Constitution of a Foreign Exchange Remittance Committee
Letter of Instructions No. 90, issued on June 16, 1973, mandates the formation of a Foreign Exchange Remittance Committee led by the Secretary of Labor. The committee's objective is to enhance the inward remittance of foreign exchange earnings from Filipinos abroad, which is deemed crucial for the country's economic development. Acknowledging the inadequacies of the existing remittance program, the letter emphasizes the need for mandatory measures to maximize these remittances, estimated at $500,000. Additionally, a permanent secretariat is to be established to oversee the program's implementation, with funding support from the Central Bank and the Philippine National Bank. The initiative is to be executed immediately.
Law Information
- Reference Number
- Letter of Instructions No. 90
- Date Enacted
- Category
- Presidential Issuances
- Subcategory
- Letters of Instructions
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
June 16, 1973
LETTER OF INSTRUCTIONS NO. 90
| TO | : | The Secretary of Labor |
| The Governor of the Central Bank | ||
| The Secretary of Foreign Affairs | ||
| The President, Philippine National Bank |
You are to constitute yourselves into a Foreign Exchange Remittance Committee headed by the Secretary of Labor to formulate and implement a program to maximize through mandatory measures the inward remittance of foreign exchange earnings of Filipino nationals residing or working abroad.
The incomes and earnings of our countrymen abroad, now estimated at $500,000, are a potentially rich source of foreign exchange which could enhance our economic development. Arrangements under the present remittance program have been unsatisfactory from the standpoint of foreign exchange generation despite all-out efforts by the agencies concerned to promote it actively.
A permanent secretariat should be established to direct and oversee implementation under the overall control of the Committee and supported by funds provided by the Central Bank and the Philippine National Bank.
The program shall be implemented immediately.
DONE in the City of Manila, this 16th day of June, in the year of Our Lord, Nineteen Hundred and Seventy-Three. cd i
Cite This Law
Constitution of a Foreign Exchange Remittance Committee, Letter of Instructions No. 90, Jun 16, 1973 (Philippines)
Constitution of a Foreign Exchange Remittance Committee, Letter of Instructions No. 90 (Phil. 1973)
Related Laws
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- Amending Sec. 5(A) of E.O. No. 857 Re: Foreign Exchange Earnings Remittance of Filipino Workers AbroadExecutive Order No. 935 • Feb 28, 1984 • Presidential Issuances
- Amendments to Sec. 2 (A) of E.O. No. 857 Re: Foreign Exchange Earnings of Filipino Workers AbroadExecutive Order No. 925 • Nov 22, 1983 • Presidential Issuances
- Identification and Prosecution of Violators of Foreign Exchange RegulationsLetter of Instructions No. 1354 • Sep 24, 1983 • Presidential Issuances
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- Disposition of Confiscated, Forfeited or Abandoned Foreign Currencies or Foreign Exchange InstrumentsPresidential Decree No. 1915 • Apr 5, 1984 • Presidential Issuances
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