Thursday, March 15, 2007 OFWs in Saudi to engage in poultry farming: DTI By Joy Romares-Sevilla
OVERSEAS Filipino workers (OFWs) in the Kingdom of Saudi Arabia could now be transformed into Overseas Filipino Investors (OFIs) through a poultry farming project, an investment opportunity for OFWs in the same country.
Assistant Secretary Merly Cruz of the Department of Trade and Industry (DTI) said this, adding that the project is a joint venture of a Saudi-based company and Maharlika AgroMarine Venture, owned by Vicente Lao, of the Philippines.
The joint venture is to set up a poultry project in the Kingdom of Saudi Arabia, an initiative of Kalid Zainy, chair of the Abbar and Zainy Group.
Cruz, who recently headed a trade and investment mission to Saudi Arabia, said that the project is one of the mission breakthroughs.
"Lao said at the end of the year, investors are guaranteed to get an earning. He said that poultry is a viable venture," Cruz said at the Club 888 media forum Wednesday.
"It is not only timely, but it is also a unique project, pinag-isipan talaga ito para matulungan ang mga OFWs (this has been thoroughly thought to help the Overseas Filipino Workers)," Cruz added.
The project allows OFWs to invest or to take part in poultry farming and monitor its operations via the Internet. The initial investment is P50,000.
The Land Bank of the Philippines will also provide loans to OFWs for the initial investment, if necessary.
Meanwhile, Zainy's company has initially offered the property where the project will be set up and the contract to supply chicken to Saudi Arabia and Middle East markets.
