President Duterte Approves OFW Bank in Philippines
President Rodrigo Duterte has officially approved the creation of an OFW bank in the Philippines. In this way, OFWs will have a local bank who understands exactly what they need. This will not only make it easier for our kababayans abroad to avail loans but also enjoy financial assistance based on their need.
According to ABS CBN news, the new bank will be called Overseas Filipino Bank and was officially signed last September 28, 2017, under the Executive Order 44. Landbank will mostly be in charge of the new bank, with a 9 member board of directors. It aims to provide “efficient delivery of microfinance and micro-insurance products and services for Filipinos including those who live abroad.”
For that reason, the new bank will provide priority service to OFW workers including remittance services. In addition, the executive order also states that Philippine Postal Corporation and the Bureau of Treasury to transfer all Postbank shares to the new bank at 0 value.
— Dharel Placido (@dgplacido) October 9, 2017
This is good news not only to OFWs but also to their families in the Philippines. This will not only make it easier for them to save money, start a small business and possibly have better terms as they remit money to their loved ones here in the country.