PSE Circular for Brokers No. 981-98

May 8, 1998 PSE CIRCULAR FOR BROKERS NO. 981-98 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. May 7, 1998 Date of Report 2. SEC Identification No. 4409 3. BIR Tax Identification No. 000-313-401-000 4. WILLIAM GOTHONG & ABOITIZ, INC. Exact name of registrant as specified in its charter 5. Cebu City, Philippines Province, country or other jurisdiction of incorporation 6. (SEC Use Only) Industry Classification Code 7. WG&A Bldg., North Reclamation Area, Cebu City 6000 Address of principal office Postal Code 8. (032) 232-0421 Registrant's telephone number, including area code 9. na 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, P1.00 par value 785,714,285 11. Indicate the item numbers reported herein: Item 9 (Other Events) Mr. Teofilo O. Yap has resigned from his position as President and Chief Executive Officer of the company and the Board of Directors has accepted his resignation. Mr. Yap has resigned to pursue his own personal entrepreneurial activities. Mr. Bob D. Gothong, presently Chairman of the Executive Committee, has been appointed by the Board as Officer-in-Charge effective immediately until the assumption of a new President and CEO on July 1, 1998. The Board will be appointing Mr. Jesus N. Alcordo to take over the position of President and CEO of WG&A effective July 1, 1998. Mr. Alcordo brings with him the experience of a seasoned CEO. His prior top executive experience includes the following: General Manager-Philippines, General Manager and President-Central America, President and Director-Indonesia, for Union Carbide; started and headed Chemical Division, Salim Group-Indonesia, moved on to become President of Salim Group-Philippines, and concurrently President of Reynolds Aluminum and Chemphil-Philippines. His last previous position was Chairman and CEO of East Asia Power Resources. cdt (SGD.) VICTOR S. CHIONGBIAN Chairman