THE Philippine Shippers Bureau (PSB) will conduct a public hearing today (December 1) on the amendment to its administrative order (AO) involving the minimum capital requirement for freight forwarding companies. The hearing will be at the PPA Training Center, Port Area, Manila from 1pm onwards.
Earlier, the Philippine International Seafreight Forwarders Association and the Alliance of Concerned Freight Forwarders consolidated their recommendations on the issue and submitted these to the PSB in the form of a position paper.
Under the draft AO, the minimum capitalization will be raised to P5 million for both non-vessel operating common carriers (from the current P500,000) and cargo consolidators (from P400,000). PSB is also planning to collapse into one category the currently separate categories of international freight forwarder and breakbulk agent. The draft AO also contains amended requirments for new applicants and penalties and fines for non-compliance with PSB rules.