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OFW investment program soon

Valentino Turtur, chair  of the Philippine Cacao Industry Council, pushes for the OFW Agriculture Business Investment Program - a platform where Filipinos working abroad can invest in cacao farming. (ASP)

DAVAO CITY, Aug 14 -- The Department of Agriculture - Agribusiness and Marketing Assistance Service (DA-Amas), Philippine Cacao Industry Council and the Department of Labor and Employment (Dole) will launch this year the OFW Agriculture Business Investment Program that will serve as platform where Overseas Filipino Workers (OFWs) can invest.

The program which will be piloted with OFWs working in Hong Kong, offers advantages in cacao farming. Philippine Cacao Industry Council chair Valentino Turtur said the program will enable OFWs invest their money and let it grow through farming.

“Our OFWs in Hongkong are eager to invest in Philippine’s cacao industry. The program will be like a crowd funding and our OFWs will serve as the investors,” he said.

Turtur said the program was created after he attended an Investment Forum for OFWs dubbed as “Investment Agri-Negosyo at Serbisyo” last July 23 in Hong Kong.

At present, the organizers are set to finalize a model for this program. “We are trying to draft a modern model for this program. We already talked with Hongkong’s labor attaché and he already committed to support the program,” Turtur said.

He stressed the program will be more of a corporate farm with a minimum of 50 hectares. The OFWs’ investments will be used for the development of the farm.

“I already briefed the OFWs in Hong Kong that in cacao farming, you will wait three years for the harvest but after that, you will get five percent raise from your investment, monthly. It will be better in banking. But Cacao is a permanent crop, so no worries,” he said.

Turtur said they initially plan to have a diversified the farm in Laak, Compostella Valley and Magpet, Cotabato.

“It’s a cacao farm intercropped with abaca, bananas, and vegetables,” he said adding that the program will give farmers and other workers job opportunities.

After the launching Hong Kong, the program will be replicated in Singapore, Korea, and Dubai. Turtur is confident that Agriculture Secretary Emmanuel Pinol will support the program. (ASP/PNA)

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