CAB Resolution No. 54 (1999)
INCREASE IN PAID-UP CAPITAL REQUIREMENTS OF AIRFREIGHT FORWARDERS AND CARGO SALES AGENT
(NAR) VOL. 11 NO.2 / APRIL – JUNE 2000
[ CAB RESOLUTION NO. 54 (99), April 22, 1999 ]
INCREASE IN PAID-UP CAPITAL REQUIREMENTS OF AIRFREIGHT FORWARDERS AND CARGO SALES AGENT
The Board Resolved, as it hereby resolves to increase the required paid-up capitalization of the following: FROM TO Airfreight Forwarders Php 750,000.00 Php 2,000.000.00 Cargo Sales Agents Php 500,000.00 Php 1,000.000.00 All existing cargo sales agents, domestic and/or international airfreight forwarders, as well as those with pending applications are required to comply with this requirement in the event they file a petition for renewal of their CPCN. This resolution shall take effect fifteen (15) days from date hereof. Adopted: 22 April 1999
(SGD.) ASST. SEC. JACINTO F. ORTEGA, JR. Vice Chairman (Acting Chairman)
(SGD.) ASST. SEC. FRANKLIN M. EBDALIN Member
(SGD.) MR. EDUARDO C. GALANG Member
(SGD.) ATTY. LITO A. MONDRAGON Member Attested by:
(SGD.) ARTURO V. COSUGO Acting Board Secretary