Executive Order No. 438 (1997) — —chartering/leasing of ships pursuant to PD 760, as amended, has provided significant contribution to the socio-economic development of the country in terms of employment generation, foreign exchange earnings and shipping technology, among others;

Section 1

Effectivity of any charter or lease contract pursuant to PD 760, as amended

Section 1. Effectivity of any charter or lease contract pursuant to PD 760, as amended. —The effectivity of any charter or lease contract entered into under the said Decree is hereby extended, provided, however, it shall not go beyond the year 2009, unless otherwise further extended by the President of the Republic of the Philippines.

DONE, —in the City of Manila, this 15th—day of September in the year of our Lord, Nineteen Hundred and Ninety-Seven. 1a⍵⍴h!1

(Sgd.)— FIDEL V. RAMOS

President of the Philippines

By the President:

(Sgd.)— RUBEN D. TORRES

Executive Secretary