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LETTER OF INSTRUCTIONS
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LETTER OF INSTRUCTIONS NO. 994 |
The Minister of the Budget
The Treasurer of the Philippines
The Chairman, Philippine National Oil Company
One of the basic tenets of our energy development program is the establishment of adequate stockpile of energy as a protective measure against possible supply disruptions.
The current uncertainties in the world oil markets brought about by the Iranian situation and further aggravated by the crisis evolving in Afghanistan has mandated the acceleration of this program. In view thereof, the Philippine National Oil Company (PNOC) is hereby directed to immediately start the construction of two additional crude storage tanks of one million barrel capacity each in order to increase our crude storage capacity by another 21%. To allow PNOC to carry out the foregoing, the Treasurer of the Philippines is hereby directed to release for the purpose, P120 million out of the Special Fund created under Sec. 8 (j) of Republic Act No. 6173 as amended, to PNOC.
PNOC shall submit a report to the President accounting for the disbursement and utilization of the foregoing funds.
This Letter of Instructions shall take effect immediately.
Done in the City of Manila, this 20th day of February, in the year of Our Lord, nineteen hundred and eighty.
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Since 19.07.98.
