Indefinite Extension of the Effectivity of Any Charter or Lease Contract Pursuant to P.D. No. 760, as amended Re: Foreign-owned Vessels
Executive Order No. 667, issued on October 11, 2007, indefinitely extends the effectivity of charter or lease contracts under Presidential Decree No. 760, as amended, which allows for the temporary registration of foreign-owned ships in the Philippines. This measure aims to support the growth of the Philippine shipping sector, crucial for the national economy and the efficient movement of water-borne cargoes and passengers. The decision comes in light of insufficient financing options for Filipino operators to acquire ships, thereby necessitating the continued use of chartering and leasing arrangements. The extension will remain in effect unless revoked by the President.
Quick Answers
- What is Indefinite Extension of the Effectivity of Any Charter or Lease Contract Pursuant to P.D. No. 760, as amended Re: Foreign-owned Vessels about?
- Executive Order No. 667, issued on October 11, 2007, indefinitely extends the effectivity of charter or lease contracts under Presidential Decree No. 760, as amended, which allows for the temporary registration of foreign-owned ships in the Philippines. This measure aims to support the growth of the Philippine shipping sector, crucial for the national economy and the efficient movement of water-borne cargoes and passengers. The decision comes in light of insufficient financing options for Filipino operators to acquire ships, thereby necessitating the continued use of chartering and leasing arrangements. The extension will remain in effect unless revoked by the President.
- What type of law is Executive Order No. 667?
- Indefinite Extension of the Effectivity of Any Charter or Lease Contract Pursuant to P.D. No. 760, as amended Re: Foreign-owned Vessels (Executive Order No. 667) is a Philippine Presidential Issuances enacted by the Congress of the Philippines.
- When was Indefinite Extension of the Effectivity of Any Charter or Lease Contract Pursuant to P.D. No. 760, as amended Re: Foreign-owned Vessels enacted?
- Indefinite Extension of the Effectivity of Any Charter or Lease Contract Pursuant to P.D. No. 760, as amended Re: Foreign-owned Vessels (Executive Order No. 667) was enacted on Oct 11, 2007.
- What is the citation for Indefinite Extension of the Effectivity of Any Charter or Lease Contract Pursuant to P.D. No. 760, as amended Re: Foreign-owned Vessels?
- Indefinite Extension of the Effectivity of Any Charter or Lease Contract Pursuant to P.D. No. 760, as amended Re: Foreign-owned Vessels, Executive Order No. 667, Oct 11, 2007 (Philippines)
Law Information
- Reference Number
- Executive Order No. 667
- Date Enacted
- Category
- Presidential Issuances
- Subcategory
- Executive Orders
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
October 11, 2007
EXECUTIVE ORDER NO. 667
EXTENDING INDEFINITELY THE EFFECTIVITY OF ANY CHARTER OR LEASE CONTRACT PURSUANT TO PRESIDENTIAL DECREE NO. 760, AS AMENDED
WHEREAS, Presidential Decree No. 760, as amended, allows the temporary registration under Philippine flag of foreign-owned ships to meet the ever-increasing demand for ships to move water-borne cargoes and passengers; DEIHSa
WHEREAS, chartering/leasing of ships pursuant to Presidential Decree No. 760, as amended, has provided growth and development of the Philippine shipping sector as a major importance to the national economy, thereby realizing a sustainable and reliable water transport industry with safe, secure, efficient and well-maintained and well-managed ships.
WHEREAS, the existing financing schemes for the capital-intensive shipping industry remain insufficient to encourage Filipino operators to acquire ships, thus necessitating the continuation of the charter/leasing of ships pursuant to Presidential Decree No. 760, as amended;
WHEREAS, PD No. 760, as amended, provides that the effectivity of any charter or lease contract entered into pursuant to the Decree shall not be extended unless otherwise extended by the President of the Republic of the Philippines;
WHEREAS, Executive Order No. 438 issued on 15 September 1997 extended the effectivity of any charter or lease contract entered into under PD 760, as amended, provided it shall not go beyond the year 2009; unless otherwise further extended by the President of the Republic of the Philippines; THSaEC
NOW, THEREFORE, I, GLORIA MACAPAGAL-ARROYO, President of the Republic of the Philippines, by virtue of the power vested in me by law, do hereby order:
SECTION 1. Effectivity of Any Charter or Lease Contract Pursuant to Presidential Decree No. 760, as Amended. — The effectivity of any charter or lease contract entered into under the said Decree is hereby extended indefinitely, unless otherwise revoked by the President of the Republic of the Philippines. aEHADT
DONE, in the City of Manila, this 11th day of October, in the Year of Our Lord, Two Thousand and Seven.
Cite This Law
Indefinite Extension of the Effectivity of Any Charter or Lease Contract Pursuant to P.D. No. 760, as amended Re: Foreign-owned Vessels, Executive Order No. 667, Oct 11, 2007 (Philippines)
Indefinite Extension of the Effectivity of Any Charter or Lease Contract Pursuant to P.D. No. 760, as amended Re: Foreign-owned Vessels, Executive Order No. 667 (Phil. 2007)
Related Laws
- Temporary Registration of Foreign-Owned Vessels Under Time Charter or Lease to Philippine NationalsPresidential Decree No. 760 • Jul 31, 1975 • Presidential Issuances
- Amending P.D. No. 760 Re: Reduction of Term of Lease or Charter Period, etc.Presidential Decree No. 866 • Jan 2, 1976 • Presidential Issuances
- Amending P.D. No. 760 As AmendedPresidential Decree No. 1711 • Aug 15, 1980 • Presidential Issuances
- Amending Section 24 (b) (1) of the NIRC Re: Special Rate of Withholding Tax for Certain Foreign-Owned VesselsPresidential Decree No. 1540 • Jun 11, 1978 • Presidential Issuances
- Amending R.A. No. 4860 As Amended (Re Foreign Borrowing Act)Presidential Decree No. 150 • Mar 13, 1973 • Presidential Issuances
- Amending P.D. No. 189 As Amended Re: Charter of the Philippine Tourism AuthorityPresidential Decree No. 1175 • Jul 28, 1977 • Presidential Issuances
Browse More Presidential Issuances
Explore other laws in the Presidential Issuances category.
View All Presidential IssuancesNeed Help Understanding This Law?
Ask our AI assistant to explain provisions, implications, or related laws.
Ask AI About This Law