1. That I am the President of _____, a corporation duly organized and existing under the laws of the Philippines with principal office at ______;

           2. That said corporation was incorporated in February 21, 1968 and acquired by the undersigned with the purchase of its corporate property in the above address sometime in March, 1986 but has not yet commenced its operation in view of the slump in the real estate industry in the country;

           3. That the stockholders and directors of the corporation are contemplating on reviving its operation in the near future when the opportune time comes;

           4. That this affidavit is being executed in order to attest to the truth of the foregoing circumstances and for the purpose of complying with the reportorial requirements of the Securities and Exchange Commission.

           IN WITNESS WHEREOF, I have affixed my signature on this __day of _____, 1988 at the City of Pasay, Philippines