Current Report Under Section 11 of the Revised Securities Act (RSA) and RSA Rule 11(A)-1(B)(3) Thereunder

March 23, 2000 PSE CIRCULAR FOR BROKERS NO. 755-00 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. Date of Report (Date of earliest event reported): March 22, 2000 2. SEC Identification No. : CE02536 3. BIR Tax Identification No. : 003-828-269-V 4. ABOITIZ EQUITY VENTURES, INC. Exact name of registrant as specified in its charter: 5. Philippines 6. Thursday(SEC Use Only) Province, country or other jurisdiction Industry Classification Code of incorporation 7. Archbishop Reyes Ave., Banilad, Cebu City 6000 Address of principal office Postal Code 8. (032) 2312-580 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 Common Stock P1 Par Value 5,281,102,976 Total Liabilities 3,437,984,000 11. Indicate the item numbers reported herein: A. Goodwill and Project Development Cost Write-off "Resolved, as it is hereby resolved, that the amount of PESOS: TWO HUNDRED SIXTY EIGHT MILLION (P268,000,000.00) representing the remaining goodwill for all portfolio investments as of December 31, 1999, as well as various project development cost, be written off, against primarily the extraordinary earnings from the sale of other portfolio investments, specifically its holdings in the insurance brokerage and industrial gas businesses." Additional Information The AEV Board of Directors approved a 268 million peso write-off of goodwill in its non-core businesses and various project development costs primarily against 228 million pesos in net capital gains from the 1999 sales of its holdings in the insurance brokerage and industrial gas businesses. The write-off will reduce goodwill amortization and thus improve earnings in subsequent years by about 5 million pesos annually. Despite the write-off, Aboitiz Equity Ventures' net income in 1999 was 1.216 billion pesos, 18% better than the 1.031 billion it earned in 1998. Its wholly owned subsidiary, Aboitiz Power Corporation was again the largest contributor to earnings with 733 million pesos. Aboitiz Power's earnings came from contributions from Davao Light & Power, Cotabato Light & Power, Visayan Electric Company, Hydroelectric Development Corporation, Western Mindanao Power Corporation and Southern Philippines Power Corporation, all of which also provided Aboitiz Power with cash dividends it can use for new investments. AEV's share of earnings from its financial service subsidiaries, Unionbank of the Philippines and City Saving Bank was 342 million. Despite the difficulties experienced by the industry, Unionbank was among the leaders in profitability, while continuing to set aside provisions for loan losses. Among universal banks, Unionbank led the industry in return on average assets, and remains one of the best-capitalized Philippine banks. Other investments contributed 175 million, primarily from Pilmico Foods Corporation. B. Appointment of Officer During the special Board of Directors meeting held today, March 22, 2000, the Board appointed Mr. Ferdinand Joseph Escobal as Vice President for Corporate Communications effective immediately. DcCIAa Mr. Escobal or Jojoff finished his economics degree from the Ateneo de Manila University in 1981 and his masters in applied business economics at UAAP (CRC), in 1985. Previously, Jojoff worked as a freelance consultant after he worked with Bank Dharmala in Indonesia as Chief of Staff advisor to the CEO. SIGNATURE(S) 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 hereunto duly authorized. ABOITIZ EQUITY VENTURES, INC. By: (SGD.) MELINDA R. BATHAN Asst. Vice President and Comptroller SUBSCRIBED AND SWORN to before me this Mar. 22, 2000 in Cebu City, affiant exhibited to me her Community Tax Certificate No. 5853364 issued on February 16, 2000 in Cebu City. Doc. No. 68 Page No. 15 Book No. VI Series of 2000.