July 11, 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 10 July 2001 for the officials mentioned therein to conclude, sign, execute and deliver, for and on behalf of the Government of the Republic of the Philippines, the proposed SEK35 Million loan being made available by Swedish International Development Program Air Quality Management of the Department of Environment and Natural Resources (DENR).

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

Hon. JUANITA D. AMATONG
Undersecretary, DOF

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

Ms. STELLA C. LAUREANO
Division Chief, DOF

Atty. ESTREL BERBANO
Bank Officer III, BSP-IOD

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 Swedish International Development Cooperation Agency (SIDA) to finance the Metro Manila Air Quality Improvement Sector Development Program-Air Quality Management Project of the Department of Environment and Natural Resources in an amount not exceeding the equivalent of SWEDISH KRONER THIRTY FIVE MILLION (SEK35,000,000).

I have likewise named, designated and authorized:

Hon. JOSE ISIDRO N. CAMACHO
Secretary of Finance

or, in his absence, any one of

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. ROBERTO B. TAN
Assistant Secretary 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 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, anyone of Undersecretaries Amatong, Bernardo, Gison, Osorio and Assistant Secretary Tan, is 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 accomplishments 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 caused 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 10th day of July, in the year of Our Lord, two thousand and one.

(SGD.) GLORIA MACAPAGAL-ARROYO

By the President:

(SGD.) ALBERTO G. ROMULO
Executive Secretary