Letter of Instructions No. 485
EXEMPTING THE IMPORTATION OF CRUDE OIL BY THE PHILIPPINE NATIONAL OIL COMPANY FROM THE OPERATION OF LETTER OF INSTRUCTIONS NO. 444
TO : The President, Philippine International Trading Corporation
The Governor, Central Bank of the Philippines
The Chairman, Board of Investments
The Secretary of Foreign Affairs
The Chairman, Philippine Export Council
The President, Philippine Exchange Company
All other agencies concerned
WHEREAS, the importation of crude oil by the Philippine National Oil Company
from Socialist countries and other centrally-planned economy countries involves
special considerations in the promotion of trade and political relations between
the Socialist countries and the Philippines;
WHEREAS, it is necessary that such importation be exempted from the operations of Letter of Instructions No. 444;
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers in me vested by the Constitution, do hereby declare that the importation of crude oil from the Socialist countries and other centrally-planned economy countries by the Philippine National Oil Company be exempted from the coverage of Letter of Instructions No. 444.
Done in the City of Manila, this 3rd day of December, in the year of Our Lord, nineteen hundred and seventy-six.
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