The much anticipated opening of OFW Bank in October will be delayed, according to Labor Secretary Silvestre Bello III.
The delay, he said, is caused by some technical requirements that needed to be addressed. The final date of its opening will be on January 2018, said Bello.
“Actually, dapat itong October ang launching ng OFW Bank. Kaya lang nakaroon ng additional requirement on corporate governance or something. To meet this additional requirement, nagcommit si Financial Secretary Carlos Dominguez III na the official launch will be on January 2018. Expect kayo na by first month of January 2018, magkakaroon na ng OFW Bank,” said Bello.
Bello also added that the bank, which will initially be devoted to service the overseas Filipinos will eventually be called Workers Bank that will provide service to Philippine-based workers, as well.
“Itong OFW Bank will eventually evolve into a Workers Bank para hindi lamang mga OFW ang maseserbiyuhan ng bangko na ito kung di lahat ng mga manggagawa. But it will take some time,” he said.
The secretary said the initial plan of buying the Philippine Postal Bank (PPB) and change it into OFW Bank did not push through. Instead Dominguez, who is also the chairman of Land bank proposed to buy PPB and make OFW Bank its subsidiary.
“Although hindi niya sinasabi pero alam ko ang worry ni Sec. Dominguez na kapag binili natin yung OFW Bank, di siyempre yung pera ng OFW ay malilipat lahat sa OFW Bank, baka magbank run ang Land Bank at DBP (Development Bank of the Philippines). Baka mawalan sila ng pera dahil ang pera ng OFWs ang pinapaikot ng dalawang bangko,” Bello explained.
The OFWs have a total of Ph20 billion deposited in Land Bank and DBP. About 60 percent is with Land Bank and 40 percent is with DBP, said the secretary.
Bello also added, about $28 billion is being remitted by OFWs every year.
“Kaya hindi biro ang terminong “Bagong Bayani,” kaya ganun nalamang kayo kaimportante sa ating Pangulo.”
Ownership of the bank will be open to all OFWs in the different parts of the world at Ph1,000 per share.
Once fully operational, OFW Bank aims to serve approximately 10 million OFWs around the world. (GC)
