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Bacolod City, Philippines Tuesday, August 18, 2020
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House body oks bill on OFW fund
BY MARCHEL P. ESPINA

 

A bill that will provide a safe investment opportunity for overseas Filipino workers has hurdled the House committee on ways and means yesterday.

House Bill No. 530, or the OFW Sovereign Fund Bill, that was co-authored by Rep. Joseph Stephen Paduano (Abang-Lingkod party-list) aims to protect the OFWs and their families so they will no longer be victimized by fake investment schemes.

The bill aims to create jobs in the country by raising government funds for industrial, agricultural and infrastructure projects which may employ former OFWs who lost their jobs abroad due to the pandemic, Paduano said.

Paduano said the proposed bill will soon be taken up for plenary deliberations in the main session hall of the House of Representatives where he will assist Rep. Raymond Mendoza (Trade Union Congress of the Philippines party-list), chair of the House Committee on Overseas Workers Affairs, in defending the bill on second reading.

The bill aims to create jobs to around one million repatriated OFWs by December 31 this year, he said.

It also aims to bring back the Gross Domestic Product and Gross National Product to their respective pre-pandemic levels by empowering the government to establish new industries or revive cash-generating enterprises, he said.

The measure also encourages the OFWs to invest in government securities to have a safe form of investment and be protected from scams.*

 

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