CBRC NEWS LIVE:RODY INTRODUCES OFW BANK
President Duterte initiated the opening of the Overseas Filipino Bank, last January 18, at Liwasang Bonifacio in Manila.
This is to address the financial needs of Filipino workers abroad who continuously contribute to the economic growth of the Philippines. For the other details, here is Pia Garais.During the event, President Duterte expressed his fulfillment concerning his promise in the election, one of which is to concentrate on OFWs. It was September last year that he signed the Executive Order 44, making Landbank in possession of the Philippine Postal Savings Bank, (PPSB), then directed the former to convert the latter to an OFW Bank.
The said bank will offer a wide range of services to Filipinos working outside the Philippines including deposits, loans, investments, payment, and remittance services. As of now, only the remittance service is rendered by most banks.
To highlight, this OFW bank opening makes Filipino employees abroad and their beneficiaries avail to a credit facility, where they can get funds should they wish to build their own home or business. Furthermore, the bank also provides payment services which let them pay from abroad their bills in the Philippines such as SSS, PhilHealth, and even the tuition fee of their dependents, among others.
As per Bangko Sentral, the total remittances of OFWs reached $26.9 billion in 2016, making it 5.5 percent higher than 2017.
In light of this good news, OFWs can now have an easier access to payments and money remittances through the newly opened OFW Bank, which will run its operation through its sole branch in Liwasang Bonifacio in Manila and 423 branches of the Land Bank of the Philippines together with its extension offices.