ANGKLA Sponsors House Bill Creating OFW Sovereign Fund
By: ptcadminacess

Congressman Jesulito Manalo of ANGKLA has filed House Bill No. 6519 entitled “An Act Creating the Overseas Filipino Workers (OFW) Sovereign Fund.” This House Bill proposes the raising of funds for government-assisted projects through the issuance of bonds and other debt instruments for subscription and investment by OFWs, their immediate relatives and Filipino citizens abroad.

This measure is designed to encourage all OFWs to invest part of their income or remittances in the OFW Sovereignty Fund. Similar to treasury bills or bonds, the special fund will be pooled through a program to be created by the Bureau of Treasury, which is envisioned to yield higher returns and provide tax incentives. This will allow OFWs to save while simultaneously allowing them the opportunity to help their country since the proceeds of the fund will finance urgent national government projects.

By enabling them to be investors in nation-building, OFWs, as well as seafarers, can be reintegrated into the Philippine domestic economy as they themselves become industrialists, using their know-how and experience acquired from having worked overseas.

Cong. Manalo during the press briefing for HB 6519