Philippines - Second Montreal Protocol Ozone Depleting Substances Phase Out Investment Project

Dot of The World Bank FOR OMCAL USE ONLY RiPait No. 12084-PB MULTILATERAL FUND UNDER THE MONTREAL PROTOCOL MEMORANDUM AND RECOMMENDATION OF THE DIRECTOR FOR COUNTRY DEPARTMENT I OF THE ITERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT TO THIE REGIONAL VICE PRESIDENT, EAST ASIA AND PACIFIC REGION ON A PROPOSED OZONE PROJECTS TRUST FUND GRANT IN THE AMOUNT EQUIVALENT TO US$15.049 MILLION TO THE REPUBLIC OF THE PHILIPPINES FOR A MONTREAL PROTOCOL OZONE DEPLETING SUBSTANCES PHASE OUT INVESTMENT PROJECT t' SEPTEMBER 27, 1994 Industry and Energy Operations Division Country Department I East Asia and Pacific Region This document has a resuicted disbtibution and may be used by recents ony in the perfornmue of their official duties. Its contents may not otberwise be disclosed witbout World Bank auttion  CURRENCY EOUIVALENTS (As of March 1993) Currency Unit = Peso (P) US$0.04 - P1.00 US$1.00 - P0.25 ABBREVIATIONS AND ACRONYMS CP Country Program (for ODS Phase Out) DENR Department of Environment and Natural Resources ECC Environmental Compliance Certificate EMB Environment Management Bureau FA Financial Agent GEF Global Environment Facility LBP Land Bank of the Philippines MAC Mobile Air-conditioning MF Multilateral Fund of the Montreal Protocol MP Montreal Protocol MT Metric Tons MFEC Multilateral Fund Executive Committee ODS Ozone Depleting Substances, or Controlled Substances as defined by the Montreal Protocol ODP Ozone Depleting Potential (CFC 11 - 1.0) OTF Ozone Project Trust Fund of the World Bank for the Substances as defined by the Montreal Protocol UNDP United Nations Development Programme FISCAL YEAR (PHILIPPINES) JANUARY 1 - DECEMBER 31  FOR OFFICIAL USE ONLY PHILIPPINES MONTREAL PROTOCOL OZONE DEPLETING SUBSTANCES PHASE OUT INVESTMENT PROJECT Project and Grant Summary Project DescriRtion The Project would assist the Philippines to implement an accelerated ODS phaseout program by: (1) providing financing for priority subprojects, and (2) strengthening executing agencies. Executing Agencies Department of Environment and Natural Resources ;;DENR) and Land Bank of the Philippines (LBP). Beneficiaries Local Enterprises introducing ODS reducing technologies; and )ENR and LBP as executing agencies. Amount US$ 15.049 million equivalent Terms Grant Re-lending Terms Grant Proiect Cost Summary Component USS Million ODS Investment Subprojects 14.740 Technical Assistarce 0.309 SUB-TOTAL 15.049 Commercial Loans/or 8.161 Enterprise Own Funds TOTAL 23.210 Economic Rate of Return N/A Staff Appraisal Report N/A r locument has a restictd disibution and may be uvd by recipkiens only in the pformac heir oficial dies Its contents may not ovise be discl s-d v4c) World Ban ahorion. '  MEMORANDUM AND RECOMMENDATION OF THE DIRECTOR COUNTRY DEPARTMENT 1 TO THE REGIONAL VICE PRESIDENT EAST ASIA AND PACIFIC REGION 1. I submit for your approval the following memorandum and recommendation on a proposed OZONE PROJECTS TRUST FUND 1 grant to the Republic of the Philippines for the equivalent of US$15.049 million to help finance a project to introduce ODS reducing technologies and to strengthen the capability of executing agencies for implementing ODS Phase Out projects in the Philippines. Baclgrou.nd 1. The Philippine economy is at a critical stage where 5