Letter of Instructions No. 975
The Treasurer of the Philippines
A joint study by the Ministries of Energy,
Finance and Budget has determined
that in view of continuing uncertainties in the crude supply situation and the
resultant volatility in crude prices, the amount of P 300.00 million earlier set
aside from the Special Fund pursuant to LOI No. 969, would not be sufficient to
reimburse oil companies of actual crude surcharge increases, as envisioned under
the Board of Energy (BOE) orders dated March 22, 1979, July 31, 1979 and August
14, 1979.
In order to allow the Ministry of Energy to continue the aforementioned reimbursement scheme in accordance with the foregoing BOE orders, an additional P 800.00 million is hereby set aside from the Special Fund created under Section 8 (j) of R.A. 6173 as amended, against which the Ministry of Energy can continue to issue reimbursement certificates to oil companies to cover their actual crude surcharges.
The Ministry of Energy is directed to submit to me periodic reports on reimbursement certificates actually issued to the oil companies for crude surcharges incurred.
This Letter of Instruction shall take effect immediately.
Done in the City of Manila, this 8th day of January, in the year of Our Lord, Nineteen Hundred and Eighty.
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