Question & AnswerQ&A (EXECUTIVE ORDER NO. 435)
The purpose of Executive Order No. 435 is to reconstitute the Committee on the Remittance System for Filipino Overseas Workers to ensure a fast, reliable remittance system that guarantees speedy delivery to beneficiaries and protection for Filipino overseas workers.
The Committee was originally created under Executive Order No. 378 dated November 23, 1989.
The Governor of the Central Bank of the Philippines has been designated as the Chairman.
The Executive Secretary and the Secretary of Labor and Employment are members of the Committee.
Because the Central Bank is the supervisor of the country’s banking system, it can be more effective in improving the remittance system for Filipino overseas workers.
The remittance system is significant as it is considered a rich source of foreign exchange needed by the economy.
It took effect immediately upon signing on November 15, 1990.
The Committee has addressed the growing concern among banks about the remittance market of Filipino overseas workers.
She exercised the powers vested in her by law as the President of the Philippines.
The Secretary of Labor and Employment serves as a member of the Committee involved in shaping the remittance system for Filipino overseas workers.