DPWH DEPARTMENT ORDER NO. 03-A, S. OF 2009, 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