Release of Funds for the Acquisition of the Tanker "World Joy"
Letter of Instructions No. 1003, issued on March 25, 1980, directs the release of ?40 million from a Special Fund to the Philippine National Oil Company (PNOC) for the acquisition of the tanker "World Joy." This amount represents 20% of the purchase price, with the remaining 80% to be covered by a foreign loan secured by PNOC. The Treasurer of the Philippines is tasked with facilitating this fund transfer, and PNOC must submit a report to the President detailing the disbursement and utilization of the funds. The instructions take effect immediately.
Law Information
- Reference Number
- Letter of Instructions No. 1003
- Date Enacted
- Category
- Presidential Issuances
- Subcategory
- Letters of Instructions
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
March 25, 1980
LETTER OF INSTRUCTIONS NO. 1003
| TO | : | The Minister of Energy |
| The Minister of the Budget | ||
| The Treasurer of the Philippines | ||
| The Chairman, Philippine National Oil Company |
For the purpose of financing the acquisition of the tanker "World Joy" it is hereby directed that P40 million be released to the Philippine National Oil Company out of the Special Fund created pursuant to Section 8 (j) of Republic Act No. 6173, as amended. acd
This amount represents approximately 20% of the purchase price of the vessel; the remaining 80% would be funded from a foreign loan secured by PNOC.
In view thereof, the Treasurer of the Philippines is hereby directed to release to the Philippine National Oil Company P40 million out of the Special Fund created pursuant to Section 8 (j) of Republic Act No. 6173, as amended. cd i
The Philippine National Oil Company is further directed to submit a report to the President accounting for the disbursement and utilization of the foregoing funds.
This Letter of Instruction shall take effect immediately.
DONE in the City of Manila, this 25th day of March, in the year of Our Lord, Nineteen Hundred and Eighty. aisa dc
Cite This Law
Release of Funds for the Acquisition of the Tanker "World Joy", Letter of Instructions No. 1003, Mar 25, 1980 (Philippines)
Release of Funds for the Acquisition of the Tanker "World Joy", Letter of Instructions No. 1003 (Phil. 1980)
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