Shall refer to a bond secured by an accountable officer from the Bureau of the Treasury in compliance with the Public Bonding Law
and applicable requirements to assure.
Faithfully performall the duties imposed by law upon him.
Faithfully account all public funds and property coming into his possession, custody of cotrol
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What is Fidelity Bond
General Provisions:
Every Officer, agent & employee of the Gov't of hte Phils companies
or corporations
the majority of stock
is held by the National Government,
performing duties which permit or require possession,
custody, & control of public funds &/or public properties (Sec. 314 & 318, PBL)
Bond Coverage
a.Accountable public officers discharging their duties in a foreign country.
b. Public officers accountable to others
who are primarily accountable.
c. Public officers designated as authorized signatories and counter or alternate
signatories in the issuance of checks and approval of disbursement vouchers.
d.Accountable Public Officer who is responsible for accountable forms.
e. Heads of departments, bureaus, agencies and Instrumentalities of the Government.
Other Covered
Duties and Reponsibilities of Head OF Agencies
Primary Liability
The head of any government agency at all levels, whether national, corporate or local is primarily responsible and accountable for all government funds and property pertaining to his/her agency
Duty to Notify
The head of any government agency at all levels upon appoinment or lawful accession by any accountable office a bondable position or office pertaining to their respect jurisdiction, or seperation therfrom of any such accountable of notify in writing the TOP through the BTr DO/PO having jurisdiction over the agency/office/GOCC/LGU/SUC within 5days such appoinment
Sanctions and failure to post fidelity bond?
Accountable official or employee will be subect to administrative and criminal liabilities
Administrative Liability
Failure to comply with the requirements of PD 1445(Government Auditing Code of the Philippines, Sections 101 &127) is a neglect of duty and will be penalized in accordance with the Civil Service Law.
Criminal Liability (Anticipation of Duties of a Public Office)
Suspension from office or employment until he shall have complied with the formalities of the law & fine from 200 to 500 pesos (Art.236,Revised Penal Code)
AMOUNT OF BOND & DETERMINATION OF BOND PREMIUM
Amount of bond - shall be based on the total accountability (public fund, property and accountable forms) as determined by the head of agency. Individual maximum accountability shall not exceed Php 1B.The agency head may assign to other public officers the excess accountability for w/c a separate Fidelity Bond shall be secured.
BOND LIMITATION
Amount of bond should not exceed 11 million pesos, Bond is personal not transferable, Bond is good only for one calendar year and premium shall be in one full year(12 months), No refund of premium on cancelled bond
Extent of Liability
Fidelity Fund shall answer only for Defalcations, Shortages, and Unrelieve Accountabilities of the bonded official/employee who has current and existing bond up to the actual loss but not exceeding the amount of bond.
