Section 4August 22, 1991, Sec./Art. 4

Overseas Workers' Investment Fund Board. – There is hereby created the Overseas Workers' Investment (OWI) Fund Board, which is hereby vested with corporate powers in accordance with existing laws, to encourage the greater remittance of earnings of Filipino workers overseas and to safeguard and oversee the participation of said workers' remittances and savings in the Government's debt-reduction efforts and other productive undertakings. The Board shall be composed of the following as members:

(1) The Secretary of the Department of Labor and Employment;

(2) The Secretary of the Department of Finance;

(3) The Governor of the Central Bank of the Philippines;

(4) The Administrator of the Philippine Overseas Employment Administration; and

(5) One (1) representative of the overseas workers to be appointed by the President who shall receive a per diem of One thousand pesos (P1,000.00) for every OWI Fund Board meeting attended.

The Secretary of the Department of Labor and Employment shall serve as the Chairman of the Management Board.

All ex officio members of the Board shall receive no additional compensation or remuneration from the OWI Fund.

The President shall appoint the members of the Board within, thirty (30) days from the approval of this Act.

The Board shall within forty-five (45) days from the appointment of its members promulgate such rules and regulations as may be necessary to implement the provisions of this Act. In addition, the Board shall adopt the bylaws of the Fund and set the date, time and place of regular Board meetings. The Board shall enter into necessary trust agreements and establish the essential organizational support, hire and oversee highly competent personnel and/or existing institutions to implement the appropriate operating systems, plans, modern and efficient communication networks and the other provisions of this Act.

The Board shall report to the President and to Congress the progress of its tasks and business on a semiannual basis.