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MinDA, DBP create OFW investment fund

OVERSEAS Filipino Workers (OFW) will now have an opportunity to invest without the risk of losing their hard-earned money to scams and risky ventures, Mindanao Development Authority (MinDA) Secretary Emmanuel Piñol said.

“On Monday, I will meet with top officials of the Development Bank of the Philippines led by their President Emmanuel G. Herbosa to discuss extensively the proposed MinDA OFW Investments Fund to be managed by DBP.

The idea of the MinDA OFW Investments Fund was presented by President Herbosa during the Mindanao Bamboo Summit held Jan. 19 in Cagayan de Oro City,” he added.

Mindanao Development Authority Secretary Manny F. Piñol with DBP President Emmanuel Herbosa during an activity in Taraka, Lanao del Sur which launched the Solar- Powered Irrigation projects in the town.

Piñol said that during the Summit, which was live-streamed worldwide, several OFW’s who joined on-line asked how they could join the Bamboo Development and other initiatives implemented by MinDA.

Under the proposed MinDA OFW Investments Fund, OFWs could place their money in the MinDA Special Projects Window which DBP would establish to fund the following activities; Mindanao Fish Cage Farming Program, Cattle Fattening and Breeding Program, MinDA Communal Hog-Raising Program, MinDA Bamboo Industry Development Program, and MinDA High-Value Fruit Trees Program.

“All of these programs are funded by DBP with the support of Local Government Units who are direct participants,” the MinDA chief added.

Piñol further said that the details of the MinDA OFW Investments Funds will be discussed during the meeting on Monday (Feb. 1) at the DBP Main Office in Makati, Metro Manila.

Herbosa on the other hand said the OFWs Investments could be safeguarded by ensuring zero-risk on their money.

“Instead of directly investing on risky projects, the OFWs could put their money on the MinDA OFW Investments Fund which DBP could use to partly finance MinDA-initiated projects,” he added.


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