Law Summary
Role of the Committee and Previous Achievements
- The Committee on the Remittance System for Filipino Overseas Workers was initially established under Executive Order No. 378 dated November 23, 1989.
- The Committee has made initial progress in addressing the concerns of banks regarding the remittance market.
- It identifies the need to further improve and expand the remittance framework.
Reconstitution and Composition of the Committee
- The Committee is reconstituted to strengthen its mandate and effectiveness.
- The Governor of the Central Bank of the Philippines is appointed as the Chairman of the Committee.
- Membership includes the Executive Secretary and the Secretary of Labor and Employment.
Justification for Central Bank Leadership
- The Central Bank, as the regulatory authority over banks, is considered best positioned to lead and supervise the remittance system improvements.
- This leadership is intended to enhance coordination between the Committee and banking institutions.
Implementation and Legal Effect
- This Executive Order takes immediate effect upon issuance.
- It formalizes the reconstitution and establishes the Committee's structure and authority.
Legal Authority and Formalities
- The Executive Order is issued under the constitutional powers of the President of the Philippines.
- Signed by the President and the Executive Secretary, affirming its legal validity and enforceability.