News Release - January 8, 2005
References: Connie Bragas-Regalado, Chairperson
Contact Numbers: 259-1145 and 0927-2157392
Vince Borneo, Information Officer - 0927-7968198

'Makabayan bond scheme' is unpatriotic
Malacanang's OEA is out to get a fast buck from OFWs in US; Gov't should focus OFW safety in war-torn Iraq

The MIGRANTE Sectoral Party branded Malacanang's Office of External Affairs (OEA) as a "scheming fiend out to hoodwink overseas Filipinos in the United States, Canada and Europe with its plan to sell Makabayan Investment Certificates."

"The OEA is trying to railroad a hastily-crafted investment program that does not clearly specify how government shall go about in raising its target US$100 million (at least P5.6 billion) from the Makabayan ICs. It is also silent on how the money raised would be spent. The fact that the Finance and Budget secretaries do not know of the plan shows that this is another devious money-making scheme that will divest overseas Filipinos of whatever finances they may have. This is callousness of the highest order," MIGRANTE Sectoral Party Chairperson Connie Bragas-Regalado said.

Created by Malacañang just three months ago, the OEA is viewed as a political payback scheme of the President to those who supported her campaign. It would also merely duplicate the functions of the National Anti-Poverty Commission and the Department of Social Welfare and Development.

"Contrary to OEA undersecretary Danilo Austria Consumido's claims of their 'being better organized,' the fact that the Departments of Finance and Budget and Management do not know of this devious plan shows that this investment scheme will not do OFWs and their families any good," Bragas-Regalado said.

Consumido, who is also the chairman of the pro-Gloria campaign group Kaisahan ng Mamamayan Para sa Bayan (KAISAMBAYAN), fed the OEA statements on the Makabayan ICs to the media yesterday.

"Malacanang, should put a stop to this money-making scheme at the expense of OFWs and look into the safety of more than 6,000 Filipinos in Iraq with the run-up to the US-backed elections on January 30 in the war-torn nation. That is a more pressing concern for government," Bragas-Regalado said.

MIGRANTE also said that it would lobby Congress to conduct an investigation into the "nefarious activities of the OEA."

"We shall call on responsible members of Congress to initiate an inquiry into the very existence and operations of the OEA. This Malacanang creation is only a waste of meager government resources and only bodes ill to our compatriots abroad, their families and the people," Bragas-Regalado ended. #