MIA MEMORANDUM CIRCULAR NO. 128

: They must be covered by a recognized insurance or Protection & Indemnity Clubs against oil/marine pollution risks for limits set under the Civil Liability Convention for Oil Pollution of 1992 (CLC 92).
: The limit is 3 million Special Drawing Rights (SDR).
: They require 3 million SDR plus an additional insurance cover of 420 SDR per tonnage in excess of 5,000 gross tons.
: They must have third party liability coverage of US$2 million secured from licensed insurance companies or recognized Protection and Indemnity Clubs.
: All LPG carriers and vessels 500 gross tons and above must be classed and class-maintained by a government recognized classification society. Vessels below 500 gross tons need not be classed but must pass MARINA survey and have a valid Certificate of Inspection.
: A minimum paid-up capital of P5.0 million is required in addition to demonstrating financial capability.
: Memorandum Circular No. 56 and 56-A are superseded by this circular.
: It took effect fifteen (15) days after its publication in a newspaper of general circulation.