Letter of Instructions No. 416
TO : The Commissioner of the Budget
The Treasurer of the Philippines
The Chairman, Philippine National Oil Company
In accordance with the Government’s objectives to attain self-reliance and
self-sufficiency in various economic activities, the
Philippine National Oil Company has been
directed to undertake national interest projects and activities which are
strategic or essential either to economic development or national security.
Among these were directives to (a) initially build up inventories of aviation
gasoline and (b) to establish and put up production, storage, and distribution
facilities for aviation gasoline which heretofore has been imported by the
country as finished product. The production facilities and inventory carrying
cost of this project is estimated at about P 35 million.
To finance the foregoing, it is hereby directed that the sum of P 35 million be released immediately to the Philippine National Oil Company out of the Special Fund created under Section 8 (j) of Republic Act No. 6173, as amended.
The Philippine National Oil Company shall render an accounting to the president of all disbursements from the foregoing amount.
Done in the City of Manila, this 17th day of June, in the year of Our Lord, nineteen hundred and seventy-six.
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