Grant of Subsidy to PNOC for Acquisition of Geothermal Drilling Rigs
Letter of Instructions No. 531, issued on April 15, 1977, emphasizes the importance of developing geothermal resources as a key aspect of the Philippines' energy self-reliance strategy. It directs the Philippine National Oil Company (PNOC) and its subsidiaries to secure geothermal drilling rigs, supported by a subsidy of Fifty Million Pesos from a special fund established under Republic Act No. 6173. PNOC is tasked with utilizing these funds for purchasing the necessary equipment and must report annually to the President on the allocation and use of the funds. This initiative aims to enhance the country's indigenous energy resource development.
Law Information
- Reference Number
- Letter of Instructions No. 531
- Date Enacted
- Category
- Presidential Issuances
- Subcategory
- Letters of Instructions
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
April 15, 1977
LETTER OF INSTRUCTIONS NO. 531
| TO | : | The Commissioner of the Budget |
| The Treasurer of the Philippines | ||
| The President, Philippine National Oil Co. |
The early development and exploitation of geothermal resources which constitutes one of our country's important indigenous energy resources is considered an important part of the country's energy development program, the objective of which is to develop self-reliance in energy. In pursuance of this objective and to enable it to undertake its geothermal exploration and development program, the Philippine National Oil Co. and its subsidiaries are negotiating the acquisition of geothermal drilling rigs. It is therefore necessary to assist the Philippine National Oil Company and its subsidiaries with a subsidy to enable them to finance the purchase of such rigs which in turn would allow them to carry out geothermal drilling operations. You are therefore directed to set aside and immediately release out of the special fund created under Section 7 (j) of Republic Act No. 6173 as amended, the amount of Fifty Million Pesos (P50,000,000). cd
PNOC is directed to utilize the said sum and/or earnings therefrom in connection with the purchase of its, or its subsidiaries, geothermal rigs and supporting equipment. cdt
The Philippine National Oil Company is also directed to submit to the President of the Philippines not later than the end of each year a report accounting for the disbursement and the utilization of the foregoing funds.
DONE in the City of Manila, this 15th day of April, in the year of Our Lord, Nineteen Hundred and Seventy-Seven.
Cite This Law
Grant of Subsidy to PNOC for Acquisition of Geothermal Drilling Rigs, Letter of Instructions No. 531, Apr 15, 1977 (Philippines)
Grant of Subsidy to PNOC for Acquisition of Geothermal Drilling Rigs, Letter of Instructions No. 531 (Phil. 1977)
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