BANCA INVERSIONES HIPOTECAS Oficinas Ejecutivas PO Box 195115 San Juan PR 00919-5115 Tel 787-771-6800 Fax 787-771-6770

Exhibit 10.22

			BANCA INVERSIONES HIPOTECAS		Oficinas Ejecutivas ▇▇ ▇▇▇ ▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇ ▇▇ ▇▇▇▇▇-▇▇▇▇
					Tel ▇▇▇-▇▇▇-▇▇▇▇ Fax ▇▇▇-▇▇▇-▇▇▇▇

March 5, 2007

Oriental International Bank Inc.
Oriental Center
Professional Offices Park
997 San ▇▇▇▇▇▇▇ ▇▇▇▇▇▇
▇▇^▇▇ ▇▇▇▇▇
▇▇▇ ▇▇▇▇, ▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇

     Re: Investment Management Agreement

Dear Sirs:

     This letter will amend the Investment Management Agreement dated January 17, 2007 (the “Agreement”) between Oriental Financial Group Inc., Oriental Bank & Trust, and Oriental International Bank Inc. (“Client”) and Bear ▇▇▇▇▇▇▇ Asset Management Inc. (the “Manager”). The Investment Management Agreement shall be amended to include the following provision:

     The Investment Manager shall not sell any security held in the Available for Sale or Held to Maturity Portfolios for a loss without the prior written consent of “Client”.

     Please indicate your agreement to this amendment by signing the enclosed copies of this letter in the space indicated and returning a fully signed copy to us.

	Very truly yours, ORIENTAL FINANCIAL GROUP INC.
	By:	/s/ ▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇
		Name:	▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇
		Title : President & CEO

	ORIENTAL BANK & TRUST
	By:	/s/ ▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇
		Name:	▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇
		Title : President & CEO

	ORIENTAL INTERNATIONAL BANK INC.
	By:	/s/ ▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇
		Name:	▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇
		Title: President & CEO

Acknowledged and agreed:

	BEAR ▇▇▇▇▇▇▇ ASSET MANAGEMENT INC.
	By:	/s/ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇
		Name:	▇▇▇▇▇▇ ▇▇▇▇▇▇▇
		Title: Managing Director