Preamble
WHEREAS, the government recognizes the important role of the shipping industry in the economic development of the country; WHEREAS, Presidential Decree No. 667 was promulgated with the objective of providing incentives to the shipping industry by granting income tax deductions to shippers who utilize Philippine flag vessels for their shipments, which incentive is considered as an indirect assistance to the said industry; and WHEREAS, it is deemed more advantageous to and meaningful for said shipping industry to be extended direct assistance instead of the indirect type thus granted under the aforesaid decree. 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.