Release of Additional Amount to PNOC To Cover the Balance of Its Estimated Cost Differential
On November 7, 1974, Letter of Instructions No. 224 was issued to authorize the release of eighteen million pesos (P18,000,000.00) from a Special Fund to the Philippine National Oil Company (PNOC). This funding aims to help PNOC recover the cost differential from importing crude oil from Kuwait, ensuring adequate fuel supplies for the country. The PNOC is required to submit a report by the end of the first quarter of 1975 detailing the disbursement and use of the funds. The directive took immediate effect.
Law Information
- Reference Number
- Letter of Instructions No. 224
- Date Enacted
- Category
- Presidential Issuances
- Subcategory
- Letters of Instructions
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
November 7, 1974
LETTER OF INSTRUCTIONS NO. 224
| TO | : | The Commissioner of the Budget |
| The Treasurer of the Philippines | ||
| The President, Philippine National Oil Company |
The Philippine National Company (PNOC) is continuing to import crude oil from Kuwait to assure the country of adequate fuel supplies. To enable PNOC to recover the cost differential involved in its crude importations, it is hereby directed that an additional eighteen million pesos (P18,000,000.00) from the Special Fund created under Section 7 (j) of Republic Act No. 6173, as amended, be released to said company to cover the balance of its estimated cost differential for the year 1974.
The Philippine National Oil Company is also hereby directed to submit to me on or before the end of the first quarter of 1975 a report accounting for the disbursement and use of the amounts released to it.
This Letter of Instructions shall take effect immediately.
DONE in the City of Manila, this 7th day of November, in the year of Our Lord, Nineteen Hundred and Seventy-Four.
Cite This Law
Release of Additional Amount to PNOC To Cover the Balance of Its Estimated Cost Differential, Letter of Instructions No. 224, Nov 7, 1974 (Philippines)
Release of Additional Amount to PNOC To Cover the Balance of Its Estimated Cost Differential, Letter of Instructions No. 224 (Phil. 1974)
Related Laws
- 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
- Release of Additional Funds to PNOC for Purchase of TankersLetter of Instructions No. 254 • Feb 20, 1975 • 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
- Release of Fund to PNOC to Pay Additional Government SubscriptionLetter of Instructions No. 285 • Jun 20, 1975 • Presidential Issuances
- Release of Funds for Implementation of PNOC and NPC Critical Energy ProjectsLetter of Instructions No. 1512 • Jan 22, 1986 • Presidential Issuances
- Release of Funds for PNOC Construction of Two Additional Crude Storage TanksLetter of Instructions No. 994 • Feb 20, 1980 • Presidential Issuances
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