2009 / Jun
DPWH DEPARTMENT ORDER NO. 03-A, S. OF 2009 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 June 05, 2009
[ DPWH DEPARTMENT ORDER NO. 03-A, S. OF 2009, June 05, 2009 ]
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
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:
COST OF PROJECT | ||||||
PAID-UP CAPITAL | BID SECURITY | PERFORMANCE SECURITY | SURETY BOND | CARI | WARRANTY BOND | |
ADVANCED PAYMENT | RETENTION MONEY | |||||
| 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