Sen. Bam Aquino filed a bill to provide incentives and benefits to overseas Filipino workers (OFWs) who wish to start a business in the Philippines, following the suggestion of an OFW from Batangas City during a local consultation session.
“Ito’y isang reporma na hiniling mismo ng ating mga OFW. Marami sa kanila ay nais magkaroon ng kabuhayan sa Pilipinas at makapiling ang pamilya,” said Sen. Bam in his Senate Bill No. 2101 or the “Business Incentives for OFWs Act.”
“Isa sa mga pagkukunan ng kabuhayan ng ating OFWs ay ang pagkakaroon ng matagumpay na negosyo. Bigyan natin sila ng pagkakataong magkaroon ng kabuhayan sa Pilipinas upang makasama nila ang kanilang pamilya at makitang lumaki ang kanilang mga anak,” added Sen. Bam.
If enacted into law, OFW-owned enterprises will be given benefits and incentives once they decide to invest their hard-earned money in the Philippines, including exemption from payment of income tax for five years following registration.
Other benefits for an OFW-owned business enterprise include 50-percent reduction on real property taxes and tax and duty free importation of raw materials, capital equipment, machineries and spare parts exclusively used in the operation.
Enterprises owned by OFWs will also receive preferential access to financing from government financial institutions at rates below the market rates for five years following registration.
In the 17th Congress, Sen. Bam has filed several measures concerning the welfare of Filipino workers, including OFWs.
Sen. Bam filed Senate Bill No. 648 or the Migrant Workers and Overseas Filipino Assistance Act to boost support for the OFW community and the families they leave back home.
If passed into law, the measure integrates programs on livelihood, entrepreneurship, savings, investments and financial literacy to the existing efforts of embassies to equip OFWs with knowledge to start their own business.
Sen. Bam has 35 laws to his name, including the landmark free college law and the Go Negosyo Act, which has now established almost 1,000 Negosyo Centers in different parts of the country.
He has been a fierce advocate for entrepreneurship as a means to overcome poverty and provide livelihood to Filipino families.