RESOLVED, to APPROVE and CONFIRM the Rate Reduction and Restructuring Program Implementing Guidelines (RRRP), as amended, embodying the comments of the Executive Vice President (Operations Sector) pursuant to Board Resolution No. 45 dated May 4, 2005, and other additional provisions to address the concerns raised by the Board, a copy of which is hereto attached and made an integral part of this resolution.

The Executive Committee on Housing shall be composed of the following:

                                                                       

Chairperson	- EVP (Operations Sector)
Vice-Chairperson	- SVP (HRPDG)
Members	- Trustee Esperanza S. Ocampo
	- Trustee Raymundo A. Lapating
	- SVP (FOG)
	- SVP, (LSG)
	- VP, HFO
	OPGM Representative
Secretariat	- Manager, HFAD

It is understood that this Office Order replaces in its entirety Office Order No. 11-03 dated February 10, 2003 implementing the policies on Rate Reduction and Restructuring Program per Board Resolution No. 197 dated July 17, 2002.

This Office Order shall take effect upon Board approval.

Adopted: 30 May 2005 (Board Meeting No. 11)