A house representative committee has now approved a measure that encourages the over 10-million overseas Filipino workers (OFWs) to invest a portion of their remittances with government, and will be pooled under the name of ‘OFW Sovereign Fund.’
Rep. Democrito Mendoza approved the substitute bill and the committee report on House Bill 530 which Rep. Joseph Stephen Paduano authored an online Zoom app hearing.
According to a Philippine Star report, the measure is designed to encourage all OFWs to invest part of their income or cash remittances with the government.
Once it becomes a law, OFWs will become investors in nation-building towards the industrialization of the country.
Photo by UNTV News