Release of Fund to PNOC to Pay Additional Government Subscription
Letter of Instructions No. 285, dated June 20, 1975, directs the release of P100 million to the Philippine National Oil Company (PNOC) to enhance its capital base. This funding is intended to help PNOC manage its assets, which are valued at over P3.5 billion, significantly exceeding its current equity of P100 million. The amount will be used to subscribe to an additional 200,000 shares of PNOC stock at P500 per share, as authorized by Presidential Decree No. 334. The release of funds is mandated to occur immediately from a Special Fund established under Republic Act No. 6173.
Law Information
- Reference Number
- Letter of Instructions No. 285
- Date Enacted
- Category
- Presidential Issuances
- Subcategory
- Letters of Instructions
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
June 20, 1975
LETTER OF INSTRUCTIONS NO. 285
| TO | : | The Commissioner of the Budget |
| The Treasurer of the Philippines | ||
| The Chairman, Philippine National Oil Company | ||
| SUBJECT | : | Release of P100 Million to Philippine National Oil Company to Pay the Additional Government Subscription in PNOC |
The Philippine National Oil Company (PNOC) and its affiliated companies have acquired assets amounting to more than three and one-half billion pesos which is grossly disproportionate to its present equity of P100 million. ISHCcT
As a means of strengthening the capital base of Philippine National Oil Company for a more efficient management and operations to attain the objectives of its creation, pursuant to Presidential Decree No. 334 authorizing subscription of the Republic of the Philippines to the remaining one million shares of PNOC, it is hereby directed that the amount of P100 million be set aside and released to PNOC as subscription to 200,000 shares of stock in the said company at P500 per share, out of the Special Fund created pursuant to Section 7(j) of Republic Act No. 6173, as amended.
This letter of instructions shall take effect immediately.
DONE in the City of Manila, this 20th day of June, in the year of Our Lord, Nineteen Hundred and Seventy-Five.
Cite This Law
Release of Fund to PNOC to Pay Additional Government Subscription, Letter of Instructions No. 285, Jun 20, 1975 (Philippines)
Release of Fund to PNOC to Pay Additional Government Subscription, Letter of Instructions No. 285 (Phil. 1975)
Related Laws
- Release of Additional Funds to PNOC for Purchase of TankersLetter of Instructions No. 254 • Feb 20, 1975 • Presidential Issuances
- Release to PNOC of Sum to Subscribe and Pay for 51% of Capitalization of PNOC Exploration Corp.Letter of Instructions No. 420 • Jul 1, 1976 • Presidential Issuances
- Release of Funds to Reimburse PNOC for Actual Exploration Costs and to Fund Exploration ExpendituresLetter of Instructions No. 1226 • Apr 12, 1982 • Presidential Issuances
- Release of Funds for PNOC Construction of Two Additional Crude Storage TanksLetter of Instructions No. 994 • Feb 20, 1980 • Presidential Issuances
- Release of Funds to PNOC for Purchase and Construction of Self-Propelled BargesLetter of Instructions No. 361 • Jan 9, 1976 • Presidential Issuances
- Release of Additional Amount to PNOC To Cover the Balance of Its Estimated Cost DifferentialLetter of Instructions No. 224 • Nov 7, 1974 • Presidential Issuances
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