Presidential Decree No. 746 (PD 746) — Further Amending Republic Act Numbered Seventeen Hundred and Eighty-Nine as Amended, Otherwise Known as the Reparations Law.
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. A new paragraph after the third paragraph of
SEC. 2. All laws, decrees, rules and regulations
inconsistent herewith are hereby repealed or amended accordingly.
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 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."
Source: Supreme Court E-Library, Republic of the Philippines. Philippine laws are public documents (works of the government).
