To authorize Ms. Rebecca E. Sayoc of the Banknotes & Securities Printing Department, SPC-BSP, to sign checks in accordance with her approved capacity

MEMORANDUM Series of 2001

Please be advised that the following official (facsimile signature appearing opposite her name) of the Banknotes & Securities Printing Department, Security Plant Complex, Bangko Sentral ng Pilipinas, is authorized to sign checks in accordance with her approved capacity:

NAME AND TITLE OF OFFICIAL                          FACSIMILE SIGNATURE

REBECCA E. SAYOC Acting Deputy Director

FOR THE MONETARY BOARD

ARMANDO L. SURATOS Officer-in-Charge