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March 24, 1995

The Commission of the European Communities, hereinafter referred to as "THE COMMISSION", acting for and on behalf of the European Community, hereinafter referred to as "THE COMMUNITY"

of the one part, and

the Government of the Republic of the Philippines, hereinafter referred to as "THE RECIPIENT"

of the other part,

HAVE AGREED AS FOLLOWS :

The project referred to in Article 1 below shall be executed and financed out of the budget resources of THE COMMUNITY in accordance with the provisions set out in this memorandum. The technical, legal, and administrative framework within which the project referred to in Article 1 below shall be implemented is set out in the General Conditions annexed to the Framework Agreement of 8 November 1984 between THE COMMISSION and THE RECIPIENT, as supplemented by the terms of this Memorandum and the Special Provisions annexed hereto.

ARTICLE 1
NATURE AND SUBJECT

As part of its 1993 aid programme, THE COMMUNITY shall contribute, by way of grant, towards the financing of the following project :

Project Number :	ALA / 93 / 37
Title :	Palawan Tropical Forestry Protection Programme

hereinafter referred to as "THE PROJECT".

ARTICLE 2
COMMITMENT OF THE COMMUNITY

The commitment of THE COMMUNITY is fixed at 1 7,000,000.00 ecu (seventeen million ecu), hereinafter referred to as "THE EC GRANT".

This commitment is subject to an expiry date, after which any balance of funds remaining available under THE EC GRANT shall be automatically cancelled. THE COMMISSION may however, depending on the circumstances, agree to an appropriate extension of this expiry date, should such an extension be requested and properly justified by THE RECIPIENT.

For the present project, the expiry date of THE EC GRANT is hereby set at 30 November 2002 (Thirtieth November Twenty hundred and two).

ARTICLE 3
ADDRESSES

Correspondence relating to the execution of THE PROJECT, stating THE PROJECT'S number and title, shall be addressed to the following :

for THE COMMUNITY :

Commission of the European Communities,
Directorate-General for External Relations,
Rue de la Loi 200,
B-1049 Brussels, Belgium.

Telex : 21877 COMEU B
Facsimile : (322) 299 0204

for THE RECIPIENT :

National Economic and Development Authority,
NEDA Sa Pasig,
Amber Avenue, Pasig,
Metro Manila, Philippines.

Telex : 29058 NED PH
Facsimile : (63 2) 673 651

ARTICLE 4
NUMBER OF COPIES

This memorandum is drawn up in the English language in two copies each being equally valid.

ARTICLE 5
ENTRY INTO FORCE

This memorandum shall enter into force on the date that it has been signed by both parties. The Annex shall be deemed an integral part of this memorandum.

Done at Pasay City	Done at Pasay City
this 24th day of March, 1995	this 24th day of March, 1995
	(Sgd.)	(Sgd.)
	THE RECIPIENT	THE COMMUNITY

Annex : Technical and Administrative Provisio