Gov't Raises Financial Benchmark for Contractors
Byline: BERNIE CAHILES-MAGKILAT
The government has raised the minimum financial and track record requirements for government contractors to ensure they are capable of undertaking projects observing the strictest of safety standards.
This was announced by Trade and Industry Secretary Cesar V. Purisima this is part of a three-year program of the Philippine Contractors Accreditation Board (PCAB), an attached agency of the DTI.
"We are now in the first stage of implementing the three year program to improve the competitiveness of our construction industry," Purisima said.
Under the PCAB program, the Allowable Ranges of Contract Costs (ARCC) for government contractors has been adjusted beginning July 1 this year to June 30, 2007.
The adjusted minimum net worth requirements for the first year of implementation (Contracting Fiscal Year 2004-2005) are as follows: PCAB category AAAP30 million; AAP15 million AP3 million; B P1.5 million; CP900,000; DP300,000; and TradeP15,000.
"Putting these strict qualifications also strengthen our contractors capabilities to perform their obligations without compromising the quality of structures built and public safety," said Trade and Industry Undersecretary for Consumer Welfare and Trade Regulation Adrian S. Cristobal Jr.
"In addition, a credible track record also protects the project-owners from flyby-night contractors," Cristobal said. …
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Publication information: Article title: Gov't Raises Financial Benchmark for Contractors. Contributors: Not available. Newspaper title: Manila Bulletin. Publication date: July 17, 2004. Page number: Not available. © 2009 Manila Bulletin Publishing Corp. COPYRIGHT 2004 Gale Group.
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