Republic of the Philippines in $750 Million Debt Offering

August 1, 2006

Cleary Gottlieb advised Citigroup, Deutsche Bank Securities and JP Morgan as underwriters in the Republic of the Philippines’ U.S.-registered global offering of $450 million 7.75% bonds due 2031 and $300 million 8.00% bonds due 2016. The offering consisted of re-openings of a $1.5 billion issuance in January 2006 and a $1.0 billion issuance in September 2005.

The Philippines is the most frequent sovereign borrower in Asia outside of Japan. Cleary Gottlieb is the designated underwriters’ counsel for offerings by the Philippines.