POEA Launching online appointment system exit clearance or overseas employment certificate (OEC)

Click the link below to apply OEC online

http://bmappointment.poea.gov.ph/

The Philippine Overseas Employment Administration (POEA) will launch tomorrow an online appointment system for "balik manggagawa" - to allow overseas Filipino workers (OFW) vacationing in the country to process documents via Internet.

POEA Administrator Hans Leo Cacdac, in a statement, said the online appointment system is an option for vacationing overseas Filipino workers (OFWs) to set an appointment with POEA for the processing of their exit clearance or overseas employment certificate (OEC).

The system, according to Cacdac, was developed for the convenience of returning workers who have limited time to spend with their families during their stay in the country specially this coming holiday season.

Cacdac advised OFWs to use the appointment system which is free and available by logging on at http://bmappointment.poea.gov.ph  particularly during the peak months of March, April, May, November, December, and January when the bulk of OFWs return home for vacation.

While encouraging the use of the system, Cacdac explained that the POEA has not totally scrapped its facility for walk-in clients.

"We are just starting out with the system and we believe that OFWs without access to internet would still prefer getting their OEC the usual way without setting an appointment with us," Cacdac said.

The POEA has put up counters at its main office in Mandaluyong City, Duty Free Philippines in Parañaque City and SM Manila to accommodate those who choose to get their exit clearance at a specific date and time.

Cacdac emphasized that the documentary requirements for those using the appointment system and walk-in processing are the same: 

1) passport valid for six months from time of departure; 

2) valid working visa/work permit: 

3) proof of employment such as certificate of employment, company ID, pay slip, and other equivalent document.

Returning workers have to pay ₱100 for POEA processing fee; $25 or its peso equivalent for OWWA contribution on a per contract coverage; ₱1,200 for one year PhilHealth coverage; and a minimum of ₱100 contribution to Pag-ibig Fund, Cacdac added.

Fees Summary

• Processing Fee ₱100.00
• OWWA contribution on a per contract ($25) ₱Depending on the Value of Dollars
• PhilHealth coverage ($25) ₱1,200.00
• Pag-ibig Fund contribution ₱100.00   

An approximate total of ₱2,600.00   

Cacdac said OFWs may also get their exit clearance or OEC at the Philippine Overseas Labor Office (POLO) nearest their jobsite before their departure to the Philippines, or at the POEA regional offices while they are in their respective provinces.

Click the link below to apply OEC online

http://bmappointment.poea.gov.ph/

Philippines Iinformation Agency

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Bank of America-Merrill Lynch: Philippine Peso seen to hit 30:$1 next year (2013)

CEBU, Philippines -  The peso could strengthen to the 30-level against the dollar next year as investors continue to flood emerging markets regardless of the outcome of the US elections on Tuesday, an investment bank said.

In its latest research note, Bank of America-Merrill Lynch (BofA) said it expects the peso to average 41 to a dollar by the first quarter of 2013, before appreciating further to 39.80 for the rest of the year.

BofA's forecasts are stronger than the government's official assumption of 42-45 next year. The peso closed at 41.18 on Wednesday, the last trading day before the holidays.

A strong peso, while making imports cheaper, also makes export products expensive abroad, possibly denting demand. It also trims the value of remittances from overseas Filipinos.

"In our view, there is still further upside to EMFX (emerging market foreign exchange) in the near term. PMI data has been decent for September following the US Fed meeting, and we think investors will continue to push currencies higher as they await further confirmation of improved activity," BofA explained.

The US, considered as investors' safe haven, has been struggling to boost growth four years after the global financial crisis. Its central bank, the US Federal Reserve, said on September it is embarking on a third round of bond-buying program meant to flood the economy with cash to boost demand and growth.

The Fed announcement came after US manufacturing activity hit 51.5 in the purchasing managers' index (PMI) in September, similar from August. A reading above 50 indicates expansion.

A strong US manufacturing performance signals economic recovery for the world superpower and thus, should drive investors to invest in risky assets such as the peso.

The outcome of the US elections will also only have "neutral" effect to emerging market currencies like the peso, which BofA expects to trade at an average of 42 this quarter.

"Market pricing of an Obama victory is mild USD (US dollar) negative. (Mitt) Romney victory, USD positive," it said.

This indicated that the market may view a re-election of US President Barack Obama positively, giving them confidence to acquire risky assets and thus lowering the dollar's value. In contrast, a Romney victory is predicted to drive investors to safe havens like the dollar, contributing to its appreciation.

"Both a Romney win and Great Rotation pose upside risks to US rates. Historical evidence suggests this would be bearish for EM rates but neutral for EMFX overall – though with significant differentiation within it," BofA said.

In an effort to tame the peso's appreciation, the Bangko Sentral ng Pilipinas (BSP) slashed its policy rates by another 25 basis points last Oct. 25, bringing them to new record-lows of 3.5 percent and 5.5 percent for overnight borrowing and lending, respectively.

BSP Governor Amando Tetangco Jr. said last Monday the central bank is looking at using its macroprudential measures to manage capital flows which drive the peso to strengthen. These measures include tweaking the bank reserve requirements, real estate exposure ceilings and single borrower's limit, among others.

PhilSTAR 

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