Republic Acts1 min read
Section 11August 22, 1991, Sec./Art. 11
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Initial Funding. – The Philippine National Bank (PNB), the Overseas Workers Welfare Administration (OWWA) and the other government financial institutions may place in trust with the OWI Fund a minimum amount of Two million dollars (US$2,000,000.00) each (or its peso equivalent) or provide the same in the form of a short-term loan to the OWI Fund which shall earn them the same interest as the yield on ninety-day treasury bills. This initial funding shall serve as standby fund.
In addition, the accredited financial institutions, money couriers, and other service participants in the remittance system shall be required to deposit in trust with the OWI Fund the equivalent of twenty percent (20%) of their projected quarterly remittance transactions under this Act which shall, likewise, earn them the same interest as the yield on ninety-day treasury bills.
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