PHL Consul General Lauds New Filipino Entrepreneurs at 1st FERC Investors Night
Consul General Cortes and the FERC Investors – Liloan Batch.
18 December 2017 DUBAI – Philippine Consul General Paul Raymund P. Cortes delivered the Keynote Remarks at the 1st Investor’s Night of the Fil Expat Resource Corporation (FERC) last December 08. The FERC is an entity registered under the Philippine Security and Exchange Commission whose primary business is in energy retail distribution (gas stations). FERC’s capital investment is pooled from investments from Overseas Filipinos in the UAE.
Under FERC’s procedures, only overseas Filipinos in the UAE may invest in the corporation with a minimum investment of 70,000 pesos. Their shares are under contract for 10 years with a possible extension of another 5 more. Each investor shall be guaranteed a quarterly dividend, deposited in their Philippine accounts.
FERC has, thus far, received investment funding to purchase and operate three (3) gas stations in Cebu – 2 in Liloan and 1 in Carmen.
The Consul General commended these Filipinos for initiating their entrepreneurial endeavors by investing in energy distribution in the Philippines. In 2016, a group of Overseas Filipinos created the Entrepinoy project by adopting a farm through the Don Bosco Multipurpose Cooperative (DBMC) and the municipality of Mlang, North Cotabato. The cooperative farm produced organic black, red, and brown rice for export to the UAE using the funds raised by these investor OFs. That more overseas Filipinos in the UAE are more active in undertaking commercial investments in the Philippines, he said, paints a more business oriented mind set among the overseas Filipino community.
Among the Consulate’s other strategies for Overseas Filipinos’ financial literacy include the Leadership and Social Entrepreneurship Program with the Philippine Business Council and the Ateneo School of Government and its year-long 4-module Financial Literacy Course for Overseas Filipinos. END
Consul General Cortes and FERC Investors - Carmen Batch
For more information, visit www.dubaipcg.dfa.gov.ph.