TO:	The Chairman National Development Company

In line with the declared policy of the government to provide financial assistance to the long-range shipbuilding program of the country and to encourage private enterprise to engage in the shipping industry as enunciated under Republic Act No. 1407, as amended, you are hereby authorized to grant loans from the amount provided for under Sections 3 and 6 of said  Act to qualified citizens or private corporation duly registered with the Board of Investments, which are engaged in ship-building and ship repairs, for the purpose of constructing shipbuilding facilities and structures, including the purchase or acquisition of equipments necessary for said purpose.

Done in the City of Manila, this 15th day of July, in the year of Our Lord, nineteen hundred and seventy-five.