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NINETEENTH CONGRESS OF THE) 
REPUBLIC OF THE PHILIPPINES ) 
First Regular Session 
)
72 JUL 12 P4 57
SENATE
S.B. No. 417
RtCEiVcDiiV.
Introduced by SENATOR IMEE R. MARCOS
AN ACT
AMENDING REPUBLIC ACT NO. 8550 OTHERWISE KNOWN AS "THE 
PHILIPPINE FISHERIES CODE OF 1998/7 AND FOR OTHER PURPOSES
EXPLANATORY NOTE
Section 20, Article II of the 1987 Constitution provides that, "The State 
recognizes the indispensable role of the private sector, encourages private 
enterprise, and provides incentive to needed investments."
Republic Act No. 8550 or the Philippine Fisheries Code of 1998 regulates 
fisheries resources of the country. It specifies, among others, that only citizens of 
the Philippines, partnerships or to associations, cooperatives or corporations duly 
registered in the Philippines with at least sixty percent (60%) of the capital stock of 
which is owned by Filipino citizens are eligible for a commercial fishing vessel 
license. Such restriction put commercial fishing in the Foreign Investment Negative 
List (FINL), which is prepared by the National Economic and Development Authority 
every two years as prescribed by R.A. No. 7042 or the "Foreign Investment Act", as 
amended.
Such limitation on the grant of commercial fishing vessel licenses go hand in 
hand with limiting the ability of the country to negotiate a Code of Conduct for 
fishing activities in contested waters. Given the various nautical rows in which our 
country finds itself as far as the enforcement of our fishing grounds is concerned, 
allowing the Executive the latitude to explore various contractual agreements for 
managing our fishing grounds will also be in line with the current policy thrust of 
opening up and liberalizing our economy to attract foreign investment.
In view of the foregoing, the approval of this bill is earnestly sought.
IMEER. MARCOS


NINETEENTH CONGRESS OF THE) 
REPUBLIC OF THE PHILIPPINES ) 
First Regular Session 
)
S.B. No.
SENATE417
oftliCS .
*22 JUL12 P 4 -57
RIICEIVlD by
Introduced by SENATOR IMEE R. MARCOS
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AN ACT
AMENDING REPUBLIC ACT NO. 8550 OTHERWISE KNOWN AS "THE 
PHILIPPINE FISHERIES CODE OF 1998/' AND FOR OTHER PURPOSES
Be it enacted by the Senate and the House of Representatives of the Philippines in Congress 
assembled:
SECTION 1. Section 27 of Republic Act No. 8550 otherwise known as "The 
Philippine Fisheries Code of 1998" is hereby amended to read, as follows:
"Section 2. Declaration of Policy. - It is hereby declared the policy 
of the State:
(a) to achieve food security as the overriding consideration in the 
utilization, management, development, conservation and 
protection of fishery resources in order to provide the food needs 
of the population. A flexible policy towards the attainment of food 
security shall be adopted in response to changes in demographic 
trends for fish, emerging trends in the trade of fish and other 
aquatic products in domestic and international markets, and the 
law of supply and demand;
[(b) to limit access to the fishery and aquatic rcsourccG of the
Philippines for the—exclusive—use—and—enjoyment of Filipine
citizens;]
(c) to ensure the rational and sustainable development, 
management and conservation of the fishery and aquatic 
resources in Philippine waters including the Exclusive Economic 
Zone (EEZ) and in the adjacent high seas, consistent with the 
primordial objective of maintaining a sound ecological balance, 
protecting and enhancing the quality of the environment;
X X X."


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SEC. 2. Section 5 of Republic Act No. 8550 otherwise known as "The 
Philippine Fisheries Code of 1998" is hereby deleted, as follows:
["Section 5. Use of Philippine Waters^—The use and exploitation
'The
of the fishery and aquatic resources in Philippine waters shall be
reserved exclusively to Filipinos: Provided, however, That researe-h
and survey activities may be allowed under strict regulations, for
purely research, scientific, technological and educational purposes
that would also benefit Filipino citizens.^}
SEC. 3. Section 27 of Republic Act No. 8550 otherwise known as 
Philippine Fisheries Code of 1998" is hereby amended to read, as follows:
"Section 27. Persons Eligible for Commercial Fishing Vessel 
License. -
[No commercial fishing vessel license shall be issued except te
citizens of the Philippines, partnerships or to associations,-
cooperatives or corporations duly registered in the Philippines at
least sixty percent (60%) of the capital stock of which is owned by
Filipino citizenihi COMMERCIAL FISHING VESSEL LICENSES 
SHALL BE ISSUED TO A PERSON, JURIDICAL OR NATURAL, 
PARTNERSHIP, ASSOCIATION, COOPERATIVE, OR 
CORPORATION DULY REGISTERED IN THE PHILIPPINES.
No person to whom a license has been issued shall sell, transfer or 
assign, directly or indirectly, his stock or interest therein to any 
person not qualified to hold a license. Any such transfer, sale or 
assignment shall be null and void and shall not be registered in 
the books of the association, cooperative or corporation.
For purposes of commercial fishing, fishing vessels [owned by 
citizens of the Philippines, partnerships, corporations, cooperatives
er—associations] qualified under this section shall secure 
Certificates of Philippine Registry and such other documents as are 
necessary for fishing operations from the concerned agencies: 
Provided, That the commercial fishing vessel license shall be valid 
for a period to be determined by the Department."
SEC. 4. The sections of R.A. No. 8550 shall be renumbered accordingly.
SEC. 5. Repealing Clause. - All laws, decrees, orders, rules and regulations or 
other issuances or parts thereof inconsistent with the provisions of this Act are 
hereby repealed or modified accordingly.


SEC. 6. Separability Clause. - If any portion or provision of this Act is 
declared unconstitutional, the remainder of this Act or any provision not affected 
thereby shall remain in force and effect.
SEC. 7. Effectivity. - This Act shall take effect after fifteen (15) days 
following the completion of its publication either in the Official Gazette or in a 
newspaper of general circulation in the Philippines.
Approved,