Filipino migrants wanting to invest their hard-earned money don’t need to look further as the country’s agriculture sector which is considered to be the backbone of the Philippine economy seeks to offer “very little” investment risks.
The Department of Agriculture (DA), in partnership with the Department of Labor and Employment (DOLE), is crafting a memorandum of agreement (MOA) that will allow overseas Filipino workers (OFW) to finance local farmers and improve food production in the country, DA Secretary Emmanuel Piñol said in a Facebook post on Tuesday.
“I explained to him [Labor Secretary Silvestre H. Bello III] that following a successful model of an OFW investments program between Don Bosco Multipurpose Cooperative and Dubai-based Filipino overseas workers, the agriculture department is looking at tapping other OFWs to provide financing to rice and corn farmers,” Piñol added.
Under the adopt-a-farm program, OFWs can invest up to P20,000 per hectare and would be used to buy seeds, fertilizers, and other farm needs.
“The OFWs’ investments will earn an interest of 6-percent per harvest, with guaranteed two harvests every year or earnings of P2,400,” he said.
Credit: Business Mirror
Photo credit: Wikimedia Commons
