PPA MEMORANDUM CIRCULAR NO.05-2005

: The primary purpose of PPA Memorandum Circular No.05-2005 is to prescribe proper and uniform guidelines for the application of Foreign Currency Exchange Rates (FCER) in both the computerized and manual systems under the Philippine Ports Authority (PPA).
: PPA Memorandum Circular No.05-2005 was adopted on April 11, 2005.
: The US Dollar-Philippine Peso Bangko Sentral ng Pilipinas (BSP) Foreign Currency Exchange Rate (FCER) prevailing at the time of issuance of invoice shall be used.
: The Circular applies to both the computerized system (PPA MIS Computerization Project) and manual system for the application of FCER.
: Interest and penalty charges shall be strictly imposed on all unpaid invoices in accordance with existing guidelines.
: PPA Memorandum Circular No.05-2005 supersedes PPA Memorandum Circular No.18-2001 dated April 4, 2001.
: The memorandum circular takes effect immediately upon adoption on April 11, 2005.
: The Circular was signed by Atty. Oscar M. Sevilla, the General Manager of the Philippine Ports Authority at that time.
: Using the BSP prevailing FCER at the time of invoice issuance ensures uniformity and fairness in converting dollar-denominated charges into Philippine Peso value for consistency in billing and accounting.
: The legal authority is the directive from the Philippine Ports Authority through its Memorandum Circular No.05-2005, guided by regulations from the Bangko Sentral ng Pilipinas regarding FCER.