CITY OF SAN FERNANDO, Pampanga –- Migrant workers in Central Luzon and their families expressed gratitude to President Rodrigo Duterte for the creation of the Overseas Filipino Bank (OFB).
The bank, they said, is a tool that could provide families of OFWs affordable financial and banking services, which could give them access to more business opportunities.
Maritess Alfonso, a cashier in one of the hotels in Macau, who is now on a one-week vacation here, said she is happy that there would soon be a bank dedicated to overseas Filipino workers (OFWs).
“This is indeed a welcome development and I do hope that sending money through OFB to our family would be safer, cheaper, and convenient,” Alfonso said.
She disclosed that she goes to remittance centers to send money while abroad.
On the other hand, Danilo Padua, 37, who has been working in Dubai, United Arab Emirates for seven years, said he is excited to know that there would be a new bank that will take care of their hard-earned money.
“This is good news. I am looking forward to various financial and banking services that the OFB can offer,” Padua said in an interview.
He is optimistic that the bank would offer low remittance charges and taxes as compared to other banks.
For the family of Jorge Castillo, a construction worker in Doha, Qatar for more than 10 years, the creation of the OFB is a demonstration of President Duterte’s strong commitment to help and support OFWs.
“We would like to thank President Duterte. This might be the beginning where we could also help our father to start a small business here through availing loan assistance in this newly-created OFW bank which we heard would offer zero, if not lower loan interest,” Castillo’s daughter, Fatima said.
Likewise, Pablo Esguerra, one of the displaced workers in Saudi Arabia, sees the OFB as a big help for those who lost jobs abroad like him.
“This might be another vehicle to start a living here. Although, I received some financial assistance through other government agencies, the OFB might open other business opportunities through zero-interest loan assistance,” Esguerra said.
On September 28, President Rodrigo Duterte signed an executive order converting the Philippine Postal Savings Bank (PPSB) into a bank that will deliver microfinance and micro-insurance products and services for OFWs.
Through Executive Order No. 44, the PPSB will be acquired by the Land Bank of the Philippines (LBP) and will be converted into the Overseas Filipino Bank (OFB). LBP was mandated to infuse the necessary capital to OFB, which will be composed of nine members.
The OFB Board would consist of LBP as chairperson, LBP-designated OFB president as vice chairperson, four LBP-designated directors as members, a representative from Labor department, a representative from Overseas Workers Welfare Administration, and a representative from the private sector. (PNA)
