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TMCNet:  The Republic Of The Philippines Announces Preliminary Results Of Its Invitation For Offers And Satisfaction Of Financing Condition

[November 16, 2012]

The Republic Of The Philippines Announces Preliminary Results Of Its Invitation For Offers And Satisfaction Of Financing Condition

MANILA, Philippines, Nov. 16, 2012 /PRNewswire via COMTEX/ -- The Republic of the Philippines (the "Republic") is announcing the preliminary results of its invitation (the "Invitation") to holders of certain series of its outstanding bonds (the "Bonds") to submit offers (the "Offers") to sell the Bonds to the Republic for cash in a fixed-spread tender offer. The Invitation was conducted pursuant to the terms and conditions described in the Invitation for Offers dated November 8, 2012 (the "Invitation for Offers"). The Invitation expired at 5:00 p.m., New York City time, on November 15, 2012. The table below specifies, for each series of Bonds, the approximate principal amount of that series that is expected to be purchased and, where applicable, the expected proration factor: Series of Bonds ISIN Acceptance Priority Level Approximate Principal Amount Expected to be Purchased Expected Proration Factor 8.250% Bonds due 1/15/2014.......................................... US718286AU14 1 $266,175,000 100% 8.875% Bonds due 3/17/2015.......................................... US718286AW79 1 $170,654,000 100% 8.000% Bonds due 1/15/2016.......................................... US718286BA41 1 $248,723,000 100% 6.250% Bonds due 3/15/2016.......................................... XS0240387349 1 EUR 116,231,000 100% 8.750% Bonds due 10/7/2016.......................................... US718286AC16 / USY6972CAJ63 2 $0 * 9.375% Bonds due 1/18/2017.......................................... US718286AQ02 2 $0 * 9.875% Bonds due 1/15/2019.......................................... US718286AK32 2 $0 * 8.375% Bonds due 6/17/2019.......................................... US718286BE62 2 $0 * 6.500% Bonds due 1/20/2020.......................................... US718286BF38 2 $190,080,000 50.0% 7.500% Bonds due 9/25/2024.......................................... US718286BC07 2 $143,603,000 100% 9.500% Bonds due 10/21/2024........................................ US718286AL15 3 $0 * 10.625% Bonds due 3/16/2025........................................ US718286AP29 3 $0 * 9.500% Bonds due 2/2/2030............................................ US718286AY36 3 $0 * 7.750% Bonds due 1/14/2031.......................................... US718286BB24 3 $0 * 6.375% Bonds due 1/15/2032.......................................... US718286BD89 3 $0 * _____________ * Not applicable After review of all Offers submitted pursuant to the Invitation, the Republic has determined that the Maximum Cash Consideration of $1.5 billion is not adequate to purchase all of the Bonds offered in Acceptance Priority Levels 2 or 3. Accordingly, the Republic (i) currently expects that, of the series of Bonds with either of those Acceptance Priority Levels, it will accept for purchase only the amounts shown in the "Approximate Principal Amount Expected to be Purchased" column in the table above and (ii) in calculating those amounts, expects to apply the proration factors indicated in the "Expected Proration Factor" column in the table above. Bonds not accepted for purchase by the Republic will be returned to the originating clearing system accounts as soon as practicable, in accordance with the normal procedures of the relevant clearing systems.

The Republic is also announcing that the Financing Condition (as defined in the Invitation for Offers) has been satisfied.

The date on which the Republic pays for the Bonds purchased pursuant to the Invitation is expected to be November 27, 2012, or as soon as practicable thereafter. The settlement of the purchase of Bonds in the Invitation is conditioned upon (1) the continued availability of certain investible funds from the Bureau of the Treasury of the Republic and (2) the receipt by the Republic of the proceeds of its recent offering of PHP30,800,000,000 of 3.90% PHP Global Bonds due 2022, which is scheduled to occur on November 26, 2012. In addition, notwithstanding any other provisions of the Invitation, the Invitation is conditioned on the absence of legal actions or proceedings affecting the legality or the timing of or imposing restrictions on the consummation of the Invitation and certain other conditions described in the Invitation for Offers.

This announcement is not an offer or a solicitation of offers. The Invitation was made solely by means of the Invitation for Offers. The Invitation does not constitute, and may not be used in connection with, an offer or solicitation by anyone in any jurisdiction where an offer or solicitation is not authorized or in which the person making such offer or solicitation is not qualified to do so or to any person to whom it is unlawful to make such offer or solicitation.

The Tender and Information Agent for the Invitation is: Bondholder Communications Group, LLC Attention: Ruth Perez E-mail: rperez@bondcom.com Website: www.bondcom.com/rop In New York: In London: 30 Broad Street, 46th Floor 28 Throgmorton Street, 1st Floor New York, New York 10004 London EC2N 2AN United States of America United Kingdom Telephone: +1 646 470 2802 Telephone: +44 20 7382 4580 Fax: +44 20 7067 9239 The Dealer Managers for the Invitation are: Citigroup Global Markets Inc. Credit Suisse Securities (USA) LLC Deutsche Bank Securities Inc.

Attention: Liability Management Group Eleven Madison Avenue Attention: Debt Capital Markets 390 Greenwich Street, 1st Floor New York, New York 10010 Syndicate Desk New York, New York 10013 United States of America 60 Wall Street United States of America Call Collect (212) 538-2147 New York, New York 10005 Toll-free: +1 800 558 3745 or United States of America Collect: +1 212 723 6108 Call Toll Free (800) 820-1653 Telephone: Attn: Liability Management Group NY: +1 212 250 7527 London: +44 207 545 8011 Singapore: +65 6423 5342 Goldman Sachs (Asia) L.L.C. The Hongkong and Shanghai Banking Corporation Limited J.P. Morgan Securities LLC Attention: Credit Capital Markets Level 17, HSBC Main Building Attention: Debt Syndicate Desk 68/F, Cheung Kong Center 1 Queen's Road Central 383 Madison Avenue, 3rd Floor 2 Queen's Road Central Hong Kong New York, New York 10179 Hong Kong Telephone: +852 2822 4100 (Hong Kong) United States of America Tel: +852 2978 6659 Telephone: +44 20 7991 5874 (London) Telephone: +1 212 834 4533 Fax: +852 2978 0440 Telephone: +1 212 525 0866 (U.S.) c /o: c/o: Fax: +852 3409 1482 Asia Debt Syndicate Desk Liability Management Group E-mail: liability.management@hsbcib.com 26/F, Chater House 200 West Street 8 Connaught Road, Central New York, New York 10282 Hong Kong United States of America Telephone: +852 2800 8007 Toll-free: +1 800 828 3182 Fax: +852 2167 8637 Collect: +1 212 902 5183 Morgan Stanley & Co. LLC Standard Chartered Bank UBS AG, Hong Kong Branch 1585 Broadway | Floor 04 Attention: Capital Markets Attention: Liability Management Group New York, New York 10036 Marina Bay Financial Centre, Tower 1 52/F, Two International Finance Center United States of America 8 Marina Boulevard, Level 20 8 Finance Street Attn: Liability Management Group Singapore 018981 Hong Kong U.S. Toll Free: +1 800 624 1808 Telephone: +65 6324 1740 (Singapore) Telephone: +852 2971 7238 (Hong Kong) Collect: +1 212 761 1057 Telephone: +44 207 885 5739 (London) Telephone: +1 203 719 4210 (U.S.) Fax: +65 6535 1931 Telephone: +44 20 7567 0525 (London) E-mail: Primary.Debt@sc.com E-mail: OL-Liability-Management@ubs.com SOURCE The Republic of the Philippines

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