Interested in putting up your own recruitment agency for overseas employment? Or are your license and accreditation with the Philippine Overseas Employment Agency (POEA) due for renewal?
You are then required by law to set up a deposit in escrow (fund managed by a trustee such as BDO Trust) an amount mandated by the POEA to address future liabilities arising from possible claims of overseas contract workers due to employment contract violations.
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
- Objectivity of an independent party in handling escrow funds and releasing to the proper party/ies
- Availability of funds when an agency has to pay for claims of overseas contract workers
- Professional and prudent fund administration by a reputable fund manager (BDO Trust)
- Escrow deposits earn income during its effectivity period under an escrow arrangement.
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
Service Features
Minimum Amount: An escrow deposit may either be in Peso or US dollar denomination. Escrow Deposits required for local employment agencies is Php 1,000,000.00 and for Japanese foreign principal, the required escrow deposit is US$20,000.00.
FOR PESO DENOMINATED POEA ESCROW
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.
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
ADDITIONAL REQUIREMENTS
- 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.)