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Tuesday, September 27, 2016

WATCH: OWWA Pooled Php 19.2 Billion To Establish BANK OF OFWs

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According to Labor Secretary Silvestre Bello, in regards to the plan of the government to open a bank for OFWs, the Overseas Workers Welfare Administration (OWWA) has pooled almost PhP 19.2  billion from OFW contributions. The plan is that they will use this money to buy a bank. 

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.

He also advised OFWs to be wise in their expenditures instead of spending so much on gadgets like cellphones, instead he encourage them to save more for the rainy days.  
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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.
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The  current administration has spoken about this plan to open a bank for OFWs even before the announcement of Sec. Bello. 



OWWA AND DTI OFFER UP TO P2 MILLION LOAN FOR OFW
VIDEO WATCH: DUTERTE TO OFWs: YOU WILL COME HOME TO A BETTER PHILIPPINES


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