제15619호                                관                  보                 2004. 2. 13. (금요일)

                     Article 2                                has not been carried out within eighteen
The terms and conditions of the Loan, as well as              (18) months after the effective date of the
the procedures for its utilization, shall be                  Loan Agreement, the Pledge for the Project
governed by the Loan Agreement, which shall                   issued by the Government of the Republic of
contain, inter alia, the following principles:                Korea shall be invalid.
  (1)The repayment period shall be thirty (30)                                Article 3
    years including a grace period of ten (10)            1. The eligible source countries for the
    years;                                                  procurement of goods and services required
  (2)The interest rate shall be two point five              for the Project shall be the Republic of Korea
    percent (2.5%) per annum;                               (Foreign Currency Portion) and the Republic
  (3)The disbursement period shall be twenty-               of the Philippines (Local CurrencyPortion).
    four (24) months from the effective date of             Localcurrency portion for the purchase ofraw
    the Loan Agreement or such other period as              materials, equipment and other local expenses
    the Borrower and the Bank agree upon;                   shall be disbursed within twelve million one
  (4)A service chargeof one-tenthof one percent
                                                            hundred fifteen thousand US dollars (US$
    (0.1%) of the amountof each disbursement
                                                            12,115,000). Items which are neither available
    in case of a direct payment procedure, or of
                                                            nor economical topurchase from the eligible
    the amount specified in the letter of
                                                            source countries may be procured from third
    commitment in case of a commitment
                                                            countries within six million seven hundred
    procedure, shall be collected by the Bank.
                                                            thousand US dollars (US$ 6,700,000) with the
    All banking charges and/or costs for
                                                            prior consent of the Bank.
    services rendered by commercial banks in
                                                          2. The Suppliers of goods and services
    connection with disbursements of the
                                                            necessary for the implementation of the
    proceeds of the Loan, repayment of principal
                                                            Project shall be selected through limited
    or payment of interest payable to the Bank
                                                            competitive bidding among Korean suppliers
    under the Loan Agreement shall be subject
                                                            or direct contracting with Korean suppliers.
    to banking arrangements to be concluded
                                                          3. The procurement contract shall be concluded
    between the concerned banks of the two
                                                            within eighteen (18) months after the effective
    countries;
  (5)In the event the Borrower fails to make                date of the Loan Agreement.

    payment of all or any portion of the principal        4. Details of the methods and procedures of

    of the Loan or any other amount when due                procurement shall be stipulated in the Loan

    under the Loan Agreement, the unpaid                    Agreement.

    amount shall bear an overdue charge at the                                 Article4

    rate of two percent (2%) per annum above              In the event the funds available from the

    the interest rate specified in the Loan               proceeds of the Loan are insufficient for the full
    Agreement; and                                        implementation of the Project, the Borrower
  (6)If the procurement of goods or services to           shall promptly make arrangements to provide
    be financed out of the proceeds of the Loan           such funds as are needed.

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