially distressed but fundamentally sound companies. The assistance may come through credit assistance and trade financing or commodity credit facilities. llcd The President also reported on the Y2K compliance of the Corporation. There being no other matters to discuss, the Board of Directors meeting was immediately adjourned. llcd 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. prcd REYNOLDS PHILIPPINES CORPORATION (SGD.) MARIA OLIVIA T. YABUT-MISA Corporate Information Officer Noted By: (SGD.) JAIME Y. GONZALES President