March 17, 2000

PSE CIRCULAR FOR BROKERS NO. 699-00

Philippine Stock Exchange
4th Floor PSE Center, Exchange Road
Ortigas Center, Pasig City

Attention: LUISA W. BUENAVENTURA

Ladies and Gentlemen :

We refer to your fax letter dated March 17, 2000 requesting for written confirmation/clarification on the news article entitled "Piltel creditors fear debt talks deadline won't be met" published in today's issue of Business World. The article reported that the March 31 set by Pilipino Telephone Corporation (PILTEL) parent firm Phil. Long Distance Telephone Company (PLDT) on the finalization of PILTEL's restructuring arrangement with the banks may not be met.

We advise that negotiations between the Company and bank creditors are ongoing and that the deadline for completion remains March 31, 2000. At this point, we are unable to confirm whether or not the deadline will be met but this is the timetable we are working on.

With kindest regards.

Very truly yours,

(SGD.) DEBORAH ANNE N. TAN
Manager - Corporate Communications