Increase in Capitalization/Paid-Up Capital

March 28, 2017POEA MEMORANDUM CIRCULAR NO. 003-17TO:All Landbased and Seabased Agencies   SUBJECT:Increase in Capitalization/Paid-Up Capital 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: cSaATC"x x x Those with existing licenses shall, within four (4) years from effectivity hereof, 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."In line with this, all landbased and seabased agencies are directed to submit the following as proof of compliance for the yearly increase of capitalization/paid-up capital:A. For corporations and partnerships1. Treasurer's Affidavit on the additional authorized subscribed and paid-up capital stock requirements/Joint Affidavit of partners on the additional partners' contribution;2. Bank certification showing an additional deposit of at least PhP750,000.00, with authority to examine the bank account;3. Amended Articles of Partnership/Incorporation providing for the increase of the authorized/paid up capital to a minimum of Five Million Pesos (PhP5,000,000.00); and4. Certification issued...