Republic Acts1 min read
Section 3Sec./Art. 3
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Definitions.- As used in this Act:
a. "Philippine overseas shipping" means the transport of goods and/or passengers by a ship owned and operated under the Philippine flag by a Philippine shipping enterprise, except when the ship is operated solely between ports in the Philippines;
b. "Philippine shipping enterprise" means a citizen of the Philippines or an association or corporation organized under the laws of the Philippines, at least sixty percent (60%) of the capital of which is owned by citizens of the Philippines and engaged exclusively in Philippine overseas shipping;
c. "MARINA" means the Maritime Industry Authority;
d. "Monetary authority" means the Central Bank of the Philippines and any other agency in charge of foreign exchange controls; and
e. "Regulations" means the rules and regulations promulgated pursuant to Section 10 hereof
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