More on OFW Power

More on ofw power
BIZLINKS By Rey Gamboa
The Philippine Star 02/03/2006

Our recent column (Harnessing the OFW Power, 30 January 2006) quickly elicited quite a number of comments from readers, many of them accessing the electronic version of The Philippine Star item via the Internet from as far as the Americas, Europe, and the Middle East.

We’ve compiled some of the more interesting reactions for today’s column. They paint an interesting picture of how our overseas Filipino workers feel about their years working abroad. This first one is from Cianamen Palmero who is now employed in Dubai. Read on.

"I just read your column (Harnessing the OFW Power, 30 January 2006) and I do agree with the idea. I’ve been here in the Middle East for almost three months now; I’m in my mid-20s and I don’t have plans in staying here for good.

"My long term goal is really to invest in marketable securities and real estate. I’m quiet fortunate ‘cause I have the financial freedom and the ample knowledge to hopefully engage in such things unlike most of our kababayans here abroad.

"Most of us here really want to invest in any form of business but some just don’t know where to start, what to do, or simply just don’t have the business acumen to really succeed in their would-be chosen business.

"OFWs are willing to invest so long as they know their money would be safe and (the) returns sufficient. Whoever will handle such program must have integrity, compassion and vision. Integrity, because we all know how we perceive our politicians to be; compassion, for the hard-earned money that these OFW’s worked hard for; and finally, the vision to really understand what this program is all about and where is it leading to. And of course let us not forget the significant role of information dissemination in such kind of program.

"Anyway, hope I could read more of these kinds of programs and hopefully too, it won’t remain an idea written in a piece of paper.

Invest in the economy

This one is from Carina Dizon from the US.

"I read your column about investing in the Philippines, and totally agree with you on tapping overseas workers and keeping the money (in the Philippines). I have been in the US for 14 years and learned (about) investing through my own reading and research.

"I would like to invest and help our economy, but our government was not clear on how the overseas worker could get involved and (how they could) invest their hard earned money. The government should guarantee the investment the same way it guaranteed the international investors, because overseas workers want a guaranteed return of their hard earned money.

"How I wish the Philippine government introduced to the Filipino people especially overseas worker the steps on how to invest in simple layman terms. For a start, the government should educate the overseas worker prior to leaving the country (on) the following:

"1. A guarantee that the money invested would not go to the hand of blue collar criminals.

"2. Steps on how to invest, what, whom, where, how much the minimum/maximum interest required and where to purchase it while… abroad, likewise, the terms or conditions in clear language.

"3. Continued dissemination of investment information or options, and where and how to get them.

"4. Information on who is managing the investment and where the money is (going to be) invested. The investments for (companies like) NAIA-3, UCPB, and Napocor should be managed by people / private companies with… sterling records.

"Probably President Arroyo should harness her talented economic managers to work on this and implement it as soon as possible, so that the overseas worker would not spend all their hard earned money on daily consumptions. The government should educate the overseas worker, their families on how to invest.

Relentless financial literacy campaign

Tony Ranque from the Economic Resource Center for Overseas Filipinos (ERCOF) provides our overseas Filipino readers who believe that the fruit of their labors can be harnessed and put to better use with a glimmer of hope. Here’s his short comment:

"I believe we need to do massive and relentless financial literacy campaigns for OFWs and families first so that they will understand and appreciate what is being proposed (in the column Harnessing the OFW Power, 30 January 2006).

"OFWs should then be encouraged to form small savings and investment groups where they may jointly educate themselves on financial matters.

"Incidentally, I heard that BSP (Bangko Sentral ng Pilipinas) will undertake a series of advocacy campaigns on financial literacy programs for OFWs and their beneficiaries in various regions of the country starting February."

ERCOF is a non-profit organization whose avowed vision is for an economically, politically and spiritually empowered Philippines that is sustained by developed local economies, and by the strategic use of the resources of its citizens locally and overseas. You may visit their website at www.ercof.org for more information.

Should you wish to share any insights, write me at Link Edge, 4th Floor, 156 Valero Street, Salcedo Village, 1227 Makati City. Or e-mail me at reydgamboa@yahoo.com or at reygamboa@linkedge.biz. If you wish to view the previous columns, you may visit my website at http://bizlinks.linkedge.biz.