Preamble
WHEREAS, the promotion and maintenance of the Philippine ship repair industry is a major government program that deserves priority attention; WHEREAS, the Maritime Industry Authority has been tasked to enhance domestic capability for ship repair and maintenance; WHEREAS, repairs undertaken abroad entail payment in foreign currency, thereby resulting to the depletion of the country's foreign exchange reserves; WHEREAS, in furtherance thereof, it is imperative to ensure that, as far as practicable, all activities relating to the repairs, alteration, improvement, modification, reconditioning, conversion or drydoeking of Philippine owned and/or registered vessels be undertaken by local shipyards. NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Republic of the Philippines, by virtue of the powers jn me vested by the Constitution, do hereby order and decree the following as part of the law of the land: