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March 24, 2000PSE CIRCULAR FOR BROKERS NO. 776-00March 24, 2000The Philippine Stock ExchangeListing and Disclosure Group4/F Philippine Stock Exchange CentreExchange Road, Ortigas CenterPasig CityAttention: Ms Luisa W. BuenaventuraSupervisorDisclosure DepartmentLadies and Gentlemen:We refer to your fax letter which we received at 8:47 a.m. today, requesting for written confirmation of/clarification on the news article entitled "PLDT, NTT sign strategic tie-up today", published in the March 24, 2000 issue of Philippine Star, which reported that PLDT is set to formally sign today the completion of its strategic partnership with Japan's NTT Communications Corporation and its acquisition of cellular phone leader Smart Communications, Inc. for P37.9 million. We advise that PLDT anticipates the forging of its strategic partnership with NTT Communications Corporation and the completion of its acquisition of Smart Communications Inc. via the issuance of new PLDT shares valued at about P37.9 Billion, today, once all of the conditions precedent to closing are fulfilled.We will advise the Exchange and the investing public as soon as such closing takes place. Very truly yours,(SGD.) MA LOURDES C RAUSA-CHANCorporate Secretary