Tags: OFWs
By KC Santos
MAKATI CITY, METRO MANILA – Ilocos Norte and Taguig City will be the pilot beneficiaries of an initiative that will pool remittances from overseas Filipino workers (OFWs) to fund livelihood and other development projects.
The project, called “Overseas Filipino Remittances for Development: Building a Future Back Home” or Ofs-RED, is spearheaded by United Nations Development Program (UNDP).
The Western Union Foundation – the corporate citizenry arm of Western Union – is investing $250,000 in the project.
The project also aims to mobilize local government units (LGUs) to help determine remittance-dependent families while financial experts from Western Union will teach them how to invest in small businesses.
According to a study by the Asian Development Bank, OFW remittances comprise about 12 percent of the country’s gross domestic product, amounting $18.76 billion in 2010.
Ilocos Norte Governor Imee Marcos noted that families of OFWs have become “remittance addicts” or too dependent on remittances to cover even unnecessary expenses.
“We must use remittances beyond the purposes of consumption but for investments,” said Marcos.
The UNDP is also working with the National Economic and Development Authority (NEDA) and the Commission on Filipinos Overseas (CFO) to study and test a model to facilitate pooled or collective remittances involving all stakeholders.
Once proven effective, the project will be replicated in other cities and municipalities nationwide.
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