FURTHER AMENDING REPUBLIC ACT NUMBERED SEVENTEEN HUNDRED AND EIGHTY-NINE AS AMENDED, OTHERWISE KNOWN AS THE REPARATIONS LAW.

• Number: Presidential Decree No. 746
• Sections: 5

Preamble

WHEREAS, it is the declared policy of the government to

assist in the development of the shipping industry in the country;

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;

WHEREAS, it has been realized that certain requirements of

the Reparations Law are too cumbersome for the shipping

industry at their present stage of development;

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:

Section 1

SECTION 1. A new paragraph after the third paragraph of

Section 2

SEC. 2. All laws, decrees, rules and regulations

inconsistent herewith are hereby repealed or amended accordingly.

Section 3

SEC. 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.

(Sgd.)

FERDINAND E. MARCOS

President

Republic of the Philippines

By the President:

(Sgd.)

ALEJANDRO MELCHOR

Executive Secretary

Section 12

Section 12 of Republic Act Numbered 1789, as amended, is hereby

including to read as follows:

"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."