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MANILA, Philippines?In a message streamed via the Internet using Skype and Yahoo Messenger computer programs, Vice President Noli De Castro on Tuesday urged Filipinos abroad to put their savings and investment instruments at home.
Speaking before a gathering of Filipino workers at the Philippine consulate general in Shanghai, De Castro stressed the importance of ?saving for the rainy days? and investing in the government-guaranteed programs, including the Pag-IBIG savings program.
The event, called the Financial Literacy Briefing and Orientation on the Pag-IBIG Fund Programs, followed De Castro?s speech in the Information and Communications Technology (ICT) and Urban Development Forum in Ningbo, China, where he cited the recent automated elections as an example of how technology contributed to strengthen democratic institutions.
The vice president said in choosing where to place their money, OFWs should consider not just earnings, but also how safe the investment is, and where the money is being used.
He said the Pag-IBIG Fund?s savings scheme, which is now mandatory for OFWs, is a form of high-yield, low-risk investment that benefits its members through multi-purpose and housing loans.
He also said the fund declared a dividend rate of 5 percent for 2009, ?the highest dividend rate given by Pag-IBIG and better than what you can get from other deposit instruments.?
