Circular No. 090-B, Series of 1998 on the DA-QUEDANCOR Agrikulturang MakaMASA Financing for High Value Crops Program (Agrikulturang MakaMASA-HVCP) is hereby amended with respect to the following:

x                           x                                  x

5.7       Interest Rates and Service/Guarantee Fee

5.7.1        Sole Guarantee Mode (SGM)

x                           x                                  x

5.7.2        Guaranteed Co-Financing Mode (GCFM) and Special Window Mode (SWM)

5.7.2.1 Interest

x                           x                                  x

5.7.2.2 Service Fee

x                           x                                  x

Service fee for the first year shall be deducted from the loan proceeds while interest shall be imputed in the amortization.  Payment of service fee for the succeeding years shall be at the start of every anniversary year of the loan.

This Circular shall take effect on 01 March 1999.

Adopted: 15 Feb. 1999

Approved:

(SGD.) GALO B. GARCHITORENA
President & CEO