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LETTER OF INSTRUCTIONS
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LETTER OF INSTRUCTIONS NO. 203
TO
: The Chairman
Reparations Commission
The Board of Directors
National Steel Corporation
The Solicitor Genera
The General Manager
Government Service Insurance System
In view of the world-wide unavailability of cargo vessels and the urgent need therefor in connection with the shipment of the raw materials required by and the finished products of the National Steel Corporation, a subsidiary of the Development Bank of the Philippines which has been formed to engage in the production of steel products critical to the national economy and the security of the country, it is hereby directed that the M/V "Philippine Admiral", a reparations vessels be immediately released and transferred in absolute ownership to the National Steel Corporation for the amount of pesos ten million two hundred thousand (P10,200,000.00) only.
The National Steel Corporation (NSC) shall pay the Reparations Commission (REPACOM) the above amount as follows:
a.
NSC shall reimburse REPACOM the costs and
expenses already incurred and to be incurred by REPACOM in connection
with the transfer of the vessel to NSC, provided that the total
reimbursement shall not exceed the amount of pesos three million two
hundred thousand (P3,200,000.00) only.
b. NSC shall
pay REPACOM, upon the cancellation of
the mortgage on the vessels in favor of the Government Service
Insurance System, as well as any and all liens on the vessel arising
from acts, contracts on transaction prior to this date, the amount of
pesos seven million (P7,000,000.00) plus any remaining undisposed
portion of the maximum amount stated under the foregoing letter (a) on
terms to be agreed upon between REPACOM and NSC. NSC's total liability
for the acquisition of the vessel shall in no case exceed
P10,200,000.00.
It is also directed that NSC recognize the aforementioned mortgage lien of GSIS on the vessel.
Strict compliance with this Letter of Instructions is desired.
Done in the City of Manila, this 16th day of July, in the year of Our Lord, nineteen hundred and seventy-four.
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Since 19.07.98.
