LETTER OF INSTRUCTIONS NO. 300

TO    :    All Government-Owned or Controlled Corporations and Semi-Government Corporations,
              Government Agencies and Authorities

In order to determine the investment and financial requirements of all government-owned and controlled corporations, including semi-government corporations, as well as government agencies and authorities and the availability of funds from the current financial sources; to establish the needed financial support from the National Government to arrive at the overall level of expenditures; to enable the government to plan its foreign borrowings and debt service schedule; and to enable the government financial institutions to properly plan their lending and guarantee operations in behalf of said government corporations; all government-owned or controlled corporations, semi-government corporations, now existing or newly-created, are hereby directed:

1.     To submit to the National Economic and Development Authority (NEDA), at least three (3) months before the end of the current fiscal year, the corporation's proposed current operating expenditures and capital investment programs and the corresponding sources of funds for the succeeding five (5) fiscal years.

2.     To submit to the NEDA, one month before the end of the current fiscal year, the following reports:

a)     Status reports on the capital investment program being currently undertaken by the corporation showing actual figures for the first three quarters of the year and the estimated expenditures for the fourth quarter; and

b)     Projected Income Statement, Balance Sheet and Cash Flow Statement as of June 30, provided that audited financial statements will be submitted during the first quarter of the following year.

Since 19.07.98.