In line with the policy to encourage the development of the shipping industry
in this country, I, FERDINAND E. MARCOS, President of the
Philippines, by virtue of the powers in me vested by the Constitution as
Commander-in-Chief of all the Armed Forces of the Philippines and pursuant to
Proclamation No. 1081, dated September 21, 1972, and General Order No. 1, dated
September 22, 1972, do hereby order and decree that the importation of
ocean-going vessels shall be exempted from the payment of the ten percent
customs duty prescribed in the Tariff and Customs Code and the seven percent
compensating tax provided in the National Internal Revenue Code.
Any provision of law, executive order or regulation inconsistent with this
Decree is hereby repealed or modified accordingly.
This Decree shall take effect immediately.
Done in the City of Manila, this 16th day of June, in the year of Our Lord,
nineteen hundred and seventy-three.
(Sgd.) FERDINAND E. MARCOS
President
Republic of the Philippines
By the President:
(Sgd.) ROBERTO V. REYES
Assistant Executive Secretary