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LETTER OF INSTRUCTIONS

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LETTER OF INSTRUCTIONS NO. 1334

LETTER OF INSTRUCTIONS NO. 1334 - DIRECTING THE POSTPONEMENT OF SOME OF THE MAJOR INDUSTRIAL PROJECTS AND A REVIEW OF OTHER GOVERNMENT PROJECTS

TO : The Prime Minister and the Executive Committee

        The Minister of Trade and Industry
        The Minister of Highways and Public Works
        The Minister of Energy

Whereas, the major industrial, infrastructure and other projects tentatively approved for implementation are consistent with the long term development objects of the Philippines;

Whereas, cognizant of the benefits of these major projects, they nonetheless will involve substantial capital investment from overseas that are expected to be funded by equity investment and loan funds;

Whereas, the Philippine external debt position should not be overextended and future interest and debt repayments should not be allowed to overburden future years;

NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by Law, do hereby Order and Instruct:

1. The following major industrial projects shall be deferred for some future time as may be supported by the world investment and credit situation and the Philippines' debt and Balance of Payments position:

a.    Petrochemical complex;

b.    Pulp and paper plant;

c.    Aluminum smelter;

d.    Alcogas projects; and

e.    High-horse power diesel engine plant.

2. The instructions under LOI No. 1329 are hereby reiterated, for a review by the Prime Minister and the Executive Committee, of all major infrastructure, power and other capital projects with the aim of re-phrasing or postponing those that will require foreign credits of such magnitude as may adversely affect the Philippines' international credit standing and its ability to generate foreign exchange in the future to service debt interest and principal repayments;

3. The Executive Committee shall at the same time identify and develop smaller scale projects with minimum external investment input, such as the following:

a.    Integrated area and water development projects, with particular attention to integrated projects involving reforestation, water impounding, small irrigation systems, waterworks, and mini-hydro electric plants and issuance of land patents;

b.    Commercial agricultural development projects; and

c.    Regional and municipal development projects and livelihood support services development projects, with particular emphasis to those with maximum employment and export potential.

4. The Executive Committee shall submit its report and recommendations as soon as possible.

Done in the City of Manila, this 21st day of June, nineteen hundred and eighty three.

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LETTER OF INSTRUCTIONS