Shipping firms can hike fares, cargo rates by only up to 30%
Domestic shipping operators may increase passenger fares and cargo rates only by up to 30 percent, the Maritime Industry Authority (Marina) said in an advisory on Monday.
The new limit is higher than the 20-percent increase granted by the agency on March 6.
Marina said it will release every week an advisory on rate adjustments in accordance with fuel price movements.
The rate of increase for the transport of agricultural products and other essential commodities will stay under a 20-percent cap, the agency said.
Shipping companies and operators were also instructed to inform both the Marina and the public about any fare or rate increase at least three calendar days before the adjustments take effect.
Be ready to cut, too
They should be published in a newspaper of general or regional circulation, as well as on the companies’ websites and social media accounts. The public should also be notified at the ports, vessels and ticketing offices.
Marina also reminded shipping companies that they are required to implement a downward price adjustment should global fuel prices go down.
The reduction would also take effect three calendar days after publication in a newspaper, on online channels, and at the concerned ports, terminals and offices.
The agency issued its latest advisory on Monday after meeting with the Department of Transportation on March 23.
Marina said it seeks to “ensure price stability amid rising global fuel costs” and in line with President Marcos’ recent declaration of a state of national energy emergency.
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