TO :	The Commissioner of the Budget The Treasurer of the Philippines The Chairman, Philippine National Oil Company
SUBJECT :	Release of P100 Million to Philippine National Oil Company to Pay the Additional Government Subscription in PNOC

The Philippine National Oil Company (PNOC) and its affiliated companies have acquired assets amounting to more than three and one-half billion pesos which is grossly disproportionate to its present equity of P100 million.

As a means of strengthening the capital base of Philippine National Oil Company for a more efficient management and operations to attain the objectives of its creation, pursuant to Presidential Decree No. 334 authorizing subscription of the Republic of the Philippines to the remaining one million shares of PNOC, it is hereby directed that the amount of P100 million be set aside and released to PNOC as subscription to 200,000 shares of stock in the said company at P500 per share, out of the Special Fund created pursuant to Section 7(j) of Republic Act No. 6173, as amended.

This letter of instructions shall take effect immediately.

DONE in the City of Manila, this 20th day of June, in the year of Our Lord, Nineteen Hundred and Seventy-Five.

SOUCRE: CD ASIA