CBCP official lauds creation of OFW bank

CBCP official lauds creation of OFW bank

Departing OFWs wait in line to check in at the Ninoy Aquino International Airport (NAIA) Terminal 1. FILE PHOTO

MANILA— A special bank opened this month for overseas Filipino workers would be of help to the OFWs and their families, a Catholic bishop said.

Bishop Ruperto Santos, chairman of the CBCP Episcopal Commission on Migrants and Itinerant People, said it would provide more protection to the remittances sent by the more than 10 million OFWs around the world.

“It is a valuable help as they can save from higher remittance fees of foreign banks in those countries of work, and they can be protected from investment scams,” he said.

The government on Jan. 18 inaugurated the Overseas Filipino Bank (OFB) in Manila which offers a fast, secured, and cheapest remittance system.

“With OFB our migrant workers are encouraged to save, to keep their money to earn interests and so they can avoid unnecessary spending,” Santos said.

The OFB was President Rodrigo Duterte’s campaign promise to help the Filipinos working overseas, including immigrants and those with residence visas.

The President signed Executive Order 44 in September 2017, allowing the Land Bank of the Philippines’ acquisition of the Philippine Postal Savings Bank (PPSB).

The EO then authorized the PPSB’s conversion into OFB, which offers microfinance and micro-insurance products and services for Filipinos abroad.

The government is also planning to set up OFB in foreign countries to make it more accessible to Filipinos abroad. CBCPNews