Requisition of Vessels.
Section 9
SEC. 9. Requisition of Vessels. - The President of the Philippines may, in times of war and other national emergency, requisition, absolutely or temporarily, for any naval or military purpose, any and all vessels of Philippine registry. The Government shall pay the owner or operator of the vessel, based on normal conditions at the time of requisition: The fair market value, if the vessel is taken absolutely; or The fair charter value, if the vessel is taken temporarily. In case of disagreement, such fair value shall be determined by an arbitration committee composed of: One (1) member to be appointed by the MARINA; One (1) member to be appointed by the owner or operator of the vessel; and One (1) member to be appointed by the two (2) members so appointed. The decision of the arbitration committee shall be final and binding on both parties.