Definition of Terms.
Section 3
SEC. 3. Definition of Terms.—The terms, as used, in this Decree, shall have the following meaning, unless the context of the particular usage of the term indicates otherwise: "Maritime Industry", briefly referred to as "industry" in the broadest concept of the term.—All enterprises engaged in the business of designing, constructing, manufacturing, acquiring, operating, supplying, repairing and, or maintaining vessels, or component parts thereof; of managing and/or operating shipping lines, stevedoring arrastre and customs brokerage services, shipyards, drydocks, marine railways, marine repair shops, shipping and freight forwarding agencies and similar enterprises. "Vessels" or watercraft".—Any barge, lighter, bulk carrier, passenger ship, freighter, tanker, container ship, fishing boats or other artificial contrivance utilizing any source of motive power, designed, used or capable of being used as a means of water transportation operating either as a common contract carrier, including fishing vessels covered under Presidential Decree No. 43, except (i) those owned and/or operated by the Armed Forces of the Philippines and by foreign governments for military purposes, and (ii) bancas, sailboats and other waterborne contrivance of less than three gross tons capacity and not motorized. "Philippine national".—A citizen of the Philippines; or a partnership or association wholly owned by and composed of citizens of the Philippines; or a corporation organized under the laws of the Philippines of which at least sixty per cent of the capital stock outstanding and entitled to vote is owned and held by Philippine citizens; or a trustee of funds for pensions or other employee retirement or separation benefits, where the trustee is a Philippine national and at least sixty per cent of the funds will accrue to the benefit of the Philippine nationals: Provided, That where a corporation and its non-Filipino stockholders own stock in an enterprise, at least sixty per cent of the members of the governing board of both corporations must be Philippine nationals. "Philippine flag vessel".—A vessel or watercraft registered under Philippine laws. "Foreign flag vessel."—A vessel or watercraft registered under the laws of a country other than the Philippines. "Philippine shipping companies."—Philippine nationals registered and licensed under the laws of the Philippines to engage in the business of overseas and/or domestic water transportation. A. MARITIME INDUSTRY AUTHORITY