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Arroyo launches $5m 'payback programme' for overseas workers

In a bid to cushion the impact of global economic crisis on Filipinos laid off by companies abroad, President Gloria Arroyo has released a 250-million peso ($5 million, Dh18.71 million) budget to finance projects for this sector.

  • By Gilbert Felongco, Correspondent
  • Published: 23:53 December 6, 2008
  • Gulf News

Manila: In a bid to cushion the impact of global economic crisis on Filipinos laid off by companies abroad, President Gloria Arroyo has released a 250-million peso ($5 million, Dh18.71 million) budget to finance projects for this sector.

During an event at the presidential palace, Arroyo bared what she described as "payback programme of government for overseas Filipino workers [OFWs]."

OFWs are treated as a distinct labour sector in the Phillipines, which send back millions to their home country to support their families. Remittances are a major source of the country's foreign exchange.

But with economic problems being experienced by countries hosting OFWs, the sector is also among the first to be hit hard by the repercussions of a global economic upheaval.

"The government will not sit idly. ...We assure you of our full, unequivocal support," Arroyo said.

Arroyo said the time has come for the government to give back what it owes to OFWs for their sacrifices.

The rescue package comprises mainly of loans that workers displaced from their jobs abroad could use as start up capital for projects in the country.

Beneficiaries

Among the first beneficiaries of such loans are 105 OFWs laid off from Taiwan who attended the event at the palace. In addition to releasing funds, the President directed the Overseas Workers Welfare Administration to immediately draw up guidelines to speed up the implementation of the assistance programme for the laid-off OFWs.

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