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