Filipino Fund, Inc.

May 7, 1998 PSE CIRCULAR FOR BROKERS NO. 973-98 SUBJECT : Filipino Fund, Inc . Further to Circular No. 118-98 dated February 11, 1998, Filipino Fund, Inc. ("FFI") furnished the Exchange on May 5, 1998 a copy of SEC Form 34-A (Definitive Proxy Statement) in connection with its Annual Stockholders' Meeting which will be held on May 19, 1998 , at 4:00 p.m., at the Turf Room of the Manila Polo Club, McKinley Road, Forbes Park, Makati City. The agenda for the meeting shall be as follows: 1. Call to Order 2. Proof of Required Notice 3. Determination of Quorum 4. Approval of the Minutes of the Annual Stockholders' Meeting held on April 7, 1997 5. Presentation and Approval of the Annual Reports and other reports of the Investment Manager cdt 6. Ratification of the Acts of the Board of Directors and of Management 7. Election of Directors 8. Re-appointment of BPI Investment Management, Inc. (BIMI) as the Investment Manager of the Fund 9. Re-appointment of External Auditors 10. Other Business 11. Adjournment As previously announced, stockholders of record as of March 16, 1998 are entitled to notice of, and to vote at, said meeting. A copy of FFI's SEC Form 34-A is available for reference at the PSE Library and PSE-Plaza Administration Office. For your information. (SGD.) REYNOLD P. ONG Vice-President, Listings and Disclosure Group