REPUBLIC OF THE PHILIPPINES )

DASMARIAS, CAVITE . . . . . . . ) S.S.

BOARD RESOLUTION 2006-001

WHEREAS, on 28 January 2006, the following resolution
was unanimously approved at a special meeting of the Board of
Directors of APIPA REALTY and DEVELOPMENT, INC., held at
its office in 2/F, CM Commercial Plaza Bldg., Son Placido
Campos Ave., Dasmarias, Cavite, which is in full force and
effect and has not been revoked;

WHEREAS, it is in the ordinary course of business that

there shall be two (2) signatories for withdrawal and/or issuance
of checks among others as enumerated in the Secretarys
Certificate;

RESOLVED, that by virtue of the powers vested to the

board, ELEONOR M. ONA and EDNA T. ARENDAIN, Chairman
and President, respectively, whose specimen signatures appear
below are the authorized signatories at CHINA BANKING
CORPORATION Dasmarias, Cavite;

NAME SIGNATURE

ELEONOR M. ONA
_____________________

EDNA T. ARENDAIN _____________________

RESOLVED, further that the above-mentioned officers are

authorized to endorse checks issued in the name of the company, pick-
up the monthly bank statement and transact any other business with
the bank.

IN WITNESS WHEREOF, we have hereunto affixed our

signatures this 30th day of January 2006 at Dasmarinas, Cavite.

ELEONOR M. ONA
Chairman

MARIETA Y. LOZARES LOIDA L. TIMBA

Member Member

RUBILYN SATOQUIA
Member
 Attested by:

EDNA T. ARENDAIN
President

SUBSCRIBED AND SWORN to before me this 30th day of

January 2006 at Dasmarinas, Cavite, the following persons whose
Community Tax Cert. No. appeared to wit:

NAME CTC NO. DATE/PLACE

ISSUED

ELEONOR M. ONA 14274680

01.02.06/Dasma.,Cavite
EDNA ARENDAIN 14279841
01.09.06/Dasma.,Cavite
MARIETA LOZARES 17459580
01.30.06/Dasma.,Cavite
LOIDA TIMBA 14279815
01.05.06/Dasma.,Cavite
RUBILYN SATOQUIA 14279828
01.09.06/Dasma.,Cavite

Doc. No. ___;

Page No. ___;
Book No. ___;
Series of 2006.