QuestionsQuestions (BOT ORDER NO. 1-99)
BOT Order No. 1-99 amends Sections 6.2 and 7.0 of Treasury Order No. 01-95, which govern revised regulations on the fidelity bonding of government officials and employees. Its purpose is to update (1) the amount of bond and (2) the bond premium and related renewal rules.
Only one fidelity bond is required to cover both money and property accountabilities.
The amount must be in accordance with the Revised Schedule (Annex A). However, it is capped and must not exceed PHP 5,000,000.00.
The bond amount shall not exceed Five Million Pesos (PHP 5,000,000.00).
The premium is one and one half percentum (1.5%) of the amount of the bond.
Yes. The premium cannot be less than PHP 150.00.
Approved fidelity bonds are valid for one year.
The Agency must renew by submitting to the Bureau of Treasury: (1) a list of bonded officials and employees subject to renewal, and (2) attachments such as: (a) copy of the latest BTr transmittal letter approving original/renewed application, (b) latest copy of Statement of Assets and Liabilities, and (c) Agency certification that the applicant has no pending administrative and/or criminal case.
It is automatically cancelled.
The Agency (government office/employer of the bonded official/employee), not the bonded employee personally, is responsible for renewing by submitting the required documents to the Bureau of Treasury.
Yes. The document states that the Treasury Order shall take effect on January 01, 1999.
Premium = 1.5% of PHP 3,000,000.00 = 0.015 × 3,000,000 = PHP 45,000.00. (This also satisfies the minimum of PHP 150.00.)
1.5% of PHP 5,000.00 = PHP 75.00, but since the law provides a minimum premium of PHP 150.00, the premium must be PHP 150.00.
No. The amended Section 6.2 provides that the official/employee shall be bonded only once to cover both accountabilities.
The Agency must submit renewal documents to the Bureau of Treasury, and the renewal is effectively processed/validated in relation to the Bureau’s transmittal letter approving original/renewed applications.