A
collection of Philippine laws, statutes and codes
not
included or cited in the main
indices
of
the
Chan Robles Virtual Law Library
PRESIDENTIAL DECREE NO. 667-A
PRESIDENTIAL DECREE NO.
667-A - PROVIDING FOR THE SUBSTITUTION OF PRESIDENTIAL DECREE NO.
667 AND DIRECT INCENTIVES FOR THE DEVELOPMENT OF PHILIPPINE OVERSEAS
SHIPPING
|
chanroblesvirtualawlibrary
WHEREAS,
the government recognizes the important role of the shipping industry
in the economic development of the country;chanroblesvirtualawlibrary
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. chanroblesvirtualawlibrary
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 provisions 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:cralaw:red
(a) Vessels which are duly registered in the
Philippines and which are owned or controlled, or chartered by such
vessels of the Philippines and of the second as vessels of another
country in the carriage of international cargo between the Philippines
and that other country.
(b) Shipping lines of third-countries shall be
accorded opportunities to carry the balance of the international cargo
on such bilateral trade which cannot be carried by such vessels of the
Philippines and of the second country.
Section 3. The Maritime Industry Authority is
authorized and directed:cralaw:red
(a) to study and devise means by which importers and
exporters of the Philippines can be induced to give preference to
vessels of Philippine registry and those owned or controlled, or
chartered by Philippine nationals, with the assistance of other
government offices, agencies and instrumentalities as well as
Philippine shipping lines;chanroblesvirtualawlibrary
(b) to recommend such measures as it may deem
necessary to the appropriate government authorities to implement the
policies and objectives herein set forth; chanroblesvirtualawlibrary
(c) to promulgate appropriate rules and regulations
for the effective implementation of this decree; and
(d) to serve as central coordinating agency in the
implementation of this decree.
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.
|
Back
to Home
- Back
to Main
chanroblesvirtuallawlibrary
Since 19.07.98
|