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September 09, 1983
AMENDMENT AGREEMENT FOR LOAN AGREEMENT NO. PH-P31 DATED JUNE 20, 1980 BETWEEN THE OVERSEAS ECONOMIC COOPERATION FUND, JAPAN AND THE GOVERNMENT OF THE REPUBLIC OF THE PHILIPPINES DATED SEPTEMBER 9, 1983
For For THE OVERSEAS ECONOMIC
COOPERATION FUND THE GOVERNMENT OF THE REPUBLIC
OF THE PHILIPPINES (Sgd.) TAKASHI HOSOMI (Sgd.) CARLOS J. VALDES President Ambassador /Extraordinary and
Plenipotentiary of the Republic
of the Philippines to Japan
SCHEDULE 1
DESCRIPTION OF PROJECT
I. The Project consists of the following parts:
PART I.
(1) Location: Mahiao and Sambaloran field of Tongonan Geothermal area in Leyte Island
(2) Executing Agency: National Power Corporation
(3) Scope of the work:
(i) Construction of 3 x 37.5 MW generating plant and related transmission line facilities, including consulting services.
(ii) Development of geothermal field for 3 x 37.5 MW generating plant, including consulting services.
PART II.
(1) Location: Malitbog field of Tongonan geothermal area in Leyte Island
(2) Executing Agency: National Power Corporation
(3) Scope of the work:
(i) Construction of 3 x 37.5 MW generating plant and related transmission line facilities including consulting services.
(ii) Development of geothermal field for 3 x 37.5 MW generating plant, including consulting services.
The proceeds of the Loan are available for the foreign currency portion of items (i) and (ii) of PART I, and item (ii) of PART II, and for the local currency portion of items (i) and (ii) of PART I.
However, the proceeds of the Loan shall not be used for local currency portion of such items in excess of a total of FIVE BILLION SIX HUNDRED MILLION Japanese Yen (¥5,600,000,000.), and the proceeds of the loan shall not be used for the portion of item (ii) of PART II in excess Of a total Of TWO BILLION SIX HUNDRED EIGHTY MILLION Japanese Yen (¥2,680,000,000.). The foreign and local currency portions shall be determined by the Fund. Any balance remaining on the aforementioned items and all other items are to be financed by the Borrower and National Power Corporation.
II Estimated annual fund requirements by currency are as shown below.
Calendar Year Foreign Currency
(in million JapaneseYen) Local Currency
(in million Pesos) 1983 2,702 63 1984 10,539 72 1985 8,215 90 1986 3,354 17 _______________________________________________________________Total 24,810 242 Disbursement of the proceeds of the Loan shall be made within the limit of the Government's budgetary appropriations for the Fund.
III The Project is expected to be completed by the end of June, 1985 with respect to PART I and by the end of February, 1986 with respect to PART II.
SCHEDULE 2
ALLOCATION OF PROCEEDS OF LOAN
I. Category
Estimated Amount
(in million Japanese Yen)(A) Foreign Currency Portion of:: 13,200(i) Generating Plants 700(ii) Transmission Line Facilities 2,000(iii) Steam Production 8,220(iv) Consulting Services 580(v) Contingencies 1,700(B) Local Currency Portion (See Note) 5,600 ___________________ Total 18,800Note: Items not eligible for financing under the local currency portion are as shown below.
1. General administration expenses
2. Taxes and duties
3. Purchase of land and other real property
4. Compensation
5. Other indirect itemsII Reallocation upon change in cost estimates
1. If the estimated cost of items included in Categories (A) (i) through (A) (iv) and (B) shall decrease, the amount then allocated to, and no longer required for, such Category will be reallocated by the Fund to Category (A) (v).
2. If the estimated cost of items included in any of Categories (A) (i) through (A) (iv) shall increase, the amount equal to the portion, if any, of such increase to be financed out of the proceeds of the Loan, will be allocated by the Fund, at the request of the Borrower, to such Category from Categories (A) (v) and (B), subject, however, to the requirements for contingencies and local currency portion, as determined by the Fund, in respect of the cost of items in the other Categories.