OFWs as Human Capital04.07.11
Aired on July 4, 2011
Narration by Raffy Santos
Downloads
Program Transcript - MP3 Audio
OFWs as Human Capital
Despite the efforts of the present administration, the Philippines is still mired in a chronic economic crisis, a product of decades of failed financial policies and mismanagement. There is only one constant — and it remains as the consistently bright spot of the Philippine economy — the ever-increasing remittances from our Overseas Filipino Workers. Last year, they remitted close to $20 billion.
But where do these foreign remittances go? How are they spent? How do they actually benefit the economy?
Government has yet to come up with a comprehensive study on this matter. But one thing is clear — much of this money goes to consumerism. Money is spent in shopping malls. It does not go to building factories and producing goods.
Perhaps, the Bangko Sentral ng Pilipinas can open a special investment window for these remittances— perhaps an OFW bond, whose rates are competitive and can attract OFWs and their families to invest in them. The funds can then be used to open enterprises and other areas of productive livelihood for OFWs and their families. Instead of buying cellphones, we should be building factories to manufacture them. Instead of buying DVDs, we can build enterprises to produce them. We can invest in agri-business, steel mills, energy generation, and other strategic industries.
But more than these financial considerations, we should look at OFWs as human capital. The 11 million Filipinos abroad learn skills and values that can be helpful in rebuilding our economy if we can only harness them. Their expertise can be retooled and attuned to our economic needs. This value added is immense and incalculable.
The first step therefore is to change our attitude towards our laboring compatriots. They are not mere statistics that add up to our GNP. Remittances are not a measure of their actual and potential contributions. They are our biggest assets. They are our greatest resource.
This editorial was written by Atty. Ome Candazo, a Fellow of ISACC.
I just recently visited the UK, Brunei and Hong Kong and was able to talk to Filipino OFWs. Some of them have been working oversees for more than 20 years but still no investment that will allow them to have a way out, meaning an opportunity to be in our country to be together with their families.
I agree with this position of stewardship of OFW remittances to open up / establish business enterprises. Now, is there a forum / organization where we can discuss / plan forward to get this matter of the ground. More power.
…to get this matter off the ground.
There is a movement on Solidarity Economy, with Ben Quinones as one of the movers. Maybe you can look him up or their website. We don’t have it on hand at the moment. But you can maybe search in the web.
Sorry that this reply is late, but there are initiatives at the moment on this. We shall let you know later the organizations that are involved. In the meantime, you may want to connect with Jenny Juan of APPEND, a group of microfinance organizations that give out small loans to microentrepreneurs and training for those who wish to do entrepreneurship. You can look at their website.
Really liked what you had to say in your post, TransformNation • Windows Radio » Blog Archive » OFWs as Human Capital, thanks for the good read!
— Gertude
http://www.terrazoa.com