Preamble
WHEREAS, shipping plays a vital role in the economic development and growth of the country; WHEREAS, the promotion and maintenance of an adequate Philippine merchant fleet depend upon the adequacy of supporting shipbuilding and ship repair facilities; WHEREAS, the absence of adequate investment incentives has deterred the expansion and modernization of existing shipyards and/or the development of new shipyard facilities; WHEREAS, to accelerate the development of shipbuilding and ship repair industry such incentives are imperative and necessary; NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers in me vested by the Constitution, do hereby order and decree as follows: