Letter of Instructions No. 239
TO : The Commissioner of the Budget
The Treasurer of the Philippines
The President, Philippine National Oil Company
To assure an adequate and continuous supply of petroleum products the Government
considers it necessary to establish and develop its own crude and petroleum
products tanker capability. Requirements of national security demand this
especially during periods of crisis and emergency. This should also enhance the
Philippines position in qualifying for preferential treatment in the supply of
oil from Middle East countries, particularly Saudi Arabia. The
Philippine
National Oil Company (PNOC) and its subsidiaries are prosecuting the attainment
of this goal and have purchased and/or are negotiating the purchase of tankers.
The acquisition of such tankers will be financed through borrowings, the payment
of which will be guaranteed by the National Government. It is therefore
necessary to assist the PNOC and its subsidiaries with a subsidy to enable them
to finance the purchase of tankers and to carry out their tanker operations
consistent with the country’s needs and requirements. You are therefore
directed to set aside out of the special fund created under Section 7 (j) of
Republic Act No. 6173, as amended, the amount of TWENTY-FIVE MILLION PESOS (P
25,000,000).
The PNOC is directed to utilize the said sum and/or the earnings therefrom in
connection with the purchase and/or loan repayment amortization of its
subsidiaries’ tanker purchases and tanker operations.
The PNOC is also directed to submit to the President of the Philippines not
later than the end of each year a report accounting for the disbursement and
utilization of the foregoing funds.
Done in the City of Manila, this
11th day of January, in the year of Our Lord, nineteen hundred and seventy-five.
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