Preamble
WHEREAS, it is the current policy of the government to assist the development of the shipping industry of the country, a substantial portion of which is represented by interisland shipping; WHEREAS, almost ninety per centum (90%) of the country's interisland vessels are already twenty (20) years old or over necessitating their replacement within a short period of time; WHEREAS, there is a need to assist the interisland ship-owners to acquire new and modern vessels in order to fully realize the government's goal of a balanced and total development of the country's shipping industry; and WHEREAS, it is also necessary that in the development of the shipping industry, the country's local shipbuilding capability should likewise be enhanced in order to ensure our self-sufficiency in this sector. 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: