Amending MC 182 Re: Rules on Acquisition of Ships under PD 760, as Amended, Specifically on Bond Requirements
MARINA Circular No. 01-12, issued on October 17, 2011, amends the rules regarding bond requirements for the acquisition of ships under Presidential Decree No. 760, specifically for companies acquiring ships through bareboat charter. The amendment allows companies to choose between two options for posting bonds: a cash bond and surety bond of P100,000 each, or a pure cash bond of P200,000. These bonds are intended to cover potential taxes, fines, and penalties related to the ship's registration. Additionally, once the ship is deleted from the Philippine Register, the cash bond can be withdrawn, provided all dues have been settled. The circular takes effect 15 days after its publication.
Quick Answers
- What is Amending MC 182 Re: Rules on Acquisition of Ships under PD 760, as Amended, Specifically on Bond Requirements about?
- MARINA Circular No. 01-12, issued on October 17, 2011, amends the rules regarding bond requirements for the acquisition of ships under Presidential Decree No. 760, specifically for companies acquiring ships through bareboat charter. The amendment allows companies to choose between two options for posting bonds: a cash bond and surety bond of P100,000 each, or a pure cash bond of P200,000. These bonds are intended to cover potential taxes, fines, and penalties related to the ship's registration. Additionally, once the ship is deleted from the Philippine Register, the cash bond can be withdrawn, provided all dues have been settled. The circular takes effect 15 days after its publication.
- What type of law is MARINA Circular No. 01-12?
- Amending MC 182 Re: Rules on Acquisition of Ships under PD 760, as Amended, Specifically on Bond Requirements (MARINA Circular No. 01-12) is a Philippine Other Rules and Procedures enacted by the Congress of the Philippines.
- When was Amending MC 182 Re: Rules on Acquisition of Ships under PD 760, as Amended, Specifically on Bond Requirements enacted?
- Amending MC 182 Re: Rules on Acquisition of Ships under PD 760, as Amended, Specifically on Bond Requirements (MARINA Circular No. 01-12) was enacted on Oct 17, 2011.
- What is the citation for Amending MC 182 Re: Rules on Acquisition of Ships under PD 760, as Amended, Specifically on Bond Requirements?
- Amending MC 182 Re: Rules on Acquisition of Ships under PD 760, as Amended, Specifically on Bond Requirements, MARINA Circular No. 01-12, Oct 17, 2011 (Philippines)
Law Information
- Reference Number
- MARINA Circular No. 01-12
- Date Enacted
- Category
- Other Rules and Procedures
- Subcategory
- Shipping, Shipbuilding and Ship Repair Industry
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
October 17, 2011
MARINA CIRCULAR NO. 01-12
| TO | : | All Overseas Shipping Companies and Other Maritime Entities Concerned |
| SUBJECT | : | Amending Memorandum Circular No. 182 on the Rules in the Acquisition of Ships Under Presidential Decree (PD) 760, as Amended, Specifically on Bond Requirements |
Pursuant to the provisions of Presidential Decree No. 760, as amended and to further encourage shipping investments by allowing shipping companies for the temporary Philippine registration under bareboat charter of ships, Memorandum Circular No. 182, Regulation V.14 (CONDITIONS FOR SHIP REGISTRATION) is hereby amended, to read as follows:
"Companies with bareboat chartered ships shall have the option to comply with the imposition of bonds in any of the following modes of posting the said bond requirements:
1. Cash bond of P100,000.00 (One Hundred Thousand Pesos) and surety bond of P100,000.00 (One Hundred Thousand Pesos); or
2. Pure cash bond of P200,000.00 (Two Hundred Thousand Pesos).
The cash bond shall be deposited in favor of the Maritime Industry Authority (MARINA), with any reputable commercial bank or any government bank to answer for the payment of the 4.5% withholding tax, fines and penalties due the government in the event that company fails to settle the same upon deletion of the ship from the Philippine Registry. The surety bond to be posted shall be secured from any bonding company acceptable to MARINA. cCSHET
After the deletion of the ship from the Philippine Register of Ships, the amount of (P200,000.00) may be withdrawn provided that proof of payment of all taxes/penalties due to the government by reason of the registration of the ship under the Philippine flag had been submitted. Ship owning companies shall be exempted from this requirement for their bareboat chartered ships".
All other provisions of MARINA Memorandum Circular No. 182, insofar as they are not inconsistent with this Circular, shall remain in full force and effect.
This Memorandum Circular shall take effect fifteen (15) days after its publication once in a newspaper of general circulation.
Manila, Philippines, October 17, 2011.
BY THE AUTHORITY OF THE MARINA BOARD:
(SGD.) EMERSON M. LORENZO, CESO VAdministrator
SECRETARY'S CERTIFICATE
This is to certify that the above-mentioned MARINA Circular No. 2012-01 has been approved during the 215th Regular meeting of the MARINA Board of Directors held on October 17, 2011.
(SGD.) ATTY. VIRGILIO A. CALAGActing Corporate Board Secretary
Published in The Manila Times on March 10, 2012.
Cite This Law
Amending MC 182 Re: Rules on Acquisition of Ships under PD 760, as Amended, Specifically on Bond Requirements, MARINA Circular No. 01-12, Oct 17, 2011 (Philippines)
Amending MC 182 Re: Rules on Acquisition of Ships under PD 760, as Amended, Specifically on Bond Requirements, MARINA Circular No. 01-12 (Phil. 2011)
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