March 26, 2001

MEMORANDUM

Transmitted to you herewith is the full powers for the officials of the Department of Finance mentioned therein to meet, confer and negotiate on the loan agreement with the authorized representatives of the Standard Chartered Bank of the United Kingdom to finance the Bridge Replacement Project of the Department of Public Works and Highways in an amount not exceeding the equivalent of BRITISH POUNDS SIXTEEN MILLION TWO HUNDRED FIFTY THOUSAND (GBP16,250,000.00), (approximately US$23.135 million), signed by Her Excellency, President Gloria Macapagal-Arroyo.

BY THE PRESIDENT OF THE PHILIPPINES

TO ALL TO WHOM THESE PRESENTS SHALL COME, GREETINGS:

KNOW YE, that reposing special trust and confidence in the integrity, prudence and ability of:

HON. JUANITA D. AMATONG

Undersecretary of Finance

Atty. ARMANDO L. SURATOS

Deputy Governor and General Counsel, BSP

HON. ROBERTO B. TAN

Assistant Secretary of Finance

Ms. CELIA M. GONZALES

Director, International Operations Department, BSP

Atty. TERESITA VILLALON

Senior State Counsel, DOJ

I, GLORIA MACAPAGAL ARROYO, President of the Republic of the Philippines, by virtue of the powers vested in me by the Constitution and laws of the Philippines, have named, designated, and authorized Undersecretary Amatong, and the rest of the government officials abovementioned, and have vested them with full and all manner of power and authority to meet, confer and negotiate on behalf of the Government of the Republic of the Philippines the Loan Agreement with the authorized representatives of the Standard Chartered Bank of the United Kingdom to finance the Bridge Replacement Project of the Department of Public Works and Highways in an amount not exceeding the equivalent of BRITISH POUNDS SIXTEEN MILLION TWO HUNDRED FIFTY THOUSAND (GBP16,250,000.00), (approximately US$23.135 million).

I have likewise named, designated and authorized:

HON. ALBERTO G. ROMULO

Secretary of Finance

or, in his absence, any one of

HON. JUANITA D. AMATONG

Undersecretary of Finance

HON. CORNELIO C. GISON

Undersecretary of Finance

to conclude, sign, execute and deliver, for and on behalf of the Government of the Republic of the Philippines, the aforecited Loan Agreement and to make, execute, endorse and deliver any other deed or document of whatsoever kind and nature related thereto which are necessary or proper for the purpose of executing and implementing the Agreement and have vested them with full and all manner of power and authority for this purpose.

Secretary Romulo, or in his absence, anyone of Undersecretaries Amatong or Gison are further granted full power and authority to do and perform act and thing which may be requisite and necessary to be done for the accomplishment of the special power herein granted as fully to all intents and purposes as I, the President of the Philippines, might or could do if acting personally, and hereby ratifying and confirming all that they shall lawfully do or cause to be done by virtue of these presents.

IN WITNESS WHEREOF, I have hereunto set my hand and caused the seal of the Republic of the Philippines to be affixed.

DONE in the City of Manila, Philippines, this 22nd day of March in the year of Our Lord, Two Thousand and One.

(SGD.) GLORIA MACAPAGAL-ARROYO

By the President:

(SGD.) RENATO S. DE VILLA
Executive Secretary