PSE Circular for Brokers No. 532-00

March 2, 2000 PSE CIRCULAR FOR BROKERS NO. 532-00 February 29, 2000 Philippine Stock Exchange PSE Center, Exchange Road Ortigas Center Pasig City, Metro Manila Attention: Ms . Grace de Guia Listing and Disclosure Gentlemen : At the meeting of the Board of Directors of the Philippine Banking Corporation ("Philbank") at 4.00 p.m. on February 29, 2000, at which a quorum was present and acting throughout the following matters were approved and adopted: 1. The Board accepted the resignation of Ms. Mary Vy Ty as a member of the Board of Directors of the Corporation. 2. The following persons were elected as members of the Board of Directors of the Corporation effective immediately: a. Mr. Alfred V. Ty (in place of Mrs. Mary V. Ty) b. Mr. Edward S. Go (in place of Mr. Roberto C. Chiusinco, previously reported resigned) llcd 3. The Board accepted the resignations of the following officers of the Corporation effective immediately a. Mr. Alfred V. Ty as Acting Corporate Secretary b. Ms. Susan M. Paraguya as Acting Assistant Corporate Secretary 4. In their place the following were elected: a. Mr. Ernest Cuyegkeng Corporate Secretary b. Mr. Roy Y. Martelino Asst. Corporate Secretary 5. The following persons are now the incumbent corporate officers of the Corporation for the positions opposite their names: a. Mr. Antonio S. Abacan, Jr. Chairman b. Mr. Benjamin G. Chua, Jr. Vice Chairman c. Mr. Henry M. Sun Acting President d. Mrs. Mary Vy Ty Treasurer e. Mrs. Zandra M. Ty Asst. Treasurer f. Mr. Ernest Cuyegkeng Corp. Secretary g. Mr. Roy Y. Martelino Asst. Corp. Secretary h. Mr. Renato J. Fernandez Asst. Corporate Secretary 6. The Board appointed the following persons as Members of the Advisory Board: a. Mr. Satoru Nishigaki Chairman b. Mr. Ramon del Rosario, Jr. c. Mr. George S.K. Ty d. Mr. Andres Soriano III e. Mr. Yoshio Hirata f. Mr. Charles Cheung g. Mr. Takanori Nakano h. Mr. Hitoshi Matsushita i. Ms. Mary V. Ty 7. The Board approved the further amendment of Article IV, Sec. 1 (Meeting of Stockholders) of the By-Laws of the Bank as follows: "SECTION 1. The Annual Meeting of the Stockholders of the Corporation shall be held at the principal office of the Corporation in Metro Metro or in any place within Metro Manila as may designated by a majority of the members of the Board, on any day of April at such time as may be fixed by the Board, if not a legal holiday, but if a legal holiday, then it shall be held on the next business day following." LibLex This will be submitted for ratification by the Stockholders on May 2, 2000. 8. The Annual Stockholders Meeting of the Corporation was set on May 2, 2000 at 8:30 a.m. to be held at the 6th Floor, Head Office, Philbank, Building and the Record Date thereof be fixed on April 11, 2000 to determine the Stockholders entitled to notice and vote during the meeting. We are making this disclosure in compliance with the Continuing Listing Requirements of the Philippine Stock Exchange. PHILIPPINE BANKING CORPORATION By: (SGD.) RENATO J. FERNANDEZ Assistant Corporate Secretary