Release of Funds to PNOC to Finance Its Various Projects and Activities
Letter of Instructions No. 416, issued on June 17, 1976, directs the Philippine National Oil Company (PNOC) to undertake essential projects aimed at achieving self-reliance in economic activities, particularly in aviation gasoline. The PNOC is tasked with establishing production, storage, and distribution facilities for aviation gasoline, which has previously been imported. An allocation of P35 million is authorized for this initiative, sourced from the Special Fund under Republic Act No. 6173. The PNOC must provide an accounting of all expenditures related to this funding to the President.
Law Information
- Reference Number
- Letter of Instructions No. 416
- Date Enacted
- Category
- Presidential Issuances
- Subcategory
- Letters of Instructions
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
June 17, 1976
LETTER OF INSTRUCTIONS NO. 416
| TO | : | The Commissioner of the Budget |
| The Treasurer of the Philippines | ||
| The Chairman, Philippine National Oil Company |
In accordance with the Government's objectives to attain self-reliance and self-sufficiency in various economic activities, the Philippine National Oil Company has been directed to undertake national interest projects and activities which are strategic or essential either to economic development or national security. Among these were directives to (a) initially build up inventories of aviation gasoline and (b) to establish and put up production, storage, and distribution facilities for aviation gasoline which heretofore has been imported by the country as finished product. The production facilities and inventory carrying cost of this project is estimated at about P35 million.
To finance the foregoing, it is hereby directed that the sum of P35 million be released immediately to the Philippine National Oil Company out of the Special Fund created under Section 7(j) of Republic Act No. 6173, as amended. acd
The Philippine National Oil Company shall render an accounting to the President of all disbursements from the foregoing amount.
DONE in the City of Manila, this 17th day of June, in the year of Our Lord, Nineteen Hundred and Seventy-Six. cdt
Cite This Law
Release of Funds to PNOC to Finance Its Various Projects and Activities, Letter of Instructions No. 416, Jun 17, 1976 (Philippines)
Release of Funds to PNOC to Finance Its Various Projects and Activities, Letter of Instructions No. 416 (Phil. 1976)
Related Laws
- Release of Funds to PNOC to Finance Its Activities and ProgramsLetter of Instructions No. 392 • Apr 8, 1976 • 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 Additional Funds to PNOC for Purchase of TankersLetter of Instructions No. 254 • Feb 20, 1975 • 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 to PNOC for Purchase and Construction of Self-Propelled BargesLetter of Instructions No. 361 • Jan 9, 1976 • Presidential Issuances
- Release to PNOC of Funds for Spot Purchase of Diesel Oil and Naphta from KuwaitLetter of Instructions No. 848 • Apr 18, 1979 • Presidential Issuances
Browse More Presidential Issuances
Explore other laws in the Presidential Issuances category.
View All Presidential IssuancesNeed Help Understanding This Law?
Ask our AI assistant to explain provisions, implications, or related laws.
Ask AI About This Law