Exemption of PNOC Importation of Crude Oil from Operation of LOI No. 444 (August 9, 1976)
Letter of Instructions No. 485, issued on December 3, 1976, by President Ferdinand E. Marcos, exempts the Philippine National Oil Company (PNOC) from the restrictions of Letter of Instructions No. 444 regarding the importation of crude oil. This exemption specifically applies to crude oil imported from Socialist and centrally-planned economy countries, acknowledging the importance of trade and political relations with these nations. The directive aims to facilitate smoother transactions and enhance bilateral ties. The order underscores the government's strategic approach to international trade in the context of energy resources.
Law Information
- Reference Number
- Letter of Instructions No. 485
- Date Enacted
- Category
- Presidential Issuances
- Subcategory
- Letters of Instructions
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
December 3, 1976
LETTER OF INSTRUCTIONS NO. 485
| TO | : | The President, Philippine International Trading Corporation |
| The Governor, Central Bank of the Philippines | ||
| The Secretary of Trade | ||
| The Chairman, Board of Investments | ||
| The Secretary of Industry | ||
| The Secretary of Foreign Affairs | ||
| The Secretary of Planning | ||
| The Chairman, Philippine Export Council | ||
| The President, Philippine Exchange Company | ||
| All Other Agencies Concerned | ||
| SUBJECT | : | Exempting the Importation of Crude Oil by the Philippine National Oil Company from the Operation of Letter of Instructions No. 444 |
WHEREAS, the importation of crude oil by the Philippine National Oil Company from Socialist countries and other centrally-planned economy countries involves special considerations in the promotion of trade and political relations between the Socialist countries and the Philippines;
WHEREAS, it is necessary that such importations be exempted from the operations of Letter of Instructions No. 444;
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers in me vested by the Constitution, do hereby declare that the importation of crude oil from the Socialist countries and other centrally-planned economy countries by the Philippine National Oil Company be exempted from the coverage of Letter of Instructions No. 444.
DONE in the City of Manila, this 3rd day of December, in the year of Our Lord, Nineteen Hundred and Seventy-Six. acd
Cite This Law
Exemption of PNOC Importation of Crude Oil from Operation of LOI No. 444 (August 9, 1976), Letter of Instructions No. 485, Dec 3, 1976 (Philippines)
Exemption of PNOC Importation of Crude Oil from Operation of LOI No. 444 (August 9, 1976), Letter of Instructions No. 485 (Phil. 1976)
Related Laws
- Increasing Crude Tonnage Capability of PNOC and/or Its Affiliates and SubsidiariesLetter of Instructions No. 400 • Apr 30, 1976 • Presidential Issuances
- Submission by the PNOC of a Statement of Actual Cost Differential Incurred in Importing Crude OilLetter of Instructions No. 187 • May 21, 1974 • Presidential Issuances
- Allowing Duty-Free Importation of Liquefied Petroleum Gas by the PNOCLetter of Instructions No. 360 • Jan 9, 1976 • Presidential Issuances
- Release of Funds for PNOC Construction of Two Additional Crude Storage TanksLetter of Instructions No. 994 • Feb 20, 1980 • Presidential Issuances
- Allocation of Additional Fund To Reimburse Oil Companies of Actual Crude Surcharge IncreasesLetter of Instructions No. 975 • Jan 8, 1980 • Presidential Issuances
- Release of Additional Funds to PNOC To Cover the Estimated Costs Differential in Its Crude ImportationsLetter of Instructions No. 240 • Jan 11, 1975 • Presidential Issuances
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