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(NAR) VOL. 22 NO. 1, JANUARY - MARCH 2011

[ MIA MARINA ADVISORY NO. 2011 – 01, February 11, 2011 ]

CLARIFICATION ON THE INTERPRETATION OF SECTION 5 OF MARINA MEMORANDUM CIRCULAR (MC) NO. 2006-003 “CAPITALIZATION REQUIREMENTS”



Notice is hereby given to all concerned that Section 5, “Capitalization Requirements” of MC 2006-003 shall have the following interpretation:
 Total GT of Ship/Fleet of Ships Required Minimum Paid-Up Capitalization
    
1. Non-tanker owners/operators  
    
 • 10 GT and below or without ship at time of application
:
Php25,000.00
 • Above 10 GT to 4,999 GT
:
Php2,500.00/GT
 • Above 4,999 GT
:
Php12,500,000.00
  
 
2. Tanker owners/operators and/or barges hauling oil or petroleum products 
  
 
 • Without tanker at time of application
:
Php5,000,000.00
 • 2,000 GT and below
:
Php5,000,000.00
 • Above 2,000 GT to 4,999 GT
:
Php2,500.00/GT
 • Above 4,999 GT
:
Php12,500,000.00

Ship owners/operators, however, shall not be precluded from increasing the abovementioned paid-up capitalization requirements.

For strict compliance.

Adopted: 11 February 2011


(SGD.) EMERSON M. LORENZO, CESO V
Administrator
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