FOBAP Wants PH Gov’t to Support New US Shipping Law

The Foreign Buyers Association of the Philippines (FOBAP) is appealing to the government to follow the new US shipping law recently signed by United States President Joe Biden. 

The Ocean Shipping Reform Act 3580 aims to regulate the shipping industry and standardize the shipping rates in the wake of the continued rise in freight costs.

FOBAP President Robert M. Young has called the Ocean Shipping  Reform Act 3580 a landmark achievement for the US shipping industry in a quarter of a century. 

President Young has said that “The US law will crack down on skyrocketing international ocean shipping costs and regulate unfair practices plus ease the long problematic supply chain backlogs that are raising prices for USA consumers, as well as in the global market including the Philippines,”

After the recent progress in the US, the FOBAP is now advocating for the Philippine government to support the US law in reducing shipping rates for the local industry and exporters since the Philippines is falling behind other ASEAN countries in the areas of productivity and export sales. 

There are currently two bills that are pending in Congress namely, HB 4316 and HB 4462 that calls for immediate attention. The two bills lodged in Congress that are looking into regulating and standardizing industry rules for brokers, cargo forwarders, and shipping lines. The bills are also aimed at providing transparent and fair rates as noted by President Young. 

He is likewise also pushing for the Philippine Ports Authority to revise its charter and its port fee charges. 

Source: Manila Bulletin