Preamble
WHEREAS, it is the declared policy of the government to assist in the development of the shipping industry in the country; WHEREAS, in order to accelerate the development of the shipping industry, the availment of reparations goods by private end-users involved in shipbuilding should be facilitated and the requirements for such availment be relaxed; WHEREAS, it has been realized that certain requirements of the Reparations Law are too cumbersome for the shipping industry at their present stage of development; NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by the Constitution, do hereby decree and order the following as part of the law of the land: