Fund set up to attract diaspora donations for PH projects

Aspen DIA Director Alexander Dixon. INQUIRER FILE PHOTO

CFO Chair Imelda Nicolas. CFO PHOTO

MANILA — A memorandum of understanding setting up a philanthropic fund to attract tax-deductible donations from Filipinos in the United States was signed at the Third Global Summit of Filipinos in the Diaspora on February 27 at the Manila Hotel.

The Aspen Institute Diaspora Investment Alliance (DIA)  and the Commission on Filipinos Overseas (CFO) signed the MOU for the establishment of the Philippine Philanthropic Fund (PPF) as a recognized US philanthropic vehicle.

The initiative is modeled after other philanthropic funds in the US, which hold over $50 billion in their portfolios with the unique feature of allowing donors to nominate and select the recipients of grants.

“We are delighted to collaborate with the CFO on this landmark initiative,” stated DIA Director Alexander Dixon. “This will help catalyze diaspora resources to support high impact social projects and accredited organizations in the Philippines.”

CFO Chairperson, Secretary Imelda Nicolas said, “The CFO is excited to partner with DIA to eventually harness the resources of the Filipino Diaspora initially targeting those in the United States with its institutionalized culture of philanthropy.”

This year DIA will pilot several of its innovations with the help of key strategic partners from both the public and private sectors. The pilot countries include the Philippines, Egypt, India, Kenya and Colombia.

The successful pilots will be scaled and replicated with other global diaspora communities. DIA’s goal is to mobilize $100 million in diaspora funds for development. The actual implementation of the PPF is set for the middle of this year.