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NOTICE OF BORROWING

MR. JUANITO V. EJE


Vice President
Wholesale Lending Group
Home Development Mutual Fund
7th Floor Atrium Bldg.
Makati Avenue
Makari City

Dear Mr. Eje :

We hereby give notice in accordance with Section 2.2 of our Loan Agreement
dated _____________ of our intent to borrow the amount of
________________________________ on _____________________, it is
working day.

By delivery of this notice, we hereby confirm to you that the conditions precedent
specified in Section 2.2 of the Loan Agreement have been satisfied on the
date hereof.

In addition, we prefer the interest rate for a fixing period of ____ ( ) year
covering the ____ drawdown.

Terms defined in the Loan Agreement bear the same meanings.

Very truly yours,

_______________________

President

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