PSE Circular for Brokers No. 412-99

March 5, 1999 PSE CIRCULAR FOR BROKERS NO. 412-99 March 4, 1999 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. March 4, 1999 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 Province, country or other jurisdiction of incorporation 6. [ ] (SEC Use Only) Industry Classification Code: 7. 6th Floor, Benpres Building, Meralco 1600 Avenue cor. Exchange Road, Pasig City Postal Code Address of principal office 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 Class "A" Common Shares 294,937,333 shares Class "B" Common Shares 152,249,299 shares Total 447,186,632 shares Long Term Commercial Paper (LTCP) P2,000,000,000 11. Indicate the item numbers reported herein: Item No. 9 Item 9 First Philippine Holdings Corporation (FPHC) is going to offer and conclude, subject to the fulfillment of certain conditions, the sale, through Merrill Lynch Far East Limited as arranger, outside of the country of the Global Depositary Shares ("GDS"), evidenced by Global Depositary Receipts, each of which relates to five (5) share purchase rights ("SPRs") in respect of five (5) shares of Class A Common Stock of Manila Electric Company ("MERALCO") owned by it. LLphil The amount to be raised from the Offering is approximately US$72Million, involving 30,999,740 Class A Common Stock of MERALCO owned by FPHC, which shall be used for investments in its subsidiaries and affiliates. FIRST PHILIPPINE HOLDINGS CORPORATION By: (SGD.) RODOLFO R. WAGA, JR. Asst . Corporate Secretary REPUBLIC OF THE PHILIPPINES ) PASIG CITY ) S.S. SUBSCRIBED AND SWORN to before me this 4th day of March, 1999 at Pasig City, affiant exhibited to me his Community Tax Certificate No. 08302336 issued at Quezon City on February 19, 1999. (SGD.) AGNES LE. CASABAR OXALES Notary Public Until December 31, 1999 PTR#63487 ; 1-19-99 ; Pasig City Doc. No. 048; Page No. 11; Book No. VI; Series of 1999.