OFWs’ bank opens this year

THE Philippine government is set to put up a bank designed specifically for overseas Filipino workers before the end of 2017

Labor Secretary Silvestre Bello III said the bank will be operational either by October or November this year.

CitingPresident Rodrigo Duterte’s instructions, Bello said, the  bank will allow OFWs to send remittances without a fee, and to borrow money with no interest rates.

“Sabi niya i-announce mo, meron ng OFW bank, bangko na sariling pag-aari ng mga OFW,” Bello said

The labor chief added that there is a possibility that after a year or two, the OFW bank will be converted to a “Workers’ Bank” but no further details have been disclosed.
“But the OFW bank will maybe after 1 or 2 years will become Workers’ Bank para lahat ng manggagawa maging owners of this bank,” he said.
The Land Bank of the Philippines last year announced that it will set up a lender party-owned by OFWs by September next year when it finishes its acquisition of Postal Bank.