The Department of Labor and Employment has remitted to the Bureau of Treasury some P410.636 million in fees collected by the Philippine Overseas Labor Offices (POLOs) in 2016.
This was reported by DOLE’s Financial and Management Service (FMS) Director Warren M. Miclat to Labor Secretary Silvestre H. Bello III, saying that the remitted funds represented the excess verification fees collected and interest earned by 26 POLOs last year.
“This year’s remittance to the BTr, which comprises of 2016 collections, is higher by P65.07 million compared to last year’s remittance, containing collections for 2015, which only amounted to P345.563 million,” said Miclat.
The Finance Director said that this year’s remittance is expected to increase as an additional P15.617 million will still be remitted to the BTr.
“These funds for remittance this month represent excess verification fees collection of other POLOs, particularly in Dubai and Bahrain,” he added.
The collection of verification fee, which is being implemented by the POLOs, serves as the service fee for the verification of overseas employment contracts presented by prospective employer, principal or employment agency in the host country and/or their authorized representative before the same can be authenticated by the Department of Foreign Affairs’ (DFA) authorized official in the embassy.
As defined in DOLE/DFA/DBM/DOF/COA Joint Circular No. 3-99, “Excess Verification Fee Collections”, refers to the residual collection of verification fee by the posts for remittance to the BTr after deducting all authorized withdrawals from the Verification Fee Fund and other obligations not exceeding the Advice of Disbursement Limits (ADL) issued by the DOLE Central Office during the year plus allowable buffer fund equivalent to the first quarter requirements of the posts for the ensuing year.
Advice of Disbursement Limits, on the other hand, is the document issued by the DOLE-Central Office to the Office of the Labor Attaché advising it of the maximum amount it may pay or disburse funds.
END/Tim Laderas with a report from Sheena May Hernandez