With an annual remittance of P1.5-Trillion, the 2.2 million Filipinos who work overseas, better known as OFWs, could be major investors in the country’s food production and job generation programs.
Many of them tried to invest but fell victim to so many investment scams like the notorious “Paiwi,” “Broiler Investment,” “Hog Raising” and other Ponzi Schemes which promised big returns.
When I posted the investments to be made by retired US Navy officers in Fish Cage Farming in Parang, Maguindanao and other areas in Mindanao, I was swamped with inquiries from OFWs on how they could join as investors.
Maraming OFWs ang nagtanong kung paano sila makapag-invest para pag-uwi nila sa Pilipinas ay meron silang naipon na pera.
While I was elated that the OFWs would trust me with their hard-earned money, gusto kong maniguro kasi alam ko na maraming mga OFWs ang na-scam in other investments.
Last night, I had an early dinner meeting in my farm with the officers of one of the biggest cooperatives in Central Mindanao, the Sta. Catalina Multi-Purpose Cooperative to discuss how Overseas Filipino Workers could be invest in food production projects and generate local jobs in the process.
Sta. Catalina, a cooperative founded by the late OMI priest Fred Epiz, is based in Pres. Roxas, Cotabato and had grown to accumulate an estiamted P2.2-B in assets over the years.
I asked for the meeting with them to explore ways on how to accommodate OFWs who had signified interest in investing in the Fish Cage Project which I and a group of friends are starting in the Bangsamoro Region.
What I proposed to the SCMPC officers was for the prospective OFW investors to put their money into the Credit and Savings subsidiary of Sta. Catalina Multi-Purpose Cooperative with the specific purpose of investing in the Fish Cage Projects.
The OFW Investors would be given a guaranteed “earnings” on their investments every year which would have a 5-year “Locked In” agreement.
Ito ang naisip ko na pinaka-safe na set-up para sa mga OFWs kasi hindi sila direktang makikipag-engage the Fish Cage Project kundi sa Sta. Catalina Credit and Savings.
Sta. Catalina Credit and Savings, on the other hand, would extend a collateralized loan to the Fish Cage Project with a corresponding interests, the big part of which would go to the OFWs and a small portion retained by the coop as service fee.
The meeting with Wendel Amoronio, manager of Sta. Catalina MPC, board chairperson Jocelyn Bengaura, director Danilo Baliguat and Allan Roi Dalisay turned out to be very positive.
Meron na palang existing program ang Sta. Catalina Credit and Savings for OFWs and it is called “Kabayani Savings Program” where OFWs are encouraged to deposit their money which would be locked in for 5 years.
They are assured of a fixed interest under the “Kabayani Savings Program” but that is all that they could expect.
In the scheme that I am crafting, the OFW investors could expect dividends from the profits generated by the Fish Cage Project as added incentives.
Kaunting adjustment na lang ang kailangan para maikasa ang programang ito and our OFWs could now invest without fear that they will be scammed.
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