December 1, 2001

MEMORANDUM

Hon. Jose Isidro N. Camacho
Secretary of Finance
Metro Manila

Dear Secretary Camacho:

I am pleased to transmit to you herewith Full Powers signed by the President dated 30 November 2001 for the officials mentioned therein to negotiate, conclude, sign, execute and deliver for and on behalf of the Republic of the Philippines, agreements with Credit Suisse First Boston relating to the purchase of or investment in debt securities to be issued by the Republic with an aggregate principal amount not to exceed FIVE HUNDRED MILLION UNITED STATES DOLLARS (U.S. $500,000,000.00) or its equivalent in other currencies, to be executed in one or several tranches, for investment and/or debt management purposes.

Best regards.

Very truly yours,

(SGD.) ALBERTO G. ROMULO
Executive Secretary

BY THE PRESIDENT OF THE PHILIPPINES

TO ALL TO WHOM THESE PRESENTS SHALL COME, GREETINGS:

KNOW YE that 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 following government officials:

HON. JOSE ISIDRO N. CAMACHO
Secretary of Finance

HON. JUANITA D. AMATONG
Undersecretary of Finance

HON. CORNELIO C. GISON
Undersecretary of Finance

HON. NIEVES L. OSORIO
Undersecretary of Finance

HON. SERGIO G. EDEZA
National Treasurer

HON. ROBERTO B. TAN
Assistant Secretary of Finance

ATTY. ELMER T. BAUTISTA
Chief Legal Counsel
Department of Justice

MS. CELIA M. GONZALEZ
Director, International Operations Department
Bangko Sentral ng Pilipinas

as members of the Philippine Negotiating Team, and have vested them with full and all manner and authority to meet, confer and negotiate with Credit Suisse First Boston, and Legal Advisors that may be appointed or mandated by the Republic or the Bureau of the Treasury any purchase agreement, on a forward basis or otherwise, relating to the Republic's or the Bureau of the Treasury's purchase of or investment in debt securities to be issued by the Republic with an aggregate principal amount not to exceed FIVE HUNDRED MILLION UNITED STATES DOLLARS (U.S. $500,000,000.00) or its equivalent in other currencies, to be executed in one or several tranches, for investment and/or debt management purposes:

I have likewise named, designated and authorized:

HON. JOSE ISIDRO N. CAMACHO
Secretary of Finance

HON. JUANITA D. AMATONG
Undersecretary of Finance

HON. ANTONIO M. BERNARDO
Undersecretary of Finance

HON. CORNELIO C. GISON
Undersecretary of Finance

HON. NIEVES L. OSORIO
Undersecretary of Finance

HON. SERGIO G. EDEZA
National Treasurer

HON. ROBERTO B. TAN
Assistant Secretary of Finance

to conclude, sign, execute and deliver for and on behalf of the Republic or the Bureau of the Treasury (as Purchaser), any agreement relating to the purchase of, or investment in, debt securities issued or to be issued by the Republic on a forward basis or otherwise, through a bond exchange, auction, or on a negotiated basis, in one or more tranches, and any other deed or document of whatsoever kind and nature which may be necessary or proper for the purpose of executing or implementing said Agreements, and have vested them with full and all manner of power and authority for this purpose.

Secretary Camacho, or in his absence, anyone of Undersecretaries Amatong, Bernardo, Gison, Osorio, or Assistant Secretary Tan are further granted full power and authority to do and perform every act and thing which may be requisite and necessary to be done for the accomplishment of the special powers herein granted as fully to all intents and purposes, as I, President of the Republic of the Philippines, might or could do if acting personally, and hereby ratifying 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, 30th November in the year of our Lord, two thousand and one.

(SGD.) GLORIA MACAPAGAL-ARROYO

By the President:

(SGD.) ALBERTO G. ROMULO
Executive Secretary