April 08, 1988

The Government of the Republic of the Philippines and the Government of the Republic of France, with a view to Facilitate the development of the Philippines, agreed on the following provisions.

ARTICLE 1

A grant of maximum amount of SEVEN MILLION FIVE HUNDRED THOUSAND FRENCH FRANCS (7,5 MF) is put by the French Government at the disposal of the Philippine Government for financing the conduct of feasibility studies and acquisition of equipment referred to in the schedule annexed to the present protocol.

This grant is meant for financing the purchase by the Philippines of French goods and services.

ARTICLE 2

A convention of implementation between the Philippine Government and Credit National acting on behalf of the French Government, will stipulate the modalities of utilisation of this grant.

ARTICLE 3

The currency used for accounting and payment shall be the French franc.

ARTICLE 4

The inclusion of the contracts within the framework of the present protocol shall be decided by the competent French and Philippine Authorities.

A downpayment of at least 10% of the price of each contract shall be payable when the order is placed.

The balance of the price shall be payable in conformity with the terms and conditions of each contract.

ARTICLE 5

The last date for signing the contracts financed under the present protocol shall be February 28, 1989.

No drawing shall be made for the grant allocated under the present protocol after August 31, 1990.

ARTICLE 6

The present protocol shall enter into force on the date of its signature.

IN WITNESS THERETO, The undersigned, duly
  authorised for this purpose by their respective
  Governments, have signed this Agreement
  and have affixed hereto their seal.

Done in MANILA, the 8th of April 1988

(in two original documents, each in
  english and french, both being equally
  authentic).