Philippines - Fourth Development Corporation Project

FILE COPY DOCUMENT OF INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT Not For Public Use Report No. P-1503a-PH REPORT AND RECOMMENDATION OF THE PRESIDENT TO TIIE EXECUTIVE DIRECTORS ON A PROPOSED LOAN TO THE PHILIPPINE NATIONAL BANK TO BE GUARANTEED BY THE REPUBLIC OF THE PHILIPPINES FOR A FOURTH PRIVATE DEVELOPMENT CORPORATION OF THE.PHILIPPINES (PDCP) CREDIT PROJECT October 23, 1974 This report was prepared for official use only bi the Bank Group. It may not be published, quoted or cited without Bank Group authorization. The Bank Group does not accept responsibility for the accuracy or completeness of the report.  CurrenLcy Unit = Peso (P) US$1 = 6.729 P I = US$.149 P 1,000 - US$149 P 1,000,000 = UrS$149,000 Fisca'l Year = -July 1 to June 30  REPORT AND RECOMMENDATION OF THE PRESIDENT TO THE EXECUTIVE DIRECTORS ON A PROPOSED LOAN TO THE PHILIPPINE NATIONAL BANK TO BE GUARANTEED BY THE REPUBLIC OF THE PHILIPPINES FOR A FOURTH PRIVATE DEVELOPMENT CORPORATION OF THE PHILIPPINES (PDCP) CREDIT PROJECT 1. I submit the following report and recommendation on a proposed loan to the Philippine National Bank for the equivalent of $30.0 million with the guarantee of the Republic of the Philippines. The loan would be at an interest rate of 8% per annum. The proceeds of the loan would be relent to the Private Development Corporation of the Philippines at an interest rate of 8% plus a handling fee of 0.75%, but otherwise on the same terms as those of the Bank loan, for onlending to specific productive enterprises. The Loan would be repaid in accordance with the composite amortization schedule of subprojects up to 15 years, including an appro- priate period of grace. PART I - THE ECONOMY 2. The most recent Economic Report - "Current Economic Position and Prospects of the Philippines" (No. 78-PH of April 20, 1973) was circulated to the Executive Directors on May 2, 1973 (R73-85). An economic mission visited the Philippines in April and its preliminary conclusions are in- corporated below. The full report of the mission will be distributed to the Executive Directors in due course. Annex I contains country data. Recent Developments 3. Since 1972, the Government has re-formulated its development strategy by introducing a number of important and potentially far-reach- ing economic and social reforms through decrees in such areas as agrarian reform, taxation, customs administration and tariffs, banking and govern- ment organization. These reforms provide an opportunity to improve the performance of the Philippine economy. Aided by the recent commodity boom in the international markets, economic activity in the Philippines has increased considerably. The growth in real GNP, which had been about 5% a year for more than a decade, is estimated to have doubled and reached 10% in 1973. However underemployment and unemployment remain quite high, and in common with most other countries the rate of inflation has increased appreciably in the past year. These problems and the long-term implications of the energy crisis for domestic production, the balance of payments, costs and employment are now being examined by the economic mission. 4. The strong recovery of the economy in 1973 resulted from increased agricultural production, a recovery in the industrial sector including manufactured exports, a boom in export incomes and an expansion in public and private investment. The agricultural sector, which had suffered from adverse weather conditions during the previous three years grew by 7% in  1973. Rice production in 1973-74 is estimated to have increased by 25% over the level of the previous year when floods reduced production levels. This increase has been mainly due to favorable weather conditions, increased use of fertilizers, more supervised credit and increased investments in sup- porting rural services as part of a general drive for rice self-sufficiency. The impact of the recent floods on rice production in the present crop year appears to be moderate, chiefly because of the short duration of the typhoon and the quick drainage and protection provided by the rehabilitation work undertaken after the 1972 disaster. The Government has vigorously imple- mented a program of agrarian reform among rice and corn tenants concentrating mainly on the larger holdings in the first phase. Titles are being trans- ferred to tenants and supporting services improved. 5. The increased activity in agriculture has provided the base for renewed expansion of the industrial sector. The growth of industrial pro- duction for exports has also been stimulated by the Government's industrial export drive which included a range of export incentives. Nontraditional industrial exports, which have been increasing since 1970, are estimated to have doubled in 1973 to about $200 million. The prospects of increased profitability are attracting a large amount of new investment into industries such as plywood, textiles and garments, handicrafts, light consumer durables and electronics. 6. The growth in production was also assisted by the sharply acceler- ated public development outlays in 1973 made possible by a significant im- provement in the financial position of the Government. The Government has implemented a series of long-needed tax reforms and improvements in tax ad- mi-nistration, such as customs and tariff reform, tax amnesties, reforms in corporate and local taxation, continuation of the export tax, and increased taxation on luxury items and on gasoline. These reforms resulted in a 36% increase in tax revenues in FY73, and an estimated 47% in FY74. As a result the ratio of Central Government tax revenues to GNP has increased from an average of 9% in recent years to an estimated 12% in FY74. 7. High prices for the Philippines' chief exports, including coconut products, sugar, copper and wood products, were largely responsible for an increase in merchandise receipts of almost 70% in 1973. The merchandise trade account recorded a surplus of about $270 million, as compared with a $120 million deficit in the previous year. International reserves rose by $594 million during the year and stood at $876 million, equivalent to about five months of imports, at the end of the year, and had risen to $1.2 billion by May, 1974. 8. Ilowever, in the latter part of 1973 inflation emerged as a major problem in the Philippines. Since mid-1973 consumer prices have been rising at an annual rate of more than 40%. This has been caused by the higher rate of world inflation, by higher export prices, by domestic food shortages, and more recently by the increased cost of petroleum. Provided there is a good harvest later in the year, the rate of inflation should moderate in 1975, but it probably will take 1-2 years for the price effects of the energy crisis to work themselves out fully. The rapid inflation has also exacer- bated the decline in real wages which fell by a total of about 25% between 1969 and 1973. The urban wage earners have been most affected. In the past  year, agricultural incomes have improved very substantially, while, with some exceptions, entrepreneurs have been able to pass on increased costs. Money wages will have to be raised in the near future if further deterioration in the living standards of wage earners is to be avoided. The Energy Crisis 9. Imported petroleum provides some 93% of the Philippines' total energy requirements. In 1973 the equivalent of 71 million barrels of petroleum crude and other petroleum products were imported at a cost of about $230 million c.i.f. When the energy crisis developed late last year, it looked as though economic activity in the Philippines would be severely disrupted. There were temporary dislocations while reduced quantities of petroleum were available, but the Government moved quickly with conservation measures to reduce non-essential consumption. By March these problems had been overcome and the Philippines is now obtaining sufficient petroleum for its needs. In 1974 imports of petroleum and products are likely to be about 73 million barrels at a cost of about $820 million c.i.f. 10. In response to the energy crisis the Government has decided to accelerate the development of local energy sources, especially hydropower and geothermal energy. These will be supplemented with nuclear energy in the 1980's. The transport sector, which now accounts for 40% of total energy consumption, is likely to continue to be the major consumer of energy. The growth in demand for energy will therefore be influenced by policies that affect the pattern of expansion in this sector. In any event, total demand for energy is expected to grow at about 10 percent a year, and even with more rapid development of natural power sources, petroleum would still account for 85% of total energy needs by 1980. The Philippines does not have any commercial oil fields, but the Government has recently taken steps to encourage more exploration. Growth Prospects 11. Earlier this year the Government decided that, despite the energy crisis and rapid inflation, the growth momentum built up last year should be maintained, to provide for a continued increase in employment and to ensure that export income expands rapidly enough to meet most of the country's for- eign exchange needs. The labor force will continue to grow at almost 3% a year for another decade. Providing half a million new jobs a year as well as dealing with unemployment and underemployment will be a major task. 12. The economy has the potential to continue growing at 7-8% a year in real terms. Despite the big increase in the cost of petroleum and other imports, there will be only a modest deficit in the balance of payments this year, because of continued high prices for major export commo- dities. Moreover, the rapid increase in export prices at a time when external debt has not been changing, has resulted in a sharp fall in debt service from 23% of export earnings in 1972 to an estimated 14% this year. There has also been a substantial improvement in the climate for private investment in the Philippines, especially in exports. There will probably  - 4 - be a substantial increase in financing requirements, but with rising domestic incomes and a substantially improved capacity to borrow abroad, it should be possible to mobilize the needed resources. 13. A substantial increase in both public and private investment to support the growth and employment strategy is required, with priority being given to increasing food production, to export ventures and to selective import-replacing investments. The Government plans to spend about P 17 billion on infrastructure and other public investments during FY74-77; about 40% of the proposed investment program would be allocated to the transport sector, 21% to power and 13% to irrigation. This would mean doubling the proportion of these expenditures to GNP from 1.7% in FY68-72 to about 3.5% in FY74-77. To finance this program, the ratio of taxes to GNP would have to be increased to 15-16%, and public savings would have to be raised from the present level of 1.7% of GNP to beyond 2% in the next few years. With the Government's program for further tax reforms, there are reasonable prospects for achieving these objectives. Even so, it would mean continued heavy reliance on public borrowing from the local market and from abroad. Implementing this program would also call for continued improvements in public sector management which has already been strengthened by the Government reorganization. Balance of Payments 14. Because of continued high prices for major export commodities, export receipts are expected to increase by 33% this year to $2.5 billion. Merchandise imports are likely to increase by about 90% to $3.1 billion, because of the increased cost of petroleum and the rapid increase in the prices of other imports. In response to the energy crisis the Central Bank negotiated a series of standby credits with various foreign com- mercial banking groups earlier this year. The economic mission estimates that the overall balance of payments will record a deficit of about $100 million this year. 15. After allowing for continued reserve accumulation and repayment of loans, the total foreign exchange requirements for the period 1975-79 would be about $7 billion or more depending on the behaviour of the terms of trade. About $2.5 billion would be provided by remittances, official grants, direct investment, and short-term trade finance. The remaining $4.5 billion would lhave to come from foreign borrowing. Last year the Bank estimated total requirements for 1974-78 at about $4 billion. In June 1973 the Consultative Group for the Philippines met anz. accepted the need for rising levels of commitments for development projects to support the Philippines' increased development program. The increased estimate of requirements reflects the effects of inflation, the more optimistic outlook for growth in the Philippines, and the improved capacity to carry foreign debt. 16. Borrowing on this scale would not pose serious problems for balance of payments and external debt management. At the end of 1973, the Philippines' medium and long-term external debt stood at about $1.9 billion, of which public debt was 44%. Because the Government h-ias exercised strict control over the amount and type of new external  borrowings, the total amount of debt outstanding has not increased much since 1970, and the maturity structure has improved. Moreover, the debt service ratio is expected to remain at about 14% in 1975. With this moderate debt burden the Philippines will be able to contract substan- tially larger amounts of external debt which would probably lead to a small increase in the debt service ratio, perhaps to about 14-15% by the early 1980s. The Philippines thus remains creditworthy for substantial Bank lending. At present, the Bank/IDA share in total debt outstanding is about 9% and its share in debt service is about 5.5%. Since the Philippines will have the capacity to service more commercial debt in future, it is unlikely that the Bank's share in debt service will rise even with a higher level of lending. 17. The Philippines' development program will continue to require resources in excess of the foreign capital which will become available for financing the import component of development projects. Some fi- nancing of local currency expenditures will be justified, especially for projects of economic and social importance which need only limited amounts of foreign exchange. PART II - BANK GROUP OPERATIONS IN THE PHILIPPINES 18. The Philippines has received 26 Bank loans and three IDA Credits totalling $572 million, net of cancellations. About 54% of the Bank/IDA lending, $306 million, has been for infrastructure projects in power, transportation, water supply and for education whilst $25 million has been for population. The remainder has been divided about equally between agriculture and industry. Of this $126 million has been for irrigation, livestock, rice processing and rural credit and $115 million for industry in three loans to the Private Development Corporation of the Philippines and one loan to the Development Bank of the Philippines. There has been a marked improvement in the way Bank-financed projects in the Philippines have been executed in the last two or three years compared with experience in the 1960's when shortages of peso counterpart funds combined with poor administration caused serious problems. All these projects are now going reasonably well. Annex II contains a summary statement of Bank loans, IDA credits and IFC investments as of September 30, 1974 and notes on the execution of on-going projects. 19. The size of the Bank/IDA lending program increased substantially in FY74 reflecting the ambitious development program of the Government and its improved capacity to prepare and implement projects. Commitments in FY74 amounted to $165.1 million compared to an average of about $30 million a year in the previous five years. It is proposed that future Bank lending continue to concentrate on public infrastructure and agriculture. We also plan to continue financing industry and to provide more assistance for proj- ects in the social sectors. 20. The following projects are among those which should be ready for Board consideration later in FY75 - Tarlac Irrigation, Rural Development  - 6 - and Small Industry. Three projects, Population, Sixth Power and Inter-Island Shipping have already been approved by the Board. The Tarlac Irrigation project would help improve irrigation systems in a heavily tenanted area of Luzon. The Rural Development project would help finance a range of rural investments designed to promote the integrated development of the island of Mindoro. The small industry loan would provide funds for relending to small firms and possibly technical assistance to help strengthen the institutions serving these firms. 21. IFC has made commitments in the Philippines totalling $69.2 million for investments in eleven companies in the fields of development banking, power, telecommunications, ceramic tiles, paper, petroleum products, nickel mining and refining, chemicals and synthetic fibers. Of these investments, as of September 30, 1974, $18.2 million have been sold, $0.4 million cancelled and $2.1 million repaid, leaving a net portfolio of $48.5 million. On the same date $13.0 million was undisbursed. Preliminary proposals have been received for an aluminum smelter and other projects in the pulp and paper, dinnerware, metal alloys and shipbuilding fields. PART III - THE INDUSTRIAL SECTOR AND INDUSTRIAL FINANCE 22. Industry (manufacturing, mining and construction) is the third largest sector in the Philippine economy (after agriculture and services). It accounted for 27% of net domestic product in 1973, absorbing over one- third of total fixed investment and providing employment for 15% of the total labor force. Since the early 1970's Governmient has placed increasing emphasis on industrial growth to expand and diversify exports, meet growing domestic demand, and provide increased employment opportunities. 23. Manufacturing, which accounts for over two-thirds of all indus- trial activity, is predominantly privately owned, and generally concentrated in large scale, vertically integrated, capital-intensive units. In 1971, organized manufacturing enterprises with fewer than 20 employees accounted for 85% of the number of enterprises but for less than 17% of industrial employment, 4.7% of value added and 5.5% of total assets of manufacturing enterprises. By sectors, food and beverages are the largest group, with chemicals and petrochemicals second and textiles ranking third. Geograph- ically, over 65% of manufacturing enterprises are concentrated in the greater Manila and southern Luzon area, although more recently increasing industrialization has been taking place in northern Mindanao and the Visayas. 24. Philippine industrial production has up to now been geared pri- marily toward meeting the needs of the domestic consumer market. Reliance on the industrial sector as a major vehicle for enhancing export earnings is a relatively recent development signalled by the introduction of the Export Incentives Act in 1970 and by other policy measures such as the floating of the peso resulting in a sizable devaluation which made Philippine industrial exports much more competitive in international markets. The rapid increase in industrial exports in the last two years  - 7 - reflects both the success of these measures and favorable changes in world market demand for Philippine products. The encouraging performance so far has led the Government into establishing a special duty-exempt Export Pro- cessing Zone at Mariveles to attract foreign and domestic investment into manufacturing for export. 25. Both the Export Incentives Act and the earlier Investment Incentives Act of 1967, which reformed the previous cumbersome structure of incentives, are administered by the Board of Investments (BOI) - the principal industrial regulatory agency. Its main functions are to: (a) issue an annual Investment Priorities Plan (IPP) - the current IPP is the sixth - listing those industries or product lines which qualify for incen- tives; (b) determine the additional capacity required in these industries to meet domestic demand and/or take advantage of export possibilities; and (c) approve individual projects in line with the annual IPP. The BOI also draws up a list of "overcrowded industries" in whlich further investments are discouraged by denying access to incentives and foreign exchange for imports. In addition to its regulatory functions, BOI is an active promo- tional agency, wlhich undertakes specific industry and market studies, and publishes information useful to industrialists. About one-half of new industrial investment in the Philippines goes into BOI-registered projects. Between June 1968 and June, 1973, BOI approved 250 projects requiring a total investment of ? 7.2 billion. While BOI is primarily responsible for regulating investment, industrial policy formulation is the responsibility of the National Economic and Development Authority (NEDA). A newly estab- lished Department of Energy and Industry (DEI) is beginning to play a prominent role in coordinating industrial policy formulation and implementation, covering whatever gaps exist under the present institutional arrangements. 26. The Four-Year Development Plan for FY74-77 estimates total indus- trial investment in the period to be in excess of $3 billion. Investment in manufacturing is expected to account for about two-thirds of the total. This level of investment will require a large increase in domestic resource mobilization, as well as a sustained inflow of foreign capital on reasonable terms. The climate for private investment in the Philippines is also much improved, especially in production for exports. This improvement stems from the strong performance of the economy in 1973, the current higher prices for many export commodities, and the efforts of Government to attract more foreign investment. A number of big projects are proposed in mining, wood processing, fertilizer, steel, aluminum and other indus- tries which seem likely to push up the private investment rate from recent levels of about 16% of GNP to perhaps 22% by the latter part of the decade. The total investment cost for these major projects is expected to exceed $4 billion during 1975-80, with the individual cost of many of them exceed- ing $100 million. The Government will need to find suitable financial back- ing for these projects within the international financial community, since a large portion of the required funds will have to come from abroad. Even so, the supply of long-term funds from domestic sources will need to in- crease substantially.  - 8 - 27. Two institutions, the Development Bank of the Philippines (DBP), the government's principal development financing institution, and the Private Development Corporation of the Philippines (PDCP), are the main providers of long-term industrial finance. Besides DBP and PDCP, several commercial banking and other financial institutions also provide term finance to industry, covering less than 5% of total needs. Working capital needs are covered mainly by commercial banks, which in 1973 provided $3.1 billion in domestic credit, half of which went to the manufacturing sector. The remaining gaps in financing are covered by internally-generated funds and by equity financing through the capital market. PART IV - THE PROJECT '8. The proposed loan is the sixth in a series of Bank Group loans for financing industrial investment in the Philippines. The most recent of these was a $50.0 million Bank loan to the Development Bank of the Philippines (DBP) approved in June 1974. The proposed project was appraised in May 1974 and negotiations were held in September 1974. The leader of the Philippine negotiating team was Ambassador Eduardo Z. Romualdez. The Appraisal Report (No. 514a-PH) on the project is being distributed to the Executive Directors separately. Annex III provides a loan and project summary. 29. PDCP was established as a privately-owned corporation in 1963 with Bank Group assistance, and has since been the beneficiary under three Bank loans and an IFC loan totalling $80 million. It has also received three loans from the Asian Development Bank (ADB) totalling $45 million. Its authorized capital stock stands at P 100 million, of which P 40.25 mil- lion has been paid in. PDCP hopes to double its number of stockholders, from the present 1,100, with a stock issue planned for late 1974. As of March 31, 1974 PDCP's net worth was P 77.9 million ($11.5 million). 30. Set up to assist the development of private enterprise in the Philippines, PDCP is the principal privately owned institution providing long-term industrial finance. Since its inception, it has approved finan- cial assistance totalling P 946 million ($140 million) to the industrial, agro-industrial and transportation sectors, of which more than 75% was through direct lending. Foreigio -lrrency loans account for over 80% of its total lending. Apart from lending, PDCP also undertakes underwriting and syndication operations, equity and guarantee operations, and plays an active role in the well-developed Philippine money market. 31. PDCP remains an efficient and well-managed institution, with a staff of good calibre at all levels. Its operating policies and procedures, including in particular its project appraisal and supervision work, are of a high standard. As an institution, PDCP has generally exhibited an inno- vative approach to development banking.  - 9 - 32. The high standards of PDCP's project evaluation and follow-up work are reflected in the quality of its portfolio. The small number of accounts in arrears are supervised closely and timely action taken. Provisions for doubtful accounts are adequate. To date, no loans have been written off. PDCP's financial position is sound, and its earnings performance satisfactory. Its total assets as of March 31, 1974 stood at i 706 million ($105 million). The capital structure remains sound with PDCP keeping well within the contractual debt/equity limit of 6.5:1 agreed upon at the time of the third loan to PDCP. In 1973, net earnings repre- sented 17.7% of average net worth. 33. Demand for funds for industrial investment is expected to increase considerably in the foreseeable future. PDCP expects, on the basis of recent approvals and its substantial project pipeline, to approve during the next two years (1975 and 1976) about P 500 mil- lion ($75 million) of loans, 85% of which will be in foreign currency; and including guarantees, equity investment and other capital market operations, to provide in excess of $100 million equivalent to industry. Given expected demand and the present pattern of increases in the cost of imported capital goods PDCP's expectations appear reasonable - PDCP proposes to meet its domestic resource requirements through loan collec- tions and new share issues supplemented by the issue of medium-term notes. PDCP expects to have fully committed its present foreign currency resources by December 1974 and is looking for support from the Bank, the Asian Development Bank (ADB) and the Export-Import Bank of Japan to assist with foreign currency loans. The proposed loan would cover about 40% of PDCP's estimated foreign resource requirements for the next two years. 34. The proposed loan of $30 million would provide foreign exchange to finance direct imports for sub-projects in the industrial, agro-indus- trial, mining, tourism and transport sectors, with the bulk of the loan amount expected to go to export-oriented manufacturing projects. 35. As with the previous three Bank loans the proposed loan would be made to the Philippine National Bank (PNB), which would relend the proceeds to PDCP under a subsidiary loan agreement. This arrangement arose because until last month under Philippine law the Government could only guarantee the obligations of publicly-owned institutions. PNB will charge PDCP a handling fee of 0.75% of the outstanding loan amount per annum. This would give PDCP a spread of 3.25% since the relending rate charged by PDCP to sub-borrowers is expected to be 12% per annum, the present legal maximum rate for secured loans in the Philippines. If interest rate ceilings are raised for medium and long-term loans, PDCP would consult the Bank about raising the relending rate to sub-borrowers and if this was done, the Government would collect a fee from PDCP designed to limit PDCP's spread to 3.5%, which appears reasonable (see Project Agreement Section 3.07; Guarantee Agreement, Section 3.04). Sub-borrowers would assume the foreign exchange risk. The Government may offer PDCP insurance to cover the exchange risk between the currency of the country where the goods are procured and the currency owed to the Bank. If such insurance is offered, sub-borrowers will be offered the option of taking  - 10 - loans bearing only the risk of the currency of the country where the gooids are procured but at an increased cost which will reflect the cost of this insurance (See Guarantee Agreement Section 3.03; Project Agreement, Section 2.04 (c)). The proposed loan would have a flexible amortization schedule substantially reflecting the aggregate of the repayment schedules of sub-loans. The free limit would be $1.5 million, instead of $500,000 under the previous Bank loan made in 1969. In order to ensure that the proceeds of the loan are shared amongst a reasonably large number of sub-borrowers, the maximum size of sub-loans would be $2.5 million. The other terms and conditions of the proposed loan would be similar to those of recent Bank loans to development finance companies. 36. PDCP-financed projects are estimated to have generated a total investment of about $390 million, about 30,000 jobs at an investment cost of roughly $12,750 per worker, and earned or saved foreign exchange equiv- alent to about $280 million annually. PDCP has supported the Government's efforts to develop industry outside the Greater Manila Area, and has estab- lished regional offices in Cebu and Davao. More recently, PDCP has also been giving particular attention to assisting small-scale enterprises. Since 1972 it has been manning a special lending program for small-scale industries. It is also promoting the establishment of industrial estates for small enterprises, and will soon invest in small private development banks which are geared to meeting the financial needs of local communi- ties. PDCP's importance as a development-oriented institution is reinforced by its economic and industrial research work, the technical assistance it provides to clients, and its extensive training facilities made available to the staff of government agencies and other development finance companies. PART V - LEGAL INSTRUMENTS AND AUTHORITY 37. The draft Loan Agreement between PNB and tihe Bank, the draft Guarantee Agreement between the Republic of the Philippines and the Bank., the draft Project Agreement between PDCP and the Bank, the Report of the Committee provided for in Article III, Section 4(iii) of the Articles of Agreement of the Bank and the text of a draft resolution approving the proposed loan are being distributed separately to the Executive Directors. Special features of agreements with the Bank are referred to in paragraph 35 above. 38. I am satisfied that the proposed loan would comply with the Articles of Agreement of the Bank.  - 11 - PART VI - RECOMMENDATION 39. I recommend that the Executive Directors approve the proposed loan. Robert S. McNamara President Attachments October 23, 1974   ANNEX I Pe. 1 of I pe. WUIThY DATl - P8ILJPPISl;S eX' 1s2 *wS;1-iboe (etid-197 JoPer heof mablo lend WMCAL IDICAlVRS 2hil ~~~~~~~~~~~~~~Rfmanoo Countr llo. P%W PR ?k t4 _LAZ RShIS) i 110 I. '40 /b 210 /b 43 0/b 290 /o .MPd2C I1tJ (P" 43-u ndi 45 Ic 43 /c 4G, 23 Crud dt.u .uh a (per kth-..nd) 12 77 10o7 IS d I,,foot o,tality -ot. (p.o thouc-d lve birth.) 0- 6d-90. 120-150 it.* Voctancy ci birth (peare) ,' /e 5 59 g; 65 0-dt. -',1,-tioc, te - 3 3.2 2 9 2.5 PrP.iatWl Erc..th Oct. K 1.0 3.0 /I 3.1 If 2.5 Ir 2.4 /f r.lctta.r grogoth r.t. - -b-n 2 A 4'7; 7177 i7 A4. t-wr-e ( ,roent) I1,-t I I1SL. tS ., 1. 4 ,D th',roann y 0.000 'i. 1.-I 'I I.1 /bh. L 1.0 L 1.4 /I U-ib, onulction as Yo,-Int 0f t.t'l ft / 37 /h 25 ft 39 /1 41 lb 19y p,onn-tg, Nora co.0t057,. --l.tb (tha.. 46t 4 90 262 N-. f usrs it of .ri.d caen) 8 10 4 7;t1bce fora. 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