Release of Funds to Reimburse PNOC for Actual Exploration Costs and to Fund Exploration Expenditures
Letter of Instructions No. 1226, issued on April 12, 1982, mandates the Philippine National Oil Company (PNOC) to enhance the country's energy self-reliance through the exploration and development of geothermal, coal, uranium, and oil resources. To alleviate the financial strain on PNOC due to high costs and extended project timelines, the Treasurer of the Philippines is instructed to release ?888,200,000 from a Special Fund to cover past and upcoming exploration and development expenses. PNOC is also required to report on the fund's utilization to the President by the end of the fiscal year. The directive is effective immediately.
Law Information
- Reference Number
- Letter of Instructions No. 1226
- Date Enacted
- Category
- Presidential Issuances
- Subcategory
- Letters of Instructions
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
April 12, 1982
LETTER OF INSTRUCTIONS NO. 1226
| TO | : | The Minister of Energy |
| The Minister of the Budget | ||
| The Treasurer of the Philippines | ||
| The Chairman, Philippine National Oil Company |
In response to the need to accelerate the country's self-reliance in energy, the Philippine National Oil Company (PNOC) and its subsidiaries have vigorously pursued exploration and development projects to tap our geothermal, coal, uranium and oil resources. acd
The large magnitudes of financing involved in these projects, coupled with extended gestation periods and sizeable local currency costs usually not eligible for foreign currency financing, have strained the fund sourcing capability of PNOC. In order to ease the financing burden of these energy development expenditures, we hereby direct the Treasurer of the Philippines to release PESOS EIGHT HUNDRED EIGHTY EIGHT MILLION AND TWO HUNDRED THOUSAND (P888,200,000.00) out of the Special Fund created pursuant to Section 8 (j) of Republic Act No. 6173, as amended, to reimburse PNOC for actual exploration costs incurred in 1981 and to fund exploration, as well as geothermal development expenditures expected in 1982.
PNOC is directed to submit to the President of the Philippines a report accounting for the disbursements and utilization of the foregoing funds not later than the end of the fiscal year.
This Letter of Instruction shall take effect immediately.
DONE in the City of Manila, this 12th day of April, in the year of Our Lord, Nineteen Hundred and Eighty-Two.
Cite This Law
Release of Funds to Reimburse PNOC for Actual Exploration Costs and to Fund Exploration Expenditures, Letter of Instructions No. 1226, Apr 12, 1982 (Philippines)
Release of Funds to Reimburse PNOC for Actual Exploration Costs and to Fund Exploration Expenditures, Letter of Instructions No. 1226 (Phil. 1982)
Related Laws
- Release of Funds for Exploration and Drilling Operations of Indigenous Energy ResourcesLetter of Instructions No. 1079 • Nov 3, 1980 • Presidential Issuances
- Release of Sum Out of Special Fund Under R.A. No. 6173Letter of Instructions No. 1353 • Sep 19, 1983 • 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
- Exploration and Development Program for Important Indigenous Energy ResourcesLetter of Instructions No. 715 • Jun 26, 1978 • Presidential Issuances
- Release of P30 Million to PNOC for Its 1975 Exploration ProgramLetter of Instructions No. 241 • Jan 11, 1975 • Presidential Issuances
- Election of Hon. Geronimo Z. Velasco as Chairman of the Board of Directors of PNOC Exploration Corp.Letter of Instructions No. 421 • Jul 6, 1976 • Presidential Issuances
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