Revised POEA Rules and Regulations Governing the Recruitment and Employment of Landbased Overseas Filipino Workers of 2016

2016REVISED POEA RULES AND REGULATIONS GOVERNING THE RECRUITMENT AND EMPLOYMENT OF LANDBASED OVERSEAS FILIPINO WORKERS OF 2016Question and AnswerI. Licensing and RegulationQuestion: What is the required capitalization for a private entity to qualify for a grant of a POEA license? How does it affect existing licensees? Answer: The sole proprietor and partnership shall have a minimum capitalization of Five Million Pesos (PhP5,000,000.00) and a minimum paid up capital of Five Million Pesos (PhP5,000,000.00) in case of a corporation.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. (Section 2, Rule I, Part II)Question: Who are disqualified to participate and engage in the recruitment and placement of workers for overseas employment?Answer:a. Travel agencies and sales agencies of airline companies;b. Officers or members of the Board of any corporation or partners in a partnership engaged in the business of a travel agency;c. Corporations and partnerships, where...