Preamble
WHEREAS, the government recognizes the important role of the shipping industry in the economic development of the country; WHEREAS, there is a need to increase the number of ocean-going shipping vessels of Philippine registry; WHEREAS, exporters and importers should be encouraged to patronize Philippine flag vessels in order to effect foreign exchange savings; 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 law of the land.