Funding for PNOC Energy Exploration 1978

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LETTER OF INSTRUCTIONS NO. 715: Funding for PNOC Energy Exploration 1978

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Title Source: Supreme Court: Funding for PNOC Energy Exploration 1978

Law: Letter Of Instructions No. 715

Decision Date: Jun 26, 1978

A government program aims to achieve energy self-reliance in the Philippines by focusing on the exploration and development of indigenous geothermal and coal resources, with funding provided to support necessary operations and accountability ensured through annual reporting.

Law Summary

Allocation and Source of Funds

The Treasurer of the Philippines is instructed to release a total of One hundred ninety-one million, five hundred thousand pesos (P191,500,000) to the Philippine National Oil Company (PNOC).
These funds are drawn from the Special Fund established under Section 8(j) of Republic Act No. 6173, as amended.

Authorized Use of Funds

PNOC and its subsidiaries are authorized to utilize the released funds and any earnings generated therefrom exclusively for geothermal and coal exploration and development programs.

Reporting Requirements

PNOC must submit an annual report to the President detailing the disbursement and utilization of the funds.
This report is required to be submitted no later than the end of each calendar year.

Immediate Effectivity

The Letter of Instruction takes effect immediately upon issuance.

Administrative Directives

The instruction is addressed directly to the Secretary of Energy, the Commissioner of the Budget, the Treasurer of the Philippines, and the Chairman of the Philippine National Oil Company.
This ensures coordinated implementation and oversight among key government officials and agencies involved in energy development.

END