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Manila Bulletin devider Philippines devider POEA reminds recruiters on yearly increase in paid-up capital

POEA reminds recruiters on yearly increase in paid-up capital

Published Feb 28, 2020 12:00 am
By Merlina Hernando-Malipot  All licensed land-based and sea-based agencies were urged by the Philippine Overseas Employment Administration (POEA) to comply with the yearly increase in capitalization or paid-up capital in pursuant with the administration’s rules and regulations on overseas employment program. (MANILA BULLETIN) Philippine Overseas Employment Administration (MANILA BULLETIN) Administrator Bernard Olalia, in POEA Advisory No. 16 series of 2020, reminded “all licensed agencies are required to submit proof of compliance to the required capitalization” as cited under the Section 2, Rule I, Part II of the POEA Rules and Regulations Governing the Recruitment and Employment of Land-based Filipino Workers/Seafarers and Memorandum Circular No. 03, Series of 2017. POEA noted that all land-based and sea-based agencies are “reminded to submit proof of compliance with the required capitalization to avoid suspension of license and operations.” For corporations and partnerships, POEA said that licensed agencies must submit a Certificate of Corporate Filing/Information issued by the Securities and Exchange Commission (SEC) showing a net capital or equity not lower than P5 million as proof of full compliance with the required capitalization or paid-up capital. For single-proprietorship, POEA said that agencies are required to submit the Audited Financial Statement and ITR for the current year duly received by the Bureau of Internal Revenue (BIR) showing an equity of not less than P5 million; a Bank Certificate showing an additional deposit to complete the P5 million; and an authority to examine the bank account. The deadline for the submission of documentary requirements is on or before April 30, 2020 for the land-based sector while the deadline for the sea-based sector is on or before September 4, 2020. Olalia said that “agencies which fail to comply with the requirement/s shall be meted with penalty of suspension of license” in accordance with the POEA Rules and Regulations Governing the Recruitment and Employment of Land-based Filipino Workers/Seafarers.
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