Establishment of Regional Cooperative in Regions I and II To Purchase Shares of Stock of Cellophil Resources Corp.

January 14, 1978

LETTER OF INSTRUCTIONS NO. 658

In line with national policy of spreading the benefits of economic growth to as many people as possible, you are hereby instructed to constitute a committee, with the Secretary of Finance as Chairman, to

(1)  establish forthwith a regional cooperative in Regions I and II, with the National Investment and Development Corporation as the organizing as the organizing unit, to purchase the shares of stock of Cellophil Resources Corporation and Philippine Cellophane Film Corporation and run their logging and manufacturing operations;

(2)  arrange the transfer of the logging concession of Cellophil Resources Corp. to the regional cooperative;

(3)  negotiate the purchase of the shares of stock of Herditex Mills., with the Philippine Veterans Investment and Development Corp. as purchaser and operator of the textile mill; and

(4)  submit monthly progress reports on the work of the Committee.

DONE in the City of Manila, this 14th day of January, in the year of Our Lord, Nineteen Hundred and Seventy-Eight.