News House committee approves measure urging OFWs to invest remittance...

House committee approves measure urging OFWs to invest remittance with gov’t

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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

Ryan Namia
Ryan Namia spends most of his days reading over drafts of new written content and determining which ones make the final cut for online and print publication. He received his Bachelor's degree in Journalism in 2015 and has been writing since 2016. Got story to tell? Email him at eic@theglobalfilipinomagazine.com.

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