There is an emerging trend on the way investments are being made in the Philippines. I am referring to Overseas Filipino Workers or OFWs investing in industries that will help the economy grow.

In a column I wrote in December, I mentioned a friend who works in the US and has bought real state property in Palo, Leyte which he intends to use as the location of a business which he is partnering with a brother.

Just a few weeks ago, a batchmate at the Leyte National High School who works in the US also asked me about the market value of a property being sold to her in Tacloban City. Her family intends to set up a business on the site.

The above examples of dollar-earning Filipinos investing in the Philippines are indicative of a trend that will be a boon to the economy. These investments show that the inflow of foreign capital should be given priority in creating jobs and increasing incomes in this country. The potential for these inflows of foreign capital is there just waiting to be tapped.

We should favor such investments over those coming from non-Filipinos. Obviously love of country and the desire to help ease the unemployment problem is a factor in these decisions.  

This is significant because from January to November 2005, OFWs remitted $8.8 billion or 458 billion pesos to the Philippines. This is a big jump of 27.1 % over that of the same period last year. It is also almost half of the total annual budget of the national government.

In response to this situation, local government units can, perhaps, set up special investments packages and assistance to attract this type of investors.

Harnessing OFW capital should be a main strategy in developing the Philippines.