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Act
Approved 1955-06-12

Republic Act No. 1417

The philippine overseas shipping act of nineteen hundred and fifty-five

The Philippine Overseas Shipping Act of Nineteen Hundred and Fifty-Five

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In plain language

An act to encourage the development of a Philippine merchant marine by providing tax exemptions, financial assistance, and a dedicated fund for the construction and acquisition of ocean‑going vessels for overseas shipping.

  • Ten‑year income‑tax exemption for qualifying Philippine shipping enterprises.
  • Reinvestment requirement for loan assistance recipients.
  • Annual appropriation of 20 million pesos for vessel acquisition.
  • Creation of a National Development Company fund to finance vessel purchase and loans.
  • Loan security by vessel mortgage and insurance.
  • Interest rate limited to 4.5% per annum and term not exceeding 20 years.
  • Restrictions on transferring vessel rights without consent.
shipping
maritime
tax
finance
Philippines

REPUBLIC ACT No. 1417

An Act Changing the Name of the Municipality of Longos, Province of Laguna, to Municipality of Kalayaan

Be it enacted by the Senate and House of Representatives of the Philippine Congress Assembled:

Section 1

The name of the Municipality of Longos, Province of Laguna, is changed to Municipality of Kalayaan.

Section 2

This Act shall take effect upon its approval.

Approved: May 17, 1956.

For information and research only, and not legal advice. This text may not reflect later amendments. For certified copies, refer to the Official Gazette or the issuing agency.