Letter of Instructions No. 1272





The Governor, Central Bank of the Philippines



The President, Philippine National Oil Company



The Chairman, Philippine Coconut Authority and

Other Agencies Concerned

As a measure to ensure the success of the coco-diesel program of the Government, and in fairness to the firms/entities participating therein, you are hereby directed as follows:  


(1)      All sales of coconut oil to the Philippine National Oil Company under the coco-diesel program by coconut oil mills/millers/desiccators shall be considered and recognized as export sales for purposes of the grant of export credits, rediscounting privileges, allocation of travel funds and such other benefits under Central Bank rules and regulations.


(2)      The Central Bank of the Philippines shall, in consultation with the Philippine National Oil Company, the Philippine Coconut Authority and other agencies concerned, promulgate the necessary rules, regulations and orders to implement this instruction.

This Letter of Instruction shall take effect immediately.


Issued this 25th day of October, in the year of Our Lord, nineteen hundred and eighty-two.


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