September 21, 2001

MEMORANDUM

Transmitted herewith is the full powers, dated September 20, 2001, for the officials mentioned therein to negotiate, conclude and sign the Loan Agreement with the authorized representatives of the Asian Development Bank (ADB) for the US$ SEVENTY FIVE MILLION (US$75,000,000) NON-BANK FINANCIAL GOVERNANCE PROGRAM tentatively scheduled on 24-26 September 2001.

(SGD.) ALBERTO G. ROMULO
Executive Secretary

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, Department of Finance

HON. LILIA BAUTISTA
Chairman, Securities and Exchange Commission

HON. GILBERTO LLANTO
Deputy Director-General, National Economic and
Development Authority

HON. ROBERTO B. TAN
Assistant Secretary, Department of Finance

Mr. ROLANDO TUNGPALAN
Director, Public Investment Staff-NEDA

Ms. CELIA M. GONZALEZ
Director, IOD-Bangko Sentral ng Pilipinas

Ms. NORA OLIVEROS
Director, Department of Budget and Management

Ms. VIENNA A. DIUCO
Director, Department of Budget and Management

Ms. MARIA EDITA Z. TAN
Director III, IFG-Department of Finance

Atty. EUGENIO E. REYES
General Counsel, Securities and Exchange Commission

Ms. CYNTHIA RITA C. CABBAB
Deputy Director, IOD-Bangko Sentral ng Pilipinas

Atty. MILDRED ALBOR
State Counsel III, Department of Justice

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 the abovementioned members of the Philippine Negotiating Team and have vested them with full and all manner of power and authority for and in the name of the Republic of the Philippines, as Borrower, to meet, confer and negotiate with authorized representatives of the Asian Development Bank for a loan not exceeding SEVENTY FIVE MILLION US DOLLARS (US$75,000,000) to support NON-BANK FINANCIAL GOVERNANCE PROGRAM.

I have likewise named; designated and authorized:

HON. JOSE ISIDRO N. CAMACHO
Secretary of Finance

or, in his absence, any of

HON. JUANITA D. AMATONG
Undersecretary of Finance

HON. CORNELIO C. GISON
Undersecretary of Finance

HON. NIEVES L. OSORIO
Undersecretary of Finance

HON. ANTONIO M. BERNARDO
Undersecretary of Finance

HON. ROBERTO B. TAN
Assistant Secretary of Finance

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

Secretary Camacho, or in his absence, any of Undersecretaries Amatong, Gison, Osorio, Bernardo and Assistant Secretary Tan are further granted full and all manner of power and authority to do and perform every act and thing which may be requisite and necessary for the accomplishment of the special power herein granted, as fully to all intents and purposes as I, the President of the Republic of the Philippines, might or could do if acting personally, hereby ratifying and confirming all that they shall be fully 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 20th day of September in the year of Our Lord, two thousand and one.

By the President:

(SGD.) ALBERTO G. ROMULO
Executive Secretary