Overseas Filipino Workers (OFWs) will have another investment vehicle for their hard-earned money as the Development Bank of the Philippines (DBP) and the Mindanao Development Authority (MinDA) have agreed to put work on the details and mechanics of the “MinDA OFW Investments Fund”, which is expected to offer the country’s foreign workers a secure investment program.

“The country’s OFW remit to their families an estimated P1.6 trillion every year, and many of them have been victimized by investment scams which offered incredible returns,” he said in a post on his Facebook Page on Tuesday, Feb. 2, 2021.

He added that this initiative is a result of inquiries of several OFWs forwarded to MinDA on how they could invest their hard-earned money in the various agricultural and fisheries programs initiated by the agency.

DBP will also adopt a measure that would protect the OFW’s investments from any risk.

Emmanuel Herbosa, DBP’s president, said they will adopt “principal protect” policy under this fund, which would also earn returns of 1.5 percent annually.

But he highlighted the importance of such investments as the OFWs way of “performing a patriotic act of helping the Philippine economy which is badly battered by the COVID-19 pandemic.”

Once the details of the program have been finalized, there will be a massive information drive targeting the prospective OFW investors. (ES)