INTERNATIONAL BANK FOR RECONSTRUCTION AND
                             DEVELOPMENT

                               BOARD OF GOVERNORS




                                   Resolution No. 121

         Increase in Subscription of the Philippines to Capital Stock of Bank


RESOLVED:

   THAT, pursuant to Article II, Section 3(b) of the Articles of Agreement of the Bank,
the Board of Governors hereby authorizes the acceptance by the Bank of the subscription
of the Philippines to 350 shares of the capital stock of the Bank in addition to the 150
shares of said capital stock heretofore subscribed by the Philippines, upon the following
conditions:

(a) That the subscription price per share shall be $100,000 in terms of United States
dollars of the weight and fineness in effect on July 1, 1944;

(b) That the Philippines’ subscription shall be received by the Bank on or before April 7,
1958, provided, however, that if extraordinary circumstances are deemed by the Executive
Directors to warrant an extension of this date, the Executive Directors may extend it; and

(c) That before such subscription shall be accepted by the Bank, (i) the Philippines shall
have taken all action which may be necessary to authorize such subscription and shall
have furnished to the Bank such information thereon as the Bank may request, and (ii) the
Philippines shall have paid to the Bank, on account of the subscription price of such
additional shares, two percent in gold or United States dollars and eighteen percent in
currency of the Philippines.




                                                          (Adopted on February 7, 1958)