Release of Sum Out of Special Fund Under R.A. No. 6173
Letter of Instructions No. 1353, issued on September 19, 1983, directs the release of ?622,700,000 from a Special Fund to support the Philippine National Oil Company (PNOC) in its exploration and development of indigenous energy resources, including geothermal, coal, uranium, and oil. This funding aims to alleviate the financial strain on PNOC due to substantial investment requirements and challenges in securing foreign financing. PNOC is required to report to the President on the disbursement and utilization of these funds by the end of the fiscal year. The directive is effective immediately.
Law Information
- Reference Number
- Letter of Instructions No. 1353
- Date Enacted
- Category
- Presidential Issuances
- Subcategory
- Letters of Instructions
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
September 19, 1983
LETTER OF INSTRUCTIONS NO. 1353
| TO | : | The Minister of Energy |
| The Minister of the Budget | ||
| The Treasurer of the Philippines | ||
| The Chairman, Philippine National Oil Company |
Pursuant to the country's objective of developing indigenous energy resources, the Philippine National Oil Company and its subsidiaries have continuously undertaken exploration and development programs designed to make possible the full utilization of our geothermal, coal, uranium and oil reserves.
The large amounts of investments required by these projects and the increasing difficulty in obtaining foreign financing have put PNOC's fund sourcing capability under tremendous pressure. In order to alleviate this financing strain, we hereby direct the Treasurer of the Philippines to release PESOS SIX HUNDRED TWENTY-TWO MILLION AND SEVEN HUNDRED THOUSAND (P622,700,000.00) out of the Special Fund created pursuant to Section 8 (j) of Republic Act No. 6173, as amended, to reimburse PNOC for actual exploration and development costs incurred in 1982 and to fund exploration expenditures expected in 1983.
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. CAIHTE
Signed in the City of Manila this 19th day September, in the year of Our Lord, Nineteen Hundred and Eighty-Three.
Cite This Law
Release of Sum Out of Special Fund Under R.A. No. 6173, Letter of Instructions No. 1353, Sep 19, 1983 (Philippines)
Release of Sum Out of Special Fund Under R.A. No. 6173, Letter of Instructions No. 1353 (Phil. 1983)
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