WHEREAS, Presidential Decree No. 667 was promulgated with the objective of providing incentives to the shipping industry by granting income tax deductions to shippers who utilize Philippine flag vessels for their shipments, which incentive is considered as an indirect assistance to the said industry, and
WHEREAS, it is deemed more advantageous to and meaningful for said shipping industry to be extended direct assistance instead of the indirect type thus granted under the aforesaid decree.
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers in me vested by the Constitution, do hereby decree the following as part of the law of the land.
SECTION 1. The policies and objectives declared in Presidential Decree No. 474 are reiterated herein and made an integral part of this decree. In pursuance of such policies, the State shall take all the steps necessary, including the provision of direct incentives to Philippine flag vessels and national shipping lines, to enable them to carry a substantial and increasing share of the cargo generated by Philippine foreign trade and to accelerate expansion and modernization of the Philippine merchant fleet.
SECTION 2. In lieu of indirect incentives under P. D. No. 667, the following are hereby adopted:
SECTION 3. The Maritime Industry Authority is authorized and directed:
SECTION 4. All laws, decrees, orders, rules and regulations which are inconsistent with or contrary to the provisions of this Decree are hereby repealed or modified accordingly.
SECTION 5.This Decree shall take effect immediately.
Done in the City of Manila this 10th day of October, in the year of Our Lord, nineteen hundred and seventy-five.
(Sgd.) FERDINAND E. MARCOS President of the Philippines | |||
By the President: | |||
(Sgd.) ALEJANDRO MELCHOR Executive Secretary |