After consultation with representatives from various transport groups, the Board hereby further amends the Second Paragraph of Memorandum Circular No. 2005-034, as amended by Memorandum Circular No. 2006-054, to read as follows:

œIn view thereof, the Board, pursuant to its regulatory powers, hereby imposes a penalty in the amount of ONE THOUSAND PESOS (P1,000.00) per unit to all operators who have not yet filed an Application for payment for Fare Increase, in addition to the regular filing fee for such application. 

This Memorandum Circular supersedes any and all issuances inconsistent herewith and shall be effective fifteen (15) days after its publication in a newspaper of general circulation or in the Official Gazette.

Adopted: 29 Dec. 2006

(SGD.) THOMPSON C. LANTION Chairman
(SGD.) MA. ELLEN DIRIGE-CABATU Board Member	(SGD.) GERARDO A. PINILI Board Member