Preamble
WHEREAS, it has been declared a national policy to accord high priority to the development of the country's maritime and air transport industries; WHEREAS, Presidential Decree No. 806 was promulgated in recognition of the important role that overseas shipping plays in the economic development of the country; WHEREAS, Presidential Decree No. 894, as amended by Presidential Decree Nos. 917 and 962, was promulgated to conserve the country's foreign exchange, promote the growth and development of the Philippines' overseas air and water transport industries, and to enhance national self-reliance in the transport of passengers and cargoes; WHEREAS, it is necessary to align the provisions of Presidential Decree No. 894, as amended, with the equal cargo-sharing concept contained in Presidential Decree No. 806; and WHEREAS, there is need for a more effective mechanism to implement the provisions of these Decrees. NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers in me vested by the Constitution, do hereby decree the following as part of the laws of the land;