Special financial packages from OFW bank sought

By , on October 17, 2017


Under E.O. 44, the LBP is also ordered to infuse fresh capitals to strengthen the capital base of the OFB to effectively provide the needed banking services to the OFWs. (Photo: Philippine News Agency)
FILE: Under E.O. 44, the LBP is also ordered to infuse fresh capitals to strengthen the capital base of the OFB to effectively provide the needed banking services to the OFWs. (Photo: Philippine News Agency)

ZAMBOANGA CITY—  Overseas Filipino Workers (OFWs) have welcomed the establishment of the Overseas Filipino Bank (OFB), which will start its operations next year.

Mary Joy Ersando, on Tuesday said she hopes the new bank will feature special financial packages for them to avail the benefits compared from the usual offerings being made by commercial banks in the country.

Ersando had been working as a nurse for at least 10 years in Saudi Arabia.

“Sana yan bank na yan (I wish this bank) will grant loans na meron (that has) low interest rates for housing, small scale business or personal loans,” Ersando said.

“Makakatulong yan kung yung (It will help if the) secured banking system are same sa mga (to the) top banks sa Pilipinas (in the Philippines),” she added.

True to his campaign promise, President Rodrigo Duterte issued last month Executive Order No. 44 allowing the state-owned Land Bank of the Philippines (LBP) to acquire Philippine Postal Savings Bank, Inc., a subsidiary of of Philippine Postal Corporation, and convert it to OFB.

Under E.O. 44, the LBP is also ordered to infuse fresh capitals to strengthen the capital base of the OFB to effectively provide the needed banking services to the OFWs.

The OFB will have nine-member board that will be chaired by LBP president.

Another Filipino banker, who is based in Doha, Qatar, noted they have yet to see the benefits and programs of the newly-established bank.

“It is a welcome development since there are millions of Filipinos who are sending their money to their families back home,” the banker, who only identified himself Nathaniel, said.

He said proper investment is one of key elements to help OFWs achieve financial security, especially those who are eyeing return home for good.