LETTER OF INSTRUCTIONS NO. 294

TO    :    The Chairman National Development Company

SUBJECT    :    Authority to grant loans to qualified citizens or private corporations for the purpose of
                         constructing ship-building facilities and structure

In line with the declared policy of the government to provide financial assistance to the long-range shipbuilding program of the country and to encourage private enterprise to engage in the shipping industry as enunciated under Republic Act No. 1407, as amended, you are hereby authorized to grant loans from the amount provided for under Section s 3 and 6 of said Act to qualified citizens or private corporations duly registered with the Board of Investments, which are engaged in shipbuilding and ship repairs, for the purpose of constructing shipbuilding facilities and structures, including the purchase or acquisition of equipment necessary for said purpose.

Done in the City of Manila, this 15th day of July, in the year of Our Lord, nineteen hundred and seventy-five.

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Since 19.07.98.