Davao City – President Rodrigo R. Duterte is set to lead the launching of the Overseas Filipino Bank (OF Bank) on January 18, Department of Labor and Employment Secretary Silvestre H. Bello III announced during a press conference with the local media last Saturday, January 13, 2018.
Secretary Bello shared that the bank was acquired by the Land Bank of the Philippines from the Philippine Postal Bank, with overseas workers eventually holding control of the interests in the future.
“The OFWs have P20 billion held in trust for them by the Overseas Workers Welfare Administration,” Bello said.
The OFWs could have purchased the bank themselves without the help of LandBank, Bello said.
The Labor Secretary shared that the bank was initially named after overseas Filipino workers but the board of directors decided to include overseas Filipinos as a whole for them to avail of all the services of the institution. OF Bank targets to provide services such as reduced costs of dollar remittances.
“That service will become free eventually,” he said.
Other services include personal loans ranging from P50,000 to P350,000, with no collateral.
The launching of the OF Bank will be held in Metro Manila with representatives of other agencies such as the Philippine Postal Corporation and LandBank.
Moreover, Secretary Bello mentioned that the bank will open branches in Bahrain, Dubai, and Abu Dhabi.
KMGL with reports from Mindanao Times