Home » Breaking News, Maritime » Vessel acquisition for PH trade up 47%

The Philippine Maritime Industry Authority (Marina) registered a 47% increase in vessel acquisition for the domestic trade in the first 11 months of 2011, suggesting that the local market is doing relatively well despite the global economic slowdown.

A total of 150 vessels were imported from January to November compared to the previous year’s 114. Bareboat chartering also jumped 89%.

“Investors have painted a bright future in the country’s economic position due to so many factors, among them the drive against graft and corruption by the government, the improving peace and order situation in the country and other internal concerns,” Marina said in a document.

The number of accredited businesses under the domestic shipping sector also grew 16% for the period in review to 618 from 531 year-on-year.

Of the total, 297 were new entrants, 58% more than the previous year’s 188; renewals numbered 321, down 6%.

The number of certificates for Philippine registry, however, slipped 10% along with the number of certificates of ownership (CO), down 19%. While there was a 30% growth in the number of new COs issued due to more vessel acquisitions through importation, renewals decreased 34%.

The total number of certificates of public convenience issued for vessels plying the domestic trade also declined 3% while the issuance of special permits/exemption permits to overseas vessels deployed in the domestic trade climbed 71% due to oil exploration projects at the Malampaya and Galoc fields in Palawan.

Marina said 40 applications were endorsed to the Board of Investments under the Investment Priorities Plan for the grant of incentives, seven of which were for tax exemption and 33 for value-added tax exemption.

Compared with last year’s record of 63, the number of endorsements dropped 36%. The total number of issued certificates of compliance, on the other hand, grew 9%.

Ships Decking by Simon Howden http://www.freedigitalphotos.net/images/view_photog.php?photogid=404

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