Cash advance to crew without interest has been granted to seafarer’s of Fair Shipping Corporation, basically to assist the crew defray necessary expenses for documentation related to seafarer’s contract for employment and embarkation, such as expenses for training, local clearances and VISAS for entering foreign countries, but most of the bulk has been for crew’s personal loan needs.

For the last 17 years of existence of FSC, the company did not impose interest on cash advances to crew. FSC extended assistance to the crew. As of this date, we have already used up a lot of money and the company has already maximized the allotted funds for financial assistance to crew. Continued extending of loans beyond the budgeted funds will surely affect some of crew’s additional benefits from the company.

Hence, FSC will temporarily stop granting cash advances for personal or family use effective January 1st, 2011. However, FSC will continue to give financial assistance to crew for necessary expenses related to documentation and contract of employment.

For cash advances for personal use, an alternative action will be implemented to help crew with his financial problems. Instead of crew going to some credit facilities which charge high interest rates and processing fees, the Asia United Bank  has offered of will allow FSC crew to avail loan from their bank. The crew can loan from a minimum amount of P10,000 to a maximum amount of P300,000- depending on crew’s capacity to pay at a maximum payment period of six(6) months with basis of his contract of employment and approval of the bank. The loan has a processing fee P300- and a very low interest rate of 1.05 percent monthly.

We certainly recommended and suggest to all our crew to plan properly their financial requirements especially for their family needs and to spend their salaries prudently so that they can save and make their life more meaningful without hassles on loan where they need to pay interest to the bank instead of the bank paying them interest for the savings they make for their family. We sincerely request every crew to manage your salaries and to save more for your future.

With this subject, we trust we can observe self discipline and learn the art of budgeting to ensure financial stability for your families. If you attain financial security then harmony will be maintained within our company and we continue to help our ship owners in the safe operation of the ship with our efficient and safe performance onboard.