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May 5, 2017GOVERNING BOARD RESOLUTION NO. 01-17WHEREAS, the 2016 POEA Revised Rules and Regulations Governing the Recruitment and Employment of Landbased Overseas Filipino Workers/Seafarers particularly Section 2, Rule I, Part II provides that those with existing licenses shall, within four (4) years from effectivity of the Rules increase their capitalization or paid up capital, as the case may be, to Five Million Pesos (PhP5,000,000.00) at the rate of Seven Hundred Fifty Thousand Pesos (PhP750,000.00) every year;WHEREAS, all landbased agencies were directed to submit proof of compliance for the first yearly increase of capitalization/paid-up capital on or before the deadline set on 28 April 2017, and the seabased agencies on 28 September 2017, as provided under POEA Memorandum Circular No. 03 Series of 2017;WHEREAS, all landbased and seabased agencies were directed to subsequently comply with the yearly increase of Php750,000.00 until the minimum capitalization of P5 million is fully completed;WHEREAS, agencies that fail to comply with the requirement within the prescribed period shall be meted with suspension of license in accordance with Section 41 (c)/Section 42...