78JZ Sg Issuer 25

RNS No 1529c
FIRST PACIFIC CAPITAL (1997) LIMITED
3rd November 1998


CLARIFICATION OF NEWSPAPER ARTICLES ON PHILIPPINE LONG DISTANCE TELEPHONE
                              CORPORATION

This statement is made at the request of the Stock Exchange. 

We have noted the recent sharp increase in the price and turnover of the shares
of the Company being traded on the Stock Exchange, which may have resulted from
several recent media reports concerning the acquisition by the Company of a
controlling shareholding in Philippine Long Distance Telephone Corporation
("PLDT"). Although these reports also have implied that other foreign investors,
including Telefonica de Espana and Southwestern Bell Corporation, are involved
in ongoing discussions with PLDT, the Company has not had and does not
anticipate having any discussions with either of these parties concerning PLDT. 

As announced by the Company on 12th January 1998 and repeated on several other
occasions, First Pacific Group has been seeking significant investment
opportunities with particular long-term potential in its core business areas
within the Asia Pacific region. Among such opportunities is PLDT, in which the
Company recently has acquired a strategic stake, through an affiliate, in an
amount that does not require any disclosure by the Company under Chapter 14 of
the Listing Rules. All purchases of PLDT shares have been made from independent
third parties. 

In addition, the Company has engaged in discussions with certain shareholders of
PLDT with a view toward the Company's acquiring a significant interest in PLDT,
leading to significant board representation and management input that would be
commensurate with any stakeholding that the Company might be able to acquire in
PLDT, in the future. As these discussions have occurred throughout a period of
several years and are ongoing, there is no certainty that they will result in
any acquisition by the Company of a significant stakeholding in PLDT. 

As discussions are continuing with various stakeholders in PLDT, it is premature
to disclose the commercial terms of our discussions, including anticipated
pricing and number of shares that the Company wish to acquire. At this stage,
it is not possible to state when the current discussions will conclude or
whether they will result in any transaction being concluded; however, the
Company will comply with the relevant provisions of the Listing Rules and make
further announcements in this regard in order to keep its shareholders informed
as and when necessary.

Other than as referred to above, there are no negotiations or agreements
relating to intended acquisitions or realisations that are or may be
disclosable under paragraph 3 of the Listing Agreement and the Board is not
aware of any matter disclosable under the general obligation imposed by
paragraph 2 of the Listing Agreement, which is or may be of a price-sensitive
nature.

Because any transaction under discussion may or may not proceed, investors are
advised to exercise caution in their dealings in the Company's securities.

Made by order of the Board of First Pacific Company Limited, the directors of
which individually and jointly accept responsibility for the accuracy of this
statement.

END

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