Letter of Instructions No. 1153
TO : The Philippine National Oil Company (PNOC)
In view of the expansion of the alcogas program initially to Negros Oriental and
subsequently to Panay Island, there is a need to increase the production of
anhydrous alcohol. For this purpose, it is necessary to assist alcohol
distilleries in putting up additional anhydrous alcohol production capacity. To
carry out this assistance program, the
National Treasurer and the Minister of the
Budget are hereby directed to release immediately to the
Philippine National Oil Company the amount
of P 4,500.00 out of the Special Fund created under Section 8
(j) of Republic Act No. 6173, as amended. PNOC
shall use the foregoing in extending loans exclusively for use in increasing
anhydrous alcohol production capacity in suitable refineries under such terms
and conditions as determined by PNOC:
Provided, That interest on such loans shall be at 12% per annum.
The Philippine National Oil Company shall render an accounting to the President of the Philippines of all disbursements of these funds.
For immediate compliance.
Done in the City of Manila, this 8th day of July in the year of Our Lord, nineteen hundred and eighty-one.
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