<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>cert302.txt
<DESCRIPTION>302 CERT
<TEXT>
   CERTIFICATION PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND SECTION 302
                           OF THE SARBANES-OXLEY ACT

I, Donald F. Crumrine, certify that:

1.    I have reviewed  this report on Form N-Q of Flaherty & Crumrine  Preferred
      Income Opportunity Fund Incorporated;

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  schedules  of  investments  included in this
      report  fairly  present in all material  respects the  investments  of the
      registrant  as of the end of the  fiscal  quarter  for which the report is
      filed;

4.    The  registrant's  other  certifying  officer(s) and I are responsible for
      establishing  and  maintaining  disclosure  controls  and  procedures  (as
      defined in Rule  30a-3(c)  under the  Investment  Company Act of 1940) and
      internal control over financial  reporting (as defined under Rule 30a-3(d)
      under the Investment Company Act of 1940) for the registrant and have:

      (a) Designed  such  disclosure  controls  and  procedures,  or caused such
          disclosure   controls  and   procedures  to  be  designed   under  our
          supervision,  to ensure  that  material  information  relating  to the
          registrant,  including its consolidated subsidiaries, is made known to
          us by others within those entities,  particularly during the period in
          which this report is being prepared;

      (b) Designed such internal  control over  financial  reporting,  or caused
          such internal  control over  financial  reporting to be designed under
          our  supervision,   to  provide  reasonable  assurance  regarding  the
          reliability  of financial  reporting and the  preparation of financial
          statements for external purposes in accordance with generally accepted
          accounting principles;

      (c) Evaluated the  effectiveness of the registrant's  disclosure  controls
          and procedures and presented in this report our conclusions  about the
          effectiveness of the disclosure controls and procedures,  as of a date
          within 90 days prior to the filing date of this report,  based on such
          evaluation; and

      (d) Disclosed  in this  report  any  change in the  registrant's  internal
          control over financial reporting that occurred during the registrant's
          most  recent  fiscal  quarter  that  has  materially  affected,  or is
          reasonably  likely to materially  affect,  the  registrant's  internal
          control over financial reporting; and

5.    The registrant's  other certifying  officer(s) and I have disclosed to the
      registrant's auditors and the audit committee of the registrant's board of
      directors (or persons performing the equivalent functions):


<PAGE>

      (a) All significant  deficiencies and material weaknesses in the design or
          operation  of internal  control  over  financial  reporting  which are
          reasonably  likely to  adversely  affect the  registrant's  ability to
          record, process, summarize, and report financial information; and

      (b) Any fraud, whether or not material,  that involves management or other
          employees who have a  significant  role in the  registrant's  internal
          control over financial reporting.

Date:  OCTOBER 16, 2006     /S/ DONALD F. CRUMRINE
      -----------------     ----------------------------------------------------
                            Donald F. Crumrine, Director, Chairman of the Board
                            and Chief Executive Officer
                            (principal executive officer)


<PAGE>


   CERTIFICATION PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND SECTION 302
                           OF THE SARBANES-OXLEY ACT

I, R. Eric Chadwick, certify that:

1.    I have reviewed  this report on Form N-Q of Flaherty & Crumrine  Preferred
      Income Opportunity Fund Incorporated;

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  schedules  of  investments  included in this
      report  fairly  present in all material  respects the  investments  of the
      registrant  as of the end of the  fiscal  quarter  for which the report is
      filed;

4.    The  registrant's  other  certifying  officer(s) and I are responsible for
      establishing  and  maintaining  disclosure  controls  and  procedures  (as
      defined in Rule  30a-3(c)  under the  Investment  Company Act of 1940) and
      internal control over financial  reporting (as defined under Rule 30a-3(d)
      under the Investment Company Act of 1940) for the registrant and have:

      (a) Designed  such  disclosure  controls  and  procedures,  or caused such
          disclosure   controls  and   procedures  to  be  designed   under  our
          supervision,  to ensure  that  material  information  relating  to the
          registrant,  including its consolidated subsidiaries, is made known to
          us by others within those entities,  particularly during the period in
          which this report is being prepared;

      (b) Designed such internal  control over  financial  reporting,  or caused
          such internal  control over  financial  reporting to be designed under
          our  supervision,   to  provide  reasonable  assurance  regarding  the
          reliability  of financial  reporting and the  preparation of financial
          statements for external purposes in accordance with generally accepted
          accounting principles;

      (c) Evaluated the  effectiveness of the registrant's  disclosure  controls
          and procedures and presented in this report our conclusions  about the
          effectiveness of the disclosure controls and procedures,  as of a date
          within 90 days prior to the filing date of this report,  based on such
          evaluation; and

      (d) Disclosed  in this  report  any  change in the  registrant's  internal
          control over financial reporting that occurred during the registrant's
          most  recent  fiscal  quarter  that  has  materially  affected,  or is
          reasonably  likely to materially  affect,  the  registrant's  internal
          control over financial reporting; and

5.    The registrant's  other certifying  officer(s) and I have disclosed to the
      registrant's auditors and the audit committee of the registrant's board of
      directors (or persons performing the equivalent functions):


<PAGE>

      (a) All significant  deficiencies and material weaknesses in the design or
          operation  of internal  control  over  financial  reporting  which are
          reasonably  likely to  adversely  affect the  registrant's  ability to
          record, process, summarize, and report financial information; and

      (b) Any fraud, whether or not material,  that involves management or other
          employees who have a  significant  role in the  registrant's  internal
          control over financial reporting.

Date:  OCTOBER 16, 2006     /S/ R. ERIC CHADWICK
      -----------------     ----------------------------------------------------
                            R. Eric Chadwick, Chief Financial Officer, Treasurer
                            and Vice President
                            (principal financial officer)
</TEXT>
</DOCUMENT>
