Covered subject: fidelity bonding
- The amendments govern the fidelity bonding of government officials and employees under Treasury Order No. 01-95.
- The focus of the amendments is the amount of bond for accountable officials/employees and the bond premium and validity/renewal of approved fidelity bonds.
Bonding amount for mixed accountability
- An official/employee who has both money and property accountability shall be bonded only once to cover both accountabilities.
- The amount of the bond for such an official/employee shall be in accordance with the REVISED SCHEDULE Annex A.
- The bond amount for such an official/employee shall not exceed Five Million (P5,000,000.00) Pesos.
Bond premium and renewal validity
- The premium of a fidelity bond shall be one and one half percentum (1.5%) of the amount of bond.
- The premium shall not be less than P150.00.
- Approved fidelity bonds shall be valid for one year.
Renewal procedure and required submissions
- Bonds shall be renewed by the Agency by submitting to the Bureau of Treasury a list of bonded officials and employees.
- Renewal submissions shall be subject to renewal and required attachments, including:
- A copy of latest BTr transmittal letter approving the original/renewed application;
- A latest copy of Statement of Assets and Liabilities; and
- An Agency certification that the applicant has no pending administrative and/or criminal case.
Expiration and automatic cancellation
- An expired bond that is not renewed shall be automatically cancelled.