Procedure for Accreditation
- The applicant must submit a written application to MARINA accompanied by specific supporting documents:
- Receipt of payment of filing fee
- Certificate of Registration from the Securities and Exchange Commission (SEC)
- Articles of Incorporation and By-Laws
- List of Directors and Principal Officers
- Personal Information Sheets or Bio-data of Principal Officers
- Board of Investments (BOI) Registration Certificate, if applicable
- List of owned/operated/chartered vessels with details on size, type, and utilization
- SEC certification evidencing compliance with paid-up capital requirements
- Any other documents deemed necessary by MARINA
- Upon satisfactory compliance, MARINA will issue a Certificate of Accreditation valid for three years.
- Accredited companies under this Circular are exempt from registration under Memorandum Circular No. 9, series of 1976.
Effective Date and Compliance
- The provisions of this Memorandum Circular are effective immediately upon issuance.
- Strict compliance with the requirements and procedures set forth is mandated.
Key Legal Concepts and Impact
- The circular governs the formal recognition and regulatory approval necessary for Philippine overseas shipping companies to benefit from Presidential Decrees 866 and 1711.
- Ensuring Filipino ownership and management promotes national interest and integrity in overseas shipping operations.
- The capital requirements address the financial capability necessary to operate a limited fleet.
- The three-year validity of accreditation helps regulate and monitor the shipping companies periodically.
- Control over principal officers enhances accountability and operational competence within the industry.
- MARINA’s role is central in enforcing compliance and maintaining the standards of accredited overseas shipping entities.