- Lending to BASECO Funds from the National Development Company Special Shipping Funds
- Letter of Instructions No. 293-A
LETTER OF INSTRUCTIONS NO. 293-A
|TO||:||The Chairman and Members of the Board|
|National Development Company|
The Philippine Navy has entered into contracts with the Bataan Shipyards and Engineering Company (BASECO) for the construction of 145-footer and 120-footer patrol boats necessary for the self-reliant defense program of the Armed Forces of the Philippines.
At the same time it is envisioned that BASECO will be utilized in the construction of small patrol boats under secret and confidential conditions.
The facilities of the BASECO are likewise needed in the repair of dredgers, tugboats, pile drivers and barges of the Bureau of Public Works.
In view of these it is necessary to upgrade the facilities of the BASECO.
You will, therefore, consider the feasibility of lending to BASECO funds from the special shipping fund, which has been placed under your disposal, and in accordance with