MANILA, PHILIPPINES--(Marketwire - Oct 10, 2011) - The Republic of the Philippines (the "Republic") announced today that it is inviting holders of the bonds specified below (the "Bonds") to submit offers (the "Offers") to sell the Bonds for cash to the Republic in a modified Dutch auction, conducted on a price basis. The invitation to submit Offers to sell Bonds for cash described in this announcement is referred to as the "Invitation." The full terms and conditions of the Invitation are described in the Invitation for Offers dated October 10, 2011 (the "Invitation for Offers").