"RESOLVED, AS IT IS HEREBY RESOLVED, that the Board hereby approves the payment of PLRA fees in Philippine Pesos, Euros or US Dollars, converted at the prevailing exchange rate at the time of payment as published in all leading newspapers at the time of payment;

"RESOLVED, further, that this policy shall take effect fifteen (15) days after this new policy shall have been published in at least one newspaper of general circulation.

"APPROVED"

Adopted: 26 May 2004
   
 

(SGD.) JOEL RUFINO A. NU EZ
Assistant Corporate Secretary
ATTESTED:
(SGD.) DAVIDICA E. SALAYA
Chairperson
(SGD.) FRANCISCO E. LIRIO	(SGD.) JUAN DE ZU IGA, JR
Vice-Chairman,CEO/GM, PLRA	Representative, BSP
(SGD.) ESTANISLAO R. CANTA	(SGD.) EVELYN R. CAJIGAL
Representative, BI	Representative, DOT