In order to strengthen the safety regulations of tankers and barges hauling oil and petroleum products, and to establish and enforce minimum safety standards, the Maritime Industry Board, in coordination with the relevant government agencies and tanker owners/operators/oil companies, resolves, as it is hereby resolved, to adopt and impose the following requirements:

1.      Oil Pollution Cover - All tankers and barges engaged in the carriage of oil and petroleum products must have a minimum of US$300 Million Oil Pollution Cover by September 21, 1990.

2.      Classification - All tankers and barges coming into the present system (fleet) shall be classed by an internationally recognized classification society, Provided, That existing tankers shall be classed within three (3) years from the effectivity hereof, Provided, However, That existing barges, including those under construction as recorded by the MARINA as of August 20, 1990, need not be classed, except that they must comply with the agreed Petroleum Industry Suitability Checklist.

3.      Paid-up Capital - Tanker and barge owners must have a minimum paid-up capital of Two Million Pesos (P2.0M).

Henceforth, the Maritime Industry Authority shall not act on all applications for issuance of Certificate of Public Convenience (CPC), Provisional Authority (PA) or Special Permit (SP), respectively, unless and until the requirements above mentioned, shall have been complied with first, save in meritorious cases or as the national interest may require, as determined by the MARINA.

This Memorandum Circular shall take effect fifteen (15) days after its publication in a newspaper of general circulation.

Adopted: 20 Aug. 1990

(SGD.) PHILIP S. TUAZON
Administrator