FURTHER AMENDING PRESIDENTIAL DECREE NO. 760, AS AMENDED BY FURTHER ENCOURAGING THE CHARTERING OF SPECIALIZED OCEAN-GOING VESSELS AND BY EXTENDING THE EFFECTIVITY OF THE DECREE …

WHEREAS, it is the declared policy of the Philippines
government to accelerate the expansion and modernization of the Philippine
overseas fleet and further increase the generation of foreign exchange earnings
as well as maritime employment;

WHEREAS, there is a recognized need to broaden the legal
framework under the present law such that the incentive granted under P.D. 760
is extended to overseas shipping projects including the temporary registration
of specialized vessels; and

WHEREAS, long term investment in shipping requires a
corresponding long term incentive in the availment of temporary Philippine flag
registration;

NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the
Republic of the Philippines, by virtue of the powers in me vested by the
Constitution, do hereby order and decree the further amendment of Presidential
Decree No. 760, as amended, as follows:

SECTION 1. Section 1 of Presidential Decree No. 760, as
amended, is further amended to read as follows:

“SECTION 1. Any provision of law, decree, executive order,
or rules and regulations to the contrary notwithstanding, any foreign owned
vessel under charter or lease to a Philippine national, as the term is defined
in Section 3 of Presidential Decree 474, may be issued a temporary certificate
of Philippine registry by the Philippine Coast Guard; Provided, that
said charter or lease, (1) has the prior written approval of the Maritime
Industry Authority (2) shall be valid and effective for a period of not less
than one year; Provided, further, That the operation of the vessel
shall be entirely in the hands of Philippine nationals and free from any
participation or interference from alien owner, except insofar as such action
shall be to directly protect his rights as owner thereof, Provided,
finally, that the registered vessel shall be manned completely by a
Filipino crew except in the case of specialized vessels and subject to rules and
regulations MARINA may prescribed in relation thereto.”

The effectivity of any charter or lease contract entered into pursuant to
this Decree shall not extend beyond the year 1999 unless otherwise extended by
the President of the Republic of the Philippines.

SEC. 2. The Maritime Industry Authority, in coordination
with the Philippine Coast Guard, shall promulgate the rules and regulations
together with procedures and guidelines for the implementation of this
Decree.

SEC. 3. Any provision of law, decree, executive order or
rules and regulations inconsistent with this Decree is hereby repealed, amended
or modified accordingly.

SEC. 4. This Decree shall take effect immediately.

Done in the City of Manila, this 15th day of August in the Year of Our Lord,
nineteen hundred and Eighty.

			(Sgd.) FERDINAND E. MARCOS President of the Philippines
	By the President:
	(Sgd.) JOAQUIN T. VENUS, JR.
		Presidential Assistant