Law Summary
Fidelity Bond Premium Rates
- The premium rate for a fidelity bond is set at one and one half percent (1.5%) of the bond amount.
- The minimum premium payable shall not be less than P150.00.
Duration and Renewal of Fidelity Bonds
- Approved fidelity bonds have a validity period of one year.
- Renewal is the responsibility of the agency employing the official or employee.
- To renew bonds, the agency must submit the following to the Bureau of Treasury:
- A list of officials and employees whose bonds are subject to renewal.
- A copy of the latest Bureau of Treasury transmittal letter approving the original or renewed bond application.
- The latest copy of the Statement of Assets and Liabilities of the applicant.
- An agency certification confirming that the applicant has no pending administrative or criminal case.
- Failure to renew an expired bond results in automatic cancellation.
Effective Date
- The amendments specified in the order took effect on January 1, 1999.