AMENDMENT TO D.O. NO. 3, SERIES OF 2009, REDUCING THE MINIMUM PAID-UP CAPITAL REQUIREMENTS FOR DPWH ACCREDITATION OF SURETY AND INSURANCE COMPANIES FROM P500M TO P100M
National Administrative Register [ DPWH DEPARTMENT ORDER NO. 03-A, S. OF 2009, June 05, 2009 ]
In consideration of the appeal of various surety and insurance
companies to reduce the minimum paid-up capital requirement of Five
Hundred Million Pesos (P500,000,000.00) for accreditation of surety and
insurance companies and to encourage accreditation of more companies
with less than P500.00 Million paid-up capital but are found refutable
based on their track records, the minimum paid-up capital requirements
is hereby reduced from P500.00 Million to P100.00 Million with the
following categories on the limit of participation depending on the cost
of the project/s to be insured:
companies to reduce the minimum paid-up capital requirement of Five
Hundred Million Pesos (P500,000,000.00) for accreditation of surety and
insurance companies and to encourage accreditation of more companies
with less than P500.00 Million paid-up capital but are found refutable
based on their track records, the minimum paid-up capital requirements
is hereby reduced from P500.00 Million to P100.00 Million with the
following categories on the limit of participation depending on the cost
of the project/s to be insured:
|
COST OF PROJECT
|
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|
PAID-UP CAPITAL
|
BID SECURITY
|
PERFORMANCE SECURITY
|
SURETY BOND
|
CARI
|
WARRANTY BOND
|
|
|
ADVANCED PAYMENT
|
RETENTION MONEY
|
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| 100 < 200M | No Limit | < 100.00 M | < 100.00 M | < 100.00 M | < 100.00 M | < 100.00 M |
| 200 < 300M | No Limit | < 200.00 M | < 200.00 M | < 200.00 M | < 200.00 M | < 200.00 M |
| 300 < 400M | No Limit | < 300.00 M | < 300.00 M | < 300.00 M | < 300.00 M | < 300.00 M |
| 400 < 500M | No Limit | < 400.00 M | < 400.00 M | < 400.00 M | < 400.00 M | < 400.00 M |
| 500M & above | No Limit | No Limit | No Limit | No Limit | No Limit | No Limit |
This Order shall take effect immediately.
Adopted: 5 June 2009
(SGD.) HERMOGENES E. EBDANE, JR.
Secretary