SECURITIES AND EXCHANGE COMMISSIONSEC FORM 17-C

CURRENT REPORT UNDER SECTION 17
OF THE SECURITIES REGULATION CODE
AND SRC RULE 17.2(c) THEREUNDER

1. Date of Report (Date of earliest event reported)

Sep 9, 2014

2. SEC Identification Number

PW-277

3. BIR Tax Identification No.

000-060-741-000

4. Exact name of issuer as specified in its charter

SAN MIGUEL CORPORATION

5. Province, country or other jurisdiction of incorporation

Philippines

6. Industry Classification Code(SEC Use Only)

7. Address of principal office

No. 40 San Miguel Avenue, Mandaluyong City, Metro Manila Postal Code 1550

8. Issuer's telephone number, including area code

(+63) 632-3000

9. Former name or former address, if changed since last report

N/A

10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA

Title of Each Class	Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding
SMC	2,378,049,980
SMC2A	721,012,400
SMC2B	90,428,200
SMC2C	255,559,400

11. Indicate the item numbers reported herein

Item 9

The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.

San Miguel CorporationSMC

PSE Disclosure Form 4-13 - Clarification of News Reports References: SRC Rule 17 (SEC Form 17-C) and
Section 4.4 of the Revised Disclosure Rules

Subject of the Disclosure
Clarification of news article.

Source	philSTAR.com
Subject of News Report	Tan has 7days to buy back PAL
Date of Publication	Sep 9, 2014

Clarification of News Report
We reply with respect to the news article entitled “Tan has 7days to buy back PAL” posted in philSTAR.com on September 9, 2014. The article reported in part that: “MANILA, Philippines - Diversified conglomerate San Miguel Corp. (SMC) has given the group of taipan Lucio Tan one week to raise $1 billion to buy its 49 percent stake in national flag carrier Philippine Airlines Inc. (PAL). A source said the amount was contained in an agreement signed by representatives of both SMC and the Lucio Tan Group at the headquarters of BDO universal bank in Makati City yesterday afternoon. The source said the agreement stipulates the willingness of SMC to sell its entire stake in PAL to the Tan group, subject to certain conditions. One condition is for Tan’s group to raise the $1-billion price to buy back SMC’s stake in PAL within a week. . . . .” By way of response to the Exchange, we advise that save for the joint disclosure made by the Company with the Dr. Lucio C. Tan Group yesterday evening, September 8, 2014, a copy of which is attached hereto for reference purposes, the Company is not in a position to address and clarify the issues contained the aforementioned article, in the light of the reciprocal confidentiality obligations of the Company and the Dr. Lucio C. Tan Group.
Other Relevant Information
None