PROMISSORY NOTE

FOR VALUE RECEIVED, the undersigned, (the "Maker"), hereby jointly and
severally promises to pay to the order of ____________________ (LENDER NAME)
("Payee"), the principal sum of in its office at _____________, Philippines, the principal
sum of ____________ pursuant to the terms and conditions set forth herein.

PAYMENT OF PRINCIPAL. The principal amount of this Promissory Note (the

"Note") and any accrued but unpaid interest shall be due and payable in ____________
(NUMBER OF PAYMENTS) (CIRCLE ONE: equal monthly installments / equal
quarterly installments / payments as described below) beginning ___________________
(DATE OF FIRST PAYMENT). All payments under this Note shall be applied first to
accrued but unpaid interest, and next to outstanding principal. If not sooner paid, the
entire remaining indebtedness (including accrued interest) shall be due and payable on
_________________ (DATE OF FINAL PAYMENT).

INTEREST. This Note shall bear interest, compounded annually, at _________

(ANNUAL INTEREST RATE) percent. PREPAYMENT. The Maker shall have the right
at any time and from time to time to prepay this Note in whole or in part without premium
or penalty.

DEFAULT. Default in the payment of any installment due, all the other
instalments shall automatically become due and demandable together with all interest
that may have accrued and shall make me liable for the additional sum equivalent to
_____________ (____%) percent per month based on the total amount due and demandable
as penalty, compounded monthly until fully paid; and in case it becomes necessary to
collect this note through any Attorney-at-Law, the further sum of _____________ (____%)
percent thereof as and for attorney's fees, which shall not be less than P_____________ in
any event, exclusive of costs and judicial/extra-judicial expenses.

REMEDIES. No delay or omission on part of the holder of this Note in exercising

any right hereunder shall operate as a waiver of any such right or of any other right of
such holder, nor shall any delay, omission or waiver on any one occasion be deemed a bar
to or waiver of the same or any other right on any future occasion.

DEMAND AND NOTICE OF DISHONOR WAIVED. I hereby waive any

diligence, presentment, demand, protests or notice of non-payment or dishonor
pertaining to this note, or any extension or renewal therefore. Holder(s) may accept
partial payment(s) and grant renewals or extensions of payment reserving its/their rights
against each and all endorsers, and all parties to this note. Acceptance by holder(s) of any
partial payment(s) after due date shall not be considered as extending the time for
payment or as a modification of any conditions hereof.
Moreover, I further empower the holder or any of his authorized representative(s), at his
option, to hold as security therefore any real or personal property which may be in my
possession or control by virtue of any other contract. In case of extraordinary change in
value of the peso due to extraordinary inflation or deflation or any other reason, the basis
of payment for this note shall be the value of the peso at the time the obligation was
incurred as provided in Article 1250 of the New Civil Code.

All actions arising from or connected with this note shall be brought exclusively in the
proper courts of Quezon City, Philippines; and in case of judicial execution of this
obligation or any part of it, the debtor waives all rights under the provisions of Rule 39
Sec. 13, of the Rules of the Court.

___________, _____________, Philippines.

___________________________
MAKER

SIGNED IN THE PRESENCE OF:

_________________ __________________