Here are more details given by our agent from the last time we applied from the Italian Embassy:
"Visa Requirements
Completed application form with Italian Embassy Logo
1 recent passport photo ( white background )
original passport with 9 months validity plus xerox of the first and last page
xerox of previous visas and immigration stamp
original bank cert
xerox copy of passbook
xerox copy of credit card and statement of account
ITR
Business Registration if with own business (Certificate of Employment and xerox copy of payslip for the last 12 months if employed)
Travel Insurance worth Euro 30,000.00
List of Accredited Travel Insurance
AIU
Assist Card
Blue Cross
Paramount Life & General Insurance Comp.
MAA Insurance
Malayan Insurance
MAPRE
Standard Insurance
UCPB General Insurance
World Wide Travel
Everest Int'l Group Admin
Flight booking
Itinerary
Hotel booking
Visa Fee:
Managers Cheque payable to PIASI (cash not accepted)
Adult PHP 3,417.00
Child PHP 1,994.00 ( 6-11 years old )
Please note that travel agents are not allowed to file Schengen VISA. Once all the requirements are ready please call 19091012200 for the schedule of the pick up of your documents."
When we made the call, they also made us submit a waiver, which states that incomplete requirements may be bound for refusal.