State-run Development Bank of the Philippines, the eighth-largest lender in terms of assets, signed a partnership agreement with the Overseas Workers Welfare Administration to implement the agency’s rebate program benefitting 167,000 qualified members.
DBP president and chief executive Emmanuel Herbosa said under the memorandum of agreement, DBP would serve as the disbursing bank where rebates using the PESONet facility would be credited directly to OWWA members’ bank accounts in any of the 53 participating financial institutions with no additional deductions.
“We are pleased to be of service to the overseas Filipino workers as DBP continues to safeguard the benefits of overseas Filipinos whose contributions have helped a lot in the development of our country,” Herbosa said.
DBP is the eighth largest bank in the country with assets totaling P700.9-billion as of end September 2019.