SEN. Francis Pangilinan prodded overseas Filipino workers (OFWs) to invest their foreign currency earnings in agriculture and fisheries and “help feed hungry Filipinos,” amid the country’s uncertain future caused by the pandemic.
Pangilinan, one of the vice presidential aspirants, pointed out that in over a decade of farming when Congress is not in session, he met many OFWs who expressed common wishes to go into full-time farming upon their retirement.
The senator suggested that if the returning OFWs-turned-farmers become partners of government and the private sector to boost agriculture, “We can be sure that will wipe out hunger in the country.”
“This investment would create more local jobs for Filipinos affected by the ongoing pandemic,” he said, adding: “Nakita naman natin kung gaano kahalaga ang agrikultura nitong nakaraang pandemic. Kumbaga, merong opportunity sa mga OFW, meron din na maiangat ang kalagayan ng mga magsasaka at mangingisda. Sila ang nagsisigurado na mayroong pagkaing nakahain sa ating mga mesa.”
The senator recalled that through the years, “OFWs keep the economy afloat through their hard-earned remittances,” making up at least 10 percent of the country’s GDP based on government data.
In a statement issued on Tuesday, Pangilinan noted, however, that according to Bangko Sentral ng Pilipinas (BSP) Senior Director Redentor Paolo Alegre of the BSP Department of Economic Statistics, only a few OFWs are investing in different investment schemes as observed in the last quarter of 2021.
The senator suggested that OFWs should allot a portion of their income to investments, noting this would “help them when their retirement day comes, endorsing agriculture as a good investment, and so this must be considered by the modern-day heroes.”
At the same time, he aired hopes that many OFWs would opt to invest in agriculture. “We need them [OFW’s investments] more so now amid the pandemic and series of setbacks facing our farmers and fisherfolks,” Pangilinan pointed out.
“Through their investments, the farmers can be trained to adopt new and updated techniques in farming that will boost their harvests to provide food for their family, the community and the country,” he added.