Document of
The World Bank
FOR OFFICIAL USE ONLY
Report No: RES13125
RESTRUCTURING PAPER
ON A
PROPOSED CANCELLATION
OF
REGIONAL INFRASTRUCTURE FOR GROWTH PROJECT
8119-PH
DECEMBER 1, 2011
TO THE
DEVELOPMENT BANK OF THE PHILIPPINES
WITH GUARANTEE OF THE REPUBLIC OF THE PHILIPPINES
February 9, 2016
SUSTAINABLE DEVELOPMENT UNIT
EAST ASIA AND PACIFIC REGION
This document has a restricted distribution and may be used by recipients only in the performance of their
official duties. Its contents may not otherwise be disclosed without World Bank authorization.
ABBREVIATIONS AND ACRONYMS
DBP
LGU
PDO
RIGP
Development Bank of the Philippines
Local Government Unit
Project Development Objective
Regional Infrastructure for Growth Project
Regional Vice President:
Senior Global Practice Director:
Country Director:
Practice Manager:
Task Team Leader:
Axel Van Trotsenburg
Ede Jorge Ijjasz-Vasquez
Motoo Konishi
Abhas Jha
Christopher Pablo
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PHILIPPINES
REGIONAL INFRASTRUCTURE FOR GROWTH PROJECT
CONTENTS
A.
B.
C.
SUMMARY
PROJECT STATUS
PROPOSED CHANGES
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DATA SHEET
Philippines
PH - Regional Infrastructure for Growth (P108904)
EAST ASIA AND PACIFIC
Social, Urban, Rural and Resilience Global Practice
.
Report No:
RES13125
.
Basic Information
Lending Instrument:
Financial Intermediary
Loan
Regional Vice President: Axel van Trotsenburg
Original EA Category:
Partial Assessment (B)
Country Director:
Motoo Konishi
Current EA Category:
Partial Assessment (B)
Senior Global Practice
Director:
Ede Jorge Ijjasz-Vasquez Original Approval Date:
01-Dec-2011
Practice
Manager/Manager:
Abhas Kumar Jha
30-Nov-2016
Team Leader(s):
Christopher T. Pablo
Project ID:
P108904
Current Closing Date:
.
Borrower:
Republic of the Philippines
Responsible
Agency:
Development Bank of the Philippines
.
Restructuring Type
Form Type:
Full Restructuring Paper
Restructuring
Level:
Level 2
Decision Authority: Country Director Approval
.
Financing ( as of 29-Apr-2015 )
Key Dates
Project
Ln/Cr/TF
P108904 IBRD-81190
Status
Approval
Date
Effective 01-Dec-2011
Signing Date
Effectiveness Original
Revised
Date
Closing Date Closing Date
02-Feb-2012
11-Oct-2012
30-Nov-2016
30-Nov-2016
Disbursements (in Millions)
Project
Ln/Cr/TF
P108904 IBRD-81190
Status
Currency Original Revised
Effective USD
50.00
50.00
%
Cancelle Disburse Undisbur
Disburse
d
d
sed
d
0.00
0.12
49.88
.
Policy Waivers
Does the project depart from the CAS/CPF in content or in other significant
respects?
Yes [ ]
No [ X ]
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Does the project require any policy waiver(s)?
Yes [ ]
No [ X ]
.
A. Summary of Proposed Changes
This proposed restructuring of the Regional Infrastructure Development Project (RIGP, Ln 8119-PH) is
being undertaken in response to the request of the Borrower (Development Bank of the Philippines) with
the endorsement of the Guarantor (Republic of the Philippines) to cancel the full undisbursed loan amount
of JPY3,833 million (USD 31,123,328 million equivalent based on exchange rate on June 19, 2015).
This is a Level 2 restructuring because the Project’s full undisbursed amount will be cancelled effective
June 19, 2015, the date of the Borrower’s letter of request. The Project’s closing date is advanced to June
19, 2015 from the current closing date of November 30, 2016.
Change in Implementing Agency
Yes [ ]
No [ X ]
Change in Project's Development Objectives
Yes [ ]
No [ X ]
Change in Results Framework
Yes [ ]
No [ X ]
Change in Safeguard Policies Triggered
Yes [ ]
No [ X ]
Change of EA category
Yes [ ]
No [ X ]
Other Changes to Safeguards
Yes [ ]
No [ X ]
Change in Legal Covenants
Yes [ ]
No [ X ]
Change in Loan Closing Date(s)
Yes [ X ] No [ ]
Cancellations Proposed
Yes [ X ] No [ ]
Change to Financing Plan
Yes [ ]
No [ X ]
Change in Disbursement Arrangements
Yes [ ]
No [ X ]
Reallocation between Disbursement Categories
Yes [ ]
No [ X ]
Change in Disbursement Estimates
Yes [ ]
No [ X ]
Change to Components and Cost
Yes [ ]
No [ X ]
Change in Institutional Arrangements
Yes [ ]
No [ X ]
Change in Financial Management
Yes [ ]
No [ X ]
Change in Procurement
Yes [ ]
No [ X ]
Change in Implementation Schedule
Yes [ ]
No [ X ]
Other Change(s)
Yes [ ]
No [ X ]
Appraisal Summary Change in Economic and Financial Analysis
Yes [ ]
No [ X ]
Appraisal Summary Change in Technical Analysis
Yes [ ]
No [ X ]
Appraisal Summary Change in Social Analysis
Yes [ ]
No [ X ]
Appraisal Summary Change in Environmental Analysis
Yes [ ]
No [ X ]
Appraisal Summary Change in Risk Assessment
Yes [ ]
No [ X ]
.
B. Project Status
Since the RIGP Loan Agreement was signed on February 2, 2012, only the front-end fee (USD0.12 million
equivalent) has been disbursed under the project. The Borrower has failed to generate, process or fund any
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subprojects under the Project. The Project’s progress towards the achievement of the development
objective as well as overall implementation progress are both rated Highly Unsatisfactory.
.
C. Proposed Changes
.
Development Objectives/Results
Project Development Objectives
Original PDO
The project development objectives (PDO) are: (i) to stimulate integrative investment within regions by
improving access to finance for public infrastructure and services; and (ii) to contribute to the economic
recovery of participating LGUs by improving access to local public infrastructure and services.
Change in Project's Development Objectives
.
Financing
Change in Loan Closing Date(s)
Explanation:
The Project’s full undisbursed amount will be cancelled effective June 19, 2015, the date of the Borrower’s
letter of request. The Project’s Closing Date is advanced to June 19, 2015 from the current closing date of
November 30, 2016.
Ln/Cr/T
Status
F
IBRD81190
Original Closing
Date
Effective 30-Nov-2016
Current Closing
Date
Proposed Closing
Date
Previous Closing
Date(s)
30-Nov-2016
19-Jun-2015
30-Nov-2016
Cancellations
Explanation:
In a letter dated June 19, 2015, the Borrower requested the full cancellation of the undisbursed balance of
JPY3,833 million (USD 31,123,328 million equivalent based on exchange rate on June 19, 2015). The
Guarantor concurs with the Borrower’s request to cancel. (Note that the table below reflects figures that
are system generated and does not automatically adjust based on current exchange rate. The figure shown
in the fifth column of US$49.88 million should have a value of USD31.12 million using the exchange rate
as of June 19, 2015. The US$120,000 figure shown in the last column represents the front-end fee).
Curren Current Amount (in
cy
currency)
Ln/Cr/TF
Status
IBRD-81190
Effecti
USD
ve
50,000,000.00
Cancelled Amount (in Proposed Amount (in
currency)
currency)
49,880,000.00
120,000.00
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