MANILA, Philippines – They have emerged as a strong economic sub-sector, infusing a record $10.7 billion into the economy last year alone and fueling the steady rise of the value of the peso against foreign currencies.
This time, Overseas Filipinos Workers (OFWs) are showing their clout in the growth of the real estate industry, capital markets and small-and-medium scale enterprises.
In his weekly column “View from the Palace” which comes out tomorrow (Monday), Press Secretary and Presidential Spokesman Ignacio R. Bunye said that OFW remittances constitute 40 percent of the investments in the countrys real property sector.
During a meeting with members of the Filipino community in Japan during her May 22-24 visit to Tokyo where she keynoted the 13th Nikkei Conference on “The Future of Asia,” President Gloria Macapagal-Arroyo urged the OFWs to turn Overseas Filipino Investors (OFIs) and invest their earnings in real estate.
Aside from real estate, the OFIs should also invest in the stock market, government bonds and treasury bills back home to help their families, she said.
In his column, Bunye said the President was “heartened by their (OFWs) warm welcome, and was even more heartened by the fact that our kababayans there are more than Overseas Filipino Workers (OFWs) but are now also Overseas Filipino Investors (OFIs).
“She congratulated them for having the discipline and foresight to not only support their families here, but also invest their earnings in the Philippines, primarily in real estate.”
The Bangko Sentral ng Pilipinas (BSP) has projected that OFW remittances will increase by 10 percent this year to an all-time high $13-billion due to the increased deployment of Filipino workers abroad. (OPS) (davaotoday.com)
Pinoy Life Abroad
