The Overseas Filipino Workers Bank will start operations in September this year with an initial capital of P3 billion, Labor Secretary Silvestre Bello III said Friday.
Bello said the OFW bank, which is partly owned by OFWs themselves, will provide enhanced services and programs for the benefit and ease of millions of Filipino workers abroad.
“The OFW Bank will cater to the remittance and other banking needs of Filipino migrant workers all over the world,” he said. “The creation of the OFW Bank is one of our initiatives to benefit our migrant workers. This bank is dedicated to the needs of our OFWs and will be partly owned by them.”
With an authorized capital of P3 billion and subscribed capital of P2 billion, the OFW Bank will open P1 billion of its capital to OFWs for subscription and to become its part-owners.
The Labor secretary said that the development and issuance of the OFW Identification Card, which will allow easy transactions with government and private agencies, is already under way.
“Using the OFW ID, they can easily access their government records electronically, without the need to go to concerned government offices,” Bello said.
The ID card can also serve as a debit card and an ATM card for OFW banks, as well as a “Beep” card for the Light Rail Transit and Metro Rail Transit train lines.
Meanwhile, Bello also said the Labor department and the Overseas Workers Welfare Administration will extend its micro-financing loans from to P50,000 to P300,000 to repatriated OFWs as capital for them “to get back on track and re-establish sustainable living for their families.”
“As one of the directives of President Duterte, DOLE together with OWWA shall ensure the reintegration of our repatriated OFWs by helping them and their families through various livelihood opportunities and other income-generating means,” he added.
