FORM N-SAR CERTIFICATION

I, Gerald Hellerman, certify that:

1.   I have  reviewed  this report on Form N-SAR of The Mexico Equity and Income
     Fund, Inc.;

2.   Based on my knowledge, this report does not contain any untrue statement of
     a material  fact or omit to state a  material  fact  necessary  to make the
     statements made, in light of the circumstances  under which such statements
     were made,  not  misleading  with  respect  to the  period  covered by this
     report;

3.   Based on my knowledge,  the financial  information included in this report,
     and the financial  statements on which the financial  information is based,
     fairly present in all material respects the financial condition, results of
     operations,  changes  in net  assets,  and  cash  flows  (if the  financial
     statements  are  required  to  include a  statement  of cash  flows) of the
     registrant as of, and for, the periods presented in this report.


Date: 9/24/2002

                                    /s/ Gerald Hellerman
                                    -----------------------
                                       Gerald Hellerman
                                       President