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LETTER OF INSTRUCTIONS
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LETTER OF INSTRUCTIONS NO. 254
TO
: The Commissioner of the Budget
The Treasurer of the Philippines
The President of the Philippines National Oil
Company
The joint study of the Department of Finance and the Philippine National Oil Company (PNOC) shows that the additional Twenty-Five Million Pesos (P25,000,000) released to PNOC pursuant to Letter of Instruction No. 289 dated 11th January 1975 is inadequate for the purpose for which intended. In view hereof, you are hereby further directed to incorporate in the Budget and set aside out of the Special Fund created under Sec. 7(j) of Republic Act No. 6173, as amended, so much of the payments to the Special Fund starting January 1st, 1975, equivalent to one centavo per liter of refined petroleum product and release the same to PNOC and/or any of its subsidiaries as designated by PNOC.
The foregoing amounts and/or the earnings therefrom shall be utilized for the purposes specified in Letter of Instruction No. 239 and shall be subject to the reporting and accounting requirements therein.
Done in the City of Manila, this 20th day of February in the year of Our Lord, Nineteen Hundred and Seventy-Five.
ESTIMATED
SUPPLEMENTED FUNDING
REQUIREMENTS FOR TANKERS DIEGO
SILANG AND SULTAN KUDARAT
(In Million Pesos)
SUBSIDY ADDITIONAL
YEAR
INCOME
EQUITY TOTAL
1975
57.7 - 57.7
1976
58.1 27.5
85.6
1977
50.3 43.8
94.1
1978
42.4 43.8
86.2
1979
34.6 43.8
78.4
1980
26.6 43.8
70.4
1981
18.6 43.6
62.2
TOTAL
288.3 246.3
534.6
Note: Above assumes PNOC will secure a 7-year loan at a total interest cost of 12.5% to finance acquisition of tankers.
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