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

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


- Advertisment -

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

Latest news

NMC Speciality Hospital Al Ain team gets creative in promoting Global Hand Hygiene Day

Every May 5, the world celebrates Global Hygiene Day to maintain global promotion, visibility, and sustainability of...

Former UAE resident who killed wife, 2 daughters to stand trial in Ajman

An Afghan national, 38, who has allegedly killed his own wife, 32, and his two minor daughters,...

Filipino Institute to conduct in-person graduation rites on Friday, May 7

Filipino Institute is all set to conduct another in-person graduation ceremony on Friday, May 7 at the...

Unvaccinated citizens in Kuwait banned from traveling abroad

Kuwait has banned its residents who are yet to receive the Covid-19 vaccine from traveling abroad. The...
- Advertisement -

Eid Al Fitr holidays for UAE private, public sectors announced

Authorities in the UAE have recently announced Eid Al Fitr holiday dates for private and public sectors. 

Filipino Institute calls students to participate in an online survey

Filipino Institute is venturing into a new business in Dubai. This time, it will establish a restaurant...

Must read

Filipinos leaving Philippines face stricter measures

Filipinos leaving the country for work or...
- Advertisement -

You might also likeRELATED
Recommended to you