PSE Circular for Brokers No. 457-99

March 11, 1999 PSE CIRCULAR FOR BROKERS NO. 457-99 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. 8 March 1999 (Date of earliest event reported) 2. SEC Identification Number 35815 3. BIR Tax Identification No. 000-489-462 4. PILIPINO TELEPHONE CORPORATION Exact name of registrant as specified in its charter 5. PHILIPPINES Province, country or other jurisdiction of Incorporation 6. (SEC Use Only) Industry Classification Code 7. 9th Floor Bankers' Centre 1200 6764 Ayala Avenue Postal Code Makati City Address of principal office 8. (632) 891-3888 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 Licensed and Amount of Debt Outstanding Common Shares 1,688,088,793 common shares 1 Long Term Commercial Papers P1,000,000,000.00 shares 11. Indicate the item numbers reported herein: Item 4 Item 4 - Resignation, Removal or Election of Directors/Officers Resignation of Director Mr. Cesar G. Reyes resigned as director of the Corporation effective January 31, 1999. Election of Director In the meeting of the Board of Directors held on 18 February 1999, Mr. George N. Lim was elected director to fill the vacancy created by the resignation of Mr. Cesar G. Reyes. Mr. Lim will assume office effective immediately and for the unexpired term of office of his predecessor. 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 hereto duly authorized. PILIPINO TELEPHONE CORPORATION (SGD.) MA. LOURDES C. RAUSA-CHAN Corporate Secretary Footnotes 1. This excludes the subscription of Philippine Global Communications, Inc. (Philcom) to 258,237,558 common shares.