Preamble
WHEREAS, the priority attention and incentives given by the government for the shipbuilding and ship repair industry have attracted new investments including the in flux of foreign capital and technology; WHEREAS, the Maritime Industry Authority has been tasked to enhance domestic capability for shipbuilding, repair and maintenance; WHEREAS, the establishment of numerous shipyards could lead to destructive competition and possible collapse of the shipbuilding and ship repair industry; WHEREAS, it is strongly imperative to regulate the activities of the shipyards in the country to effectively promote the shipbuilding and ship repair program in particular, and the development of the maritime industry as a whole. NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Republic of the Philippines, by virtue of the powers in me vested by the Constitution do hereby order and decree the following as part of the law of the land: