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Palace lauds emergence of OFWs investors

MANILA, May 27 (PNA) - They have emerged as a strong economic sub-sector,
infusing a record US$ 10.7 billion into the economy last year alone and
fueling the steady rise of the value of the peso against foreign

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 Monday (May
28), Press Secretary and Presidential Spokesman Ignacio R. Bunye said that
OFW remittances constitute 40 percent of the investments in the country’s
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

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 US$ 13-billion
due to the increased deployment of Filipino workers abroad. (PNA)

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