SENATOR Paolo Benigno A. Aquino IV has filed a bill seeking to provide incentives and benefits to overseas Filipino workers (OFWs) who start businesses in the Philippines.
Senate Bill No. 2101 or the proposed Business Incentives for OFWs Act provides for incentives such as five-year tax exemptions for OFW-owned enterprises.
Other incentives include a 50% reduction in real property tax as well as tax and duty-free importation of raw materials, capital equipment, machinery, and spare parts used exclusively in the operations of the business.
Qualified businesses will also receive preferential access to financing from government financial institutions at below-market rates for five years.
Mr. Aquino said the filing of the proposed measure was based on a suggestion of an OFW from Batangas City during a consultation session.
“This is a reform that was requested by our OFWs. Many of them want to have a livelihood in the Philippine and to spend time with their families,” the senator said in a statement.
“One of the sources of livelihood of our OFWs is to have a successful business. Let’s give them the opportunity to have a livelihood in the Philippines so they could be with their families and see their children grow up,” he added. — Camille A. Aguinaldo