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Tuesday, May 16, 2017

OFW Bank to Offer Zero-Interest Loans to OFWs?

If you are an Overseas Filipino Workers (OFW), you and your families will mainly benefit the OFW Bank that is expected to be operational this year.  Department of Labor and Employment (DOLE) Secretary Silvestre Bello III said, that the main goal of OFW Bank is to cater migrant workers remittances and their banking needs.  This is based on directives of President Rodrigo Duterte on his promise OFW to make their concern and life easier while working abroad.



(DOLE, magtatatag ng 'OFW Bank')

If you are an Overseas Filipino Workers (OFW), you and your families will mainly benefit the OFW Bank that is expected to be operational this year.

Department of Labor and Employment (DOLE) Secretary Silvestre Bello III said, that the main goal of OFW Bank is to cater migrant workers remittances and their banking needs.

This is based on directives of President Rodrigo Duterte on his promise OFW to make their concern and life easier while working abroad.





The main purpose if to allow OFW to send money to their families without any remittance fee and to borrow from the bank without any interest.

Currently, the OFW is paying7.68% average remittance fee and 5.2% in average borrowing interest rate.

With OFW Bank, migrant workers can save and OFW families will be more flexible with their expenses.

Land Bank of the Philippines President and CEO Alex Buenaventura said personal loan application for OFWs will be made simple. OFWs only need to prove that they have a capacity to pay and the loanable amount depends on the purpose of the loan.

He added, the bigger the amount, the longer time will be given for the OFs to pay for their loans. The bank also plans to give a volume discount to lower interest.





Aside from OFWs, local Filipino workers in the country can avail the benefits of OFW bank too after a year to two when it will be converted into a more diverse "Worker's Bank."

DOLE explained that while OFW is expected to enjoy the benefits of the OFW bank this year, local Filipino workers can avail of these benefits too after two years when it will expand into a more diverse "Worker's Bank".

(Watch:Government to establish bank for OFW)

“But the OFW bank will maybe after 1 or 2 years become Worker’s Bank para lahat ng manggagawa maging owners of this bank”, Bello said.

As of the moment, the government is already drafting a law that would establish the OFW Bank.

According to Duterte the creation of a bank for migrant workers requires a law and cannot be done through an executive order.

Aside from the OFW Bank of the government, the Land Bank of the Philippines (LPB) will have it's own OFW Bank by September 1, 2017.

It is said that if this two banks will succeed, there are possibilities that private banks will also follow and established their own OFW Bank.

(Watch:UB: Pres. Duterte, planong gawing OFW Bank ang Postal Bank)

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