Press Release
March 13, 2007

VILLAR: REINTEGRATION CENTER FOR OFWs LONG OVERDUE
But still, better late than never

Senate President Manny Villar, President of the Nacionalista Party, says that its about time the government has established a reintegration center for migrant workers or overseas Filipino workers (OFWs).

The Department of Labor and Employment (DOLE) on Monday (Mar. 12) inaugurated a P7-million reintegration facility for returning OFWs and their families.

According to Villar, There are over eight million Filipinos working abroad and majority of them, at one point or another, will eventually return to the country. For those who have prepared well, they will be able to adjust easily to life back here.

But for many, its like being a fish out of water. Most OFWs wouldnt know how to start life over again in their home country. This is where an efficient reintegration program comes in handy, adds Villar.

Villar earlier filed the Overseas Filipino Investment Bill or Senate Bill 635 to guide OFWs in investing their hard-earned money. The bill seeks to promote the reintegration of OFWs in the Philippine society by helping them save, invest and engage in business ventures that would translate their hard-earned money into economic gains of the country.

Given the significant contributions of OFWs, it is important for the government to provide opportunities where they can invest their hard-earned money. Most of them would like to put up their own business but do not know how. We can help them in this area. In doing so, we can create a new generation of not only OFWs, but OFIs or overseas Filipino investors as well, cites Villar.

Besides fuss-free procedures and risk-free opportunities, Villars bill proposes the issuance of short and long-term OFI bonds by government banks; provision of government financial institutions (GFIs) of credit facilities for OFIs; the allocation of 10% of the total equity of governments existing businesses or enterprises for OFIs and their families; among other benefits and incentives such as income tax exemptions. Based on data from the National Statistics Office (NSO), eight per cent of Filipino families survive on OFW remittances. Villar who strongly promotes the entrepreneurial spirit through the Sipag at Tiyaga philosophy that he advocates, urges OFWs and their families to invest their hard-earned money in the country since it was estimated that 20 to 30 per cent of OFW income is not remitted here.

Villar also filed Senate Bill 639 that seeks the creation of the Philippine Overseas Workers Bank or OFW Bank to further enhance the investment potential of OFWs while at the same time addressing their financial needs and concerns and augment their income-generation capabilities as investors thereof. Malacañang last year announced that the Philippine Postal Savings Bank (PPSB) will be renamed as Philippine Overseas Postal Bank which will in effect become an OFW bank.

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