Letter of Instructions No. 1153

 
 

TO

:

The Philippine National Oil Company (PNOC)

 

 

The Minister of the Budget

 

 

The National Treasurer

 

In view of the expansion of the alcogas program initially to Negros Oriental and subsequently to Panay Island, there is a need to increase the production of anhydrous alcohol.  For this purpose, it is necessary to assist alcohol distilleries in putting up additional anhydrous alcohol production capacity.  To carry out this assistance program, the National Treasurer and the Minister of the Budget are hereby directed to release immediately to the Philippine National Oil Company the amount of P 4,500.00 out of the Special Fund created under Section 8 (j) of Republic Act No. 6173, as amended.  PNOC shall use the foregoing in extending loans exclusively for use in increasing anhydrous alcohol production capacity in suitable refineries under such terms and conditions as determined by PNOC Provided, That interest on such loans shall be at 12% per annum.

 

The Philippine National Oil Company shall render an accounting to the President of the Philippines of all disbursements of these funds.

 

For immediate compliance.

 

Done in the City of Manila, this 8th day of July in the year of Our Lord, nineteen hundred and eighty-one.

 

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