Preamble
WHEREAS, it is the declared policy of the government to encourage the development of the shipbuilding industry; WHEREAS, there is a need to assist the private sector engaged in the long-range shipbuilding program of the government in the form of financial assistance; WHEREAS, an important phase of shipbuilding is the construction of shipbuilding facilities and structures including the acquisition of necessary equipment needed for said purpose; NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by the Constitution, do hereby further amend Republic Act No. 1407, as amended, as follows: