DOLE to open ‘OFW Bank’ by September

Date Posted: 05/7/2017

MANILA, Philippines –  Expect enhanced services and programs that will ease the lives of overseas Filipino workers (OFWs) by September, according to the Department of Labor and Employment (DOLE).

In a statement yesterday, Labor Secretary Silvestre Bello III said the government would come up with an “OFW Bank” which will cater to the remittance and other banking needs of Filipino migrant workers all over the world.

“The creation of the OFW Bank is one of our initiatives to benefit our migrant workers. This bank is dedicated to the needs of our OFWs and will be partly owned by them,” Bello added.

With an authorized capital of P3 billion and subscribed capital of P2 billion, the OFW Bank will open P1 billion of its capital to OFWs for subscription and for them to become part-owners of the bank.

Bello said the development and issuance of the OFW identification (ID) card, which will allow easy transactions with government and private agencies, is already underway.

Published Date: May 7, 2017
Source: Philstar