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January 19, 1988GOVERNING BOARD RESOLUTION NO. 02-88WHEREAS, in 1980 the 23rd Session of the Joint Maritime Commission of the International Labour Conference formally adopted a resolution for upward revision of the minimum basic wage of US$187 to US$276 for Able Seaman;WHEREAS, Memorandum Circular No. 72 dated 4 December 1981 was issued by the NSB setting the timetable for implementation of the approved ILO wage rate with effect 01 January 1982. However, with the exception that for existing principals adopting the 1976 ILO rate of US$187, implementation of the order shall be by stages, effective 1 October 1982 — US$230 and effective 1 October 1983 — US$276 without prejudice to their adoption of the new wage rate before these dates:WHEREAS, in 1983 POEA issued Memorandum Circular No. 9 suspending the implementation of the second stage of Memorandum Circular No. 72 and extending the implementation of wage rate of US$230 to March 1984 taking into account the slump in international trade and shipping and pending submission of an assessment report of the prevailing international market by the...