OFWs will soon be able to invest in the Philippine government’s retail dollar bonds, as revealed on Tuesday by the country’s national treasurer, Rosalia de Leon, in Dubai.
This initiative allows OFWs, including those based in the UAE, to purchase bonds via e-wallets, offering a viable investment opportunity for saving endeavors such as funding children’s education.
The offering, slated to be available by the end of September, is part of the government’s endeavor to secure $2 billion from this retail bonds issuance.
The bonds, available in tenures of five and ten years, bear interest rates of 1.375% and 2.25% respectively.
Finance Secretary Benjamin Diokno noted that the investment would serve dual purposes — aiding individuals in saving for personal goals, while simultaneously fostering the development of the nation’s infrastructure.
The endeavor is closely aligned with last year’s announcement regarding the government’s intent to raise funds through a planned retail bond offering directed at OFWs.
During the ‘2023 Philippine Economic Briefing’ held in Dubai on September 12, a range of pivotal economic developments were discussed.
National Economic and Development Authority Secretary, Arsenio Balisacan, urged investors in the UAE to consider contributing to the 194 infrastructure projects outlined by the Philippine government.
Balisacan disclosed that over a third of these ventures would be facilitated through public-private partnerships.
Moreover, the event shed light on the Philippine government’s eagerness to initiate its first sovereign Islamic bond or Sukuk by the end of Q1 2024, according to statements by Francisco Dakila Jr., the Deputy Governor of Bangko Sentral ng Pilipinas.
The sovereign Islamic bond aims to foster a deeper understanding and acceptance of Islamic banking in the Philippines, signaling the government’s readiness to welcome new investors in the Islamic banking sphere.
The unfolding plans for the recently constituted Maharlika Investment Fund (MIF) also took center stage, with Diokno indicating ongoing efforts to operationalize the fund by the end of 2023.
The recruitment for key personnel for the fund is expected to conclude by September 29, laying the groundwork for future engagements with potential Middle Eastern investors.
In addition, Alfonso Ferdinand A. Ver, Ambassador of the Philippines to the UAE, brought updates regarding the nearing finalization of the Comprehensive Economic Partnership Agreement (CEPA) between the UAE and the Philippines.
The non-oil intra-trade between the two nations saw a boost, recording a 19.4% surge to reach $506.1 million in the first half of 2023.
