Thursday, 12 November 2009

PHILIPPINES: Match remittances, government urged

Written by Dennis D. Estopace / Reporter
Wednesday, 11 November 2009 21:17

THE government should match the money sent by Filipinos overseas to boost the country’s ability to survive a crisis, former Social Security System chief Corazon de la Paz-Bernardo said.

“The steady growth of OFW [overseas Filipino worker] remittances should be complemented by a public investment program that is hinged on improving a major infrastructure base such as road and even mass-transport systems,” said de la Paz-Bernardo, currently president of the International Social Security Association (Issa). She spoke during a forum on government-owned and controlled corporations (GOCCs) on Wednesday.

She cited her experience as SSS for seven years on how state-owned enterprises could wield institutional leverage in view of the collapse of the global financial system.

“With financial markets continuing to unravel close to two years since the recession, the domestic economy has become heavily reliant on remittances,” she said. Read more

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