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January 25, 1990

FINANCING AGREEMENT

The emission of the European Communities, hereinafter referred to as "THE COMMISSION", acting for and on behalf of the European Economic 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 1989 aid programme, THE COMMUNITY shall contribute, by way of grant, towards the financing of the following project:

Project number : ALA/PHI/89I8

Title : Southern Mindanao Agricultural Programme (SMAP)

hereinafter referred to as "THE PROJECT".

ARTICLE 2
  COMMITMENT OF THE COMMUNITY

The commitment of THE COMMUNITY is fixed at 16 500 000 ECU (sixteen million five hundred thousand ECU), hereinafter referred to as "THE EEC GRANT".

This commitment is subject to an expiry date, after which any balance of funds remaining available under THE EEC 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 EEC GRANT is hereby set at 31 December 1996 (Thirty-first December Nineteen hundred and ninety six).

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 : (32 2) 235 6161

for THE RECIPIENT :

National Economic & Development Authority
  NEDA sa Pasig Amber Avenue, Pasig
  Metro Manila
  Philippines

Telex : 29058 NED PH

Facsimile : (63 2) 673 6518

ARTICLE 4
  NUMBER OF COPIES

This memorandum is drawn tip 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 Manila

this 25th day of January, 1990

Annex : Special Provisions