THE Philippine Ports Authority (PPA) has adjusted the conversion rate used in the computation of vessel charges on foreign containerized cargoes at the country’s top two ports.
Starting July 1, the conversion rate at the Manila International Container Terminal (MICT) and the South Harbor will be adjusted to P44.50 from the current P43.
“In view of the depreciation of the peso against the dollar and per agreement between the ICTSI (International Container Terminal Services Inc) and ATI (Asian Terminals, Inc) and the Association of International Shipping Lines, the conversion rate shall be adjusted,” PPA general manager Oscar Sevilla said in PPA memorandum order 10-2009.

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