Preamble
WHEREAS, in the interest of the national economy, it is imperative that Philippine domestic shipping be expanded to meet the ever-increasing inter-island cargo and passenger traffic; WHEREAS, due to the heavy capital requirements of the shipping industry, local ship owners and operators cannot raise sufficient financial resources to acquire new tonnage to replace their uneconomic and over aged fleet; and WHEREAS, in order to alleviate the present plight of domestic shipping, it is necessary to temporarily relax certain aspects of the restrictive and constrictive legal framework under which vessels may be registered in the Philippines; NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Republic of the Philippines, by virtue of the powers in me vested by the Constitution, do hereby order and decree the following as part of the law of the land: