Amending Section 5(A) of Executive Order No. 857 Entitled "Governing the Remittance to the Philippines of Foreign Exchange Earnings of Filipino Workers Abroad and for Other Purposes"
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Amending Section 5(A) of Executive Order No. 857 Entitled "Governing the Remittance to the Philippines of Foreign Exchange Earnings of Filipino Workers Abroad and for Other Purposes"
Executive Order No. 935
February 28, 1984
Case Overview and Summary
Summary of Executive Order No. 935Amending Section 5(a) of Executive Order No. 857 on Remittance of Foreign Exchange Earnings of Filipino Workers Abroad
- Background:
• Filipino overseas contract workers are mandated by law to remit 70% of their foreign exchange earnings to the Philippines. (Whereas clause)
• Section 5(a) of Executive Order No. 857 previously required contract workers to submit a confirmed Bank (foreign) remittance form as proof of remittance. (Whereas clause)
• Contract workers were able to evade actual remittance through fraudulent means, despite submitting the required form. (Whereas clause)
- Provisions:
• Section 5(a) of Executive Order No. 857 is amended to require the following as proof of compliance with the mandatory remittance requirement: (Section 1)
• Bank receipt evidencing the actual conversion of their foreign exchange earnings into pesos in the Philippines. (Section 1)
• The Central Bank of the Philippines may approve alternative documents as proof of remittance and conversion to pesos through the Philippine banking system. (Section 1)
• All contrary or inconsistent Executive Orders, rules, and regulations are deemed amended, repealed, or modified accordingly. (Section 2)
• The Executive Order takes effect immediately. (Section 3)
Amends
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Amended by
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Tags
Executive Issuances
Executive Orders
remittance
foreign exchange earnings
Filipino workers abroad
overseas contract workers
mandatory remittance
authorized financial institutions
bank receipt
Central Bank of the Philippines
conversion to pesos
Philippine banking system
Law
Amending Section 5(A) of Executive Order No. 857 Entitled "Governing the Remittance to the Philippines of Foreign Exchange Earnings of Filipino Workers Abroad and for Other Purposes"
Executive Order No. 935
•February 28, 1984
EXECUTIVE ORDER NO. 935 February 28, 1984
AMENDING SECTION 5(A) OF EXECUTIVE ORDER NO. 857 ENTITLED "GOVERNING THE REMITTANCE TO THE PHILIPPINES OF FOREIGN EXCHANGE EARNINGS OF FILIPINO WORKERS ABROAD AND FOR OTHER PURPOSES"
WHEREAS, Filipino overseas contract workers are mandated by existing law to remit to the Philippines seventy percent (70%) of their foreign exchange earnings;
WHEREAS, to ensure that the foreign exchange earnings of these workers are remitted through authorized financial institutions of the Philippine Government, Section 5(a) of Executive Order No. 857 requires contract workers to submit a confirmed Bank (foreign) remittance form; otherwise, these workers shall be suspended or excluded from the list of eligible workers for overseas employment;
WHEREAS, contract workers while complying with the requirement of submitting a confirmed bank (foreign) remittance form, have been able to evade the actual remittance to the Philippines of their foreign exchange earnings, thru fraudulent and ingenious means, to the detriment of the country's economic development program;
WHEREAS, it is imperative that the mandatory remittance requirement be fully complied with;
NOW, THEREFORE, I,...
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Amends
n/a
Amended by
n/a
Tags
Executive Issuances
Executive Orders
remittance
foreign exchange earnings
Filipino workers abroad
overseas contract workers
mandatory remittance
authorized financial institutions
bank receipt
Central Bank of the Philippines
conversion to pesos
Philippine banking system
EXECUTIVE ORDER NO. 935 February 28, 1984
AMENDING SECTION 5(A) OF EXECUTIVE ORDER NO. 857 ENTITLED "GOVERNING THE REMITTANCE TO THE PHILIPPINES OF FOREIGN EXCHANGE EARNINGS OF FILIPINO WORKERS ABROAD AND FOR OTHER PURPOSES"
WHEREAS, Filipino overseas contract workers are mandated by existing law to remit to the Philippines seventy percent (70%) of their foreign exchange earnings;
WHEREAS, to ensure that the foreign exchange earnings of these workers are remitted through authorized financial institutions of the Philippine Government, Section 5(a) of Executive Order No. 857 requires contract workers to submit a confirmed Bank (foreign) remittance form; otherwise, these workers shall be suspended or excluded from the list of eligible workers for overseas employment;
WHEREAS, contract workers while complying with the requirement of submitting a confirmed bank (foreign) remittance form, have been able to evade the actual remittance to the Philippines of their foreign exchange earnings, thru fraudulent and ingenious means, to the detriment of the country's economic development program;
WHEREAS, it is imperative that the mandatory remittance requirement be fully complied with;
NOW, THEREFORE, I,...
Login to see full content