The Development Bank of the Philippines and the Mindanao Development Authority (MinDA) will establish an investments program where the Overseas Filipino Workers could safely place their hard-earned money for modest earnings while at the same time help rebuild the country’s economy.
In a meeting between top officials of DBP, led by its President Emmanuel G. Herbosa, and the MinDA Chairman, Sec. Manny Piñol, agreed to work on the details and mechanics of MinDA OFW Investments Fund which is expected to offer the couintry’s foreign workers of a secure investments program.
The country’s OFWs remit to their families an estimated P1.6-T every year and many of them have been victimized by investments 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.
DBP President Herbosa said the “Principal Protect” policy will be adopted in handling the OFWs investments, which means that while the returns could be just in the vicinity of 1.5% annually, the OFWs’ hard-earned money will be protected from any risk.
At the same time, he said, the OFWs will be able to perform a patriotic act of helping the Philippine Economy, badly battered by the COVID 19 Pandemic to a pathetic negative 9.5%, the worst economic performance since 1947.
Among the programs which could be funded by OFW Investments initiated by MinDA are:
1. Bamboo Industry Development Program which targets 1-M hectares of denuded and logged over areas, watersheds and sources of headwaters located in the 8 major river basins of Mindanao;
2. The Mindanao Fish Cage Program which will support fishermen in establishing fish cages in the different bays and coves of Mindanao to contribute to food production;
3. The Mindanao Cattle Industry Development Program which seeks to support local government units and private individuals in establishing fattening and breeding programs to boost the country’s meat supply;
4. The MinDA Water Supply Program which aims to provide loan funds for LGUs and farmers associations in establishing Solar-Powered Irrigation and Water Systems;
5. The Mindanao Hog Industry Development Program which aims to boost the production of hogs in areas which have not been affected by the African Swine Fever;
6. Other food production projects such as chicken raising, high-value vegetable farming and high-value fruit tree farming.
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.
#KungGustoMaramingParaan!
#GovernanceIsCommonSense!
(Photos show the round-table meeting between MinDA Chair Piñol and DBP officials led by President Herbosa. Photos by Argie Leparto, MinDA.)
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