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PRESIDENTIAL DECREE NO. 744
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PRESIDENTIAL DECREE NO. 744 -
FURTHER AMENDING 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, it
is the declared policy of the government to encourage the development
of the shipbuilding industry;chanroblesvirtualawlibrary
WHEREAS, there is a need to assist the private sector engaged in the
long-range shipbuilding program of the government in the form of
financial assistance; chanroblesvirtualawlibrary
WHEREAS, an important phase of shipbuilding is the construction of
shipbuilding facilities and structures including the acquisition of
necessary equipment needed for said purposes;chanroblesvirtualawlibrary
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines,
by virtue of the powers vested in me by the Constitution, do hereby
further amend Republic Act No. 1407, as amended, as follows: chanroblesvirtualawlibrary
Section 1. A new section to be known as Section 3-A
is hereby included in republic act No. 1407 as amended, which shall
read as follows:cralaw:red
"Sec. 3-A. The funds provided in Sections 3 and 6 of
this Act shall be available in the form of loans to citizens of the
Philippines or to associations or corporations organized under the laws
of the Philippines, at least sixty per cent of the capital of which is
owned by citizens of the Philippines, engaged in shipbuilding and ship
repair and registered with the Board of Investments, for the purpose of
financing and construction of shipbuilding structures and facilities
and for the purchase or acquisition of necessary equipments needed for
shipbuilding purposes. chanroblesvirtualawlibrary
Section 2. Any provision of law, decree, executive
order or rules and regulations inconsistent with this Decree is hereby
repealed and/or modified accordingly.
Section 3. This Decree shall take effect immediately.
DONE in the City of Manila,
this 15th day of July, in the year of Our Lord, nineteen hundred and
seventy-five.
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