Conformed Copy - L4108 - Third Elementary Education Project - Amendment 2

Page 1 Conformed Copy December 20, 2001 Hon. Jose Isidro Camacho Secretary of Finance Department of Finance 6th Floor, DOF Building BSP Complex, Roxas Blvd. Malate, Manila 1004 Re: Loan Number 4108-PH (Third Elementary Education Project) Amendments to the Loan Agreement Dear Sir: I refer to the Loan Agreement dated December 20, 1996, entered into between the Republic of the Philippines (the Borrower) and the International Bank for Reconstruction and Development (the Bank), for the above captioned Project, as amended (the Loan Agreement). I also refer to the letter dated September 5, 2001, from Mr. Roberto B. Tan, Assistant Secretary, on behalf of the Department of Finance, endorsing the request dated May 15, 2001, from Mr. Raul S. Roco, Secretary, on behalf of the Department of Education, Culture and Sports, for certain amendments to the Loan Agreement. I am pleased to inform you that, after due consideration, the Bank has agreed to your request and, therefore, the Loan Agreement is hereby amended as follows: 1. WHEREAS clause (B) in the Preamble of the Loan Agreement is amended to read as follows: