Press Release
May 3, 2007

Villar pushes entrepreneurship program for OFWs

Senate President Manny Villar is encouraging overseas Filipino workers (OFWs) to invest in business ventures to enable them to have better return for their hard-earned money.

I urge our OFWs to become OFIs or overseas Filipino investors, Villar said.

The senator filed Senate Bill No. 635 or the Overseas Filipino Investment Act seeking to propel entrepreneurship among OFWs by putting in place the necessary mechanisms and incentives.

The measure is entitled, An Act to promote the establishment of business enterprises by Overseas Filipinos, providing incentives and benefits thereof and for other purposes.

Being our countrys modern-day heroes whose contributions stir the growth of our economy, our OFWs need to be on the governments top priority in terms of support, he stressed.

Villars bill proposes the issuance of short-term and long-term OFI bonds by government banks, provision of credit facilities by government financial institutions, allocation of 10% of the total equity of governments existing businesses for OFIs and their families, among other benefits and incentives such as income tax exemptions.

We should return the favor to our OFWs who sacrifice and work doubly hard for their families and for the country by giving them opportunities for entrepreneurship, the reelectionist senator who is running as independent guest candidate of the Genuine Opposition said.

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