Guidelines on the Provision of Financial Security in Compliance with the Amendments Implementing Regulations 2.5 and 4.2 and Appendices of the Maritime Labour Convention, 2006 (MLC, 2006)

September 11, 2017DOLE DEPARTMENT ORDER NO. 181-17GUIDELINES ON THE PROVISION OF FINANCIAL SECURITY IN COMPLIANCE WITH THE AMENDMENTS IMPLEMENTING REGULATIONS 2.5 AND 4.2 AND APPENDICES OF THE MARITIME LABOUR CONVENTION, 2006 (MLC, 2006)Pursuant to the authority of the Secretary of Labor and Employment to promulgate the necessary rules and regulations under Article 5 of the Labor Code of the Philippines, as amended, and in compliance with the amendments implementing Regulations 2.5 and 4.2 and appendices of MLC, 2006, the following guidelines are hereby issued: SECTION 1. Coverage. — This Guidelines shall apply to all Philippine Registered Ships (PRS) engaged in international voyage pursuant to MLC, 2006.SECTION 2. Objective. — This Guidelines aims to ensure that all seafarers are provided with the following:a. expeditious and effective financial security system in the event of abandonment; andb. protection from the financial consequences of sickness, injury or death occurring in connection with their employment.SECTION 3. Form of Financial Security. — The financial security may be in the form of an "insurance agreement" or an "escrow agreement." All PRS covered...