The long wait is over for Overseas Filipino Workers (OFW) who wants to have OFW ID and gearing for the implementation or operation of OFW Bank.
This is after Labor Secretary Silvestre Bello III promised to implement this remarkable projects within the year.
Next month, the OFW ID system will be launched. It is a major part of integrated DOLE System (iDOLE).
The following will be uses of OFW ID
1. To verify the identity of OFW in transacting with government agencies, the OFW Bank, and other government banks.
2. The OFW ID will link DOLE's database with the databases of the Department of Foreign Affairs, Social Security System, Commission of Higher Education (CHED), Technical Education and Skills Development Authority (TESDA), and other agencies.
3. To eradicate fake documents such us training or school certificate. The OFW ID has a capacity through online validation to know if the OFW is using authentic documents or not.
4. The OFW ID will serve as Beep card for the LRT and MRT
5. It can be used as a debit and ATM card for banks
(WATCH: OFW ID system, explained by Admin Hans Leo Cacdac)
On the other hand, Bello assures OFWs to have a bank that is beneficial and will be operational by November this year.
The following are the benefits of OFW Bank
1. OFWs will become part owners of the bank through shares of stock
2. The bank ownership is open to all 4.8 million OFWs at P1,000 per share
3. The bank will have credit facilities for OFW where loans can be made.
4. It will cater OFW remittances
5. OFW bank will be open not just for OFWs but for all banking needs of Filipinos around the world.
(WATCH: Duterte wants department, bank for OFWs)
Bello added that the OFW bank will be having a P3 billion capital from Overseas Workers Welfare Administration, the Employees Compensation Commission and the OFWs themselves.
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