Allocation of Additional Fund To Reimburse Oil Companies of Actual Crude Surcharge Increases
Letter of Instructions No. 975, issued on January 8, 1980, addresses the need for additional funding to reimburse oil companies for crude surcharge increases due to fluctuating crude supply and prices. It establishes an additional allocation of P800 million from the Special Fund, following a joint assessment by the Ministries of Energy, Finance, and Budget, which identified that the previously allocated P300 million was insufficient. The Ministry of Energy is tasked with issuing reimbursement certificates to oil companies and is required to provide periodic reports on these transactions. This directive takes immediate effect.
Law Information
- Reference Number
- Letter of Instructions No. 975
- Date Enacted
- Category
- Presidential Issuances
- Subcategory
- Letters of Instructions
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
January 8, 1980
LETTER OF INSTRUCTIONS NO. 975
| TO | : | The Minister of Energy |
| The Minister of the Budget | ||
| 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 P300.0 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 P800.0 million is hereby set aside from the Special Fund created under Section 8(j) of R.A. 6123 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. casia
Cite This Law
Allocation of Additional Fund To Reimburse Oil Companies of Actual Crude Surcharge Increases, Letter of Instructions No. 975, Jan 8, 1980 (Philippines)
Allocation of Additional Fund To Reimburse Oil Companies of Actual Crude Surcharge Increases, Letter of Instructions No. 975 (Phil. 1980)
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