Conformed Copy - L3049 - Financial Sector Adjustment Loan - Amendment

Page 1 December 24, 1992 The Honourable Ramon R. Del Rozario, Jr. Secretary of Finance Department of Finance Manila Philippines Dear Sir: Philippines - Extension of Closing Date for Financial Sector Adjustment Loan (Loan No. 3049-PH) and Amendment of Schedule 4 to Loan Agreement Thank you for your letter o December 14, 1992 in which you requested a further extension of the Closing Date for the above Loan from December 31, 1992, until June 30, 1993. In considering yout request we have noted the progress you are making toward achieving the amendments required to the Central Banking Act and the proposals which are are pursuing ffor the financial restructuring of the Cenrral Bank. Based on the discussions between our recent mission and officials of the Central Bank and the Department of Finance, the Bank is prepared to extend the Closing Date as you have requested, and to amend Schedule 4 to the Loan Agreement by adding a new condition (as number 10), namely, that "the finances of the central bank have been restructured to the Bank's satisfaction". We would need to be satisfied at least that the restructuring results in the Central Bank (or any successor institution performing the functions of a central bank) being financial sound and able to operate as an independent central bank. Kindly confirm your agreement to the foregoing amendment as tthe duly authorized representtive of the Borrower, by signing and dating the form of confirmation set forth below.