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Wednesday, July 17, 2024

Overseas Filipino Bank to offer cheaper rates: DOLE

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MANILA— The Department of Labor and Employment (DOLE) is encouraging overseas Filipino workers (OFWs) to invest in the Overseas Filipino Bank (OFB) and take advantage of its services and offers as it is partly owned by them.

“It will be wise for them to invest in the bank because they actually own the bank,” said DOLE Secretary Silvestre Bello III in a statement.

OFB was created through Executive Order (EO) No. 44 signed by President Rodrigo Duterte.

“As the Secretary of Labor and under the executive order, I can nominate one to represent DOLE, another one to OWWA, and the other one is for the overseas-based Filipinos. We will increase the representation of the OFWs by buying more shares that will entitle them to two or three board seats,” Bello said.

With this, Bello noted that OFB will ease the financial burden of millions of overseas Filipinos with its efficient and low remittance service rates and profitable investment offers.

“The bank will provide our overseas Filipinos the most effective and cheapest or free transfer of their remittances. We are also able to get the consent of Land Bank President Alex Buenaventura that the interest rate in the loan packages will only be at 2.5 percent per annum. Ang laking bagay niyan compared to other banks. This will give our OFWs the venue for their investment,” he said.

Bello added that the branches of OFB will be put up in all Philippine Overseas Labor Offices.

The bank, which is not only limited to OFWs, is dedicated to provide financial products and services tailored to the requirements of all overseas Filipinos, and focused on delivering quality and efficient foreign remittances services.

Through the EO, the Philippine Postal Savings Bank (PPSB) will be acquired by the Land Bank of the Philippines (LBP) and will be converted into the OFB. The bank will provide priority support to the growing financial needs of overseas-based Filipinos, who contribute to the country’s foreign exchange income, currency stability, employment, and overall economic growth through their remittances.

The bank will be managed by a board of directors headed by the LBP President as chairman, LBP-designated President as vice chairperson, four LBP-designated directors or officers as members, and members representing DOLE, the Overseas Workers Welfare Administration (OWWA) and the private sector member representing overseas Filipinos. (By Ferdinand Patinio/PNA)

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