Are the projects being pursued by the OFWNet Foundation and OFW International Holdings under their so-called OFW Reintegration Program valid, legitimate and viable? These were among the questions raised by Sammy de los Santos, a financial consultant based in Jeddah, in his article "Noble Mission Statements No Guarantee for Safe Investments" published by Arab News on May 1. On May 12, Arab News published a point-by-point reply by OFW International Holdings official Jimmy Leonida, the gist of which was that their projects are all within the bounds of Philippine laws and are based on sound business practices. Tony Ranque, a co-convenor of the International Convenors for OFW Voting Rights in Alkhobar, comments on Leonida's reaction.

ALKHOBAR, 17 May 2003 -- I was expecting a point-by-point reply to the concerns raised by Sam delos Santos in his commentary but was disappointed as the more important ones are still left hanging.

I believe most, if not all OFWs, believe in the vision and mission of OFWNet/OFWHoldings of political and economic empowerment of OFWs which is basically the wish of all of us, but it is in the strategies and approaches to attaining the realization of the vision and mission that we will always differ.

The OFW Reintegration Program has been in existence since the mid-90s -- I agree many have tried and failed -- and there is no harm in trying again and again as it is also every OFW's wish to go back to our homeland and live together with his/her family again. The sooner, the better.

Let OFWNet and OFW Holdings take their chosen course and let the future be the judge of all their efforts.

However, every thinking OFW has the obligation to keep his/her fellow OFWs well informed to make a more intelligent decision, especially when investing his/her hard-earned money. We have to show each side of the coin as there are two sides of an issue always.

So provided we stick to discussing issues and not personalities, the result will always be that everyone becomes a winner.

As one of the only two OFWs denied membership by OFWNet/ OFWHoldings and therefore not qualified to invest into OFWHoldings (the other one is Gerry Capati -- we were told that we failed on the 6-month probationary period, a requirement which was non-existent at the time we remitted our money), may I just comment on what Jimmy Leonida had said:

''Question: Do you have the secondary license to solicit or offer shares of stocks in the primary market?

Answer: We do not have that yet. It does not necessarily mean, however, that what we are doing is illegal (e.g. only members of a private organization get to own stakes with OFW International Holdings).''

My Comment: Registration Statement is required to be submitted to and approved by the Securities and Exchange Commission (SEC) in order to sell shares of stock to those other than the original incorporators and stockholders. As confirmed by Jimmy, OFWHoldings is currently working for the application of secondary license, but as I understand it has only submitted the Registration Statement which has been undergoing investigation by SEC.

Obtaining SEC approval of the Registration Statement seems to be taking a long time (since it was filed last August 2002) maybe due to Jimmy's claim that the OFWHoldings adopts unconventional and non-traditional approaches.

Q: What is/are the difference/s between OFW International Holdings and Multitel, MMG, TMG, etc.?

A: We have actual operating units.

My Comment: OFWHoldings' operations was not compared to pyramiding companies like Multitel, MMG and TMG so there is no need to elaborate on the difference.

Financial statements are available in a timely and accurate manner. They are made available to stockholders as mandated by law and jurisprudence.

Q: How about transparency?

A: Financial statements are provided to directors and stakeholders on a periodic basis.

My Comment: In my six-month stay with OFWNet/OFWHoldings as a member "on probation," I never saw any periodic financial statement issued. In fact, I had always advocated transparency and accountability internally within OFWNet/OFWHoldings but my pleas fell on deaf ears or the replies were that the information I requested were confidential in nature.

In most companies maintaining their websites, annual financial reports and periodic review of operations are published as a part of investor services for the information of everybody, including prospect investors. Why can't OFW Holdings do the same?

Q: What are your present and planned activities?

A: Our currently operating SBUs (small business units) include ...

My Comment: May we know the respective ROIs for these currently operating SBUs? If I were an investor, when do I expect to earn from my investment?