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GMAs deposit scheme for OFWs

President Gloria Arroyo will launch a new deposit instrument designed to ease the fluctuations in currency rates on the remittances of overseas Filipino workers (OFWs) with the Long-Term Negotiable Certificates of Deposit scheme presented by the Land Bank of the Philippines as investment opportunities for OFWs. Bukt the plan immediately drew criticisms from OFWs. Land Bank president Gilda Pico said the flotation of the instrument in P20,000 denomination has a five-and-a-half- and 10-year maturity periods, and will yield an annual interest of 6.25 and 6.88 percent,respectively. An OFW who invests P20,000 in the new deposit instrument will earn an interest of P8,056 in five-and-a-half years.

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