PHL gets UNDP, Western Union fund to harness OFW money for business
The Philippine government on Tuesday received a $250,000 grant (around P10 million) from the philanthropic arm of United States-based financial services company, Western Union, for a project which aims to harness remittances from overseas Filipino workers (OFWs) for local, small-scale enterprises. The project, funded by the Western Union Foundation in cooperation with the United Nations Development Program (UNDP), initially targets two local government units (LGUs) â Ilocos Norte province and Taguig City â for its pilot program to pool funds from OFWs. âThe program intends to efficiently and accountably link hard monies from overseas to create sustainable small businesses that generate jobs and economic opportunity back home in the Philippines," Western Union Foundation president Luella Chavez DâAngelo said in a speech Tuesday. The project was officially launched in Makati on Tuesday, attended by representatives from the foundation, the UNDP, and the National Economic Development Authority (NEDA), as well as local officials from Ilocos Norte and Taguig City. NEDA Deputy Director-General Rolando Tungpalan said the program is consistent with the countryâs goal to achieve âhighly sustainable and inclusive growth" by 2016. âThe substantial inflows from remittances have kept the countryâs economy resilient⦠This funding support will provide the impetus in reviewing policies for harnessing remittances for local development," he said in his speech. He likewise gave the assurance that the grant will be used to âinspire and deepen the OFWsâ commitment to catalyze development in the country." Based on World Bank records, the Philippines is the worldâs fourth top recipient of overseas remittances, next to India, China and Mexico. A similar project will also be launched in North African country Morocco this year, according to DâAngelo. Optimistic LGUs Officials of the two LGUs chosen for the projectâs initial implementation meanwhile expressed optimism that the program will not only benefit relatives of migrant workers, but also entire communities in their areas. Taguig City councilor Aurelio Bartolome said he expects the program to further stimulate growth in the city through community-based businesses âI wish that someday, when we walk into an OFWâs home, we would see not just brand-new flat-screen televisions, but also sari-sari stores and other small businesses," he said. Ilocos Norte Governor Maria Imelda âImee" Marcos, for her part, said although her constituents have a âpenchant for saving," she hopes the project will encourage Ilocanos to go beyond âconsumeritis" in using OFW remittances. âI am delighted to have been chosen to be part of this project. I hope this encourages my constituents to go beyond educational plans, Barbie doll houses and three-times-a-day visits to malls," she said. â PE/VS, GMA News