Reconstituting the Committee on the Remittance System For Filipino Overseas Workers Created Under Executive Order No. 378 Dated November 23, 1989

EXECUTIVE ORDER NO. 435 November 15, 1990

RECONSTITUTING THE COMMITTEE ON THE REMITTANCE SYSTEM FOR FILIPINO OVERSEAS WORKERS CREATED UNDER EXECUTIVE ORDER NO. 378 DATED NOVEMBER 23, 1989

WHEREAS, as mentioned in aforesaid Executive Order No. 378, the government recognizes the need to provide for a fast and reliable remittance system for Filipino overseas workers that will ensure speedy delivery to the beneficiaries and afford protection to these Filipinos;

WHEREAS, the Committee has already laid the groundwork of a growing concern among banks of the Foregoing Overseas Workers remittance market as a rich source of foreign exchange needed by the economy; and

WHEREAS, the Committee feels that the Central Bank, being the supervisor of the country's banking system, can be more effective in pursuing the Committee's goal of improving the remittance system for Filipino overseas workers.

NOW, THEREFORE, I, CORAZON C. AQUINO, President of the Philippines, by virtue of the powers vested in me by law, hereby reconstitute the Committee on the Remittance System for Filipino Overseas Workers with...

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Reconstituting the Committee on the Remittance System for Filipino Overseas Workers

- Recognizes the need for a fast and reliable remittance system for Filipino overseas workers to ensure speedy delivery to beneficiaries and protection for these Filipinos. (Preamble)
- The Committee has laid the groundwork for banks to recognize the overseas workers' remittance market as a rich source of foreign exchange needed by the economy. (Preamble)
- The Committee believes that the Central Bank, being the supervisor of the country's banking system, can be more effective in pursuing the Committee's goal of improving the remittance system for Filipino overseas workers. (Preamble)
- Reconstitutes the Committee on the Remittance System for Filipino Overseas Workers with the following members: (Section 1)
    - Governor of the Central Bank of the Philippines as Chairman
    - Executive Secretary
    - Secretary of Labor and Employment
- The Executive Order takes effect immediately. (Section 2)