Letter of Instructions No. 1003

 
 

TO

:

The Minister of Energy

 

 

The Minister of the Budget

 

 

The Treasurer of the Philippines

 

 

The Chairman, Philippine National Oil Company


For the purpose of financing the acquisition of the tanker “World Joy” it is hereby directed that P 40 million be released to the Philippine National Oil Company out of the Special Fund created pursuant to Section 8 (j) of Republic Act No. 6173, as amended.

 

This amount represents approximately 20% of the purchase price of the vessel; the remaining 80% would be funded from a foreign loan secured by PNOC.

 

In view thereof, the Treasurer of the Philippines is hereby directed to release to the Philippine National Oil Company P 40 million out of the Special Fund created pursuant to Section 8 (j) of Republic Act No. 6173, as amended.

 

The Philippine National Oil Company is further directed to submit a report to the President accounting for the disbursement and utilization of the foregoing funds.

 

This Letter of Instruction shall take effect immediately.

 

Done in the City of Manila, this 25th day of March, in the year of Our Lord, Nineteen Hundred and Eighty.

 

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