5,770 guests

OFW bank to provide cheaper rates -- DoLE

THE Department of Labor and Employment yesterday said the Overseas Filipino Bank will give overseas
Filipino workers a venue for their investments.

Labor Secretary Silvestre Bello III said the OFB will ease the financial burden of millions of
overseas Filipino workers with the bank’s efficient and low remittance service rates and profitable
investment offers.
    
“The bank will provide our overseas Filipinos the most effective and cheapest or free transfer
of their remittances. We are also able to get the consent of Land Bank President Alex Buenaventura that
the interest rate in the loan packages will only be at 2.5 percent per annum. Ang laking bagay niyan
compared to other banks. This will give our OFWs the venue for their investment,” Bello said.
    
The bank, which is not only limited to OFWs, is dedicated to provide financial products and
services tailored to the requirements of all overseas Filipinos, and focused on delivering quality and
efficient foreign remittances services pursuant to Executive Order No. 44 signed by President Rodrigo
Duterte early this week.
    
Through the EO, the Philippine Postal Savings Bank will be acquired by the Land Bank of the
Philippines and will be converted into the OFB. The bank will provide priority support to the growing
financial needs of overseas-based Filipinos, who contribute to the country's foreign exchange income,
currency stability, employment, and overall economic growth through their remittances.
    
The bank will be managed by a board of directors headed by the LBP President as chairman, LBP-
designated President as vice chairperson, four LBP-designated directors or officers as members, and
members representing DoLE, the Overseas Workers Welfare Administration, and the private sector member
representing overseas Filipinos.
    
Bello encouraged OFWs to invest in the bank and take advantage of the bank services and offers
as it is partly owned by them.
    
“It will be wise for them to invest in the bank because they actually own the bank. As the
secretary of labor and under the executive order, I can nominate one to represent DoLE, another one to
OWWA, and the other one is for the overseas-based Filipinos. We will increase the representation of the
OFWs by buying more shares that will entitle them to two or three board seats,” he added.
    
The Labor chief said the branches of OFB will be put up in all Philippine Overseas Labor
Offices to reach more overseas Filipinos to provide them with quality and efficient foreign remittance
services.