Sovereign fund for OFWs proposed
A MEASURE seeking to create an Overseas Filipino Workers (OFWs) Sovereign Fund was filed in the House of Representatives.
In filing House Bill 6804, Paranaque Representative Edwin Olivarez said it is about time to help OFWs invest properly their hard-earned money.
Approximately, there are 10 million OFWs and this translates to substantial remittances in the country, thus helping much of the economy.
The intention of the OFW sovereign fund is to provide a safe alternative for OFWs and their immediate family members in investing their income to be used for significantly urdent national government and private projects.
The funds should be invested on productive, job-generating industrial or agricultural projects, Olivarez said.
“Through the OFW sovereign fund, the government is able to provide an avenue for the OFWs to better utilize their monies while simultaneously contributing to the creation of programs and plans that are of national importance,” Olivarez added.
The bill mandates that the Bureau of Treasury will create a program specifically designed to encourage all OFWs, their immediate family members and other Filipino citizens overseas to invest their monies, remittances with the government.
It covers all current and former OFWs and their immediate family members.
The said investment funds shall be exempted from any kinds of taxes.
