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LETTER OF INSTRUCTIONS
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LETTER OF INSTRUCTIONS NO. 360
TO
: The Secretary of Finance
The Chairman, Philippine National Oil Company
The Governor, Central Bank
The Chairman, Oil Industry Commission
1.
The duty-free importation of liquified
petroleum gas under Presidential Decree No. 333, as amended, shall be
allowed only when such importation is made by the Philippine National
Oil Company (PNOC) and/or by persons or entities duly authorized by
PNOC and only to the extent of the volume authorized by it.
2.
No importation of refined petroleum
products including but not limited to gasoline, kerosene, diesels,
liquified petroleum gas, fuel oil, aviation turbo fuel, and aviation
gas, by any person or entity shall be allowed without prior clearance
by the Philippine National Oil Company.
3.
No foreign exchange availments in
payment for any importation of refined petroleum products not
conforming to the foregoing requirements shall be authorized by the
Central Bank of the Philippines.
Done in the City of Manila this 9th day of January, in the year of Our Lord, nineteen hundred and seventy-six.
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Since 19.07.98.
