WHEREAS, in a memorandum dated 18 may 1998, the Davao Fish Port Complex (DFPC) management recommended the increase of the Foreign Vessel Port Usage Fee at DFPC from $20 per vessel per day to $21 per vessel per day for vessels registered as CT2 or CT3 with gross tonnage below 50 MT, and to $22 per vessel per day for vessels registered as CT4 with gross tonnage of 50 MT and above;

WHEREAS, the DFPC management likewise recommended that the above rates be adopted as the standard regional rates applicable to all fish ports in Mindanao engaged in fish transshipment and importation;

WHEREAS, the Executive Committee considers this recommendation acceptable and reasonable under the circumstances.

NOW, THEREFORE, BE IT RESOLVED as it is hereby resolved upon motion duly seconded that this body approve and confirm as it hereby approves and confirms the authority to increase the Foreign Vessel Port Usage Fee at Davao Fish Port Complex effective 16 July 1998.

Unanimously approved.

Adopted: 20 Aug. 1998

(SGD.) MA. LUISA B. SORIANO
Corporate Board Secretary