Higher earnings of overseas Filipinos (OFs) could be leveraged if invested in a business in the country, according to businessman Joey Concepcion.
In a press statement, Concepcion said OFs gain 12 to 13 percent more for every dollar they send back home but this could only be beneficial if this is spent for starting and/or growing a business here.
“While a weaker peso may be wreaking havoc on consumer spending, there is an upside to it that could help promote inclusive economic growth and job generation in the Philippines,” said Concepcion, lead of the Jobs group of the Private Sector Advisory Council.
He added that in addition to remittances softening the blow of a strong dollar, the higher earnings can be leveraged to achieve long-term growth if OFs invest in the country and become entrepreneurs.
“(OFs’) income is rising in terms of pesos but they should spend and invest it wisely,” he said, adding they should be encouraged to become entrepreneurs as this would redound to more jobs for Filipinos, especially in the provinces. – Irma Isip
