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”
National Administrative Register February 11, 2011
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