President Benigno Aquino III said in a conference that the government will be allocating a P1 billion budget for Overseas Filipino Workers (OFWs) who are returning to the country. This budget is intended for financial support for Filipino returnees to create employment opportunities and businesses.
Aquino in a speech during the awarding ceremony of 2010 Model OFW Family of the Year Awards held in Manila in Hotel Sofitel announced that this budget will be used as funds for an effective loan program where Overseas Filipino Workers returning in the country can borrow money with lowest interest rates.
Two of the leading government banks in the Philippines; Land Bank of the Philippines (LBP) and Developmental Bank of the Philippines (DBP) will implement the said program. The two institutions are also tasked to hold management seminars and financial literacy program to educate the returning Overseas Filipino Workers with knowledge about starting up a business.
ROLE OF OFWs IN THE COUNTRY’S ECONOMY
It is not new today that a lot of Filipinos are willing to venture out in hardships and work abroad rather than suffer the bitter chances of ending in a better paid jobs here in the Philippines. Even in the early 80’s a lot of Filipinos started to be magnetized with working overseas. This will not only fulfill their wish to travel abroad but most especially, to be able to earn a bigger income which is impossible to happen if you are a skilled worker.
The country has the biggest benefit for OFW’s contribution in the country. Remittances made by Overseas Filipino Workers in the Philippines spell high earnings for the country. In a report done by OWWA or Overseas Workers Welfare Administration, OFWs have contributed a total of $ 13.78 billion for the country. This figure is based from January- September OFW remittances of this year.
AQUINO PROGRAM FOR OFWs
Part of President Aquino’s program when he won leadership of the country just this year is to create descent and better job opportunities for Filipinos. He said his administration will strengthen the program to help Filipinos get employed here in the country without sacrificing the possible lost time for their families.
With Aquino’s financial assistance for OFW’s, the fund will be utilized starting next year hoping to help a lot of Overseas Filipino Workers who are returning in the country and make profit of their own without going back and working abroad.
If there was a crumb on the table and you cut it in half, would you have two crumbs or two halves of a crumb?