PRESIDENTIAL DECREE NO. 215, June 16, 1973

[ PRESIDENTIAL DECREE NO. 215, June 16, 1973 ]

EXEMPTING THE IMPORTATION OF OCEAN-GOING VESSELS FROM THE TEN PERCENT CUSTOMS DUTY AND SEVEN PERCENT COMPENSATING TAX.

In line with the policy to encourage the development of the shipping industry in this country, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers in me vested by the Constitution as Commander-in-Chief of all the Armed Forces of the Philippines and pursuant to Proclamation No. 1081, dated September 21, 1972, and General Order No. 1, dated September 22, 1972, do hereby order and decree that the importation of ocean-going vessels shall be exempted from the payment of the ten percent customs duty prescribed in the Tariff and Customs Code and the seven percent compensating tax provided in the National Internal Revenue Code.

Any provision of law, executive order or regulation inconsistent with this Decree is hereby repealed or modified accordingly.

This Decree shall take effect immediately.

Done in the City of Manila, this 16th day of June, in the year of Our Lord, nineteen hundred and seventy-three.

(Sgd.) FERDINAND E. MARCOS President

Republic of the Philippines

By the President:

(Sgd.) ROBERTO V. REYES

Assistant Executive Secretary