Announcement that the Bank Received Reports on Hydroelectric Projects from the Philippines Government on October 25, 1949

INEATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMIT FOP THI PRESS FOR IMEDIATE RELEASE Press Release No. 155 October 25, 1949 The International Bank for Reconstruction and Development announced today that it had received from the Philippine Government technical and economic reports relating to the hydroelectric projects on the island of Luzon and a report bearing upon the economic and financial position of the Republic. The Bank's technical staff is now proceeding to examine these reports. The Bank has so far made no loans to the Philippine Republic. In its Fourth Annual Report, issued last September, it stated that further discussions concerning the hydroelectric proJects awaited the submission of the technical project reports and receipt of satisfactory evidence that remedial measures of an economic and financial nature were being taken.