Filipinos in the UAE, including maids, are willing to invest in the plush $450-million new terminal at Manila international airport if their money will be protected.
However, a question mark still hangs over the scheme, which has more to do with the need for bold political will than financing.
The terminal was built by a Filipino-German consortium named Piatco, but a court ruled that its plans were not in the country's interests and the government cancelled its licence.
Now, a proposal has captured the public's imagination and could see Overseas Filipino Workers (OFWs) pay an "enforced investment" in the airport terminal. They would be told to register whenever they leave the country and would pay $10 per month over two years.
Mike Bolos, an OFW from Riyadh, proposed the idea of OFWs investing directly in Terminal Three (T3) of the Ninoy Aquino International Airport in Manila.
This was after the Philippine Supreme Court ruled that the deal with Piatco, the company that constructed T3 as a builder and operator, was "disadvantageous" to the government.
Bolos' proposal was for the Department of Finance (DoF) to come up with a package in which interested OFWs would chip in to raise the money to pay off the Piatco shareholders to buy their stake in the terminal.
Department of Finance officials said the proposal is feasible. Terminal 3 has been unused for over a year since the Arroyo government cancelled the licence of the Piatco consortium, composed of Germany's Fraport AG and Manila's Cheng family.
Piatco later sought help from the international financial arbitration body of the World Bank. While the jury is still out on the controversial issue, a new proposal came up for the government to tap OFWs' savings to pay off Piatco.
The idea is for the four financial institutions (Government Service Insurance System, Land Bank, Development Bank of the Philippines and Social Security System) to fork out $112.50 million each to pay off $450 million in government-guaranteed loans. Each OFW would sign a promisory note to any one of these institutions amounting to $240.
Gulf News spoke to Filipinos in the UAE to get their views on the issue. "I think it is feasible on the ideas level," said Dick Orense, a Filipino community leader in the UAE and a Bagong Bayani (New Hero) Award winner who works in Abu Dhabi.
However, Orense stressed investment in Terminal 3 should be made optional for OFWs and the project should be managed by competent institutions. "The Terminal 3 offering should be made similar to Petron which was openly sold to the public, including OFWs."
Doris Cariaga, a Bicolana working in Dubai, said: "$240 is a small price to pay for ownership, not to mention pride and dignity ofbeing among those who believethat our country can rise up from moral decay and depravity. Surely there are still honest entities back home, NGOs who can handle this. So, I'd like to say yes, yes, yes, to this idea."
Victor Fernandez, President of Pasei, pointed out that 850,000 OFWs leave the country each year - including new hires, rehires and holidaymakers.
"Making OFWs' investment in Terminal 3 mandatory might take an act of Congress or a presidential order, but it will make the project more feasible," said Fernandez.
Victor Candilanza, a chemical engineer in Sharjah, said: "A chance to own shares in T3 is a great privilege and opportunity. Whether you are an engineer, a maid or a labourer, there'll be no discrimination since all of us are a part of it and would be proud owners of it."
Several congressmen and senators are now thinking about drafting a law obliging OFWs to make contributions.
Peter Roan, a Filipino architect, said: "The idea is good. Airports are a part of our working lives. It's just the packaging of the idea that will make the difference between a good and bad proposition."
Gulf News
