Overseas Filipino Workers (OFWs) will have another investment vehicle for their hard-earned money through the Development Bank of the Philippines (DBP) and the Mindanao Development Authority (MinDA)’s “MinDA OFW Investments Fund”.
Also Read: 7 Tips to Maximize your Money when Sending Remittances Overseas
The Fund is expected to offer the country’s foreign workers another form of secure investment program where they can deposit their hard-earned money for modest earnings while at the same time help rebuild the country’s economy.
PH Soon to Introduce New OFW Investment Fund
In his post on Facebook Page on Tuesday, Secretary Emmanuel Piñol said the initiative arose from his discussions with top DBP officials led by its president, Emmanuel Herbosa, on Monday.
Both parties have agreed to work on the details and mechanics of the “MinDA OFW Investments Fund”.
“The country’s OFWs remit to their families an estimated PHP1.6 trillion every year, and many of them have been victimized by investment scams which offered incredible returns. The MinDA OFW Investments Fund Program is a result of the inquiries of several OFWs forwarded to MinDA on how they could invest their hard-earned money in the various agricultural and fisheries programs initiated by the agency,” Piñol said.
For his part, Herbosa said that the “Principal protect” policy would be adopted in handling the OFW investments, which means that while the returns could be just in the vicinity of 1.5 percent annually, the OFWs’ hard-earned money would be protected from any risk.
Moreover, the OFWs would be able to “perform a patriotic act of helping the Philippine economy, which is badly battered by the coronavirus disease (Covid-19) pandemic”, he added.
ALSO READ: How to Invest in Premyo Bonds by Philippine Bureau of Treasury
Piñol explained that among the programs that could be funded by OFW Investments initiated by MinDA is the Bamboo Industry Development Program, which seeks to utilize a million hectares of denuded and logged over areas, watersheds, and sources of headwaters located in the eight major river basins of Mindanao.
Another potential program that can be funded by the investment program is the Mindanao Fish Cage Program that will support the island’s fishermen in establishing fish cages in the different bays and coves of Mindanao to contribute to food production.
Other programs that might be given funding through the investment program include the Mindanao Cattle Industry Development Program, the MinDA Water Supply Program, the Mindanao Hog Industry Development Program, and other food production projects such as chicken raising, high-value vegetable farming, and high-value fruit tree farming were included in the OFW investment program.
“It was agreed during the meeting at the DBP Makati Office yesterday that the details and mechanics of the MinDA OFW Investments Fund will be crafted by a joint team of DBP and MinDA. A massive information drive targeting the prospective OFW investors will be undertaken after the details of the program have been finalized,” the MinDA chief said.
READ NEXT: This is How OFWs can Make Smart Investments