The Interisland Liner Shipping Rate l Rationalization Study (SRRS) was conducted in the Philippines from November 1990 through August 1991 by a six-person team. Throughout the study, the team received complete cooperation from management and staff of the Maritime Industry Authority (MARINA) and the Phillipine Shipper's Council. The United States Agency for International Devevlopment (USAID) and the Conference of Interisland Shipowners and Operators (CISO), together with MARINA and SHIPPERCON, closely reviewed the work of the team and provided many useful comments. Several other Philippine public and private organizations also provided useful information and comments. Despite all of the valuable inputs from various concerned organizations and individuals, this report and its conclusions and recommendations remain solely the products of the SRRS team and do not necessarily reflect the views of any other individuals or organizations. Any mistakes which may be contained in the report are solely the responsibility of the study team.