ADB SITE VISIT CFO OFFICE

Cabinet-rank Secretary Imelda M. Nicolas

Chairperson
Commission on Filipinos Overseas
Office of the President, Republic of the Philippines

PART OF ADBS INTERNATIONAL FORUM ON PROMOTING

REMITTANCE
FOR DEVELOPMENT FINANCE
Manila, 20 March 2015

2012 Overseas Filipinos Stock Estimates

4,925,797
Immigrants, dual citizens, legal permanent residents abroad,
stay does not depend on contract

OVERSEAS
FILIPINOS
in 200+ countries and
territories as of
December 2012

4,221,041
Employment-related, overseas Filipino workers, students,
trainees, entrepreneurs, businessmen, staying abroad for is six
months or more and their dependents, etc.

1,342,790

Not properly documented, without valid residence or work

permits or are overstaying in a foreign country

2014 TOP 3 RECIPIENT COUNTRIES IN TERMS OF

REMITTANCES

1st

2nd

3rd

India
(with
US$71
billion)

China
(with
US$64
billion)

Philippine
s,
receiving
US$28
billion
Source: World Bank

PHILIPPINE DEVELOPMENT PLAN STATEMENT

ON REMITTANCES

Policymakers need
to focus
on
Policymakers development
leveraging
remittances as a
tool for economic
development.

CFOS INITIATIVES
Policy Level
Remittance for Development Council (ReDC)

An advisory and policy

recommending body and
a venue for regular
dialogues and feedback
on issues regarding
remittances.

Co-chaired by the CFO

and the Central Bank of
the Philippines

CFOS INITIATIVES
Operational Level
OVERSEAS FILIPINOS DIASPORA REMITTANCES FOR ECONOMIC
DEVELOPMENT (OF-RED):Building a Future Back Home
ILOCOS NORTES EXPERIENCE

Implementers and Supporters

Collective Remittance Fund

1. Commission on Filipinos Overseas

(CFO);
2. National Economic Development
Authority (NEDA);
3. United Nations Development Programme
(UNDP); and
4. Western Union Foundation.

Financed 24 enterprises with

30 loan releases worth Php
2.82 M
since 2013 to date

CFOS INITIATIVES
Operational Level
Joint Migration and Development Initiative Phase II (JMDI2)

Reinforce the role of migration

for development at the local
level.
Upscale and institutionalize
local migration and
development initiatives.
Create an enabling environment
for the mobilization of diaspora
investments.

CFOS INITIATIVES
Operational Level
PESO SENSE: THE PHILIPPINE FREEDOM CAMPAIGN

PESO Sense is a dynamic campaign to achieve

financial freedom for 6 profiles of Overseas Filipinos
and their beneficiaries

PESO SENSE
--------FOR------

entrepreneurs

CFOS INITIATIVES
Operational Level
PHILIPPINE PHILANTHROPIC FUND (or PPF)

Joint undertaking by the CFO, the Diaspora

Investment Alliance of the Aspen Institute and the
Rockefeller Foundation.

Pool contributions from the US Filipino diaspora who

may nominate recipients and beneficiaries of their
donations.

The funds will be used for grants to Philippine based

non-governmental organizations.

Idle funds not yet utilized shall be invested in the

capital markets in both the US and Philippines
through the use of fund managers

THANK YOU!

Secretary Imelda Nicolas

Chairperson
Commission on Filipinos Overseas
Citigold Center, 1345 Quirino
Highway
corner South Superhighway, Manila
Philippines

Telephone No: (632) 552-4701

Fax No: (632) 561-8332
Email: melynicolas@gmail.com
Website: www.cfo.gov.ph