The Minister, Ministry of Industry
        The Minister, Ministry of the Budget

1.    A Foreign Exchange Remittance Study Team (FERST) is hereby created under the chairmanship of the Minister of Human Settlements with representatives from the Ministry of Industry and Ministry of the Budget. A secretariat to the FERST to be headed by the Deputy Minister, Ministry of Human Settlements shall be organized to provide technical and administrative assistance. The Chairman shall tap attached corporations of the Ministry of Human Settlements for assistance when required.

2.    The FERST shall accomplish a feasibility study that shall include among others the following:

a)    Preparation of the concept, plan and organization structure to establish a financial mechanism to mobilize and increase the level of foreign exchange remittances from Filipino emigrants/contract workers;

b)    Determination of the form of ownership and the seed capital/equity requirements to fully operationalize the financial mechanism;

c)    Preparation of the administrative rules and business regulations of the proposed organization as they relate to the foreign government's internal investment incentives and monetary laws.

(a)    identify states in the U.S.A. where Filipinos are heavily concentrated and where the conceptional scheme shall prove feasible;

(b)    determine the feasibility of tapping relevant American laws (e.g., Minority Enterprise Small Business Investment Companies) to operationalize the concept; and

(c)    prepare operational plan such that the program can formally start on June 12, 1980.

Since 19.07.98.