Compliance with Amendments to the Code Implementing Regulations 2.5 and 4.2 and Appendices of the Maritime Labor Convention, 2006 on Financial Security for Foreign Flag Ships

August 25, 2017POEA MEMORANDUM CIRCULAR NO. 007-17TO:All POEA Licensed Manning Agencies, Shipowners, and Principal/Employers with Foreign Flag Ships   SUBJECT:Compliance with Amendments to the Code Implementing Regulations 2.5 and 4.2 and Appendices of the Maritime Labor Convention, 2006 on Financial Security for Foreign Flag Ships The amendments to the Code implementing Regulations 2.5 and 4.2 and appendices of the Maritime Labour Convention, 2006 (MLC, 2006) adopted by the Special Tripartite Committee on 11 April 2014, mandate the provision of an expeditious and effective financial security system to assist seafarers in the event of their abandonment and to assure compensation for contractual claims in the event of the death or long-term disability of seafarers due to an occupational injury, illness or hazard. The financial security may be in the form of a social security scheme or insurance or a national fund or other similar arrangements. Foreign flag ships enrolled by the POEA shall carry on board the valid certificates or other documentary evidence of financial security issued by the financial security provider as required by the national...