March 20, 2000

PSE CIRCULAR FOR BROKERS NO. 713-00

Philippine Stock-Exchange, Inc.
Philippine Stock Exchange Center
Exchange Road, Ortigas Center
Pasig City

Attention: Disclosure Department

Listings and Disclosure Group

Gentlemen :

At its regular meeting today, the Board of Directors of Meralco declared a 20% stock dividend in favor of holders of common shares of the capital stock of the Corporation of record as of May 16, 2000, payable on June 30, 2000.

The said declaration of stock dividend will be submitted to the Company's stockholders for ratification at the Annual Stockholders Meeting scheduled on April 25, 2000.

Very truly yours,

(SGD.) CAMILO D. QUIASON
Corporate Secretary