Section 12
Section 12 of Republic Act Numbered 1789, as amended, is hereby including to read as follows: "In case the private end-user is a Filipino citizen or entity wholly owned by Filipino citizens engaged in shipbuilding and duly registered with the Board of Investments, the balance payable in installments for capital goods and complementary services disposed of on credit basis shall be subject to an interest rate of three (3%) per cent per annum: Provided, That the mortgage to the Commission of the capital goods disposed of to said persons or entities engaged in shipbuilding shall constitute sufficient collateral for the same."