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Bacolod City, Philippines Monday, August 24, 2020
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DOLE backs House bill
on OFW sovereign fund

 

The Department of Labor and Employment is supporting House Bill 530, or An Act Creating the Overseas Filipino Workers (OFW) Sovereign Fund, authored by Rep. Joseph Stephen Paduano (Abang Lingkod party-list), a press release said.

Secretary Silvestre Bello III relayed DOLE’s support to the bill in letters addressed to House Speaker Alan Peter Cayetano and House Majority Leader Ferdinand Martin Romualdez dated August 18.

“The DOLE wishes to convey our support for House Bill No. 530...authored by Rep. Paduano, which proposes the raising of funds for government and government-assisted projects through the issuance of bonds and other debt instruments for subscription and investment by OFWs, their immediate relatives and other Filipino citizens abroad," Bello said.

“All OFWs are encouraged to invest part of their income or cash remittances with the government, to be pooled under a special fund to be referred as OFW Sovereign Fund. This will allow OFWs to save some of their income, simultaneously providing them the opportunity to help their country, since the proceeds of the created fund will finance significantly urgent national projects," Bello added.

The measure will also enable OFWs to be involved in nation-building toward the industrialization of the country. This bill is in line with the agenda of President Rodrigo Duterte, he also said, noting that the bill at the committee level is awaiting approval when committee members finally deliberate on the measure today, the press release said.

The House Committee on Ways and Means, chaired by Rep. Joey Salceda, has approved the bill on August 17, the press release added.*

 

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