Safeguards of the OWWA Fund; Acquired Assets; Unredeemed Investments.
Section 44
SEC. 44. Safeguards of the OWWA Fund; Acquired Assets; Unredeemed Investments. – (a) The OWWA Fund shall be managed and expended in accordance with the purposes stipulated in this Act and safeguarded against any possible loss and misuse. The OWWA shall ensure an appropriate growth rate in the Fund sufficient to sustain the growing needs of member-OFWs. It shall periodically conduct an inventory of its investment instruments and ensure that they are properly kept at a government bank under a custodianship agreement. A monthly report on all investment schedules showing the interest rates, yields, discount rates, and other relevant data, shall be submitted to the Board. (b) The OWWA shall administer all properties, acquired or foreclosed. To ensure that the properties are safeguarded and preserved, the same must be properly accounted for and documented, reinspected, reappraised, and insured. An asset development/disposal plan shall be submitted by the Administrator for the consideration of the Board. Foreclosed properties shall be registered as OWWA assets within one (1) month after foreclosure. (c) Unredeemed investments and other receivables shall be inventoried semi-annually and corresponding redemption plan shall be submitted to tide Board. All receivables shall be supported by documents appropriately acknowledged by the accountable party.