THE International Air Transport Association (IATA) is relaxing its qualification requirements for accreditation of Philippine air cargo agents, a move seen to accommodate more member-agents from the country.
At the joint general meeting of the Aircargo Forwarders of the Philippines, Inc and the Philippine International Seafreight Forwarders Association last week, IATA country manager Rogelio Sarreal said the requirements have been reduced to three, applicable to both new applications and renewals.
Applicants are now required to have a paid-up capital of P2 million from the previous P375,000; a liquidity ratio of current assets equaling or exceeding current liabilities; and a financial guarantee either in the form of a default insurance program or a bank guarantee.
Sarreal said 60% of Philippine applicants initially failed to qualify for IATA accreditation, forcing his office to recommend a new set of conditions.
“We have agreed to make the changes. However, there are some aspects that need to be satisfied and approved first,” he said.
“With the new requirements, I think everybody will be happy,” Sarreal added.
Earlier, IATA said the airline industry suffered its worst beating in almost half a century after posting all-time lows in total passenger and cargo volume in 2009.