The labor department has remitted excess verification fee collections and interest earned of 29 Philippine Overseas Labor Offices (POLOs) amounting to P548.3 million to the Bureau of Treasury (BTr).

This was reported by DOLE’s Financial and Management Service (FMS) Director Warren Miclat to Labor Secretary Silvestre Bello III, saying that the 2018 remittance to BTr is higher by P110.044 million from the 2017 remittance of P438.256 million.

These remittances enable the government to augment funds needed for the implementation of priority projects.

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.

Excess verification fee collections, as defined in DOLE/DFA/DBM/DOF/COA Joint Circular No. 3-99, refer 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/aldm with reports from Sheena May Hernandez

Like Love Haha Wow Sad Angry