SOP Exhibits

Title:

Formal Insurance Claim - Marine Insurance

SOP Number : FS-IM02

ANNEX D

23 April 1999

GOVERNMENT SERVICE INSURANCE SYSTEM
GSIS Bldg. Roxas Boulevard
Pasay City

RE: FORMAL CLAIM ON 12,000.00 MT
Chinese White Rice ex MV JU LIN, V.4
Marine Risk Note No. 98-11/456-RN
GSIS Claim No. MC98-131
--------------------------------------------------------


Gentlemen:

We hereby file our formal claim on the loss/damage sustained by the above-
captioned shipment.

Based on the Commercial Invoice, we calculated the loss/damaged as follows:

Total Net Weight Damaged Chinese White Rice
= 3,096,911.10 kilos or 3,096.91 MT at US$287.50/MT
= US$890,361.63

TOTAL INSURANCE P150,893,820.00
----------------------------- X LOSS = ------------------------ X US$890,361.63
TOTAL INVOICE VALUE US$3,438,000.00

= P39,077,971.94
LESS: Salvage Proceeds (Paid by
GSIS/GIT Adjuster, Inc.) = 4,459,551.98
-----------------------
P34,618,419.96

ADD: Reconditioning Expenses 372.00
Hustling & Handling Expenses 327,889.80
-----------------------

TOTAL CLAIM P34,946,681.76
=============

For your perusal and consideration, enclosed are pertinent documents to support our claim:

1. NFA Bill No. 2228 dated April 23, 1999
2. Marine Risk Note
3. Letter from GIT dated December 7, 1998
4. Bill of Lading
5. Invoice
6. NFA Official Receipt No. 5692640-2
7. Original copies of photographs of damaged stocks
8. Hustling and Handling Expenses
9. Results of Laboratory Analysis
10. Authority to Issues and WSI's
11. Metrobank Check No. 0140759069
12. Statement of Unloading Report
13. Actual Reconditioning Expenses
14. Inventory and Inspection Report

Very truly yours,



(SGD.) JUDY CAROL L. DANSAL
Project Director, SPO

-----------------------------------------------------------------------------------------------------------------
NATIONAL FOOD AUTHORITY
PHILIPPINES


2228

BILL


TO: GOVERNMENT SERVICE INSURANCE SYSTEM
Roxas Boulevard, Pasay City April 23, 1999

DATE	PARTICULARS	AMOUNT
	Representing formal claim on damaged stocks (Chinese White Rice) ex MV JI LIN, V.4 in the amount of . . . . . . . . . . . . . . . . . . . . . . . . . GSIS CLAIM NO. MC98-131 Please specify Bill No. 2228 upon payment.	P 34,946,681.76 vvvvvvvvvvvvvvvvvv
	TOTAL P	34,946,681.76

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! ACCOUNT ! DEBIT ! CREDIT !
!______________ !____________ !____________!
! ! ! !
1. !______________ !____________ !____________!
! ! ! !
2. !______________ !____________ !____________!
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3. ! ______________ !____________ !___________ ! ! ! ! !
4. !______________ !____________ !____________!

CERTIFIED CORRECT: (SGD.) LOURDES T. TAMBOAN Division Chief, IBCD	APPROVED: (SGD.) JUDY CAROL L. DANSAL Project Director, SPO