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FOR RECONSTRUCTION AND DEVELOPMENT      Washi,  .IL             Fax No.: (202) 477-6391
INTERNATIONAL DEVELOPMENT ASSOCIATION   U.SA Telex: MCI: 248423 ORLDBANK)
DOCUMENTS                        L3
August 23, 2016
Ms. Cecilia C. Borromeo
Officer-in-Charge and Executive Vice President
Land Bank of the Philippines
33F LBP Building, LBP Plaza
1598 M.H. Del Pilar St. cor. Dr. Quintos St.
Malate, Manila
Re: Third Rural Finance Project (Loan No: 4413-PH)
Amendment to the Loan Agreement:
Modification in the implementation arrangement further to the absorption of PCFC by LBP
Dear Ms. Borromeo:
We refer to the Loan Agreement dated December 11, 1998 (the "Loan Agreement") between
Land Bank of the Philippines (the "Borrower") and the International Bank of Reconstruction and
Development (the "Bank"), pursuant to which the Bank extended a Loan to the Borrower for the
financing of the above captioned project. In this amendment letter, all terms appearing with a first
capital letter shall have the meaning ascribed to them in the Loan Agreement unless the context
requires otherwise.
We also refer to the letter of former LBP President Gilda E. Pico dated July 8, 2016,
informing the Bank for the absorption of the People's Credit Finance Corporation (PCFC) by the
Borrower, and requesting the Bank's agreement to an "action which would have the effect of
assigning, amending, abrogating or waiving the PCFC Loan", in accordance with the provisions
of Section 3.03(b) of the Loan Agreement.
We are pleased to inform you that, after due consideration, the Bank agrees to your request.
In order to reflect the revised implementation arrangement, the Bank agrees to amend the Loan
Agreement as follows:
Definition (r) in Section 1.02 of the Loan Agreement is hereby completed in order to read as
follows:
"(r)    "PCFC" means the People's Credit and Finance Corporation, a financial institution
wholly-owned by the Guarantor, incorporated on September 14, 1995 for the purpose of providing
financial services to support the livelihood and income-generating activities of the poorer
population in the Philippines; or any legal successor or assign, with respect to which the Bank has
confirmed in writing that it is acceptable to the Bank."
Except as specifically amended herein, all other provisions of the Loan Agreement shall
remain in full force and effect.


Ms. Cecilia C. Borromeo                                              August 23, 2016
Please indicate your agreement to this amendment by countersigning, dating and returning
to us one original copy of this letter. Upon receipt by the Bank of the countersigned letter, this
amendment shall become effective as of the date of your countersignature of the letter.
Yours sincerely,
Mara K. Warwick
Country Director for the Philippines
Consented and Agreed
Land Bank of the Philippines
By: _Vk          _a"
Name: Ms. Cecilia C. Borromeo
Title: Officer-in-Charge Executive Vice President
Date:              '  20/b
cc:   Hon. Carlos G. Dominguez III, Secretary, Department of Finance
Mr. Otaviano Canuto, Executive Director for the Philippines, World Bank Group
Ms. Rosalia V. De Leon, Alternate Executive Director for the Philippines, World Bank
Group