Letter of Instructions No. 1332


TO    :              The Governor, Central Bank of the Philippines

                        The President, Philippine National Oil Company

                        The Chairman, Philippine Coconut Authority

                        And Other Agencies Concerned

To ensure the success of the coco-diesel program of the Government in line with the rationalization of the coconut oil milling industry, you are hereby directed as follows:


(1)      All sales of coconut oil under the coco-diesel program to the Philippine National Oil Company and/or the corporation authorized to be organized under LOI 926, 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, the corporation authorized to be organized under LOI 926, and other agencies concerned, promulgate the necessary rules, regulations and orders to implement this instruction.


This Letter of Instructions shall take effect immediately.


Issued this 16th day of June, in the year of Our Lord nineteen hundred and eighty-three.


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