Neda urges use of OFW remittances

TO HELP increase investments and productivity in the country, the country's socioeconomic chief is urging the private sector to utilize overseas remittances.

"We have funds coming in through overseas Filipinos and we should be able to take full advantage of it," said Socioeconomic Planning Secretary Cayetano Paderanga Jr.

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"We would like to get a merging of private and public governance so that people can be confident with their investments. And then we can mobilize these funds that are just going out of the country as consumption," he added.

Paderanga was responding to questions on increasing investments in the country and he suggested that the private sector provide better investment vehicles to overseas Filipinos.

"We have to give overseas Filipinos investment vehicles that they can also count on as part of their pension. People should have investments that they could trust," he said.

Growth rate

Paderanga said a seven to eight percent Gross Domestic Product growth rate is workable if a higher investment rate can be attained and the cost of doing business can be reduced.

"The Philippines is in a situation where the savings rate actually surpasses the investment rate. We have liquidity sloshing in our banks. We can use it for more productive purposes," he said.

Paderanga added, "If we are using these funds to beef up our industrial strength by importing new technology and machines, then we can be more competitive, including in our exports." (PR)