Conformed Copy - L2974 - Housing Sector Project - Amendment

Page 1 June 15, 1988 The Honorable Vicente Jayme Secretary of Finance Department of Finance Agrifina Circle, Ermita Metro Manila, Philippines Re: Philippines Japanese Grant Agreement Housing Sector Proiect (Loan No:2974-PH) Amendment of Japanese Grant Agreement Dear Secretary Jayme: I refer to the Japanese Grant Agreement dated October 20, 1988, between the Republic of the Philippines (the Recipient) and the Bank for the Housing Sector Project. I refer to discussions between Bank staff and concerned Government officials regarding the establishment of a Special Account under the captioned Grant. In order to stipulate the eligible categories under the Schedule to the Japanese Grant Agreement from which withdrawals nay be made for the purposes of depositing into the Special Account the Bank has agreed to amend Section 2 02(b) of the captioned Japanese Grant Agreement to henceforth read as follows: (b) The Recipient shall, for the purpose of the Project, open and maintain in dollars a special account in the Central Bank of the Philippines or a commercial bank acceptable to the Administrator on terms and conditions satisfactory to the Administrator. Deposits into and payments out of the Special Account shall be made in accordance with Schedule 6 to the Loan Agreement which is incorporated herein by reference, subject to the following modifications thereof: (i) paragraph l(a): the words and figures "categories 1, 2, 3 and 4 set forth in paragraph 1 of Schedule 1 to this Agreement" are deleted and replaced by the following: "Categories 1 and 2 of the table in the Schedule to this Japanese Grant Agreement"; (ii) paragraph l(b): the words "Schedule 1 to this Agreement" are deleted and replaced by the words "Schedule to this Japanese Grant Agreement"; (iii) paragraph l(c): the amount "$6,000,000" is deleted and replaced by the amount "$ 400,000"; and (iv) all references to the "Loan" shall mean "the Grant"; the "Borrower" shall mean the "Recipient"; the "Bank" shall mean the "Administrator"; and "Loan Account" shall mean the "Grant Account". Please confirm your agreement to the foregoing amendment by signing and dating the attached counterpart of this letter and then kindly return it to us for our records. Very truly yours, Gautam S. Kaji Director Country Department II Asia Region CONFIRMED: Page 2 By: Authorized Representative Date: July 7, 1989