The Home Development Mutual Fund (HDMF) or Pag-IBIG Fund targets 1 million overseas Filipino workers (OFWs) members by 2010.
Pag-IBIG Fund’s current membership for OFWs accounted to 470,000 and they aim to double the membership by 2010.
With the huge contribution of OFWs to the country’s economy and as their gesture of recognizing these efforts they came up with fitting tribute to them by letting them understand further the benefits they get from the Fund as members and a simple celebration in time for the Christmas season.
Total remittances of OFWs from 2003 to 2008 amounted to US$ 70..5 billion or P3.2 Trillon. Figures for 2009 accounted to P284 billion or equivalent to 71 percent of the national budget of the Philippine government for 2010.
The BSP figure showed a projection of $17 b remittances or a growth rate of 4.2 percent compared to last year’s total remittances amounting to US$16 billion.
10 percent of the Philippine population are working abroad of about 8.5 million are OFWs against the country’s population of 85 million.
With the passage of the new law or Republic Act 9679, the OFWs in 2010 are covered by Pag-IBIG Fund as compulsory members. (PIA)