More overseas Filipino workers (OFWs) could soon invest in the agriculture sector while helping poor Filipino farmers make money for a living.
Department of Agriculture and Fisheries Secretary Manny Piñol said the agency eyes OFWs financiers for poor rice farmers who need capitalization for rice production.
“This could be a rich source of agricultural investments to finance rice and corn farmers initially and maybe later, other agricultural activities as well,” Piñol said. “What I have in mind is to identify and accredit farmers associations and cooperatives in every province and ask the OFWs where they would like to invest their money in.”
Under the program, OFWs may invest P20,000 (Dh1,459) per hectare, which could generate P2,400 (Dh175) income annually.
Piñol said “there is very little risk on the investments of the OFWs” because farmers who will participate in the program will be covered by crop insurance of the Philippine Crop Insurance Corp.
The initiative builds on the success of of Don Bosco Multi-Purpose Cooperative in North Cotabato, which is supported by Dubai-based OFWs.
Under the partnership, OFWs in Dubai agreed to invest P30,000 (Dh2,189) per hectare to finance poor farmers’ needs to buy good seeds and fertilizers.
Don Bosco general manager Romano Laurilla said the investment guarantees an income of P4,500 (Dh328) per harvest.
Don Bosco farmers has shipped 11 metric tons of organic rice last July, while another shipment is scheduled in September.
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