OFFOAiL1
STATUTORY COMMITTEE REPORT
TO: The President, International Bank for Reconstruction and Development
Report of the Committee under Section 4 (iii) of Article III of the Articles of Agreement on the
Proposed Loan (Philippine Rural Development Project) to the Republic of the Philippines.
The undersigned Committee constituted under Section 7 of Article V of the Articles
of Agreement of the International Bank for Reconstruction and Development (the Bank) hereby
submits its report pursuant to Section 4 (iii) of Article III of said Articles in respect of the proposal
that the Bank grant to the Republic of the Philippines (the Borrower) a loan in an amount equal to
$501,250,000. The objectives of the Project are to increase rural incomes and enhance farm and
fishery productivity in the Targeted Areas.
1.   The Committee has carefully studied the merits of the proposal to grant such a loan, and of the
purpose to which the proceeds of the loan are to be applied.
2.   The Committee is of the opinion that the project toward the financing of which the proceeds of
such a loan are to be applied comes within the purposes of the Bank as set forth in Article I of said
Articles of Agreement, and that said project is designed to promote the development of the
productive facilities and resources of the Borrower and is in the interest of the Borrower and of the
members of the Bank as a whole.


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(Republic of the Philippines)             (Philippine Rural Development Project)
3.   Accordingly, the Committee finds that said project merits financial assistance from the Bank,
and hereby recommends said project for such assistance.
COMMITTEE
Senior Vice President and
Gr     eneral Counsel
Expe selected by Governor for
th  epublic of the Philippines
Regional Vice President
East Asia and Pacific Region
Dated
Washingtot
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