FURTHER AMENDING REPUBLIC ACT NUMBERED 1407 AS AMENDED OTHERWISE KNOWN AS “THE PHILIPPINE OVERSEAS SHIPPING ACT OF NINETEEN HUNDRED AND FIFTY-FIVE.”

WHEREAS, there is a need to assist the private sector
engaged in the long-range shipbuilding program of the government in
the form of financial assistance;

WHEREAS, an important phase of shipbuilding is the
construction of shipbuilding facilities and structures including the
acquisition of necessary equipment needed for said purpose;

NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the
Philippines, by virtue of the powers vested in me by the Constitution,
do hereby further amend Republic Act No. 1407, as amended, as follows:

SECTION 1. A new section to be known as Section 3-A is
hereby included in Republic Act No. 1407 as amended, which shall read as
follows:

“SECTION 3-A. The funds provided in Sections 3 and 6 of
this Act shall be available in the form of loans to citizens of the
Philippines or to Associations or corporations organized under the laws
of the Philippines, at least sixty per cent of the capital of which is
owned by citizens of the Philippines, engaged in shipbuilding and ship
repair and registered with the Board of Investments, for the purpose of
financing the construction of shipbuilding structures and facilities and
for the purchase or acquisition of necessary equipments needed for
shipbuilding purposes.”

SEC. 2. Any provision of law, decree, executive order or
rules and regulations inconsistent with this Decree is hereby repealed
and/or modified accordingly.

SEC. 3. This Decree shall take effect immediately.

Done in the City of Manila, this 15th day of July, in the year of
Our Lord, nineteen hundred and seventy-five.