THE REPUBLIC OF THE PHILIPPINES UNDERWRITING AGREEMENT STANDARD TERMS (DEBT SECURITIES AND WARRANTS)Underwriting Agreement • September 5th, 2012 • Republic of the Philippines • Foreign governments • New York
provisions of the Securities and the Fiscal Agency Agreement, provide a fair summary of such provisions, and the statements set forth in each of the Time of Sale Prospectus and the Final Prospectus under the heading “Taxation—United States Tax Considerations,” insofar as such statements purport to summarize certain federal income tax laws of the United States, provide a fair summary of the principal U.S. federal income tax consequences of an investment in the Securities.
