BACOLOD City – A lawmaker here is pushing for the creation of an Overseas Filipino Workers (OFWs) sovereign fund.
Rep. Joseph Stephen Paduano ABANG LINGKOD party-list introduced House Bill (HB) No.530.
Members of the House Committee on Ways and Means recently approved the measure’s tax provision on first reading.
It states that the earnings of OFWs and former OFWs from their investment in the bonds or other debt or investment instrument that the government shall issue in the implementation of this proposal shall be exempt from income tax and documentary stamp tax.
The proposed HB, according to Paduano, would be taken-up in the plenary for deliberations for the house approval for the second reading today, Aug. 24.
He said the measure aims to provide a safe investment opportunity for OFWs and their families so that they will no longer be victimized by fake investment schemes which are actually mere scams.
“This would also create jobs by raising government funds for industrial, agricultural and infrastructure projects which may employ former OFWs who lost their jobs abroad due to the pandemic,” Paduano added.
He hopes that under the bull, the country would bring back its Gross Domestic Product and Gross National Product to respective pre-pandemic levels by empowering the government to establish new industries or revive strong cash-generating enterprises.
“The Department of Labor and Employment conveyed its support to the proposed bill,” disclosed Paduano.
Earlier, Labor secretary Silvestre Bello III said he supports the said bill which is expected to raise funds for government and government assisted projects through the issuance of bonds and other debt instruments for subscription and investment by OFWs, their immediate relatives and other Filipino citizens abroad./PN
