Republic of the Philippines in $1.2 Billion Sovereign Debt Offering

September 25, 2006

Cleary Gottlieb represented Goldman Sachs & Co. and J.P. Morgan Securities Inc. in a simultaneous SEC-registered exchange and cash offering by the Republic of the Philippines of $1.2 billion of 7.50% Amortizing Global Bonds due 2024 and 7.75% Global Bonds due 2031. The offering closed on September 25, 2006 and the bonds were listed on the Luxembourg Stock Exchange. The exchange offer was extended to holders of twelve types of old bonds, to exchange their bonds for the new bonds.