Obbligazione Filipinas 10.625% ( US718286AP29 ) in USD

Emittente Filipinas
Prezzo di mercato 100.6 USD  ▼ 
Paese  Filippine
Codice isin  US718286AP29 ( in USD )
Tasso d'interesse 10.625% per anno ( pagato 2 volte l'anno)
Scadenza 15/03/2025 - Obbligazione è scaduto



Prospetto opuscolo dell'obbligazione Philippines US718286AP29 in USD 10.625%, scaduta


Importo minimo /
Importo totale /
Cusip 718286AP2
Descrizione dettagliata Le Filippine sono un arcipelago di oltre 7000 isole nel sud-est asiatico, caratterizzato da una ricca biodiversità, una cultura variegata e una storia complessa influenzata da colonizzazioni spagnola e americana.

The Obbligazione issued by Filipinas ( Philippines ) , in USD, with the ISIN code US718286AP29, pays a coupon of 10.625% per year.
The coupons are paid 2 times per year and the Obbligazione maturity is 15/03/2025







PROSPECTUS SUPPLEMENT TO PROSPECTUS DATED APRIL 15, 2004
REPUBLICOFTHEPHILIPPINES
US$700,000,000
Republic of the Philippines
10.625% Global Bonds due 2025
Luxembourg Stock Exchange Listing Particulars
The Republic will pay interest on the global bonds each March 16 and September 16. The Ñrst interest
payment on the global bonds will be made on March 16, 2005. Accrued interest from September 16, 2004 to
September 17, 2004 of $206,597.22 will be paid by the Underwriters to the Republic as part of net proceeds on
September 17, 2004. These $700,000,000 10.625% Global Bonds due 2025 will constitute a further issuance of,
are fungible with and are consolidated and form a single series with, the $1,000,000,000 10.625% Global Bonds
due 2025 issued by the Republic on March 16, 2000 and the $300,000,000 10.625% Global Bonds due 2025
issued by the Republic on October 23, 2003. The total principal amount of the previously issued global bonds
and the global bonds now being issued is $2,000,000,000. The Republic may not redeem the global bonds prior
to their maturity.
The oÅering of the global bonds is conditional on the receipt of certain approvals of the Monetary Board of the
Bangko Sentral ng Pilipinas, the central bank of the Republic.
The global bonds are being oÅered globally for sale in the jurisdictions where it is lawful to make such oÅers
and sales. We have applied to list the global bonds on the Luxembourg Stock Exchange. We cannot guarantee
that the application to the Luxembourg Stock Exchange will be approved, and settlement of the global bonds
is not conditioned on obtaining the listing.
The Republic expects to deliver the global bonds to investors in registered book-entry form only through the
facilities of The Depository Trust Company, Clearstream Banking, soci et e anonyme, and Euroclear Bank,
S.A./N.V., as operator of the Euroclear System, on or about September 17, 2004.
Per Bond
Total
Price to investors(1) ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
106.25%
$743,750,000
Underwriting discounts and commissions ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
0.12%
$
840,000
Proceeds, before expenses, to the Republic ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
106.13%
$742,910,000
(1) Plus accrued interest from and including September 16, 2004. Purchasers of the global bonds will be entitled to receive the
regular semi-annual interest payment due on March 16, 2005.
Neither the US Securities and Exchange Commission nor any other regulatory body has approved or
disapproved of these securities or determined that this prospectus supplement or the prospectus to which it
relates is truthful or complete. Any representation to the contrary is a criminal oÅense.
Joint Lead Managers and Joint Bookrunners
Credit Suisse First Boston
Deutsche Bank Securities
JPMorgan
The date of these Luxembourg Stock Exchange Listing Particulars (the ""Luxembourg Stock Exchange
Listing Particulars'' or the ""prospectus supplement'') is September 17, 2004.
THESE LUXEMBOURG STOCK EXCHANGE LISTING PARTICULARS HAVE BEEN SUBMIT-
TED TO THE LUXEMBOURG STOCK EXCHANGE IN CONNECTION WITH THE LISTING OF
THE REPUBLIC'S 10.625% GLOBAL BONDS ON SUCH EXCHANGE. THIS DOCUMENT IS NOT
AN OFFER TO SELL NOR DOES IT SEEK AN OFFER TO BUY THE 10.625% GLOBAL BONDS.


®MAP©


TABLE OF CONTENTS
PROSPECTUS SUPPLEMENT
PAGES
PROSPECTUS
PAGES
INTRODUCTORY STATEMENTS ÏÏÏÏÏÏÏÏÏÏ
S-3
CERTAIN DEFINED TERMS AND
CONVENTIONS ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
2
SUMMARY OF THE OFFERING ÏÏÏÏÏÏÏÏÏÏ
S-5
FORWARD LOOKING STATEMENTS ÏÏÏÏÏÏ
2
USE OF PROCEEDS ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
S-8
DATA DISSEMINATION ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
3
RECENT DEVELOPMENTS ÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
S-9
USE OF PROCEEDS ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
3
DESCRIPTION OF THE GLOBAL BONDS ÏÏÏ
S-18
PROSPECTUS SUMMARY ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
4
GLOBAL CLEARANCE AND SETTLEMENTÏÏ
S-21
REPUBLIC OF THE PHILIPPINES ÏÏÏÏÏÏÏÏÏ
9
TAXATION ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
S-24
DESCRIPTION OF THE SECURITIESÏÏÏÏÏÏÏ
85
UNDERWRITING ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
S-26
COLLECTIVE ACTION SECURITIES ÏÏÏÏÏÏÏ
96
LEGAL MATTERS ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
S-29
TAXATION ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
100
GENERAL INFORMATION ÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
S-29
PLAN OF DISTRIBUTION ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
108
VALIDITY OF THE SECURITIES ÏÏÏÏÏÏÏÏÏÏ
109
AUTHORIZED REPRESENTATIVE IN THE
UNITED STATES ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
109
EXPERTS; OFFICIAL STATEMENTS AND
DOCUMENTS ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
109
FURTHER INFORMATION ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
109
DEBT TABLES OF THE REPUBLIC OF THE
PHILIPPINES ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
T-1
You should read this prospectus supplement along with the attached prospectus that accompanies it.
You should rely only on the information contained or incorporated by reference in this document and the
accompanying prospectus. We have not authorized anyone to provide you with information that is diÅerent.
This document may only be used where it is legal to sell these securities. The information in this prospectus
supplement and the accompanying prospectus may only be accurate as of the date of this prospectus
supplement or the accompanying prospectus, as applicable. Terms used herein but not otherwise deÑned
shall have the meaning given to them in the prospectus that accompanies this prospectus supplement.
INTRODUCTORY STATEMENTS
The Republic accepts responsibility for the information contained in this prospectus supplement and the
prospectus that accompanies it. To the best of the knowledge and belief of the Republic (which has taken all
reasonable care to ensure that such is the case), the information contained in this prospectus supplement and
the accompanying prospectus is in accordance with the facts and does not omit anything likely to aÅect the
import of such information.
The Republic is a foreign sovereign state. Consequently, it may be diÇcult for you to obtain or realize
upon judgments of courts in the United States against the Republic. See ""Description of the Securities Ì
Description of the Debt Securities Ì Jurisdiction and Enforceability'' in the accompanying prospectus.
The distribution of this prospectus supplement and the accompanying prospectus and the oÅering of the
global bonds may be legally restricted in some countries. If you wish to distribute this prospectus supplement
or the accompanying prospectus, you should observe any applicable restrictions. This prospectus supplement
and the accompanying prospectus should not be considered an oÅer, and it is prohibited to use them to make
an oÅer, in any state or country in which the making of the oÅering of the bonds is prohibited. For a
S-3


description of some restrictions on the oÅering and sale of the global bonds and the distribution of this
prospectus supplement and the accompanying prospectus, see ""Underwriting'' on page S-26.
Unless otherwise indicated, all references in this prospectus supplement to ""Philippine pesos'', ""pesos'' or ""Î''
are to the lawful national currency of the Philippines, those to ""dollars'', ""US dollars'', ""US$'' or ""$'' are to
the lawful currency of the United States of America and those to ""SDR'' are to Special Drawing Rights of the
International Monetary Fund.
All references in this prospectus supplement to (a) the ""Republic'' or the ""Philippines'' are to the Republic of
the Philippines, (b) the ""Government'' are to the national government of the Philippines, (c) the
""administration'' are to the current administration of President Gloria Macapagal-Arroyo and (d) ""Bangko
Sentral'' are to Bangko Sentral ng Pilipinas, the central bank of the Philippines.
S-4


SUMMARY OF THE OFFERING
The following summary is qualiÑed in its entirety by, and should be read in conjunction with, the more
detailed information appearing elsewhere in this prospectus supplement and the prospectus to which it relates.
Issuer ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Republic of the Philippines.
Bonds ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
$700,000,000 aggregate principal amount of 10.625% global bonds
due 2025. The global bonds constitute a further issuance of, and
upon issuance will be fungible with and consolidated and form a
single series with, the 10.625% Global Bonds due 2025 issued by
the Republic on March 16, 2000, in the amount of $1,000,000,000
and the 10.625% Global Bonds due 2025 issued by the Republic on
October 23, 2003 in the amount of $300,000,000. Upon issuance,
the global bonds will rank pari passu with the previously issued
global bonds in all respects. The total principal amount of the
previously issued global bonds and the global bonds now being
issued is $2,000,000,000.
Issue PriceÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Price to investors is 106.25% of value at maturity or $743,750,000
in the aggregate for the entire issuance.
InterestÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
The global bonds will bear interest at 10.625% per annum from
September 16, 2004, payable semi-annually in arrears.
Interest Payment Dates ÏÏÏÏÏÏÏÏÏÏÏÏÏ
March 16 and September 16 of each year, commencing on
March 16, 2005, payable to the persons who are registered holders
thereof at the close of business on the preceding March 1 or
September 1, as applicable, whether or not a business day.
Issuer Redemption ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
The Republic may not redeem the global bonds prior to maturity.
Status of Bonds ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
The global bonds will be direct, unconditional, unsecured and
general obligations of the Republic. Except as otherwise described,
the global bonds will at all times rank at least equally with all other
unsecured and unsubordinated External Indebtedness (as deÑned
in the accompanying prospectus) of the Republic. The full faith
and credit of the Republic will be pledged for the due and punctual
payment of all principal and interest on the global bonds. See
""Description of the Securities Ì Description of Debt Securities Ì
Status of Bonds'' in the accompanying prospectus.
Negative Pledge ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
With certain exceptions, the Republic has agreed that it will not
create or permit to subsist any Lien (as deÑned in the accompany-
ing prospectus) on its revenues or assets to secure External Public
Indebtedness (as deÑned in the accompanying prospectus) of the
Republic, unless at the same time or prior thereto, the global bonds
are secured at least equally and ratably with such External Public
Indebtedness. The international reserves of Bangko Sentral ng
Pilipinas (""Bangko Sentral'') represent substantially all of the
oÇcial gross international reserves of the Republic. Because
Bangko Sentral is an independent entity, the Republic and Bangko
Sentral believe that the international reserves owned by Bangko
Sentral are not subject to the negative pledge covenant in the
global bonds and that Bangko Sentral could in the future incur
External Public Indebtedness secured by such reserves without
securing amounts payable under the global bonds. See ""Descrip-
S-5


tion of the Securities Ì Description of Debt Securities Ì Nega-
tive Pledge Covenant'' in the accompanying prospectus.
Taxation ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
The Republic will make all payments of principal and interest in
respect of the global bonds free and clear of, and without withhold-
ing or deducting, any present or future taxes of any nature imposed
by or within the Republic, unless required by law. In that event, the
Republic will pay additional amounts so that the holders of the
global bonds receive the amounts that would have been received by
them had no withholding or deduction been required. See
""Description of the Securities Ì Description of Debt Securities Ì
Additional Amounts'' in the accompanying prospectus. For a
description of certain United States tax aspects of the global bonds,
see ""Taxation Ì United States Tax Considerations'' in the accom-
panying prospectus, and ""Taxation Ì United States Taxation''.
Cross-Defaults ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Events of default with respect to the global bonds include (i) if the
Republic fails to make a payment of principal, premium, prepay-
ment charge or interest when due on any External Public Indebted-
ness with a principal amount equal to or greater than $25,000,000
or its equivalent, and this failure continues beyond the applicable
grace period; or (ii) if any External Public Indebtedness of the
Republic or the central monetary authority in principal amount
equal to or greater than $25,000,000 is accelerated, other than by
optional or mandatory prepayment or redemption. See ""Descrip-
tion of the Securities Ì Description of the Debt Securities Ì
Events of Default: Cross Default and Cross Acceleration'' in the
accompanying prospectus.
Listing ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
The Republic is oÅering the global bonds for sale in the United
States and elsewhere where such oÅer and sale is permitted. The
Republic has applied to have the global bonds listed and traded in
accordance with the rules of the Luxembourg Stock Exchange.
The Republic cannot guarantee that the application to the Luxem-
bourg Stock Exchange will be approved, and settlement of the
global bonds is not conditioned on obtaining the listing.
Form, Denomination and
RegistrationÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
The global bonds will be issued in fully registered form in denomi-
nations of $1,000 and integral multiples thereof. The global bonds
will be represented by one or more global securities registered in
the name of a depositary, its nominee or a custodian. BeneÑcial
interests in the global securities will be shown on, and the transfer
thereof will be eÅected only through, records maintained by the
depositary and its direct and indirect participants. Settlement of all
secondary market trading activity in the global bonds will be made
in immediately available funds. See ""Description of the Securi-
ties Ì Description of the Debt Securities Ì Global Securities'' in
the accompanying prospectus.
Further Issues ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
The Republic may from time to time, without notice to or the
consent of the registered holders of global bonds, issue further
bonds which will form a single series with the global bonds. See
""Description of the Securities Ì Description of the Debt Securi-
ties Ì Further Issues of Debt Securities'' in the accompanying
S-6


prospectus, and ""Description of the Global Bonds Ì Further
Issues''.
Use of Proceeds ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
The Republic intends to use the net proceeds from the sale of the
global bonds to provide capital to National Power Corporation for
its use in meeting its Ñnancing requirements and for the general
purposes of the Republic, including budgetary support.
Fiscal Agent ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
JPMorgan Chase Bank.
Governing Law ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
The Ñscal agency agreement and the global bonds will be governed
by and interpreted in accordance with the laws of the State of New
York. The laws of the Republic will govern all matters governing
authorization and execution of the global bonds by the Republic.
S-7


USE OF PROCEEDS
The Republic intends to use the net proceeds of US$743,116,597.22 from the sale of the global bonds to
provide capital to National Power Corporation for its use in meeting its Ñnancing requirements and for the
general purposes of the Republic, including budgetary support.
S-8


RECENT DEVELOPMENTS
The information in this section supplements the information about the Republic that is included in the
accompanying prospectus dated April 15, 2004.
Recent Political Developments
Recent National Election Results
On May 10, 2004, national elections were held for the positions of President, Vice President, twelve
Senators, more than 200 Representatives and all local government posts (excluding Barangay oÇcials). On
June 24, 2004, pursuant to the Constitution, the joint session of Congress declared Gloria Macapagal-Arroyo
and Noli de Castro as President-elect and Vice President-elect, respectively. They began their six-year terms
on June 30, 2004.
Both Mrs. Arroyo and Mr. de Castro are members of the ruling Lakas-CMD coalition. The ruling
coalition enlarged its majority in both the Senate and the House of Representatives in the new Congress which
convened on July 26, 2004. Certain opposition candidates, including defeated presidential candidate Fernando
Poe, Jr., are questioning the election results, alleging fraud and disenfranchisement of voters. On July 23,
2004, Mr. Poe petitioned the Philippine Supreme Court, acting in its capacity as the Presidential Electoral
Tribunal, to order a recount of approximately 60% of votes cast nationwide. In response, President Arroyo and
Vice-President de Castro have asked the tribunal to dismiss the petition for lack of merit.
Arroyo Administration Policy
On June 28, 2004, President Arroyo announced a ten-point agenda of policy priorities for her new six-year
term in oÇce. The President's agenda includes the following goals:
, creating six to ten million jobs in six years through increased support for entrepreneurs, increased
lending to small and medium enterprises and the development of one to two million hectares of land for
agriculture;
, improving education through the construction of new classrooms, the provision of books and supplies
for students and scholarships to poor families;
, balancing the Government budget;
, spreading the beneÑts of economic growth through expanded transportation networks and digital
infrastructure;
, providing electricity and water to local communities across the country;
, alleviating congestion in Metro Manila by establishing new government and housing centers in other
regions;
, developing the Clark Special Economic Zone and the Subic Bay Freeport Area as international service
and logistics centers;
, automating the electoral process;
, completing the peace process with rebel groups in the Philippines; and
, promoting reconciliation among opposing political movements.
Concurrently with President Arroyo's ten-point agenda, the National Economic and Development
Authority (""NEDA'') announced the elements of the National Development Agenda intended to sustain
economic expansion in the Philippines and reduce poverty. The speciÑc goals announced include:
, achieving a balanced budget by 2009;
, managing inÖation by enhancing agricultural productivity and increasing energy independence;
S-9


, improving logistical eÇciency through reforms in energy supply, shipping, telecommunications, and
transportation and increased investment in infrastructure;
, supporting the growth of information technology, electronics, mining, automobile manufacturing,
shipbuilding, tourism, medical services, agribusiness, housing and small and medium enterprises;
, enhancing social justice and alleviating poverty in Mindanao and other areas aÅected by political
conÖict and economic isolation; and
, improving governance and reducing political discord.
On July 26, 2004, President Arroyo gave her State of the Nation Address. In it, she announced that her
administration would pursue Ñve key reform packages, including:
, job creation through economic growth, stimulated by reducing the Ñscal deÑcit through reducing
government costs and raising revenue;
, reduction and elimination of corruption through good government, including implementing judicial
reforms, strengthening the role of ombudsmen, and reducing government ineÇciency;
, improvement in social justice and basic needs through environmental reforms and promotion of the
agribusiness sector;
, expansion of technical and vocational training, and English and science learning; and
, achievement of energy independence and savings by securing suÇcient production and distribution of
energy through the privatization of National Power Corporation's power generating facilities and
transmission lines.
As part of its economic growth agenda, the Government has announced a Ñscal consolidation program
that aims to achieve a balanced budget by 2009 and reduce the consolidated public sector deÑcit to GDP to
6% in 2005 and 3% by 2009. The Government has proposed a number of legislative and administrative
measures intended to generate approximately Î100 billion in additional revenues and savings per year (based
on current levels of revenues and expenditures), including:
, tax measures such as the indexation of taxes on tobacco and alcohol, an increase in excise taxes and
duties on petroleum products, incremental increases in value-added taxes, a new tax on telecommuni-
cations, new gross income taxation for corporations and self-employed individuals, and a tax amnesty
program;
, repeal of Ñscal incentives which are ineÇcient or redundant, or that are inconsistent with the rules of
the World Trade Organization;
, removal or transfer of employees of revenue-collection agencies which fail to meet performance
standards;
, upward adjustment of fees and charges generally; and
, improvements in the management and control of Government-owned and controlled corporations.
Also, the Government intends to restructure and reform the Ñnancial sector by:
, strengthening the supervisory powers of the monetary authority;
, institutionalizing corporate governance standards;
, establishing credible credit information through domestic credit rating systems;
, improving the regulation of credit cooperatives; and
, professionalizing management of state pension funds.
S-10


Document Outline