Placing Filipinas Orient Airlines and Air Manila, Inc. Under the Operational Control of the Philippine Air Lines
Letter of Instructions No. 151, issued on December 7, 1973, mandates the Philippine National Bank (PNB) to oversee the takeover of assets from Filipinas Orient Airlines and Air Manila, Incorporated. The assets will be placed under the operational control of Philippine Air Lines (PAL), which will manage them for domestic services. PNB will supervise PAL's use of these assets primarily concerning income generation and asset assessment. All income earned from these operations will be directed to the National Investment and Development Corporation (NIDC) to address the indebtedness of the two airlines. The implementation of this directive is to be coordinated promptly between PNB and PAL.
Law Information
- Reference Number
- Letter of Instructions No. 151
- Date Enacted
- Category
- Presidential Issuances
- Subcategory
- Letters of Instructions
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
December 7, 1973
LETTER OF INSTRUCTIONS NO. 151
| TO | : | The Chairman |
| The Philippine National Bank | ||
| The President | ||
| Philippine National Bank |
In accordance with the decision of the Cabinet confirming the policy to rationalize the airline industry and the decision to have one airline in both the international and domestic operations, the Philippine National Bank shall now take steps to take over the assets of the Filipinas Orient Airlines and the Air Manila, Incorporated, and to place them under the operational control of the Philippine Air Lines which shall have complete management and control over such assets for its domestic service. The operation by PAL of the facilities or assets of these two airlines shall be subject to supervision of the Philippine National Bank only insofar as it affects the income from these assets and the continuing assessment of these assets. Determination of these assets and their evaluation shall be worked out by Philippine Air Lines and Philippine National Bank in order that all income derived from the utilization of these assets or operation of the facilities of these two airlines shall be turned over to the NIDC for the indebtedness of these two airlines.
The implementation of this decision shall be worked out by the Philippine National Bank and the Philippine Air Lines immediately.
Cite This Law
Placing Filipinas Orient Airlines and Air Manila, Inc. Under the Operational Control of the Philippine Air Lines, Letter of Instructions No. 151, Dec 7, 1973 (Philippines)
Placing Filipinas Orient Airlines and Air Manila, Inc. Under the Operational Control of the Philippine Air Lines, Letter of Instructions No. 151 (Phil. 1973)
Related Laws
- Policy Governing International and Domestic Operations of AirlinesLetter of Instructions No. 68 • Mar 30, 1973 • Presidential Issuances
- Grant of Corporate Legal Personality to Orient Airlines AssociationPresidential Decree No. 1253 • Nov 28, 1977 • Presidential Issuances
- Grant of New Franchise to Philippine Airlines, Inc. To Operate, etc. Air Transport ServicesPresidential Decree No. 1590 • Jun 11, 1978 • Presidential Issuances
- Amendments to Public Act No. 4271 Re: Grant of Franchise to Philippine Air Lines, Inc.Presidential Decree No. 1294 • Jan 27, 1978 • Presidential Issuances
- Grant of Air Transport Service Franchise to Filipinas Orient Airways, Inc.Republic Act No. 4147 • Jun 20, 1964 • Statutes
- Grant of Franchise to Laoag International Airlines, Inc. (Air Transport)Republic Act No. 9103 • Apr 9, 2001 • Statutes
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