The Board after careful review and deliberation, has considered the reactions/experiences of various land transport operators and insurance companies regarding compliance with the Board ™s Memorandum Circular No. 99-011 dated 22 June 1999.

In order for the Board, together with the Insurance Commission, insurance companies and transport operators to properly address the questions and issues raised in relation to the implementation of the said Memorandum Circular, the Board hereby resolved to temporarily suspend the implementation of the same up to 29 February 2000.

This Memorandum Circular takes effect immediately.

Adopted: 26 Jan. 2000

(SGD.) DANTE M. LANTIN
Chairman

(SGD.) REMEDIOS G. BELLEZA
Board Member