OFW Bank will have Ph3 billion authorized capital

Date Posted: 05/17/2017

The Overseas Filipino workers’ bank projected to open in September , will have an authorized capital of P3 billion and subscribed capital of P2 billion, according to the government-run Philippine News Agency (PNA).

Of the amount, PNA, citing Labor Secretary Silvestre Bello III, reported that the bank will open Ph1 billion of its capital to OFWs for subscription and to become part owners.

“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 said in a statement.

The establishment of the bank is part of government efforts to improve services and programs for overseas Filipinos.

OFs annual send an aggregate total of $25 billion in remittances annually, according to government records.

Meantime, Bello also reportedly said the government likewise plans to issue the OFW Identification Card, which will speed up transactions with government and private agencies.

“Using the OFW ID, they can easily access their government records electronically, without the need to go to concerned government offices,” he said.

The card can also be used as a debit card and an automated teller machine card, as well as a “Beep” card for the Light Rail and Metro Rail transit lines.

Published Date: May 15, 2017
Source: Filipino Times