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 16, 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, Philippines Postal Code 1550

8. Issuer's telephone number, including area code

(+632) 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 gets back PAL for $1.3B
Date of Publication	Sep 16, 2014

Clarification of News Report
We reply with respect to the news article entitled “Tan gets back PAL for $1.3 B” posted in philSTAR.com on September 16, 2014. The article reported in part that: “The group of taipan Lucio Tan yesterday officially took back full control of national flag carrier Philippine Airlines Inc. (PAL) after paying as much as $1.3 billion to diversified conglomerate San Miguel Corp. (SMC). . . . . A source privy to the negotiations yesterday confirmed that the payment amounting to as much as $1.3 billion was delivered to SMC for its 49 percent stake that it had acquired in April 2012. This brought to a close several months of negotiations between the two major shareholders of Asia’s oldest airline. . . . . The source added that Ang is expected to remain PAL president and COO at least for another month or during a transition period. . . . .” By way of response to the Exchange we advise that, as reported in the aforementioned article, the Group of Dr. Lucio C. Tan has assumed day-to-day management of Philippine Airlines, Inc. (PAL), thru the appointment of Mr. Jaime J. Bautista as General Manager. With the President, the rest of the management team remains until the relevant closing date of the agreement between the Company and the Group of Dr. Lucio C. Tan, subject of the previous disclosures of the Company, dated September 8 and 9, 2014, respectively. Such agreement provides for the compliance by the Group of Dr. Lucio C. Tan with all the requirements under applicable laws. Payment of the consideration to the Company for its equity stake in PAL has been made in accordance with the said agreement subject to the closing conditions specified thereunder.
Other Relevant Information
None