Preamble
WHEREAS, the use of the term "time charter" in the decree is too technical and restrictive as to exclude other forms of charter parties; WHEREAS, the requirement of "not less than five years" for the charter or lease period has deterred many a ship-owner and/or charterer from availing of the incentives under the decree; WHEREAS, there is a need to give a certain degree of flexibility to the charterer or leassee in the use of the vessel; WHEREAS, it is imperative to amend the decree accordingly so as to attain the objectives sought to be achieved by the same. 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: