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EXECUTIVE ORDERS
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EXECUTIVE ORDER NO. 435 -
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
the Governor of the Central Bank of the Philippines as Chairman and the
Executive Secretary and the Secretary of Labor and Employment as
members.
This Executive Order takes effect immediately.
DONE in the City of Manila,
this 15th day of November, in the year of Our Lord, nineteen hundred
and ninety.
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