Application of MIPTI for Financial Assistance for the Manila International Port Terminal Complex ( Letter of Instructions No. 293 )

July 10, 1975

LETTER OF INSTRUCTIONS NO. 293

TO : The Board of Trustees and the General Manager Government Service Insurance System

As a matter of public interest, you are hereby directed to consider the application submitted by the Manila International Port Terminals Inc. (MIPTI) for any appropriate form of financial assistant to finance the development and construction of the Manila International Port Terminal complex at North Harbor, Manila. You shall base your action on such application principally on the financial feasibility of the project, particularly on its obligations to the GSIS, and only secondarily on collateral considerations. The provisions of existing laws notwithstanding, I hereby authorize you, by virtue of the powers vested upon me by the Constitution, to accept as collateral, valued on a sound basis, the physical assets and facilities to be constructed by the MIPTI out of the proceeds of the financial assistance from you, even in the absence of any underlying land collaterals. You are likewise authorized to accept as collateral any leasehold or similar rights or franchises which the MIPTI may obtain from the appropriate government authority/authorities. The contract to be executed between the GSIS and MIPTI shall be subject to the approval of the Office of the President.