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Page 1 CONFORMED COPY LOAN NUMBER 4412 PH Loan Agreement (Banking System Reform Loan) between REPUBLIC OF THE PHILIPPINES and INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT Dated December 11, 1998 LOAN NUMBER 4412 PH LOAN AGREEMENT AGREEMENT, dated December 11, 1998, between REPUBLIC OF THE PHILIPPINES (the Borrower) and INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT (the Bank): WHEREAS (A) the Bank has received a letter dated October 29, 1998, from the Borrower describing a program of actions, objectives and policies designed to achieve structural adjustment of the Borrower