Vice President Teofisto Guingona will lay the groundwork in Tokyo for the government’s "Tulong OFW" program for the empowerment of the Filipino migrants in time for the "Congress and Festival of Filipinos."
In a joint press conference with the Department of Labor and Employment (DOLE) and the Bureau of Treasury, the Vice President announced the floating of the $100-million "Bagong Bayani Bonds" to support the new package of high socio-economic benefits to overseas workers.
Guingona said the Bagong Bayani Bonds would raise funds to enable the OFWs to help them help themselves, to mobilize their savings to be invested in projects like housing programs.
He said the government had designated the Hongkong and Shanghai Bank, Land Bank of the Philippines and the First Metro Investment Corp. as underwriters of the OFW bonds.
"This movement will democratize wealth and simultaneously harness the savings of OFWs and at the same time provide a venue that will allow overseas Filipinos to assist the country in nation building," he said.
He said that the Department of Foreign Affairs had entered into an agreement with the International Labor Organization (ILO) to upgrade the skills of OFWs.
Guingona said that as an example, ordinary seamen desiring to advance would be organized so that they could become radio operators, technicians or even officers of commercial vessels.
He said the success of this project in Japan would be a basis for a worldwide movement for "Self-Empowerment of Filipino Overseas Workers in many countries in the world."