Letter of Instructions No. 715
The Commissioner of the Budget
The Treasurer of the Philippines
The Chairman, Philippine National Oil Company
In pursuance of the country’s energy development program, the objective of which
is to develop self-reliance in energy, PNOC and its subsidiaries have embarked
on an exploration and development program for important indigenous energy
resources like geothermal and coal.
While funding sources and available for the actual development of these
resources and the production of energy therefrom, funding assistance would be
required in the exploration and drilling operations. Accordingly, the
Treasurer
of the Philippines is hereby directed to release One hundred ninety-one million,
five hundred thousand pesos (P 191,500,000) out of the Special Fund created
pursuant to Section 8 (j) of Republic Act No. 6173, as amended, to
PNOC.
PNOC is directed to utilize the said sum and/or earnings therefrom in connection
with its geothermal and coal exploration and development programs.
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 the utilization of the foregoing funds.
This Letter of Instruction shall take effect immediately.
Done in the City of Manila, this 26th day of June, in the year of Our Lord, nineteen hundred and seventy-eight.
What do you want to do now?
Go Back to the Top; Go back to art’s home page; Laugh or Be Entertained; Destroy Cartels and Monopolies; Invest or Find a Job; Check Software or a Computer; Check out the latest News; Look for a School; Greet a Friend; Dip Into Black Gold and be Electrified; Express Yourself; Relive the Past; Get Involved in the Law, Government, & Politics; Read Some Classics; Meet New People; Consult the laws of the Philippine energy sector; Philosophize; or Search.
This page is best viewed using Microsoft Internet Explorer 4.0 or higher.
Last revised: August 16, 2009 05:34 PM.
Caveat Emptor: Owners of the sites included herein do not explicitly endorse this page.
Comments, suggestions, objections, or violent reactions?