Encouraging Distant Water Fisheries By the Philippine Commercial Fishing Fleet

Case Overview and Summary

Summary of Executive Order No. 1047

Encouraging Distant Water Fisheries by the Philippine Commercial Fishing Fleet

- Objective: To encourage and promote the development of distant water fisheries by the Philippine commercial fishing fleet. (Section 1)

- Tax and Duty Exemptions:
• Philippine flag vessels engaged in distant water commercial fishing operations shall be exempt from the payment of all taxes and duties on fuel, equipment and supplies. (Section 2)
• The exemption shall apply to taxes and duties imposed by the national government, including import taxes and duties. (Section 2)

- Loan Assistance:
• The government shall provide loan assistance to qualified Philippine flag vessels engaged in distant water commercial fishing operations. (Section 3)
• The loan assistance shall be used for the acquisition, construction, and/or repair of fishing vessels, and the purchase of fishing equipment and supplies. (Section 3)

- Definition of Distant Water Commercial Fishing Operations:
• Distant water commercial fishing operations refer to fishing operations conducted in foreign fishing grounds beyond the territorial waters of the Philippines. (Section 4)

- Coverage:
• The incentives and benefits provided in this Executive Order shall apply to all Philippine flag vessels engaged in distant water commercial fishing operations. (Section 5)

- Implementation:
• The Secretary of Agriculture and Food shall promulgate the necessary rules and regulations to implement the provisions of this Executive Order. (Section 6)