Amendments to the Listing Rules

August 12, 1997 PSE LISTING CIRCULAR NO. 164-97 SUBJECT : Amendments to the Listing Rules EXECUTIVE SUMMARY The following are the amendments to the Listing Rules approved and adopted by the Board of Governors: 1. Requirement on the Stock Transfer Agent General Requirement No. 2 of Chapter 1 of the Listing Rules will read as follows: "The applicant company shall engage the services of a stock transfer agent which shall be: a) duly licensed by the Commission; and b) acceptable to the Exchange. For purposes of compliance with item (b) hereof, the applicant company shall submit a certificate issued by the Exchange that its stock transfer agent is acceptable to the Exchange." 2. Addition to the Continuing Listing Requirements "The listed company shall hold an annual regular meeting of stockholders on a date fixed in its By-Laws." The foregoing rules and policies shall be supplemental to the Manual of Rules Governing the Listing of Securities (Listing Rules) approved by the Board of Governors. Any rule or policy which is inconsistent herewith is hereby repealed or modified accordingly. The foregoing Rules and Policies shall take effect immediately upon publication thereof. (SGD.) JOSE LUIS U. YULO, JR. President & CEO