According to the statement of Secretary Rosalinda Dimapilis-Baldoz on On overseas Filipino workers’ remittances.
“The DOLE had set up a P2 Billion Reintegration Fund to provide OFWs and their legal dependents a loan facility for enterprise development , in cooperation with the Land Bank of the Philippines, where a member can avail of a P300,000.00 to P2 million business loan. On the other hand, the OWWA-NLDC Livelihood Development Program for OFWs is another loan facility where an OFW group-borrower can avail of P200,000 to P1 million, also for business loan.
Statement: The Secretary of Labor and Employment on OFW remittances, September 13, 2012.
Statement of Secretary Rosalinda Dimapilis-Baldoz:On overseas Filipino workers’ remittances[Released on September 13, 2012]
The Department of Labor and Employment welcomes the statement of the National Economic and Development Authority that the Philippines is becoming less dependent on the remittances of our Overseas Filipino Workers, citing the past few year’s higher gross domestic product growth than the net primary income from abroad.
We consider this another significant indicator of the positive economic achievement of the administration of President Benigno S. Aquino III.
The DOLE continually recognizes the significant role of overseas Filipinos in the country’s national development and the value of their contribution, through their foreign exchange remittances, in attaining inclusive growth. We are aware that it is largely due to foreign exchange remittances that the Philippine economy continues to be resilient and less-vulnerable to external shocks.
The foreign exchange remittances of our OFWs contribute significantly to human capital development. Thus, we at the DOLE, are conscious about how OFWs and their families use and harness their income in productive and value-adding undertakings or activities.
Thus, under the National Reintegration Program for OFWs, our Philippine Overseas Labor Offices, Overseas Workers Welfare Administration, an attached agency of the DOLE, and the DOLE’s National Reintegration Center for OFWs, conduct value formation, financial literacy, entrepreneurial development training (EDT), techno-skills and capacity building training for OFWs and members of their families to provide them viable options upon their return to the country.
“The DOLE had set up a P2 Billion Reintegration Fund to provide OFWs and their legal dependents a loan facility for enterprise development , in cooperation with the Land Bank of the Philippines, where a member can avail of a P300,000.00 to P2 million business loan. On the other hand, the OWWA-NLDC Livelihood Development Program for OFWs is another loan facility where an OFW group-borrower can avail of P200,000 to P1 million, also for business loan.
All these are aimed at increasing the capacity of OFWs to generate or earn incomes which are not tied up to foreign exchange remittances, thereby generating domestic wealth that could lead to economic growth.
dole.gov.ph
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