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FIRST PHILIPPINE HOLDINGS IS A CORPORATION THAT IS CONSTANTLY IN ACTION. WE’RE ALWAYS TRYING TO FIND WAYS TO DELIVER FOR OUR STAKEHOLDERS AND THE FILIPINO PEOPLE.

2007

The Corporation intends to raise P3 Billion worth of fixed rate corporate notes (the “Notes”) with an option to increase to P5 Billion. The proceeds are to be used for general corporate purposes which may include capital expenditures and acquisitions. ING Bank N.V. has been appointed as the Sole Bookrunner and Lead Manager for the Notes. The terms and conditions for the Notes are still being finalized.

SIGNATURES
Pursuant to the requirements of the Securities Regulation Code, the issuer has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

First Philippine Holdings Corporation
Issuer

(signed)

Rodolfo R. Waga
Asst. Information Officer

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