Compliance with the Yearly Increase in Capitalization/Paid-Up Capital

January 28, 2020POEA ADVISORY NO. 16-20TO : All Licensed Landbased and Seabased Agencies   SUBJECT : Compliance with the Yearly Increase in Capitalization/Paid-Up Capital  In connection with the yearly increase in capitalization/paid up capital as provided under Section 2, Rule I, Part II of the POEA Rules and Regulations Governing the Recruitment and Employment of Landbased Filipino Workers/Seafarers and Memorandum Circular No. 03, Series of 2017, all licensed agencies are reminded to submit proof of compliance to the required capitalization on or before 30 April 2020 for landbased sector and 04 September 2020 for the seabased sector. CAIHTEThe documentary requirements are as follows:A. For corporations and partnerships:1. Certificate of Corporate Filing/Information issued by the Securities and Exchange Commission (SEC) showing a net capital/equity not lower than Php5,000,000.00 as proof of full compliance with the required capitalization or paid-up capital.B. For single-proprietorship:1. 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 Php5,000,000.00;2. Bank Certificate showing an additional deposit to complete the...