Definitions.
Section 3
SEC. 3. Definitions. - As used in this Act: "Philippine overseas shipping" means the transport of goods and/or passengers by a ship owned and operated under the Philippine flag by a Philippine shipping enterprise, except when the ship is operated solely between ports in the Philippines; "Philippine shipping enterprise" means a citizen of the Philippines or an association or corporation organized under the laws of the Philippines, at least sixty percent (60%) of the capital of which is owned by citizens of the Philippines and engaged exclusively in Philippine overseas shipping; "MARINA" means the Maritime Industry Authority; "Monetary authority" means the Central Bank of the Philippines and any other agency in charge of foreign exchange controls; and "Regulations" means the rules and regulations promulgated pursuant to Section 10 hereof