PSE Circular for Brokers No. 370-00

February 16, 2000 PSE CIRCULAR FOR BROKERS NO. 370-00 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. February 15, 2000 Date of Report (Date of earliest event reported) 2. SEC Identification Number 19073 3. BIR Tax Identification No. 350-000-288-698 4. FIRST PHILIPPINE HOLDINGS CORPORATION Exact name of registrant as specified in its charter 5. N/A 6. (SEC Use Only) Province, country or other jurisdiction of Industry Classification Code: incorporation 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 Sections 4 and 8 of the RSA Title of Each Class Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding (As of Jan. 31, 2000) Class "A" Common Shares 295,965,290 shares Class "B" Common Shares 153,158.770 shares Total 449,124,060 shares Long Term Commercial Paper (LTCP) P2,000,000,000 11. Indicate the item numbers reported herein: Item No. 4 Item 4 FGP Corp. finalized, on 15 February 2000, the terms for a US$375 million non-recourse project financing for the construction of its proposed 500 MW power plant to be located at Sta. Rita, Batangas. This financing will be funded by a syndicate of international banks. The lead arranging banks are Kreditanstalt fur Weiderafbau ("KfW"), Germany's largest development bank, and 10 leading international commercial banks namely: ABN AMRO Bank N.V.; Bayerische Hypo-und Vereinsbank AG; Bayerische Landesbank; Citibank N.A.; Credit Lyonnais; The Dai-Ichi Kangyo Bank, Ltd.; DG Bank Deutsche Genossenschafts AG; KBC Bank N.V.; The Bank of Tokyo-Mitsubishi, Ltd.; and Westdeutsche Landesbank Gizorentrale. J.P. Morgan acted as financial advisor to FGP Corp. in structuring the transaction. Groundbreaking for the power plant, called San Lorenzo, will be held on 16 February 2000. FGP Corp. is a joint venture company established by Unified Holdings Corporation, part of the First Philippine Holdings Corporation Group of Companies, Group and BG Philippine Holdings, Inc., a member of the British Gas Asia-Pacific Corporation. Pasig City, February 15, 2000. FIRST PHILIPPINE HOLDINGS CORPORATION By: (SGD.) ERNESTO B. RUFINO, JR. Chief Information Officer