Overseas Philippinos stimulated to invest in poultry project
President Arroyo of the Philippines launched a more that P565 million (€ 8.5m) worth of banana and poultry projects based in Davao City in an effort to generate more employment and provide livelihood to residents in Southern Mindanao.
“These are among our flagship projects that we have thought of when the recession started in the United States and with the downfall of the Lehman Brothers. These were purposely to help address the unemployment problem,” said the President.
P500 million will be dedicated to a banana integrated development program and P65 million to virtual poultry farming.
Virtual poultry farming
Ferdinand Marañon, of Sagrex Food Inc., launched the P65 million (€983,000) virtual poultry farming project aimed to help overseas Filipino workers in properly investing their income.
In that way overseas Filipino workers (OFW) would also be overseas Filipino investors. They could check or monitor their investments through the internet wherever they are in the world.
Mrs. Arroyo also noted that the remittances of the country’s OFWs doubled from $8 billion when she started her presidency in 2001 to $17 billion levels in 2009.
“It shows that our OFWs know that they could invest their money in our country through such projects,” the President said.
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