LETTER OF INSTRUCTION NO. 1167

: The Minister of Energy, the Minister of the Budget, the Treasurer of the Philippines, and the Administrator of the Philippine Coconut Authority.
: The depressed price of crude coconut oil due to oversupply at world markets, causing export prices to drop significantly and resulting in losses for the coconut industry.
: About 28 US cents per pound.
: The selling price of coconut oil is higher (about 28 US cents or P4.282 per liter) than petroleum-based fuel, which the power and transport industries cannot absorb without subsidy.
: An initial release of One Hundred Forty-Five Million One Hundred Thousand Pesos (P145,100,000) from the Special Fund pursuant to Section 8(j) of R.A. 6173, as amended.
: Section 8(j) of Republic Act 6173, as amended.
: The Ministry of Energy must submit periodic reports to the President accounting for the disbursement and use of the funds released.
: It took effect immediately upon issuance on October 2, 1981.
: They are directed to immediately release the allocated funds from the Special Fund to finance the coco-diesel/fuel oil program.