MEMORANDUM ORDER NO. 169, April 26, 2005

APPROVING THE 2005 INVESTMENT PRIORITIES PLAN

Memorandum Orders April 26, 2005



Pursuant to Article 29 of the Omnibus Investment Code of 1987, the attached 2005 Investment Priorities Plan (IPP) is hereby approved.

This Memorandum Order shall take effect fifteen (15) days after its publication in at least one newspaper of general circulation as required under Article 31 of the Omnibus Investments Code of 1987.

DONE in the City of Manila, this 26th of April in the year of Our Lord, Two Thousand and Five.

(Sgd.)GLORIA MACAPAGAL – ARROYO

By the President:

(Sgd.) EDUARDO R. ERMITA

Executive Secretary