The Philippine government plans to capitalize on Overseas Filipino Workers (OFWs)’ investment capacity by selling $500 million (Dh1.8 billion) offshore multicurrency retail treasury bonds in 2018.
National Treasurer Rosalia de Leon is bullish about the idea which targets OFWs’ buying capacity.
“I think there is a market given the liquidity of the OFWs. It is to provide them with a safer, more secure, and higher yielding instruments… of their investment appetite,” the Philippine Star quoted de Leon as saying.
Finance Secretary Carlos Dominguez said the Philippine government will need to secure approval from financial authorities at countries with high OFW population, such as the US and the Kingdom of Saudi Arabia, to pursue the sales bond program.
Budget Secretary Benjamin Diokno previously said the government may offer bonds to OFWs to support government’s massive infrastructure program.
The budget secretary added that the bonds acquisition may secure their family’s future, while contributing to the government’s projects.
Photo Credits: The Blue Diamond Gallery
