Philippines - Rural Electrification Revitalization Project

DQcumont of The World Bank FOR OMCIAL USE ONJLY MICROFI(MH COPY Report No. P- 5610-PH Type: (P_) RepwtNo. P-5610-PH SOPHER, J./ X80458 D8059/ AS21E MEMORANUM MND RECOMMENDTION OF THE PRESIDENT OF THE INERNATIONAL BAN FOR RECONISTRUCTION AND DEVELOPMENT TO THE EXECUTI'VE DIRECTORS ON A PROPOSED LOAN IN AN AMOUNT EQUIVALENT TO US$91.3 MILLION . . ,TO THE * ~~~~~NATIONAL ELECTRIFICATION ADMINISTRATION WITH THE GUARANTEE OF THE REPUBLIC OF THE PHILIPPINES FOR A RURAL ELECTRIFICATION REVITALIZATION PROJECT DECEMBER 30, 1991 * This document kwas restricted distribution and may be uwed by) recipieunt only in the perfornance of ter official duts. ItS contets may not otke.ise be dsclosBd without World Rank authorization.  CURRENCY EQUIVALENTS (At appraisal - March 1991) Currency Unit - Philippine Peso (P) US$1.00 P 28 P 1,000 US$35.71 P 1 100 Centavos (Ctvs.) WEIGHTS AND MEASURES kW - Kilowatt (1,000 watts) kWh - Kilowatt-hours (1,000 watt-hours) ABBREVIATIONS AND ACRONYMS ICB - International Competitive Bidding LCB - Local Competitive Bidding LIB - Limited International Bidding NEA - National Electrification Administration PCB - Polychlorinated B'.phenyls PIP = Performance Improvement Program REC - Rural Electric Cooperative REMP - Rural Electrification Master Plan SOP - Statement of Operating Policy USAID - United States Agency for International Development EISCAL YEAR January 1 - December 31  FOR OFFICIAL USE ONLY RURAL ELECTRIFICATION REVITALIZATION PROJECT Loan and Project Summary B2rrewo_er: National Electrification Administration (NEA) Guarantgr: Republic of the Philippines Beneficiaries: About 54 Rural Electric Cooperatives (REC) spread nationwide Amount: US$91.3 million equivalent Lending Terms: Repayable over 20 years, including five years of grace, at the standard variable interest rate. Relending Termg_. NEA would relend the Peso equivalent to about 54 Rural Electric Cooperatives (REC) on terms and conditions established periodically for the sector (currently, twenty years, including three years of grace, at 12X per annum interest). Financing Plan: Local Foreign Total - US$ Million----- IBRD 4.1 87.2 91.3 USAID Parallel Fin. 1.0 8.0 9.0 NEA 6.0 3.6 9.6 RECs 8.6 0.0 8.6 Total 12.7Z 298 118.5 Economic Rate of Return: 361 Staff Appraisal Report: Report No. 9810-PH IBRD 23207 This document has a restricted distribution and may be used by recipients -n yf n ,ie performance of their official duties. Its contents may not otherwise be disclosed without World Jank authorization.  MEMORANDUM AND RECOMMENDATION OF THE PRESIDENT OF IBRD TO THE EXECUTIVE DIRECTORS ON A PROPOSED LOAN TO THE NATIONAL ELECTRIFICATION ADMINISTRATION OF THE PHILIPPINES FOR A RURAL ELECTRIFICATION REVITALIZATION PROJECT 1. I submit for your approval the following memorandum and recommenda- tion on a proposed loan to the National Electrification Administration (NEA), with the guarantee of the Republic of the Philippines, for the equivalent of US$91.3 million to help finance a Rural Electrification Revitalization Project. The loan would be at the Bank's standard variable interest rate, with a maturity of 20 years, including five years of grace. The Government of the Philippines would charge NEA a guarantee fee of one percent per annum on the outstanding amount of the Bank loan. The proceeds of the loan would be onlent to about 54 Rural Electric Cooperatives (REC) on terms and conditions to be established periodically for the sector (currently, 20 years maturity including three years of grace with a 12X interest rate that is subject to review and adjustment annually). The United States Agency for International Development (USAID) is providing US$9 million of parallel financing to support facilities, technical assistance and training under the proposed project. 2. Background. In 1969, NEA was established to serve as the sector's core agency. By 1971, when the first REC was energized, about 170,000 con- sumers outside the major cities were being served; by 1990, some 120 RECs were serving about 3 million consumers, or about 50X of potential connections. About 90% of them are residential consumers, paying about P 100/month for about 40 kWh/month (US 9g/kWh). In 1990, about 1,296 cities and towns and 21,051 barangays (931 and 60% of the totals) were electrified. As of 1988, only 46 of the RECa were considered to be financially viable or were withir reach of viability. REC distribution losses averaged 251, but were in some cases as high as 45-501. The Government's past emphasis on expansion of networks without adequate regard for cost saddled most of the RECs with debts they could not repay; and some 25 RECs might never attain viability because of franchis' areas inherently too costly to serve. NEA had in the past performed poorly as a lender and a provider of technical support to the RECs. Its small technical staff had been spread too thin. In 1987-89, its collection rate averaged only 36%. Overall, NEA has poor prospects for meeting P 9.6 billion (about US$350 million) of past loans from foreign lenders and the Government. 3. In February 1989, the Bank conducted a detailed review of the rural * electrification sector. The findings are given in a report entitled &h Integrated Program to Revitalize the Sector (Report No. 8016-PH; November 9, 1989). Essentially, the Sector Study made the following recommendations: (a) Operational Efficiency. The RECs need to implement integrated mea- sures to remedy excessive system losses, itadequate maintenance, and unsatisfactory commercial practices. (b) Investment Strategy. NEA and the RECs needed a strategy that focused on investments for rehabilitation with infill connections, and expansion aimed at capturing high revenue producing loads. (c) Pricing. NEA should adjust the RECc' pricing formula to include incentives to control operating costs, funds for future investments, and incentives for efficient patterns of consumption.  -2- (d) getrucKung of the RECs. NEA should encourage RECs willing to im- plement operating, investment, and pricing reforms by rescheduling delinquent loans, and by financing new, justifiable investments. (e) Restruct=URg of NA. NEA needs (i) relief from past loans that it cannot repay; (it) a strategy for financing the RECs that includes adequate pricing for new loans and the application of conditionali- ty; and ('ii) a contraction of its activities to manageable levels. 4. Since late 1989, the Government and NEA have been taking steps to implement the Sector Study's recommendations: (a) The Government agreed in January 1991 to restructure NEA financial- ly, and thereby relieve NEA of responsibility for some P 11.4 bil- lion (US$407 million) in questionable loans over an e,ght year span. (b) NEA has adopted a Statement of Operating Policy (SOP) to address many of the policy issues identified by the Sector Study. The SOP indicates inter alia that NEA will confine its activities to lending and technical services, and use conditionality as the primary means of developing discipline among the RECs. The SOP includes: (i) a financing strategy for the sector; (ii) a Loan Policy Manual to govern its lending operations; (iii) Performance Improvement Pro- grams (PIP) to be applied to future REC loans; (iv) Guidelines for REC investments; and (v) a schedule of fees for NEA's ancillary ser- vices. As an adjunct to the SOP, NEA is developing a tariff policy manual, which '8 expected to be presented to NEA's Board in 1992. (c) NEA has (i) adopted an electricity pricing formula that includes a provision for self financing of investment, and (ii) arranged for substantial tariff increases at about 100 RECs. (d) NEA developed an acceptable investment program for 1991-95. (a) The RECs have improved their performance. By end-1990, 71 were within reach of financial viability. Average system losses were down to about 22%, and collection efficiency increased to about 90Q. 5. Lessons Learned from Previous Bank Operations. The Bank's only previous loan to NEA (Loan 1547-PH; US$60 million; 1978) financed electricity distribution investments that were initiated during 1980-82. The project was completed in 1983, and an audit prepared (PPAR No. P-5372; June 1985). The project largely met its objectives; however, (i) some start up difficulties in procurement were encountered, and (il) the RECs' financial performance was un- even. These problems have been addressed through (i) the systematic prepa- ration of procurement, and (ii) conditionality being attached to NEA's onlend- ing to the RECs. In 1989, a US$22.2 million component of the Energy Sector Project (Loan 3165-PH) was allocated to NEA to support rural electrification investments. NEA has performed well so far. In conjunction with the revital- ization program, NEA and the RECs urgently needed resources for institutional development, including equipment, fixtures and training. About US$4.3 million for institutional development was provided under the Energy Sector Project, and USAID has also provided about US$4.5 million for technical assistance.  3- 6. kationale for Bank Involvement. Through the Rura'l Electrification Sector Study, the Bank developed an integrated program to address the sector's issues. Moreover, when the study's findings were discussed with the relevant agencies of the Government in September 1989, the Bank helped develop a con- sensus that the program needs to be implemented comprehensively for it to succeed in revitalizing the sector. The proposed project affords the Bank the opportunity to continue its close involvement with implementation of the pro- gram by supporting it financially. Moreover, because of the Bank's unique understanding of the issues, it is positioned to strike a balance between the divergent interests of the Government's electric power, planning and finance establishments. 7. Proiect Objectives. The project aims at (i) enhancing NEA's effec- tiveness as the sector's core agency through its use of sound processes for prioritizing investments, supervising the implementatiou of schemes, and fi- nancing the RECs; (ii) encouraging needed reforms of the RECs through the application of conditionality; (iii) improving the reliability of electric service in rural areas by financing part of NEA's 1992-95 investment program; and (iv) providing technical assistance and training for NEA and the RECs. 8. Project Description. The proposed project consists of (a) an insti- tutional development component that includes: technical assistance and train- ing (to be parallel financed by USAID), and NEA's application of discipline through (i) the use of systematic investment and financing strategies, and (ii) conditionality attached to future loans to the RECs; and (b) an invest- me-nt component consisting of schemes from the 1992-95 investment program for about 54 of the RECs, including investments in: (i) core system rehabilita- tion, (ii) system extensions to capture productive as well as residential loads, and (iii) system improvements to increase the reliability of service. For schemes to qualify, construction must begin before the end of 1994. 9. Project Lmnlementatio . The proposed project would be executed by NEA. The project cost is estimated at US$111.9 million equivalent, with a foreign exchange component of US$95.2 million equivalent (85X) and taxes and duties estimated at US$4.3 million equivalent. The total financing required, including interest during construction, is US$118.5 million; the Bank would finance US$91.3 million equivalent (92X of the foreign exchange and 771 of the total). A breakdown of costs and financing plan are shown in Schedule A. Amounts and methods of procurement and of disbursements, and the disbursement schedule are summarized in Schedule B. A timetable of key project processing events and the status of Bank Group operations in the Philippines are given in Schedules C and D, respectively. A map is also attached. The Staff Appraisal Report, No. 9810-PH dated December 23, 1991, is being distributed separately. 10. Project Sustainability. NEA will develop for each participating REC an Evaluation Report that details the (i) technical and economic parameters of the investments; (ii) financial and operating projections for the REC; and (iii) the PIP and other conditionality being required by NEA (ten of these reports have already been provided for the Bank's review and comment). NEA now uses an acceptable, rigorous methodology for formulating all its invest- ments, regardless of the source of finance; and it will apply loan terms and conditionality on a source neutral basis.  -4- 11. Thead Actlons The Government agreed to (a) make timely budgetary provisions for the financial restructuring of NEA, and (b) provide NEA forward cover against foreign exchange risk for a market-based variable fee. NEA has agreed to: ,a) refrain from amending the SOP or its annexes without prior con- sultation with the Bank; (b) furnish audited financial statements by September 30 of each year; (c) furnish all Evaluation Reports to the Bank for review and comment; (d) furnish copies of onlending agreements with the RECs, within 30 days of their signature; and (e) conduct with the Bank an annual review of its investment program for the next five years; and (f) arrange a satisfactory parallel financing Agreement with USAID. Also, the SOP includes provisions for NEA to (a) adopt financial policies enabling it to realize (i) collections of at least 70X in 1992, 75X in 1993, 80X in 1994, and 85X in 1995 and there- after; (ii) a return on total assets that is positive through 1994, and at least 2.5X there4fter; (iii) a debt service coverage ratio of 2.0; and (iv) a debt:equity of less than 60:40; (b) seek REC adoption of the following long term financial objectives: (i) a current ratio of at least 1.0; (ii) a self- financing ratio of 20X; and (iii) a debt service coverage ratio of at least 1.1; and (c) seek the RECs' agreement to implement PIPs as conditions of their borrowing from NEA. The proposed loan also has the following conditions of effectiveness: (a) NEA's retention of consultants to develop and implement procedures for (i) materials handling, and (ii) loan programming and adminis- tration; and (b) NEA Board adoption of the tariff policy manual (para. 4 [b]). 12. Environment. The proposed project is not expected to pose environ- mental problems. The rehabilitation and system reliability components involve adjustments to systems already in place. The system extension components do envision some new works that would follow existing infrastructure in thinly populated areas. Where substations are to be upgraded, NEA has indicated that transformers containing PCB will be disposed of safely. 13. Agnefits. The main benefits of the project are (a) stimulation of economic activity in provincial areas through the improved supply of reason- ably priced, reliable energy; (b) poverty alleviation through the facilitation of employment opportunities primarily in agriculture and small scale industry; and (c) improvement in the quality of life in rural areas, especially for women, through the wider availability of home lighting and refrigeration. 14. Risks. The proposed project is ambitious, and may exceed the capac- ity of the RECs to meet implementation schedules or furnish counterpart funds. The project was designed to enable the dropping of subprojects in the event that any REC9s absorptive capacity is exceeded. 15. Recommendation. I am satisfied that the proposed loan would comply with the Articles of Agreement of the Bank and recommend that the Executive Directors approve it. Lewis T. Preston President Attachments Washington D.C. December 30, 1991  -5- Scmduul,e A, PaILIPgruS- RURAL ELECTRIFICATION VITALIATION PROJECT ESTIMATED COSTS AM INA-NgING.2A Estimated Costa: La Loc,al Foreig Total --------US$ Million- REC Distribution Systems 8.2 63.4 71.6 Support Facilities 2.0 12.0 14.0 Training and Technical Assistance 1.0 5.0 6.0 Administration 1 0 0.0 1.0 Base Cost 12.2 80.4 92.6 Physical Contingency 1.2 8.1 9.3 Price Contingency 3.3 6.7 1Q.0 Total Project Cost 16.7 95.2 111.9 Interest During Construction & 3.0 3.6 6.6 Total Financing Requirements 19.7 98.8 118.5 FinaMcing Plan: Local Foreisf T2tal --------US$ Million-- IBRD 4.1 87.2 91.3 USAID Parallel Financing 1.0 8.0 9.0 N$A 6.0 3.6 9.6 RiECs 8.6 0.0 8.6 Total 19.7 98.8 118.5 La Including duties and taxes of about US$4.3 million equivalent. Lb Interest during construction is computed on the basis that the RECs would be borrowing most of the proceeds of the proposed loan plus a sup- plement, to cover NEA's materials handling costs, equal to 5X of the principle amount, for twenty years (including three years of grace) at an interest rate of 121. The portion corresponding to the Bank's inter- est rate (7.73X less a 0.25% prompt payment rebate) is allocated as for- eign cost, while the remainder is allocated as local cost. NEA would finance the foreign component of interest during construction from in- ternal resources. The RECs wculd finance the local component from their internal resources.  -6- $chsdule B Page 1 of 2 PHILIYPINm R1IRAL ECIFICATION REVITALZATION PROJEC2 PRCUREMENT ARRNGEMENTS (US$ Million) rreM ICa LCB OTWIR NA TOAL REC DISRIUBUnON SYSrEMS Line Equipment & Materals 58.2 52 (51.1) (SLt) Substation Equipment & Materahs 23.0 23.0 (20.2) (20.2) Consution Works 5.0 5.0 (4.3) (4.3) SUPPORT FACIUXlES Equipment 93 1.4 35 142 (8.2) (1.2) (3.0) (12.4) Construction Works 3.0 3.0 (2.3) (2.3) TRAING AND TECHNAL ASSISTANCE 73 73 (1.0) (1.0) NEA Overheads and Other Expenses 1.2 1.2 Total 905 4A 15.8 1.2 111.9 (795) (3.S) (8.3) 0.0 (91.3) ICB: International Competitive Bidding LCB: Local Competitive Bidding Other: Limited International Bidding, International or Local Shopping, Force Account, and Consultant Services NA: Not Applicable: administrative expenses. Note: Figures in parenthesis are the amounts proposed to be financed by the Bank and exclude taxes, duties and some local charges.  Page 2 of 2 RUlRAL ELECTRIFICATIgN REVIT.LIZATION PROJECT DISB SE S Percentage of Expenditures Category Amount to be Financed (US$ million) (1) Equipment, materials 82.0 100% of foreign eA- and installation. penditures and 1001 of local expenditures (ex-factory cost) of locally manufactured items and 75% of other local expenditures for other items procured locally. (2) Civil works 3.3 85% oi local expenditures (3) Consultant services 1.0 100% (4) Unallocated 5.0 Total 2l.a Est tted IBRD Disbursements: IBRD Fiscal Year 129 1993 1994 1995 1996 1222 ----------------- (US$ million) -------- Annual 2.0 6.0 15.0 35.0 28.0 5.3 Cumulative 2.0 8.0 23.0 58.0 86.0 91.3  -8 Schedule C PHILIPPINES RURAL ELECTRIFICATION REVITALIZATION PROJECT Timetable of Key Proiect Processing Events (a) Time taken to prepare: 24 months (b) Prepared by: NEA and the Republic of the Philippines, with IBRD assis- tance (c) First Bank mission: December 1989 (d) Appraisal mission departure: March 1991 (a) Negotiations: December 9, 1991 (f) Planned Date of Effectiveness: April 15, 1992 (g) List of relevant PCRs and PPARs: Lmap No. Project Name PPAR Ln. 1547-PH First Rural Electrification P-5372; June 1985 Project  THE STATUS OF BANK GROUP OPERATIONS IN TNE PHILIPPINES A. STAT?SEN- OF BANK AOANS LS As of Soeptemer so, l991) Loon or Amount (USI ml IIon) Crdilt fiscal (lese ancellations) Number Y er Borrower Purpoe Bak IDA W Ninety-four loans and six credits fully disbursed 3,663.89 106.18 Of which SECALS, SALs, and Program Leons 9081a 96 Rep. of the Philippines SAL I 199.96 2266 198 Rep. of the Phtilppine SAL SS 302.25 2469 1968 Rop. of tho PhilIppirm Agriculture Sector Input 160.00 278? 1967 Rep. of the Philippines Ertnomic Recovery Progeam 800.00 Subtotal 962.21 2173 "4U2 Rep. of the Phtilppirne Communal Irrigation 33.50 .48 2257 a Rop. of the Phi lippine, RegionaI Cities Developoment 89.44 9.14 227? Iwdi. Rep, of the Philippines Environmnt A National Resurce Mgt. 66.00 66.98 23U0 194 Rop. of the Philippines Central Visayes Regional Dov. 24.97 7.69 2418 1964 Rep. of the Philippines Highways V 102.00 49.48 243S 1994 Rep. of the Philippines Municipal evelepsant 40.00 18.70 2676 1986 Rep. of the Philippines Manila Water Distribution 88.00 10.06 2716 196 Rep, of tsh Philippines Rural Roads 1I 82.00 69.81 292 1967 Rep. of the Philippines Provincial Ports J2.00 12.03 2948 198 Rep. of the Philippinos Irrigation Operations Support 23.60 7.88 2956* 1988 Rep. of tih- Philippines Program for Government Reform 200.00 50.08 2969 1968 Phil. National Oil Co. Bacon-lanito (eothersal Power 41.00 7.92 2969-1 1988 Phil. Wational Oil Co. Bscon-Monito Geothermal Power 59.00 50.68 2974 1968 Rep. of the Philippines Housing Sector 160.00 55.76 3033 1969 Rep. of the Philippines S4I IV 60.00 s.51 3049* 1989 Rep. of the Philippines Financial Sector 300.00 160.00 3034 16$9 Oev. Bank of the Phil. Vanila Power Distribution 65.50 58.46 8099 1990 Rep. of the Philippines Health Development 70.10 83.14 8123 1990 DOv, Bank of the Phil. Industrial Investmnt Credit 865.00 4.71 8124 1990 Metro. Waterworks & Sec. Angot Water Supply 40.00 22.00 3146 1990 Rep. of the Philippines Municipal DevQlopPMnt U 40.00 86.81 8149 1990 Rep. of the Philippines Debt Mansgemsnt Loan 200.00 50.00 3163 1990 Phil. National Power Corp. Enery Sector Loan 200.00 129.74 3164 l9O0 Phil. National Oil Co. Energy Sector Loan 150.00 126.67 3165 1990 p. of the Philippines Energy Sector Loon 40.00 28.92 8204 1960 ^':p. of the Philippines Coconut Forms Development 121.80 112.47 3242 1991 Rep. of the Philippines WS/Sewer/Sanitation 86.00 80.00 3244 1991 Rep. of the Philippines Second Elementary Education 200 00 176.51 8261 1991 Rep. of th. Philippines Communal Irrigation II 46.20 45.6S 8263 1991 Rep. of the Philippines Earthquake Reconstructlon 125.00 97.05 8287 l961 Rep. of the Philippine Industriel Restructuring 175.00 14..95 3312 1991 Rep. of the Philippines Cottage Enterprise 15.00 15.00 386S 1991 Rep. of the Philippines Rural Credit 150.00 150.00 3360 1991 Rep. of the Philippineo Envirenment A National Res. Mgt. 168 00 1ff.00 TotaI 6,839.87 171.18 2,068.22 of whch has en repaid 1 729.52 4.69 Total now held by Bank and IDA Lam of whieh repaid 1. 35 Total undiburosed 1,998.62 67.60 2,066.22 Lo The status of the projects isted In Part A Is described In o separate report on all Bank/lDA-flanneed projects In exeution, whlich Is updated twice yerly and circulated to the Executive D0 rectors on April 80 and Octoer 81. a SAL, SECAL or Program Loan  Scheule D *10. 2 of 3 B. Statement of IFC Investments (As of September 30, 1991) Total held Undisb. Ineld. Fiscal Type of r onal Commitments by IFC participants Year Obligor usines onn Equity Tota (at cost) portion -.4JSIM~~~-UIN I lion 1983/73 Private Oev. Corp. Dev. Finance 16.0 0.4 16.4 - - of the Philippines 1967/79 Manila Electric Co. Utilities 86.1 4.0 40.1 28.6 - 1970/86 Philippine Long 1986/90 Distancer Tl. Co. Utilities 127.? 0.8 129.5 82.0 26.0 1970/72 Mariwasa gfg. Co. Construction materials 0.8 0.4 1.2 - - 1970 Paper Ind. Corp. Pulp & Paper - 2.2 2.2 - - 1971/77 Philippine Petroloum Chmiea ls/petrochem. .2 2.1 8.8 - - 1972 Marinduque Milling and Ind. Corp. Mining 15.0 - 15.0 - - 1978 Victorie* Chemieal Corp. Chemical 1.9 0.3 2.2 - - 1974 Filipinas Synthetic Fiber Corp. Textile A Fibers 1.5 - 1.F - - 1974/79 Maria Ceintina Chemical Electra- Industry chomics 1.6 0.6 2.2 0.4 - 1974 RFM Corporation Food A Food Processing 1.2 - 1.2 - - 1975 Phil. Polyamide Ind. Corp. Textile & Fibers 7.0 - 7.0 - - 1976 Philagro Edible Coconut Oil Oils, Inc. Copra 2.7 0.2 2.9 - - 1977 Sarmiento Ind. Plywood 8.5 - 8.5 - - 1977 AcoJ- Mining Co. Ltd. Mining 8.2 0.5 8.7 1.a - i971 Cebu Shipyard and Engineering Works Ship-repairing 2.1 - 2.1 - - 1979/80 Cen. Milling Corp. Food & Food Processing 4.0 1.7 5.7 1.7 - 980 Ventures In Industry and Venture Busines Enterprise, Inc. capital - 0.2 0.2 - - 1980/08/85 All Asia Capital A Leasing Equipment leosing 11.1 0.6 11.9 1.9 0.7 1980 ConsolIdated Ind. Gas, Inc. /a Industrial Oases 4.5 - 4.5 - - 1981 PhilIppin s AssocIsted Cement 16.0 - 18.0 2.0 - Smelting a Refining Corp. 1981 Dova* Union Cement Corp. Cement 16.0 - 16.0 2.0 - 1981 Loans to Small A Medium Capital Scale Enterprises (SMSE)j'a markets 18.0 1.1 19.1 - - 198S NDC-Guthrie Plantations Inc. Agribusiness 11.0 - 11.0 9.2 - 19S5 Ph711ppIne Overseas Contractors Conetructlon S8.0. - 80.0 - - l916/91 Purefoods Food Proe. - 1.9 1.9 1.9 - 1900 BPI Agrlbenk Finan. Inst. - 1.0 1.0 1.0 - 1969 Kewalraw Phil. Ine. Textilee & Flbors 8.0. - 8.0 1.8 - 1988 Philfund Debt Conversion Fund- 4.2 4.2 - - 1989 A4 & P Construction 10.0. - 10.0 10.0 - 1989 Habrecht a quiet Capital Fund - 2.2 2.2 2.2 0.6 1990 Hop Iwell Power 10.0 1.1 11.1 10.0 0.1 1990 Manila Fund Money & Cap. Markets - 7.0 7.0 - - 1990 First Phil Fund Money & Cap. Markets - 20.0 20.0 - - 19S0 Avantex Will Corp. Textile 11.8 2.8 18.0 18.6 2.6 1991 Bst Chemieals Chemicals 6.8 2.8 8.8 6.8 0.8 1991 Autom ted Micro-elect. Electronics 9.0 2.8 11.8 11.0 9.5 1991 Maketi Shangri-La Tourism 69.5 - 59.5 29.5 59.0 1991 PCX Bank Fin. Inst. 20.00 - 20.0 20.0 20.0 Total  Schedule 0 Page a of s - 11 - Total hold Undleb. incid. Type of Orlst*l COMMit4t by tFC participants Obligor Buotness ean Equity total (at cost) portion -__tM I I ton- lzt not vet signed Luzon Potrochemical l Potrochemicals 90.0 16.0 105.0 - - MacEtn Shangri-La Tourism 24.0 - 24.0 12.0 24.0 PhiInkco Nickol Mining 90.0 15.0 103.0 60.0 106.0 aso Comiltents jsntly cancelled. iently dropped. a as of Soptember 30, 1991. Exchange rate usedi e 26/S  IBRD 23207 r1 1 2Or 1 24 CLASSIFICATION OF PROVINCES PHILIPPINES BY GEOGRAPHICAL REGIONS NATIONAL ELECTRIFICATION I ILOCOS VI WESTERN VI ADMINISTRATION Ilocs Norte 38 AkiJn RURAL ELECTRIFICATION 2 fcos.Sur 39 Capiz REVITALIZATION PROJECT 3 In Unicn 40 Antique 4 Pangosinon 41 Riilo CORDILLERA ADMINISTRATIVE 42 Negros OcRCdentRi REGION [CAI V 43 Groras Rural Electric Cooperotive 5 A VIl CENTRALVISAYAS Boundaries 6 Kaiinga-Apayoo 44 Cebu 7 Mauntain Province 45 Negros Oriental Project Areas 8 Ihugo 46 Bohol 9Benguet 47 Siquijor 11 CAGAYAN VALLEY VI II EASTERN ViSAYAS 0 Batanes 48 NorlhrnSamar N National Capital I 1 Cagayan 49 W\stem Sarmar 1- 12Isaelc 50 Eatern r SRar 1 3Nueva 51Sl ser 1 Leyte I - Province Boundaries 14 Quirirc 52 &x*twtLeyfep- IIl CENTRALWZON 53 Bilirn Region Boundaries 1 5 Nueva Ecija IX WESTERN A?INDANAO 7 - 16 Tofoc 54 Zemoongo de] Nodst If8 r 1 17 Z=T dores 554Z 7 boor4odlSur - International Boundaries 18 bmpotngo 56 Bosilhn 13 14 19 80clr 57 Stju h h. 20 ataaiot _e Twhai rcs'~ i,._ / 6 '20 Buaccan NATIONAL CAP'TAI X NORI: FRN M1NDANLAOca.es REGION (NC,<) 59 Swao a N KILCNatErRS 0 Nart20 -J00 !VSOUTHERBa TAGALOG 60 Comtjuisn 1 z; A&JI0r0 61 Agwal delNart 5iE 50 100 10 700 22 Qumon 62 MisarnhOrientia mItI 23 izal 63 MisaisOwcdental o t 2 4 Cvife 64 Bukidnon 25 toun 65 Agmande"Sur ~2 25 Batangos Xi SOUTHERN iMNDANAO NC 27 MArinduque 656. Surigao dll Sur 28 Mndor Orienidi 67 D 2 Ori - 29 Mndoro Occidental 68 DCvor del None 30 Rombion 69 Davoodel Sur 31 Pelcwan 70 Sot Cotabato / - - 234 V BICOL XI I CENTRAL MINDANAO 32 Cornrines None 71 Lonoo delNone Norte 33 Comcrines Sur 72 Lanoo dal Stir 34 Cantanduanes 73 Norxt Cotobato, 35 AJby 74 MauindJmv 36 Sorsoagon 75 Sultan Kudarat 37 Masbate 4~~~~~~9 31 \ (F,F5(r, '' . i_ ./di, *.zz9Sa~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Xi >,) IN. nrp has been pmnyard by The Worfd Bennk' tf"I to~~ of,. tro ands xc, elirsy Law the iMetrnal uee of TMe Word e.k 1= rite en wenie'tee~ S r;. ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~en, oie@eJ 7BGrdiionrr rtd end thre 7 x~~~~~J- r ~ _ _ t ,ntlrio,nors acna thi rip do nteplyon th atob he Wel RanSGeae.an deeeT7 K- - 120- 124' 25 DECEMBER 1991