Document o

The World Bank

FOR OFFICIAL USE ONLY

Report No. 7940

PROJECT COMPLETION REPORT

PHILIPPINES

SECOND SMALL AND MFDIUM INDUSTRIES DEVELOPMFNT PROJECT(LOAN 1727-PH)

JUNE 30, 1989

Asia RegionCountry Department IIIndustry and Energy Operations Division

This document has a restrieted distribution and may be used by recipients only in the perfornance oftheir official duties. LIs contents may not otherwise be disclosed without World Bank authorization.

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PHILIPPINES

SECOND SMALL AND MEDIUM INDUSTRIES DEVELOPMENT PROJECT (LOA" 1727-PH)

PROJECT COMPLETION REPOR:

AB'REVIATIONS

ADB - Asian Development SankBOI - Board of InvestmentCB - Central Bank of the PhilippinesCEO - Chief Executive Officer (of IGLF)CSMI - Commission on Small and Medium IndustriesDBP - Development Bank of the PhilippinesDCP - Design Center of the PhilippinesDLC - Department of Loans and Credit (of CB)DOF - Department of FinanceDTI - Department of Trade and IndustryIGLF - Industrial Guarantee and Loan FundKKK - Kapisanang Kabuhayan at KaunlaranMASICAP - Medium and Small Industries Coordinated Action ProgramNACIDA - National Cottage Industries Development AuthorityNBFI - Non-Bank Financial IntermediariesOIA - Office of the Internal Audit (of CB)PDB - Private Developmenz BanksPDCP - Private Development Corporation of the PhilippinesPISCO - Philippine Investments Systems OrganizationPNB - Philippine National BankRC - Review Committee (of IGLF)SBAC - Small Business Advisory CentersSMI - Small and Medium IndustriesSTD - Special Time DepositsUPISSI - University of the Philippines Institute for Small-Scale IndustriesUSAID - United States Agency for International Development

COUNTRY EXCHANGE RATES

Name of Currency (abbreviation) PesoYear:Appraisal Year Average 1978 Exchange Rate: US21 = 7.37Intervening Yearo Average 1979-82 US31 = 8.00Completion year 1983 USS1 = 11.JO

KO OFF'ICAL US ONLYTl WORLD BANK

Washanton. DC 2041USA

Opkw di DtmiNw

June 30, 1989

MEMORANDUM TO THE EXECUTIVE DIRECTORS AND THE PRESIDENT

SUBJECT: Project Completion Report on Phi.ippinesSecond Small and Medium T-iustries Development Project(Loan 1727-PH) _

Attached, for information, is a copy of a report entitled "ProjectCompletion Report on Philippines Second Small and Medium Industries DevelopmentProject (Loan 1727-PH)" prepared by the Asia Regional Office. No audit of thisproject has been made by the Operations Evaluation Department at this time.

Attachment

This document has a restricted distribution and may be used by recipients only in the performanceof their official duties. Its contents may not otherwise be disclosed without World Bank authorization.

i-4 CILt. ,ONY

PHILIPPINES

SECOND SMALL AhD MEDIUM INDUSTRIES DEVELOPMENT PROJECT (LOAN 1727-PH)

PROJECT COMPLETION REPORT

Table of Contents

Page No.

PREFACE. i

BASIC DATA SHEETS ............................................. ii

HIGHLIGHTS ...................... ....................... iv

I. INTRODUCTION ............................................ 1

II. THE SMI SECTOR. 3

III. PROJECT PREPARATION AND APPRAISAL. 3

Project Objectives. 5Project Description. 5Covenants. 5

IV. PROJECT IMPLEMENTATION. 6

Loan Effectiveness and Start-up. 6Loan Allocation. 7Disburse ments. 7Subproject Characteristics and Performance. 7Sectoral Distribution of Subprojects. 8Regional Distribution of Subprojects. 8Subproject Firm Size .Operational Results of Sample Projects. 9Economic Performance of Sample Subprojects .10Status of Subloans .10Institutional Sponsorship .10Reporting .11Procurement .11

V. OPERATING PERFORMANCF .11

Overall Operations .11IGLF Operations .12Regional Development Under Loan 1727-PH .13Interest Rates and Foreign Exchange Risk .14Diversification of IGLF Portfolio .15Experience with Cottage Industry .15

This document has a restricted distribution and may be used by recipients only in the performanceof their official duties. Its contents may not otherwise be disclosed without World Bank authorization.

Table of Contents (cont'd.)

Page No.

VI. FINANCIAL P2UFORMANCZ OF IGLC ........................... 15

Financial Position . ..................................... 15Capital Structure and Liquidity ........................ . 15Profitability ......................... 16Guarantee Schen ............ ....................................... 16Audit ................................................... 16

VII. INSTITUTIONAL PERFORMANCE AND DEVELOPMENT ....... ........ 17

Institutional Aspects . . . 17Management ... 17Organization ... 17Training ................................................ 17Procedures and Standards . . . 18Project Appraisal . . . 18Project Supervision . . . 18

VIII. BANK PERFORMANCE ........................................ 19

Project Justification and Overall Performance ........... 19Supervision ............................................. 19Working Relationship .................................... 19

IX. SUMMARY AND CONCLUSIONS .. 20

ANNEXES

1. Structure of Interest Rates - 1974-84 ................... 222. Schedule of Estimated end Actual Disbursements .......... 243. List if Subprojects Financed ............................ 25

4/4-A Analysis of Subprojects Financed ........................ 345. Characteristics of Subprojects Financed ................. 396. Economic Indicators of Subprojects Financed ............. 427. Financial Indicators of Subpro3ects Financed ............ 458. Reasons for Delay in Completion of Subprojects

Overruns in Excess of 15? of Estimated Project Cost ... 489. Organization Chart of the IGLF Unit ..................... 5010. Summary of Operations, 1978-84 .......................... 5111. Summary of Operations by Industry Size, 1978-84 ......... 5212. Characteristics of STD Approvals by Sector, Region,

Size, Purpose, and Maturity, 1978-84 .................. 5913. Summarized Balance Sheets, December 31, 1978-84 ......... 6514. Summarized Income Statements, 1978-84 ................... 66

15/15-A Projected and Actual Income Statements, 1978-84 ......... 6716. Collection Performance by Financing Institutions Under

the IGLF Scheme ................ ............. 6917. Status of Subprojects as of December 31, 1984 ........... 7017-A Status of Subprojects Affec_.ed bv Arrears as of

December 31, 1984 ................ 75

Table of Contents (cont'd.)

Page No.

18. Comparativ- Statement of Arrears Position btweenParticipating Institutions and End-Users of IGLF,December 31. 1978-84 . .. .. ...... 77

19. List of Accredited Financial Institutions . . 8220. List of IGLF TrainLng Programe and Seuinnrs ............. 8321. IGLF Review Camittee as of December 31, 1984 . . 8422. Fschange Rate Movements, 1975-84 . . 8523. Borrower Comients .................... 86

PHILIPPINES

SECOND SMALL AND MEDIUM INDUSTRIES DEVELOPMENT PROJECT (LOAN 1727-PH)

PROJECT COMPLETION REPORT

Preface

This report covers the Second Small and Medium Industries DevelopmentProject in the Philippines bupported by Loan 1727-PH. The loan of $25.0 mil-lion to the Government of the Philippines was approved on June 12, 1979,became effective on November 9, 1979 and was closed on June 30, 1983 aqoriginally planned. $84,465.33 was cancelled effective July 8, 1983, leavingthe total amount disbursed $24,915,534.67.

This report was prepared by the Asia Region Country Department IIIndustry and Energy Division, based on a project completion report by IGLF andother information in files at the Bank.

This PCR was read by the Operations Evaluation Department (OED).The draft PCR was sent to the Borrower for comments and they are attached tothe report as Annex 23.

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PROJECT COMPLElTION REPORT BASIC DATA SHET.

PHILIPPINES: SECOND SMALL AND MEDIUM IMDUSTRISE DEVELOPMENT PROJECT (LOAN 1727-PM)

KEY PROJECT DATA

Appriasl As.wtu'. orItem *t ei X^ curr6at *bp_t_ t_

Loan/Credit Amount (USS mlllion) 25.00 -Disbu sed ) 2401Cance ll d ) 0.0Re aId to ) 7/31/93 5.68Outstanding to ) 7/J1/99 19.09

Proportion of Time Underrun or Overrun (N) -Financial Perforoance (SCLF) Satiofactory SatisfactoryInstitutional Performnce (ILf) Satisfactory Satisfactory

PROJECT DATES

Or;ginal Actual orItem Plan Revision* Est. Actual

First Mention in Filos or Ti mtable 04/14/76Negotiations 04/28/79Board Approval 06/12/79Loan/Credit Agroement Date 06/27/79Elfectivenoos Date 1109/79Closing Date 6/30/63 06/30/33

STAFF SNPUT

FY75 FY77 FY73 FY79 FY3O FY61 FY32 FY6S FY64 FYOB FY37 FYO3 TOTAL

Proappraisel 1.0 0.2 2.4 3.6 12.4Appraisal 27.0 27.0Negotiation 6.4 6.4Supervision 0.2 3.2 22.7 2.1 0.8 6.5 1.5 0.8 37.2Other 0.2 0.2

Total 1.0 0.2 2.4 42.5 3.2 22.7 2.1 0.3 0.2 6.5 1.5 0.6 63.2

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No. of No. of Dot. ofItem Monti Y Ver Peen P-r ono Rno ort

Idetification eG/7G 1 1 1 07/21/76Preeppralol 06/n 4 12 06/21/73Appr.sa" 12/78 3 & 3 06/13/79

Superiselo I 0/U0 2 3 6 10/0*/90Suprviul II 11/91 4 4 16 04/18/02

Tot l 18 44

VN PO CT DATA

Borroe-r Gov.rnmemt of the Phi lippinesExecuting '9ency Industrial Guaranteo and Loan Fund, D*pem t of

Loans and Credit, Contral BankFiscal Yoar of Borror January 1 - Decembr 31Follow-on Project Nao Third Small and MIdium Industries Dvoxlo_nt Project

Loan/Credit Numbr 2169-PHAmount (USS million) 3112 million (inclusivo of a front end fee of 32

million)Looan/Credit Agreemmnt Date Juo 80, 1922

DATA Oi SWPOJECTS

Appraisal*etiate. Actual.

Increnental employment 11,500 10,497

Inv,.t"nt cost per job P 4, 17 P s OOO

Incremental saleo (million) P271.9

Incromental profit (million) P 10.4

Incre_mntal export. (mlillo) P 70.

Incremntel *xporte as X of Incrementel sales 19i

Incremental vale added (illilon) P 142.5

Arrears from subborrwers to Mi (under both aceroditetionand spo _ership schemes) as a per oet of IGIF-funded loanojittandikn (1964) 4.0

Arroars from subborr.,era to PFIs as a percent of IGLF-fundedloane outstanding (aceredltetlon echoem only (1964) s.5X

Arr re e rm PWI* to ILF an a pereetb of IOLF loamaetet"eein (low) 3

PHILIPPINES

SECOND SMALL AND MEDIUM INDUSTRIES DEVELOPMENT PROJECT (LOAN 1727-PH)

PROJECT COMPLETION REPORT

Hiahlidhts

InstiLutional Framework

i. The Small and Medium Industry (SMI) Sector in the Philippines is animportant contributor to the manufacturing sector, accounting for 212 ofvalue-added and 432 of employment in 1983. SHI firms are important in a widerange of manufacturing subsectors contributing over 302 of value added in foodprocessing, machinery and equipment, chemicals, rubber, printing, plasticproduc.ts, furniture and wood products, and wearing apparel. Within thesesubsectors, about half of SMI activity is concentrated in two areas, foodprocessing and chemicals.

ii. During the implementation period of Loan 1727-Ph, the Governmentoperated a number of specialized loan programs channeled through financialinstitutions to hel.p SMI firms with entrepreneurial and management skills butshort of capital. Pre-eminent among these programs was the Central Bank'sIndustrial Guarantee and Loan Fund (IGLF) to which the bulk of Loan 1727-PHfunds were extended. Other programs directing credit to SKI firms during theproject period included the Development Bank of the Philippines' Small andMedium Industries Lend3ng (SMILE) Program, the agri-business loan programs ofboth the Central Bank (CB) and Development Bank of the Philippines (DBP), thePhilippine National Bank's Small and Medium Scale Industries Financing Schemeand the Kapisanang Kabuhayan at Kaunlaran (KKK). Most of the programis (otherthan IGLF) have in the past few years been discontinued or sharply curtailed.

iii. The Industrial Guarantee and Loan Fund (IGLF), created in 1952, is arediscount and guarantee mechanism operated by the Central Bank (CB) underwhich term loans (fixed asset and permanent working capital) made to eligibleSMI firms by accredited financial institutions (commercial banks, rural andthrift banks, private development banks and nonbank financial institutions)are rediscounted. IGLF also offers guarantees to cover credit and collateralshort risks taken by the participating financial institutions (PFIs) on IGLFrediscounted loans. IGLF has sourced its funds primarily from fundstransferred from the Government budget and from World Bank borrowings.

iv. The Second Small and Medium Industries Development Project is afollow-on project from ShI I (Loan 1120-PH). Under that loan, the Bank forthe first time lent for funding the IGLF and, in the context of the loan, mademajor changes to an on-going program. Specifically, under SMI I, IGLFimplemented the accreditation prog& m under which financial institutions wereapproved for participation and eligible for IGLF rediscounting of loans to SMIfirms. The reformulated IGLF program expanded under both SMI I and II withthe infusion of IBRD loans and Go%ernment counterpart funds.

Proiect Obiectives and Goals

v. An important objective of the project was to ensure that long-termresources were available for the long-term financing needs of both the smalland medium scale industry sectors. In this regard IGLF was to be a vehiclefor providing _mloyuent opportunities. improving income distribution andregional developmes.t, and a catalyst for promoting general economic growth andexports. It was also Intended to expand and upgrade the network of financialinstitutions through vhich IGLF's credit was provided, and in particular topromote expertise in project evaluation and preparation.

Project Description

vi. The loan consisted of two parts: (a) the financing of the IndustrialGuarantee and Loan Fund (IGLF) for on-lending through accredited institutionsto SMI for fixed assets and permanent working capital; and (b) thestrengthening of the Department of Industry's Medium and Small IndustriesCoordinated Action Program (MASICAP) in providing assistance to entrepreneursin project preparation. All but 22 of the loan proceeds were allocated forthe IGLF financing.

Overall Operations

vii. T?e objec ives of the project were largely fulfilled. Loan 1727-PHwas disbursed qui(,ly, with the IGLF component of the loan ($24.5 million ofthe total $25.0 million) being fully utilized within two years of loaneffectiveness. The loan was used to finance 264 IGLF-funded projects with anaverage subloan size of P 1.0 million. The fast rate of disbursement was dueto the rclatively long maturities offerea by IGLF, the active participation ofan increajed number of accredited financing institutions, the inclusion ofmedium scale industry under the IGLF eligibility criteria, the low interestrates charged by IGLF and the increase in spreads allowed the PFIs (increasedfrom 72 to 82 for small industry loans and from 52 to 6? for medium industryloans). Disbursements under the MASICAP component ($0.5 million) were slowerthan anticipated because of (i) the merger of the Small Business AdvisoryCenters (SBAC) and MASICAP programs; (ii) a Government-imposed freeze onhiring by Ministries; (iii) bureaucratic disbursement procedures betweenMinistries; and (iv) Government-issued procurement guidelines which restrictedthe purchase of vehicles and computers. $84,465.33 originally allocated tothe MASICAP technical assistance program was cancelled effective July 8, 1983.

IGLF Operations

viii. The loan enabled the lGLF program, which already was operating well,to expand and improve its successful performance. The loan clearly fulfilledits primary objective of channeling long-term funds to the SMI sector. By1984, IGLF had become such an important source of term finance for SMI firmsin the Philippines that it represented 62 of all long-term loanb outstandingin the country. When compared to the SMI share (21?) of value added inmanufacturing, it is evident that IGLF represented a substa,itial portion oflong-term credit extended to SMI in the industrial sector. During theimplementation period of Loan 1727-PH, the IGLF expanded to finance medium

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scale firms. Loans approved increased by almost 50Z a year (242 in realterm.), from 1 47 million in 1978 to P 435 million in 1984, with projectsfinanced by those loans generating about 10,497 new jobs.

iX. The project also realized its goal of expandAng and upgrading thenetwork of financial institutions through which IGLV cLedit was provided, andspecifically of helping the institutions develop expertise in project*valuation and preparation. By December 31, 1981, 32 financial institutionswere accredited under IGLF, as compared to 20 accredited institutions at thetime of the 1978 project appraisal. Training pregrams organized by IGLF forPFI staff helped to upgrade appraisal and supervision capabilities of thefinancial institutions. The resulting improvements in portfolio performanceduring the project period can be seen in the collection ratios betweenparticipating financing institutions and end-lasers, which improved steadilyand substantially between 1978 and 1984. Whereas in 1978 collections hadamounted to only about 171 of principal and interest falling due and past due,they had improved to 542 by 1984. The proportion of PFI portfolios affectedby arrears from end users decreased substantially from 42Z by amount and 51Zby number in 1978 to 122 by amount and 222 by number in 1984. At year end1984, arrears amounted to only 4.52 of all IGLE' loans outstanding, and wereeven lower (3.5Z) for institutions participating in the program under theaccreditation scheme. In addition, collection performance betweenparticipating institutions and IGLF improved substantially. Loan arrears toIGLF in 1978 represented 162 of the loan portfolio while in 1984 arrearsaccounted for only 2.12 of the portfolio. The introduction of theaccreditation scheme (under SMI I), the increase in average subloan size withthe new eligibility of medium-scale industry (under SMI II) and the increasedattention to training, all contributed to the better results.

X. The one explicit project objective that was not fulfilled under theloan was channeling of a majority of project funds outside Metro-Manila. Theproportion of project funds lent to the regions was significantly lower thanexpected (392 vs 60Z), with Metro-Manila absorbing a greater than anticinatedshare of the total IGLF credit. The failure to achieve the desired regionaldisbursement is due largely to the fact that most SMI firms are located nearManila, which is the country's major port and largest consumer market ind haseasy access to communication and transportation. The proportion of subloansthat went to the regions was similar to the 1983 share of value added in theSMI industrial sector originating in the regions (42?).

xi. Organization. IGLF was reorganized during the project period. In1979, there were only two divisions involved in IGLF operations--the Induc-trial Loans Division and the IGLF Accouiting, Securities Control and Collec-tion Division--and the total personnel complement of the organization was 48people. With the approval of 18 new positions for IGLF by the Monetary Boardof the Central Bank, the IGLF organizational structure was reorganized intofour divisions, as follows: (a) the Industrial Projects Division, responsiblefor processing IGLF financing applications, guarantees, and requests fordeferment or restructuring; (b) the IGLF Examination Division, responsible forevaluating potential institutions for accreditation, for reviewing alreadyaccredited institutions, and for performing end-use verification surveys ofprojects assisted; (c) the IGLF Accounting, Securities Control and CollectionDivision, which handles the accounting, securities control and collection

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functions of IGLF; and (d) the IGLF Special Studies Staff, which handlesresearch and technical information activities and various reportingrequirements.

xii. Trainins. Because of the clear importance within both IGLF and thePFIs of analyzing credit risk and assessing projects and institutions, IGLFinitiated a number of programs under Loan 1727-PH to further develop theexperience of its staff and that of the PFIs. In addition, the staff of IGLFand the PFIs participated in relevant local training programs and traveledabroad to acquire additional knowledge on small enterpr4se financing andrelated fields.

Lessons to be Learned

xiii. Several lessons which may be learned from the Bank's and IGLF'sexperiences under Loan 1727-PH are outlined below:

(a) There are inherent difficulties in pricing subloans to fully reflectall costs, including risk of potential foreiga exchange losses, ineconomies with regulated interest rates. At the outset of SMI II,IGLF funds to the PFIs were priced at an average rate of 8.6Z, whichwas 0.7Z higher than the 7.92 interest rate charged by the Bank onLoan 1727-PH. While this spread enabled World Bank financed projectsto contribute to IGLF's administrative costs, it did not provide apremium to cover the foreign exchange risk on the World Bank loan.When the peso was devalued after disbursement of the loan (decliningfrom an average disbursement rate of P 7.7 to the dollar, to the mid-1988 rate of P 21.0 to the dollar), the Government was left with alarge foreign exchange loss towards which the accredited financialinstitutions and SMI borrowers had made no contribution. Experiencewith the loan indicates that loans to apex institutions for onlendingin regulated financial sectors should be tied to policy reform andderegulation of the financial sector. Once financial markets arederegulated and interest rates reflect expected inflation and foreignexchange adjustments, then apex program lerding rates (to bothparticipating financial institutions and end-users) should be market-based. Such a rate should reflect the premium for foreign exchangeas perceived by the market and should provide adequate cover to theGovernment. A proposed 4th SMI World Bank loan to the Philippinestakes these recommendations into account.

(b) During the implementation period of Loan 1727-PH. IGLF did not limitthe participation of individual financial institutions in order toensure that the IGLF portfolio as a whol. was balanced ordiversified. The weakened financial situation of some of the PFIsduring 1980 to 1984 period suggests that this failure to diversifywas unwise. In 1981, after the bankruptcy of one PFI holding a largeportion of the IGLF portfolio, IGLF adopted a policy limiting theparticipation of individual PFIs and specifying that a PFI's

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portfolio of IGLF rediscounted loans may not exceed thatinstitution's total net worth.

(c) The experience of IGLF under Loan 1727-PH suggests that the apexarrangements which are appropriate for lending to small and mediumfirms may be inappropriate for effectively reaching cottage firms.IGLF's record vith cottage industry during the project period showedpoor repayment and suggested that making and supervising cottageindustry loans was overly cumbersome and expensive for the financialinstitutions participating in the IGLF program. The data suggestthat a different vehicle for financing cottage industry should becreated and that IGLF should not be pushed to fill the financing gapto that sector.

PdILIPPINES

INDUSTRIAL GUARANTEE AND LOAN FUND

PROJECT COMPLETION REPORT - LOAN 1727-PH

I. INTRODUCTION

1.1 This Project Completion Report (PCR) on Loan 1727-PH (Loan Agreementdated June 27, 1979) reflects the utilization of that loan for strengtheningand expanding the IGLF lending facility to small and medium industries and foran SHI technical assistance component. The IGLF component amounted to $24.5million of the total IBRD loan of $25.0 million, extended to the Republic ofthe Philippines. The remaining $0.5 million represented a technical assis-tance program to strengthen the Medium and Small Industries Coordinated ActionProgram (MASICAP), a Department of Industry program Intending to stimulateinvestment in small and medium industries in regions outside Metro-Manila.Loan 1727-PH was the Bank's second loan to IGLF and accordingly this is thesecond completion report on lending to that institution. To date, IGLF hasreceived three loans from the World Bank totaling US$99.5 million; the thirdloan of US$63.0 million was made on June 30, 1982. Information on the threeloans is given below. A fourth SMI project, which would include an IGLFcomponent of approximately $60 million, is currently under consideration.

Year ofeffect- Loan IGLP Term Interestiveness Amount Portion (Years) Rate (C)

Loan 1120-PH 1975 30.0 12.0 11-1/2 8.5

Loan 1727-PH 1979 25.0/a 24.5 14-1/2 7.9

Loan 2169-PH 1982 132.0/b 63.0 14-1/2 11.6

/a $84,465.33 was cancelled effective July 8, 1983.

/b $64.6 million of the loan was subsequently cancelled due to financialtroubles of DBP and the unattractively high interest rate on the loan.

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1.2 The basic data concerning Loan 1727-PH are presented in the introduc-tory basic data shorts. Specific data for the IGLF portion of the loan (98?of the total) are as follows:

Loan amount US$24.5 millionMaximum subloan size 1 2.5 millionFree limit No required prior

review; subloansover P500,000 wereto be reviewed on apost-approval basis

Start of implementation February 1, 1980Date of full utilization of September 10, 1981IGLF portion of the loan

1.3 Although the fourth SMI project, currently under consideration, isexpected to include funding from the Asian Development Bank (ADB) and possiblythe ASEAN Japan Development Fund (AJDF), IGLF previously depended solely onthe World Bank in raising funds from foreign sources. The IBRD loans weremade to the Government of the Philippines, which bore the full foreignexchange risk. Under Loans 1120-PH and 1727-PH, the World Bank reimbursed 75?of the total loans released and the remaining 25Z came from the counterpartfunds contributed by the Philippine Government. For Loan 2169-PH, 60? wasreimbursed by the World Bank and 40Z came from the Philippine Government.

1.4 The following data base and approach was used in drafting this PCR:

(a) The time period 1978 (the appraisal year) through 1984 was chosen asthe key period for assessing results of the loan. Although the loanclo ed in 1983, results of subloans made prior to 1983 were feltafter the closing date and are reflected in IGLF's information for1984. While the nature of the IGLF program has not changed substan-tially since the closing of Loan 1727-PH, some alterations wereinstituted under SMI III so that data after 1984 would be lessrelevant to an analysis of SMI II. This PCR focuses largely on the1978-84 time period but draws implications for subsequent years.

(b) For the implementation period of the loan, data on all IGLF subpro-jects were analyzed, even though some of the projects fmnded by IGLFduring the period were not financed by the World Bank but ratherthrough internal IGLF or Government counterpart funds. The informa-tion assessed and presented reveals the overall health and contribu-tion of the IGLF program.

(c) In conRidering the allocation of loan proceeds, a full listing of the264 sub-projects financed by the loan was made (see Annex 3) andanalyzed. Releases to firms were evaluated against the objectives ofthe loan.

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(d) IGLF staff collected and analyzed detailed data on a representativesample of projects constituting about 291 of the total loansreleased. The diverse group of sample projects was chosen afterconsideration of industry and regional classification, size andpurpose of the loans, and sponsoring financial institutions.

II. THE SMI SECTOR

2.1 The Small and Medium Induszry (SMI) Sector in the Philippines is animportant contributor to the manufacturing sector, accounting for 21? ofvalue-added and 432 of employment in 1983. SMI firms are important in a widerange of manufacturing subsectors contributing over 30? of value added in foodprocessing, machinery and equipment, chemicals, rubber, printing, plasticproducts, furniture and wood products, and wearing apparel. Within thesesubsectors, about half of SMI activity i3 concentrated in two areas, foodprocessing and chemicals.

2.2 The Government included the promotion of SMI as one of its majorindustrial objectives in the 1978-1982 Five-Year Development Plan. During theimplementation of Loan 1727-PH, various Government agencies, including theDepartment of Trade and Industry (DTI), the National Economic and DevelopmentAuthority (NEDA), the Department of Finance, and the University of theP ilippines' Institute for Small-Scale Industries (UP-ISSI), coordinated theirefrorts to help change the policy environment in the Philippines to promoteSHI growth. They initiated efforts to abolish inappropriate cottage industryincentives, restructure BOI incentives, and increase the registration of SMIfirms for incentives. Also, the Government sponsored a range of technicalassistance and training programs for SMI firms.

2.3 In addition, the Government operated a number of specialized loanprograms channeled through financial institutions to help individuals or firmswith entrepreneurial and management skills but short of capital. Pre-eminentamong these programs was the Central Bank's Industrial Guarantee and Loan Fund(IGLF) to which the bulk of Loan 1727-PH funds were extended. Other programsdira;cting credit to SHI firms during the project period included theDevelopment Bank of the Philippines' Small and Medium Industries Lending(SMiILE) Program, the agri-business Loan programs of both the CB and DBP, thePhilippine National Bank's Small and Medium Scale Industries Financing Schemeand the Kapisanang Kabuhayan at Kaunlaran (KKK).

III. PROJECT PREPARATION AND APPRAISAL

3.1 The Second Small and Medium Industries Development Project is mfollow-on project from SMI I (Loan 1120-PH). Under that loan, the Bank forthe first time lent for funding the Industrial Guarantee and Loan Fund (IGLF)and, ir the context of the loan, made major changes to an on-going program.Specifically, under SMI I, IGLF implemented the accreditation program underwhich financial institutions were approved for participation and eligible forIGLF rediscounting of loans to SMI firms. The reformulated IGLF programexpanded under SMI I with the infusion of IBRD loans and Government

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counterpart funds. Loan 1727-PH continued this financing and facilitated therapid expansion of the program which occurred between 1979 and 1984. A Bankmission visited the Philippines in June 1976 to identify the SMI II project.The Bank pre-appraisal mission visited the Philippines in June 1978. Theproject was appraised in November/December 1978. Negotiations were held theweek of April 23, 1979 and the loan was approved by the Bank Board on June 12,1979. The Loan Agreement was signed on June 27, 1979 and became effective onNovember 9, 1979.

3.2 The Industrial Guarantee and Loan Fund (IGLF) was created in 1952 forthe purpose of encouraging the establishment and expansion of economicallysound SMIs that would contribute to the Philippines' economic development andto a more equitable distribution of income among the people. IGLF is arediscount and guarantee mechanism operated by the Central Bank (CB) underwhich term loans (for fixed assets and permanent working capital) made byaccredited financial institutions (commercial banks, rural and thrift banks,private development banks and nonbank financial institutions) arerediscounted. IGLF also offers guarantees to cover credit and collateralshort risks taken by the participating financial institutions (PFIs) on IGLFrediscounted loans. IGLF has sourced its funds primarily from fundstransferred from the Government budget and from World Bank borrowings.

3.3 IGLF is owned by the National Economic Development Authority (NEDA)and administered by the Department of Loans and Credit (DLC) of the CentralBank of the Philippines (CB). The fact that IGLF operates as an apex unit,with the basic objective of providing resources to financial institutions foronlending to SMI, enables the program to have a wide geographical reach, sincemany of the institutions have an extensive regional branch network. Decisionson policy issues affecting IGLF's operations are made by an interagency ReviewCommittee (RC) which includes representatives from NEDA, CB, Departme-t ofTtade anc Industry (DTI), Department of Finance (DOF) and UP-ISSI.

3.4 Under the IGLF accreditation scheme implemented in 1976 under SMI I,IGLF approves participation in the program of specific financial institutionsand then delegates all subloan appraisa' and supervision responsibilities tothose accredited financial institutions. Before granting accreditationstatus, IGLF undertakes a thorough review of the institution to determine itsoverall financial viability and the adequacy of its staff to implement an SMIlending program. The performance of each accredited institution is reviewedannually by IGLF and the Bank is informed of the findings of these reviews.

3.5 Although only accredited institutions are eligible for Bank funding,IGLF also has a 3mall sponsorship program for rural banks, under which itbecomes more actively involved in the credit evaluation of the end-user.While the participating financial institutions under the sponsorship scheme dotake the credit risk, their inadequate analytical capabilities necessitate adetailed review of the subloans by IGLF staff prior to rediscounting. Sincethe rural banks would not otherwise qualify for the IGLF program, the sponsor-ship scheme enables IGLF to promote industrial growth outside metro-Manila andto contribute to development in rural areas. The Aponsorship scheme has notbeen financed by the World Bank under any of its projects, including SMI II.

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3.6 The participating financial institutions (PFIs) are free to selecttheir own projects for financing, with IGLF financing assured if the projectmeets broad eligibility criteria (appropriate asset size, acceptable financialposition and credit-rating, etc.). Full repayment rests with the financialinstitution unless the loan also carries an IGLk guarantee. Accordingly, therisk to IGLF is limited to insolvency or inability to repay by the participat-ing financial institution. Default by the end-user is borne by the PFI andnot by IG_F.

Proiect Obiectives

3.7 IGLF operates with the basic objective of providing resources toparticipating financial institutions for relending to SMIs. In this regard animportant objective of the project was to ensure that long-term resources wereavailable for inv-stment financing needs of both the small and medium scaleindustry sectors. Under the project, IGLF was intended by the Government andthe Bank to be a vehicle for developing the SMI sector and thereby providingemployment opportunities, improving income distribution and regionaldevelopment, and providing a catalyst for promoting general economic growthand exports. It was also intended to expand and upgrade the network offinancial institutions through which IGLF's credit was provided, and topromote expertise in project evaluation and preparation.

Project Deacription

3.8 The loan consisted of two parts: (a) the financing of the IndustrialGuarantee and Loan Fund (IGLF) for on-lending through accredited institutionsto SMI for fixed assets and permanent working capital; and (b) the strengthen-ing of the Department of Industry's Medium and Small Industries CoordinatedAction Program (MAP:CAP) in providing assistance to entrepreneurs in projectpreparation. 98% of the loan proceeds were allocated for the IGLF financing.

Covenants

3.9 In addition to the Bank's standard covenants, the Loan Agreement for1727-PH required the Government (as Borrower) to adopt formally a new IGLFPolicy Statement which included the following major operational policies,outlined in the Staff Appraisal Report:

(a) inclusion of medium-scale industries in the IGLF program by raisingthe maximum loan size rrom the former limit of IF 500,000 to P 2.5million;

(b) increasing the effective interest rate to the end-user of IGLF from13.2Z to 14.7-15Z;

(c) increasing the interest spread allowed to the participating institu-tiorns from 5Z to 82 on small industry loans and from 5Z to 6Z onmedium industry loans;

(d) adopting a new guarantee scheme; and

(e) introducing a penalty charge on defaults by end-users.

It included an agreement with the Central Bank to furnish the Bank with aperiodic summary of loans made by IGLF along with copies of appraisals ofsubloans exceeding R 500,000, and arrears data on IGLF funded loans betweenfinancial institutions and end-users. In adeition, the Central Bank and/orthe Government agreed to the following:

(f) further delegation of authority to the CEO of IGLF regarding thehandling of routine matters;

(g) the reorganization and appropriate staffing of the IGLF unit;

(h) the calculation of ERR and FRR in appraisal of subloans over 1 1.5million;

(i) the preparation of a revised policy manual for IGLF; S

(j) an exemption of IGLF financed loans from the requirements set out inCB/Government circulars and regulations governing money marketoperations;

(k) an on-going monitoring of the performance of accredited institutionsby IGLF;

(1) a program to review the IGLF's portfolio of participating financialinstitutions;

(m) the adequacy of CB's fee for administering IGLF;

(n) the reorganizatiin of MASICAP;

(o) the submission to the Bank by BOI of quarterly reports on MASICAP;and

(p) the use of at least 802 of the IGLF loan component for financingsubprojects with: a cost per job created no greater than the Bank'surban poverty guidelines; or with fixed assets at the time of loanapplication not exceeding $250,000.

These covenants were met during the implementation period of the loan.

IV. PROJECT IMPLEMENTATION

Loan Effectiveness and Start-Up

4.1 Conditions for loan effectiveness included approval by the Governmentof the draft IGLF policy statement which had been agreed at negotiations,along with approval of the Loan Agreement by the Monetary Board of thePhilippines. These conditions were met by October 1979, which was later thanexpected because evidence that the IGLF Policy Statement had been adopted wasnot received by the Bank as quickly as originally anticipated. The loan wasdeclared effective on November 9, 1979.

4.2 The project started very smoothly. IGLF's actual performance for1980 exceeded its operational targets substartially with IGLF approving 170projects amounting to 1 147.2 million during 1980. By year end 1981, the IGLFoutstanding loan portfolio to the PFIs totalled 1 415.8 million, compared withthe appraisal estimate of 1 361.1 milliot.

Loan Allocation &

4.3 Under the loan, $0.5 million was earmarked for technical assistanceto strengthen the Department of Industry's Medium and Small IndustriesCoordinated Action Program (MASICAP) in providing assistance to entrepreneursin project preparation. The remainder ($24.5 million) was allocated to theIndustrial Guarantee and Loan Fund (IGLF) for on-lending through accreditedinstitutions to SMI for fixed assets and permanent working capital. IGLF usedits full allocation, while MASICAP cancelled about $85,000 of its funds. Noreallocation of the loan by categories was made.

Disbursements

4.4 Annnex 2 shows the estimated and actual quarterly disbursements forthe $24.5 million IGLF portion of the Loan. IGLF's utilization of the loanwas satisfactory, with disbursements ahead of the estimated schedule atappraisal. The MASICAP component of the loan disbursed more slowly thanexpected at appraisal. Delays were caused by (i) a merger of the SmallBusiness Advisory Centers (SBAC) and MASICAP programs; (ii) a Government-imposed freeze on hiring by Ministries; (iii) bureaucratic disbursementprocedures between Ministries; and (iv) restrictive Government-issuedprocurement guidelines regarding the purchase of vehicles and computers.

Subproiect Characteristics and Performance

4.5 The table below summarizes data for subprojects financed under Loan1727-PH and compares the estimates at the time of appraisal with actualperformance. Annexes 3 to 7 present detailed information on thecharacteristics of these subprojects.

Table 4.1: SUMMARIZED DATA ON SUBPROJECTS

Appraisal Actuals based onestimates projects surveyed

No. of subprojects 510 264

Average subloan size (million) P 0.5 /a P 1.0

Incremental employment 11,500 10,497

Investment cost per job P 34,167 P 38,000 /b

Incremental sales (million) P 373.9

Incremental profit (loss) (million) P 10.4

Incremental exports (million) P 70.9

Incremental exports as Z ofincremental sales l9Z

Incremental value added (million) P 142.5

/a The appraisal estimate adjusted for actual domestic inflation would beP 0.8 million.

/b This cost per job compared well with the overall cost per job of thePhilippines' modern industrial sector, which was P 53,000.

4.6 Sectcral Distribution of Subpro4ects. The IGLF subloans made underLoan 1727-PH were extended to a wide-variety of subsectors within thePhilippine manufacturing sector. Construction, tourism and service industrieswere also subborrowers of the IGLF facility. From 1978 to 1984, the manufac-turing sector accounted for over 952 of approvals of total subloans by amount,the more important subsectors being metal products (20Z), food and foodproducts (18Z); footwear, apparel and garments (112), and plastic products(see Annex 12). The sectoral distribution was good and in line with thedistribution of SMI assets and value-added within the industrial sector.

4.7 Regional Distribution of Subproiects. The regional distribution ofsubprojects financed under Loan 1727-PH is presented in Annex 4. The share ofsubprojects outside Metro Manila totaled 47Z by number and 391 by amount, asshown below. This did not meet the appraisal target that 602 of IGLF funds bechanneled outside Metro-Manila.

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Table 4.2: REGIONAL DISTRIBUTION OF IGLF SUBLOANS

No. of Amountprojects Percent (1 million) Percent

Metro Manila 140 53 153.9 61Outside Metro Manila 124 47 99.3 39

Total 264 100 253.2 100

4.8 Subproiect Firm Size. Medium scale industries received the bulk ofthe subloan proceeds, with 84Z cf the funds and 612 of the projects going tomedium scale firms. The details of the funding breakout are shown below. Thedistribution of IGLF subloans was in line with the relative shares of value-added by small and medium scale industry generally, with medium industryproviding 811 of the value-added of those sectors.

Table 4.3: FIRM SIZE DISTRIW'JTION FOR IGLF SUBLOANS

No. of AmountSize of industry projects Percent (P '000) Percent

Medium Scale 160 60.6 211,486 83.5Small Scale 104 39.4 41,709 16. J

Total 264 100.0 2S3,195 100.0

Due to the inclusion of medium industr, loans under the prcject, the averagesize of IGLF loans grew steadily from P 336,000 in 1978 to P 1.b million in1984, and averaged $1.0 million for the 1978 to 1984 as a whole.

4.9 ORerational Results of Sample Proiects. Operational. data on a 292sample survey of subprojects are provided in Annexes 5 to 7. Cost estimatesmade by financing institutions proved to be realistic with an average costoverrun of about 102. Cost overruns were mainly due to changes in projectdesign, machinery and equipment, and to extended delays in projectimplementation. Large underruns in some projects occurred because the projectswere scaled-down after subproject appraisal had been implemented.

4.10 About 50! of the subprojects surveyed faced delays in implementationranging from one to fourteen months. The delays were caused by changes insupplier and machine specifications, changes in project design, contractors'delays in project construction, equity deficiencies, difficulties in securingsufficient financing, changes in project site, delays in the processing ofdocuments on imported machinery, and late compliance with pro-disbursement

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requirements. Annex 8 provides information regarding the subprojects whichsuffered implementation delays of six months or longer and cost overruns inexcess of 152 of estimated project cost.

4.11 Estimated and actual sales data -were avalable for the 76 subprojectssurveyed. As shown in Annex 6, actual total sales for 1982 for those projectsamounted to 732 of appraisal estimates. Actual profits were significantlyless than estimated for the sample group as * whole, although profits earnedby 17 projects exceeded estirates for 1982 operations. Significantly, how-ever, out of the 76 projects, only seven incurred losses of varying deg ees.To some extent, actual profits were understated because they were based onsurveys done in 1982, which was only the first or second year of initial orexpanded operation of subprojects financed under the loan. Furthermore, inlight of the increase in oil prices, rising inflation and deteriorating busi-ness climate, the project period was a more difficult time to do business inthe Philippines than had been expected at appraisal.

4.12 Economic Performance of Sample Subproiects. Annex 6 presents thedetails of the economic performance of the subprojects surveyed. Based ondata available for 76 subprojects, it is calculated that 10,497 jobs werecreated under the project as a whole (compared to the appraisal estinate of11,500). The average cost per job was P 38,000, compared to the estimatedaverage of P 34,167. The increase in cost per job resulted in the financingof some capital intensive subprojects such as Baguio Summit Inn (constructionof tourist inn), Aracelli Plastic Products (factory building), Sy's Bros.Printing Press (machinery/equipment) and Pagsanjan Aggregates (machinery/equipment). The subprojects surveyed suggest that the total project ccntri-buted P 373.9 million in incremental sales. While export sales were projectedto represent 29X of total sales, according to the survey data they actuallyamounted to only 192 because the projects were operating in a recessionaryperiod during which export demand was not very strong. The overallperformance of the subprojects was satisfactory, especially given thedifficult economic euvironment in which the project was inplemented.

4.13 Status of Subloans. As of December 31, 1984, 34 out of 264 loansunder Loan 1727-PH had been either repaid or prepaid in full. Arrearages ofthe PFIs to IGLF were 2.1? of all loans outstanding, while arrearages of end-users to participating institutions amounted to 4.5? of total loans outstand-ing. Of the 76 subprojects sampled, 20 end-users were affected by arrearstotalling P 2.8 million or 17.2Z of total loans affected by arrears.

4.14 Institutional Sponsorship. Releases under Loan 1727-PH were coursedthrough the following financial institutions:

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Table 4.4: IGLF ACCREDITED FINANCIAL INSTITUTIONS

No. of PFIs Projects Amount 2 to total

Commercial banks 10 45 1 5e,01O 22.9Nonbank financial inter-mediaries 7 202 181,856 71.8

Private development banks 2 8 3,950 1.6Savings and mortgage banks 2 9 9,379 3.7

Total 21 264 1 253.195 100.0

Nonbank financial intermediaries led the other financial institutions in IGLFfinancing both by value and iiumber of projects, accounting for P 181.9 millionor 71.8Z of total credits. The remaining 1 71.3 million or 28.2? weresponsored, in descending order, by commercial banks, savings and mortgagebanks and private development banks.

Reporting

4.35 IGLF kept the Bank informed of major developments of its organizationand maaagement, operational and financial targets and achievements adequatelyand in a timely manner.

Procurement

4.16 Of the 76 projects surveyed, 57 projects utilized the loan proceedsfor the acquisition of machinery and equipment. The suppliers were chosen onthe basis of several factors: suitability of equipment, availability of spareparts, efficiency of service, reliability of supplies, compatibility withpresent equipment, and price. Goo-ds for 34 subprojects were procured locallywhile 23 subprojects directly imported items under proprietary contracts.

V. OPERATING PERFORMANCE

Overall Operations

5.1 The objectives cf the project were largelv fulfilled. Loan 1727-PHwas disbursed quickly, with the IGLF component of the loan ($24.5 million ofthe total $25.0 million) being fully utilized within two years of loan effec-tiveness. The loan was used to finance 264 IGLF-funded projects with anaverage subloan size of 1 1.0 million. The fast rate of disbursement was dueto the relatively long maturities offered by IGLF, the active participation ofan increased number of accredited financing institutions, the inclusion ofmedium scale industry under the IGLF eligibility criteria, the attractiveinterest rates charged by IGLF and the increase in spreads allowed to the PFIs(increased from 7? to 8? for small industry loans and from 5? to 6? for medium

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industry loans). Disbursements under the MASICAP component ($0.5 million)were slower than anticipated because of (i) the merger of the SBA- and MASICAPprograms; (ii) a Government-imposed freeze on hiring by Ministries;(iii) bureaucratic disbursement orocedures between Ministries; and(iv) Government-issued procurement guidelines which restricted the purchase ofvehicles and computers. Effective July 8, 1983, $84,465.33 originallyallocated to the MASICAP technical assistance program was cancelled. Underthe MASICAP component, resources were provided to hire permanent staff andupgrade the facilities of thb regional SBAC/MASICAP offices.

IGLF Operations

5.2 The loan enabled the IGLF program, which already was operating well,to expand and improve its successful performance. During the implementationperiod of Loan 1727-PH, the IGLF expanded to finance medium scale firms.Loan 1727-PH clearly fulfilled its primary objective of channeling long-termfunds to the SMI sector and the IGLF provided a major portion of total long-term credit borrowed by the Philippines' small and medium industry sectors.Loans approved increased by almost 50Z a year, from P 47 million in 1978 toP 485 million in 1984, with projects financed by those loans generating 10,497new jobs. By 1984, IGLF had become such an important source of term financefor SMI firms in the Philippines that it represented 6Z of all long-term loansoutstanding in the country. When compared to the SMI share (21Z) of valueadded in manufacturing, it is evident that IGLF represented a substantialportion of long-term credit extended to SMI in the industrial sector.

5.3 The project realized its goal of expanding and upgrading the networkof financial institutions through which IGLF credit was provided, and specifi-cally of helping the institutions develop expertise in project evaluation andpreparation. By December 31, 1981, 32 financial institutions were accreditedunder IGLF, of which 14 were commercial banks, 12 were nonbank financialintermediaries (NBFIs), 2 were savings/mortgage banks and 4 were privatedevelopment banks (PDBs). At the time of the 1978 appraisal of the project,there had been 20 accredited institutions, of which 10 were commercial bankr.9 were nonbark financial intermediaries and 1 was a savings/mortgage bank.Accordingly, the program increased in size 60? during the disbursement periodin terms of the number of participating financial institutions accredited.Furthermore, training programs organized by IGLF for PFI staff helped toupgrade appraisal and supervision activities of the institutions. Althoughthe percentage of total funds allocated to areas outside Metro-Manila did notequal the minimum 60Z projected at the time of appraisal, the 39Z of all fundswhich did go to firms outside the ce?ital compared well with the share of SMIvalue-added contributed by firms outside Metro-Manila (42Z).

5.4 That the goal not only of expanding but also of improving the IGLFProgram was realized during the project implementation period can be seen inthe collection performance between participating financing institutions andend-users, which improved steadily and substantially during the implementa-tion period of the loan (see Annex 16). In 1978, collections amounted to onlyabout 17Z of principal and interest falling due and past due, improving to 372in 1980, to 50Z in 1981 and 1982, and to 54Z in 1984. The proportion of PFIportfolio affected by arrears from end-users decreased substantially from 422

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by amcint and 512 by number in 1978 to 121 by amount and 221 by number in1984. At year end 1984, arrears amounted to only 4.5! of all IGLF loans out-standing, and were even lower (3.5) for institutions participating in theprogram under the accreditation scheme. A comparative statement of arrearsposition and an analysis of loans in arrears between participating institu-tions and end-users of IGLF from 1978 to 1984 are shown in Annex 18. In addi-tion, collection performance between participating institutions ar.d IGLFimproved substantially. Loan arrears to IGLF in 1978 represented 16! of theloan portfolio while in 1984, arrears accounted for only 2.1! of the 1984 loanportfolio. Several changes in IGLF policies brought about these improvements.First, a major change had occurred in 1976 when, under the first Bank loan forIGLF, the accreditation scheme was introduced. Previously, all subprojectshad been apprais i and supervised by IGLF, which had neither the experiencenor the branch network reqaired for proper review and control. Under theaccreditation scheme, IGLF adopted a rigorous appraisal system to approvespecific financial institutions for participation in the program; the PFIswere then given re3ponsibility for project approval and supervision. Inaddition, the arrears ratio improved under the loan because average subloansize increased substantially with the new eligibility of medium-scaleinCustry, and the larger industries showed a better repayment rate.

5.5 Information collected on a sample of IGLF projects financed under-Loan 1727-PH shows significant contributions made to sales, profits, exports,import substitution and employment. This is consistent with the positiveeconomic impact of IGLF throughout its history. The total number of incremen-tal jobs generated by IGLF projects financed under Loan 1727-PH is estimatedat about 10,497. The IGLF projects funded under the Loan were expected at thetime of appraisal to generate P 5,675 million in sales, of which about 11Zwould come from exports. Although actual figures obtained for a sample ofprojects financed under Loan 1727-PH indicate that these estimates were opti-mistic, the net impact was still quite Gubstantial. In addition, the facthat the overwhelming majority of firms financed by the loan were profita. eand operational as of end-1984 shows the success of the program. A sample ofsubprojects reviewed revealed that only about 10! of operations funded we-eincurring losses at the time of evaluation in 1982.

5.6 Regional Development Under Loan 1727-PH. The one explicit projectobjective that was not fulfilled under the loan was channeling of a majorityof project funds outside Metro-Manila. The proportion of project funds lentto the regions was significantly lower than expected (39Z vs 60Z), with Metro-Manila absorbing a greater than anticipated share of the total IGLF credit.The failure to achieve the required regions-to-capital ratio is attributablein part to lack of interest of the participating financing institutions, whichconsidered solicitation, approval and supervision of projects in remote areasas impractical owing to the high cost of maintaining these accounts. But moreimportantly, it was a result of the fact that most firms prefer to be locatednear Manila, since it is the country's maior port and largest consumer market,with easy access to communication and transportation. Indeed, the proportionof subloans that went to the regions was similar to the share in 1983 of valueadded in the SMI industrial sector originating in the regions (42z).Additionally, it may be that the failure of IGLF to support more projects inrural areas relates to IGLF's focus away from cottage industry. Theexperience of Loan 1727-PH suggests that rather than compelling the banks or

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providing subsidies or even undertaking direct IGLF lending to stimulatelending in the regions, the issue of regional dispersion probably should beaddressed through specially-designed micro-enterprise projects since a majorpart of the problem is the IGLF's inability to reach cottage firms, the vastmajority of which are located in the regions.

5.7 The experience of Loan 1727-PH suggests that several lessons may belearned from the implementation of the project, particularly with regard toibsues of (i) interest rates and foreign exchange risk; (ii) proper diversifi-cation of the apex lending institutions portfolio to the financial institu-tions; and (iii) the appropriate vehicles for lending to cottage industries.Aspects of the project relating to these three element, are discussed inparas. 5.8 to 5.13 below.

5.8 Interest Rates and Foreign-Exchange Risk. The loan shows thedifficulties of lending through financial institutions in an economy with aregulated interest rate structure such as that of the Philippines at the timeof the loan. The overall interest rate structure was set artificially low andeven within that long-term rates were set particularly low. In order toensure disbursement, the IGLF rates were set consistent with this structure.However, this meant that (i) the rate to the final beneficiary wassignificantly less than market conditions would have determined (on-lendingrates were about 152 while inflation was in the range of 13-18z); and (ii) inorder to give the PFIs adequate spreads to engage in long-term lending, theywere advanced the IGLF money at a rate much less than they could borrowdomestically (IGLF lent to the PFIs at 8.6? while 90 day deposit rates were11.0?).

5.9 Since the regulated rate structure generally failed to reflect theeconomy's perception of foreign exchange risk and domestic inflation, thelong-term rates charged by IGLF to the PFIs notably incorporated little or nopremium to cover foreign Pxchange risk. The 8.6? average rate charged forIGLF funds at the outset of SMI II was 0.7? higher than the 7.9Z interest ratecharged by the Bank on Loan 1727-PH. While this spread enabled the Bank-financed projects to cover a portion of IGLF's total administrative costs(which amounted to 0.9Z of average total assets), it was not enough to allowit to compensate the Government for taking the foreign exchange risk on theWorld Bank loan. Since the peso was devalued substantially against thecurrencies in which the loan was disbursed, the Government incurredsignificant foreign exchange losses on the Bank loan. The average rate ofexchant for disbursement against the dollar was P 7.73, while the mid-1988rate is about P 21.

5.10 By 1982, when interest rates in the Philippines had begun to be dere-gilated and ceilings on savings deposit rates had been removed, the IGLFprices were re-examined and adjusted upwards so that the PFIs paid 11? forsmall industry loans and 16? for medium industry. These increased interestcosts were closer to the still-administered cost of time deposits. Howeverthe $24.5 million portion of Loan 1727-PH allocated to IGLF had been fullydisbursed by that time.

5.11 The experience of Loan 1727-PH suggests that in such environments,apex lending should be linked to financial sector reform in which interest

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rates are liberalized. Once rates are market-determined, interest rates fromapex institutions to PFIs and to end-users can include a premium for foreignexchange risk. A oroposed fourth SMI World Bank loan which would providefurther funding to IGLF will be made in the context of financial sectorreforms and will include a provision that subloans be priced at market ratesand hence provide reasonable cover to the Government for the foreign exchangeand interest rate risks.

5.12 Diversification of IGLF Portfolio. Of the 32 accredited institutionsas of December 31, 1981, 11 were particular.y active and accounted for 942 (byamount) of IGLF loans outstanding. Two institutions accounted for 54Z of theportfolio as of year end 1981. Over 30Z of the portfolio was held by a singleinstitution, Manphil Investment Corporation, which later went bankrupt.Another 231 was held by the Private Development Corporation of thePhilippines, which also experienced financial problems in the mid-1980's. Thefailure during the loan implementation period to highlight the excessive domi-nance of these two firms put IGLF in a potentially dangerous situation.Fortunately, Manphil's IGLF portfolio was reduced substantially before thedefault, but IGLF was left with sizeable arrears from that institution. Sincethe Manphil default, IGLF has imposed a limit on loans to any single institu-tion at 100Z of that institution's total capital, net of reserves. Such arestriction provides reasonable protectionL to IGLF in the case of default byindividual PFIs.

5.13 Experience with Cottage Industry. IGLF's experience during theimplementation of Loan 1727-PH suggests that the p;ogram is not an effectivevehicle for extending credit to cottage or micro-enterprises. No cottageindustry projects were financed under the lrn. For those subloans to cottageindustry which were in repayment during 1980 and 1981, 88Z were affected byarrears of more than three months (compared to 14Z for small and medium indus-try loans during the same two-year period). The high costs of administeringcottage industry loans makes them inappropriate for such a program. Sincelending to cottage industries is incompatible with conventional bankingoperating practices, they cannot be administered by a majority of financialinstitutions in a cost-effective manner. The project illustrates that theapex arrangements which are appropriate for lending to small and medium firmsmay be inappropriate for effectively reaching cottage firms.

VI. FINANCIAL PERFORMANCE OF IGLF

6.1 Financial Position. IGLF's projected and actual balance sheets for1978 through 1984, presented in Annex 15, reflect the high growth in IGLF'sloan portfolio under Loan 1727-PH. Total assets grew at an average rate of37Z annually (see Annex 13), which growth was almost entirely financed bydrawdowns on the two IBRD loans and Government counterpart funds. As ofDecember 31, 1984, total assets stood at P 1,088 million. The loan portfoliohad grown by about eight times over the period 1978 to 1984 and, as of the endof 1984, amounted to P 1,037 million.

6.2 Capital Structure and Liquidity. IGLF's net worth increased by morethan three times between 1978 and 1984, growing from P 75.4 million in 1978 toP 333.7 million in 1984. The increase was due to the accumulation of

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counterpart funds from the Philippine Government plus retained earnings duringthe seven year period. IGLF's total debt Lo c-;1 ity ratio fluctuated from1.2:1 to 2.5:1 over the period. IGLF's liquidity position was erratic, movingfrom a high of 12.3 in 1978 to a low of 0.3 in 1982 and 1984. The tightliquidity position was largely due to additional funding requirements for termloans and to the increase in principal and interest payments on IGLF's long-term loans.

6.3 Profitability. IGLF's income statements for the period 1978-84 (seeAnnexes 14 and 15-A) show that IGLF's total operating income increased at anaverage of 442 per annum over the seven years under review and stood at P 89.5million in 1984. The sources of income were interest on loans, interest ontemporary investments and guarantee fees. Interest income from term loans asa proportion of total income increased from an average of 73Z for 1978-83 and87Z for 1984. IGLF's return on assets fluctuated during the project yearsfrom 1.82 in 1978 to 3.1Z in 1984. Its return on equity improved from 3.71 in1978 to 8.52 in 1980; it declined in 1981 and 1983 and later improved again to10.4Z in 1984. Financial expenses as a percentage of gross income steadilyincreased from 512 in 1978 to 69Z in 1981 and decreased to 57Z in 1984. Thedecrease was partly due to the marked increase in interest income from termloans with only a slight increase in interest expenses on IBRD loans.

6.4 Because the Government absorbs the full foreign exchange risk on theWorld Bank loans, the financial losses resulting from deterioration of thepeso do not affect IGLF. If IGLF were required to cover its foreign exchangelosses, the financial picture during the 1978 to 1984 period would have beensignificantly less healthy.

6.5 Guarantee Scheme. One of the IGLF features embodieu under Loan1727-PH is the optional guarantee coverage wherein the IGLF shareg in thelosses with a financing institution in case of ultimate failure by theborrower to pay. Two kinds of guarantee coverage were offered. Under thecredit risk guarantee (up to 602 of the loan for small industry and 402 of theloan for medium industry), the 22 guarantee fee is absorbed by the financinginstitution while under the collateral-short guarantee (maximum 25Z of theloan), the 22 guarantee fee is passed on to the borrower. A reserve accountof P 1.0 million was set up in 1975, in accordance with the Master Agreement,to take care of losses on guaranteed loans. As of year-end 1984, the balanceof the Provision for Losses on Guaranteed Loans amounted to P 11.6 million,which was intended to cover the estimated total losses of P 7.4 million, basedon claims submitted by the various sponsoring financing institutions. Basedon guarantee fees collected during the period, the amount of P 4.7 million wasset up for possible losses in 1984. Losses on 18 foreclosed loans totallingP 3.7 million were written-off in 1984.

6.6 Audit. IGLF is audited yearly by the Commission on Audit and theCentral Bank is provided with a copy of the audit report including anycomments and findings of the auditor. The Office of the Auditor issued itsreport for 1984 without qualifications.

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VII. INSTITUTIONAL PERFORMANCE AND DEVELOPMENT

Institutional Aspects

7.1 Manaaement. Policy issues affecting IGLF's operations during theimplementation period of the loan were decided by a Review Committee composedof the deputy ministers from NEDA, DTI, the Department of Finance, a deputygovernor of CB, the director of the UP-ISSI and the director of the Departmentof Loans and Credit at the Central Bank, as ex-officio member, and chaired bythe Minister of the Budget (see Annex 21). The Technical Advisory Groip(TAG), composed of all agencies forming the IGLF Review Committee, exercisedrecommendatory and advisory powers dealing with policy and operationalmatters. The TA' was under the supervision of the Chief Executive Officer forIGLF.

7.2 Organization. IGLF was reorganized during the project period. In1979, there were only two divisions involved in IGLF operations--the Indus-trial Loans Division and the IGLF Accounting, Securities Control and Collec-tion Division--and the total personnel complement of the organization was 48people. With the approval of 18 new positions for IGLF by the Monetary Boardof the Central Bank, the IGLF organizational structure was reorganized. Theorganization was changed to its present :tructure of four divisions (see Annexe) witsi cht Lr,-L,,I-iZg res;-~n.ibilities:

Industrial Proiects Division - responsible for the desk processing/evaluation of applications for IGLF financing under the accredita-tion/sponsorship schemes, the servicing of guarantees, requests fordeferment/restructuring, and portfolio review of accounts in arrears.

IGLF Examination Division - primarily responsible for evaluatingpotential institutions for accreditation and for the annual institu-tional performance review of accredited institutions, as well as end-use verification surveys of projects assisted.

IGLF Accounting, Securities Control and Collection Division - handlesall the accounting, securities control and collection functions ofIkLF

IGLF Special Studies Staff - handles research and technical informa-tion activities, and the reporting requirements to the World Bank,NEDA, CB and the Review Committee.

7.3 Training. Because of the clear importance within both IGLF and thePFIs of analyzing credit risk and assessing projects and institutions, IGLFinitiated a number of programs under Loan 1727-PH to further develop theexperience of its staff and that of the PFIs. In addition, during the projectyears, the staff of IGLF and the PFIs attended relevant local trainingprograms, and 13 IGLF staff were sent abroad to acquire additional knowledgeon small enterprise financing and related fields. They attended such trainingprograms as Small Industry Promotion in Developing Economies, and SmallIndustry Financing Courses in India; Advanced Training on Financial Managementin the Netherlands, and training at the Federal Business Development Bank inVancouver and Montreal, Canada. Programs attended arE listed in Annex 20.

- 18 -

Procedures and Standards

7.4 Proiect ADDraisal. Because of the importance of the projectappraisal to the success of the program, IGLF developed and refined specificstandards and procedures for appraisal under Loan 1727-PH. Under the accredi-tation scheue, project appraisal is the responsibility of the accreditedfinancing institutions, which undertake the necessary detailed research andevaluation of the project, assess the appropriateness of the proposed financ-ing package based on the real needs of the borrower, and determine the overallfeasibility of the project. The appraisal follows preliminary analysis of therelevant industries, as well as of the marketing, technica:, management andfinancial aspects of the projects. Plant visits provide first-hand views ofthe operations. Project feasibility studies or project evaluation reports areprepared for the approval of the PFIs executive committees and are submittedusually with only minor changes to IGLF.

7.5 An analysis of reports prepared under the project suggested somedeficiencies which IGLF has sought to correct through training programsinitiated under both this project and the follow-on SMI III project. A reviewof Loaii 1727-PH financed subprojects showed that evaluation procedures of thePFIs were deficient in their lack of attention to marketing and technicalaspects, and in their over-estimation of financial benefits. For example, amere list of competitors often was the sole marketing document. There was noattempt to identify existing and possible potential customers. No study wasmade to establish existence of sufficient demand in the locality. Regardingtechnical aspects, little consideration was given to the necessity for thebuildings proposed for renovation or expansion, or to the benefits of theexpansion project to the borrower in terms of production and space. The PFIswere generally optimistic in their financial forecasts, and actual subprojectperformance under Loan 1727-PH was lower than estimated (see Annexes 6 and 7).Some accredited institutions tended to rely more on the value of collateralthan on project analysis.

7.6 To strengthen the quality of project evaluation, training programswere implemented during the project time period to assist financial institu-tion staff to screen loan applications and to identify possible strengths andweaknesses of projects and potential problems. The programs helped PFIpersonnel to analyze project technical and marketing data in greater depth,and to adjust financial forecasts from optimistic scenarios, and to undertakesensitivity analysis.

7.7 Proiect Supervision. Most of the accredited financing institutions,although primarily responsible for project supervision, were found under theSMI II Project not to have any established, definitive system of supervisionand account monitoring in their IGLF lending. Post-audit surveys of IGLFprojects were not conducted by the PFIs on a regular basis. The repaymentperformance of IGLF borrowers was used as a gauge as to whether or not therewas a need for visual inspection. Results of plant visits, if any, weresummarized in post-audit inspection reports which contained limited informa-tion on the utilization of the loans and on the operating performance andfinancial status of the borrowers. The value of collateral was not reassessedduring the project period. No records were maintained to systematicallymonitor the status and performance of each IGLF borrower. Credit file folders

- 19 -

maintained by participating financial institutions were poorly kept and datatherein were not updated. The submission of periodic financial statements byeach IGLF subborrower was not strictly imposed but was enforced only duringthe IGLF examiners' end-use verification of selected projects. While thedeficiencies could be partly explained by the limited number of personneldirectly assigned to supervise these projects, IGLF has since the completionof the project stressed the importance of adequate supervision by the PFIs andhas included guidelines for appropriate supervision in its training programs.

7.8 Although at the outset of Loan 1727-.?H there was no regular reviewconducted on the performance of participating financing institutions, ad hocmonitoring of PFIs was performed and the PFI's were required to correct orremedy deficiencies or shortcomings as they emerged. With the establishmentof the IGLF Examination Division under the loan, however, institutionalappraisal of financing institutions began to be conducted regularly. Reportson findings and deficiencies were transmitted to the institutions concernedand were accompanied with recommendations. Financing institutions wererequired to submit reports to IGLF on any action to correct or remedy thesefindings, and on any recommended measures implemented.

VIII. BANK PERFORMANCE

Proiect Justification and Overall Performance

8.1 The project achieved its basic objective which was to expand IGLF'slending to the SMI sector in the Philippines. Long-term resources not other-wise being provided within the banking system were made available for long-term financing needs of both small and medium scale industries. Furthermore,substantial progress was made in improving repayment performance, which hasreached a level to effectively sustain the IGLF program. IGLF played acatalytic role in providing employment opportunities, improving income distri-bution and regional development, and stimulating exports and general economicgrowth. Under the project, IGLF'S network of financial institutions wasexpanded significantly, and expertise in project evaluation and preparationwas gained. Bank involvement helped IGLF to develop its institutional frame-work, organization, and operating policies and procedures.

Supervision

8.2 The Bank's supervision effort on thG project was generally adequate,although more frequent supervision, specifically a mission in 1981, may haverevealed earlier that the IGLF interest rate was out of line with the generaleconomic environment and may have resulted in an earlier change of the IGLFprice charged to PFIs and end-users.

Working Relationship

8.3 The Bank maintained good working relationships with the Governmentand IGLF. IGLF made all relevant information readily available to Bank staffand the response to inquiries was always prompt and adequate.

- 20 -

IX. SUMHARY AND CONCLUSIONS

9.1 The Industrial Guarantee and Loan Fund continued under Loan 1727-PHto act as a key instrument in the Philippine Government's program to promoteand develop small and medium-scale industries on a nationwide scale. Duringthe implementation period of Loan 1727-PH, the IGLF expanded to includefinance for medium scale firms, and the IGLF provided a major portion of totallong-term credit borrowed by the Philippine.' small and medium industrysectors. Loans approved increased by almost 502 a year, from P 47 million in1978 (the date of project appraisal) to P 485 million in 1984, with projectsfinanced by those loans generating about 10,497 new jobs. Total disbursementof the loan proceeds was realized ahead of the projected schedule. Most ofthe 264 subprojects financed under the loan proved to be economically andfinancially viable in addition to being labor-intensive.

9.2 IGLF's network of accredited institutions' branches throughout allregions of the country was expanded significantly during the time period ofthe loan. Although the percentage of total funds allocated to areas outsideMetro-Manila did not equal. the minimum 60? projected at the time of appraisal,the 39? of all funds which did go to firms outside the capital compared wellwith the share of SMI value-added contributed by firms outside Metro-Manila(42Z). As intended, the sectoral distribution of IGLF's loan portfolio wasdominated by loans to the manufacturing sector although some service andtourism oriented industries also were beneficiaries.

9.3 During the implementation period of loan, the IGLF programsubstantially improved its arrears and collection ratios, which by 1984 wereat satifactory levels. The proportion of the PFIs' portfolio to end-usersaffected by arrears was only 12Z by amount and 22? by number in 1984, andarrears themselves amounted to only 4.5? of all IGLF loans outstanding (or of3.5? of IGLF loans made under the accreditation scheme). Loan arrears fromthe PFIs to IGLF amounted to only 2.12 of the IGLF's loan portfolio in 1984.

9.4 IGLF's financial position was acceptable. Return on assets fluctu-ated during the years from 1.82 in 1978 to 3.1X in 1984. Return on equityimproved from 3.7Z in 1978 to 8.5? in 1980; it declined in 1981 and 1983 andlater improved again to 10.4? in 1984. Financial expenses as a percentage ofgross income steadily increased from 51? in 1978 to 692 in 1981 and decreasedto 57? in 1984. The decrease was partly due to the marked increase ininterest income from term loans with only a slight increase in interestexpenses on IBRD loans. The continuous growth in total assets during the1978-84 period was financed almost entirely through IBRD loans and Governmentcounterpart funds. Since IGLF relied heavily on foreign borrowings and sincethe Philippine Government took the foreign exchange risk on the loans, theGovernment incurred substantial losses from foreign exchange adjustments. Thepeso-dollar exchange rate (see Annex 22) declined from P 7.4 in 1978 to 1 11.0in June 1983, to P 14.0 in October 1983, to 1 18.4 in December 1984, andP 21.0 in June 1988. The proceeds of Loan 1727-PH were disbursed at theaverage rate of P 7.7 to US$1.00.

9.5 IGLF staff was reorganized and strengthened during the projectperiod. IGLF expanded from two to four divisions, and staff numbers wereincreased accordingly. IGLF offered technical assistance and training to both

- 21 -

financing institutions and end-users, to enhance staff expertise in projectappraisal, project evaluation, and project supervision and monitoring. Publicrelations efforts to help expand the usage of IGLF were implemented and wereinfluential in promoting the program.

9.3 Several lessons which may be learned from the Lank's and IGLP'sexperiences under Loan 1727-PH are outlined below:

(a) In pricing subloans made by apex institutions in interest rateregulated economies, it may be difficult to ensare that end-usfrs payan appropriate foreign exchange risk premium. The experience of Loan1727-PH suggests that in such environments, apex lending should belinked to financial sector reform in which interest rates generallyare deregulated. Once rates are market-determined, then interestrates from apex institutions to PFIs and to end-users can include apremium for foreign exchange risk. A currently proposed Bank loanwhich would provide further funding to IGLF will be made in thecontext of financial sector reforms and will price subloans atmarket-linked rates.

(b) During the implementation period of Loan 1727-PH, IGLF did not limitthe participation of individual financial institutions in order toensure that the IGLF portfolio as a whole was balanced or diversi-fied. The weakened financial situation of some of the PFIs during1980 to 1984 period suggests that this failure to diversify wasunwise. In 1981, after the bankruptcy of one PFI holding a largeportion of the IGLF portfolio, IGLF adopted a policy limiting theparticipation of individual PFIs and specifying that a PFI's port-folio of IGLF rediscounted loans may not exceed that institution'stotal net worth.

(c) The experience of IGLF under Loan 1727-PH suggests that the apexarrangements which are appropriate for lending to small and mediumfirms may be inappropriate for effectively reaching cottage firms.IGLF's record with cottage industry during the project period showedpoor repayment and suggested that making and supervising cottageine'istry loans was overly cumbersome and expensive for IGLF. Theda;a suggest that another vehicle for financing cottage industryshould be created and that IGLF should not be pushed to fil] thefinancing gap to that sector.

PIW= OOWLVFIN iEPORr - LAd 1727-li

STRn7 DO DDlTEF Rom, 1974 - 1984(I pm' am. a

1965 1967 1969 1974 1976 1977 1979 1960 1961 /3 1982 1963 Uft

Saving s? 4Apoits /1Ceircial lIs- 5-3/4 6 6 6 7 7 1 9 NMD eiling NO Ceiling NO Oeiliu MD cilingmnift BCnk 5-3/4 6 6 6-1/2 7-1/2 7-1/2 7-1/2 9-112 MD Ceiling No Oli biftiNng lb ilingRuml 3anks 5-3/4 6-1/2 6 6-1/2 7-1/2 1-1/2 7-1/2 9-1/2 ND Ceiling No Cailing No Ce ling Mb CidlingNon Stut* SIAs 7-1/2 No Ceiling No Cailing No aCilig lb ilin"NOW' wmoxats Thrift Wbi's 5 7 MD Ceiliug MD Callg o Ceidling IID CaiL

SdvJnU Deptbits /2hands with Denaia Deposi-S 9 9 No CilIng No Ceiling NO Celing lOb CelingBadw witkout xADn Deporits 9-1/2 9-1/2 No Ceiling ND Ceiling lb Cailint No Ceiling

Tim Deposits90 days 5-3/4 5-3/4 8-112 9 9 9 11 11 11 it lbN iling180 days 6 6 6-1/2 9 9-1/2 9-1/2 9-1/2 11-1/2 11-1/2 11-1/2 11-1/2 No Ceiling270 days 6-1/4 6-1/4 9-1/2 11-112 11-1/2 11-1/2 111-/2 No aCiling360 days 6-1/2 6-1/2 7 10 10-1/2 10-1/2 10-1/2 12-1/2 12-1/2 12-112 12-1/2 No Oeiling540 days 11-1/2 11-1/2 11-1/2 13-1/2 13-1/2 13-1/2 13-1/2 No CeiLing730 days 11-1/2 12-1/2 12-1/2 12-1/2 14-1/2 14-1/2 14-1/2 14-1/2 No CeilingOve 730 days N o C E I L I N G

Deposit SdsutiLutes 17 17 17 No Geing No Ceiling No Ceiling No GCilingAU Naturities 17 17 17 No CilUi NO Ciin No cilig No Ceiling

Dank LuiJir' katesSuavised (rxdit 10 10 10 12 12 12 Im 90-2Msupm 4ed c'di t 12 12 12 14 14. 14 m 90-2

Nw.-Tdit iiid 9 9 9 12 12 MR 90-2 f4# - 2bwiitiwnl 12 12 12 14 14 mm ligo it o/1 ) > Nov. 10, 1965 to May 28, 1979, banks wre classified into the diftfat oateewies.f7 As of Dec. 1, 1976, banks wae classified'into those buds with mid withit d_Gd%qwits./I )mm July 1, 1981 to present, al ceilings in deposit rates m 2KWd IpOF t tme lygo. ,/ n90 retenI to tht mnila referenoe mate fer 90 dAy datowwid aW wm.mred by % O cw floating ruts PIpi orH

miniS a rate to be cieteumin by tte CB an the basis of the pmiliz. Ut tmti.O

1965 1967 1969 1971 1976 19771 1979 19j0 1981 /3 1962 1983 196%

ILUX Int:rest Rates (CB to Pll)S lU InurBty loan 5 5 5 5 7 7 7 6.7 6.7 11 11

Medium In dustry loa 9 9 36 16 16

ICLF Intemest kites (Pfl to Erd4ker)SAll nu1try Ioan 10 10 10 10 13 13 13 13.2 13.2 18 11 23

Medium In.stry loan 1 is 15 21 21 23

MlI' Interest RatesSaoU In)ixy loan 12 12 12 12 12 12 12 14 1J la 1 Qad

IW.um Inuurt r Ioan 14 1I 1 14 1% 1F 14 14 16 16 21 2L

/3 1s July 1, 1981 to pre wAt, all ceilinp in deposit mtes ns rmd wampt tlve applyin4 far shaat tam liiu.

0ia'4'

- 24 -

AMMx 2

PFOJECT COMPLETION REPORT - LOAN 1±727-PH

Schodule of Estimated and Actual Disbursements Under Loan 17.7-FHFor The VGLF Portion of th Loan

sin thousands)

~O .AL D: S3URSCxEMUsE * t i a t * d Ac t u X

First Quarter S 2,850 P 21,37S U.6 S 1,216 ? 9,165 4.8Second Quarter 2,aso 21,375 23.3 2,130 16,061 13.3Third Quarter 2,aso 21,375 34.9 4,444 33,574 40.3Fourth Quarter 2.Sa 21.37S 46.5 3.833 29.141 4 .3

Sub-Total U.4(M p 95.500 46.5 1.1.62S p 97 941 46.3

First Quarter S 3,277 P 24,581 59.9 S 3,883 P 30,375 62.3Second Quarter 3,277 24,561 73.3 4,I4S 36,33S 81.7Third Quarter 3,277 24,51 '.7 '4,345 34,742 100.0Fourth Quarter 3.269 24.507 100.0

Sub-Total 313.100 P 96.250 100.0 512.67S ?U1.9S2 100.0

T 0 7 A L S24 500 P183O750 1T.0 L2 4 6 0 p .O993 100.O

pwmtsom~ ~~ am

RIIUWI3PADOIrUIAL C.MWIU IMD LIOM UID

PRwJCF OFIGG -9 - LOM 1727-RIList of SltMiec rts on UAd, Amn 1727-lw

s~~~~~~~~~~~~~oo Gr t % ofN

Ji rog of iou Total 1111 SUU1OM

Iisti Sib- LOc. EP TloTaint Total Profut,, pm- (- Total Ap- Pija:t TotTot al et Si2d of n1U c tics Idust tyca £, ra im) Msets htu tiia Cost Pleed t S_l_n S_ _t_ - -

AcxAi-t, Inc. NUIl Printng/publishinu r IV 3,U10 90 65 2,000 2,000 100 1.000 1 301 - -

A.C. Ik:n%,vdL-z (-. wAr Oam. & ch-. pel-ccs E IV 1,097 31 g .,D75 1,300 63 1,300 a 1M0 - -

ALhr SSt1yclZ 1.t tU Io .mtal pno&cts E IV 2.70 127 S1 2,137 1,510 70 1'sm 6 1,500 - -

h Ic1 PI-Ant Moi r(nd a faod pso(kets c IV-A 7S0 2'4 200 200 10 100 a in - -

t- ikv. t, KIM. uri fb.ax I food pmuksts N IX %12 - 25 1,919 00 512 4101 7 500 - -

AJutt Lnt: g.rI, Nfl k-lect. inmy E Vl 536 35 13 192 5s11 76 .0 * a.10 - -

Atei.D Lnt. Cctr. I PIN la-ntaIJic mI pnxk.E IV-A 1,03 37 71 153 in0 SS o0 10 300 - -

Al.ihs i.IamL. (W. ,lj:. Nbil lct. tNadi./dppLian E VIl 3,765 1512 33 1,110 20 11 1,750 S 1,KI _ -

10 2SO

Alainohua Qa.t .U..... NsIh .&taJ piudLcts E AV 2,07 16 70 1,707 1,100 eS I.S00 S 1.S00 _ _

Au tc-d tAam (X4D mnots Hal-. *.et.4l pexkmts E IV 2,597 301 25 5,297 2,0 517 2.100 7 200 3 1S00

hAmhb liuJ'L. mV-. dIUII .. ntetr £ leathe p.1ds. E IV 925 Sl IS no 600 71 3o l loo - -

Amig stwel rFaicatws; NBI1 'L.a1 pec1wts E IV 1,23S IS0 SS 2.670 2,0 71 2.000 10 2,000 - -

Aw Ind.tr.fit:s tSIll Plastuc psodur4s E IV 76 36 12 S00 m00 O 1U 006 o - -

ligele's 61a: 41)p tA ,bot_ar E IV l,S1S 1SO 1S 1,112 1,000 90 l.Op 7 9003 100

1Lit,S Djive: ("Mqi l1u1-UI Touwi!m C IV-A 153 22 - 1.231 60 65 do 12 7 :hAtauLo AIVu6 C-)p NUI1 taxd I tow p mkucz. E Vil 1.931 90 510 I,0511 730 70 710 * 730 - -

Antacio Valv ,its PiMo. dOI'l l I oa>* pmdshs E VI 51so is le U 100 26 100 6 100 - _

vaImmLk PI,-tic huak.,. (1)5 t LxtJzmc mflducts E IV 1,0t7 26 5 1,300 1,300 10 1,3110 7 1.1S0 3 1 151

Aag mtdhfluft 1411fleIfw l jwhtMdPs E IV 1,251 1 16 200 200 100 200 - - 3 200

Asdikil.. IIg. U.M11. "all mdtw IadEts N III 1,207 - 0 3,216 2.500 7 2,100 _0 2,200 3 6

Aitis QAtilil t WD1 111Wr lriauac/pubiahft E VI 1.n1 ss s ISO lao 100 ISO 6 ISO -

.iAa flanituu'- I1lII luniiumc t. fixtures C VI 708 30 17 SOO SaO 100 S0 10 mSe -

AAtI n.' hijdwa L lulihy .il5rl "a-cioc. aicinery E IV 9u9 2S is 60 we IS O 0 00 10 _ _

AU.tJs :...i b Null S1A IWkkWtS £ IV 1,167 U? - 2,300 I,SO 65 1 10 10 _

A. T. IjI#. NlOll l:XtjJ.b E IV 51,60 103 516 2,j00 2,300 100 2,300 7 2" _ _

Av.- IIFI. IiV. (lAll..3141( 1.1.l6 I..L t 1:kC Vil ?,-3J 75 29 I. J54 1,2SO S2 smn C

*,

-- - ll~~~~~~. xua, uai ssII'S *f iouing d 1 lbbl "OI w 9l~~~~~~~~~I 6Insti- Sab lac. TO Tatetu po- (1b- Total - > Amjet aot l jctt SiM of r _CSuk!g0ecl tier ln&sg tr t Rpm) Iof &a tilt ot IItI_ed et sulmS X1 1

b4auo S.mat i lI ToLn 20 1 ,235 - 62 1,00 6W 'A No is m - -LaaiLi Ltas Sqply ml ktl p"xta c XI 2,091 so I 1,9V Soo 26 10 la so -fl.-A B"s. IJ. Vcis 1ginl w.-elec. adeinVy E IV 1,2'. S0 5 39. 0 3W 7 50 - 1&kany lam Me. Lui. JIMl .4pav1 _ -mats c IV 2,552 73 4.7 1,110 1,260 6o 1.200 1 tam25 -

lit us Ahr Pnxbuts MNm i(ypm eamtylmw p E IV-A 1,6I5 5 '3 2,UI3 1,700 57 is so - -@:um Lriterprss WIn .xbmrtallic mizwml pE.-E III 371 10 13 s10 910 0 37m a m -6em1) Nt. 01 .. 1mat & prits E IV 3,226 I1- 26 2,16' 2,1' 165 2,la0 m 7 1,91] 3 e*taom Ditempses CD fare-atallt: inijul pjuuthE IV 1,066 1 1 2.007 1,'m Sl 1.165 1 320 200 hitigCs Textile 1z. WM Ttxtil.s E IV 2,09' a S 6 Sll O 56o 92 ini - - I so15Slm FlawCL (b. Anul am. din. pnt;cr E IV 3,043 26 57 2,500 2,560 100 2. 2,0S0 3 SOWhe Ger Outdor Ac . W5n Spxetuz g E IV 411 1S S 3J0 300 1410 U ll O -_3uan le PLant NlirIlibd Ib fod ptxhts f X 3,23 3 23 we 1 I S Is us - _CA&Z .uii slixp iaDl *a. elect. m.iinny E VI IS7 3] 23 000 lO 100 000 S 32 3 2tOC_o PaSnt Mg. Cat. NWil SnI. LdI. puu MMS E IV 3,971 107 26 3,3%6 2,006 60 1,0m I 123 3Cabm HIS & Sae.gs aB "xxid I tod pet C III Mg9 50 in SO0 gOD 100 Sll I 1OD - -ctimadami (cc Plat PUB bxal food poles N IV-A 370 - 20 755 ?S 57 .S,D 10 '*26 3 25Cgding n5i Slp IUFM Am-elect. Mdiam slop E IV l.SI0 IS 11 Sus 100 540 S we - -.afel Shlal Cmqctz. COB '"hcic tts C E IV 719 55 - m5e S00 sOD SOD - - 3 SOoCAHien Pdt IG (COB riDd I food psiacts c IV 312 1' 16 90so 760 70 700 N 1o0 I l41Guouse I tilcCUBs ( AppamB I piuts E IV 3,015 160 206 2,S20 2,0S0 s , 12 1.S00 3 ; 30C.uyetateri Hii L.. N13 Textii E IV 3,150 103 7 I3,00 1,2S0 3 1,20 0 1.250 - -

CsAaLS Mfg. 1Om:. WJF'1 usther £ leawr pod. C IV 1.32 160 - 100 Soo 100 s1o S Om 3 160W rlod Ptamx Nun r-id f food p nats E IV 203 51 1 s1O 5105 3 S1ID 7 00 -Qu-AibetiOu"s Inc. Iffll Fbd I ftwd pu E VU 1l,16 70 S1 2,411DD 2,0D0 62 .6 51 1,55 3 6S5CAAb StAr TM&n IalM. Nnl frumitumI it fit E VIl 1,'0 250 a 2,10 2,50 110 2,w16 7 2.33 3 1 50OChlcr trIM&Lm. 3I*bn -;bez £ nU r pndemcs E X 217 is 1,06 10 O 6 - 100 1l llO -Qwrith Hug. C.. lWBn Pldstic prodwts c IV 2,126 16 36 2,n9 162 25 1I3 7 n1 -QCkme "Of' ('I. Cobs. N#6l Optia Il puiduts E IV 2,1 6 0 a St 100 U100 1O - - 3 weOja,rdIf M. a-Yaj, Irst'l. 01 lbotiaar E IV 2,1ll 1,20 0 16 1 200 D100 6 7 I - -3llv,-reTiGa..iits CuB Np'l t gi L Bumts L VIl 7S^ 31 Is go0 6O 100 331 2 no 3 1b.i,w T. wr-* I ... 114415 -.VI .I r IV 97? 67 110 2.960 1.JH) ' I.1 7 1.3 _ _ I

~0

I

tul Gao- s oFtlug of toal total 11101 or SUIUIe

Iwati- Sot- Loc. lbtal . -

tu- po- (le- Total S P.ect Total ject Size of nxmd "ac mi

dtioun Indisstry t &ion) Asta Actual ;.1 tial stt IRi-ased Okst Subloan 1i F1- i! - -_

Cd,tIM9.b PrintU% het:> tbil Printing/pulhshisn E Xl 938 31 is 933 7OU 75 700 a 610 3 10

(b.a.ac Lnter)rast, Nbrl Poedr £ pqer products E IV 3,103 92 60 4,303 2,600 S6 2.5UO 9 1,000 3 S01)

C. W. T. hfl*. CM ku-mE tallic mism' prods. £ IV 3,620 64 06 4,415 2,000 4'5 1,000 7 1,668 -

tid-tdu Lle..tmuc Mfg. MD -Ic:c. mmdwiney/appianu E IV 1,S02 133 - 4,002 2,800 62 2,50 7 2,2$0 3 260

At (Qmn t&Iune Wilts NFOl N m-elect. a.ciinery E 1 544 12 113 '00 3D0 75 300 6 300 - -

Luvao Lum. L Kincnrul Uxl.MIII *m-ntallic manwiul psxo. E Xl 379 12 ll As 300 66 ]D0 6 230 3 70

1MM hlnine^ NOWTz%&-m wBCI oLbeILntbrpsuhats a MXI 1,92'4 - 32 1,400 600 43 6lia SO 1 I 2

l" r M. NBl awd t foodp us V .v71 I.6 23 156 100 6S 1005 1.0 3 w

DLl1xcaw rFo-id hokvtl Nbnf rbod I food prodwats E IV-A 935 21 24 S65 0SW 90 SoO 6 SOO - -

Ltwmr llui& lrd! S44,1y LOB tital pnXhCta E IV 2,302 153 17 2,050 2,500 *0 2.,00 12 2,500 - -

C.H. WIud r, lducts aliFL rbodl food p.xv Acts E VI 1,979 52 a 666 250 32 250 250 - -

Did'.l Cer.&uic, MfC tirl hsc. mgft-oaaics E IV 1,022 195 - 1,697 1,000 59 1,000 9 1,000 - -

Oilda tritenui,es lil4 lisc. mtg-dcwtau1 E IV 3,631 170 - 1,060 100 16 O S am - -

D.J.Liuswiria Mtg.Cb ag. Nli A ipaI L SmuxIts E VII 1,1.6 152 1.9 200 200 300 1,000 1 10 ,00m -

DXC at.rjariies Nell isoc. mfg- .1edemm,Imm elets E VII ig 37 20 10 1.SO 100 2257 200 3 2S

DuM Carlos Hilling dbrl !bad I food pdhacts E X 1,401 42 65 2,000 2,000 100 2,000 5 I,S00 3 Soo

Wm SteeI Inkfttrijes Sibrl Netwl pCoducts C IV-A 3,007 125 25 2,500 2,500 100 2,500 10 2.250 3 25u

Dmu ntig. Onl C-km. £ d_,. p.rbdcts E -IV S57 25 1 1,557 1100 26 bo0 1 300 - -

CLgle -loa In1ii. WcV. NHI1 raud I food pdwoU t5 N )a i,i' 1.2 1,614 200 19 S6O a w - -

Ede l9etalcr4t (118 Llect. .Khimiry/appianm E IV 659 3C 12 927 420 415 120 6 350 3 lu

F.Abricatinm tUg. Spec. M1IIi Mtal pjwX&dcts E IV 3,353 as S6 3,510 2,500 70 2,50 a 2,100 - -

rF.ut K4it.I (Lip. tll &tal pmbrdts E IV 2,013 62 3 1,061 nO0 75 So0 - - 3 * Ua

rams 1,ir IUg.Lit. Iltlll Azpmnl I L imts E IV 1,292 U - 0 200 25 2m0 6 200- _

FAV G(.llu A1lui. L 't. S1ll Mtal pjuucts E la 1,M 52 37 13114 600 54 W0 10 %" 3 13h

Fil-,tcofl.L.'I ji,.l.Cual.. (3 u tb:.c. mai-ttyp &bicycles C IV 970 1S 1 2,917 1,200 %1 600 7 Go - _

14AXIBd. Id1j, oil Ixid !. t1x puh5cts E IV 1,36 S _ 2,92 1,15 140 1,155 * 1,156 - -

hI dl 1 u I III0' I. 11111 ostmgr E IV 2,676 16 - 1,26 1, 96 1200 6 I'm6 - -

I.-d lut *. .. I. It t-tIal ,isaJucts C IV 31.05O 41 12 1,200 1,200 100 1,M a I' a 111 k

1lt:tS [**i.tIII ' Iio:- Ilbal 1Ulog/pU I C IV 901 20 6 235 230 is 23D 0 23 - _Z Z' r s1W

sag of aca Total ori SUN"

tu- pro~~~- (No- Total Adi Pnwj.ct Total jwt Sa frm

tidiluict ionIn*____ea___n maste Actuul timnal (nt blind (Ost SsMo

i:' *u1dmn PWrtdRs u.ki. ,.OUB m5Iisc. art. -po1yp.~mwm rbap M VI 1.2003 - 46 2,130 600 30 600 m - -

Gzaw2 Eabtem M1g. *BFl Paprn L pqwer pnAwts E TV 329 25 20 620 SW0 31 AS S Su5 - -(OuWi LLngg. I. Faaun& ISFI f-tal prndts E IV 1,796 32 35 3,625 1,250 3'. 1,M50 S 125 - -(Vbsaaots Phi Is. fell ..aSC. ag.-tavs III 676 33 20 '.20 275 65 Z7$ 7 211- -ijato Mf1g. (Drp. iblF Me.tal pu5wts E IV 1,517 '.0 35 300 go 100 300 3 406 3 %.0Hamv k%AzI".ide Nbr1 Asc. afg4.mIdievfts E VII '.,210 1'.S 25 1,500 1,500 100 150 I 560 3 160

IL*k& Lng%j. E M&ad. :hap WnO Lj*.-elec. mAchimss-y E IV 918 1'. 16 25.0 200 35 20 16 U - -ILwm ?bD1ia', Fhils. ilbEl l-ta1 p.gxhcts £ IV 1,150 '.5 33 2,1010 1,200 31 1,2N0 7 1,313 3 1INakawy Oaaiuy Prop. rnOE rFd L foo pmxhawt N VI 015 so5 1,025 so0 '. we0 la No - -lke'tlo Lithder IntL. a* Lmte'w& 1eaths rgodB. E III 2,601 .7 so 1,005 1,000 100 1.3 7 1,0115 - -AbDly Calte PiliJaut Casiiy hIrl riXXI food jgUhstS E V '.31 1' '. 15 100 11 l - - 3 3*)) Iksmui Ubod.k.Qmp. 1NOE I hiod L food prosduta E IV 3,013 as 63 2,500 2,150 00 2,150 6 2,150 - -liw jAaterwjr±,k.. ... (DO ?tiic.migg-hwadcrafted 1ais £ 'IV 1.020 200 300 3,.??7 2,2W 6'. 2,2.6% 5. 1,950 3 33n1b.mw lateui.rizova. 111Ffl juod 1. food pruubfts E V 1,.493 59 13 1,'.20 600 i2 i05 a '.0 I 20ImioevLal Alma. lisc. .11111 I&fla1 jiuo1ts C VII 1,1'? pi 11 '.0 605 100 lO 6 200 - -I1rlex Spec-i.ity tK'IL.. .1111 Caim. L cd. pea&. £ IV 2,.251 60 U 515 SW0 67 56 6 120 J 361.e;uLar kAtt.2m 111ffl urnitAmm L fixtures £ VII 3,128 33 '.0 1,%O 1,500 100 1.50 10 1,500 - -Inte awstin,wst. bAkmiaagMbil1 '"sic intal1 iznhstrAie £ VII 2,77 17 60 3,510 2,500 71 ?.AO 113 2,5d - -IhathJqddS Hij,. CO. An01 Njsc. alg-P?VC fittinp~ £ IV 3,015 90 190 6,510 2,500 29 1,25.0 7 1,250 - -IsaIa loKt*isi, Wur*.ir #1311 gaxin-eec. mschLtay E X 2,171 i2 23 1,00 1,000 100 1,300 10 1.000 - -ti:.dnd 0isLxuti., lic. Nit] F-ood & food pnx5ats c IV 2,921 33 62 2,500 2,500 100 2,500 5 1I600 3 100

Irifpi1DtzbI L kI-jrt NOEl1 Tourlm. £ xi 1.773 is '.6 500 500 100 S00 S.5 5so - -Jade IFuuicmo jkiqze cubi To-E'im c XII £25 1'. 15 300 20 17 20 10 26 - -J.Limam Llect.IiXc~Ali. 1401 E.Lect. macki.zy/applianm C TV 791 22 A5 300 300 100 150 5. 1SO - -JdvOidIia led ILlast an1 rowd I fowd prowta E VI 2,211 11 2. 300 300 100 US0 7 U - -

cuAutwi. Nuln L.U dim. producta C VII 2.W'. 173 '.6 2,100 1,750 65 1,750 3 1,150 - -JIA lIat'l. I.uuai,t. 0! I jpaml L. gaiwts £ IV 3,.'.7 14. U 2,233 2,233 100 2,000 7 2,0M - -J.L. PLe.tac 1NXudit., Nl!r] I tastic pr.1dwts £ IV Su3 '9 22 1,733 go 'S 30 I m - -J.Ii.c. mei. tuAr. 11111 I in-m.ta11ic Mir.-ni1prxk. C VII 977 75 25 650 500 77 250 7 25 - -- 1J."... I1 0 14. dBUI I xxi oLxi PiPkcts E VI lI6S Its Is $Jo3 ME 9. M0O 0 -- 3 uSA 0

...i-t . e6vl..* vi wn.i~r iar .~*.. IV 1. 71 '.0 30 0Y .v:1 37 :3.) £ U 3 1?.'

0

~~~~ ~~~~~ ~N- SCiw-~ _ ~ F- -u&

ug ~~~~~of wI_ Ibh6u^~~~~~~~~~~~tb LO. R%Lk _ olfe

pm- bs- Tota M- hoet TOW Jot SiS of rA eScf2ojelt tim tXz jt. NM) hE tua tinal a t blame- ct Subl1arum1m TM

J. ht. CxitK e vrJwt:s 5F! N-m-lic mu,.lpm. VI 1,000 .0 15 500 w511 100 50D 6 31 1 WJ. .evAila L Wa. nI OGi. L dim. pethmals c IV 1,313 54 21 699 C00 57 200 5 2 - -IJuaing's FAnutum- MD l1nirim I fixtm E IV 11506 6O IS 1,0.51 500 34 50 7 W6 3 78JisLior 1Dtor Iuciks oBF- iliac. EIg.-ieomw bhoMe £ VI 201 12 3 231 U 35 30 - - i soK.bimtt liam, Ia=. NMF rwmiu. fixtwm E iii 1,20S m - 600 soo 3 we 7 1.13 3 SoL. A. L rumEUU n Cct. 1 r, iwy/rl.imm E IV-A 967 30 2S 630 5b0 79 wei I we - -

Li latuIa Gnmxts J 51 Apprl 1 ps. £ I E n 1.65 275 67 2, J0 -,.SO 100 2,00 le 2 "1 3 XiLagwu tg. (br- NSF! Tmctes E 1II 14,403 130 16 3,100 2,001 61 2,030 5 2.010 - -LI _sAw G.awsmts ?W Ap1a Is L uints £ TV-A 672 '.5 53 s65 so 36 we le 1'e0 3 5I

LAWtiJea Ga%ts n Vpan-lI pitts E IV '71 30 10 20 203 3M 2W S 3 3 3UlLUcWA Ni. fibers PMl (e2tiles 1 IV-A 'S9 - 22 '603 200 S0 is0- -Lira L"j'1. (b^v. SFi rle4 pstdwots £ IV 3,30S Go 37 I,2 1,21 100 700 * no -LiU& Kimio MaIwuaule Co. IIFI letal 1 auLztos E vnI 3,763 91 7n 3,613 2,%D 66 2,10 1,003 _

I4L1nX.1Ltn. NMln. isc. ofg.-chdral 3al 2SS -_ 2 1,1'1 WI #A 5006 5so - -

lacky xitmrytbiLs (nWS Appmz & pL9ms C IV 1,171 67 '2 3,170 2,0 63 2,000 7 1,11 3 1hzd Hfg. bakttrse.; WSr ibod 1 f pnad E VX 1 SIO 3,100 W Go 3,0 U 22 '00 1 -

n liaa Msg. "^ , (b ftpawl L Iu p mc C IV P 1 2' 31 1,673 o U 7 1O - _thLW Il1,110 duloUL. IW1 lnoitallic 1isue pWet. C VI 253 25 _ 200 100 So 10 I ISO - _NotalwgJd bub. c&ap. mlen Mttal. pM=" c IV 3,965 122 5S 2,000 2,00 100 2,00 - - 3 2,0UJn11tallo.a h.1i CLQr. NSF! ilect. midiimi/a4plIim N IV 1,2I' - 93 t',01 we 20 MDI 1 ON I '65)l0etgo Sot.an#hm Hfg&irp. NS! lbod L fad tmAsms C IV 3,015 120 'S3 1,200 1,200 103 I,20D 7 I, - -hetalm Iaditwres NFll Metal pm&acts E IV n32 26 IS 500 SOD 100 SO 11f1 1 50" - -W. Ktwkriu (bep. cmi metw Wo&Cts C IV 3,720 6 ISI 2,510 2,560 100 2,501 10 2,.0 3 SuHiyu,*.i JnhAtriei bnB .. c.mfg-omwmamw,bm.E VII UD 20 10 276 22 62 225 * 116 3 SulK inteeus NSf! dc-aeteIic imI po. E IV 175 %7 2S 1,616 S 0 S0 0 7 I _ _

P0dngs Lui,Ats . In..*. .An. bAAer I nr_w suoAf C 1" 116 33 65 2,500 WI 20 WI S - -Ifti Pmus Weifpl bminittnpublialvia E IV 2,11B I'.? 3S 2,000 2,000 110 2.m 12 1,1 3 20%mitia.4e Luttear MI g. NtM .mel L paiwts C IV 2,591 13 30 1,WI 1,000 67 1,200 5 l_ -_

lanjY littitC, iwc. Ntll *1tl praukta £ IV 270 10 16 %0 400 lo 3 - I N0Ui; IIW')'. * stk3dIi&lt$L.-j-"ll io-, let . ach. labA C IV "S n . 20 345 20 n2 PA 7 rA -Ilj*-,ng* li.rw- ilill hI*ti.iiIit'/f.AsbU'g CE IV 3,.26 92 20 3,0325 2,51tO 73 2,0 10 2,I ' f ii @;. l.gj.|. .ti 1 battls 4an-tleLtee..../4X 1.-. L 'I1 951 31 _ 20 ll 2050 12 CS0 7@ Slll 3 S0 tU

... ~~~~~~~~ . .I.U gar I ... ~~~~. .1.6. tIll ii~~~~~ti I~~. C ~~~ 51t 8? to3~ 65 57 fi10 10 so0 J3 W

Of OIbta r l1swt~~~~~~- ~~Sob- To. ital fto-

tu pso- (- lota ftmm Pmj).ct iTal jat San of rm vf~!~-jEEL tian In6mi__OM) Aints ktal dm1a ant ibimod amt Sin*m W, o

Nmur RWIMS . Sorvims Ebrp. MM lkNwi-mlact. ~dm sywr E IV 2,030 3' 6an m 91 "a6 66 Nam Asia bkt..rpnise ll Klisc. nf&-kwmdcmuftm E V 3,232 l,'69 '165 1,136 666 53 36 3Naw Asi IbavKty Nonl ,btal pudacta E IV 2,278 11.5 55 2,506 2,50 no0 2,i66 2,50 -dew. fmxea1th Ebundry eMM ':v-um-.bt. madiiniV E VI 1,25 W0 22 56 566 300 s0o is w66 Ma. Lie kmu Plant PCII rod & food puoi5fts £ V 1,1#21 i6 27 625 50 61 10 3i6 so -Na. (riaita PLastic PwadWl Plastic poduou K ViI 2,093 35 III $50 556 3in S50 a SW - -

wa.ua Ibod .'Budk. wDB rcd £ food go&wts £ IV 1,1.12 1us 2,366 2,06 106 2,360 7 735 3 1,2njuN.Grd (umicas Mfg. NM I' im-mt.iJic rnimal pro&. £ IV 662 2S 16 06 in I66 366 - - xiis

NJiami Siime. ntbtal NBC! e1taA pfaU&NO £ IV 976 106 5 I,6M A 6a of 30 VA - -INmiai Hfg. 0b. IWI ftMa 6 nibr puhwts £ IV 1,5U3 '6 2 1,133 VA is meg 3 - - LNoema Mg. NMSFI baumw E IV 6111 36 22 1,050# 306 26 20 7 260 3 '.0 0OLdVa's Unepm'ses NFOI Paibc uu.hm:ts c IV 323 17 2 623 we 6£1 *5 1. 250 - -Onex Inds. Piulsi. NSF! Plastic mi,&wts C IV 967 20 36 300 MO 10 3o s0 mO - -Owerland Pru)tu'.g Invcs SElF Nintinmjpublishilg E TV 9. 56 9 30 30 313 36 - 3 300

Ow~Ste -A rp. lUll A4Aa1 p.u1mts c IV 11,763 '65 25 2,733 NO 26 360 6 '650 3 2WdP4A.deKnitting LGurwant W6 Aupin I &pvits E IV 629 167 '66 6,333 2,506 39 2,500 7 2,500 - -Papunj.wn Age5g*tt- 01 I s- rn- t&Wilicneisa prods. E IV-A 3,066 1'0 71 1.566 00 53 l S Non - -Pacific Franu tSfl -bod I kxad prodchts E I 3,6 560so 1,150 A 73 300 5 kwS 3 2U.PvayN Bajoo Factoiry NSF! food I food puuiwta E VI 1,307 SS 10 652 M0G 77 SW0 10 '60 3 5.41PdMmif* CdO..png lquiPt. tONrI flSC. aWg-sgomtizr SOO& C IV '671 29 7 300 300 100 200 - - 3 301Paaiaq Wuod Imilmtries a)b .ood I oark prouhMt £ IV-A 1,669 56 '66 2,506 2,500 100 NoS 10 60 - -P. C.Javie~r LSoos 01 me-ta products E IV 2,220 101. - 1,697 1,500 79 1,50 a 1,500- -Pearl IsLrnKL- CAm'l. (brp.NbnF Pr'intinapubtishing E IV 3,351 67 G0 2,600 2,100 61 1,050 l0 1,050 - -1Pow Plastucs Mlfg. aDO PL&.tic proucEts £ IV 2,016 13U - '6,61.' 2,000 '69 2,000 7 I'mW 3 201uPemams, IkUa.w Blxd.s NulI L....-wtaUic ninema prod. C VI 767 35 - 200 100 so l00 - - 3 113P. C. TCmh- L Clu. Null Ele~ct. mmchinw/appLim'm C IV 2,3r. 116 - S00 500 100 So0 - - 3 5soIh%ao1Fhi 1!.. MD0 0i Ldchm. pso&Etc C IV 3,375 6 69 3,97$ 1.000 25 1,0100 7 1L006 - -.E2 9ujJm 11g. U:jP. Null Aji.C. matg.-sDKlSIeci £ III 1,.105 73 '65 1,50 600 53 61 7 60 - -HlUI. Ailaa l.i At"i1 -z NB1131 ktdl~ prodcthfs E IV 2,51.6 91 - 2,156 1,000 '66 SW0 l0 50 - -Flhu). N.JiaS& I'..Ak- NtOll 1ou L toad pxudwts E VI 1,300 33 33 7110 600 6I 1.230 is 1.20 - -Ilijil I.u'a. 14XAKA'I.. N11f11 Fand 1 fou.. prodwts C VIl 206 70 6 692 350 51 175 1 7 - -litil. Is'iJ.11'.5 sum, ..4% illilI 'i'll" Us,./jwAAU1~Ung E IV 1,936 '65 S 300 300 100 336 - - 3 Apoiflul I. kda.u,t Vtt4mIL,M t. sb ij,~. IsaJC-~.urV1C41 alcwes N )a1 '5.-01~f W i -

_ _ _ _ _ ~~ ~S ' l- urns- ' - liil||

ins atof l Total £N.mW o 0 Miuti- St- LOC. 1t lbta, 1to-tu pro- lb- Ibtol A ftoject Tal )et Size of r

sui4aJeac t ti Inbdutry jet M ) 1ssts tl timal olst 1aume ot S - m Q 1nt

pllt. Wurlidod: KfgPlasti NBFn Plastc I Into E IV 3,670 102 36 1,100 1,700 100 1,700 9 1,00 - -

llilips rcd Cup. tBll bd L food pro&.mts E IV 3,617 136 56 2,325 2,000 86 2,001 - - I 2,i1PIC.0o Sh.e Shop e ram,a E TV 695 J3 30 350 310 0 310 0 26 3 51PFu2 1.jd Pndwtsi Ne1l .wod L toad pmicts £ X 26 11 529 500 95 250 * ISO 3 10,5p.".C. wwtvafut Pak metal prkmlts E VI 637 26 s w 5SW 100 SW 6 30 3 lkPI.:r Iid'1.LVfg. WM. 11 Mbetal pguuuts E IV-A 2,10W so 95 3.8U 2,20W 5 2,a0o 7 1,00) 3 01t.ar Synthetic kbs±r N911 .him L nmbbw pj t E VW-A 1,907 106 _ 1,56O 1,200 76 120 la 1,20 - -Prins lnd'. Orp. Nell *Asic mtal izdustrim E IV 3,67 Us 52 2,000 16 Os 1,100 6 1,0 - -Prinb.±l, l.c. tell ArincWpablishiag E IV 3,U i 100 in 18,675 2.50 56 2,500 le 2,51J0 - -

Piopn lIduiries on %*WWI u , _ts E VIl 2,12; 25 33 Go 0 67 %00 0 A00 - -Q.C. Styropad% amp. COO lisc. .fg-styvralmtwiasE 111 2,173 56. 165 2,500 2,500 100 2,500 6 2,030 3 SW Q Awuuan A e SIlA mll 'oo;utar E IV U6 72 10 900 9 100 SW 7 700 3 20.jQL&mn Frcood odlgA. cm iXi 1 fA P ucts C' IV 1,U US 30 1,600 1,10 100 1,;IU 7 1,600 -Plpid nduatrese Ntel M.atl wxtcts E IV 3,21 159 30 3,500 1,500 100 750 - - 3 iSAPayat Ljqxmt nLkxtvies (DB 1jaet & gwauto E III 716 s0 365 S1O 500 100 SOO a 325 3 175

Rv,, woj1ntt amp. Nir. W E I ork prodwts E IV-A 2-901 110 2 1,000 1,0m0 100 1,000 7 700 3 3usDWwd Stee l **gcstews WWFI ttal prodcts E IV 5 92 0 120 tg 50 50o SO 6 m0 -Lao's FlanishingI aIS %nLitU fit m £ IV 207 26 is 331 300 90 ISO a we0 3 50ApmbLic Ajr'l. Prodievt US Frod & food pu&wt E IV 2.06 37 60 jbhiaU.t.I900-52 1,00 le 1,10 3 24,3.

Ridpo Papw aaqi. NUFl Paper L ppwpr poxduh E IV 3,317 tS 0S 3,000 2,5D0 33 2,000 10 2,000 -lizal htdal l'nEbAXts eln Smic mtil idustriAm E IV-A 3,3S i 66 ,110 1,10 100 'ISO 6 60o 3 19 "fDIty ftuIyc Entepris*es OM Iiparel L Uinu E IV-A 1,6? 200 100 3,263' I,O '3 1,60 6 I,1W 3 30J -fbtoum l'ruitu.g lItg. tell tiantia hia z C IV 1,201 0 10 1,m0 1,000 53 1,300 7 1,0=0 - -So" Af-Ld'L. &Lv.

(bu. 0(i road f food pW acts E VI 3,937 .s 16 2,5D0 2,S00 100 2,500 12 2,10W 3 WSlmad uje 1Lxudl NOU7 7b. f dc-. pEk-s E IV 1,1x '6 32 759 Soo 6 ;00 7 SUO -

Sdnt &qp % te 1-1. tBrl i&a-etallic ma lmi pdos. r III 96 36 - 30 300 100 300 - - 3 Ws&Avr ri. V,. CAoP. aS rood L food prl _WU E If-A 1,66 so 9 710 70 100 100 - - 3 7&sWr l1suAj.li. (Ia flmutum I fixtui c IV 1, 300 100 2,102 1,000 '6 3,JO0 £ 7.00 3 b32iAtdgIA1i lii, w1Ai1 irxLb.. 4iHn *xxx p cnt puuduts E NV-A 1,26 U 22 655 210 0 2a0 - -

a;1eiss .L.L.ticPbo-.Ol Phistic pmw.ts E IV 2,033 26 30 736 526 71 526 1 2X 3 2U L1... U.,SL.Wt.r l.> lI.umLt ilttn liLJ I lcxap pducts C VI 2,22 1% 17 300 lUU 100 .1 0 - -

AiMS 211. '-1 200 - - 3

~0

51Km- Efm- GK- Tw ug -- sci twe

btau- bA- tho-ta p-(b- (Pa. lTOW herjt TOW jwt Sianof find

' woject _ D&O"y ject sm) M" &tUSl timi out pa.mad -t UsamT h1__ ,.mt

:uln CAcal1 NWO IIiic. afg. -dmvl E IV-A 976 201 - I 800 96 1 1o a m - -Shtallcft Pro&cts. Lnc.ml0l .. mIg.4mdimaftt E IV 3,391 7S 60 1,967 1,00 7S 1.5lO 12 1a, - _Sikg'aa Collctii 1on pa1m 1 I aaaoits £E VI 5 S7 S2 12 292 200 68 1 a -Shoe Vally 1bomv 01 Ibotb.W E 1- 113 S 5 10 100 53 i00 S " 33Ste rauby Shop Ourp. NMF! Ibtal p nhits E VII 907 33 2S 920 700 35O & 360 - -Sip Ibt Parts. Inc. ODD 1tis L nbb_ p noImts E IV 3,7%7 S7 61 1,296 1,100 29 I,S00 6 1,OU 3 S&SLI O*tteu tntlatrim enBr neat. mciiwAryapliaw E IV 2,009 1X6 30 760 560 72 s60 6 5" - _SolAd "i, Inc. a0n hisc. mfg-.-oWp _ E VI 2,715 ?7 63 2,110 2.0 0 1,Q00 10 1,0 -Solid Pats Ocp. N"I Ista pm&w" E IV 1,218 75 S 2,S00 2,500 100 2,SOD l0 2,S0 - -Souice Diater?riss 1"1I Ppq 6 pow prodwats E III 1,23 90 - 6,090 2,100 I 2,510 7 2,500 - -outh Sod Il±xxt IHtel NS! Tbumms c VI 3,201 70 S2 2,230 1,100 S I,100 12 1g1lo - -

Stn Cig4pwzs HmulUthClab I1S V!c. in.-sjxrting E £ IV 1,6 3 22 2,610 1,200 96 1 10 600 - -

Stanley PLasuc P1v.. nS Pastuc pAdwts E VII 1,507 SS 30 1,000 1,000 100 AO 10 SO - _Sat nhry ikue (bop. mn Food f food pislat E I 1,SIS 32 31 1,2S0 600 6 100 10 10 - -Son Dom Ind'l. kxp. NSFI li tl p nacts E IV-A 72 30 30 1,E0 U0 " IU0 - - 3 SSuKSii P1astac lrumt mn! 0 1asUc pduhts . IV 1,50 S2 33 1,00 I,6m0 100 110 10 D0D -Sun Iirdutriil tsP. M! iw.-intzllicaial puv. L IV 7,273 0 Ss a0 *00 100 10 a q* - -Shiawbise BiyDi NW! rio; i food phDact E III 2,379 11 - S00 100 100 SOO - - 3 SSy's Wmb.Printing Pr.s PIB P.intingJpulshiag C VI 1,10, 32 20 1,020 *50 63 IS0 10 6SW -T.B.L. Packaging Ind.. tIsl Plastic pudkwts £ ITV 622 UT 19 1,622 603 9 30 I 50 3 Mh.Tiauan Mfg. OV. NBn t bod I fax6oOxpsu ts EIV 101 32 10 350 1 13 1 b, 91 - -Tobu Nag1ting 00 ad I lood pin.acts IV 2,906 9 150 2,600 2,0D0 110 2,000 7 1,00 3 G01Thrt ftw'o.ltile (CM hc-elwt. mdu./applim C N 3,197 S a 2,000 2,000 100 2,000 7 1,716 3 J111laas.m ls1«ad InP. NSF! OGm. L de_L psadts E VII 3,639 103 119 3,560 2,500 U0 2,100 10 2,100 -

Trinitd flniture Ia. NMF! R.itiw 6 fiuss £ IV 1,S6 10 10 1,100 1,000 67 1,000 6 1,' Tqiawul QwCMti 01 Frsn i sffau I ur.tasu IV 1,13 n7 1s 17S S00 7 S00 9 3U 3 20T L IT iLr;rics NHri Plat,c pn acts C VI 2,069 1N 162 3,16S 2,000 63 2,000 10 2,6 -1luk*rmn lceg ILgat NFrl Ibod I food pnsuits c IX 72 23 19 309 200 S7 m * Ml -Luadaaa lIv. (bkp. EFI lbod I fod psIwts c Vn 901 17 3 000 US11 100 6n0 10 -1iL, knIbm Nukkicts 1n lboMI food pm&rts E VI 1.00S %S 30 2,2051 Y',200 1' 1,230 7 m 3 4WW itiAni1u.iaU I.*t. 4111l ibod I (cad pmhwcts C IV 791 26 25 500 U 100 610 10 2? 3- 37-

- *~E i.a,"r ao'^ "~ ^ ' ,X -^ ^._

0

'C

Sl~~~~~~~~~~~m.-Ge- IG lr F9W{CDIGorW~~~~~~~~~~~~W t - h- 76 ofr

ini of ical Total OA1Wl 01 SUWIl.suti Sb- loc. lbtal PMo-tu- pro- (Re- Total lli- Project *Fotal ject Size of rixad Asets C4 ital

.n u j-t tJ(X IrKkustxy ject gion) lssets Actual tional Qst Released Oist Subnm YeW ntx Tef t

11.1. .JobjU1Ji 1J't'V1'1!A:! NUI'1 Ajilpn I 1 garumts E IV-A 1,995 41 13 2,335 1,001)0 45 500 a 400 3 Il1Vc.lux 111t. tllrp. Nuill f'1d:.t3 prodWts E IV 3,837 179 59 3,455 2,5uO 72 2,500 7 2,000 3 SdWVhu,LUaKWe I IhtUllorl NBIl ':t.l pnmlucts E IV 910 34 29 854 700 82 700 8 700 -W_ .VI*sr Ptxlut NUiIl Paper 1 paper lptducts E Vil 2,026 65 24 596 450 76 4S0 8 450 - -

Will,to HIgfi. BIuiI Mt.ll lauxuts E IV 1,577 108 30 2,980 1,7'0 59 1,2S0 5 3503 S0 3 36.

W,ilt(h ILlAtl NiSI-I -"Axd L Ikd prducts L III 1,046 47 20 S600 47 95 47S 7 -75 _

WJAk-rLukl bXA InKL. NHIl lcxxl L low pnrdzts E IV 1,240 116 s8 3,600 2,000 51 2,00a 9 2,000 - _

b&iu1teduails1,Ity *urAi. NBf I kIwd I. Om* products H IV 1,175 - 102 2,641 1,400 53 1,4W 5 l,W0 - -

Y"L 3W wag NHIIl 844u. Lgarlents E III 531 30 7 410 200 42 200 5 2tO - _

Yu llim Li [ , l i'f. fIill 'vitnng/jAbd)sking E VI 769 72 - 230 200 87 200 5 20 - _

T .s1 471,355 233 10,497 420,002 266,103 253,195 216,969 36_226

;. of l,]rects - 264

u17 98J 9 329

%0a

' O

- 34 -

Annex 4Page 1 of 2

v ur" Mu,m NM W

WG'OO)

N4o. of Pt Aj

u' of Pwiuect114 5. 3 10,950 4,4

Wipusim~ 2S0 94.7 242.24S 95.1T; ~~~ ~ ~~~~~264 1o .0 S 3. loo ;. .0

of S or (P)

Up to P100,000 1 0.4 600 0.3100,001 - 500,000 !2 6.3 5,930 2.3s00,001 - 1,000,000 6O 25.6 33,160 13.1

1,000,001 - 2,500,000 103 39.0 106,554 42.l2,500,001 - o,000,000 70 26.5 106.731 42.2

Total 264 00.0 253.95 130.0

I" tMg of Su5 _a(CA- Of W A )

0 - SO pmg 126 4i7.7 71,560 21.251 - 100 pawn 76 29.6 89,48S 35.1

101 - 200 puvu 52 19.7 , 61,750 32.3201 - 300 P;a 1.5 6,800 2.7

- 300 P 4 1.5 3,600 1.4

TotW 264 100.0 253.19S 100.0

Sie of Slmn ()

Up to 50,000 2 0.6 75 0.05S,OC - 100,000 9 3." 900 0.4

100,001 - 500,000 102 38.6 37,861 15.0S00,001 - 600,000 49 13.6 36,064 14.2300,001 - 2,500,000 102 38.6 178.,295 70.4

TotaL 264 hO.0 253,195 00.0

Aver'a size of la" 351Averep size of 1mw below 800,7:0 462

).gie:n of Sublcam

Up to 3 yea 25 3.5 36,4763 S yea 33 :2.5 7,56 7i - 7 ,ars 82 31.1. 74,33S 3.4

7 - yeas 55 2.3 *3,352 2. .Over yean ;; 1Z. 72.23.5 __5

0al 25 ' . 253.'135 '::.

A'erage .urauon of subloas i.3 , ears

-v4f ?roszFixed Aus5t Loan .54 i. 3 '.36,421 53.3F.xed Asset and -Jor.ing

Apital ,an 95 12.2 1.2,294 3J.'-6 Captal :1 25 3.8 ;4,2i80.7

.vtal 2:.7 253.135 19.0

-35 Annex 4Page 2 of 2

'4. of Pzmjct3 IMj/M

- r 6 2.3 14,00 1.6rn0 i s 2. 3was .

1t C&pMA Vailmy - -a

- Cw~UOJ. L~ami 15 5.7 1.4,82S 5.9IV - mm* 1w1a 140 S3.0 153,915 60.6IV-A - SoutuuiTaog 26 9.8 21,000 a.3V _ Si3.o 5 1.9 1,900 0.7

VI - 4"%zi Vitayw 2s 9.5 17,W00 6.9ViI - CaIm Visayu 30 11.3 29,605 1.7

VSII - tUM visaym _ _

IX - wuntL' t 2 0.8 600 0.2X - . n tffdw 5 1.9 4,250 1.7

)a - Sou,AM mrf!nd 9 3.14 5,300 2.1

Al: - Caitr1 Ki.rw 1 0.4 200 0.1

Total 264 100.0 253.195 100.0

sec-rI siUbusti

1b3d 49 18.6 44,300 17.STaftii 7 2.7 6,200 3.2F§OOiu, \pu's1, pWu1 29 11.0 27 210 l1. 7rMgyur?'. a-id fixturm 9 3.14 9,100 3.8priniting d publiahing 13 '4.9 12.280 t4.9

Sklili-wtat 107 101.090 39.9

IntezAdat. Goods IDutus-tim'";nd WA an* 6 2.3 4,5S0 1.8PapApusprodJce S 2.3 8,150 3.2LdSw Ad 1lAr prowu 3 1.1 1,000 0.71br aid ribber pzdiU 6 # 2.3 4,900 1.9Oiecals Ad dw.ca1 c 10 3.6 1,550 14.6

Yi-Mtalic mnral prajc 1s 5.7 9.525 3.8

Sub-wta1 46 17.5 40.475 16.0

Coaital Goo Idndustm

Smicmetals 3 1.1 '.,950 2.0metal vmduc-ts 39 114 a S1,750 20.4

Electical madWiry 8 3.0 7,190 2. 9

on-elactri1 MAhrzy 13 6.9 7.350 3.2

Sub-total 63 '3. 9 :930 23.4

Aiscellancu Indust eas

Tourism S ..3 4,200 1.7

Ismtic ;rodu=s 21 7.3 .3, '6Q 7.3

Owge arnd acytelane gaseS 2 0.8 1,350 3.7

awcoal ~~~~~3 2,10 Z .3

r'un,dL=af.$ 4 ' . 3, 35 1.3

Sor!.ng and athletic goods 3 !.1 1,3O0 0.-

C asc. :U5 Cr=2 3.3 i2l 3.5

:- - .--4 -3 ';.:2 1233,30 1.

~~ ^ . T 64 ;. ;i~~~~3.133 ).

PHIL IPPIESINDUSTRIAL GUARANTEE AND LCAN FUND

PROJECT CWLET IN REPORT

, __L__________ S A L E SWUom am QWPutiROE LI P 0T T 1TALr--

- - - tiiQQ &;NW £at*4 bs Fjtui_t b

54Ature of PMtCVet

*;4L 9,310 *.1 9,092 *.1 115 30 6' 303 S 431 - 15 1 16 36

Lxpimn 101," 91.6 203.L1.1 91., 3,762 2.3 27 3S 127.696 71.916 n )3!L

T o t a I 11.156 )10.01 U2.509 10.0 3,907 2.923 29 is 132.0 87.A9 1#5.0261

ToaAl As u, of S: x1wuGer (P)(K ii~mt of T1 - i~iT

Up to - 10,rIo 2,000 1.6 I,'M 1.5 10 '0 2to 1 1 2 -M 701100,001 - soo,noo 2,070 1.9 2,6 1.9 * 3 140 2S 52 - -^;

500,000 - 1,000,uaO 16,1.91. 1. 17.19) 11.7 1,003 230 11 S 61 12,102 10, I6I,000,001 - 2,5000 39,276 3S.3 3f,3l23 30.5 1,0M 683 is C' 271,3 26 ,2 I 1.

2,500,001 - 5,000,&LJ 3 '6.2 12 .1 0e 46 .3 1.713 AaL LI S6.9"0 . I33,, 3 _s.i

T o t d 1 111.15s 100.0 )2 111.0 3.01 :,ai 26 30 M M !!t.fJ 1.1 35AS

7044l E!41010mt of Subbnu-(At tlz of JGLi Apf-i;t)

- So psc 30,270 27.2 31,037 27.6 1,t75 126 21 73 301 13,211 u1.0m f,61 - 100 peIscuu 36,609. 32.9 37,1S2 33.0 1,093 1a 3) 76 3,"0 U,938 3147,972 0,.S

101 - 00 perswa 37,301 33.6 37,30 33.2 636 930 59 10 32,777 361.29 1%9,520 8 1.,

201 - 300 pexr-*i 3,300 3.0 3,331 3.0 67 17S 6 19 7.330 6,730 7,,3% 1,73

Over Jil pe.so 3,63 3.3 3.636 3.2 GU an 6 . 3.617 4S 39,017

T o t e L 11.,11 100.0 112.109 100.0 3.b W 2. 26 36 -, '7,st 0t7!

01IOw:

IUA.L PFECr CM DIcENAL S A L E S

_~FDa2U NfML EUY,N O= MR job EXPORT T Wr=

l at It rtomte *& es_timEsted h:tX stvted 1Ei Enti_b;S 11E

ki*-ujA;zAl D0i.trtbuiwn C(knt'd.)

X - No,tien Kivd. 2,679 2.F6 2,611 2.3 57 33 47 719 - - 6,85 ,3s1

Xl - Scuthem nin 3m9.6 3,* 3.b 3,867 3.66 65 29 61 133 781 - 1.611 2,2db

XI[ Ctstx itIM -- - - - -

T o t d 1 111,159 100.0 2509 1 9 2 ,923 28 35 132,6 47.m I6.26 33S.07

ULunr.d bC d.but In re

Frxit 16,619 1l.0 16,110 14.9 S66 357 30 7 29,262 13,623 95,722 *2,613

Te.xtllt- 3,660 1.S 3.903 3.5 96 9S 40 l1 - - 7,163 7,3Is1

Fao'twuAr, dp.deI, g*ati i U,533 10.66 U,755 10.S 563 59 164 21 53,325 36,698 60,523 S1,169

lunatlun: dd fixtures 2,6066 2.5 2,166 2.5 73 146 36 19 S,3l1 S,162 5,751 7,29-1

Priitingo " iA liid s200 3.6 6,163 3.7 73 21 S 9 199 - -16 6.*. 1

sui.- totdl 39,096 35.2 396472 3561 1 636 1.180 26 30 679f1 __A__ 2__S_ 157.

lt,lteiLdjJw: (ixikL l t

*&oud .mnd wurk 4,950 4.6 66,660 663 as 392 57 12 12,%62 12,079 26,b65 23,9%S

Pup - wid p aer prudurts 4,303 3.9 4,303 3.5 60 - 72 - - - 32.29 16,0

LeaUw,r mad leatbaer pIKacts 1,000 0.9 1,00o 0.9 50 - 20 - - - 7,2S 1,337

IltA.r dad *rb., pIMdu&rts 3,050 2.7 3.569 3.2 63 10 37 359 - - 6,S63 gig

saaC..*" and.J d(.uCa1 pLo.Aucts -6,983 6.3 7,663 6.7 232 22 30 340 - - I7,717 IS,4611

i*'m-tal)ic ,isknrul l:okEts ,608 6.6 7.600 6.7 266 11u 2 64 - - 1%12 16. -

Ab-Itult 27,79 25.00 26,626 25.6 778 562 36 53 12,'66 12,079 107,031 76,36

(4pit a lnlrt

t.i.iL IIsAdLi 3,510 3.2 3,510 3.1 60 - 59 - - - 6,663 7,336

Wtfl 1 .aluctX. 14,074 12.7 14,964 13.3 323 101 464 148 - _ 66,692 33,915

I I l,itjlk II."Urt Ty 4,714 l6.2 6,S0 66.0 33 - 163 - 4,bSS - 166,776 *,t92?

a4.is-~ L1 .L! *-h4 u,ct.i,,asru 2, 6642 2.5 2,692 2.6 75 63 31 35 - _ 6.21S 110223 o

.ih. tI .[ll2S5,140 22.6 2s,e66 23.0 691 1614 S 1 140 4,bSS _ 60.6 60.6166

o w

WGrAL PRJC 0er JIQW DUL S A L t s1ETaJ n15 DLbw CEIFERJOB EXPORT Tx O TJI

AiiLt wm lntit. *Al Estimted hctual Eatis-tMd ha utintt 6td

Iowi.mi 1,100 1.6 1,100 1.6 62 - 29 - I ' M,3 A.Plastic Pfodukxt 3,30 3.1 3.390 3.0 1064 57 3J 103 - _ 1,1 9,4W(vixyjrn .iiu acyttel4se gas" - - - - - -- - --oauwa1 No 0.7 GS 0.7 - _ _ - 2,00 2,.8 2*iS 2.0wttiouncnzfts 5.2.1 '.7 4,625 '.1 521 u9s 10 5 22,152 16.371 23.1M1 11.64JS*orli.ng mi dUblet4ic CLO& - - - - - - - - - - _ _ tacII.vWLm& ftA%dkurw iII 7.897 7.1 7.717 6.9 316 62 25 12. 3,130 1.9P 23,111S 9.

:tj-Lotd1 19,123 17.2 16.366 16.3 1,003 1,017 19 1 27.716 22.,16 63,835 61,3U1

rut 4 1 111,156 100.0 112,509 100.0 3,907 2.923 21 38 132. 691.6 269,26 336,07

I;

RuWIE F W IDISUIM.L sWMi1 AM lMu RuDPMJ O aUwnzEMW - IM 31274

Olamateinstims of FiwAd Ibdu law. 1727-

-~~~~~. _G_o_

w'gi- SZOFturmmmw sm orof Ic. EinUS A'sss WOML Cr2 ar (Lf FIE nNm!I 11_1SS*b- Ionc- Al M lor or g!1NZGIflFO- ticn of IJa At poj- pmi- Ouma- TOW lba 51 uKr

IndLtrY )ect (h- A1hmis- (I4.- al Lo- i:_a b- Foj. Sin of T_}- ai (a

SuL _ _ _ 4 ~ ! i. tiinto at Id 1.o (mt Isubilm CrA vc Suec t :lassi fication a/ altnti 10tS k I zEz

Aleoo nt ru'ses N-elect. wchinery E VI 535 1,073 142 S92 S0 'SO 76 154 a - I-a 1-Q * i

Alph1imnt. Oxmtr.Prm. 'km-ctallic min.pisu. E IV-A 1,60 2,251 SO3 130 ( 13) 300 SS 300 10 - 7-60 aso a

Al... Cznt:ainzs, Inc. Nttal producis c IV 2,07 5,30S 1,701 1,707 - 1.500 1,100 5 - 2-S1 2-U 0

A)a1 tad LAne cmp. rietal pgsubits E IV 2,917 1,593 5,297 5.297 - 2.500 is? 2,100 7 3 's- '-S s

hin e's Shoe Ship toear E IV 1,S15 2,'67 1,000 1,112 112 1.000 90 1,000 7 3 1-Ui -U * 3

hAsl.i elastic PRsi. Plitic prsxbts E IV 1,097 3,066 1,300 1,300 - 1,310 100 1,303 7 3 55-0 111-0U 0

Asia rum. I Woxdcntt Fbmitums & fixtwm E VI 739 1,310 SW0 500 - 500 100 S00 10 - I-di. li-U 0

Awerle Ir.'I.Dev. (DrP. PIastic pdi Cts E VII 2,936 4,030 1,35S 1,3514 - 1,250 92 50 10 - 1-02 -r *6 S

Suio Rihl.lTmdsurn' Hisc.-Siive- Jaelries E 1 1,937 1,=2 S00 S00 - MD0 100 S00 5 3 12-Oul 13-S 0

SqAuio Sufut lnn Tsrisa N I 2,235 3,070 1,900 1,600 - m 00 m 10 - "1 I-$ *1

Cmix ?aou ine o1, .?n-elmct. I.- Ohunezy E VI 67 1,696 600 u - m 3l0 1 00 S 3 6-U1 6-1 0

Ca_r PAUt Kt&. Lnt. C ~xical prcts E IV 3,975 5,933 3,31e 3,306 2,003 " 1,000 * 3 '4-0 94 0

Cm.am Ham I ScausAge .b Pzuak.s E III 701 2,000 500 U1S ;!S s1 100 SOO 7 - 84-D 4 # I

Carding li0une Ship %las-*ect. E.. |iny E IV 1.S10 2,0U S 100 5 00 - So6 00 so - t4 6-k * 2

^mel QCi .dkn's Uedr Gainents E IV-A 3,115 7.027 2,500 2.500 - 2,000 *0 2,010 12 3 S-O1 7-60 * 2

Carptsters, Hiils. ,uextiles E IV 3.150 6,1^3 3.500 3,503 - 1,250 35 1,250 10 - 1-61 we O

D Food aixodLts road prwducts E IV 733 1,619 SO0 S00 - 100 SOO 7 - 1-01 w-e: 0

OQwler Isttries %tiber pmkcts N X 217 7-7 1,110 1,00O 61) NO 166 56 l0 - %s-G o 0; * 9

(bilk Tom Guwants Gu mts E VIl 7516 2.023 N 300 - 3 100 0 la 3 1-6 S-S a

Om. WMi Prcoduts p Ctd pr.owts E£ IV 3.6S2 $1,1 1,350 1,350 - 1,030 71 SOO - 3 11-SI IIJ a

xtsms Printwg Ptess Printing,/puLishuig E Xi 936 1,57! 350 133 *3 7t0 7n 300 I 3 1140L 3- * 2

SiC Enttler is Dig pd!UCts E IV 3.803 3,137 16,313 6.303 - 2,5O so 2.50 1 3 13-Il 12-a 2

C.W. T.n Mg. ..- etallic min. prodr.E IV 3,620 S.11 1,11 6,*16S - 2,00 16 1,603 1 - 116- '141 0

bir Am lxi K4g. Faod probsts E V 16 I'S 15 5 3 lOS 13 13 5 3 54a1 * I

DeLicioat rood Mfg. rbod products E IV-A 135 1.966 13 SSS 17 10O u 6 - 's-Il 1_-U a

Fr_ Shirt Mfg. Lit. Cmwnts E IV 1,292 2.0 no w0 - n0o 25 NO I - 11we 2-e1 *'

FAV C.da aAu. L Steel 1tal pnxbwits E XI 1,90 2,262 1.1 1.11's - 0OO 6S G0 3 5 I 01 6 -1 a

aI-SJ'UJLni'.Lorp. ltsc.-Tys L bicycles * IV 973 2,253 2,897 2,917 20 1,200 161 600 7 - 6_3 3I .6

0"

~- Gin-

009 f link mi mP ow a iw~ -mLowia AR itsmIF orup o IQ Ait p. w- O_S'- TOW Ib-

1lstzv - y,- . 1 0ab- no k- fml. gind ofSubwoi ct Cl1ifiet a _I m ) timo th JAml b/ lun Out SiM SUa IaV C

f T Int'l .I'oxsuw E IV 2,6X 3.6S 1,0 1,2W W 1.210 1,2' 6 - S-U 641 aIWIU Ms. (up. ktal pmatS I IV 1,517 2,216 m m - m 100 m 3 3 T-a +ailNw33b ridM Wi. liac.- hri ifts 3 vi 10,210 1,21* 1,15 1,9%3 - I,SO6 1G0 75 7 3 WU 1041NH1UaIB l rdma Indk. *j'AUUmr pw t. . III 2,101 %,262 16 1,000 - 1,600 100 1,m 7 - 3-U 1U *i "bIya PiLi*t Cm rFod puudts £ V 103 1,1U3 1111 16 - 100 1011 10 - 3 3-U 3U |hqp.ial Alu. Inc. a metal psacts E vII 1,1102 2,075 o00 to - Wo 1o0 200 6 - WUn 3 5In peialty hu. 0 1ca p!" £ IV 2,2S1 2,351 S75 P7S - 506 67 100 6 3 -0 We * I

IrsuLd R.tta .n mitum * fiitwus E Vil 3,121 3,313 1,50 1,10D - 1,50 1.6 1,500 I - G-5 9-1 * IIsainl Kachim Wafts wa-elec. mhinny E X 2,111 2,S72 1,000 1,660 - I,m 1a 1,1M to - u-s 6-a * 7InUa 'ot1.Blooming Smic mtal Aintriw E VWU 2,775 5,639 3,510 3,*10 - 2,100 71 2,100 10 - 1-6 1-00 aJa Int'l. GIumts Lunts c IV 3,317 *,09 2,233 2,233 - 2,233 100 2,000 7 - 8-4U * 1 IJ.H.C. t.&. Cbrp. -Ilf tullic miin prb. E Vm 977 2,221 6S0 6S0 - w00 n 2S0 7 - 3-*1 1WU * 1Jojo's rood PIro&Es -Txd pjmduts c Vll 2,51 7,%07 4.116 1,20 %10 2,i00 2,0 10 3 1-51 1-U * S,J.L Ozicmte Pno&. icui-mtallic minprbs. E VI 1,000 1,130 S00 1S0 S 5W0 n 10 s 3 40 S- a.izmtt nlan, Inc. P itumF. fixtne. E III 1,31& 1,1 100 121 2n be 9f S01 7 3 1-U 2-I 0*

1 Ibituna Gmumtb Gimnts E IV 1,600 %,1672 2J0 2,500 - 2,510 10 2,506 10 3 1-SU 10-w1 5IAw kbGCsrmnts Ga-ts E IVA 672 1,113 so0 566 65 65 10 0 10 3 0 -60 12-0 * 3Licw aaaj Fiber TXtiIes N Il-A '69 310 360 103 103 200 s0o 1 10 - 12-0 3-U * 3Htallan Aid Cdw.p. Llect. md pl'liaioe :, IV 1,251 1,036 410,000 ,000 - m00 20 *00 7 3 U-s1 11-U a

Matlal.lIiuitrxes Meal pro ; E IV 002 1,179 362 972 iu w0 51 500 10 - -61 S-U2 * 5ltdn L Eq.ni_nt I

OicAl Lnt. IU*w prodcts E IV-A 1V9 1,611 1.0 2,500 600 S00 20 S00 9 - 07 1-U *1 1Monti Prsi* PrintinJpubuishing E IV 2,1U 3,951 20 2.000 - 2,000 1W0 2,000 p i &-40 -00 0dm Asia Critexumrses i Sc. -handicvifts E V 3,332 10,763 1,111 1,135 - 600 53 600 - 3 7-S0 7-00 9aimtat Frod PxLts lhod product E IV 1,1012 6,695 2,000 2,600 - 2,000 100 2,000 7 3 3-0s 3_6 01iagm Safmet Metal tal products E IV 178 2,185 100 1,00 - 6W 0 m 10 - 6-U1 2-6 *SP.panjan Aa5rvit-s No)-uet-Ilic win.pnb. E IY-A 3,066 3,1100 1,500 1,100 - 600 S3 900 S - 7-S0 714 Paftmy kumd Inds. Woa3d phIchmts E IV-A 1'm" 2,3n7 2 2,00 - 2,500 100 No 10 - f-6 _ *toP.G. Toma t Wo. ELect. midh./applimnce E IV 2,391 1,063 71n so - 5W 0 s1 - s-0 6-0 5Ptul.Am.limSAtors P tal psoducts E IV 2,S5% 1,S92 1,216 2,IA 660 1,000 6 00 10 - S-6 102 * II%IL. Koh.int PcjkrL tfc. -sagical g1o,ws Nf )a 5 I,S6 000 1,U (200) 600 10 in 7 - wit 3-6 *1Purn HxA lilr . JxA4 prun -&at E X 6s 1,il11 12 529 - 500 9 250 I 3 3-U 1541 aI1L M:tatlTutt Pmtsk peauht. E VI 667 1,213 m0 S00 - S0 100 SW0 6 3 4.AJ 3 II

N,

tu.g u"b- SUE orof 4os 065 MS M DAL PON= aU1 I(3 FDiIII(31 iDn1U rSub-Lo- mUAt' O- t7 or % MMpo- tim. of II Al IUoj. 0woR- T t- 11a1 Tioal Slfnatbty Igt (Bl- h'is. lb- ,_ b- ft j. Sim at s ,M1 )SubnjoJec¶t c3mifiosti si _im tit_ t- - -twl b - -_e -a S MC -5@

J.C. Stynup.duI4 (mp. nisc.-Bty,qw £ IU 2,173 .,267 2,500 2,510 - 2,500 10N 2,506 6 3 J-61 r41 # .(Jka rn roi iouk Fad pFana . IV 1,S0 2,326 1,600 1,012 (1U) 1,60 100 1,600 7 - U-0 12-00 alsgt Eqmt Inkwe Aumtm 1 III 71m I S0o SQO - so o 0 U 6 3 12-1 3t8 * Ikm&e lJcureft y. bad pwdwts : IW 2,16 3,%35 1,000 1,000 - 1,000 100 1,000 7 3 5-6 S 3-61 * I*Ped Steel raricetoa IHl Prodcts p IV St? 2,611 9% 13 - No0 50 NO 6 - 12-U 2-t1 * 2fun's Jlaiishiag nfLitu S fixtai £: IV 207 52' 330 331 30 3in to a 3 1-6 0-05 * Isnwr foo Hfg. ud emdubctE IV-A 1,500 1,600 700 700 - 200 10 in - 3 1 -61 6-1 aSea3_ ticPListic Pohdael. tac prots £ IV 2,033 2,220 75 75 - 520 71 520 S 3 1-02 S-4 * 'Sftet* Ecu PLdnt rood podtw s VI 2,22n 2,662 100 360 - 30 in0 1 * - s-U '-f 0Sha Cbmm&vAl P;8c..-Qsaegl r IV-A 970 1,711 o0 63. 3. 61 35 M S - 7-61 1-61 * 3sb1cIlft Pnui5. Inc. tusc.-hwadicrafts £ IV 3,311 0,622 2,1S0 1,67 - l,S06 1,S06 12 - 7-U 7-U1 0Sy'slbrs. ht-. Pess erintiapublihii E VI 1,506 2,561 1,23 1,020 (1N) NI as m 10 - 3-S0 -U 0STrbi *inod pr dwtsbacts f IV 2,006 3,012 2,6 2,001 - 2,0_0 1N 2. 7 13 3-S 12-S * STruassne (s.An'i.Cbp. Chnical puoducts E Vm 3,60 2,0 3,60 3,560 500 2,500 20 2,1 10 - U-U1 "61 *2AmvbrIeni ubd Inrti. foid mdwt5s E IV 1,26 1,7 3,56 3,50 - 2,_ S7 2,0 a - %-U 6-61 * IYu l1 La ref tere Pnss Prinuntjpibliug, E VI 769 1.05 233 226 - 2n 7 2no * - 12-0 12-66 0r o T A L 23575 2 ?.O2 6 lJU 112.S 707 70.320No.o l - 76

AVCNAf 1.f2 3.1" 163 1.6 '05 7 913-31.2 v".

J/ E - ii. N NuG/ An eYxpLwti lor pm)ect ut overiw in .e of 15% of antinomd

x)Ject a5bt is piuvi&d in hwx *.i A aeplvrt.n for pr.)Jact i+_mntatin dhlqs of 6 or mois psoindbd us A *k 0.

0I0oi

DG&F M. a@uW = lm -La IEAic Indiotn f SOf &o600 hnmd thdm Lam 1727-M

(DI bon an dM"o pgow *WW,O(Amt in t'O)

IWFECIL MMI ZDToime a=r PEIoI JB c AO= 1)mm WUA n E IOzLc sM.A LDYS A1. SM %

jti- jti- rau- tit- Esti- ti- o is uz____j___c mated Actua1 Mted Actuul mted Actual teld AL_tual mud Actual mted Actiag I*uau) (Am11

ALez. Uiteris4z 13 1S 22 22 436 361 - - 764 730 7t 733 -AIjis Lit. cqxtr. iPrxbm.ts 71 - 2'. 96 1,067 20 - - 2,179 169 2.179 363 - _Alijuw Contauem, II_ 70 64 2'. 32 7,667 91 - - 17,00'. ',372 17,004 4,37J -_IlUisawted Lu; (Ccm .aLts 25 14 111 39 3,690 1,623 - - ' 6,25'. 6,7'9 6,26. 6,7'. _ _Anhlie'.i Sine !AS4b SS 20 12 13 607 2,343 2,'i6 6,106 - - 2,606 $,.W ASN 6,4ArEablix I'lLtI PntItuJuL.. 45 4 27 U13 1,96 1,120 - - S,0S 2,696 S,4tS 2.S96 - -Asia fluni tt E WJoa -kjt 17 17 27 31 '70 1 - - 1,075 950 1,075 .-9w) - -Aven>u 1,"&tridl !k-vw-pnent &Crn. 29 29 ttl 39 2,052 1,607 - - 4,362 3,966 4,36G 3,^3 - -bIeuis o I1ltl. T%-.urt, ¶ju 26 3 26 2,0'.0 1,76' 2,399 1,9c1 2j9 1,9"3 tt,6 J,907 50 399.LLt6ta< SiMuMaI 1t,. £12 29 206 1,293 217 - - 1,399 36 1,399 146 - -Caihz rti, 4A1 23 3 27 44 7'. '2 - - 1,356 1,248 1,366 12166 - -t'{.U PI'jit ule. filt.Ni i 2au 1 29 S3 1,660 1,669 - - 1,327 ,716 '.,327 ',716 - -(CuL"a ILnA L Au.h 12/e 37 SS 1,157 1,626 - 6,539 7,579 6,639 7,579 - -Cdnais4. .tJdLiIE J;I II ' 5S 11 '0 1,6'6 2,016 - 3,569 5,3192 3,569 5,392 - -C1MzAt-# -l (.iI sUOI. 0d..U' uIN) 77 15 24 21,691 10,362 31,692 U,51? - - 31,692 11,542 I3N1 U1,b62C.iz!tm.uster-, VI, Is 74 63 '.1 39 2,6SO 2,611 - - 1,226 6,966 7,229 6,96b -liii IcxxI Pnaduai. 14 2 36 49 1,470 1,893 - - 6,200 6,966 6,200 6,966 - -(lbl lask Itaktfr.i.e. a 8 6t 66 1,161 16 - - 3,36tt A 651 3,16'. 153I - _(XIUg l',Am taudIaj,s 5 1 21 62 1,92S 1,2S6 3,232 2,567 '0 391 3,6a5 3,266 b1 2,57CbusWl Alte.) PWrU 1',kJ- t. 4U 36 3S 4 .,322 4,573 5,742 6.60S 5,742 5,604 U,'. 1 1,2 0 SO6S,(iWtr:.s PriJm:fg Pn!::S 1S 19 '.7 32 1,696 763 - - 1,792 1,'bit 1,792 1,51 - _(tiu.c aJmtti,-r.es tO - 26 72 3,769 - - - 32,20 1.,069 32,23 1',069 -C. W. I-ml t1w6uticturifif 0 so 36 40 2,37 2,904 - - 5,699 6,%Is S ,699 6,%16 -It1 Ain luod fUtductt'LIgs 23 - 27 16 371 1 - - 1,3I 760 1,36 7 - _fxliciour. r(oul tbliMIfdct.aruhc 24 - 41 103 51 623 62' 396 2,'96 1,389 3,120 1,73l 32 3161wA. Jail It an.cturuaeg bit. - - S2 135 1,S97 29S - - 1,613 3S6 1,U3 56 -

I W Gl... AJlagnRLM t L 37 - 30 42 1,026 '.21 - - 2,061 72. 2,0S1 72'. - >III M.L KLag'I h"kaAti'iI (url:.11.* I..I 4' 4 36 36 1,6n 667 - - 3,745 2,1'. 3,71S 2,11'. - -*I.a.. 'ii,bT tli. II I.t 9L i - S 37 37 2,216 2,531 10,025 9,3in - - 10,025 9,33 3 9,3 *

. ij 41. .. .ui'; I 26 45 1,092 876 - 1,862 1,1897 1,62 1,667 - -

D aier Fr JOB VNIC AD DEXa1r SAtS DSNTIC wAU3 iuRft SL a * S OL£it.- Eati- Esg- rat- hsti- han or iS SAI

!SUL4)MjLlce mted Actal mted Actual mted Actwa matd hatul mted Actwal mated (&ml Etim

M%o*r Aw4ori4e Trduing Cm. 25 20 22 27 2,6.56 2,602 5,637 5,516 103 613 6 &0 6,12 to *-6,S6Herf.to Lather Indutitries 50 - 61 I0N 2,065 2,"0 - - 7,265 S,o ,2ff S,A%3 - -

lyijute Pilamut Canc) 6 6 31 GS 306 26" - - 2 d'. a2n f6 - _Ilgwa&l Alumuna, Ir. 11 1 35 61 130 So1 - - 2.,0S .,230 2.05 X = - -nIex Spoci.lty ProductF 1 0 - -6 76 1,637 1,107 - - 10,972 610 .,972 .,630 - -

Insular iattan * N4ative ecoduts Wo 117 19 19 3,277 2,690 5,351 5,162 261 169 ,6)2 ;,331 92 5,1b21uaL-^ Iaijie Works 2S 20 3S 169 1,521 2,103 - - 2,536 2,9W 2, 2,960 - -InteinnuwntLL lG n-_ ItiLUs 60 - 69 111 2,939 1,906 - - 6,663 7,33S u. * -Is -,M

Je.m Intenutima GagntU s0 156 25 22 5,460 2,467 - - 20,76 15,6S7 2'4 0..'0 16,6. - -J. H. C. Iufactiring QTn. 25 2S 1S 22 S65 63 - - 2,08% 1,939 2,046 1,939 - -Jojo's Fazl Pwcamu 68 71 62 31 3,6.6S 2,219 S1 533 5,32? 3,306 5,916 3,61 IS 5"3J. R. (km^ te Pro&cts 1 5 I5 33 1,H70 662 - - 1,670 1,U 2 1,00 - --KabiattIiis1u, m - 23 21 707 - - - I,56 307 1,S6 31? - -La Fortwims GC,nts 67 175 12 10 3,1" 2,966 '#,M% 4,690 - - 1,s 6.6iI 301 %6.90 LLaviuc r CGumnts 53 - 20 21 1,2. 11 - - 6.393 26.2 4,333 242 - -Lic aqAa F&Lwr 22 12 2t 2S 33D 16 - - S36 33 53S 36 -Iet4Uogdn Asia Corpastion 33 - 63 162 2,19 - 6,655 - 4,226 2,1St 6,61 2,1M - -

tallum InAtitmes is ,1 - 36 137 1,1 1,6 - - 5,3. 5,006. S,63. ,61. - -Madm Luipnt L . Lnt. 65 2 33 6. 1,574 202 - - 5,196 6.6 S,119 %IJ - -ftti Pftss 35 - n 63 ,06S 3,51 - - ,. %.,315 9, 4.,31 - -ikw Abij Lntei rprss 36 321 9 2 %6,16 2,106 8,06 7,076 - - 6,66 7,076 l00 7,061Nmtai Ful Pioduts - _ 16S 32 23 6,871 9,720 8,012 8,965 9.351 17.26 13.373 26,157 A 8,656Mieeu' Jimt 1etd1 Fabr i,tors S - 25 73 2,626 2,.0 - - 6,120 6,1O 6,12t 6,105 - -F Ainp, 4 tes 71 - 30 16.5 2,W0 3,706 - - 2,973 6%,6 2tl 6,6%% -_P. Iay &ied Intstries 4 62 6. S6 2, 1,76 _ _ 3.61 6,265 ,%61 6,265 - ;e. G. Toas 1 Lo., Inc. - - 33 43 3,167 3,2SI - - S,3 6,3. 5,6"3 6,3 - -Ihul. Aiimm Faicatom - - 51 6 1,616 1,612 - - *6S6. 6,563 %,S6. %6.3 -litil. . mdnt iwuguts 10 10 212 267 1,621 2 761 - 70 27 1,552 27 -Pine rooJ Pto.uits 11 s 36 3a %6. 66 - - 96. 1,m . 1,6 - 'PM*rt4alutt 5 - 30 62 m 20 - - so 66 sn 6 -

Q. C. Stj1x4,d(aln8 1Uwa. lbS 22 21 S2 6,610 o1 - - 13,600 3,690 13,6 3,H9 - -QuLvim rCmi hkjUttb JO - 26 139 1,274 I,_ - - 6.325 3,56. to,325 3-56. -

yJ,t 1.XIiai I,.iz-t1*A t: 3lb 120 1 3 S6 V6 7 730 1 S 73 9 w 39Ko..v 1:Axkiult ti*.X 2 310 3n 9 2,53 2,263 6,7n 6,675 - - 5,726 6,675 36 5,n675l1I t4-L*l l. a.. tswe... 110 - 6. 31 2,235 1,316 - _ 2,17 2,656 2,721 2,663 - -

lb I jo 1 s - - 506 619 5 619 - o

IiaoIYrAJ &MM IWIL 4DfPIWVNr aOr PER JOt3 VAUE AMiED fW+ -SAAM [XIC SAL3 1OAL SAM. MS tA £ w.Eiti-- -!u Eiti- mu5 5E ti- rti- aF U SiSL*bpW]ect jated Actuil _ted Actual mtd Actal mtd ActU mted Ahtal mated Au1. ({Ae) Uctuw

Sodla, tic PlAstic Pvdwt6 JO 264 65 S0 1,390 1,072 - - 3,325 2,925 3.325 2.25 - -Smstem lcte Plnt dStoge 17 21 63 61 626 161S - - 1,2#43 6o 1,13 s - -Sh,gu Orci l - - 11 1S 1,333 1,060 2,50' 2,006. - - 2,5" 2,0 MO 2,010Shmlllcntt Plduct6, ..:. 60 49 Its 41 10,017 2,296 6,1160 5,762 960 6*62 9,'400 6,*64 9I 5,7Sy's Bms. Printind Prass 20 - 2 116 369 - - - 1,203 1,101 1,203 1,101 -Tcbi Marketing is 55 32 55 4,738 2,.90 15,102 1,119 3,7X 46,470 19,076 5,567 20 1,1mTmassuve l6jlwd Irniwtrial Gap. 1260 19 39 76 2,769 2,867 - - ,'56 68,06 06,656 6I' -wmxlerlvd row indutrinms 80 - 16 116 6,650 4,6R6 - - 24,034 20,666 24,034 20,66 -Yu MIum Lieemia Pffss - 2 22 32 1,326 1.359 - - 1.97 2.290 1.7 2.2M -

T 0 T A L */ 3,907 2.923 185.603 127,710 132,8P 67.97 326,417 27.a092 159,261 33S.070

AVLIWaL a, 57 S6 26 39 2,42 1,610 1,740 1.1S6 is 3.253 6.b2 042 4.60 IL-in

a/ &ALual I gures. are based an a variable imer of pIuj.ats dia to aym aib data.LC( estLIared dd ,atudl figes not aVailable.

II

DMUREA QMAIZ 1 WDM nUii

PFmiEr COineIrri MMw - i.Di 1i27-IPr'inzwtia1 InLAmo of MM"xjst Fimnind Qbul Lam 1727-IlH

:113 a "d an ma1* of Iaolects swwayeiJ

urf PON A (WISDGru-v 1,1141001C~FDIaAM TI05 Jo I o,r,

I%.ramoi 0a- Total b-Tam ~A,xt Bamfs Av.fat

~wu -Ct WV~_ rn c,ir-nT naSSCiQyd fim ~ % ty RaU3twio Rati Fatiot Fited Actual mtai Aotsa1 mtad Acts&

A(4tn Lntturwuse. - 3 317 772 1,069 so 311,0 1136 651 3.23 0.67 0. 5? 12'S 76 11.2 7.0 20.0 12.....1id.i Li1r.(kinbtJ`xxk:.. - -. 023 256 1,079 301 us5 3 193 2.73 11.59 3.03 555 23 12.1 2.2 20.0 13. 'AlwUnsws CGMtdU*nLr. - I 1,'.10 2,11211 3,820 1,615 929 2,7111 1,050 0.78 2.52 0.6OS 3,875 316 20.0 0.11 5.0 1. 5hoalptdd tAnu- Ccmq. 1 2 2,'.11 2,163 11,593 1,69'S 1.6's6 3,300 1,253 1.%A 2.67 1. s1 733 (6111 111.3 (1.111) 35.5 (5.01Aftuyie'r Shine !Amo - I 355 1,919 2,27'S 6111 1,117 1,191 "33 0.57 3.70 2.113 3611 10!I 30. 01.S1 018.6 22.3ftm1lli PLSSUC Pfucxh. 1 2 1,7'S! 1,IA'S 3,389 1,619 1,192 2,161 503 1.03 5.67 2.35 352 20 16.0 1.1 36.0 .7.%Ai.ij MMgi. & AxJaTuift - 1 311 1,065 1,.116 Is6 'S51 612 630 2.111 0.73 0. 51 66 125 6. 60.6 12.0 16.L,Aviski.- I,d'1l.v.Ck, 1 ,. - 2 1,318 2,712 11,030 675 1,126 1,603 2,227 1. 95 0.61 0. 51 373 30 6.6 7.6 15.1 15.1I

aiaguio P,j1.Tr.i±.mai- L I 1,'478 796 2,221. 339 too? 826 I,"111 11.36 0.57 0.20 626 133] 27. 68.0 30.2 17.jIla6uO S!iimt lion -3 31 2,669 2,920 321 1,93A 2,231 635 0.10 3.211 2.77 133 13 11.9 2.5 12.1 I1. 2CA&& fiL 35chn..± !jKi - - 6'.5 1,150 1,695 250 1017 667 1,023 2.13 0.65 0.101 151 .161 9.'S 9.3 31.0 17.Cmro Paint Nlg.12.t. 1.!) Ji j,760 2,075 5,833 1.707 1,509 3,216 2.619 2.20 1.23 0. 56 22 (26) 0.11 (0 11) 1.0 (1.2,Cas.miw HLam I. Sdj, - 5 877 1I,566 2,4111 2112 656 dOO 1,563 3.62 0. 56 0.1142 372 .3113 13.7 316.0 1142.41 32.'.Cwrding 1sdun..! %lop I ,162 1,031 3,133 1,126 166 1,292 1,391 1.91 0.66 0.09 291 556 16.7 17.5 22.g 33.4....C.wiam.se WI kmu' s W.AXU 2 6,025 '4,114S 10,139 7,327 2,203, 5,0a66 ,1I6 2.13 0.39 0.4113 5711 2,1#90 6.9 2%.6 26.17 11.1C.nlWtm..ts.r-., PIL111%. 2 3,351I 3,665 7,216 1,232 2,090 3,322 3,35' 2.72 0.65 0. 511 072 669 12.0 12.0 25.0 25.0CDO F'od PsdtAkAt- 1,653 -105 2,605 767 1153 1,220 1,33 2.02 0.16 0.33 41115 SW5 22.3 22.3 101.1 5?.9.COtml* l1,Kg.T-t;L.. 16!) 356 S27 111 %171 11l3 69 11.12 6.611 6.000 329 19 18.0 3.5 31.0 32.2Co11s.wv Trbn Clain.nlr I 61!) 1.856 2,111 a13 625 1,1111 1,026 6.75 1.110 0.61 1,195 d 339 113.5 13.7 67.3 %'.6Cznsolid,sted lxid Pnxk. 0.!) - I,816~ 1,'S33 6,211 1,039 1,091 2,130 11,113 11.63 0.52 0.26 1,022 1,009 16.0 16.1 26316 27.'Cwt..eshs l 't~ij.g I'ri-... II.! 1 815 1,303 1,568 228 661 909 671 1.25 1.30 1.00 263 US 111. 7.2 35.0 17 5Cbe,imii iLtnz. 1.r-.rS.~ 2 3,62'. - 44'3 .5.067 2,7M1 1,651 'S,b20 1111 1.31 10.311 14.15 1161 (4S0'S) 10.0 (0.0) 611.6 (62.3.iC. WI. T.a. Nlg. - 2 2,202 3,397 6.09 761 1,320 2,561 3,516 2.39 0.73 0. 52 IN6 W4111 6.3 7.3 1%,5 111.0!h'fii A 'ug.id .1l1'. U.) 15!) 103 262 911 50 Ise 112 1.69 1.311 0.50 153 60 21.1 22.9 27.9 63.dI& ULC'.au. iwiiV. 1 1,9149, 1,001 2,050 165 355 520 1,530 6.35 0.311 0.23 541 22S 26.2 11.0 26.7 15.46

I.1.e.. Z~~~arl fUj~~. I 1,l) 1 !)'.11 2,299 599 135 120 1,565 2.26 0.117 0.09 177 17 7.0 0.7 11.7 1.1IAV4.Le... .d..a. S. '4....] 0.3 1 10 6111 1,271 1116 7111 1,130 1111 1.62 3.01 5 .06 232 36 9.0 2.8 15.0 23. C

I m1-~.t.g,L~a'Ift.A'i.tzq.. - t 217 2,026 2,253 1193 935 1,1120 625 0.116 1.73 1.13 309 1s 8.56 1.6 21.7 2.2I..au llb.. Jl'aII. - 1,724 3,330 6,0511 159 1,911 2,71 3,3111 3.59 oe 0.61 0. on 1,2 1,23 16.0 n1. ii.3 115.

- 1,001l I,Iis 2.135 331 35 37J i, 163 2.96. 0.21 0.02 166 123 8.0 5.8 1.411 7.

nUVLCAL WOO 10 %;dPEriod Qu- IbtAl L-Thu A1t 1T AND" Am. rsdtv(~jSr)u'1 __________SS_ IAILFTT; I-It we Equiqty m_ "- ~ SU

W!sA ,Tu~t f V T al- -t -1 ibta EA Ratio Ratio lltao mtu hl -sa i I A

liluvwrAluwide Tng. 1 1 1,99 2,66 6,636 I,OS 1,667 2,S71 2,065 1.02 1.24 0.11 622 6U1 1.2 13.3 5.0 35.1IHl L&aUwr huM. - 1 2,'424 1,980 66.336 2,762 1,605 3,607 S67 6." 6.669 1.76 76- (62) 17. (1.) 33.0 (S.HDlypttPilinut CZndy 0.. - 977 67 1,566 7% 96 170 1,366 13.20 0.12 0.07 133 175 23.? L.2 3.7 13.66[ouP £a1 UJal jnm,Iuc. - 1 1,6162 633 2,075 336 266 62% 1,611 6.27 0.63 0.20 165 213 9.6 10.3 36. . A.bindemSPicirty Prs. O.$ I 1,566 767 2,351 1O 261 731 1,560 3.07 6.S1 0.16 579 *6 16.6 3.? 20.? S.7Lnsulwr Iatt ' - I 1,313 2,1SU 3,62* 1,216 1,616 2,906 93 1.02 3.16 1.76 US 162 12.6 S 4.6 29.7 A2..Isa1a hinzkib Ul*s - 2 123 3,659 3,937 732 1,075 1,667 2,10 0.72 0.63 0.66 616 6IS 13.0 17.V 27.0 SI Intewoontineut3l810100dol - 2 1,553 4,00s 5.57 1,141 2,201 3,342 2,215 1.36 1.51 0.99 1,0°3 660 16. 6.3 30.5 26.1

Jbam IntlI. Grmunts - L 2,772 3,770 6,5*2 1,797 2,06i 3,663 2,679 1.5* 1.66 0.77 ,9635 S56 1.0 6.5 GOA 26. 6J.H.C. Ig. Corp. - 2 1,233 991 2,226 393 6563 067 1,367 3.10 0.63 0.37 226 216 16.1 9.7 16.0 16.66Jojos FoDd ProckKts 1 2 1,535 4,164 5,769 1,6610 1,526 3,236 2,113 1.12 1.29 0.73 1,100 613 16.6 1f.2 36.0 31.1J. P. Gomncrete PrkMs. - 1 6639 1,070 1,506 262 291 SS3 6S5 1.67 0.5 0.30 232 125 16.0 6.3 21.6 12.4

tabinett Itus, Inc. - 375 35 410 369 53 622 (12) 1.02 (36.17) (66.62) 2SS 4(16) 10.6 (3.66 13.5 (63.6LA rartum G(aients 1 2 2,133 2,1610 66,56 696 1,926 2,622 1.326 3.06 1.3 1.00 659 360 9.6 0.6 P4.6 20.1lavsm1r Guxts - - 83 536 621 62 313 376 2*6 1.32 1.52 1.27 365 766 I.S U.3 76.3 32.bLiup Ata Fiber - - 147 167 2966 22 130 IS2 162 6.68 1.07 0.92 166 so 27.9 19.7 73.S 660.8

tallogm Asia CAmp. 1 3 2,116 2,7662 6,651 1,933 1,637 3,570 1,206 1.09 2.76 1.27 1,667 (1,261i 25.6 (36.5) 76.9 (66rFMhtalim Imstries - 2 698 1,15 2,052 79 63 922 1,130 1.07 0.62 0.33 566 29 26.1 16.3 62.5 2s.9lnh1 Eq4ipst COm. oterpriscs - 34s 1,629 1,663 196 605 1,001 662 0.17 1.51 1.21 606 12 22.6 0.7 31.6 1.8

IMoti Pns I - 1,976 2,336 66,316 1.01 2.667 3,938 378 L.6 10.62 7.666 1,031 j ISS 20.0 3.6 6.60 61.0Nl AMis MItearAses O.s - 1,439 1,709 3,1168 I,S10 216 1,726 1,264 0.95 1.21 0.15 913 122 21.0 3.9 3.2 12.tNaftEa fbod Phutkts 1 2 4,255 2,611 6,666 2,305 3,076 5,361 1,665 1. 65 3.62 2.07 762 166 20.0 2.1 .iB 20.0

I&a&" Sh9Lt Metal - 2 1,002 1,906 2,910 276 1,673 1,355 1,656 3.66 0.67 0.69 653 169 21.1 19.5 S3.6 62.1PjomJ. Acomipaes - 1 316 3,159 3,917 2,349 553 2,362 1,015 13.53 2.0 0.56 SO0 66 15.5 1.3 2t.a 6.;P..riy cVd Ind. I 1 1,611 3,757 5,376 601 2,293 3,176 2.200 1. 1 1.66 1.0% 1,066 622 19.0 11.6 5.66 33.AP.G. fcA* I C.,lnc. O." - 3,572 553 6,125 1,715 636 2,151 1,376 2.06 1.03 0.22 56 170 12.6 66.1 22.. *.uRiil.A...E,brickotrs - 2 2,287 2,305 6,S92 2.026 2,366 1,616 1.13 1.72 0.52 621 363 9.0 7.0 2S.6 26. 1Phil. k4imuit PRuA. - 2 175 1,692 2,067 1266 677 1,601 1,06 1.41 0.36 0.62 373 (2%) 16.0 (1.2) 37.6 (2. iPuu roo Pwdurts '.S 1 266 94S 1,169 99 60 3 650 2.LO 0.63 0.6 137 . 16 10.0 15.1 2110 29. a'RC ht±l1cradt 0.S 1 176 ip56 1,032 116 175 265 7667 1.60 0.33 0.23 69 1le 6.6 9. 11.I 1.t,Q.C.StyM%iV*j1kC tUF+. - I 1,32 2,695 66,0%7 1,705 1,359 3,066 363 0.79 3.12 1.36 1,067 26 26.6 6., 662.9 2.¶

7hd.Styrq.s~ia~a C. 2.t' " .n *aI 711 1 671 I.S71 1.22 1.20 0.76 133 6.3 3.9 5.6 3.8

W

rMOIAL WATS A

Pt" dr- 0 . _T_ t o Totl tle t Am. 1.(r) I~~ASES tL^IIILJTIES rt WE: Equity rati- ~ At[ li-

SuiJR!v)it W __ rent n3ad Iba Daiit L.Tem TotalL OLuity aRtio Riatio Rato mted Jct"m1lau.d mei muts |twsi

Ri.v Woodcrift 'OoW. 1 1 1,901 2,00W 3,905 609 590 1,19 2,706 3.12 0.16 0.22 467 332 12.9 8.5 12. 3 13.1

Recd !tArl r,bricatcas - 1 911 1,70 2,649 60 %15 1,019 1,630 1.56 0.62 0.2; 369 52 23.7 2.0 26.6 3.3

via's rumsthing 1 ? 195 533 728 54 359 112 316 3.61 1.30 1.13 26 11. 5.1 15 S a6 1.1.9

!scar Faod Mfg. 1 - 3,23' 337 1,5714 i15 SOS 1,000 517 2.96 1.71 1.02 1S 6 11.2 0.S 19.9 1..

l.aatic Plastic Pruds. 1 1,616 669 2,.87 60 200 1,000 11.19 2.27 0.63 0.14 356 301 11.0 12.0 21.5 22.

St,&zt.:vs Ixe Plant - 1 122 2,023 2,115 167 712 879 1,266 0.73 0.69 0.56 165 37 6.1 1.7 0.9 3.0

Sturm GNuWric1a - 2 !,003 1,11.4 2,167 501 695 1,199 960 1.99 1.21 0.10 352 239 15.S 10.9 39.0 2?n

Shellcnat PnU., Inc. - 3 1,716 3,306 5,092 7t6 1,365 2,150 2,912 2.26 0.73 0.16 571 26S 10.1 SA 16.0 l.*;

Sy's bro . Printing Prsss- 1 671 2,235 2,906 273 6n9 922 1,31 2.46 0.16 0.33 223 256 0.9 0.6 14.0 14.*

Tabi laiw.ti.W ubs 1 2,907 2,606 5,513 3,235 1,325 4,560 963 0.90 4.76 1.39 1,211 7 16.0 0.1 2%.u 8.; 9

Tnosasm lslWnd Inl. - 2 3,1621 5,579 9,006 954 2,1S0 3,701 5,302 3.59 0.70 0.52 549 - 131 5.9 9.2 U2.1 17.L?

Wunkurkd FXAi lak.. - 1.S !.,588 6,191 11,179 3,57. 1,51.0 S.I1ll 6,665 1.56 0.77 0.23 2,790 530 33.2 4.6 41.2 6.4

Yu k&LA Wftd P1_r. - 1 _9$4 1,126 2,302 152 SOS 657 1.725 6.26 0.39 0.29 223 .250 13.0 10.5 22.0 15.I

T oi r A L 113,156 143,961 257.117 67.0214 73.519 140.543 116.67%. 13.&4 lo762

A V k A G E 0.85 1.54 3,1669 1,t94 3,3t3 f2 967 1,.49 1,531 2.47 1.15 1.01 571 247 15.24 7.40 30.7

I~~~~~~~

.10

- 48- 1

Pnw=a iRLrZG Ior Page 1 of 2LIM 1727-PH

MAS0?8 FR MLAY Di OM MON OF StN 5JEC1S /!

~1a_ar,rai (Estinmted-il 1980; ACtUa-Jaw.wv 1981)

Th pMoect w- delayed .r to l_t =Autm rvLsiAw m to sposaficat.a ofdm "tiinim b PAhoed a d d.fficutL m=unmed in the nhpt.atawith rm rubr suplier.

A,WrM ukatv l XS Ds%qJVW Crmtig lFsimd-m 982;

Then pMect * delayed 1. t lat oam d sub.suan of rquired

JSiltwd Zodw:a1 aS (Estmta6-A t 1981i

The piject w delayed du. to Urn tmt of trn rany swmm _ad thU delayin the rela, of the iow, brouft about by late oaane with b trequrmuW .

Is.aln ?%aira W1u (Esg.mtitd-Noq_ 1981; ACtuL2-Jur 1982

Tlo odject was delayeven waUu duen t the u s dew iiioaW tim of thmvwsian of the hydraulic pras Amm 50 to 100 =m eoeAty.

Joio'S Food Proacu (EStimted-Jwanuar 1981; ActualJulV 1961)

The project w- delayed to ea ftllcwu% fatm: (a) lat cpimnaiith pzw-disb Ulmmntt reuiLau; ad (b) brr's n.suaIStwding nth Utr

spomrn institutio.

m ruim and hocal zs (Es d-Ocwbr 1979

Cmrnzuti diy was due t ncsed nt otion t whidu wa ratticipated befam the 8at of tt.; low.

'iamm Shet Metal FaWricatr (Estted-Jun 1961; Actual-Fabr*zy 1962)

The project w delayed dur to a chn in the projec site whad rvqu.dtes 4pprval of the NatLcia. Howing Auaiwty since the rnw lca=oa wa amidwatial a.

Phil. Radiat ProdDts (Estimted-Octobar 1981; Actual-Seotmi-r 1982)

Te projet was delayed due to the failum of the bormwar to avail ofoutside fi.Ancing which wa eeded to crnplete Utn ?ro3ect.

'axav Wodcaft Cyration (Estinmted-41ay 1981; al-erter 1981)

The project was delayed seven -utas due to delays :n the procssing oflocumts m the mnported =aftineries thramy deLvery a-d U6tal1atiaa of the

Imciraes were later thAn the targeted date.

Rwan's Fnu.s.inr (Estinmtod-Seatember 1381; Ac-tal-Aoril 1982)

Ccmtnction delay was due to nodificautin in the desim and sszoe of trwe.actozy :u.;.ding.

-obi I*et;r4 (Esti uted-March 1990; Actu.al-Dcerber '339)

The prolect was delayed due to late nfLiace .at. the pm-disbursemntrequxwwts, speci'icaLly the apletion of the goze 1pdoc=nts.

alays of six (6) *9nthiorr oour.

_ 4Q - Annx SzPage 2 of 2

COST OVERRUNS IN EXCESS OF 152 OF ESTIMATED PROJECT COST

1. Canaan Ham and Sausage (Estimated-P500,OOO; Actual-P815,OOO)

Overrun represented the costs incurred in fencing and construction ofworkers' quarters and restaurant which were not originally included in theestimated project cost.

2. Modern Equipment and Chemical Enterprises (Estimated-Pl,900,000;Actual-P2,500,000)

Cost overrun was caused by long delays in project implementation dueto high construction costs which were not anticipated before the grant ofthe loan.

3. Philippine Aluminum Fabricators (Estimated-Pl,298,000; Actual-P2-158,000)

An overrun in the actual cost of the building resulted because of thedeviation from the original plan of a two-storey to a three-storeybuilding, not discounting the increasing cost of building materials.

4. Treasure Island Industrial Corporation (Estimated-P3,060,000;Actual-F3,560,000)

Cosc overrun represented the additional cost incurred in theconstruction of the factory building which was originally estimated at P2.2millien but was finished at P2.7 million.

- 50 -ANNEX 9

.111}.-~~~ isa

PPDJGT COMM£JON RPT-LDM" 1727-PHIndustA Quar w lam *n L w P

bwhsnat Qamtians 197 -19f4

1 37 a 1979 1 91I0 1 9801 1 96? 1 9603 1 9 6'

No._ ZesrKb SDnt N. et MD. h out No. Aoeotn N W "DAnqm b.ie>n

I-TD A4pwveu 1n '.6,989 147 59,906 170 147,165 222 23U,440 162 186,362 169 211,K63 273 %ft.671

Srw Reledsw - 43,779 325 S9,40-1 2142 133,112 370 219,309 267 167,252 224 212,552 311 '69.17S

Si repaid tc ILLA - 19,684 1,551 21,?05 2,523 39,5e9 2,686 9,277 3,976 60,266 2,026 33,786 2,017 106,869

SFU Uut:."mL,nm ssn 113,961 962 1)2,159 793 245.723 750 1.15,755 659 522,741 833 651,505 97? 1,037,1 a

d/ 11 J.1 pIovides loan in ttw Iorn of Special Tim eposits (SI). SID approd bestwmu

.Jurw A, 1975 to Novaixo 1979 weme onbined with a 60% autamtic gwarnte. After

isvu,iLcr lS/9 the lGlr gupruntee is *m. availblU at th qption of thc qplicwnt

f ilucial institution.

KHIL! WDIE3

LI,-row MPLO aN3 - Low mL7-mi

~CTi 1973

C Y I 9 7 8Inda a/ swu11 nXns b T o t a I

SllD tAppove dl:bmsmial 1Ban-k- 30 12,540 X.7 30 12,5W0 6.7sNBF e - - 71 25,106 54.3 71 2S,147 Sq.2PIES I/ 1 40 57.1 14 1O,"5 10.4 iS 1922S la. 5Algu.Banks I 30 42.9 1S 1,553 3.3 16 1,533 3.8.Ouuer lr..ituticm - - a 2.Wi65 S.3 * 2.16 S.2

T o t a 1 2 70 100.0 133 %6.919 I00.0 1840 6,909 130.0STD Reled

ON"l - - U,.420 26.1 - 11,8420 *6.0- - - - 23,571 53.9 - 23,571 j3.7PLIlS - - - - a4,20S 9.6 - '.,26S 9.6Rural Im.._ - 130 -100.0 - 1,933 I..Is - 2,0WS %.7Other Iztitu8ti 2a - -_ 2.6'. 6.0 2 68.5 60

I o t a1 130 100.0 _ '3,779 1OD.0 - '.3.909 _10S1D *Paid to IlaS

1 Baks _. _ - - 10,997 55.9 - 0,s"? S'.C?NB - - - - 1,.- 6.1 - 1,201 s.0PIS - 60 10.0 - 1 *.5 - 1,720 3.sAI8. lh_.s - 533 SO.0 - .793 2'..3 - S331 26.3Otuwe Imtituticns - - _ - 1.022 5.2 - 1022 S.0T o t a 1 - "9I 100.0 - 19.6, 100.0 _ 206232 100.0

SrD Outsta=anks - - - 193 ',0'9 3U.3 193 8.,6 3.0NBrI - - 119 218.'4 2S.7 119 23,'. 2.0PDuS 31 1,99 2.' 72 14,130 12.3 103 16.13 1.0Raul lliks 132 2,6' 69.6 271 17,97'1 16.3 4'03 20J3 17.0Other Irstitutais 1 X6 1.0 26 S958 S. _. 27 S.9^ j.0

,r - t a 1 l6-4 44,29a 100.0 666 11l,s53 100.0 350 114..ir. lot a n

0I-

C Y 1 9 7 I

l . T*btgv s 5. ftv T o t a I

_ _ _ _ lb~~. it

- 23 11,200 16.7 23 11,200 19.7

mNY et I so WO.0 " 2,350 70.7 IQ 142,,40 70.1

PS fX - - - ~~~~~~~~~~~~~~~13 5,0S0 8.|4 13 5,050 *. (

|i]. s- - - 10 1,200 .0 10 1,200 u.4

O0u rJw'itutia' _ - - I 1D __ _ 0.2

T ' t a I 1 50 100.0 1W6 51,56 100.0 1'.7 5.1956 130.0

5UD as_one0-1 Uudii - - - '.2 12,!13S 20.1 e2 12,135 30.9

Fi - - - 162 '0,066 67. S 162 '40,066 67.S

PlE - - - 101 S,26 0.3 1W 6,525 9.3

haul.3 - - - 16 1,270 2.1 11 1,210 2.1

Othe Imt'tntig- - I 108 0.2 1 10n 6.2

T o t a - - -00.0 32ns5 sJ..

. llgi - - - 3E~~~~~~~~~2 9,929 A7.9 362 9,929 %6.9

N#l - - - U 3,667 10. I

PISS is 1311 X6. 163 1.86 *.0 II 2,W00 1 4

Raul Bm.s 152 -36 73.1 331 %,277 20.7 '83 li,6'u1 Zl

Othw Irmtituticns - 37 06 3.1 37 668 3.1

T o . I 49 0 10.6 1.301 120.707 100.0 1.551 21,30S 1.0

G*Stcdi_!Ia* 5- - - 212 %6,68 31.1 212 46,508 30.6

mN - - - 226 6#4,503 '.3.0 226 64.503 '2.'

PBS 26 2,000 92.3 U 16,636 11.1 11 11,636 12.3

%bUm B~dnkS 121 133 6.0 256 18,03 11.2 380 16.17S 11.1

Ott0r Institutitns 2 J _.?, 2A S.,21 3.6 30 51.17 3.6

T o t a 1 1S, 216 U 0 NO3 110.991 100.0 962 152.15S 10.0

-J

C Y I1 * 0 C>&auv sm 5!e,li . ft& m -uv! c Tt o t a -lb |lD~l

l.- Vfl l.r srD hEM df

: _ *a_ 10 S,220 0.9 is 32,740 33.0 " 31,;0 2S.NMI of l2 R 67.0 71 3,22 7S.S. 3 6 6S.S0 66.0 11 101,7^ 69.1P1X16 V/ - - Li S,ISO 10.7 1 650 1.0 13 *,40 is.Ihulbans 1 SO 33.0 t 3 0._ - - s 0.3Othw Iautituti- 3 *16 2.1 - - - 3 -_ 0.7T o t a 1 3 150 110.0 103 7.375 30.0 56 ".610 10.0 170 118716 100.0

03 " Bm u- - - U 1,620 9.8 27 21,910 36.0 36 3,60 26.2ImmI - - - 121 36,171 77.6 %S 12,650 63.0 170 1,12 Ws.p - _ - % 19,900 9.9 I 650 1.0 17 S1.11 %.3bmu13uda 1 so 100.0 S 396 0.3 -6 W 6.3Otbw Iatituti - 3 us 1.3 _ - _ 3 S" 0.7 IT o t a 1 1 SO 300.0 164 1.1172 330.0 7 3.S110 100.0 212 1331112 3010.

S!D lepaid tD Icw- sctnmricw Bdn- 1 3 0.2 d0 15,317 42.7 U 316 11..6 172 16,231 1.111SF 2 6 0.3 50 11,10 U1 2 6 51.1 5s 12,37 31. 3PlS 9 S53 27.8 236 3,622 -'S6 - - 213 3.526 6.1Waal Banks 1417 1,267 63.8 11. ,036 14. 0 - $- SS6 6.36 1S.9othm Imtitutias 2 36 1.1 51 *Qw , 3°0 - - S3 .1116 2.0

T o t a .& 161 1.6* 106.0 1. 6.867 I J&j 1,6.3 3.0 01.70 3919511 100.0SrD Outstandlm. -

- - - - 13 3,3%0 22.0 20 2,663 3S5S 1S' 65,023 26.5ton 3 13N 10.1 261 90,136 16.2 37 13,036 63.1 301 113,616 56. 1PMS 13 360 27.8 *7 11,36 32.1 1 SO 1.0 101 20.637 6.1kIa1 B.ud 37 79 61.7 171 0,3" 6.* - - - 206 11,106* S .5Other nritituticm 1 2 0.1 26 63. 3.3 - - _ 21 S,]" 2.2T o t al1 54 1.23 100.0 601 1U,M 56 63.a61 100.0 .13 3.00O0 *;l

Io ,-

C Y 1961* c I I9d TotI

No. ANDtntt s NO. us Amt o. IuLxt * A_ ht s

STD hg!! dt(UFia/ ga - - - 1o 6:500 11.4 18 33,000 18.7 28 39,50 16.:

NBn1 e/ 2 so 100.0 37 47,1511 *2.5 71 12t,790 72.1 170 175,020 74.7

Paz 7/ _ 1 4011 0.7 _ _ _ I low 0.2

wl bar" - - 4 48i 0.8 _ _ _ 4 40 0.2

Other jst tutior - _ _ 10 2,650 4.6 9 16,382 9.2 19 19,032 *.1

T o t a ' 2 s0 100.0 122 57,186 100.0 98 177,172 100.0 222 234,440 100.0

*rD Released59alI - - 15 6,400 11.5 31 33,500 20.5 46 39,900 18.2

MUII I 80 100.0 167 45,462 81.7 122 115,020 70.3 291 160,S62 73.2

PU- - - 2 650 1.2 _ - - 2 650 0.3

IR.al bnks 4 460 0.8 - - - 4 480 0.2

Other Irtituti.- - 12 2,650 4.8 15 15,067 9.; 27 17,717 6.1

T o t a 1 2 so 100.0 200 55,642 100.0 168 163,587 100.0 370 219.309 100.0

a-1l) tq!!!d to IGIVC ;joIix17I iis - - - 398 13,093 32.0 37 1,660 21.2 435 14,953 30.4

men 17 25 4.0 1,590 17,165 44.6 W4 6,647 75.9 1,691 24,537 49.8

PMS 26 AS 54.6 3ur 4.601 u.6 6 53 0.6 343 4,999 10.1

Rural Bdwks 57 257 40.9 312 3,601 6.0 r - - 369 3,856 7.6

Other lIstitutioru 1 2 6.3 47 723 1.6 2 205 2.3 S0 910 -- 9

T o t a 101) 629 100.0 2156 39,663 10.0 29 6,765 100.0 2,886 49,277 100.0

Anl} Outstnin

:iw al Bis - - - 10 26,647 16.2 35 61,324 25.7 1.0 W6,971 21.6

Nur1 S 169 25.4 265 117,992 66.8 64 161,421 67.7 374 279,602 67.3

I11 2 1S 2.0 69Ht l 5*S6 B.I 1 797 0.3 72 16,358 3.9

Rural I,nJs 27 541 72.6 91 41W l^-1 %.I - - - 123 7,726 1.9

OUher Iistitutii -s Lt. _ '6.1 7 14,862 6.3 41 22.W 96 S.3

ro t a 1 34 745 100.0 S69 176.606 110.0 127 238,404 100.0 750 415,755 100.0

Io-

o I-

C.Y 1 9 a 22Cottw D"aOa ?1nb b/di Inck c/ T o t a IN. Anurt Is ND. tt * NO. hNDnt * mm. J - nt Is}

7cjM fltd1IIS- - - 10 6,717 16.6 21 43,600 29.S 31 50.317 26.7NrFt a/ _ _ _ 61 30,275 741.. 49 07,650 59.3 110 117.921 62.6P IS 7/ _ _ _ 11 3,270 6.1 5 10,800 7.3 16 141.070 7.S.s s Lo - - - - -_ -_ _ Other Izstitutio. - _ 2 250 0.6 3 S,l00 3.9 5 6,0S0 3.2T o t a I _ _ _ Si 40,512 100.0 78 1417.850 100.0 162 188,362 100.0

SID WIleaeda l. Blnkr - - - 1% 6,693 15.9 35 43,100 29.7 49 49,793 26.6nF - - - 96 30,512 72.6 89 36,397 59.a 1NS 117,139 62.7PUBS - - - is 41570 10.9 a 9,000 6.2 23 13,570 7.2,l - - - - - - - - - - - -Other lmtitutic. - 2 o25 0.6 6 6,200 4.3 10 6.450 3.5

T o t a I - - - 127 12nib lQ.0 1W0 14.5197 100.0 267 167.252 100.0 ISTD Rlepaid to I(Er

a1Glanaff I B - - .460 7,555 21.5 172 13,141 29.3 632 20,696 25.lNUFI 19 33 16.9 2,106 1f,032 51.2 344 27,115 60.4 2,1471 45.,180 6.3POLb 2 4 2.1 1.5 S,063 1%.. S1 2,559 5.7 SIl 7,646 9..Run-li f"*5 30 1S 01.0 223 2,169 6.2 - - - 2S3 2,327 2.9Otthr Lnstitutions 77 2,3_.7 6.7 32 2,070 .6 109 4.417 %.5Total 51 195 100.0 3.326 35.10M 100.0 S99 44,8S5 100.0 3.976 80a,6 IdO.O

STD OutstanidinQWmwcisidnEiitlEdw kn- - - 97 23,130 1.S 53 91,230 26.9 ISo 119,868 22.9NBrI 3 157 23.S 320 119,40 66.1 134 202,177 59.7 457 321,7110 61.6Pui; I 11 2.0 183 -S,076 11.2 17 26,315 7.8 127 52,.02 10.0Huwa1 bnsdC 17 363 69.5 73 6,016 2.7 - - - 90 5,"01 1.0Otner LastituU_i_in . 42jjj. 2.1 11 16,993 5.6 35 23 530 1.S

1 o t a 1 21 551 100.0 6 113.175 OD0.O 115 338,715 100.0 8S9 22,711 100.o.d F'U1,0O0 d. beltw d/ All STDsar ao rmbized with a 60% uarm n in 1978-79. After November 1979 te lJar puarantuJ.1 nv.t P!M,1%l r s . umi available at ttwahn of tw ppLiaut finncial institution.i/ (ver r uJI,uu e/ 4111 - Nti-Lbik finscial tatutuR2M.

I! I*Iii; - prjvate Devecnpmt lunIks Olea

0 '-

-C Y 1 9 8 3

Cotta IrnduBts al Sl Indutry b/ Ikbdium. IndUStV C t o t a I

No. hA it * NO. Amount * o. tt _ No. __t I

SrD AW,:N.d @~--bca l4 banks 2 550 42.3 59 66,427 49.0 17 36,901 49.3 78 103,076 49.1

imMl d - - - 59 64,435 47.6 20 37,450 50.0 79 101,66S 48.2

iWS T/ - - - - - _ _ _ _ - _

Rwsl Fadcs - - - - - - - - - - - -

Othver Instituticzs 5 750 57.7 6 4,550 3.4 1 500 0.7 12 $,N 2.7

T o t d 1 7 1,300 100.0 124 4 100.0 38 74,651 100.0 169 2U.563 M10.0

SlT) R lea-edA- S ij,uj.s 2 550 37.9 71 65,352 49.1 21 34,351 '44.0 94 100,253 47.2

IlblI - - - 79 62,211 46.3 33 42,IiI S4.2 112 104,559 49.2

PD[I; - - - 1 1,000 0. 9 1 Soo 1.0 2 1,000 .$1

Runul liag- * - -- - - - - - -

Other lnstituticuis 6 900 62.1 6 4,400 3.3 2 640 0.8 __ 16 5.940n ,

T o t d I 8 1.450 100.0 159 132,963 100.0 57 78,139 120.0 224 212,552 100.0

S,1)D Hlid to 1(;IJ G_rveial Banks 5 105 4.0 242 9,803 23.7 83 4,288 10.7 330 14,136 16.9

NDrl Ss 758 29.1 79'4 22,996 55.7 379 22,200 55.6 1,228 45,s9' 54.9

PM; 30 595 22.9 171 4,942 12.0 55 7.500 18.6 256 13,017 15.6

huI l ankvs 79 782 30.1 48 579 1A. - _ - 121 1.3il 1.6

Other tn:titutini 6 361 13.9 51 2.953 7.2 30 S,926 14.9 87 90 '11.0

'f o t a I * 175 2.601 100.0 1.306 41.273 100.0 547 39,914 100.0 2.028 821.1 100.0

:.I'D OJut-tandinl(C.s 4 594 B 8.6 127 111,677 34.2 47 93,454 29.4 176 20S,92S 31.6

NBrl 14 2,209 33.9 263 164,3k 56.4 137 193,692 60.9 434 320.315 58.4

liI 12 841 12.4 69 16.237 5.6 17 22,087 7.0 98 41.165 6.3

huauI udnlEs 53 2,008 29.7 30. .2 2 0.6 - - - 83 4.040 0.6

O)t!aht* lititul*ui . 8 1.024 15.2 2% 1- 3.2 a 6 2.7 40 20,030 3.1

T o t i I 91 6,756 100.0 S33 326.S 100.0 209 317,843 100.0 833 651,S05 100.0

00-

-d

C Y 1 9 a8 4CottM Industy a[ Smialmwnbtf b/ HediuL Indls"2 c/7 T o t a

ND. Amwst * NoO * I. nt llo. AhoLnt s

fmwc.iaf B,uiIw - - - 104 158,250 64.0 71 169,090 71.2 175 327,1W0 67.5Aru Ci 1 100 100.0 36 22,635 9.2 13 22,780 9.6 50 45,SIS 9.4m'l3t es - - - of 3,550 1.4. 2 3,850 1.6 6 7 ,'s0 1.5,. liiiLns - - - - - - - - - - - -Obttg:r InsittiAcus - 27 62 25.4 15 141,619 17.6 42 101,1119 21.6

1 o I a 1 1 100 100.0 171 247,2315 100.0 101 237,339 100.0 2713 41167% 100.0slnj I4eleasud

ewIcoMs 1I hnk:. - - - 115 153,700 64.5 77 163,490 70.8 192 317,1J0 67.61Ihf1l 2 100 100.0 52 21.466 9.0 15 21,690 9.5 69 413,66 9.3i'll<;- - - - 4 2,750 1.2 2 3,850 1.7 6 6,f60 1.4.Aunj.1 iIwiis - - - - - - - - - - 4.)thsr 1,,.titutiois _ _ -29 60,300 25.3 1s 41,619 18.0 44 111 O1 19 ?I.7 0

T o t a 1 2 100 100.0 200 238,236 100.0 109 230,839 100.0 311 6975 100.0

STU _ecsud to icLrexnua..r:iaT7saiiki 14 64 5.5 278 11,907 26.6 151 14,495 23.0 433 26,466 24.311151 44 558 :7.9 969 26,952 60.2 424 43,1102 69.0 1,331 70,412 65.1'ilES 19 142 12.2 19 2,469 5.5 413 2,271 3.6 151 11,882 4.5#b3.d hlaujs f0 393 33.8 29 315 0.7 - - - 89 708 0.7niJtu, Institutioi 1 7 0.6 38 3,157 7.0 27 2,737 4.4 66 Sj9)1 S.4

T o t a I 1,2 1,164 100.0 1,303 4_ 00 100.0 65 62.905 100.0 2,076 108 ,.69 100.0

STp IJut±.Iawindntiiwaxi m,ti 2 529 9.6 209 256,646 419.5 11S 273,320 53.3 326 530,6'iS 51.24311 11 1,656 30.0 281 174,839 33.7 116 162,052 31.6 408 3J8,5111 32.6AR;S:i 12 699 12.7 61 18,5168 3.6 19 23,666 4.6 94 42,8113 4.1funtl :km.k; 46 1,615 29.3 26 1,117 0.3 - - - 72 3,311 0. im11tj lII,titutitiLs 7 1,017 18.4 118 66.637 12.9 22 54,0711 10.5 77 121,7? 11.8

*r o t a I tli 5,516 100.0 629 518,557 100.0 271 513,112 100.0 977 1,037,115 100.0

0 a9

FiaLIPPDs -rMIJECr OxPLErNI 7 Q - LON 1727-iH

Indmtnial GQ.nutee ad 1a Furad(habe?eristics of SrD Ab Setor, leon Size. Pwuse ad Maturity 1978-1934

Cy - 197 Cy - 1979 Ck - 1980 CY- 1381 C(- 1932ND. * mut t IID. * A*i N. A mt * No. I Aw~t Jt *o. I I

I - Ilocis 6 4.3 0.6 1.4i 1 0.7 0.5 0.8 2 1.3 0.3 0.5 7 3.2 7.4 3.2 3 1.9 1.3 0.7

11 - Chayan VamU1y - - - - - - - - - - - - 1 0.4 0.1 - I 0.6 0.1 -

111 - Central Lumn 16 11.4 4.2 9.0 13 9.S 3.6 6.0 9 5.3 7.3 5.0 16 7.2 15.2 6.1 10 6.2 9.2 4.9

IV - I'etr MMLila 51 36.5 22.2 47.2 65 44.2 29.1 43.6 77 45.3 82.0 55.7 122 15.0 147.3 62.8 79 %.JA 113.7 60.4

IV-A - Southern Taplog 2A 17.1 6.6 14.0 24 16.3 9.0 15.0 22 12.9 11.3 10.4 20. 9.0 16.0 7.7 8 '.9 13.4. 7.1

V - BiODl 4 2.9 1.3 2.7 5 3.4 2.3 3.8 4 2.4 2.0 1.4 3 1.4 0.3 0.1 2 1.2 0.8 0.4

VI - Wastem Vi3aa- 7 5.0 2.4 5.1 16 10.9 7.1 11.9 24 14.1 U.$ 7.8 17 7.7 13.5 S.S 26 16.1 21.1 U.2

VIl - Central Visayds 17 12.1 6.0 12.9 9 6.1 4.1 6.9 18 10.6 20.9 14.2 25 11.3 22.3 9.7 13 11.1 14.4 7.7

1111 - Eastem Visaydb 2 1.4 0.6 1.2 1 0.7 0.1 0.2 - - - - 1 0.4 2.0 0.9 - - - -

IX - Westem oind~o - - - - 2 1.4 0.7 1.2 - - - - 2 0.9 1.0 0.4 - - - -

X - dO'thern HirdIMO 4 2.9 1.0 2.2 3 2.0 1.2 2.0 7 4.1 '.3 2.9 3 L3 40.0 1.? S 3.2 S.9 3.0

XI - Southem Mineanm) 7 5.0 1.3 2.7 6 4.1 2.0 3.3 6 3.5 2.9 2.0 4 1.3 2.5 1.1 S 46.9 7.1 3.0

XII - Central Iiummo 2 1.4 0.3 1.6 2 1.4 0.2 0.3 1 0.6 0.2 0.1 1 0.% 0.3 0.1 2 1.2 1.6 0.6

T 0 T A L 140 100.0 47.0 100.0 147 100.0 19.9 100.0 170 100.0 147.2 100.0 222 100.0 234.4 100.0 162 100.0 1N.4 10.0

.000 I,

RUUPPUPruJC aOPUe ON FRF - tDM 1727-RH

Ind&atrial QAurwnte& N[aKLmb FtmdC3acteristics of SlD Appovals by Sector, Region, Size, Purope and Ibturity, 1983-1964

(P million)

CY - 1983 CY - 1984NO. S mt n Io. * Anmt I

I - ~laws 7 4.1 4.5 2.1 7 2.6 S.9 1.2

11 - Cagpya Valley 6 3.6 0.9 0.' 3 1.1 6.0 1.7

III - Ctrntl L.n 5 3.0 3.3 1.6 31 11.3 57.9 U.9

IV - fetro lmlila 106 62.7 141.6 66.9 144 52.7 279.5 57.7

IV-A - Southen Tagl3og 9 5.3 11.7 5.5 11 4.0 23.0 4.7

V - BiOD 1 0.6 1.5 0.7 4 1.5 4.1 0.9

VI - IW±stem Visaya 11 6.5 6.9 4.2 24 6.8 22.0 4.5

ViY - Central Visaym 14 *.2 16.S 7.a 39 14.3 67.5 13.9

V'!1 - Eastern Visayms 1 0.6 5.0 2.4 - - - -

IX - Westemy Hindm 1 0.6 3.5 1.7 - - - -

X - Northemn 1indam 4 2.4 6.9 3.2 a 2.9 15.7 3.2

)a - Souther" Hindamo 3 -1.S 6.7 3.2 1 0.4 0.2 0.1

Xll - Centnl IlindImw 1 0.6 0.7 0.3 1 0.4 1.0 0.3

T 0 T A L 169 100.0 211.6 100.0 273 100.0 484.7 100.0

0I

w - w - mrinadu,iAa QMWb ma lam, -dm

(hmctaistiim of SID AppwA1s by Seew b S p. g7m19

Cy - is ar - mot a - aRMct- aS r - 192lo. I*iM * 6 AMG * *: S W * s Xgv N.|l s .ii-

al 9 1s1d ptOLK1 12 8.6 4. 3 9.1 17 U. 7.1 U.9 2S lf-S 25.8 lJ.S 16 .2 32.7 13.9 2S 17.3 29.0 15.4El_wo - - - - - - - - - - - - _ _ - _

Jdac _ - - - _ _ _ _ _ _ _ _ _ _11_i-I 13 9. 3 3.7 7.0 S 3.4 1-0 3.0 Is 2.3 16.S 3.0 1 0.S 0.5 0.2 4 2.5 4.6 2.4

App kmx' odmn wgU 7.9 3.6 7.7 16 9.5 5.6 9.7 15 5.6 LLS 9.2 26 11.7 25.6 12.3 14 5.6 I1. 8.7wood 6 snk ptom 1 11.61 3.8 5.1 U1 6.5 S.5 9.2 a 4.7 2 3.5 6 2.7 5.2 2.2 19 U.7 UA 161.0l%A=itU S fiXth 9 6.4 3.2 6.9 I S. 2.t 4.S 9 5.3 1.2 4.9 9 4.1 8.6 3.7 10 6.2 9.1 14.9Pa4 6 Mrs Wmd=f 2 1.6 1.0 2.1 5 3.6 2.S 16.2 3 1.5 61.6 2.7 S 2.3 *.2 3.5 3 1.9 5.8 3.1

ai-i in&St3y 6 6.3 2.S S.3 9 6.1 61.3 7.2 7 6.1 S.9 .0 13 5.9 15.2 6.5 12 7.6 U.9 6.3La~ . U&thapmxhxs 6 z.9 1.7 3.5 2 1.61 0.6 1.3 2 1.2 IS LB 2 0.9 0.9 0.4 1 0.6 2.0 1.1bibwu_N *U 3 2.1 1.3 2.7 S 61.1 2.7 6.5 2 1.2 LO 0.7 6 2.3 3.7 1.6 5 3.1 6.S 3.SO0m1a 3 2.9 0.9 2.0 6 2.7 1.1 2.5 6 3.5 7.2 61.9 U S.0 17.1 7.6 6 2.S 7.0 3.7Axb&mlmIIic mJql pjulicts 4 2.9 0.6 LO 6 4.1w 2.1 3.5 10 S.9 6.3 2.9 9 1.0 6.4 2.7 7 4.3 6.4 2.3aimic _i1 ind twies - - - - - - - - - - - - 9 6.0 7.7 3.3 12 7.6 12.5 6.8lbtas pM&ADU 12 5.6 3.61 7.2 17 11.6 7.3 32.2 29 16.5 6.. 17.7 26 12.6 30.1 13.1 5 3.1 0.6 6.7Electrical _.J.qa1piw.c-G 2 1.s 1-.n 2.1 1 0.7 0.5 0.4 7 4.1 5.5 .61 6 2.7 5.S 2.3 7 6.3 7.0 6.2,kw,-.3.. morb./qplia cms 16 10.6 5.5 12.6 1.6 9.5 1.1 9.3 3 1.6 3.5 2.6 3 1.3 1.6 0.7 9 5.5 6.6 ' 3.61

q _ 1 0.1 0.1 .2 2 -1.4 0.9 1.5 6 3.5 4.0 2.7 3 1.3 5.2 2.2 4 2.5 6.9 3.630 164.2 7.3 11.6 22 16.9 1.6 12.72 23 13.S 39.1 13.0 46 20.7 52.6 22.46 17 10.5 21.9 11.6

Total f act t 132 9 -.0 W-4 - -M A 55.9 96.3 161 66.7135.2 9.S 210 98.2 231.2 95.6 161 99.4 187.6 n9.6

ossuwaaa 1 0.7 3.5 1.1 - - - - 1 0.6 2.5 1.7 - - - - - - - -T1wi_ 2 1.64 0.5 1.1 2 1.6 1.0 1.7 3 1.3 2.6 1.5 2 0.9 1.6 0.7 - - - -

O0 gauvioes 4 2.9 1.3 2.7 - _ - 5 2.9 2.9 2.0 2 0.9 1.6 0.7 1 0.i 0.6 0.64

T 0 T A L .139 10.o 67.0 1.6 1647 1W0.0 .9 300.0 170 10.6 167.2 100.0 222 100.0 231.6 100.0 162 100.) 1N.% 101.0

o t.

RULIPP3ESPWECcr CMizON Nw - JLA 1727-RH

Inhmtrial Qiatee ad Lca hWOaracteristics of SrD Aipmgwals by Sector, Regimn, Size, Puwpse ad Haturity, 1983-1984

(P Million)

Ct - 1983 Cy - 1984I5D. * it v NO. It Amnt It

HWl'AtJAUNGrx.3r oduts 15 8.9 19.2 9.1 81 29.7 140.2 28.9Beveges - - - _ _ _ _

'd xties 9 5.3 12.3 5.8 12 4.4 22.1 4.6Appamle/footwar/gaImnts 25 14. 7 29.3 13.8 32 11.7 43.3 8.9'l1nd E am* prwts 7 4.1 7.7 3.6 22 8.1 38.1 7.9fgLnittim L fixtwes 12 7.1 14.5 6.9 9 3.3 15.6 3.2 1Paper 6 paper pv&Acta 8 4.7 15.4 7.1 9 3.3 21.5 4.4 o%Printu g, pulishing I

allied industry 10 5.9 9.1 4.3 7 2.6 6.0 1.2wather 1 leather products 3 1.8 2.6 1.2 3 1.1 6.7 1.4PdAber prnxlcts 5 2.9 9.4 '4.5 6 2.2 13.6 2.8(OiwGfIs 6 3.6 7.4 3.5 U '4.0 29.6 6.1.in-i,etallic mineml products 1S 6.9 1S.8 7.5 12 4.4 20.4 4.24Zsic metal inbimtries - - - - 2 0.7 4.5 1.0Hetal iroacts 16 9.5 22.1 10.5 28 10.2 48.8 10.1Llectrical .mch./appliano 4 2.4 6.4 3.0 5 1.8 8.7 1.8Nan-elac. wchi./appliances 9 5.3 6.1 2.9 1 0.4 1.0 0.2

xvnsprt equiiuwnt 3 1.8 2.7 1.3 5 1.8 8.7 1.8H ;5antixs manufacturs 13 10.7 24.4 U.5 21 7.7 41.2 8.5

T1 tal Ilanufacturing 165 97.6 203.4 90.1 266 97.4 470.0 97.0Clstrwtion 1 0.6 3.2 1.5: our i s -_ _ _ _OtIir cervices 3 1.8 S.0 2.4 7 2.6 14.7 3.0

to r A .I 169 100 0 211.6 100.0 273 xOO.0 484..7 100.0

0 X01

PmJErT C.. ErN FORIR - LM 1727-NHIn&ztial Qrt tee 1d Lem Fud

Obwacteristics of StD APPMwe1 by SectDr, Iegim, Sim, hwpose and Mlturity, 1978-1984(P lWilliAn)

a_ __- 1978 CY- 1979 CY- ige CY -1981 CYa- 19_2

No. AmDnt * No. I Amot I lo. i janmt g No. I Amt * l i mt v

azE or Lom (t)50,0DO ad belaw 3 2.1 0.1 0.2 1 0.7 0.1 0.1 4 2.3 0.2 0.1 2 0.9 0.1 - - - - -

50,001 - 200,0u0 .42 30.0 5.1 10.7 26 19.0 4.0 6.8 19 11.2 2.7 1.8 27 12.2 3. 1.6 16 9.9 2.1 1.3

200,001 - 500,000 95 67.9 41.8 89.1 ILI 60.3 55.8 93.1 72 142.4 33.0 22.5 49 22.1 19.2 8.2 36 23.4 15.4 6.2

500,01 - 800,000 - _ _ - _ _ 18 10.6 12.9 8.6 46 20.7 34.1 14.6 30 16.5 22.7 12.0

800,001 - 2,500,000 - 5 - - - - - - 57 33.5 96.4 66.8 98 44.1 177.2 75.6 77 47.6 1'A.9 76.9

2,50O,001 - 4,000,000 - - - - - - - - 1 0.6 3.0 1.6

Total 1B;0 100.0 .47.0 100.0 147 100.0 59.9 100.0 170 100.0 147.2 100.0 222 100.0 234.4 100.0 162 100.0 16.14 100.0

AVELRNG 3ZL (C)lEttage lidisutry loas /s 33.3 50.0 S0.0 50.0 1

SalU Initry loans lb 342.3 409.9 4146.0 466.8 478.6.7

SemI. ln Irtry lAka -- 1,726.0 - 1,607.9 1,902.7

(XW'al1 335.6 407.5 665.0 /c 1,056.0 1,156.2

P.NI(EE OFE LLM.irixa Assets 136 58.4 38.7 8t.4 153 66.6 49.8 63.2 151) 63.6 123.5 63.9 201 66.6 205.6 67.7 1149 92.1 166.14 90.5

Uobrukg Capitd1 97 41.6 8.3 17.6 76 33.2 10.1 16.0 85 36.2 23.7 16.1 92 31.' 26.6 12.3 61 35.9 22.0 9.S

Othes ---------- __ - - - -

Total 140 1100.0 47.0 100:0 229'-4100.0 59.9 100.0 235'9100.0 147.2 100.0 293 100.0 234.' 100.0 jIO lOJ.0 1N.14 100.0

HIICJRY OF U)AdSO - 3 years 96 41.6 A.3 17.8 76 33.2 10.0 16.8 85 36.2 23.4 15.9 22 9.9 11.2 14.0 14 6.6 9.1 1.9

3 - 5 yaars 39 16.9 10.2 21.9 42 18.3 11.S 19.1 25 10.6 23.2 15.6 27 12.2 17.6 7.5 21 13.0 21.9 11.6

- 7 yJdr' So 21.6 17.9 37.8 43 16.8 13.9 23.2 55 23.4 51.0 34.7 46 21.6 51.6 22.1 34 21.0 36.5 20.1t

- 10 years 46 19.9 10.6 27.5 66 29.7 24.5 40.9 64 27.2 39.6 26.9 112 50.5 133.6 57.0 20 12.3 16.3 9.7

h.er 10 lears - - - - 6 2.6 10.0 6.7 13 S.6 20.2 6.6 73 '..I 100.6 S3.1

Total )46'd-10!J.0 41.0 100.0 229 100.0 S9.9 100.0 2?s 100.0 117.2 100.0 222 100.0 231.4 100.0 162 100.0 1*.I 100.0

/a FS!.uOUU .,t' *t Over P-.0,u00t) - P&Uo,00(K

z

/I !.jI.Iin iIa.1i: " in ve-rj.: 1(.di !.iz.e Wd .lue to u nitiLnn ot f lhmdjifl i1,,tirrv In4n.- *,.4*' .1 (5.

0.'

'4'r .

FPH LIPPCS -PJl:CD W 2 fOl0N PRBO - LWN 1727-PH

Inhmtrial Quarentee amd LIm Fud(Iww teristics of S) Approwas by Sector, Region, Size, Purpose and Mattrity, 1978-191'

(P Million)

CY - 1983 CY - 1984ND. * InAflt * NO. * h.mt

ASSLT SIZL (P)Et1aBe INNmitzy Loasm 2 1.2 1.3 0.6 1 0.4 0.1 0.02Sm,2l Industry loIs b/ 129 76.3 135.4 64.0 171 62.6 247.3 51.02tt,bum Industry loam-! 38 22.5 74.9 35.'4 101 37.0 237.3 48.96

T o t a 1 169 100.0 211.6 100.0 273 100.0 484.7 100.00

URPM E or DOMriiid Assets 130 57.8 157.7 74.5 72 23.0 84.3 17.4 a.Ibr4ing Capital 95 42.2 53.9 25.5 241 77.0 400.4 82.6Oth rs - - - - - - -

T o t a 1 225d/ 100.0 211.6 100.0 313d/ 100.0 484.7 100.0

.WAUk-1TY orIWN U).9A-- - 3 yeai 5 2.9 3.4 1.6 6 2.2 2.2 0.43 - 5 years 80 28.4 32.5 15.4 153 56.0 236.6 48.85 - 7 years 53 31.'4 73.6 34.8 95 34.8 220.8 45.67 - 10 years 63 37.3 102.1 48.2 19 7.0 25.1 5.2

T o t a 1 169 100.C 211.6 100.0 273 100.0 484.7 100.0

a/ Piojects with total assets below P250,000Sl hojects with total Assets bet_m P250,000 - P2.5 millionc/ h ojocts with total assets betwen P2.5 - P10.0 millionI/ L dividual nuAbers dD not add up to total b.cue of mati-purose loans. IV

0'

o ii

1e

- 65 -

ANNEX 13

?^.rDc1E 'MPLETrDN R£P0R- LGA*l 172 1-PiLdidustial 3uarentee and Loaw Fund

;wrarzed Balance Sheets - As of 2ccencer 31, 1478 to Decber 31, 13Ia*(P'COO)

A s o f e:. e- b e r 3 1_5r-' 19'9 2.98) 138 1362 1383 1384

I Cezz r,tra.2 3ank 5,793 5,277 1:,307 1,.89 11,H6" 17,769 ;,OJs Recevaable frm '=A 275 276 - - 1,0 200

.".<: -Z :. .- .CS ~ ...... s.17 *4,907 21, 29i 330*D,.0 J,;1al :-tNe ceposirs

-tsTandini 113,961 15Z,159 24LS,723 415,755 522,741 651, 55 1,,37,5S- _ - .. - - -. - ~45 4; . 45 - _

arces to t2EA --,rctioral Expenses - - 71 35 35 35 :

^ Interest Receivable - 7,090 7,777 10,075 11,96u 14,580 24,9-ed Guaran:ee `-' : vable - - - - 743 1,054 2,'i-

, iaid Adr.istratitve _xpenses - - _ ses 202 19 3

Total Assets 16o2 3r 2C9,754 !88,6a08 641337 571 129 725.161 1 .^8,

* :es and "et Worth'-:.s Payah2e 38 34 117 29 5

nts P&yae1at".Gov'** - - - - 90,000 90,000 -

vt.:s Payable to Trwsurerthe ?hilippines 3,44L5 39,254 3,356 3,200 64,913 16,895

6erve fcr defic.encies or. ECMcan amrtization 447 637 39 SW 132 132

;nces for DCM lcan wor-.?,at ion ' 1 1

c-uec .-.tees, A/yatle _ 2,532 2,993 17,767 23,940 16,.423 sued crma=rent fees payable - - 9,562 _

Su3-tctal 3,?31 2,933 20,907 117.3e9 160.064 3,*-c

irg-texrr loars i. to E)M3a'ys 20,979 20,229 19,4'43 18,621 ,17,762 16,865 15,^

W'.g-tezm '03.s due to IBM 59,612 9E, 7 ; !51.575 266,430 260,13k 333,5S4 653,.:^

3 ;d>-total S, ;91 106,973 171. 9 285e,51 277.896 350,459 569,22

tlvovisiorz fzupos.3..ble losses 2,505 3,365 3,798 3,905 3.805 7.;21 . ,.. -

TotaZ Liailit.es 97,7 1.22,.56 177,850 309.863 339.090 518,4"4 -

tvxulation .;c. oounter;irtfUnds 59,000 59,CO '74,000 89,000 114,000 139,000 229,:-2

Lned sur,l.s 16,410 27,898 36,757 42,474 58,039 67,717 1047:

*otal Net :4orth 75,410 86,898 110,757 1'1.474 :72,039 206,7L7 333,-;^

Total a.abi.ities andNet '.orth 162,4.37 209,754 288,6.n:7 A131 r'71,120 725,161 1 ,9,

C==vn7 ratio 12.3:1 -. 3:1 2.1.92 : ?. ?1.3:2 01.O. 1

ota. jett e .Li-ty ratic 1.2K .- :! 2..:1 '.-.1 .':

. 1;'3-' *31, :ash basis of acCor.tr.tg 4aZ ised. - -.ze :--2, aZCr,s;.- of ac:cz.n:-.g 5s being .sed.

' ::cz..s Fa-a^le - 'Iational 'over^.rtt -%.2 ._s account. ~ o ^.e_ ze :3rxj advances granted tv tZe :;a: c:r.a zverrzent f'r

-__.__ -tr . - ?,^,-s 5 2aen-r Year 2.D82 f'_r.r..g r%eqx.re-. w . _ z, x . . . ne:: 3 0 e rn. .nt A rr .. : :

- 66- Annex 14

PDJECT COMPLL10N REPORT - t.CAN 1727-Pi ..Industriul Guauwtee and Loan Pur.d

Sucrarized Incem Sutements, For the Yewas 1978-198&i(P'000)

1979 1.979 !980 1981 1982 1;93 'i-

^Cr"t mrowme on a T ",268 6,217 19,176 26,213 .0,6!1 53,691 78,::.twt in udis.o: t eerZ d

zn tempOrdy mnVetmer.ts 5,328 5,490 2,720 3,2S3 2,705 877 6,9353 ^wtoo fees 518 1,160 1,791 2,553 3,300 3,962 *, -

ScWLlun.5 ousnoS m _ _ _ _ 52 '

Total Ionm 12,11A4 J.867 23.69S 32.025 46,116 58,582 99,530

is

junistretive expenses 1,217 1,759 2,365 3,311 3,a86 '4,648 5,4.:rterest cxp s enS cEXM3ank loiws 853 818 1,228 757 723 691 ¾-

.-tcrest exp;%ses and comit--Mt fees on IBRD 4oa ',270 1,13.l 1,189 21,367 23,804 37,880 -5, S

:.F pra n expwues lOu - - _

Total Expenses 6,,440 10.'18 14,782 25435 ,13 43,2139 i,-

Profit Befcre Pvisicns 3,67'4 4.,14.9 8,913 6,590 17,703 I5,363 32,;

'rovisin for possible losses 9S5 968 1w76 1,225 789 L,986 . z,Z.

et Profit (Loss) 2,769 3.13! 8,,37 5,365 16,91w S,4'7 2!,:-:

Utio as % of Aver Re Total Assets

Ioss inmomr 5.8 9.0 9.5 8.8 9.1 9.0Financial expewses 3.3 4..8 5.0 6.1 ;.3 5. CGross iLrrin 2. 2.2 3.6 I.8 3.5 2. .AdMinistrative expenses 0.9 1.0 0.9 0.9 0.S 0.7Net incme 1.8 1.7 3.4 1.5 3.3 .6 3.:

T =.ne as % of averageIequity 37 33 85 w4 86 iS ;.

" fron term Imw asof average portfoliooutstanding 4.2 6.2 9.6 7.9 8.7 3.'

'S~~~~~~~~~~~~~~~~~

INUJTR1AL GYMNur AND UWNI flUPrJEcr UmJIU mN 1 - LDM 1727-RM

Projwted ad Actual b1.1 Slhots, 19-6'.6

1978 1979 1980 1961 1962 193 19

F~~~~~~V ii_ pr- Px>- FR7 ' 1

As of Deceiber 31 tct1 Actual jected Actusl jected Atual 1ected Actuul iected Actual iected eE jl ied Asuiajl

Duv tmf Central Dank 5,473 5,163 7,'.4 5,271 2,238 10,908 6,630 1,869 9,54' 11,96S 23,679 17,769 60,095 S,737

t&noary Investints 46,089 !2,417 66,069 44.907 56,089 24,065 56,069 12,952 26,069 23,380 173,380 40.000 33,390 17,811

Aotts Itemeivab/Advanc sto Hinistry oi Industry 6 M.3l 276 276 276 7,41i 276 7,892 276 10.155 276 12,942 10,345 15,669 1a,.35 27,?2l.

Spi. Time Deposits Outstanding 112,8.46 113,961 190,020 152,159 278,391 245,723 X1,138 '15,756 440,060 522,741 677,056 651,5Wh 024,142 1,0317,1:

Pnpaid A6ninistrtive ExpeC.s - - -_ - 585 - 202 - 1s - .

iotal Assets 1 6 4 ±684 162,437 263,829 209 7S 336 994 288 606 424,133 441,3317 475 98 571,129 d61.160 725.161 1.241 53? I 0S0016

0%

IAJILITIES F N6NOJCIH

A&zits Payable 820 38 620 2,625 620 2,894 620 17,767 820 114,057 106,612 115,019 106,612 56%71

lsve for Deficiencies/hAaises for LXIH loans 331 448 331 638 331 40 331 6. 331 132 331 132 331 13.

kmj-tem loans due to E)aHI hak 2t,979 20,979 20,262 20,!29 19,510 19,443 16,722 16,621 17,896 17,762 16,644 16,665 IS,6. 12

Lxan-term lamns due to IP' 6),496 59,612 105,537 86.745 173,063 151,676 2S4,91l 266,430 252,369 260,134 423,10 333,594 602,199 653,29

Prvisions for possible los-s ,.,bOO 2,505 1,600 3,365 1,600 3,796 1,b00 3,905 1,600 3,605 1,600 7,921 1,60tl 11,56.

Achxxts Payable to Treasurof the Philippines - 3,445 ,395 9,254 6i51 - 8,977 3,056 10,246 3,200 10,246 44,913 10,^26 16.m j:

Total Liabilities 87,11?o _87027 132,945 122,656 201,836 177,651 2U5,441 309,863 283,282 39,090 556,937 518,444 737,634 IS4.2

ALc_Jult in htua oDmtt*r-part Urails Si,otJo Ss,000 109,000 59,000 109,000 74,000 109.000 69,000 159,000 114,000 233,000 139,0UO 358,500 229,0t..

Earned SurVlus lig 16,41S 0 21,64 27,96 26,156 36,t57 29,692 42474 33,707 58,039 95,223 67,717 145.,3e5 Jd,Js

Tot.d rl&etrtJ 768 75,410 139,864 86,891 135,156 110,757 138,692 131,474 192,707 172,039 328,223 206,717 303,89 13 1'

lot i IdAijhAlities -v t.khtwurtUI IL1 4I4 1J2, 434 263,629 209 7'4 336 99' 266 608 424.133 441,337 475.989 571,129 887,160 725 l 1,241,5I2 660 Co

0 Ui

Nb

PRLiInCr Cttipu:r'aJ HRmirr - u)vi oni-tit

Vrvjected arnd Actuil2 1gcgirt S,t.tc,m-zits 1928-84

- i78 - -19/9 1'jeo - 1'38I -1902 ilia- 193-- 9Nom- Ii'rr' Pm- Pm- Fna f.

I, Ig. m d oi I.(i., (K. .* hi let( j.Luil jected A'itui jecLte iiu-tutl j ec t ed V-tu&al je,t.:tLd A ,t uaa i ected AcWLuei 1--ct, I A tU3L

110 J. ' 0

4 .III NI' (.4 o 6

a. & -:r ~~~~~~~~i "'4 5- 'J :. Ill. I30 13,/Ill 21 1 21 .9(1!. ',i, 119 '9.471 J) Pit 42l Bib *% 3.., 4. tit( L).,I ~~~~~~' f ~~~~dYf JIB a158 1,160 1 'a'.. 1,1791 2. lib 2,55 3 2. 145 3. 30t1 3.3h 'A.j?' 1

1... a . "A, /Wo )IO,, I 1i. V. , 9b 14,86 -7 ?2 020 23j,0 2b 32,02S 34 I 21 4t.' t 4b. a d a

a jI,(j 1.g~~~~~'. ' 7 . 3"'. 7 7)5 ?31' W4 '12 J ~ 6. .4' *t4

* S ' S~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~b 3Pt .9

~~i'/lI 'III 41 i~~~~4 4/ /4 * 4 IZ it ' . ,t~~~~~~' 23 $1 2.1 ' . -

* . I'~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~0

- 69 -Annex 16

DCERL GUOM ND IO nsM?PCr CDmKra:1 F*Rmr - LDAN 1727-Fu

Collecton %P ef bFir ancint lrntitutiom" L%* t.-:m ?w*eil7a-1904

Amont fall--, ; of CollectionNo. f due luirin the A t cn amut fal-8nR csJnig year Unrclud.g actuall-v =us ir.clud:rrgIr-siir.-tions pasc due) cDilec-ed past due)

ncioal 57 32,S66 4,928 ,, .13.ntaest ~~~~~~ ~~1,.36R 3,030 216.'9

Total -,6,,334 _71953 16.1-i

1979--rc .;& 58 L4,009 10,207 25.S1

nterst _~~~~ ~ ~~~0,249. 8,310 41.0;

.oeal 5~~~~~-0,258 13,5;7-1 30.73

?----2incipal 4641,671 12,9u0 30.90rnteret 25.786 12.2987 47.oS

toai 67,5 25,227 37.29

19e1==tb3cipL1 70 62,531 2S,376 40.59

Interest 51.153 31.602 61.79

,otal U.3,684 569950.12

19827r~Pincipal 86 9S,029 34,693 40.90

# nterest 883,736 iLm7 59.93

Total 173,765 Eam7 S0. SF

1983-- ~Principal 92 46,532 lS,"O 34.09

Inte et -41,725 20 073 50.03

Total 98.337 3i763 41.61

19e4 %--- l^mibeiDdl 682 50,116 22,320 44. 47

Interet 45,657- 29,52 64.39

Tctal 96.053 Sl.E4E U.98

*aased an r epors suUmitted by sres.onding instut--tions out c'a ;~ sible 108 accredited and non-accreditmed ir-s-.itt- =ons.

- 70 - Annex 17Page 1 of 5

FHILIPrzr?MTRIAL GLA'Mr- MD LAND IU

P=JEC =:f ION RLrNIT - LWJ 1727-1EStarus of Su rv3ects as 3f crew r 31, 1996

ArrearsASt% tstan Le ist than -o Over 6

Suictm T.otal IZ.Wt 3 Mths TlcfttWs .xi O-Al

Acirint, Irc. 796 796A. C. Hiarr ez, Co. 7 2 792 - - -AMr Stlearalft Mfg.. 821 821 - - - -Acre Ice Plant Cold Stcrage 53 59 5 - - ;Adeltene Dv. S Mfg. Cors. 252 236 21 - - 21Alec Enterprises 260 260 - - - -Alpha Ent. Caw=u:sti.c Products 275 275 -Alpha G.n. Inds. Co., Inc. 667 667 - - - -Alu.nzum Containers, nc. 426 426 -Amalgamted Umm Ccipwnts 1,256 1,256 - _ - -

aznah Industrial Corp. 263 263 -Amio Steel Fabricato.s 1,773 1,773 - _ _Ann Industries 393 393 - - - -Angelie's Shoe Shop 546 546 - - - -Armao Dive Canp Phils. 742 742 32 32 _ 6"Antmuo Agro-Trde Corp. 569 569 -Antmuo Val.enmc POp. 42 42 - _ _ _Araelli Plastic Produts 639 639

ga Metal.eft Co. 9 9 - - -Aohill s Manufacturing Corp. 1,897 1,897 .Arts Control & Design Corp - -Asia Fanutures & Woodcra 3c46 346Astro Maciune Foundry Shop 680 680 - - -Athra Steel Products Corp. 323 323 - - - -A. T. Manufacturing 1,207 1,207 - - -Avenue Indus rial Dwv. Corp. - -Baguio Reil. Treasum 65 65 - - - -Baguio Sume Inn 800 9004Baso Metals Suply 302 302 - - - -Bas. Bra. Ind. 'ior4m 259 259 - - - -3eauty L1n Manufaturig Inc. 707 707Belt Gas Air Prodct:s 754 732 41 19 57 1.73enom Entervriss 294 294 -B9Zny ManuLfwtumng 1,062 1,062Bantot. Ente r'ies 682 682Bitog's Textile eid'tries CArp. -31u Flacu Co., Inc. 59 583 -Bush Gear Outdo= Ae.sories 147 92 9 16 76 11Summ Ice Plat 6 Cold Stor4p 412 412 - -Cadiz Machine Shop 14'. 146Cwaro Pa.int Manufactring Ent. 423 423:aan Ham &Sa6ag Mnufa ring 130 1l1; 13 - - liCantimbuhan Ice Plant 411 411 - - -

:ard.ng Macnine Shop 53 53Carfel Shell Exports tsewn - - -

Car' r. Patis 199 199Carmusel hildren 's .*ear 1,5ag 1.8 ' -

:ar.pet?Msters Phils., Inc. 1,045 1,34'5Csuals Manufactrtng Inc. 55 5i .COO Food Products 345 345 - - -:eou-AgVibsiness, Inc. 429 -29Cebu Star 7raders Industries 2,455 2,1.55-- enler Industries 353 353Cherith Manufacr=ng Co. S9 69

i=r:le ""' Conviesrial Corp. 261 251 1S - -Zcgasco .lan-Yih InterAtioral 549 549College Tc6n Gznwnts 199 192 10 13 -Colcr -extile Prirnting, Inc. ;,381 1,9 -:or&o.dated Cereal Caeter -. 2 242

- 71- Annex 17Page 2 of 5

A r r e ~Amount luttwir Ms ta .6 zr

:sO1 tad Awd Praducts - - -Cortes Prnting Prme S64 56' . '-

Comic Enterprises 1,Lb7S 1,'.75 - - - -

W. Tan !anufacturing 9934 3 934A-ichi M'ac-Qrkc ManufacuriMg 1,137 1,137 - - -

De GusW Imac.hIne Xorlo 134 13" - - _Davao LU.e L . M.ras zxp1. 201 2f1Davao ¶MLdar.o New rslers L607 407:el Ann F M.anufactring 32 32Delicious Food Products .tfg. 240 240 _ _Denver 9uildets Supply 2,!61 2,161 - - - -D. H. "1. Food Products 164 164^wd Cerwnmcs Mfg. Corp. 634 634Dia Enterpr.ses, :nc. 341 341 -3 J. Lingerxes tefg. Corp. 989 886 46 46 LIS 2:7XCC Enterpriss - - - - - -Dor. Carlos Mi!;.g 6 Ind'l. Cor=. 526 477 S6 - -'..ra Steel :,ndustrias 1,368 1,958 - - - -

D'.'cn Manufactr.8gEagle Food nd. Coro. 507 507 - - - -FC1 metacraft .117 117Fabmication & .Mfg. Specialist 1,755 1,755Falcon Matal Corp. - - - - - -Fanu.a Shirt Manufacturing Ent. 91 91FAM GLLss Anjumrm C Steel 341 341 - - _ _Fil-Standard :ndustrial Corp. 412 412ioodicmh Corposti.on 70' 704 - - - ,Frin Tade :nternational 1,127 1,127

rr Minufact-z.ing Co. - - - _ _ _resan Printing Press 167 167 -

Gem1l's Shoes .4andbags 259 58 - - 207 2078. ,M. 6. Oil3 Sea.1 Mfgp Indui.t S002 02 - - - -GaIden Dragvn Meta.1 Produts 64'4 644 -Goldei. Portals Indstries 514 S14r.-and Eastem .anufactuzing Inc. 212 212Grwnd Eng*r^.ring 5 Fourdry Corp. 967 967rassroots, Phl1s. 107 107 _

H.alto Mrafactuwurng Corp. - -

Hanover WJorl:ide ±.dmg Coro. 514 514SHianz Ergnmering 6 Machine Shop 167 1671aw zooing Phils. 1,336 1,33SHen-y Cusuey Prop. 340 340 - - - -':-erglo La'ther Industries 868 645 42 40 141 223Holy Gate Pilin.ut Candy - - - - - -Honai Foods Corp. 1,554 1,530 37 -_ - PHYM Enterpmr.ses 1,585 882 266 264 20i -'3

:ascom nzerprises 272 272 - -

':=i3r1 Alurinum, Irc. 121 121 -

:-.dex 3,.c:.&lty Procts 'nc. 4 0 -0

:rsUar R3at-,n S 'ative Produts 1,15 ,l1S - -

n-er:cm ti.ental lcorn.g Yills 1,313 1,384 -B

: te-L1s '!5. OC., 'nc. 3 -i ; 3

:i^a1a-. a ¶rne .%obrs C=rT. 887 987 -

:S1a-., 31Sc,':s, Inc. 325 325 - -;r: ::32 '5 Pesort Corp. 339 385 21 - -

- -He_..se 121 121 -;, :: l - 'anufacturinS 4-5 .5 n

Javelsra ;:e Plan.r 132 192 -:. 3. ir-.;s Ph?rAdeutica1 1,295 1,29S - -'e; .-. t'l. 3&mmtU, Inc. SS0 550 21 - 2'

_.ast.c ?-)ducts 582 582. %. ... Man.ufac':X2rine -or-.

.. m?prietorshap 2'8 2"8 - - -7o~-,r.:o. z:ler s Plastic 92 92

72 - Annex 17

rage 3 of 5

A r rearsAmvtrt Cutstandir.g Las tIia *. o w 6Sib~oiec _____x _

_____ _ Tot Cune 3 a rw.'s mat total

pjoos Food Proucn 1,775 1,775j. R. Conate Pro?zu 69 69 - . _SOilA & C. 78 76 _

:uling 's Frxiunre -

:-uOrMotr ;Woru- .jbme?t iaius, Inc. 236 236, A. EnpnrwuLg 252 252 - - - -

. Forru Garsenrs Manufactr.ng 1,791 1,791 - - - -A,-.ana Menufacr Corp. 387 387 _Aver4er GarwmU 269 269~uniea GarwIts 1"6 146 - - - -

¢A;up Abaca Fibers 128 128 - - - -i.rtos In.Xdsal.2 Cor. 366 366 - - - -

_Lm Kim So Murantile Co. ',513 1,513 - - - -..'L Industmes - - _ _ _Lucky Hosiery MiLls 1,045 1,0454aau Mar.ufaturing 'nd. Corp. 290 290

Yuz'we'. tMnufacoturing Corp. 486 486ki - IHoUw Blocks 71 71 - - _ _etallid Industmries Corp. 712 712 - - - -

.ea.llogn As:a Corp. 54J 540 - -stalum Inrdmtmes 438 432 10 - - 10mtrv SotL;g on Mnufa"tc.ng Corp. 704 704 - - -:iK Izndusies Coarwtion 1,724 1,724 - - - -4iyazaki Indutmes 115 115 - - - -LU EnterFtises, Inc. 569 532 47 - _

. EquLpnunt 6 Chnica2. Inds. 362 362 - - - -'tnti P!s 1,532 1,532 51 - - 51

svtrsse Krntwar Manufacturing 753 753 - - -imrr3. mfhLnery, Inc. 140 140 - - -.S Engineng Machirz Wor 163 163 - - - -4ulti-Fons Cor*tu3n 1,545 1,545 -.agar Rup 6 Carpets 502 502 L - - -;;egns Integeted Ind. Cor. 863 863'hr Induarruaj Sevicm corp. 242 242:4ew Asia EntezpWis - - - - -

,iew Asia Foudy 6 M snufaturing Co. 474 474 - _ _ _.;zw cumannaal h Fouky Slop 369 369 - - - -J.a Life Ice Plwrt 6 Cold Stcup 362 362 -aw Oriemntal Plastic Prdctw 364 36's - - - -bw. Food Prduct Mfg. 405 405 - _ _ _a4. CAren Cerrd.c Menufactums - - - - _liagmre Shee? Metal 691 691 - - - -

Nissin Manufacturing Co. 446 446lorsan M'dnufacrtring 164 1-1 3 - 13'laya's Entexprises 243 243 - - - -3nex Industrmes Phils. 241 2413verLarnd rinng PrsWss - - - - - -,verseas Steel Cor nretior 356 356?awoda Knitting c awmmtr Mfg. !,323 1,923F5ipanjan A egatus 334 334aci.iic Faru 238 238

?1nay 8ijon Factory 295 295 Rsnnazirk Carping Equirnt - -Zarcwa., 4ood Industries 727 727

C. C avier .S s - -?earl Isla.ds Caiuwrial Cor. 956 931 - -

' - PLastics Manufactrri-g 1,300 1,300ttrracm .iollow Blcs - -

?. Toces '. Co., Inc. - - - - - -

Yeno1 Phi1s. 266 268 - - - -?.1lace M s:ufLC r rir.g Ccrp. 486 .86-:.... nia~ nFabr2.cators 443 43. - 43

- 73 - Annex 17Page 4 of 5

ArrearsA.-Cuvt Outstardinz Las an "- )VW 5

Subvr'ec- :ta. -mv .t 3 -uwtY mwts nmtvs 7omal

oft)L: pue Nati Foods 350 350philippi.A N4uts ProdnTs 110 43 ; 193 '6 i5?hiip.nh Prmeyw_ Wores 138 138 21. 124 !45til,;mre Rdi.ant rducts 624 4i7 - 20 117 137vulippi.ne Worldwide Mamlact_rir.g 1,466 1,252 3 7a 156 3i2Philips Foods Crporation -

Picasso Shoe Shop 153 i53 - -

Pine Food PmCduts 126 126 - -

P. M. C. metalcraft i91 131 - - -

Paer :ndustrial & ̂ '2-. Cor-. 1,;92 1,092 - -

Poer Synthetic Rueer '.fg. 1,349 1,049 - -

?r2JUs Irdustrsal Corp. 1i,220 1.,220 - - -

Pmr.twell, Inc. 2,141 2,1"1 - -

Progrss IndwAtries 290 284 10 -

Q. C. StyromcJcing Coro. 1,368 1,048 * - - -

Qen Annie Shoe Shoo 367 353 11 -1

Queen Food Products 906 339 67 -5

Raoid Industries - -

Rayat Lxort Industries 255 255 - -

Raaxav odcraft Core. "66 k'66 - -

Reed Steel Fabricators 135 135 - -

RsnIs FLunshings 88 88 - -

Reaublic A cult l Prducts 1,036 1,036 - -

Ridjo Paper Corp. 1,724 1,72"4 - -

Rizal Metal Products 520 479 54 . _ 5"

Rolly Royce Ernterprises 439 "99 - -

ROtOrwIs Printing Mwmleting 666 - 596 55 55 -

Sagay Aro-Ind". Dev. Cor. 2,107 1,780 75 75 394 5".'Sanml Sommmial 293 293 - - - -

Sr.tiago ConcrSte Prodts - - -

5as.or Food Manufacturing Cosp. - - - - - -

,SCT FPrLishing Corp. 292 292 -

Seagull Fine Wood Prodict 149 l49 -

Sea.lomtic Plastic Produts 182 182 ' _ _

Semster Ice Plant 154 164SeOla's Quality !'ie4r - -

Sharn camirvial 786 6"44 43 43 130 :1.Shellcraft Psdu= , Irc. 1,416 1,416 - -

Shrw=n Collecon 74 7l 5 - - 5Sho. Valley Footwear"w3 43SiMa Four.dry Shop 1.6 196 - _ _ _Sigm irtor Parts, Inc. 427 427 -

S 6 J Cot-age Industries 202 202 -

SoLid Gs, Ir.c. 887 887 - - - -

Solid Pares Corp. 2,081 2,081 -

Somice Znterorises - - -

South Sea Vesorr Ho!el 1,600 ,i;O -

Star. ir n-= Is Health Club 532 5S32 -

Smtanly .- astic Produces '"3 .. 3 -

SsawwerT/ rinouse Cor. 7%6 7'5 '3 - -:

3,.r. SeAm :r.dustrial Como. - - - - -

Sr r.n Plastrc Products - - _ _ _sun :ndastrial :orp. 333 313 21 - -

S.s -ior.- Sv' 3mros. P Lriting Pr-ss 986 -53 - - - -

~ --. _. ?Ck3glng Inds. 2 3 2 - - -

Thti .'r*.et;2.g 632 632 - - - -

-'ercantlile 394 3.'

:r&s-ss3 :slard l.-dustrial 2,196 2,196 - - --~~~-~~~-'~~~~ ~~~ ~-28 .-28 - - -

-:rio 7r3!ts 15S lSS . - - -

-: - ,,,-es 1,523 :,923

:::. ;:e ant

-74 - Annex 17Page 5 of 5

Mm= Outs ains s _w 5 Owr Subiojw Tota MMET 3 aNM' Rnts MMX Tota

nm DIV. Ca. 326 224 - 1i4 81 185tkoorn Food Pt. 453 4S3 - -_ia±fied MIllg Entarprisa 254 254 . - - -uion Statcir, PRdwuts 88 88U. T. Joauin Entrarises - - - - *Velfox Va. Corp. 1,326 1,926 - - -Viaunm Enterprises 416 416 - - _An Paper Pro d" 353 353 20 - - 204ilbam Mfg. Inc. 139 139 - _4iltn Indmtrim 338 338 - - - -d'lad rood FOW .rsies 1,475 1,475W oodtewo1m COrp. - - 40 - - 43

Y?M Trading 75 69 7 - - 7Yu Hul La Defaesa Press 126 126

T o t a 1 140 771 138.051 1.382 851 19.19 4.152*

* Includ interest ttalling P1.4 'mllin;P2.7 m.llicn rwsumu ttal arrn Cnprinipel ut.

- 75 - Annex 17-APage 1 of 2

;4MXZ,RIAL QUARVI AM U L~TIJ"11PR5COWU-rzd i=f - L* 1 1727-MH

Star.& -f ^um eism Affwetd a: Area Jhw L.mn _1727-;I

by Ar,td /2

O/S 12/31/'3 ,? i^rX

1. Aar Stylecraft Mfg. 922 1l2 - - 1122. malao Div Cap Phils. 800 .6 - - -63. Arntono Agr-rads Corp. 1,176 92 - - 32-. Arkga tacraft Co. 22 - - 2' 24i. Ars Ctnl & 6 Dsigr. Com. 316 a - - 3i. Athwia Steel Prodr-ts Corp. 567 127 126 2537. aago Phil. Traure c. 90 2 - - Z3. Iaguio Sumt Irrt, Inc. - 300 i& '3 175 2623. Belt Gas Air Products 1,700 121 32 319 S72

.3. Cana nHa S Sausage Mfg. - 1,232 53 - - 611. CasuLt Mfg. Inc. 236 32 28 119 173

;2. Circle 'M" c.irci COr. 274 16 - - 13,3. Color Tertile Printing, Inc. 1,201 4 - -

Io. Consolidd4ted Cerel CantS 464 26 1" 60 IN^,:. Cortess Pnnting Press 13 13 - -3

L6. C. W. Tan Man factmaL.g 73 2,000 _ . 679 879i7. D GuzW Mi ih±n w o 14 494 21 - _ 21'9. avao Li.r 6 Minle Explw*tim 36 6 _ s3. D. H. M. Food ProdLces 529 30 37 100 167.3. D. . Lir4eries Mfg. Co,. M1,200 30? - - 30221. FAV Glass Aluminum S Steel - 30 6 - - 622. Frwsn Pr'.nting Pruss 123 10 - - . 10:3. Gw' Shoes Hmdbe. l lbS _ 165 _ 16S:'.. 3iemllo lstSho Ind Hw AW 3 1,04S . 64 65 666 79725. HVM Entepr2.se 1,565 - 429 1u5 572s, rhaso Entrpsw 266 24 24 479 S2727. Interplus Mfg. Co., Irc. 2,376 - - 3 31.'3. Irip 4bte1 6 R Cop. 241 23 46 132 203'3. Jeems Electrical Mfg. Corp. 99 12 11 35 5630. Ja*11lAl Ice PIAt S Cold Staep 461 - 17 1 is.1. J. B. Omcdds . 1,35'4 103 73 '2 2C9.2. Kabur. Mm, Irc. - 120 12 - - 12i3. Metallied Ind trie Cop. 1,599 - 33 1,266 1,301'.4. MG IrwhatdeJ s .c=, 2,125 - - 36'4 9848i;. etr.tNsc Knir_r Eg. 792 64 30 - 94is. 4ulti-Form Corp. / 2,036 19 20 753 796.7. tlew Asia Enterprlse 3 1,361 107 70 23 200;a. 'iw ca hrwealth Fo.un Shop 393 22 - -2

5. oran Imufacting 57 5 S5:;. ?Sr.'azirIk Ca M,ing Equip"t 209 15 - -

:.. Pazlo.iay 'bo4 Ind~atzws -3 2,493 4621 "1i. Phi3.. Pri.ting W°oi '0 - ,2 3826

:Pu!. World#ide Mfg. Pjstic Corp. 1,553 ?2 ° i26 -P. M. C. btalcmft -k 149 17 16 - :3.Prorss Industres 38', -i

Shag Corp. ~392 6.5 - --.. ti A-rr_e Shoo Sha oo ............ 32 ',uen Food ?rd s 3 9384 125 _ _ 175* svat Epqort Znds. Inc. 33500 -, 33 Si6

;. Ped Steel Fabrcaw /3 152 34 - -291a.. Perd Fu.tshirP _ . 291 - -

*-Rer77 8 'C Agn.cultual Pt .6 Carnrng 1,963 435 - - 3'

'.AiZL 'a1 Products Ic. 1,34C 60 - -

kctor Porr.ing twketing 698 6'.4 U2 - 1153,ray AjWzoAtu.tl & Igindumu'ia1 S2

ivelopawt Corp. 2,500 61 '31 5;2 as-.;r.tI.,o Ccrrte Products

;ravel S Sand 151 '5 15 30

- 76 - Annex 17-A

Page 2 of 2

L!aas affeted /2by arra A r r e a r s -

^/S 12/31/84 j-3 3- vera oa

j6. Saor Food Manufactr2.g Cor. - 676 - - 896 306c7. Sea&&%L1 Fine 4ood ProIucts 256 Li - -

'a. Seaumst.r lce Plant £ ColdStcrage - 451 4S 89 43 177

:3. Soutm Sea Resor Hotel 1,804 2u - 24: Strwberry fH e Con. / 762 26 34 7 -7-1. Sy's Bros. Printing Press - 657 27 10 -7

:;. :iudM Fxinwr Mm-., iron'Wor Sash Factory 849 72 72 367 ;::

63. Unchun Develt ^- CMr. 603 9 125 378 5125&. Urified Milling Enterprises u16 23 48 16 ;,.;. Virson errise /3 54 19 38 156 2;366i. '*emrland Foox Inds. , !nc. - 2,570 171, 86 -'.67. 4ooftectology Corporation 83 83c 8. Y Hz La Defesa Press /3 767 13 33 11

-. a t a 1 541414 / 30X4" 2,,1 'A.""4'5 ^

/1 3ased on roprts sumitted by repxing i ia./2 Armas Position betien prticiparing institutian s d .m-wen.

/3 PrjeCts sqrryed./4 Inrlues additioral law./5 Includes ir.teret totaling P5.569 'ili4n aid prnmipal in TUS

agpueating 710.033 mii

P1 U U PPINtSINDl7IRIAL f31YRWJlE:E NID IINJ llND

PRIJECT OIIiETRI41 WTORT

Ccparati 'e Statesent of Arrear Pmi tion, OetweenParticipatin lnstituti'35 ad End-Users of IGI. Deaeber 311 1978-84

1 97 8 1 l9179 1 9 0 k U9s8 11E of No. . ofNo. of

Borrm rs I mw3nt I Borruers * Awmot * IOwers i h¢>mut * tkrmrs I At'at t

brt folio StLtus

I;v li,duitg Loa

I~u I- erI 15 1IS 154 2.7 2 t.t0 4) .6In r qt J' 12. J 84 4.7 2 4.3 s 1.5 4 20.0 59 11.3 1 4.0 4 0. _

In drxa Gil 57.1 1,_2S2 95.3 44 95.7 _ 982 98.S 15 75.0 448 86.0 22 6880 4'.5 VJ.t,8

*Ibtal 73 lO:l.0 _ _,356 100.0 46 100.0 997 100.0 20 100.0 521 100.0 25 1U1.0 5$06 100.0

of Wi didi .tIlct-t l,y anexar'Jivr 3 wts (0 f iO i 1,21 89.8 41 803.1 941 94.4 15 75.0 446 86.0 22 8P.0 45.5 8S.6I

S%r.kl lrrs)ui la.!x IAM-1

In f9 *r3cxF Its 21. J V',148 27.2 89 30.9 29,870 36.4 112 22.9 73,162 40.9 19 25.'I 106,11 ]J.IIn reajrrsnt 121 J'.l 22,507 31.9 103 35.9 24,076 29.4 196 '40.6 64,097 35.9 205 33.J 90,?j7 32.,.In agmri 16"i _4. 4 2 b 40.9 96 33.3 27,997 34.2 178 36.5 41,405 23.2 251 '40.8 81,71J 2'1.4

Total jfib 1(11.0 _704J8 100.0 2M11 100.0 61,94 3 100.0 488 100.0 178,66'4 100.0 615 101.0 '78 116 1IK.fl

of JiUch ltfcut,d by dRw?rsuA:r J nmths 135 Ji rJ 2i 974 34.U0 LC 22.9 18,251 22.3 147 30.1 31,726 17.8 183 32.'. 51,% 1.1t.

W%him lrA ritU lot]n! .:,-T en -: e iotI 6) So.0 tt5.S36 SU.4lot M.Prhisi *7 45.2 79 .JSl '.78In crjIt4' 6 4.8 4. PA 2.b

Totil 17f 100.0 162.S50 100.0

* i Agc� iii'l h-ctttt' b'Y .i5''1t' .

ovtr .1 . sUti J 2.4 9 W4 21.1 I

o w0P%~

Cupartive Stateaent of Arrears Position, Betweenzartici tt_g Institutions' am End-users of IQmr. Deceber 31, 1978-84

1 9 8 2 1 9 6 3 1 9 8 4MD. of ND. of No. of

Bonmwers * Awnt B aorrusers * Amunt * Bonoaers * Amot n

lbrtiolio Status

lb. mis try Loans-fW 1,qce poeriod - - - - 4 15.4 810 24.6In nh1uy"LYt 4 100.0 460 100.0 5 19.2 535 16.3 9 50.0 1,142 5'.5I arreari- - 17 65.4 1,94_ 59.1 9 50.0 777 40.5

Total '* 100.0 460 100.0 26 100.0 3.205 100.0 18 100.0 1,'119 100.0

of bdLich iffected by wrxna;ovr 3 -tt_s 15 57.7 1,543 47 .0 9 50.0 777 40.5 ao

:;1I lvtTy l->!ntn grace period Jb Pd.8 1,205 15.6 106 24.0 92,058 39.2 166 32.3 215,133 51.2In mpajwent (1/ 3Su.1 20,625 26.6 203 46.0 85,550 36.4 227 44.2 154,)29 36.5lo arrears . h8 46.1 41,716 53.8 132 30.0 57,201 24.4 121 23.5 51,114 12.3

lbtal 191 1110.0 77,546 100.0 441 100.0 234,809 100.0 514 100.0 421.476 1I0.0

of Which at IfctJd by arn±im 'over 3 nlt s 11 I I12 S,944 62.2 90 20.4 41,835 17.8 73 14.2 30,S40 7.2

aTn jiie lierla IJH '/ 'I. 185,987 58.2 90 36.9 182,187 46.6 103 33.8 248,097 411.SI n reynyi;.t (3 26.3 77,361 24.2 97 39.7 125,983 32.2 152 49.9 246,453 44.3In dzriarm 31J 16.2 56,459 17.6 57 23.4 83,126 21.2 50 16.4 62,432 11.2

rotal 2'.O 100.0 319,807 100.0 244 100.0 391,296 100.0 305 100.0 556,992 100.0

of w"Lch A jlI.:t. d bY anmdrT*m-r 3 maAh, :l* I 31 1 22,318 39.5 28 11.5 38,300 9.8 12 10.5 39,719 7.1 Id

OQa

0 comi

1 9187 8 1 9 7 9 1 9 80 1 9 I

' b 4b. of lb. of t>. of

..oimws S hnwnt * Boners % Pw.at * Bonw ers I Amot.t * Htca:rs . Mtt

In gruce Pi4ol-o 7g 17.8 19,148 26.7 89 26.7 29,870 36.0 113 22.2 73,176 40.8 224 29.1 191,704 42.8

In nSp.iyuent liJ 31.4 22,571 31.4 1C; 31.4 24,091 29.1 202 39.0 64,156 35.6 261 l6.J 169,9H7 I7.9

1I. anars 213 50.8 31),0_!, 41-9 140 41.9 28.979 341.9 191 38.0 41,853 23.4 2--) 3.4 16 sio ii.,

lot Ai 4)'i 11W.0) 11,794 100.0 334 100.0 82,940 100.0 508 100.0 179,185 100.0 7166100.0 %4..213 IiNi.0-

hr. over 3 u.uaU,.

tknn IlndL yM 1Sdn1. ncpatl 709 66330 tt

Interest 181 141 89 S6

Skb- total __8'30 804 470 510

t4ml;l Inlsrv,r.; '.1hins %1

,rsncipar IIt,OOO 8,268 12,796painte17t 3,398 6,5877,S

Sub- total_4l7 11,666 ?S

fL-diuIytxt i ... jlty tUum:

Inten st

'l.-total

;otal 12'7 9,Bt S,83 23,m

a am

1 9 8 2 1 .9 8 3 1 9 9 14No. of No. of No. of

HorTr*r's I Axrnt * 8ormser5 * Awoumt BoTiers 9 I m h t t

TOtdl Wln !N)rtiolioIn g7iact I^:r1&1 174 40.0 201,192 50.6 200 28.1 275,055 43.7 269 32.1 463,830 47.3ln rtpaynhnt 13'4 30.8 96,446 24.7 305 42.9 212,068 33.7 388 46.4 401,624 41.0In1 drlrs 127 23.2 98,175 24.7 206 29.0 142,267 22.6 180 21.5 114,!23 11.7

Total 435 100.0 397,813 100.0 711 100.0 629,390 100.0 837 100.0 900,377 100.0

Arrar! o"r I UltwaS

I-wiI-niv I 891 577l,itertst -______ 199 153

Sub-total - 1 ,090 730

Simll Idnlutry [Dam1Yri-ljdI a 6,657 7.3, 9,1873nter-.it 4 333 3,711 4,982

-ub-total 10,990 11.076 14 163

lIV-xunt I!idu.try Lfwnsh% lnciriij 224 6,556 7,249Inten:st 1,021 4,6t2 9,5SO

Sub total ~~~~~~~~1,245 11,110 16,H116

Totil 12,235 23,236 l1.7 5

a I

ul

1flb 1979 1960 1981 1)62 1963 _Iia%

1 th. Ibe Sail ibe Sol biiiiir IIo Small M.ANiw No Smll ?hdi_ IGF a-0lhIlif Itu Hil Mt

.sr.-.j tu tirinCilm,2outstmting 95..j %O.-! 98.5 36.2 a6.0 23.2 83.6 29.S 2.6 - 53.8 17.ti 59.1 24.' 21.2 SNI.S 12.3 11.

raricIpil outstadief 61.3 16.1 71.9 11.5 74.7 8.2 93.5 5.5 0.03 - 8.6 0.07 28.9 4.1 2.2 31.7 2.7 1.I

lotjil myas owr 3xc.atin to l)-inc-ipai.&Autr- i IJi:f 65.1. 70.1 90.6 14.2 90.2 10.6 102.4 8.1 - - 14.2 3.H 33 2 4.7 5.9 3140 3.4 3.u

: U:r 1.t: X -1 v L it t:,C P.Ak Or.I V*I:.. .. j.. t a i d I.* ~....J: !Air-- 141 canly.

I ai P%

-82- i

IPHLIPPINES IM.XZrRIAL QARA= AND LAN MUD

PRJECr COMPLETION REPORr - LWAN 1727-PH

LIST OF ACCIRTrrm FINANCIAL I7TITtnYIm'sAs of December 31, 1984

Cae7.cial Banks Date Accredited

1. Philippine Bank of Commznications Sept. 17, 19762. Rizal Conmercial Banking Corporation Sept. 27, 19763. Far East Bank and Trust Co. Dec. 14, 19764. Bank of the Philippine Islands Feb. 17, 19775. The Consolidated Bank & Trust Corporation March 9, 19776. Allied Banking Corporation Sept. 9, 19777. Pacific Banking Corporation Sept. 13, 19778. Producers Bank of the Philippines May 15, 19789. Insular Bank of Asia & America July 14, 197810. Prudential Bank Nov. 2, 197911. China Banking Corporation March 18, 198012. Republic Planters Bank May 23, 198013. Uhion Bank of the Philippines July 22, 198014. Metropolitan Bank S Trust Co. Sept. 27, 198215. Philippine Commercial S International Bank Feb. 11, 198316. Family Bank & Trust Coapan;, Nov. 10, 1983

.on-Bank Finan-ial Intermediaries

1. Private Develop,nent Corporation of the Philippines Sept. 17, 19762. State Investment House, Inc. April 11, 19773. Manphil Investment Corporation April 4, 19784. Philippine Armerican InvestlTnt Corp. (PAIC) Jan. 22, 19805. AEA Development Corporation Feb. 18, 19806. Paramount Finance Corporation >lov. 20, 19807. BA Finance Cornoration Dec. 3, 19818. Investors Finance Corp. (FNCB-Finance) Aug. 22, 1984

Savings & Mortgage Banks

1. PA.C Savings S Mortgage Bank July 10, 19802. Banco de Drc Savings S Mortgage Bark July 7, 19923. Asian Savings Bank 'yov. 22, 1983

Private Develooment Banks

1. PISO Development Bank Sept. 22, 19842. Peoples Development axnk Sept. 22, 19943. Asiatrust Development Bpr;j Sept. 22, 19844. Urtan Development Bank Oct. 15, 19845. Southern 'begros Development Bank Oct. 18, 1984

Specialized Governrent Bark

1. Land Bank of the ?hilippines June 30, 1981

- 83 -

Annex 20

PHILIPPINESINDUSTRIAL GUARANTEE AND LOAN FUND

PROJECT C6OTPLETION REPORT - LOAN 1727-PH

IGLW Trainins ProaramslSominars

Seminar ohi Productivity Improvement through Work SimplificationSupervisory Development CourseBasic Course for SES ExaminersAdvanced Course for SES ExaminersPublic Relations SeminarSeminar on Effective CommunicationEDP Development Seminar

CB Institute Courses

Seminar on Credit EvaluationSeminar on Project EvaluationSeminax on Project Feasibility Study Preparation and AppraisalSeminar on Export FinancingSeminar on Aspect% of Universal Banking and Project Financing--Appraisal, Evaluation and Supervision

Seminar on Export Financing for Nontraditional ExportersCB-Finex Seminar cn Credit EvaluationCB-IGLF ImplemAntors' Course 1!Institutional Appraisal Course

UP-ISSI Courses

Analysis and Evaluation of Investment Projects 1/

Management Consultancy Course 1/

Regional Industrial Development Course 1/

Business Technology Corporation Courses

Seminar on SMSI Financing

Asian Institute of Management Courses

Master in Bu-siness Manigement

1/ Participated in by PFIVs representatives.

- 84 -

Annex 21

PHILIPPINESIhDUSTRI'.L GtARANTEE AND LOAN FUND

PROJECT COMPLETION REPORT - LOAN 1727-Ph

IGLF REVIEW COHMITTU3As of December 31, 1984

MANUEL S. ALBADeputy Director-Generallational Economic and Development AuthorityChairman

EUGENIO NIERRAS, JR.Deputy GovernorCentral Bank of the PhilippinesVice-Chairman

JOSE P. LEVISTE, JR.Deputy MinisterMinistry of IndustryMember

VICTOR C. MACALINCAGAssistant MinisterMinistry of FinanceMember

MELITO S. SALAZAR, JR.Director, Institute for Small-Scale IndustriesUniversity of the PhilippinesMember

CECILIA T. ARGUELLESActing Director, Department of Loans and CrediLCentral Bank of the PhilippinesActing Chief Executive Officer for IGLFEx-Officio Member

- 85 -

Annex 22

PHILIPPINESINDUSTRIAL GUARANTEE AND LOAN FUND

PROJZCT COKPLETION REPORT - LOAN 1727-PH

EXCHANGZ RATE MOVDEMNTS, 1975 - 1984

Year Peso/US$ Rate*

1975 7.25

1976 7.44

1977 7.40

1978 7.37

1979 7.38

1980 7.51

1981 7.90

1982 9.17

March , 1983 9.74

June , 1983 11.00

October , 1983 14.00

June , 1984 18.00

December, 1984 18.40

* All data are period averages

- 86 -ANNEX 23

BORROWER COMMENTS

.TCF HC*** '1* ** .t

* OED112 *t*:*j +.44 *

RCA5636248423 WORLDIPANK27550 CBP PH

MAY 187 1989

MR. ALEXANDER NOWICKICHIEF, POLICY-BASErE LENfDING

INDUSTRY, PUBLIC UTILITIESAND' URBAN SECTORS

OPERATIONS EsALUATIQN DEPARTMENTTHE WORLD, BANKWA.SHINGTON rDC

THANK YOU FOR URLFT OF AF'RIL EIGHTEENTH TRANSMITTINGYOUR PROJECT COMPLETION REFPORT ON THE SECOND, SMALL AND MEDIUMINDIUSTRTES LOAN 1727 PH. IN GENERAL, WE CONSIDER YOURDtFPAFTMENT'S OVER-ALL. ASSESSMENT OF THE PROJECT AS FAVORABLE.ALSO NOTED WITH APPRECIATION ARE YOUR POSITIVE COMMENTS ONTHF SATISFACTORY PERFORIMANCE OF iGLF, I.E. SUBSTANTIAL ATTAIN-MENT OF ITS OBJECTIVES, EXPANSION AND, UPGRADING OF THE NETWORKOF PARTICIF'ATING FINANCIAL INSTITUTIONS SEMICOLON IMPROVEDCOLLECTION AND SIGNIFICANT CONTRIBUTIONS OF IGLF-FINANCEDPROJECTS TO SALES, PROFITS, EXPORTS, IMPORT SUBSTITUTION ANDEMPLOYMENT. WE ADMIT THAT THE REGIONAL DISPERSAL OF INDUSTRIESATARGET OF 60-40 IN FAVOR OF THE COUNTRYSIDE HAS NOT BEENACHIEVED AND TO THIS DATE WE ARE STILL TRYING. THE CB PREPAREDFfR' FOR LOAN ?169 PH HArD ALREADY BEEN SUBMITTEII TO IPRD. PLEASErOMMLiNICATF TO !!S THE RcSULTS OF YOUR EVALUATION OF SAID PROJECT.

WARM REGARDS.

CECILIA T. ARGUELLESPHILCENBANKA. N rP A