During his speech at Hong Kong University, Secretary Bello said that the plan is to buy Philippine Postal Bank and that the name will be changed to OFW Bank. According to him, OFWs can purchase shares in the bank and become share holder or stock holder. This will also allow OFWs to easily apply for housing loan or borrow money as capital for business.
While in Hong Kong, Bello visited the Filipinos who are seeking refuge from the abuse of their employer.
He also met with labor officials in Hong Kong regarding the suggestion to add a clause in OFWs’ contracts saying the cleaning of windows in high-rise buildings should not be included in the service agreement. This is after the many incidences that claimed the life of many domestic workers who fell as they try to clean the tower block windows in their employers residence.
During his visit, he assured the Filipino workers there who are planning to return home that the government will assist them so that they can start a business.
The current administration has spoken about this plan to open a bank for OFWs even before the announcement of Sec. Bello.
Read: President Duterte Plans To Open Bank For OFWs