They have emerged as a strong economic sub-sector, infusing a record $10.7 billion into the economy last year alone and fueling the steady rise of the value of the peso against foreign currencies.

This time, Overseas Filipinos Workers (OFWs) are showing their clout in the growth of the real estate industry, capital markets and small-and-medium scale enterprises.

In his weekly column "View from the Palace" which comes out tomorrow (Monday), Press Secretary and Presidential Spokesman Ignacio R. Bunye said that OFW remittances constitute 40 percent of the investments in the country’s real property sector.

During a meeting with members of the Filipino community in Japan during her May 22-24 visit to Tokyo where she keynoted the 13^th Nikkei Conference on "The Future of Asia," President Gloria Macapagal-Arroyo urged the OFWs to turn Overseas Filipino Investors (OFIs) and invest their earnings in real estate.

Aside from real estate, the OFIs should also invest in the stock market, government bonds and treasury bills back home to help their families, she said.

In his column, Bunye said the President was "heartened by their (OFWs) warm welcome, and was even more heartened by the fact that our kababayans there are more than Overseas Filipino Workers (OFWs) but are now also Overseas Filipino Investors (OFIs).

"She congratulated them for having the discipline and foresight to not only support their families here, but also invest their earnings in the Philippines, primarily in real estate."

The Bangko Sentral ng Pilipinas (BSP) has projected that OFW remittances will increase by 10 percent this year to an all-time high $13-billion due to the increased deployment of Filipino workers abroad.

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President Gloria Macapagal-Arroyo paid tribute to Japan and Malaysia for their invaluable contribution to the Philippines’ quest for lasting peace in Mindanao during her recent trip to Japan to attend the 13^th Nikkei Conference, Press Secretary and Presidential Spokesperson Ignacio R. Bunye said.

"At the dinner hosted by the Nikkei Shimbun at the Imperial Hotel, Tokyo, last week, President Arroyo extolled the role of Japan and Malaysia, not just as prime movers in the East Asian Community, but as valuable allies in our quest for permanent peace in Mindanao," Bunye said in his column "View from the Palace" which comes out tomorrow (Monday).

He said Japan is a member of the international monitoring team (IMT) headed by Malaysia "to help steer the peace talks to a successful conclusion."

"Malaysia has been facilitating the peace talks, while Japan has been making significant economic investments there," Bunye said.

He said the President cited these "non-military activities" of the two countries as "significant contributions to the Mindanao peace process."

"With their help, as well as the help of other countries like Indonesia, the United States and the European Union countries, we have forged a new paradigm for peace in Mindanao that relies on ‘soft power,’ interfaith dialogue and an expanding cast of international players to keep the peace," Bunye said.

The President also rallied the support of other Asian leaders in the formation of an East Asian Community patterned after the European Union (EU) to ensure peace, stability and prosperity in Asia.

She said that at a time when world alliances on Iraq and the World Trade Organization (WTO) were experiencing strains, it was important that new partnerships are formed to ensure global peace and stability.

The idea of an East Asian Community transcends geographical definition since some of its proposed members, including Russia, India and South Korea, are not part of East Asia, she said. The EAC concept stemmed from the common view that "economic engagement is a more compelling criterion in the minds of our Asian brothers than a geographical location," she added.

The President said the an East Asian Community would be a bold step toward forging new alliances to keep the world strong and stable, noting that while the European Union was historically beset by conflict, it is now a "force for peace and security."

"The same way in our region that has faced many of the same historic divisions, a more united region" would also emerge as a force for security and peace, she said.

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We have made foreign engagement a central pillar of our economic gains and national security. The Philippines must continue to aggressively engage the world in order to modernize the nation, bolster our security and attract new investments to lift up our poor.

Last week, we traveled north to Japan to advance the interests of our nation with one of Asia’s new giants. The trip to Japan was successful in bringing more private investments, more government aid and greater support for peace and security to our nation.

This week, we travel south to visit our friends and staunch allies in New Zealand and Australia. These two great nations are partners of the Philippines in expanded trade, increased security cooperation and closer cultural relations.

In New Zealand, we are honored to be spending so much time with Prime Minister Helen Clark. Prime Minister Clark is a leader on interfaith dialogue and cooperation. She is a prime catalyst for greater understanding among all peoples of all faiths in our region.

Interfaith dialogue is a vital component of our peace initiative in Mindanao. We welcome the role that New Zealand and Australia both play there in terms of financial and diplomatic initiatives.

In Australia, we will join Prime Minister Howard. We will witness the signing of a historic defense cooperation agreement between our two nations. This Status of Forces Agreement will help professionalize the Philippine Armed Forces, provide new equipment and strengthen our fight against terrorism.

In Australia and New Zealand, we will once again be advancing our economic as well as security interests through meetings with private investors and businesses interested in locating in the Philippines. We will continue to promote the benefits of the Philippines with every ounce of our energy. Our nation’s economy is on a permanent path of growth and stability. We are the best value in Asia due to our well-educated and hardworking people.

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President Gloria Macapagal-Arroyo left at 5 p.m. today for New Zealand for another "foreign engagement" which she described as a "central pillar of our economic gains and national security."

The President, wearing a simple brownish gray suit and black pump heels, was sent off by Executive Secretary Eduardo Ermita, House Speaker Jose de Venecia Jr., New Zealand Charge d’ Affairs Steve Macombie, Executive Secretary Eduardo Ermita, Customs Commissioner Marcelino Libanan, and Armed Forces Chief of Staff Hermogenes Esperon, among others.

The presidential party included Foreign Affairs Secretary Alberto Romulo, Philippine Ambassador to New Zealand Bienvenido Tejano, Trade Secretary Peter Favila, Agriculture Secretary Arthur Yap, Environment Secretary Angelo Reyes, Sen. Miriam Defensor-Santiago, chair of the Senate’s Committee on Foreign Affairs; Press Undersecretary Robert T. Rivera, and Office of the President Special Operations Group (OPSOG) Head Col. Carlos Clet.

In her departure statement, the Chief Executive stressed that the Philippines "must continue to aggressively engage the world in order to modernize the nation, bolster our security and attract new investments to lift up our poor."

"This week, we travel south to visit our friends and staunch allies in New Zealand and Australia. These two great nations are partners of the Philippines in expanded trade, increased security cooperation and closer cultural relations," she said.

The President added that she is "honored to be spending so much time with Prime Minister Helen Clark" who is a "leader on interfaith dialogue and cooperation (and) a prime catalyst for greater understanding among all peoples of all faiths in our region."

"Interfaith dialogue is a vital component of our peace initiative in Mindanao. We welcome the role that New Zealand and Australia both play there in terms of financial and diplomatic initiatives.

The President will be visiting Australia after her four-day visit to New Zealand.

"In Australia and New Zealand, we will once again be advancing our economic as well as security interests through meetings with private investors and businesses interested in locating in the Philippines.

"We will continue to promote the benefits of the Philippines with every ounce of our energy. Our nation’s economy is on a permanent path of growth and stability. We are the best value in Asia due to our well-educated and hardworking people," the President said.

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