January 17 – President Duterte finally launched the Overseas Filipino Bank to cater the needs of OFWs across the world. This bank will hopefully cater the financial needs of OFWs as well as their families.
State-owned Land Bank of the Philippines will run the Overseas Filipino Bank and it was first launched in Manila at the Postbank Center.
In the speech of President Duterte, he emphasized his satisfaction upon completing one of his promises during his campaign period.
One of his vows was to implement a bank for Filipino migrant workers that will provide fast and efficient services to OFWs and their families in the Philippines.
“I am very happy that I fulfilled my campaign promises,” says President Duterte in the launching of OFW bank.
This OFW bank will offer loans, remittance, deposits, investments and payment services to cater the needs of Overseas Filipino Workers.
It will also offer products like Peso ATM Savings, Checking accounts and Time Deposit. Soon after, the bank will cater a credit facility for OFWs in their house and business construction.
OFW bank also offers fast payment from abroad for Overseas Workers Welfare Administration membership, Social Security System contributions, Philhealth dues, credit card payments, insurance premium contributions, water bills, telephone bills, housing loans, business loans and even tuition fees for beneficiaries.
An easy credit-to-account system will also be available in OFW bank. This allows fast remittances from OFWs abroad to their loved ones in the Philippines.