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PRESIDENTIAL DECREE NO. 664
PRESIDENTIAL DECREE NO. 664 -
AMENDING Section 12 OF REPUBLIC ACT NUMBERED 1407 AS AMENDED, OTHERWISE
KNOWN AS "THE PHILIPPINE OVERSEAS SHIPPING ACT OF NINETEEN HUNDRED AND
FIFTY-FIVE"
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WHEREAS,
the Philippine Maritime Industry is a major contributor to the growth
of the Philippine Economy;chanroblesvirtualawlibrary
WHEREAS, the ocean-going vessels of the industry are a source of
foreign exchange earnings for the country;chanroblesvirtualawlibrary
WHEREAS, under Republic Act No. 1407 ocean-going vessels can avail of
needed foreign exchange for their maintenance and operations only
through a complicated procedures;chanroblesvirtualawlibrary
WHEREAS, it is desirable that this procedure be simplified so as to
facilitate the access of this sector of the industry to their required
funds;chanroblesvirtualawlibrary
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines,
by virtue of the powers in me vested by the Constitution, do hereby
decree that Section 12 of Republic Act No. 1407 as amended be further
amended to read as follows:cralaw:red
"Sec. 12. All dollars required by ocean-going
vessels of Philippine registry or by operators of ocean-going vessels
of Philippine registry for the purchase of vessels, repair and
improvement, engines, spare parts, accessories, supplies and other
expenses required for the operation of the vessels in foreign ports or
in the high seas, when recommended by the Maritime Industry Authority
shall be made available by the Central Bank of the Philippines or by
any other agency in charge of dollar controls, subject to the rules and
regulations of the Central Bank, free of exchange tax: Provided, That
the Maritime Industry Authority shall ascertain that the
above-mentioned vessels' repair and improvement, engines, spare parts,
accessories and supplies cannot be furnished by local firms. All
dollars acquired or spent by the owners of said vessels shall be
properly accounted for to the Central Bank of the Philippines or to any
other agency in charge of dollar controls." chanroblesvirtualawlibrary
All such laws, decrees, order, rules or regulations or any part thereof
as are inconsistent with this Decree are hereby repealed.
This Decree shall take effect upon its approval.
DONE in the City of Manila,
this 5th day of March, in the year of Our Lord, nineteen hundred and
seventy-five.
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