Authorizing The National Development Company To Assist Local Shipbuilders And Persons And Entities Engaged In Interisland Shipping And Appropriating Funds Therefor
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Authorizing The National Development Company To Assist Local Shipbuilders And Persons And Entities Engaged In Interisland Shipping And Appropriating Funds Therefor
Presidential Decree No. 878
January 22, 1976
Case Overview and Summary
Summary of Presidential Decree No. 878Objective: Assist the development of the Philippine shipping industry, particularly interisland shipping and local shipbuilding capabilities.
- Appropriates P200 million for the National Development Company (NDC) to be used for: (Section 1)
• Construction, purchase, or acquisition of interisland vessels for resale, lease, or charter to qualified entities engaged in Philippine interisland shipping.
• Providing loans to qualified entities for financing the construction, purchase, acquisition, and operation of interisland vessels.
- Qualified entities: (Section 1)
• Philippine citizens.
• Associations or corporations with at least 60% of capital owned by Philippine citizens.
- Vessels acquired or financed must be constructed by local shipbuilders registered with the Board of Investments. (Section 2)
- Payments received from vessel rentals, purchases, and loan repayments shall constitute a revolving fund administered by the NDC for carrying out the provisions of this Decree. (Section 3)
- Repeals or amends any inconsistent laws, decrees, orders, rules, or regulations. (Section 4)
- Effective upon approval. (Section 5)
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Executive Issuances
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interisland shipping
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Authorizing The National Development Company To Assist Local Shipbuilders And Persons And Entities Engaged In Interisland Shipping And Appropriating Funds Therefor
Presidential Decree No. 878
•January 22, 1976
MALACAÑANGM a n i l a
PRESIDENTIAL DECREE No. 878 January 22, 1976
AUTHORIZING THE NATIONAL DEVELOPMENT COMPANY TO ASSIST LOCAL SHIPBUILDERS AND PERSONS AND ENTITIES ENGAGED IN INTERISLAND SHIPPING AND APPROPRIATING FUNDS THEREFOR
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 shipowners 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...
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Amends
n/a
Amended by
n/a
Tags
Executive Issuances
Presidential Decrees
interisland shipping
shipbuilding
vessel acquisition
financing
revolving fund
National Development Company
Board of Investments
Philippine citizens
associations
corporations
MALACAÑANGM a n i l a
PRESIDENTIAL DECREE No. 878 January 22, 1976
AUTHORIZING THE NATIONAL DEVELOPMENT COMPANY TO ASSIST LOCAL SHIPBUILDERS AND PERSONS AND ENTITIES ENGAGED IN INTERISLAND SHIPPING AND APPROPRIATING FUNDS THEREFOR
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 shipowners 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...
Login to see full content