Guide on PCSO Lotto Outlet Cash Bond & Surety Bond
PCSO LOTTO OUTLET CASH BOND FOR FRANCHISE – You can check here a guide on the cash bond and the surety bond payment.
Aside from the franchise application fee at Php 2,500.00 and the Installation Fee at Php 10,000, franchise applicants must also be fully aware that the Philippine Charity Sweepstakes Office requires either a cash bond or a surety bond.
The PCSO has the sole authority in determining whether to require a franchise applicant to post a Surety Bond to the Government Service Insurance System or have a PCSO lotto outlet cash bond for franchise.
Cash Bond / Surety Bond Payment
The PCSO Lotto Outlet Cash Bond for franchise depends if the area where the outlet or booth will operate is within the National Capital Region, cities outside the NCR, or municipalities outside the NCR.
Here is a guide on the amount that you have to post in case the PCSO requires you of a cash bond:
- National Capital Region (NCR) — Php 300,000.00
- Cities Outside NCR — Php 200,000.00
- Municipalities Outside NCR — Php 100,000.00
The Philippine Charity Sweepstakes Office may also opt to let the franchisee post a Surety Bond to the Government Service Insurance System, more popularly called GSIS, instead of the aforementioned cash bond.
Undeniably, the Surety Bond is more affordable. The franchise applicant only have to post Php 13,864.32. to the GSIS. It comes with a a premium coverage for two (2) years
In paying for the Surety Bond, there are requirements that you must prepare and submit to the state-run social insurance giant . Here is a guide on the documents that must be submitted to the GSIS:
- duly-accomplished and notarized Bond application form for Lotto or Keno Agent;
- duly-accomplished and notarized Co-signer’s Form (Co-signer has to be employed or with business)
- two (2) valid government issued IDs of the Lotto or Keno Agent (photocopy with three (3) specimen signatures)
- two (2) valid government issued IDs of the Co-signer (photocopy with three (3) specimen signatures)
- copy of Agency Agreement
- Agency Agreement Certification issued by PCSO (because Agency Agreement is not yet fully executed)
After the posting of either the Cash Bond or the Surety Bond, here are the next steps to push through with a franchise application to operate an authorized lotto outlet:
- Signing of Agency Agreement
- Training and Securing of Supplies
- Site Preparation and Ocular Inspection of the Constructed Lotto Booth
- Installation of Terminal
- On-Line Activation of Lotto or Keno Terminal and Start of Outlet Operation