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03Apr04

Annex "B" to The Second Oslo Joint Statement

Text of proposed amendment to the Custodianship Agreement between the Republic of the Philippines and Philippine National Bank executed on January 30, 2004

WHEREAS, under the Oslo Joint Statement of February 14, 2004, the GRP undertakes to preserve at least PhP 8 billion (approximately USD 150 million) plus interest and earnings from the USD 684 million forfeited Marcos ill-gotten wealth to be deposited in the form of US dollars, and to retain in an interest-bearing escrow account with the PNB the said amount solely for the purpose of indemnifying victims of human rights violations during Martial Law following the precedent in the contingency legal expenses and lawyers fees incurred by PCGG,

WHEREAS, from this amount, the GRP shall indemnify martial law victims of human rights violations, giving priority to the successful plaintiffs in the Human Rights Litigation against Marcos who shall be indemnified without further delay and in the most expeditious manner,

The Custodianship Agreement between the Republic of the Philippines and the Philippine National Bank executed on January 30, 2004 is hereby amended as follows:

The amount of PhP 8 billion (approximately USD 150 million) in the form of US dollars is hereby segregated from the assets covered by the Custodianship Agreement between the Republic of the Philippines and the Philippine National Bank executed on January 30, 2004.

The said amount shall instead be deposited in a separate interest-bearing escrow account with the Philippine National Bank and retained solely for the purpose of indemnifying victims of human rights violations during Martial Law.

The segregation of the amount aforementioned is without prejudice to additional amounts being segregated from the assets covered by the said Custodianship Agreement to augment the aforementioned segregated amount for the same purpose.

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