DAVAO CITY – The Department of Trade and Industry (DTI) launched a P65 million virtual poultry project which is tailored to upbeat Filipinos abroad to become overseas contract investors.

“This is an opportunity for overseas Filipino workers (OFWs) to put their money to reasonable means. This project will bring them return on investment because they themselves own the company,” Vicente Lao of the Mindanao Business Council (MinBC) said.

However, only active Overseas Workers Welfare Administration (OWWA) members are allowed to participate as holders of the preferred shares of the poultry company, he added.

President Arroyo also flew to this city to personally interact with the beneficiaries of the program.

“I hope that this project will become a catalyst in improving the lives of the people in Davao region,” Mrs. Arroyo told the audience during the recent Saba Banana Integrated Development Program and Virtual Poultry Farming Program launching at the Marco Polo Hotel, this city.

It was gathered that the project is in partnership with San Miguel Foods, Inc., and is co-owned by Maharlika Agro Venture Corporation.

Maharlika controls 51 percent of the P65 million stock and the OWWA-member-investors, who hold the newly issued seven percent redeemable preferred shares of North Star Asia Holdings Corp.

Maharlika is a breeder and grower of grandparent stock under SMFI contract. It has been successfully operating as a contract breeder and grower stock and broiler chicken and as a contract hatcher for San Miguel Foods, Inc. (SMFI).

The Virtual Poultry Farming Program brings about the establishment of a poultry company that will be co-owned by Maharlika and OWWA member-investors. The latter will then be holders of newly issued seven percent redeemable preferred shares.