Semiempirical molecular orbital calculations within a modified PPP method, the Peel method, have been performed in order to study the electronic structure and properties of porphyrins and phthalcxyanines. It is found that the calculations can reproduce the results from more sophisticated ab initio calculations. It is found that the electronic reactions may take place at the metal atom and in the axial direction. The role of the porphine plane seems to be that of an electron buffer, keeping the electronic population in the porphyrin plane constant. A mechanism is suggested where electron transfer reactions can take place by changes in the molecular geometry, as for example by vibrations.