Conformed Copy - TF025857 - Miyazawa Corporate and Financial Restructuring of the Philipppine Water Utilities - Japanese Grant Agreement 2

Page 1 July 24, 2000 Mr. Joel A. Banares Undersecretary Department of Finance Roxas Boulevard Corner Vitas Cruz Street Manila 1004 The Republic of Philippines Re: Japanese Miyazawa Grant for Corporate and Financial Restructuring of Philippine Water Utilities; Grant Number TF025857 Dear Sir: I am writing on behalf of the International Bank for Reconstruction and Development (the Bank) to indicate the Bank