MEMORANDUM CIRCULAR NO. 56-A

 

 

 

TO

:

ALL OWNERS/OPERATORS OF TANKERS AND BARGES HAULING OIL AND/OR PETROLEUM PRODUCTS IN THE PHILIPPINE WATERWAYS AND COASTWISE SHIPPING AND ALL CONCERNED

SUBJECT

:

AMENDMENT OF MEMORANDUM CIRCULAR NO. 56

 

Pursuant to resolution no, 91-043 series of 1991 of the Maritime Industry Authority board, and on recommendation of special committee created for the purpose in consultation with private sector, Memorandum Circular No. 56 is hereby amended to read as follows:

 

1.       OIL/MARINE POLLUTION COVER.  – tankers and barges hauling oil and/or petroleum products, shall be covered by a recognized insurance company/ies, protection & indemnity clubs or their equivalent against oil/marine pollution risk in the amount equivalent to US $ 300 million if the tanker/barge has 700,00 liters capacity

 

2.      THIRD PARTY LIABILITY.  – liquefied petroleum gas (LPG) carrier shall be covered against equivalent to US $ 2 million to be secured from a recognized insurance company/ies protection & indemnity clubs, or their equivalent.

 

3.       CLASSIFICATION.  – ALL tankers and barges of 500 GRT and above coming into the present system (fleet) shall be classed and class maintained by a classifications society recognized by MARINA while existing tankers of the same size shall be classed and class maintained within three (3) years from 21 September 1990:  Provided, That barges regardless of size under local construction as registered with the MARINA as of 21 September 1990, and tankers and barges below 500 GRT, need not be classed but have to submit certificate of inspection issued by the Philippine Coast Guard incorporation petroleum industry suitability checklist may requirements:  Provided, however, That MARINA may require classification of vessels as a condition under other MARINA Memorandum Circular Nos. 24, 24-A, 25, 25-D and as public interest may warrant.

 

4.       CAPITALIZATION.  – the required minimum paid up capital of P 2 million in addition to the financial capacity requirement shall be applied only to companies/corporations operating such tankers/barges.  Single proprietorship shall be subjected to a financial evaluation to determine financial sufficiency.

 

This circular shall supersede Memorandum Circular No. 56, Series of 1990 and takes effect fifteen (15) days after its publication once in a newspaper of general circulation.

 

Manila, Philippines December 4, 1991

 

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