LETTER OF INSTRUCTION NO. 1003, March 25, 1980

[ LETTER OF INSTRUCTION NO. 1003, March 25, 1980 ]

TO : The Minister of Energy The Minister of the Budget The Treasurer of the Philippines The Chairman, Philippine National Oil Company

For the purpose of financing the acquisition of the tanker "World Joy" it is hereby directed that P40 million be released to the Philippine National Oil Company out of the Special Fund created pursuant to Section 8 (j) of Republic Act No. 6173, as amended.

This amount represents approximately 20% of the purchase price of the vessel; the remaining 80% would be funded from a foreign loan secured by PNOC.

In view thereof, the Treasurer of the Philippines is hereby directed to release to the Philippine National Oil Company P40 million out of the Special Fund created pursuant to Section 8 (j) of Republic Act No. 6173, as amended.

The Philippine National Oil Company is further directed to submit a report to the President accounting for the disbursement and utilization of the foregoing funds.

This Letter of Instruction shall take effect immediately.

Done in the City of Manila, this 25th day of March, in the year of Our Lord, Nineteen Hundred Eighty.

(Sgd.) FERDINAND E. MARCOS President of the Philippines