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LETTER OF INSTRUCTIONS
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LETTER OF INSTRUCTIONS NO. 216
TO
: The Director General
National Economic Development Authority
The Chairman and President
Philippine National Oil Company
While there are no sure and easy solutions to these problems, the Government feels that as industrial fuel oil is a critical input to Philippine industry, a reduction of its price would assist in encouraging export production, would bring relief to certain distressed industries, and through application in certain strategically located industries with linkages to consumer goods enterprises, would assist in reducing overall cost of production and in expanding business activity.
You are therefore directed as follows:
1.
The Philippine National Oil Company (PNOC),
through its marketing affiliate Petrophil Corporation, shall institute
effective immediately, a three-month program of special price support
in industrial fuel oil to strategic industries. During such period of
three months, Petrophil Corporation shall reduce by P5.00 per barrel
the wholesale posted price ex-refinery, prevailing at the time of
delivery, of its sales (up to its available supply) of industrial fuel
oil to cement companies, textile plants, wood processing companies,
pulp and paper plants, Philippine flag shipping, electric cooperatives
and to other industries that may be determined by the National Economic
and Development Authority (NEDA) as being strategic economically and/or
industrial fuel price support to which, would result in maximum export
and employment benefits.
2. The
National Economic and Development Authority
shall initiate studies on the desirability of extending the duration of
the special price support program beyond the three-month period
specified herein and on the desirability of adjusting the level of
price support that would be fully responsive to the needs of Philippine
industry and developments in the international oil situation.
Done in the City of Manila this 7th day of October in the year of Our Lord, nineteen hundred and seventy-four.
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Since 19.07.98.
