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April 25, 1986

Excellency,
 
I have the honour to acknowledge the receipt of Your Excellency's Note of today's date, which reads as follows:

"With reference to the Exchange of Notes dated April 28, 1984, concerning Japanese Loans to be extended with a view to promoting the economic development and stabilization efforts of the Republic of the Philippines, I have the honour to confirm, on behalf of the Government of the Republic of the Philippines, the following understanding recently reached between the representatives of the Government of the Republic of the Philippines and the Government of Japan:

1. Paragraph 1 of Part II of the said Exchange of Notes shall be amended by deleting the term "the Central Bank of the Philippines (hereinafter referred to as "the Central Bank")" and replacing it by the term "the Government of the Republic of the Philippines"

2. Paragraph 2 of Part II of the said Exchange of Notes shall be amended by deleting the term "the Central Bank" and replacing it by the term" the Government of the Republic of the Philippines".

3. Paragraph 4 of Part II of the said Exchange of Notes shall be deleted.

4. Paragraph 5 of Part II of the said Exchange of Notes shall be amended by adding the term "of the Philippines (hereinafter referred to as "the Central Bank")" after the term "the Commodity Loan transferred by the Central Bank" and renumbered as paragraph 4.

I should be grateful if Your Excellency would be good enough to confirm, on behalf of the Government of Japan, the understanding set out above."

I have further the honour to confirm, on behalf of the Government of Japan, the understanding set out above.

I avail myself of this opportunity to extend to Your Excellency the assurance of my highest consideration.

(Sgd.)
  SHINTARO ABE
  Minister for Foreign Affairs of Japan

His Excellency
Mr. Jaime V. Ongpin
Minister of Finance
of the Republic
of the Philippines