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DOLE: OFW Bank vows to offer cheaper rates for remittances

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.

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

Mary Joy Ersando, who has been working as a nurse in Saudi Arabia for about 10 years, said she hopes the new bank will offer business and housing loans to OFWs at lower interest rates.

“Sana yung bank na ‘yan, will grant loans na merong low interest rates for housing, small scale business or personal loans,” Ersando said.

Bello noted that OFB will ease the financial burden of millions of OFWs with its 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 added.

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

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

The bank, which is not only limited to OFWs, aims to provide priority support to the growing financial needs of OFWs, who contribute to the country’s foreign exchange income, currency stability, and overall economic growth through their remittances.

Source: Philippine News Agency (PNA)

Related: OFW bank to open in January

https://filipinotimes.net/news/2017/10/14/ofw-bank-open-january/

Related: OFWs in UAE laud creation of OFW bank

https://filipinotimes.net/top-stories/2017/10/10/ofws-uae-laud-creation-ofw-bank/

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