CAB RESOLUTION NO. 54 (99), April 22, 1999

INCREASE IN PAID-UP CAPITAL REQUIREMENTS OF AIRFREIGHT FORWARDERS AND CARGO SALES AGENT

National Administrative Register April 22, 1999

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The Board Resolved, as it hereby resolves to increase the required paid-up capitalization of the following:

	FROM	TO

Airfreight Forwarders	Php 750,000.00	Php 2,000.000.00
Cargo Sales Agents	Php 500,000.00	Php 1,000.000.00

All existing cargo sales agents, domestic and/or international
airfreight forwarders, as well as those with pending applications are
required to comply with this requirement in the event they file a
petition for renewal of their CPCN.

This resolution shall take effect fifteen (15) days from date hereof.

Adopted: 22 April 1999

(SGD.) ASST. SEC. JACINTO F. ORTEGA, JR.
Vice Chairman
(Acting Chairman)

(SGD.) ASST. SEC. FRANKLIN M. EBDALIN
Member

(SGD.) MR. EDUARDO C. GALANG
Member

(SGD.) ATTY. LITO A. MONDRAGON
Member

Attested by:

(SGD.) ARTURO V. COSUGO
Acting Board Secretary

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