Home » Maritime » PH vessel retirement program for implementation this year

The mandatory vessel retirement program is expected to give the Philippine shipbuilding industry a much-needed leg up.

The Philippine Maritime Industry Authority (Marina) is finally implementing this year the vessel retirement scheme after years of delays.

Marina officer-in-charge Atty. Nicasio Conti said operators who wish to import vessels may be given government subsidies.

For operators buying local vessels, Hanjin Heavy Industries in Subic is being tapped for shipbuilding needs.

“There is now only one hurdle left — collapsing the 7 classification societies into a single-class society,” Conti said.

Conti explained a single-class society will ensure only one standard is used.

The Mandatory Vessel Retirement Program is provided under Republic Act 9295 or the Domestic Shipping Development Act of 2005, which has remained unimplemented to date.

Image courtesy of Sujin Jetkasettakorn / FreeDigitalPhotos.net

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