Law Summary
Preservation of Existing Philippine Commercial Law
- The Act explicitly states that acceptance of Public Act 521 does not repeal or limit any existing provisions of the Philippine Code of Commerce.
- This clause ensures that the new maritime laws operate alongside current commercial laws without conflict or negation.
Legislative Purpose and Background
- The enactment reflects the intention to adopt advanced maritime legislation consistent with modern shipping practices used by major shipping nations.
- It acknowledges the approval and support of key stakeholders including shipping companies, shippers, marine insurers, and chambers of commerce.
- This legislative move aims to improve legal certainty and international compatibility in ocean carriage contracts involving Philippine ports.
Effective Date
- The law takes effect immediately upon approval by the National Assembly of the Philippines, which was on October 22, 1936.
- This ensures prompt implementation and integration of the agreed maritime standards into Philippine foreign trade maritime operations.