OFW INVESTMENT PROJECT. Photos show the round-table meeting between Mindanao Development Authority (MinDA) chair Emmanuel Piñol (right) and Development Bank of the Philippines (DBP) President Herbosa on Monday (Feb. 1, 2021) at the DBP office in Makati City. Both parties agreed to work on the details and mechanics of the "MinDA OFW Investments Fund," which is expected to offer the country's foreign workers a secure investment program. (Photo courtesy of Argie Leparto/MinDA)
DAVAO CITY--The Development Bank of the Philippines (DBP) and the Mindanao Development Authority (MinDA) have agreed to establish an investment vehicle where Overseas Filipino Workers (OFWs) can deposit their hard-earned money for modest earnings while at the same time help rebuild the country's economy.
In a post on his Facebook Page 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 agreed to work on the details and mechanics of the "MinDA OFW Investments Fund," which is expected to offer the country's foreign workers a secure investment program.
“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.
Herbosa, on the other hand, said 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.
At the same time, he said, 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.
Piñol said 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 initiative for potential funding, he said, would be 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 for possible funding included 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. (PNA)
