MIGA issued $25 million in coverage to Internationale Nederlanden Bank, N.V (ING) of the Netherlands for its 15-year shareholder loan of $27.8 million to ING Manila Offshore Branch (ING Manila). This was MIGA's first guarantee of an investment in the Philippines. MIGA's coverage was extended against the risks of currency transfer and expropriation.

ING Manila, a leading trader of foreign currency-denominated Philippine debt, recently expanded its operations to include underwriting of Eurobond issues, foreign exchange trading, currency swaps, and the placement of international equity offerings by Philippine corporations. This shareholder loan will enable ING Manila to establish a financing facility for local companies emphasizing project, privatization, and export financing, as well as loans for private corporate debt restructuring. ING Manila will lend to a variety of economic sectors in the Philippines, thereby benefiting a broad spectrum of businesses by making additional capital available.

-- Contract Replaced --