Overseas Filipinos Diaspora Remittances for Development: Building a Future Back Home (OFs-ReD Project) (Philippines)
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Brief description of the initiative
The project seeks to harness the potential of overseas remittances for poverty reduction and local economic development. It aims to support policies that transform overseas remittances for development, savings and investments, and build up viable collective remittance fund. The collective remittance models identified are migrant savings and investment schemes into cooperatives, rural banks, microfinance institutions, and social enterprises.
Results and lessons learned
- In March 2012, a Migration and Development Council has been established by provincial ordinance and a multi-stakeholder Memorandum of Understanding was signed by the different stakeholders.
- A capacity assessment for remittance related partners was conducted, including local governments, government banks, commercial/private banks, rural banks, microfinance institutions, money transfer and remittance agents, civil society organizations, and researchers.
- Trainings and workshops have been conducted for local authorities, migrants and NGOs.
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Main objectives
The funds remitted collectively by overseas Filipinos into select development projects will be matched by funds from the Western Union Foundation and by the local government, turning the programme into a kind of “2 x 1” scheme.
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Main activities
The OFs-ReD project builds meaningful partnerships with a wide array of stakeholders, including the private sector, diaspora and other civil society partners. The United National Development Program (UNDP) sponsored by Western Union’s philanthropy arm – The Western Union Foundation (WUF), spearheads the project. It is implemented by the National Economic Development Authority (NEDA) and the Commission on Filipinos Overseas (CFO) together with local governments.
The project emphasizes the need for a strong involvement of local authorities. The political will of the local government is deemed critical for the project and while much of the support is coming from the national level, civil society and international donors, the local authorities own the projects. In particular the provincial government and the Governor of Ilocos Norte have shown their appreciation of and commitment to the project. The province has mobilized its various offices like the Millennium Development Goal office (MDG office), the Provincial Social Welfare and Development Office (PSWDO) and the Provincial Planning & Development Office (PPDO to support the implementation.
The project also seeks the active collaboration of civil society actors. This includes private sector partners, such as rural and state banks, microfinance institutions, and business, as well as Non-governmental Organizations. For training on savings, investment and entrepreneurship, the project involves two NGOs that are recognized Philippines-wide for their good reputation, dedication and efficiency, these are Unlad Kabayan and Athika. It is also planned to tie up with the PinoyWISE project.
In addition, a partnership with local Overseas Filipino Worker (OFW) associations is sought to have a crucial role in reaching the middle to low-income OFWs and their families through community education and campaigns.
Lastly, the project has tied up with research institutions, such as the Mariano Marcos State University and the National Christian Colleges, which have participated in various activities and have even committed to specific activities like the provision of business development services and mobilization of their alumni to help in the project.
Main beneficiaries
Target group: Overseas Filipinos and their families in the province of Ilocos Norte and Taguig City.
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