Sunday, March 30, 2008 'Expensive' reception welcomes Arroyo in HK
AN EVENING cocktail reception that militants described as expensive will kick off President Gloria Macapagal-Arroyo's three-day working visit in Hong Kong.
In a statement, Malacañang said the evening cocktail reception for Hong Kong's Filipino community will be at the Tiffin Lounge of the Grand Hyatt Hotel.
The said hotel is where Arroyo will stay with First Gentleman Jose Miguel "Mike" Arroyo during her three-day stay.
Arroyo's first working day in Hong Kong following her party's arrival at 5 p.m. Sunday at the Hong Kong International Airport will be capped with coffee with the "GMA Pa Rin" group at the presidential suite.
Sunday evening's cocktail will feature a presentation by the Development Bank of the Philippines (DBP) about its Peso Hedging Program, and by the Land Bank of the Philippines (LBP) about its "i-Net Negosyo" and OFW Cash Card.
The DBP Peso Hedging Program consists of the "Peso Insurance" and "Peso Protect," where overseas Filipino workers (OFWs) will have the opportunity to mitigate the effects of the Philippine peso appreciation.
Peso Insurance allows OFWs to sell their US dollars at prevailing exchange rate on maturity or at the selected protection rate if the peso appreciates and the OFW pays an insurance fee.
On the other hand, Peso Protect lets OFWs sell their US dollars in a future date, and the OFW pays no fee but has to place a hold-out deposit refundable after the delivery of the contract amount to the DBP.
The LBP has its long-term negotiable certificate of deposit (LTNCD) requiring a minimum investment of only P20,000 while having a high-yielding interest compared to other existing savings or time deposits. (JMR/Sunnex)
