Executive Order No. 667 (2007) — 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.

Section 1

Effectivity of Any Charter or Lease Contract Pursuant to Presidential Decree No

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.

DONE in the City of Manila, this 11th day of October in the year of our Lord, Two Thousand and Seven. ℒαwρhi৷

(SGD.) GLORIA MACAPAGAL-ARROYO

By the President:

(SGD.) EDUARDO R. ERMITA Executive Secretary