by DAVID CAGAHASTIAN (Manila Bulletin)
http://mb.com.ph/articles/239235/gordon-backs-ofw-fund-creation
http://mb.com.ph/articles/239235/gordon-backs-ofw-fund-creation
Senator Richard Gordon Tuesday proposed the creation of a provident fund for Overseas Filipino Workers (OFWs) to help them save and invest their money for their future without risk of losing it to mismanagement or corruption.
Gordon, who is running for president under the Bagumbayan party, said the government should help OFWs save and invest their money for their future needs when they no longer want to work abroad for better pay.
“We always say they (OFWs) are our heroes, but what kind of a future are we going to give back to them? Singapore has four and a half million people and they have a central provident fund of $30 billion. We have nine million Filipinos overseas that can participate in a provident fund,” Gordon said at the Carlos P. Romulo Foundation Presidential Policy Forum.
Gordon noted that only a small percentage of the nine million OFWs availed of voluntary coverage of the Social Security System (SSS).
“The formula here is to work, save and invest to prosper. We can have our people who are overseas contribute to a provident fund.
We would make sure that we have a large amount of savings that can be used to provide a future for them, build homes, provide insurance, provide education, and provide a retirement fund for them,” Gordon said.
He added that this kind of program would broaden the opportunities available for OFWs. He also said that the government should ensure that the provident fund would grow and would be free from corruption so that OFWs would feel secure about their future after years of working abroad.
Gordon, who is running for president under the Bagumbayan party, said the government should help OFWs save and invest their money for their future needs when they no longer want to work abroad for better pay.
“We always say they (OFWs) are our heroes, but what kind of a future are we going to give back to them? Singapore has four and a half million people and they have a central provident fund of $30 billion. We have nine million Filipinos overseas that can participate in a provident fund,” Gordon said at the Carlos P. Romulo Foundation Presidential Policy Forum.
Gordon noted that only a small percentage of the nine million OFWs availed of voluntary coverage of the Social Security System (SSS).
“The formula here is to work, save and invest to prosper. We can have our people who are overseas contribute to a provident fund.
We would make sure that we have a large amount of savings that can be used to provide a future for them, build homes, provide insurance, provide education, and provide a retirement fund for them,” Gordon said.
He added that this kind of program would broaden the opportunities available for OFWs. He also said that the government should ensure that the provident fund would grow and would be free from corruption so that OFWs would feel secure about their future after years of working abroad.
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