MANILA, Philippines, March 2, 2015 /PRNewswire-USNewswire/ -- The Aspen Institute Diaspora Investment Alliance (DIA) and the Commission on Filipinos Overseas (CFO) have partnered to launch the Philippine Philanthropic Fund (PPF). A Memorandum of Understanding was signed between the two parties during the Third Global Summit of Filipinos in the Diaspora on February 27, 2015 at the Manila Hotel.
The PPF aims to attract tax deductible donations from the Filipino diaspora in the United States using a well-established US philanthropic vehicle. The initiative is modeled after other philanthropic funds in the US which hold over $50 billion in their portfolios with the unique feature of allowing donors to nominate and select the recipients of grants.
"We are delighted to collaborate with the CFO on this landmark initiative. This will help catalyze diaspora resources to support high impact social projects and accredited organizations in the Philippines," DIA Director, Alexander Dixon, added.
"The CFO is excited to partner with DIA to eventually harness the resources of the Filipino Diaspora initially targeting those in the United States with its institutionalized culture of philanthropy" said CFO Chairperson, Secretary Imelda Nicolas.
This year DIA will pilot several of its solution innovations with the help of key strategic partners from both the public and private sectors. The pilot countries include the Philippines, Egypt, India, Kenya, and Colombia. The successful pilots will be scaled and replicated with other global diaspora communities. DIA's goal is to mobilize $100 million in diaspora funds for development.
The actual implementation of the PPF is set for the middle of this year.
The Commission on Filipinos Overseas is an agency of the Philippine government under the Office of the President, mandated to strengthen the socio-cultural-economic ties of overseas Filipinos with the Philippines and to promote their interests, rights, and welfare. CFO's Diaspora to Development (D2D) Program lays down 10 areas of diaspora engagement which include philanthropy, investment, entrepreneurship and volunteerism as contributions to home country development.
The Aspen Institute Diaspora Investment Alliance is a policy program at the Aspen Institute that is dedicated to the development of innovative solutions with strategic partners to address the challenges to diaspora impact investment and philanthropy in their countries of origin. DIA was formerly the Rockefeller Foundation-Aspen Institute Diaspora Program.