WHEREAS, Department Circular No. 2003-06-007 (Further Amending Section 14 of Department Circular No. 99-03-004 Entitled "Rules and Regulations Implementing Republic Act 8479, Downstream Oil Industry Deregulation Act of 1998," as Amended) and the Memorandum of Agreement entered into on January 23, 2003 by and among the Department of Energy (DOE), the Development Bank of the Philippines (DBP) and the Development Bank of the Philippines - Trust Services (DBP-TS), operationalized the Gasoline Station Lending and Financial Assistance Program (herein referred to as the Program);

WHEREAS, the Program, established under Section 10 of Republic Act 8479 and designed to provide credit assistance to New Industry Participants, as such term has been defined in said law, shall be implemented and administered by the DBP and the DBP-TS, respectively,

WHEREAS, the DOE, on the other hand, shall provide the necessary policy, technical and administrative support to facilitate the effective and efficient implementation of the Program;

WHEREAS, the DOE as part of its support to the Program recognizes the need to create a committee that would serve as the clearinghouse for all applications received under the Program; NOW, THEREFORE, in view of the foregoing premises, the following is hereby issued.