Document of

The World Bank

FOR OmCIAL USE ONLY

Report No. P-5515-PH

MEMORANDUM AND RECOMMENDATION

OF THE

PRESIDENT OF THE

INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT

TO THE

EXECUTIVE DIRECTORS

ON A

PROPOSED LOAN

IN AN AMOUNT EQUIVALENT TO US$150 MILLION

TO THE

REPUBLIC OF THE PHILIPPINES

FOR A

HIGHWAY MANAGEMENT PROJECT

NOVEMBER 4, 1991

This document has a restricted distribution and may be used by recipients only in the performance oftheir official duties. Its contents may not otberwise be diclosed without World Bank authorization.

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CURRENCY EOUIVALENTS(as of July 1991)

Currency Unit - Philippine Peso (P)P 1 US$0.036US$1.00 P 28

WEIGHTS AND MEASURES

1 kilometer (km) 0.62 mile (mi)

ABBREVIATIONS AND ACRONYMS

CIAP - Construction Industry Authority of the PhilippinesDPWH - Department of Public Works and HighwaysEIA - Environmental Impact AssessmentEMB - Environmental Management BureauEMK - Equivalent Maintenance KilometerERR ° Economic Rate of ReturnIEE = Initial Environmental ExaminationRMS - Road Management System

FISCAL YEAR

January 1 - December 31

FOR OFFICIAL USE ONLY

PHILIPPINES

HIGHWAY MANAGEMENT PROJECT

Loan and Prolect Summary

Borrower: Republic of the Philippines

Amount: US$150 million equivalent

.;_Jrms: 20 years, including five years of grace, at the Bank'sstandard variable interest rate

Financin Plan: Local Foreign Total- - - - (US$ million) - - - -

Governm-nt 48.7 - 48.7IBRD ILI 114.9 150.O

TOTAL OA. 114.9 198.7

Economic Rateof Retun: 19% to 126% for individual subprojects to begin in 1992/93,

with a weighted average return of 33%

Staff ArmraisalRenort: Report No. 9439-PH

IBRD No. 22787

This document has a restricted distribution and may be used by recipients only in the perw .' .ceof their official duties. Its contents may not otherwise be disclosed without World Bank authorization.

MEMORANDUM AND RECOMMENDATION OF THE PRESIDENTOF THE IBRD TO THE EXECUTIVE DIRECTORS

ON A PROPOSED LOAN TO THE REPUBLIC OF THE PHILIPPINESFOR A HIGHWAY MANAGEMENT PROJECT

1. I submit for your approval the following memorandum andrecommendation on a proposed loan to the Republic of the Pbilippines for theequivalent of US$150 million to help finance a Highway Management Project. Theloan would be at the Bank's standard variable interest rate, with a maturity of20 years, including five years of grace.

2. Country/Sector Background. The condition of the Philippine roadnetwork is generally poor due to factors such as inadequate designs, substandardconstruction, and inadequate maintenance. The Government recognizes that roadsare the backbone of the country's transport system and that a reduction of thecurrently high road transport costs will be crucial to improving the country'scompetitiveness in the international market. The Department of Public Works andHighways (DPWH) is addressing this situation through investments to improve thenetwork's condition, policy reforms to improve the quality and timeliness ofworks, and measures to develop a sustainable institutional capacity to manage thenetwork. It is focusing these efforts on the arterial highway network (13,650km), which carries about 40% of total domestic traffic and, as indicated by arecent survey, requires substantial improvement. DPWH has therefore developedan arterial highway investment program for 1990-96, with an emphasis onrehabilitation. Organizationally, the Department has decentralized responsibilityfor the arterials to its regional staff in order to increa&a their responsivenessto network needs.

3. To iwppove maintenance, the Department is making a transition fromforce account works, which have been poor, to greater private sectorparticipation, under a phased program. In 1990, DPWH carried out 40% of its roadmaintenance responsibilities by contract and by 1994 expects to contract outabout 80% of these operations. Pilot projects testing the effectiveness ofcontract maintenance indicate that costs are much less than the standard cost offorce account works, and the quality is superior. In view of the staffingimplications of its move to contract maintenance, DPWH is implementing a manpowerand equipment reduction plan aimed at a 25% cut in permanent maintenance staffand a gradual lay-off of a'l casual employees by 1994 through early retirementand attrition. Maintenanct operations are also benefitting from a 24% increasein the 1991 budgetary allocation for recurrent road maintenance, which is basedon a formula known as the Equivalent Maintenance Kilometer (EMK). The currentallocation for routine maintenance of arterial highways is n^- satisfactory. TheGoverment has also instituted a separate item in the budget proposal forperiodic road overlays. -

4. The proposed project would support investments as well as policy andinstitutional changes benefitting the arterial highways. In particular, it wouldassist DPWH to develop and implement a Road Management System (RMS) for improvedplanning and budgeting of arterial maintenance and rehabilitation, which will bean important adjunct to the Department's move to contracted maintenance. Atpresent, due to the absence of factual irformation, decisions on maintenance andrehabilitation works are largely based on the subjective judgements of localstaff. The RMS would allow DPWH to plan these works on rational engineering and

- 2 -

economic grounds, thus ensuring more effective use of funds. The RMS comprisesa road data base, a road and bridge monitoring system and decision models forprogramming rehabilitation and routine maintenance activities. The system wouldenable DPWH to evaluate the economic effects of various maintenance,rehabilitation and improvement strategies, determine optimal budgetaryrequirements, and select appropriate standards for maintenance intervention thatoptimize the use of available budgetary resources.

5. The project would also address problems in the local constructionindustry, including its underdeveloped technical capabilities and constraintscreated by government contracting procedures.

6. Proiect Objectives. The project's main aim is to improve the qualityof the arterial highway network and thereby to reduce transport costs andincrease the country's economic competitiveness. Toward this goal, the projectwould: (a) support selected subprojects included in the arterial highwayinvestment plan; (b) institute a nationwide road management system to improve theplanning, budgeting and implementation of maintenance and rehabilitation works;(c) encourage increased private sector participation in road maintenance; (d)strengthen the capabilities of road subsector sta!f through technical assistanceand training; and (e) improve the effectiveness of the Philippine constructionindustry.

7. Project Description. The project would finance: (a) development andimplementation of a management system for DPWHIs annual and multiyear programmingand budgeting of pavement and bridge works; (b) civil works subprojects to beginin 1992/93 and 1993/94 to upgrade, rehabilitate, strengthen or resurface some1,400 km of deteriorated or damaged arterial highways and substandard bridges;(c) consulting services to assist DPWH to (i) coordinate project activities, (ii)improve road design procedures and construction quality, (iii) initiate a roadaccident reduction program, (iv) develop a manpower planning and training programto meet DPWiH's changing staff needs due to decentralization and contractmaintenance, and (v) increase DPWH's capacity to produce environmental impactstatements for its projects; and (d) consulting services to assist theConstruction Industry Authority of the Philippines (CIAP) to carry out studiesand implement measures to strengthen the local construction industry. Theproject would be carried out over a seven-year period by DPWH and CIAP. Its costis estimated at US$198.7 million equivalent, 58% of which would be foreignexchange. A Bank loan of US$150 million equivalent is proposed. A breakdown ofcosts and the financing plan are shown in Schedule A. Amounts and methods ofprocurement and of disbursement, and the disbursement schedule, are shown inSchedule B. A timetable of key project processing events and the status of BankGroup operations in the Philippines are given in Schedules C and D, respectively.A map is also attached. The Staff Appraisal Report, No. S439-PH dated October4. 1991 is being distributed separately.

8. Sustainability. The main sustainability issue for this project isthe future operation and maintenance of the road network, including the roadsimproved under the project. This has been addressed by a combination oftechnical, institutional and financial interventions, including a commitment foran adequate maintenance budget, improving the delivery of maintenance bycontracting out to the private sector, and improved qualitv of construction by

providing technical assistance to develop DPWH control capacity and to developthe construction industry. The primary emphasis is on the institutionalstrengthening of DPWH through a more focussed role, of which a key element is RMSto be introduced under the project. This comprehensive approach begins toaddress the issue of sustainability, but will require follow-up efforts by theBank and the Government to ensure long term success.

9. Lessons Learned from Previous Bank ggerations. The Bank Group hashelped finance five highway and two rural road projects in the Philippines: fourof the highway projects have been completed. Assessments of the completedprojects have identified inadequate maintenance, both as regards budget andexecution capability, and lack of timely pavement strengthening and upgrading asthe principal weaknesses. DPWH concurs with these conclusions, and has addressedthem by establishing a budget commitment with the Department r; Budget andManagement, instituting a new strategy of contracting out 80% of maintenance tothe private sector, and focussing on improved management of the network,including planning, design and construction quality, with the assistance of theRMS to be installed under the project.

10. Rationale for Bank Involvement. The proposed project is importantto renewed economic growth in the Philippines, to the responsiveness of thecountry's overall transport sector, and to the institutional development of DPWH.The project would support investments targeted toward making the best use of theexisting arterial highway network, which, in its deteriorated condition, isconstraining attempts to restart the economy. It is also one of four coordinatedprojects through which the Bank is addressing major issues in the transportsector: a recently-approved Industrial Restructuring Project is addressing theLack of financing available to the private sector for vehicle fleet renewal,abile a maritime project and a sector policy adjustment operation are also beingprepared. Most important, the project supports DPWH's institutional developmenttoward comprehensive management of the arterial highway network. Given the timerequired for such development, this is expected to be one of a series of projectsfor that purpose.

11. Agreed Actions. During negotiations, assurances were obtained fromthe Government on: (a) implementation of agreed modules of the RMS by June 30,1995; (b) formulation and adoption of a three-year rolling arterial highwayinvestment program by March 31, 1992 in consultation with the Bank and updatingof the program by March 31 of each subsequent project year in consultation withthe Bank, applying appropriate economic and technical criteria; (c) selection ofthe project's 1993/94 civil works program by March 31, 1992 based on criteriasatisfactory to the Bank; (d) regarding maintenance: (i) allocation of about 80%of the total maintenance budget to contract works by 1994 and, in consequence,adjustment of the number of DPWH maintenance staff in accordance with a plan andtimetable satisfactory to the Bank; (ii) maintenance in real terms of the 1991routine maintenance budget for national roads; (iii) retention of an item in therecurrent budget for periodic overlay works; and (iv) by March 31 of each yearcommencing 1992, preparation, in consultation with the Bank, of the maintenanceprogram for the next fiscal year, including the program and budget for periodicroad overlays; (e) appointment of a consultant to assist DPWH with projectcoordination by June 30, 1992; (f) initiation of an agreed training program bySeptember 30, 1992; (g) maintenance of the Project Management Office to

- 4 -

coordinate project activities until project completion; and (h) by June 30, 1992revision of DPWH design standards and contract documents for project civil worksto ensure that they are environmentally sound. An understanding was also reachedwith the Government on its local procurement procedures to be used for theproject.

12. Eavigmental Inmct. Training provided under the project to DPMH'scentral environmental protection unit is expected to initiate development of thestaff's capabilities to manage environmental impact assessments (EIAs) and tomonitor construction and maintenance works for compliance with environmentallegislation. DPWH will submit an Initial Environmental Examination (IEE) on allsubprojects to the Government's Environmental Management Bureau (EMB). For thosesubprojects which the EMB considers would have a significant onvironmentalimpact, an Environmental Impact Statement will be prepared. When EMB approvesa subproject, they then issue an Environmental Compliance Certificate and thesubproject may proceed to implementation. DPWh road design standards andcontract documents for project works will also be revised to include measuressuch as siltation protection, anti-erosion works, etc. to ensure that designs andconstruction techniques are environmentally sound.

13. Program Obiective Categories. With regard to the Bank's xrogramObjective Categories (POCs), in addition to the environmental aspects describedabove, the project focuses on private sector development through its emphasis oncontract, maintenance and its technical assistance for the development of thelocal construction industry. The project also supports the country's povertyalleviation program by addressing regional imbalances in road infrastructure,especially in lower income areas.

14. Benefits. The main benefits expected from the project are lower roadtransport costs and savings in road maintenance costs. Benefits accruing tocompetitive truck and bus companies will ultimately be peassed on to producers andconsumers through lower prices of goods and services. Economic evaluationscarried out for individual road subprojects to begin in 1992 indicate economicrates of return (ERRs) ranging from 19% to 126%, with an overall weighted ERR of33%, which is considered satisfactory. Subprojects with ER^9s in the lower endof the range are in areas like Negros and Mindanao and were selected in line withthe Government's objectives for regional development and poverty alleviation.Subprojects to begin in 1993/94 would be selected on the basis of agreedcriteria, including an ERR of at least 15%.

15. Risks. The main project risk relates to the Government's commitmentto, and the pace of, institutional reforms being supported. However, actionsalready taken by the Government to decentralize its operations, increase privatesector participation in maintenance, and reduce its maintenance staff indicatea level of commitment warranting Bank support for expansion of the reforms. Inaddition, civil works under previous projects have been delayed and cons'tructionquality has sometimes been poor. Under the proposed project, these potentialproblems would be addressed by appointing consultants to help ensure projectcoordination and technology transfer, completion of actions already begun by DPWHfor timely subproject preparation, and strengthened quality assurance measures.

r 5 -

16. Recomendation. I am satisfied that the proposed loan would complywith the Articles of Agreement of the Bank and recommend that the ExecutiveDirectors approve the proposed loan.

Lewis T. PrestonPresident

By Ernest Stern

Attachments

Washington, D.C.November 4, 1991

.

- 6 - Sghgdule A

PHIIPIPENES

,IGRWA MANAGE=GN PRO=

Estimated Costs and Financing Eal(US$ million)

Local Foreign Total

EstiMAte PRXlect C2 tS LAArterial highways subprojects1992/93 program 30 2 41.7 71.91993/94 program 22.4 30.9 53.3Subtotal civil works 52.6 72.6 125.2

Technical assistance - DP1HProject supportConstruction supervision 8.1 4.4 12.5Project coordination 1.0 1.7 2.7

Capacity buildingRoad management system 1.0 1.7 2.7Training 0.9 1.6 2.5EIA strengthening 0.3 0.4 0.7Road safety 0.1 0.2 0.3Quality assurance 0.1 0.2 0.3

Technical assistance - ClAP 12 O. 1.9Subtotal technical assiatance 12.8 10.8 23.6

EquipmentRoad management system 0.2 3.3 3.5Quality assurance 1.1 I_ Li

Subtotal equipment 0.3 4.9 5.2

Base Cost 65.6 88.4 154.0

Physical contingencies 6.6 8.8 15.4Price contingencies 1. iLl 29.3

Total Project Cost ALI 114.9

Government 48.7 - 48.7IBRD 31L9 150.0

Total " ,L4X2 ,198.7

La Including taxes and duties equivalent to about US$28.1 million.

- 7 - Schedule B

PHILIPPINfi

HIgHWA MANAG&M~N PRECT

Procurement Method and Disbursements(US$ million)

Procurement Method jg

TotalProject Element NA LO Other Costs

Civil works 131.1 30.8 - 161.9(91.8) (2i.5) (113.3)

Equipment 2.4 0.4 3.7 6.5and vehicles (2.4) (0.3) (3.7) (6.4)

Consulting services - - 30.3 30.2- -- t~~~~30.3) (30.3)

TOTAL 133.5 31.2 34.0 198.7(94.2) (21.8) (34.0) (150.0)

Disbursemen&s

Categgg2 Amount REpenditures to be Financed

Civil works 113.3 70% of total expenditures

Equipment 6.4 100% of foreign expenditures,and vehicles 100% of local expenditures

(ex-factory cost), and65% of local expenditures

Consulting services 30.3 100% of total expendituresand training

Total 150.0

Estimated IBRD Disbursements:

IBRD Fiscal Year 122 9 1993 1994 12 1296 1227 i998 1999

Annual 0 9 23 30 30 29 22 7Cumulative 0 9 32 62 92 121 143 150

Jg Figures in parentheses are the respective amounts financed by the Bank andinclude contingencies.

- 8 - S-chedul C

PHILIPPINES

HIGHWAY IfANAGEMMN PROJEaT

Timetable of Key Project Processing Events

(a) Time taken to prepare the project: 21 months

(b) Prepared by: DPWH and consultants

(c) First Bank mission: February 1989

(d) Appraisal mission departure: November 1990

(e) Negotiations: September 30 to October 1, 1991

(f) Planned date of effectiveness: Narch 15, 1992

(g) List of relevant PCRs and PPARs: First Highway Project: Loan 731-PH(PPAR No. 2249); Second HighwayProject: Loan 950-PH (PPAR No. 4757);Third Highway Project: Loan 1353-PH(PPAR No. 7316); Fourth Highwa*yProject: Loan 1661-PH (PCR No. 3053).

Page 1 of 2

THE8 STATUS OF IBANK (3ROUPE gPERATIONS IN THEr PHIUPPINaS

A. STATEMENt OF RANK L1ANS ANO IDA CREDIrS a(As of Juno 30. 1991)

Loar. or Anount (USS mllion)CredIt Fiscal I carwation5lNumber Year Borromer Purpose Bank ItA UndiSbutsed

Nlnety.re loans and six credits fully dlsbursed 3,637.49 105.18

Of which SECAL9, SALs. and Program Loans

1903 1981 Rep. of the Phiilppines SAL I 199.982268 1983 Rep. of fe Philippins SAL U 302.252469 1985 Rep. of the Philippines Agriultu Sector Inputs 150.002787 1987 Rep. of the Philippie Soonomc Recove'y Progrmnam300

Sub-Totaw 95221

2173 1982 Rep. of the Phlippines Communal rigatn 38.50 .812200 1983 Rep. of the Philippines nduwtrIal Traiinn 16.40 1.492257 1983 Rep. of the Philppines Regional Cies Oevetopment 42.08 13.932277 1991 Rep. of he Philippnes Envnent & National Resource Mgt 66.00 65.882360 1984 Rep. of the PhIppe Ctral Vays Reg;onal Dev. 24.97 7.592418 1984 Rep. of the PhippInes l4gways V 102.00 63.622435 1964 Rep. of te PhIippines .M unicpal Oeveopment 40.00 21.802678 1986 Rep. of the PhMpphIes Mania Water OsbOn 38.00 11.252716 1986 Rep. of the Phlpps Rural Roads I 82.00 60.60253 1t987 Rep. of the Phippie Pvinc Ports 32.00 14.562946 1988 Rep. of the Philppne Iation Operato Support 23.50 9.07-29S 1986 Rep. of the PhIlippirnes Progam for Government Reform 200.00 50.082969 1988 Phil. National Oi Co. Bacon.Manlto Geothmal Power 41.00 13.13261 1988 Rep. of the PhiiHppines Bacon-Manio Geothemal Power 59.00 53.112974 1988 Rep. of the Phiippines Housing Sector 16.00 55.7530 1989 Rep. of the Phippines SMI IV 60.00 21.963049 1989 Rep. of the PhMppnes Fiinancial SecW 300.00 150.003084 1989 Dev. Bank of the Phil. Manila Power ODIsbution 65330 59.893099 1989 Rep. of the PhIPr ines Healh evelopment 70.10 64.193123 1990 0ev. Bank of the OhNi. Industial lwvesot Credit 65.00 6.423124 1890 Metro. Watework & Sew. Angat Water Supply 40.00 22.813146 1990 Rep. of the Piipnes Muniipa Development a 40.00 37.503149 1990 Rep. of the Philippines Debt Management Loan 200.00 50.003163 1990 Phil. National Power Corp. Energy Sector Loan 200.00 144.693164 1990 Phil. National 0i Co. Ergy Sector Loan 150.00 130.95316S 1990 Rep. of the Phiippines Energy Sector Loan 40.00 33.503204 1990 Rep. of the Philippines Coconut Farms Oevelopment 121.80 114.013242 1990 Rep. of the Philippns WSlSewer/Santation 85.00 85.003244 1991 Rep. of the Philippines Second Elmentary Educatin 200.00 182.7632S1 1991 Rep. of the Philppines Commnal igation U 48.20 46.003283 1991 Rep. ot the Phfippines Earftquake Recnstrtio 125.00 99.613287 1991 Rep. of the Philppines Industr l Resuctuing 175.00 165.003312 1991 Rep. of the Philppines Cottage EnterprIse 15.00 15.003358 1991 Rep. of the Phippie Purai Credit 150.00 150.003360 1991 Rep. of the Philippines Environment & National Resource Mrs tS800 tS8-CO

Total f,843.54 171.18 2,180.15of which has been repaid 1.6U.35 4 4

Total now held by Bank and IDA 5LIfl.I9 75=Amount sold 31.35of which repaid 3-5

Total undsbursed 2,114.27 65.88 2.180.15

la The status of the projects lsted In Pan A Is described In a separate report on all SaniVA- ftinamced prjects In execuWionwhich Is updated tic yearly and circulantd to the Eecutive Directors on April 30 and October 31.SAL, SECAL or Program Loan

- 10- flcheduIe-Pageg2 o 2

B. STATEMENT OF If' INVFSTMENTS(As of June 30, 1991)

Total UtndlsburedHeld hicluding

1Iricitiat agalmdalml by IFC ParticItFiscal Loan Equity Total (at co"t PortonYear Obligor Type of Busitnss U

1983/73 Private Dev Corp. of the Phil. Devlopment Finance 15.0 0.4 15.41967/99 Manila Electrtc Company Llfftbs 36.1 4.0 40.1 28.91970/86 Philippine Long Ohtance UtItes 127.7 1J 128.5 84.0 11.41158/90 Telephone Company

1970/72 Matiwasa Mfg Company Const. materials 0.8 0.4 1.21970 Paper Industries Corp. Pulp and Paper 2.2 2.21971/77 Phippine Petrole .n Chemnalu/Petrohemlcs 6.2 2.1 831972 Maiinduque Mning & Ind. Corp. Mbilng 15.0 15.01973 Vtorias Chemical Corp. ChemIcal 1.9 0.3 2.21974 Filpinas SyntetIc Fibr Corp. Textles and fbters 1.5 1.51974/79 Maria Crstina Chemical ncd. Biecto-oiemcals 1.6 0 6 2.2 0.41974 RFM Corporaton Food & Food Procesdng 1.2 1.2197S Philippine Polyamide hd. Corp. Textile 8 Fibrs 7.0 7.01976 PhFlago Edible Oils, Inc. Coconut Oil and Copra 2.7 0.2 2.91977 Sarmonto Industres Pywood 3.5 3.51977 Acoje Mining Company, Inc. Mining 3.2 0.5 3.7 1.31978 Cebu Shipyard and Eng. Wosft Ship.repalrlng 2.1 2.11979190 General Ml"lng Corporation Food & Food Presing 4.0 1.7 5.7 1.71980 Ventures In Industry and Venture Capital 0.2 0.2

Business Enterprses Inc.1980/8/ Al Asia Capital and Leasing Equlpment Leasing 11.1 0.8 11.9 2.11980 Consolidated Ind. Gas, Inc. a Industl Gases 4.5 - 4.51981 PhIlippInes Associated Copper SmeWtng 5.0 5.0 5.0

Smelting & Refining Cnrp1981 Oavao Union Cement Co.rp. Cemtent 16.0 16.0 2.51981 Loans to Sman & Medium Scale Captal Maks 18.0 1.1 19.1 -

Entepdas (SM-SE) la1963 NDC-Guthrt Plantations, Inc. Agrlbusiness 11.0 - 11.0 9.2i985 PhMppine Overseas Contetors Consrucdon 3860* 38.01986/91 Purefoods Food Processing 1.9 1.9 1.91988 SPIAgilbank Fblancl InstAulon - 1.0 1.0 1.01989 Kewalrarr Philippines Inc. Texles & Fibez 3.0* 3.0 1.91988 PhUftnd Debt Converslon Fund 4.2 4.21989 AG & P Constucton 10.0* 10.0 10.01989 Hambrecht & Quist Capital Fund 2.2 2.2 2.2 0.81990 Hopewell Power 10.0 1.1 11.1 11.11990 Manila Fund Money & Capital Markets - 7.0 7.01990 First PhN. Fund Money & Capital Markets 20.0 20.01990 Avantex MBl Corporation Textile 11.3 2.3 13.6 13.6 1.91991 Best Chemicals Chemicals 6.5 2.3 8.8 8.8 0.31991 Automated MicoelectrnIcs EletronIcs 9.0 2.8 11.8 1 1.8 9.51991 Makati Shangri-La Tourism 59.5 59.5 59.5 59.51991 PCI Bank Financial Institon 20.0 ̂ 20.0 20.0 20.0

Total _J= .103

Aporoved but not yet sIgned

1990 Luzon Petrochemica la Petrochicals 90.0 15.0 105.01991 Mactan Sl1angri-La Tourism 24.0 . 24.0 12.0 24.01991 Philnico Nickel Mining 90.0 15.0 105.0 50.0 105.0

Total Gross CommItmens 88t2 DLZ Z39&

/g Subsequently cancelledh Subsequently dropped* Guarants

TtR 1t2- 121 -122 121 12.-

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