OFW ID system, bank to be launched this year, Bello says

Date Posted: 02/16/2017

Labor Secretary Silvestre Bello III has promised an operational bank and ID system within the year to make remittances and verification of legal documents easier for overseas Filipinos.

In a statement, Bello said the OFW ID system, a major part of the Integrated DOLE System (iDOLE), will be launched by March while the OFW Bank is expected to be operational by November.

The new ID can be used to verify the identity of OFWs in transacting with government agencies, the OFW Bank, and other government banks.

It will link DOLE’s database with the databases of the Department of Foreign Affairs, Social Security System, Commission of Higher Education (CHED), Technical Education and Skills Development Authority (TESDA), and other agencies.

“Mawawala na rin yung mga pekeng dokumento tulad ng training o school certificate.  Malalaman kaagad kung authentic yung dokumento dahil maaaring i-validate online,” Bello added.

The ID will also serve as a Beep card for the LRT and MRT, and a debit and ATM card for OFW banks.

Meanwhile, OFWs will become part owners of the OFW Bank when it opens in November through shares of stocks.

According to DOLE, the ownership of the bank “is open to all 4.8 million OFWs at P1,000 per share”.

The OFW Bank will also have credit facilities and will cater to remittances and all the banking needs of Filipinos around the world.

It will be bankrolled by key government and private agencies and will have a capital of P3 billion from the Overseas Workers Welfare Administration, the Employees Compensation Commission and the OFWs themselves.

“Ang mga OFW natin nagsasakripisyo. Sa OFW ID at OFW Bank, matutulungan sila ng gobyerno na mas maging mabilis, maaayos, at kapakipakinabang ang kanilang mga transaksyon,” Bello said. —Rie Takumi/KBK, GMA News

Published Date: February 14, 2017
Source: GMA News