Conformed Copy - C2277 - Environment and Natural Resources Sector Adjustment - Amendment

Page 1 April 20, 1990 The Honorable Jesus Estanislao Secretary of Finance Central Bank of the Philippines Manila, Philippines Re: Technical Assistance Grant (Environmental and Natural Resources Management Proiect) - Amendment of the Japanese Grant Agreement Dear Mr. Estanislao: We refer to the Japanese Grant Agreernent (Environmental and Natural Resources Management Project) between the Republic of the Philippines, (the Recipient), and the International Bank for Reconstruction and Development as Administrator of Grant Funds provided by the Government of Japan, (the Administrator), dated March 28, 1990. We refer also to your Government's telex of April 18, 1990, requesting the Administrator to modify the Special Account under the above mentioned Grant Agreement so that it may be maintained in US dollars. The Administrator is pleased to inform you that it agrees with the above request. Therefore, the Japanese Grant Agreement is hereby amended as follows: 1. Section 2.02 (b) of the Grant Agreement is amended to read: "The Recipient shall, for the purposes of the Project, open and maintain in dollars a special account in a bank on terms and conditions satisfactory to the Administrator. Deposits into, and payments out of, the Special Account shall be made in accordance with the provisions of Schedule 4 to this Agreement." 2. Paragraph 1 (c) of Schedule 4 to the Grant Agreement is amended to read as follows: "the term 'Authorized Allocation' means an amount equivalent to $500,000 to be withdrawn from the Grant Account and deposited into the Special Account pursuant to paragraph 3 (a) of this Schedule." All the remaining terms and conditions of the Grant Agreement, as amended hereby, shall remain in full force and effect. Please confirm your agreement with the foregoing amendments by signing and dating the enclosed form of confirmation and by returning it to us. Sincerely, Gautam S. Kaji Director Country Department 2 Asia Region CONFIRMED: REPUBLIC OF THE PHILLIPINES By: Authorized Representative Date: 4/27/90 Page 2