Law Summary
Primary Objective
- To improve the remittance system for Filipino overseas workers through official exchange channels.
Functions of the Committee
- Formulate policies and programs to attract increased remittance of overseas workers' earnings.
- Approve and confirm incentives packages to encourage remittance through official channels.
- Approve services and incentives to banking institutions to actively participate in enhancing remittance programs.
- Approve measures by government and quasi-government offices supporting the Committee’s objectives.
- All actions subject to the President’s approval.
Creation and Role of the Technical Staff
- A Technical Staff is created to support the Committee.
- Headed by the President of the Philippine Deposit Insurance Corporation as Action Officer.
- Assisted by designated officials from the Department of Labor and Employment and the Office of the President.
- Functions include conducting research, securing government assistance, preparing programs, coordinating campaigns, installing monitoring systems, and promulgating rules and regulations.
- The Technical Staff also performs additional tasks as directed by the Committee.
Funding
- The Office of the President shall provide necessary funds for the implementation of the Executive Order.
Repeal and Modification of Inconsistent Issuances
- Any orders, issuances, rules, or regulations inconsistent with this Executive Order are repealed or modified accordingly.
Effectivity
- The Executive Order takes effect immediately upon issuance.