Question & AnswerQ&A (EXECUTIVE ORDER NO. 378)
The Committee is composed of the Executive Secretary as Chairman, the Secretary of Labor and Employment, and the Governor of the Central Bank of the Philippines as members.
The Committee's functions include adopting policies and programs to increase remittances through official channels, approving incentives for Filipino overseas workers and banking institutions, and confirming measures undertaken by government or quasi-government offices to support its programs, subject to the President's approval.
The Technical Staff supports the Committee by conducting research, preparing plans and programs, coordinating with government offices, monitoring the progress of initiatives, preparing implementing rules and regulations, and performing tasks as directed by the Committee.
Mr. Vitaliano N. Nanagas II, President of the Philippine Deposit Insurance Corporation, is the Action Officer leading the Technical Staff.
The Office of the President is tasked with providing the necessary funds for implementing Executive Order No. 378.
Despite government efforts, the majority of Filipino overseas workers' earnings were coursed through unofficial channels and did not enter the country's official foreign exchange system.
Yes, the Committee may invite heads of other departments, agencies, or organizations to participate in its deliberations for achieving its objectives.
Encouraging remittances through official channels helps ensure that foreign exchange enters the country's banking system, supporting economic recovery, providing reliable and secure transfer systems, and protecting the beneficiaries.
All orders, issuances, rules, and regulations or parts thereof that are inconsistent with this Executive Order are repealed or modified accordingly.