(NAR) VOL. 12 NO. 1 / JANUARY - MARCH 2001
“If the applicant shall sell or dispose of its owned tonnage, it shall be given one (1) year from such sale to acquire or re-invest the proceeds thereof in the acquisition of a new vessel; otherwise, it may no longer avail of the bareboat chartering privilege under PD 866/1711. During the one-year period granted for the company to replace its own-tonnage, the company shall enjoy the privileges granted under Presidential Decree No. 760, as amended.”All Memorandum Circulars, rules and regulations which are inconsistent with this Memorandum Circular are hereby amended accordingly.