March 22, 2000

PSE CIRCULAR FOR BROKERS NO. 733-00

March 21, 2000

PHILIPPINE STOCK EXCHANGE, INC.
PSE Center, Exchange Road
Ortigas Center. Pasig City

Attention: Ms. LUISA W. BUENAVENTURA

Supervisor, Disclosure Department

Gentlemen :

This refers to the news article captioned "Digitel, three foreign firms in talks for cellular venture" published in today's issue of the Business World.

Please be informed that DIGITEL is still awaiting the approval of the National Telecommunications Commission (NTC) for its GSM application. Thus, it is not true that DIGITEL is discussing with any North American telephone firms to provide the funds and technical expertise for its cellular project. Likewise, we have not received any formal notice from Telia AB on their interest in infusion of additional capital in DIGITEL.

We trust that you will find this clarification in order.

Thank you and best regards.

Very truly yours,

(SGD.) WILLIAM S. PAMINTUAN
Senior Vice President Legal & ICSD Services