PROMISSORY NOTE

June 14, 2023

Php 50,000

I, the undersigned, Virgilio Yap, promise to pay PAOLO JOSE S. BOBIER the sum of fifty thousand pesos
(P50,000) at the rate of ten percent (10%) for a three-month period. Amortization payment/collection shall be
on a single payment basis (P55000) which shall commence in either June, July, or August.

In case of failure to pay at the said months, the undersigned shall pay a penalty of twenty percent (20%) of the
amount due for the month without need for demand.

It is agreed that failure to pay either of the three (3) months, which under this contract is to be paid on either of
those months, shall render the entire obligation herein due and demandable without further notice.

In cases of default, it is agreed that a penalty of five percent (5%) per month shall be paid by the undersigned
based on the entire amount of the principal loan or balance including accrued interest charged on the monthly
default thereon without need of demand.

In the event of litigation, it is further agreed that the undersigned shall pay PAOLO JOSE S. BOBIER fifty
percent (50%) of the total amount due but not less than Php 25,000.00 plus court and other legal fees. Venue
thereon shall be in Albay Province or Metro Manila at the latter’s option.

IN WITNESS WHEREOF, the parties hereunto sign this Promissory Note this 26th day of June, 2023 in Batangas.

Virgilio Yap
Principal Co-Borrower

Witness Witness

REPUBLIC OF THE PHILIPPINES)

__________________________)

BEFORE ME, this _____ day of ______________, 20___ in ________________________________,

Philippines, personally appeared ____________________________________________,
__________________________________________, with CTC Nos. ______________________________,
_______________________________, issued at __________________________________, on
____________________, 20___, respectively known to me to be the same person/s to be executed the
foregoing instrument, and acknowledge to me that the same is/are of his/their free act and deed.

IN WITNESS WHEREOF, I have hereunto set my/our hand and seal, the day, year and place above
written.