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LETTER OF INSTRUCTIONS
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LETTER OF INSTRUCTIONS NO. 151
TO
: The Chairman
The Philippine National Bank
The President
Philippine National Bank
In accordance with the decision of the Cabinet confirming the policy to rationalize the airline industry and the decision to have one airline in both the international and domestic operations, the Philippine National Bank shall now take steps to take over the assets of the Filipinas Orient Airlines and the Air Manila, Incorporated, and to place them under the operational control of the Philippine Air Lines which shall have complete management and control over such assets for its domestic service. The operation by PAL of the facilities or assets of these two airlines shall be subject to supervision of the Philippine National Bank only insofar as it affects the income from these assets and the continuing assessment of these assets. Determination of these assets and their evaluation shall be worked out by Philippine Air Lines and Philippine National Bank in order that all income derived from the utilization of these assets or operation of the facilities of these two airlines shall be turned over to the NDC for the indebtedness of these two airlines.
The implementation of this decision shall be worked out by the Philippine National Bank and the Philippine Air Lines immediately.
December 7, 1973
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