[ OWWA MEMORANDUM OF INSTRUCTION NO. 016 S. 2002, September 19, 2002 ]
GUIDELINES FOR FUNDING THE OPERATION OF THE MARITIME TRAINING COUNCIL (MTC)
As compliance to the commitment of the Philippine government with the International Maritime Organization's Standards of Training, Certification and Watchkeeping for Seafarers (STCW) 1978 Convention, As Amended, which is intended to promote safety of life and property at sea and the protection of marine environment by establishing in common agreement international standards of training, certification and watchkeeping of seafarers and to rationalize the funding support of OWWA to the operation of MTC, the following guidelines are hereby prescribed:
I. FINANCIAL OPERATIONS
As mandated by LOI 1404 of 1984, the Overseas Workers Welfare Administration (OWWA) shall fund from proceeds of the Seafarers' Welfare Fund contribution the operation of the Maritime Training Council (MTC), subject to the approval of the OWWA Board of Trustees.
A. Budget Submission
The MTC Secretariat shall submit its proposed budget for the coming year every last quarter of the fiscal year together with a report on fund utilization from the current year's budget.
B. Maintenance of MTC Operating Account
The MTC Secretariat shall maintain a separate bank account for its operation. All interest income shall be declared in this account. A quarterly bank reconciliation statement shall form part of the quarterly financial reports.
C. Submission of Annual Budget
The MTC Secretariat shall submit its proposed annual budget for the coming year every last quarter of the fiscal year together with a report of fund utilization on the current year's budget.
D. Scheme of Fund Releases
The OWWA shall release to MTC Secretariat on quarterly basis upon receipt of required financial reports in accordance with the accounting and auditing rules and regulations (Annex A).
II. EFFECTIVITY
This MOI shall take effect immediately.
Adopted: 19 Sept. 2002
(SGD.) DELMER R. CRUZ
Officer-In-Charge