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September 23, 1986

WHEREAS the Government of the Republic of Philippines (hereinafter called "Philippines") and the Government of Canada (hereinafter called "Canada") entered into a Loan Agreement on the 15 November 1974 for the purchase of development goods and services in support of the Cagayan Valley Cooperative Project (hereinafter called "Loan Agreement");

AND WHEREAS a Notice was sent to Philippines on the 23 December 1980 indicating that the total amount withdrawn was three million eight hundred and eighty-six thousand, three hundred seventy-one Canadian dollars and forty-two cents (CDA $3,886,371.42);

AND WHEREAS representatives of creditors countries, including Canada, have met in Paris on the 19 and 20 December 1984 with representatives of Philippines to examine a request for alleviation of that country's external debt service obligations;

AND WHEREAS Canada accepts a rescheduling of the repayments provided in the Loan Agreement;

AND WHEREAS the two governments agree to amend the Loan Agreement; NOW THEREFORE Philippines and Canada agree as follows:

1. Section 1.04 of Article I of the Loan Agreement is hereby deleted in its entirety and the following substituted therefor:
 
"Section 1.04

Repayment of the principal amount of the loan shall be repaid with the Repayment Schedule shown below:

                                                                                                                                                                                                                                                                                                                                 

Dates   __________	Existing Repayment   Schedule   Canadian Dollars   __________________	New Repayment   Schedule _______________
March 31, 1985	48,579.64	0
Sept. 30, 1985	48,579.64	0
March 31, 1986	48,579.64	0
Sept. 30, 1986	48,579.64	48,579.64
March 31, 1987	48,579.64	48,579.64
Sept. 30, 1987	48,579.64	48,579.64
March 31, 1988	48,579.64	48,579.64
Sept. 30, 1988	48,579.64	48,579.64
March 31, 1989	48,579.64	48,579.64
Sept. 30, 1989	48,579.64	48,579.64
March 31, 1990	48,579.64	48,579.64
Sept. 30, 1990	48,579.64	48,579.64
March 15, 1991		14,573.89
March 31, 1991	48,579.64	48,579.64
Sept. 15, 1991		14,573.89
Sept. 30, 1991	48,579.64	48,579.64
March 15, 1992		14,573.89
March 31, 1992	48,579.64	48,579.64
Sept. 15, 1992		14,573.89
Sept. 30, 1992	48,579.64	48,579.64
March 15, 1993		14,573.89
March 31, 1993	48,579.64	48,579.64
Sept. 15, 1993		14,573.89
Sept. 30, 1993	48,579.64	48,579.64
March 15, 1994		14,573.89
March 31, 1994	48,579.64	48,579.64
Sept. 15, 1994		14,573.89
Sept. 30, 1994	48,579.64	48,579.64
March 15, 1995		14,573.89
March 31, 1995	48,579.64	48,579.64
Sept. 15, 1995		14,573.89

Further semi-annual instalments of $48,579.64 shall be payable on March 31 and September 30 of each year, beginning on September 30, 1995 until September 30, 2024."

2. This amendment shall be read and construed with the Loan Agreement and the Notice of the 23 December 1980 and the said Loan Agreement and Notice as hereby amended shall remain in full force and effect.

3. This amendment shall enter into force and effect from the date of signature.

IN WITNESS WHEREOF, the Parties hereto have caused to be subscribed the signature of their authorized representatives.

Signed in duplicate in Manila this day of 23 September 1986.

                            

On behalf of the Govermment   of the Republic of Philippines	On behalf of the Government   of Canada
(Sgd.)	(Sgd.)
Name:	Name:
TItle:	Title:

  P.C 1986-1885
  13 August, 1986

HER EXCELLENCY THE GOVERNOR GENERAL IN COUNCIL, on the recommendation of the Secretary of State for External Affairs and with the concurrence of the Minister of Finance, pursuant to Vote L35 of Appropriation Act No. 3, Iy77, is pleased hereby to approve new repayment cond it ions for the loan agreement entered into on November 15, 1974, with the Government of the Republic of the Philippines, in accordance with the schedule hereto, and to authorize the Secretary of State for External Affairs to designate Mr. R. Davidson, Canadian AmDassador to the Philippines, to sign the necessary amendments to the loan agreement.

SCHEDULE

New conditions for the repayment of the loan of November 15, 1974, to the Government of the Republic of Philippines for the Cagayan Valley Cooperative project.

The total amount of $3,886,371.42 disbursed shall be repaid in accordance with the New Repayment Schedule shown below:

                                                                                                                                                                                                                                                                                                                               

Dates   __________	Existing Repayment   Schedule   Canadian Dollars   __________________	New Repayment   Schedule _______________
March 31, 1985	48,579.64	0
Sept. 30, 1985	48,579.64	0
March 31, 1986	48,579.64	0
Sept. 30, 1986	48,579.64	48,579.64
March 31, 1987	48,579.64	48,579.64
Sept. 30, 1987	48,579.64	48,579.64
March 31, 1988	48,579.64	48,579.64
Sept. 30, 1988	48,579.64	48,579.64
March 31, 1989	48,579.64	48,579.64
Sept. 30, 1989	48,579.64	48,579.64
March 31, 1990	48,579.64	48,579.64
Sept. 30, 1990	48,579.64	48,579.64
March 15, 1991		14,573.89
March 31, 1991	48,579.64	48,579.64
Sept. 15, 1991		14,573.89
Sept. 30, 1991	48,579.64	48,579.64
March 15, 1992		14,573.89
March 31, 1992	48,579.64	48,579.64
Sept. 15, 1992		14,573.89
Sept. 30, 1992	48,579.64	48,579.64
March 15, 1993		14,573.89
March 31, 1993	48,579.64	48,579.64
Sept. 15, 1993		14,573.89
Sept. 30, 1993	48,579.64	48,579.64
March 15, 1994		14,573.89
March 31, 1994	48,579.64	48,579.64
Sept. 15, 1994		14,573.89
Sept. 30, 1994	48,579.64	48,579.64
March 15, 1995		14,573.89
March 31, 1995	48,579.64	48,579.64
Sept. 15, 1995		14,573.89

Further semi-annual instalments of $48,579.64 shall be payable on March 31 and September 30 of each year, beginning on September 30, 1995 until September 30, 2024.