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Monday, August 07, 2006

Dutch offers treat for OFWs

by William Alzona

Makati City—What’s with the Filipinos and the Dutch?
The Netherlands have been the long-time home for the Philippine government's political foes and an estimated 12,000 to 15,000 Filipino workers and migrants.
Now, that country's second largest bank is leading initiatives in capturing money of overseas Filipino workers (OFWs) for investment.
“Our target is money or funds of the Filipinos abroad that were just kept [in the banks],” Cesar C. Zulueta said in an interview.
Zulueta, a Filipino, is managing director and head of the investment management unit of the Amsterdam-headquartered International Netherlands Group (ING) Bank, which recently got Philippine regulators' nod to go ahead with its investment scheme.
“We are not targeting those [money] that they [OFWs] are remitting in the country because the banks are already capturing it,” Zulueta told the OFW Journalism Consortium.
Zulueta is referring to the ING's The Overseas Filipino Fund, a financial instrument to capture at least 90 percent of savings kept by an estimated eight million Filipinos working and living abroad.

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