Tuesday, August 08, 2006

OFWs in Saudi seek a stop to transfer of 1B in OWWA funds to Postal Savings Bank

By Estrella Torres
Reporter

ABOUT a million Filipino workers in Saudi Arabia, the largest group of Filipinos in the Middle East region, have sought assistance from President Arroyo to stop the alleged misuse of the P1-billion overseas workers’ funds.
The workers are seeking an audience with President Arroyo, who is now on a state visit to the kingdom to enhance the steady supply of Saudi oil to the Philippines.
Rashid Fabricante, head of the Task Force Pusong Mamon, an organization that assists Filipino workers in distress in Saudi Arabia, asked Arroyo to stop the transfer of P1-billion OFW fund under the Overseas Workers Welfare Administration (OWWA) to the bankrupt Philippine Postal Savings Bank.
OFWs are of the opinion that OWWA funds should be administered by representatives of the OFW organizations. Movement of OWWA funds should not be at the whim of the administration’s Cabinet, who frequently refers to [us] as ‘the modern-day heroes’ but does not give these same ‘heroes’ the courtesy of any input in the decision-making process regarding their funds,” said the group’s petition.
The group of OFWs said it has already initiated moves to create an OFW bank to enable all the profits to benefit the Filipino workers and their families. The petition also said the OFW bank registration is merely awaiting final registration approval from the Securities and Exchange Commission.
The group has expressed surprise and disappointment over the transfer of the P1-billion OWWA fund to the Philippine Postal Bank despite the full support given by the labor department on the plan to put up an OFW bank instead.
The OFW cash remittances hit a record high of more than $10.7 billion in 2005, making the sector the single biggest earner in the Philippines.
“We, the undersigned, strongly protest this newest move to exclude the opinion of overseas Filipinos in the disposition of OWWA funds,” said the petition signed by 500 OFWs.

http://www.businessmirror.com.ph/0509/eco03.php

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