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DUBAI (via PLDT) - President Gloria Macapagal-Arroyo
has announced the launching next month of a new deposit instrument
designed to ease the impact of fluctuations in currency rates on the
remittances of overseas Filipino workers (OFWs).
The Long-Term Negotiable Certificates of Deposit scheme was presented by the
Land Bank of the Philippines as investment opportunities for OFWs during the
President's meeting with the Filipino community at the
Madinat Jumeirah Hotel here Sunday.
Land Bank president Gilda Pico said the flotation of the instrument in
P20,000 denomination has a five-and-a-half- and 10-year maturity periods,
and will yield an annual interest of 6.25 and 6.88 percent,
respectively.
An OFW who invests P20,000 in the new deposit instrument will earn an
interest of P8,056 in five-and-a-half years and P12,760 in 10 years, Pico
said.
She said the launch of the deposit instrument this March will be carried out
through a public offering.
In her speech during her meeting with the Filipino community here, the
President said the instrument would greatly help OFWs, who bear the brunt of
the strong peso, and help them not only as OFWs but overseas Filipino
investors (OFIs) as well.
(full
story)
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