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| By Max V. de Leon |
| Reporter |
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| THE Filipino-Chinese business community has proposed to government the formation of a team to study how to capture the $15-billion yearly overseas Filipino workers (OFW) remittances and turn them into a huge investment instrument. Francis Chua, honorary president of the Filipino-Chinese Chamber of Commerce and Industry Inc., said if this is successfully pursued, the workers will become the country’s biggest yearly investors, with a magnitude bigger than those considered by government as trophy investments, such as Texas Instruments Inc. with its $1-billion Clark expansion, and Shell consortium with its $4.5-billion Malampaya natural gas project. This, Chua added, will also help the country duplicate the situation in Chua said he has discussed this idea with Trade Secretary Peter Favila. Chua suggested that OFWs participating in this scheme should get a better exchange rate of at least 10 percent higher than prevailing and should be given tax-free. “We should give them several incentives and make this attractive enough.” The money to be invested by the OFWs, he said, can then be channeled to projects such as hotels, seaports, airports and other infrastructure needs. The OFW money captured by the scheme, he added, can also be used to buy part of the state assets or shares in some companies that are up for sale. He said that in Chua asked Favila to create an office within the department that would undertake this project, or put it in the care of an attached agency like the National Development Co. But he said it is important to assure the workers of the safety of their money; and for this, he suggested the invested funds be guaranteed by government. |
Saturday, May 02, 2009
052107: Use OFW funds for investment tool, government told
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