PSE Circular for Brokers No. 511-98

March 27, 1998 PSE CIRCULAR FOR BROKERS NO. 511-98 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 25, 1998 Date of Report (Date of earliest event reported) 2. SEC Identification Number 5830 3. BIR Tax Identification No. 00488574 4. THE PHILIPPINE BANKING CORPORATION (PHILBANK) Exact name of registrant as specified in its charter 5. Manila, Philippines Province, country or other jurisdiction of incorporation 6. (SEC Use Only) Industry Classification Code: 7. 6778 Ayala Avenue corner Herrera St., Makati City 1226 Address of principal office Postal Code 8. 817-09-01 to 28 and 817-11-67 Registrant's telephone number, including area code 9. Not Applicable 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: The Board of Directors in its meeting of January 20, 1998 approved the amendment of the Bank's Amended By-Laws under Board Resolution No. 1-R-11/98 so as to insert "Article VIII Internal Auditor" pursuant to requirements of the Bangko Sentral ng Pilipinas that the foregoing position be formally included in the By-Laws. The amendment is merely a response and/or a compliance to the BSP's comments. Pursuant to the requirements of the Revised Securities Act, the registrant has duly caused this report to be signed in its behalf by the undersigned hereunto duly authorized. THE PHILIPPINE BANKING CORPORATION Registrant (SGD.) RENATO J. FERNANDEZ Corporate Secretary & General Counsel