2011-10-12
President
Benigno S. Aquino III said his administration is focusing on enhancing
the entrepreneurial skills of overseas Filipinos workers (OFWs) as well
as their educational abilities to entice them to stay in the country
through the government is P2-billion reintegration program.
“The
state would have to be really focused on those who have the least in our
society. Therefore, there’s heavy emphasis on microfinance to generate
entrepreneurial abilities,” President Aquino said during an open forum
with the members of the Foreign Correspondents Association of the
Philippines (Focap) in Makati City on Wednesday.
“But over and above that, we’re also training, investing in the education sector to be able to provide opportunities for even advanced studies present in the country rather than having the experts go to other countries like America or Europe to further their studies,” he said.
The government is reviewing that particular area so that Filipino researchers get the necessary endowments and research facilities to be able to conduct their studies here rather than going abroad for the benefit of foreigners rather than Filipinos.
To make capital available to Filipino entrepreneurs there are proposals to develop a bank for OFWs, the President said. He also mentioned small-scale business such as dairy production in Nueva Ecija using carabao milk that could be suitable for returning OFWs.
Last September, around 10,172 OFWs registered and expressed interest to avail of loans under the P2-billion national reintegration program of the government, the Overseas Workers Welfare Administration (OWWA) reported.
According to OWWA, 17 of these loan applications worth P12,184,000 have already been approved and released by the Land Bank of the Philippines (LBP) for various business undertakings.
Businesses funded under the reintegration program include hog fattening, duck egg production, vegetable growing, internet café, Nuat Thai food and body massage; and dental laboratory.
Under the program, OFWs can avail of loans ranging from P300,000 to P2,000,000. Availing loans is easy for OFWs because there are no conduits, no collateral, and loans have only 7.5 percent interest per annum and have also very liberal repayment period of up to seven years.
http://www.president.gov.ph/news/default.aspx?n=1768
“But over and above that, we’re also training, investing in the education sector to be able to provide opportunities for even advanced studies present in the country rather than having the experts go to other countries like America or Europe to further their studies,” he said.
The government is reviewing that particular area so that Filipino researchers get the necessary endowments and research facilities to be able to conduct their studies here rather than going abroad for the benefit of foreigners rather than Filipinos.
To make capital available to Filipino entrepreneurs there are proposals to develop a bank for OFWs, the President said. He also mentioned small-scale business such as dairy production in Nueva Ecija using carabao milk that could be suitable for returning OFWs.
Last September, around 10,172 OFWs registered and expressed interest to avail of loans under the P2-billion national reintegration program of the government, the Overseas Workers Welfare Administration (OWWA) reported.
According to OWWA, 17 of these loan applications worth P12,184,000 have already been approved and released by the Land Bank of the Philippines (LBP) for various business undertakings.
Businesses funded under the reintegration program include hog fattening, duck egg production, vegetable growing, internet café, Nuat Thai food and body massage; and dental laboratory.
Under the program, OFWs can avail of loans ranging from P300,000 to P2,000,000. Availing loans is easy for OFWs because there are no conduits, no collateral, and loans have only 7.5 percent interest per annum and have also very liberal repayment period of up to seven years.
http://www.president.gov.ph/news/default.aspx?n=1768
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