POEA Escrow | BDO Unibank, Inc.

POEA Escrow Agency is an arrangement entered into by the POEA, BDO Trust, and an employment agency. The employment agency opens an escrow fund with BDO Trust for safekeeping, investment, and maintenance until its full/partial release is ordered by either the POEA or the National Labor Relations Commission (NLRC).

Benefits to clients

Professional Stewardship

Handle escrow assets or funds and ensure that all conditions required in the agreement are met.

Custodianship

Safekeeping and preservation of funds and/or documents; professional and prudent investment of funds if applicable.

Security

Protection of the parties' interests while ensuring compliance with certain contractual obligations.

Product highlights

Client Suitability

Employment agencies engaged in the recruitment and placement of overseas contract workers applying for new license/renewal of license and accreditation with the POEA; Japanese foreign principals applying for accreditation from the POEA.

Minimum Amount

Escrow deposits required for local employment agencies is ₱1,000,000 and for Japanese foreign principal, the required escrow deposit is $20,000.

Currency Denomination

An escrow deposit may either be in Peso or US dollar denomination.

Documentation requirements

IF THE POEA AGENCY IS A SOLE PROPRIETORSHIP

Certified true copy of DTI Registration Certificate;
Two (2) Specimen Signature Cards and Customer Account Records (to be provided by BDO Trust) duly signed/accomplished by the party;
Photocopies: Picture and signature pages of acceptable identification cards (passports, driver's license, SSS, TIN etc.).

IF THE POEA AGENCY IS A PARTNERSHIP

Duly notarized partnership's resolution authorizing the entity to enter into an Escrow Agreement with the POEA and BDO Trust and designating the authorized signatories thereto;
Certified true copy of Certificate of Filing of Articles of Partnership and By-laws issued by the Securities and Exchange Commission (SEC) with the Articles and By-laws annexed certified true by the SEC or the Managing Partner;
List containing the names of the Partners;
Two (2) Specimen Signature Cards and Customer Account Records (to be provided by BDO Trust) duly signed/accomplished by the authorized signatory/ies of the Partnership and duly authenticated by the Managing Partner; and
Photocopies: Picture and signature pages of acceptable identification cards (passports, driver's license, SSS, TIN etc.) of the signatories.

IF THE POEA AGENCY IS A CORPORATION

Notarized Secretary's Certificate on the Board Resolution authorizing the corporation to enter into an Escrow Agreement with the POEA and BDO Trust and designating the authorized signatories thereto;
Copy of Certificate of Filing of Articles of Incorporation and By-laws issued by the SEC with the Articles and By-laws annexed certified true by SEC or the Corporation's Corporate Secretary;
List of the directors/officers and list of stockholders holding more than 2% stockholdings;
Two (2) Specimen Signature Cards and Customer Account Records (to be provided by BDO Trust) duly signed/accomplished by the authorized signatory/ies of the Corporation and duly authenticated by the Corporation's Corporate Secretary;
Photocopies: Picture and signature pages of acceptable identification cards (passports, driver's license, SSS, TIN etc.) of authorized signatories.

ADDITIONAL REQUIREMENT

Photocopy of previous POEA escrow agreement and authority from POEA to transfer escrow account/deposit (Applicable only for transfer of escrow deposit from another bank to BDO Trust as a new escrow agent.)

FOR USD DENOMINATED POEA ESCROW

Photocopies of two (2) acceptable identification cards with photos i.e. passport, driver's license, etc. of the authorized signatory/ies;
Verification Certificate issued by the Office of the Labor Attaché of the Philippine Embassy in Japan that the Corporation is in good standing and has substantially complied with the verification requirements of the POEA;
Original notarized copy of Secretary's Certificate of the Japanese Corporation authorizing the opening of an Escrow Account and appointing BDO Trust Banking Group as Escrow Agent; and designating the authorized signatories for the Escrow Account, together with their specimen signatures;
Two (2) Specimen Signature Cards and Customer Account Records (to be provided by BDO Trust) duly signed/accomplished for each signatory
For corporations, the signature cards must be authenticated by the Corporate Secretary/BDO Trust personnel
For single proprietorships, the signature cards must be authenticated by any BDO personnel who will witness the signing of the signature card by the client.
Corporate documents for the Japanese Corporation (or any equivalent charter documents) duly authenticated before the Philippine Consul in Japan such as:
Special Power of Attorney
Affidavit of Undertaking
Affidavit of Responsibility
Corporate Registration
Manpower Request
Corporate documents for the local (Philippine) agency
Please refer to requirements under Peso Denominated POEA Escrow