(NAR) VOL. III NO. 1 / JANUARY - MARCH 1992
a. Written exemption issued by the Secretary of Labor and Employment3. On the $20,000 Cash Bond Requirement (Section 3 No. 2) — Requirements for POEA Accreditation)
b. Original booking contract/invitation to perform for charity shows
c. Visa/entry permit
d. Airline ticket or airline booking certificate
e. For graduates of performing arts schools — diploma from such school
g. Processing Fee of P75.00
This Circular shall take effect immediately.
3.1 Coverage: The cash bond of $20,000 shall answer primarily for whatever valid and legal claims the worker may lodge against the employer. 3.2 Posting of the Cash Bond: The cash bond shall be deposited in escrow in favor of POEA under the terms and conditions prescribed in an escrow agreement, copies of which are attached (EA-1 and EA-2) and shall form as part of this memorandum circular. 3.3 Procedures in Filing of Escrow Agreement: Parties to the escrow agreement shall be the employer/representative, his designated Philippine bank and the POEA. The escrow agreement form, issued by Accreditation Branch, shall be submitted by the employer/representative to the Accreditation Branch, duly accomplished and signed by the employer and the designated bank together with the proof of payment from the bank. The POEA Administrator shall sign the Escrow Agreement after evaluation by Accreditation Branch. The fully accomplished and signed agreement shall be returned to the employer/representative for notarization upon which the agreement shall be deposited with the Accreditation Branch of POEA. Copies of the agreement shall be made available to the employer and the bank. 3.4 Terms and Period of Payment: The cash bond may be paid in full or in two equal installments. The initial posting of $10,000 shall be done upon application for accreditation and the remaining $10,000 payable not later than 31 October 1992, detailed as follows: - All previously accredited employers undergoing new accreditation under the abovementioned guidelines shall post the initial $10,000 cash bond on or before 15 April 1992. The remaining $10,000 shall be payable not later than 31 October 1992. New employers applying for accreditation after 15 April 1992 shall pay the initial $10,000 upon application for accreditation and the remaining $10,000 on or before 31 October 1992. Both payments shall be accompanied by separate escrow agreements. After 31 October 1992, the cash bond shall be paid in a lumpsum of $20,000.