Conformed Copy - L3123 - Industrial Investment Credit Project - Amendment 1

Page 1 March 27, 1990 Mr. Roberto de Ocampo Chairman Development Bank of the Philippines Sen. Gil Puyat Avenue Corner Makati Avenue P.O. Box 800, Makati Commeraal Center 3117 Makati, Metro Manila Philippines Dear Mr. de Ocampo: Re: Loan No. 3123-PH Industrial Investment Credit Project Amendment of Schedule 5 of the Loan Agreement We refer to the Loan Agreement (Industrial Investment Credit Project), dated November 9, 1989 (Loan Agreement), between the International Bank for Reconstruction and Development (the Bank) and the Development Bank of the Philippines (the Borrower). We also refer to the letter dated March 6, 1990 from Mr. Manual A. Reyes, Senior Vice President, Development Bank of the Philippines, requesting the Bank to increase the Authorized Allocation in Schedule 5 of the Loan Agreement from four million dollars to eight million dollars. We have considered the appropriate level for the Authorized Allocation and have concluded that six million dollars ($6,000,000) would be reasonable in view of the current disbursement projections. Accordingly, the Bank is pleased to inform you that, in view of the above, it hereby agrees to amend the Loan Agreement as follows: The phrase and figure "four million dollars ($4,000,000)" in Paragraph 1(c) of Schedule 5 to the Loan Agreement is changed to "six million dollars ($6,000,000)". Please confirm the agreement on behalf of the Borrower, to the foregoing amendment by signing and dating the confirrnation form on the enclosed copy of this letter and returning it to us for our records. Sincerely, Gautam S. Kaji Director Country Department II Asia Region CONFIRMED: DEVELOPMENT BANK OF THE P~LIPPINES By ROBERT F. DE OCAMP0 Authorized Representative