Aquino eyes law on incentives, benefits for OFWs to start business in PH
SEN. Paolo Benigno “Bam” Aquino 4th wants a law that will provide incentives and benefits to overseas Filipino workers (OFWs) who wish to start a business in the country.
The senator filed Senate Bill 2101 or the “Business Incentives for OFWs Act” following the suggestion of an OFW from Batangas City during a local consultation session.
“Ito’y isang reporma na hiniling mismo ng ating mga OFW (This is a reform that OFWs specifically requested),” Aquino said.
“Marami sa kanila ay nais magkaroon ng kabuhayan sa Pilipinas at makapiling ang pamilya (Most of them want to put up their livelihood and be with their families),” he said.
If enacted into law, OFW-owned enterprises will be given benefits and incentives once they decide to invest their hard-earned money in the Philippines, including exemption from payment of income tax for five years following registration.
Other benefits for an OFW-owned business enterprise include 50-percent reduction on real property taxes and tax and duty free importation of raw materials, capital equipment, machineries and spare parts exclusively used in the operation.
Enterprises owned by OFWs will also receive preferential access to financing from government financial institutions at rates below the market rates for five years following registration.
“Isa sa mga pagkukunan ng kabuhayan ng ating OFWs ay ang pagkakaroon ng matagumpay na negosyo (One of the sources of livelihood of our OFWs is having a successful business),” Aquino said.
“Bigyan natin sila ng pagkakataong magkaroon ng kabuhayan sa Pilipinas upang makasama nila ang kanilang pamilya at makitang lumaki ang kanilang mga anak (Let us give them the chance to have their livelihood in the Philippines so that they can be with their families and see how their children grow,” he said.
Aquino filed SB 648 or the Migrant Workers and Overseas Filipino Assistance Act to boost support for the OFW community and the families they leave back home.
SB 647 aims to integrate programs on livelihood, entrepreneurship, savings, investments and financial literacy to the existing efforts of embassies to equip OFWs with knowledge to start their own business. BERNADETTE E. TAMAYO
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