Amendment on Remittance Proof for OFWs

Executive Order No. 935 is issued by the President of the Philippines under powers vested by the Constitution and by law.
Executive Order No. 935 specifically amends Section 5(a) of Executive Order No. 857.
Executive Order No. 935 focuses on the remittance proof requirement imposed for compliance with mandatory remittance of foreign exchange earnings.

The mandatory remittance obligation requires Filipino overseas contract workers to remit seventy percent (70%) of their foreign exchange earnings to the Philippines.
Section 5(a) of Executive Order No. 857 previously required submission of a confirmed Bank (foreign) remittance form, with consequences for noncompliance.
Executive Order No. 935 addresses evasion of actual remittance through fraudulent and ingenious means, which harmed the country’s economic development program.
Executive Order No. 935 orders full compliance with the mandatory remittance requirement.

Section 1 amends Section 5(a) of Executive Order No. 857 by revising what constitutes proof of compliance with the mandatory remittance requirement.
Proof of compliance must show that the contract worker in fact effected the remittance and caused the surrender of the foreign exchange for pesos through the Philippine banking system.
Section 5(a) allows proof to consist of any of the following documents or such alternatives as may be approved by the Central Bank of the Philippines.
The amended Section 5(a) authorizes the following document as proof:
- Bank receipt evidencing the actual conversion of their foreign exchange earnings into pesos in the Philippines.

Executive Order No. 935 maintains the framework that proof of actual remittance and surrender through the Philippine banking system is required to show compliance with the mandatory remittance obligation.
Central Bank of the Philippines approval governs any alternative proof documents recognized under the amended Section 5(a).
The amended standard under Section 5(a) is directed at replacing reliance on the previously required confirmed Bank (foreign) remittance form with proof centered on actual conversion into pesos in the Philippines.

Section 2 provides that Executive Orders and rules and regulations—or parts thereof—contrary to or inconsistent with Executive Order No. 935 are amended, repealed, or modified accordingly.
Section 3 provides for immediate effectivity upon issuance.
Executive Order No. 935 is signed by FERDINAND E. MARCOS and attested by JUAN C. TUVERA as Presidential Executive Assistant.