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. 746
|
PRESIDENTIAL DECREE NO. 746 -
FURTHER AMENDING REPUBLIC ACT NUMBERED SEVENTEEN HUNDRED AND
EIGHTY-NINE AS AMENDED, OTHERWISE KNOWN AS THE REPARATIONS
LAW
|
chanroblesvirtualawlibrary
WHEREAS, it
is the declared policy of the government to assist in the development
of the shipping industry in the country; chanroblesvirtualawlibrary
WHEREAS, in order to accelerate the development of the shipping
industry, the availment of reparations goods by private end-users
involved in shipbuilding should be facilitated and the
requirements for such availment be relaxed;chanroblesvirtualawlibrary
WHEREAS, it has been realized that certain requirements of the
Reparations Law are too cumbersome for the shipping industry at
their present stage of developments;chanroblesvirtualawlibrary
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the
Philippines, by virtue of the powers vested in me by the
Constitution, do hereby decree and order the following as part of
the law of the land: chanroblesvirtualawlibrary
Section 1. A new paragraph after the third
paragraph of Section 12 of Republic Act Numbered 1789, as
amended, is hereby concluded to read as follows:cralaw:red
In case the private end-user is a Filipino citizen or entity
wholly owned by Filipino citizens engaged in shipbuilding and
duly registered with the Board of Investments, the balance
payable in installments for capital goods and complementary
services disposed of on credit basis shall be subject to an
interest rate of three (3%) per cent per annum: Provided, That
the mortgage to the Commission of the capital goods
disposed of to said persons or entities engaged in shipbuilding
shall constitute sufficient collateral for the same.
Section 2. All laws, decrees, rules and
regulations inconsistent herewith are hereby repealed or
amended accordingly. chanroblesvirtualawlibrary
Section 3. This Decree shall take effect
immediately. chanroblesvirtualawlibrary
DONE in the City of Manila,
this 15th day of July, in the year of Our Lord, nineteen hundred
and seventy-five.
|
Back
to Home
- Back
to Main
chanroblesvirtuallawlibrary
Since 19.07.98
|
