Conformed Copy - L3049 - Financial Sector Adjustment Loan - Amendment

Page 1 August 13, 1990 His Excellency Emmanuel Pelaez Ambassador Embassy of Republic of the Philippines 1617 Massachusetts Avenue, N.W. Washington, D.C. 20036 Re: Loan No. 3049-PH (Financial Sector Adjustment Loan) Amendment of the Loan Agreement Your Excellency: We refer to the Loan Agreement (Financial Sector Adjustment Loan), dated May 31, 1989, between Republic of the Philippines (the Borrower) and the International Bank for Reconstruction and Development (the Bank). We also refer to the letter dated August 2, 1990 from Mr. Romeo Bernardo, Undersecretary, Department of Finance, requesting the Bank to amend the Loan Agreement to reflect the co-financing arrangement with the Export-Import Bank of Japan (JEXIMBANK) and to incorporate a cross-default clause in respect of the JEXIMBANK loan. The Bank is pleased to inform you that, pursuant to the above request, it hereby agrees to amend the Loan Agreement as set out in the Attachment hereto. Please confirm the agreement on behalf of the Borrower, to the foregoing amendment by signing and dating the confirmation form on the enclosed copy of this letter and returning it to us for our record. Sincerely, Praful C. Patel Acting Director Country Department II Asia Region CONFIRMED: REPUBLIC OF THE PHILIPPINES By: /s/ Emmanuel Pelaez Authorized Representative Date: August 14, 1990\1a