MANILA -- Overseas Filipino workers (OFWs) may soon look forward to establishing their own businesses when they retire from work after a lawmaker proposed a retirement system for them.

Alagad party-list Representative Rodante Marcoleta filed House Bill 1334 establishing the Overseas Filipino Workers Social Security and Retirement System.

The measure shall cover all documented OFWs who are duly registered with the Philippine Overseas Employment Administration (POEA).

It proposes a retirement system designed to provide OFWs with funds enough to run a business or other productive endeavors.

Under the bill, the Overseas Filipino Workers Social Security and Retirement System shall be responsible for providing retirement benefits and welfare assistance to OFWs and their dependents.

Marcoleta explained that the system shall also develop a savings plan where OFWs can be encouraged collectively to contribute part of their earnings in order to protect them against the hazards of old-age, disability, sickness and death.(Kathrina Alvarez/Sunnex)