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{'he P}rilippines wT'{t'P}vG/149Page 5
L DEVtrLOPMEN'I"S IN THA SICONOftIY: 1999-?004{1}
O\'gnal,LEcoNOMrcpHRF{}RMANCE1. Since its last review in 1999,
gross dom*stic product (CDlli grer.v annr,rally b,v an avefagc
of4.5% and in ?004, GIIP grew b"v 6.1ok, the highest rate since
1997, "I'he grorvlh r,vas ancnried b1,strength in the services,
industry and agriculture sect$rs. Gross national prcduci (GNP-)
also expanderlby 6.1% in 2004. The imprr:velnents in the eccnon"ry
call be attributed to the (iovenrrnent's soundeccucmic management
as rvell as the consistnt den'rand for overseas l;ilrpino workers
especiallyprofessional workers, the increase in minimurn wages for
non'agricultural workers and the continueiiinvestments in the
infnrmation and communications technologv {lC'I) sector and power
andconstruction industry.'Iable ISelectcd ll{acroeconomic
Indicrtors
Sourre . Nalional Statistical Cnordination Soanl; National
Bcorr*rnic Developmenl Auihorit-r'.2. The Ptrilippifle ccononr),
continues io demonstrate resiiiency anrl growttr. although a
fiscalproblem has enierged which is currently being addres$ed as a
prjorit)'. {let1ain events and factorsiluring thc past 1-rv* years
did pose challenges io the country's economic performance" ranging
ironrthe sxternal shocks of the $eptember 20{i1 Wcrld l'rade Csnter
and October 2002 Bati bombings. theLJS-lraq r'l'ar, Severe Acute
Respiratory Syndrome {SARS) and the avian virus epirlemics, as well
asinternal events, such as ten:orist threats. a failed nrilitary
mutiny in 20{13, the &1ay 2{XJ4 clections. ;,rnda series of
calamities ton'arils tlie errd o{2fiA4.{3) Ssc'roRal, CRnrvlu3. hr
2004, the sen'ices sector was the niost inrportant driver of ths
economy, contributing about3.4-.4r; to GDP grarvth and accounting
l"or 479'o share of the total GDI'}. All sen'ices sub-sectors
postcdacceierated grorvth with the highest rate retlected in th*
communications industry. bnrught abr:ul brvthe Gov*rnnrent's
previcus liberairzation efforts in telecommunications and retail
trad*. J'be niobilccellular sen'ices industry conlinues to wiclen
its c*nsumer base througlr innovative nretltcrds andapplicati*ns,
rvhici: in turn creatr{i new businesses and retaii channels.4.
Industry contributed i.87a to total GDP grow{h in 2004 and
aceornted for 33% share to toialGllF. ln 200 l, the global economic
slorvdorvn disrupted the iip*rard direction oithe indultry
$ectorwith the decli** in constructio* and mining and q*arrying,
Manuiacturing attd electricity, gas andw'ater grorvth performance
also slackrned ciuring this year. 'This has since ir:rproved.
Manulbcturingperfgrrned strongly and construction reboun
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wtlTPR/Gn4qP*ge 6 Trade Policv lLeviery
rehabilitation of ir:igation and post-harvest f"aeiiiti*s,
aggressive distributi*n oi'high-yielding variervand hybrid seeds,
fertilizer and financiallcredit prcgrams.Table ?Iiecforsl {irawth
Ratrs rnd Share {}f {;l{PI Percixlt)
Note: Dctails Bley noi add i:p t$ l$iais dLrc tc
rounding.^9oro"ce: biattnnal Statistic*l Coordination Board;
Natir:nal Icr;nonric Development Aurhoriir{3i [ix'rsnnAL "fnA$t:6.
l:ree enierpri$e continues to guide thc governmeilt's policie$ and
progranrs in stinrulatingbusiness and promotins compctition.
H*w*r'er. the export of goods and scrvices {at coilstafit
pnces}grew only bv a modest average of 7.26% for the five-year
period. 'lhe ratr rvas putled down by aslump in warld
semiconductors industry in 2{.}i11. Hlectronics continue to
driminate a large pofiion ilftotal expor"ts (in current dollars)
n'ith semiccnduciors alone accounting for 47ota *t goods in
3004,lblla*'ed b5' garments (5.5%) and machineqv rr,rd traxspofi
equipment (4.0%). The top threedesiinations Ibr exports are Japan,
lJnite{i States arrd \ietherlands. Sen,ictrs rxp{ifts rehoundcd
in2004 after several years of ciecline. iirowth canrc {i-onl
iucreassd iravel. tra:rspL}rtation anci busrncssproccssi ng
outsL)Lrreing activitiis.7. lmp*ri,s of goods and sen,ices {at
constant priees) also grew at an a1'eragc ol
^i.G2'}.i,.f-ilectronics and components, oflice and BDP machines,
telecgmmunicatirurs equipment. urincral {ueland lubric*nts,
industrial machinery and cther capifal equiprnent coilstituted
nrajoritv r:f irnpcrts"Trbl* 3'I'rade $erfrrmancc
1S99 ?000 :001 ?002 :{}0.r 20{}dAgriculture(ir*rvth rate 6.5 1,4
l.? l.g .1.$ 4.q$hare 2$.2 20.0 t9.9 te.1 tq $ le:IntlnrtryGrowrh
rare 0.9 4.9 0.9 i.rr 1.8 5.3Sharc j4.5 1.1.: 14,8 34.,{ ,t-1..I
}i.lSeryiceefirowlh ratc 4.0 4.4 4.1 i.l :.r t..fShare 4-{.3 45-3
45.-1 15.8 46.r ,{i.:
'['otal exports of g*ods nnd servlcesh{erc}randise
exyrrls{N0n-laclor sen iresJ'lirtal inrports ofgoodr and
serviceslvleichandise impons(Non-factor sen'ice$)
17.^t22.1-3.34.i)
10.2-11.2
-:i.4-1.6
-1i.0_1.51.1
-2ri.2
3.65.0
-1.h4.7ft.4
-t6.8
I "X.1)
liri 1.66..r'6.1.t.5
Source. Natiolal Slatistical Coordinatio* lloard.
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The Philippines rvT/TPRlGtr49Pag* 7
II" I,IBARALIZAT'IOI{THROU{;T.f I}OS{NSTIC IIIF{IRfuI(1)
S'r'nucyunal,RriF()R${8. Structural refoffil$ have lcng been
recognieed by the Governnrent as fundarne*tal elenrents toar:hieve
eccnomir-. pr*sprsligy and growtli. Subsequentl,v, a nurnber of
cdtical econcmic reform billswcre passed and new policies were
inrplernented during the period oi'revier,v fionr i9?9-2004
tostrengthen ttrre banking sector, improve asilessi to credit,
restructure the electric pcwer industry,aridress the fiscal problem
and inrprove governance"Fiuancial Ser:tor9. 'Ihe General llanking
Act of 20ii$ increased the capacity of the "Bcngio Sentr{}l ng
l}ilissinas'{Centrai Bank cr tsSP) to take prompt corrective action
against problem banks. ln 20*1. glidelineswere issued fo reinforce
the f3ank's regulatory aversight firnctii:ns and lc tighten
provisionary-requirenients as rvell as to level the playing field
betrveeft foreign currencv and peso intenriediation.10. The
Anti-Nlcni:"v- Launelering Acl of 2001 anri ils aurendments {lt;\
9i4fl) intr*duced in 2{}{)llorvered tlie deposit threshold at
rvhich bank regulators may iuspect {rom fbur: nrillion pesos to
hal{'iimiliion pescs. The Act demonstrates the Governmenl's
comlrlitrneul in th':: gl*bal cntsad* againstrrx,ncv
laurrclering.i1. In ?CI{}3, Congress passed the Special Purpose
Vehicle iSP\t) Act. providing thc iiat;:cr,vorkfar hanks to sell
ncnperfomring assets to third parties and granting fiscal
i*centives and rcgulatcryrelieJ'far such transfer or saie by banks
and other financial instirutions. The Securitizatictn Aci of
2{iil;1strengthens li-rrther the SPV fiamework. lt is intended t*
c,reate an cnabli*g enr,'irtnment forsecuritization as a means of
der.eloping the dotnestic nrarket and to hamess its patendal tn
gercratinp,long-term fllnds to support broader business
undertakings.X.{ict'olinance12, i1 ?000. the BSP declared
microilnance as its {lagship progrant in support of"
thegovernment)s ilrrust of polisfiy alleviation. In setting tlre
path for the deveioplnent clf a suslainahl*nicrcllnance sector, the
IISP foc,used on fostering a f'avourable polic"v and reglllatory
elvirr:ltmrnt.providing training and capacity briilding and
incorporating promotion and advr.:cacy irr its progralrls.i3. More
specifically. on the policy reform sirle, the ltSP issu*d circnlars
ir: jumpstart t}:rerievelopment of miclofirrance. 'fhese circulars
are enumorated below:
Circular Nr:.2?2 ilefines microiinance loans as small ioans not
exceedilg Pl5().000granted t0 the basic :iectors. poor and
low-incolr:e hoLrseholds lsr thcirmicroenterprises and small
busrnesses. 'fhese loatrs are granted otr tire trasis af
tlieborrowers' cash iloll' and are typically uttsecurcd;Circular
No, 273 lil1s the general moratcrjum on the licensing of nen thritt
and mralbanks to allorv the entry of microfinance-oriented
banks;Circuiar No.282 sets rhe guidelines governing the
Reciiscor.rnting f acility availahle torural banks and cooperative
banlrs fbr tlie p$rpose of prr:viding liquiditt, hs:;rstlllcf
tt-)$upport and promote microfinancqt proqrams;
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WT/'I'PR/$/149Page I l'rade Policy Review
- Circular hios. 340.365,3{rg, set rules and reguiaticns fcr thc
establishment ofbranches of misrofinance-oriented bankslloan
*allection and disburse*rent poilirs;- Circular Na. 364 provides a
lower risk weight fbr banks' ShlE and niers]finance loanportli:lios
that ntcct pluclentral standards. l'his rrduction in risk lr'eight
allor,vs bauksto $ttppofi a potential expansicn in Sl\,{E and
n"ricrofinance loans and helps promotegrowth ancl developmenr
o{'SML,s thrr:ughcut the coul]trv.
{reation t"{ Credit ln{*rrztation Bureau14. T'c suppo:1 banks'
accesr; to credit informatior"r. the fSSP is pushing for tire
furn-ration of acentral credit bureau, which lvould liold a
centraiized databank of b*rrowers' history o{'rransacririns.Tltis
r.vould allow banks to lol'er their interest rates since the bureau
couid pare dcu,n l*sser i:vcarefilly assessing customers'
credit.historv.'I'he enabling larv rvhich wili creatc a ceniral
bureau isstill pending in Congress. In the in{erim, the BSP issued
guidelines in June 2004 govcrnrnu, thcdeveiopment and
implementation af banks' internal credit risk rating systerns to
enriure that banks'credit management processes afe sound and
effective.SEC Rr:/itrtzzs an Non-hank Ftnanci{rl Seclor1 5. In
2004, the SE{l spear}readed the crsation cf a blueprint for the
developnrent of the n$n-L}alki'inalcial sy$tsm. Though,:till in the
fiiialjzatian stage. parls of the blueprinr are already
undcrgoingimplementation.16. Foliowing the banking sector's lead,
the SE{, has laid out the guidelines ftrr the eventral shil'tto a
risk based capital adequacy frarnew.ork amrrng its regulated and
nionitored entities. Like'.rise,SE{l approved the creation eil'a
Fixed Inc*me Exchange (FIHX) tn 2$t\4. Ihe FIEX ser-r'ss as
asccondary market fi:r govenrment sccuritics and an alteruativc
source o1'fund* fionr the traditi*naliranking sys{s1}1. The $yst*m
is cxpcctcd to irs fully opemtional in 2005.7't'u^sl l; unrjs17.
Througlr Circular N*" 447, the BSP paved the '.vay fcrr the
creation rrf |,-uit lnvestmcnt 'fruslFuncls (UII'F) by autliorized
trust entities. IJIIf; is an impr*ved version of Con:ni*n Trust
Funtls{C'I'F} s,hich is a collective inve$tment scherre sinilar to
a rnutual fund that pools the investrnents ofsmall irrvestors into
a larger fund under prol'essional managefient tilat is ablc to
a*cess rnorc r+upe riorinvestnient oppo$unities that ilre not
nonaally available to individuai players.18. Horvever, unlikr:
C'IFs. tJl"I'lis are not subject to reserve requirenrcntl; and arc
not c*nsidercdin single borrurvers limit calculations because BSP
considers UITf s 1o havc clearer safeguards thateJfectively
drstinguish them from deposrt substitutes. l'l're BSP expects
lJlTFs io calnpletely 1g:place{-lTFs over time.Power Sector19. The
Electric Power kidusttl' Reform;\ct cl 2001 rvas signeci into
lar'in 200i' lt is designedio bring {arEn electricity rates and to
improve the delivery of porver to end-users by encouraginggrealer
cOmpetiti*n and efirciency in the electric pcwer industry. I'he Act
alr
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The I'hilippines wT7'['Pt{/G/149Page I
2CI. |{APOCOR was granted an increase ol 98 c*ntavos per
kilorratt-h$ur and thc S:ovLrnulii:ntalsr: ahsarbed P200 billion of
the corperration's debt.'J'i:ese are fxlrecred {o inrprcvr::
Nr\I}OCUI{'sflnanciai positio*.Fisc*l llolic.v?1 . ln supporl of
fiscal tonsolidatioo cffbrts, ihe Philippine {iovsrnment sr:ught ru
rmpl*r,r {heopsrations of revenue coliecting groupii, such as ti"re
lJureau *f lnterual R*:venue nnr1 l]urrau of'Custcnrs fo meet its
revenue targets^ Infbnnation and comnrunicati*n tr:chnulog-v was an
inrpcrtanttoal io modemize these agencies' operations and enhance
productivity.22. On the legislative front, the President signed
inta law on 20 flecember ?{)04 the bili onindexation of excise
taxes on alcohol and cigiirett*s, one of the neasures to *ddress
the weakness ofthe current excise tax system. Tlie lawb*came
effsctive on January 1,2iX}J. Thc l-ateral Atiritir:nLaw {RA 9335)
u,hich seeks to improve the collection performance of tlre [Jureau
of Custorns and theBureau of Intemai Revenue through a rervards and
penaity systcrn r.vas also signed intr: larv inJanuary 2005.
Meanwhile. V,{'f relbrrn and tlre rationalization o{'{iscal
inccntivcs afc cilrrsntiy t}sinUdclihcratccl at thc Senate.23. The
Governrnent aiso purs**d expenditure rationalization and
nanagilnent pfograms. :iuch asthe adoptioti af the Organizaticnal
Performance Indicators Framework to enable agencics to fbcus
onstrategic programii and p?ajects and e\tablish the linkage
between the agerrcies' rna.ior t'inarrcialoutputs and tho
objectives. Other aspects of the program include the ccinduct of
Agenc.v PsrfbrrtariceR"eviews. which is the basis for rescurce
allocation decisions and the implerrentalion *n *-BurigclSystem fur
the computerieed pra*essing of budget releases and preparation
u{'accctuntabilrtv rtp(}rr$.Good {iovern*tc:e
2,4. Tc create greater trannparency. a*countability, efficiency
anrl equai oppr:r"tunity in tir*go\'ofi]ment procurelnent
systefi:r, the Governnent Frr:curemenl Rcform ,A"ct of 2002 was
eilacie{i irltfilaw in January 2003. As part of the goverfinrent'$
effort ta widen public acrerls' it impiemented the e-Procurement
System (EPS), an intemet*based service which include: a Public
l-ender [']sarcl f'orprocurement notices; a cataloguf; an*i virtual
store for procurement se rvice tra$sactionri witilgovernment
agencies: and a suppliers' registryr to provicle agencies a
colrlnron list af accreditedsuppliers to support invifati*ns to
bid.25. 'fhe Govenrment also st*pped up eftbns to rnake the Bureau
of Int*rnal ll"evenue and l]urcaur:f'Customs its showcase agencies
in the light against ci:rruplion. Adurinisll'ative casss anil
lbrmalcharges have heen liled against dclinquent personnel. l'he
tiovemmcnt al$o s
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wT/'IPIr/G1149P*ge 1{.1'fnd Pli$teiew
than tJS$830.000; or (b) specializing in high-end or luxury
prcducts provided that the paiil up capitalper store is not less
than US$250.000 (Ser:tion 5 of'RA 8?62).2l . Executive Order 389.
prornulgating the Sixth frorcign lnvestment \egatite l-ist" was
issu*cjon 30 I'iovsmber 20S4 arrd taok eff'ect on 7 January 2005.
If reflecls twri changes to List A, whichlinrits loreign owrership
by mandate of the Constitution and specific laws. ltern 7 o{' List
A rvasclarified trl intlicate that small-scale utilizatiorr nf
natural resource$ in rivcrs. lakr:s. bays and lagoonsis also
res*rved tu Filiprno citizens as provided under A$icle XII Section
2 of the Constitution. lnItent lS, "Orvnersliip of private lands."
Section 4 of RA 9182 ol the Special Purpose Vehiclc Acl wasaddeii
as a legal basis for the 40 percont foreign equity linritation for
privatc land orvr,ership inaciilition to Article XIl. Section 7 $f
the Philippine Constitution and Chapter 5, Seetion ?l
r:fCommonq,ealth Act No, 141.28. i\it changes rnere n:ade t* List
B, which ccntains activities rvhere foreigrr orvnership rs
limitedfbr reasons ol' security. defense. risk to irealtli and
morals as ll'ell a$ protertion o1'domestic marketenterprise with
paid-in equity capitai of iess rhan the equivalent of
US$200,0{i0.29. 'l'he rules and guideiines on the establishment and
n:aintenance r:1'r:ruliinarianal comp:uries'Itegional or Area
Headquarters (RHQs), Regional Operating l.leadquarters {ROf{Qs),
and RegionalWarehouses (RWs) was signed into larv i* i\r:r'ember
1999 (Republic Act No. 8?5{r). 'l'ire lax'provides fbr Javourable
tax treatffient and other nnn-fiscal incentives, for both the
Rl:{Qs anrl {tOH{}sanri their alien and Filipino erlployees) lt
expands the eligible locaticns ci rcgional rvarehouscs toinclude
eco*cmic zones and relaxes the limjtations on the storage periad of
gaods and the withdrau'ai*t'goods far damestic use. The larv also
$ets our nerv imrnigration procedur*s, prcviding for a
langerlcsirir:nt.' r'isa to expat riate pcrsonncl.30. Starting
2${)2, thc Pl'riiippine Annual Investrrerts Priorrties Irlan ilPf}}
u'as shrnened butmade nrorc tbcused, 'I'he Plan fccused on
identified econontlc priority areas and activrtics. at thenational
and regional levels, witir the ob;ective o1'accelerating the
prornotion oJ'd*rnestic and larergninyestmcnts to srlstain the
country's growtli r:lomelltum. In 2004. tirc IPP gave emphasis
onsustaining globally ctxrpetitive industriei; given an environment
of rncreasing trade iib*rahzatiott.Nerv areas such as rnedical
t$urisnr and environmenial ser,,ices packaging nere included in the
20(]4]FP.31. Tl:r: Government tjled e motion f'or the Supreine
Court to reconsid*r.its .lanLrary 20$4 dccisionon the
unconstitutionaliti' o1' foreign cwnership in the il4ining Act of
2{l{15 urrricr th* proyision ,tnFinancial or Tcchnical Assistance
Agre*menl anri Mineral Procrssing Permits. ln Decernber 200;1.
iheSupreme Court reversed the negative legai decisiou, The
development is expecred to rcvir.e thcunder*perforrning n:ining
industry r',.ith the projected investmetrts in large-sctrle
rneraliic rrtininr andmineral.exploration activt ties.
III. TRADE POLTCV Df,VtrT,OPMIIIT'S{l} Tss PHu.tppthiris
At'iD'rHr WTO32. T'he Phiiippines hclds with importance its
men:bership in lhe World Trade Organization atrdrecoglizes the
value af the WTO's achievernents in fostering a nlore open.
transparent. predictableancl cornpetitive environment. With its
ntembership in 1995, the Phiiippines madei substanrialc$mmitments
on market access and at ths sanre ti.me continuecl to cons*lidate
tlre liberalisationprogramme urrder tlie l.ariff Refbrm Pr*grarn,
urrdenaketr unilatcrally since the ltlB0s.
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33. The Philippines also completed implementation cif its
commitmenr undcr thc lnfonnarionTi:chnology Agleem*nt *'ith tlre
issuance cf Executive Order 395 on 3 1 Decernber 2{}04
elimrnarrnsthe duty on certain sensitive iT prrrriurts.{2} 'I't'{[
l]SA NstG(}TtA't'r0Ns34. 1'he Piriiippines i: an actjr.c
participant in all negotiations ansl rneetings including rhe
r,ariouscommittees anei working parlies. tt fully supports tire
Doha l)rvelopmeirt Agenda {Di}A). stressingconsistentiy that the
rnultilaterai trading system can genuinely contribute to econ*mic
grovr,th anddeveiopment il' the negotiatjons remain true to its
developrnental spirit. Developing counrricscnnstitrite majority of
WTO m*mbers and priority must be given to their needs anrt
concenrs. As afcunding member of'the G-20, the Philippines is
rieeply cr:ncerned with and *'ill continue in thecour$e of th*
negeitiatiolls to work towarcls corccting the in"rhalances or) th*
drstributinn o{"bonrlirsaccming from ths niultiiateral trading
system.ttrgricu,lture35. The Philippines believes that the DIIA
should load tou'ards ihe balancrd cmphasis on tlu:thr*e piliars of
the negotiatians. namely market accesi$" export subsidies anri
domestic supp$rt, it B'illcontinue to suppofi for substantial and
permanent refbnns in domestic support disciplines and
iheeliinination af export competition measures with clear
deadiines. T'h* Philippines fully suppor-tsparagraph 11 {Annex A)
c-f tire Ceneral{ouncil (CC) Dccision of July 20t},1 rvhich
al'finns thc prrlicl'space frrr developing countries t$ pur$ue
dr:velopmental goais. Paragrapir I .l cxerlJrtr ti-ani
an-vreduction commitments der.'*ioping countries that have
allocated or iltend to ailt'rcat* urost ol thcir ;lrtninimis suppod
fcr subsistence and resource-poor fartners.3{r^ The Philippines is
committed to ensure that paragraph 4i (Annex A} oJ"tlie {.i{-:
dccisionrecognise fully the c{}ncept of' $pecial Products ai:cl the
fi.rnciamental rig}"rt af develr:ping connt4,Members to designate
products as vital to lheir food securiry, liveilhoad securit-y. and
ruraldevelopmett needs. The GC decision a$sufes th*t Special
Frcducts, which is separate and ciistini-tliolx sensitive products,
will be entitled te) the most favourable and flexibie trratment.N
rt u -A gri cu ! t tu'e Ma r ke t li:c'sss31 . fo presr:we the
flexibiiities of developing countries, the Fhilipprnes supports a
ftrnrrulaapproach using trvr: soelflcients; olre for devclaped ancl
anotirer lbr ih* cieveloping counlries. 'fheoutcome o{'the
negotiatiitns shouki take into acci}lurt tlre tsrifi'rednctioll
progt'alnn)es pl;rsucdunilateraily by develapirrg coufltrie$. 'l'he
binding af'unbaund tariff tines slrould. in itse11, be accr'ptc-das
a rua.ior c*ncessicn and. hence, therc sl:ror"rld bt no reduction
cotnrnitments for thcsc tarii}"lines, Forunbound tarifls, there
should be flexibilities fbr deveioping countr:ies to i:ind at
ievel; liigirer thanr.hat is proposed in Annex ll of the .luly G{-l
decisiqrn and to exetnpt a greatcr pci"cenlnge fionibin{i1g^ T'he
liirilippines also recr:gnizes the importance o{'addle$sing
non-r:arilf barricrs (N'l'$si. Itwoulcl be uscful to have a focused
discussion on NTIIs and how ta acldress tltetu beginning
rvtthproclucts cl'exp*n interest to many developing coutttrisii
such as the textiles *nd clothitru $ectof.Services38. The
Philippines jcinecl other countries in submitting prr:posals on
tirc guicielincs andprocedures fcrr negotiations in tracie in
services anc.l on the liberalizatir:n of Slode 'tr' Liberalization
oftelxporary nlovem$nt oi natural pers$n$ adriresses imponant
market acces$ collcerns of develnpingand cleveloped copntries
alike. The Philippines slrares the disappoinhnent of sonie metnbers
on theaualitv of comm:itmcnts in at:eas where developirrg
cot"lt'!trie$ havc comparative arll'atrtages.
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w'u'fplt/Gn49Page 1? l'rade Folicv Retiew
specifically fbr categories af personnel not related to
r:onrmercial presencc and at ft:rver skill lcvcis.{lunent oI'{i:rs
essentially do nol firovide substantial inrprovenrent$ to existing
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8/3/2019 Trade by Sir Franks
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'I'he Philippixes \1T/TPRIC/I49Page 1J
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