OFW BANK TO BE OPERATIONAL THIS 2016 OR EARLY NEXT YEAR - LABOR CHIEF

The government is already processing the establishment of Overseas Filipino Workers (OFW) Bank.

Labor and Employment Secretary Silvestre Bello III said this will recognize the significant contribution of modern-day heroes of the Philippines.

Bello revealed that his memo to President Rodrigo Duterte regarding the establishment of OFW Bank was already initially approved.

He said the OFW Bank will be operation by the end of the year of by first quarter of 2017.

(WATCH:Duterte: I will create a bank for OFWs)

According to the labor chief, the ownership of the bank will be open to all 4.8-million OFWs at P1,000 per share.

It will be the largest commercial bank in the country bankroll key government and private projects geared toward sustainable economic growth.

Bello added that the capital of the bank which amounted to P3 billion will come from the funds of Overseas Workers Welfare Administration, the Employees Compensation Commission and the OFWs themselves which initially amount to P80 billion.

SEE ALSO: 

DUTERTE PLAN TO CREATE OFW BANK, AND PROMISED TO FIX THE ECONOMY SO FILIPINO'S NEED NOT SEEK JOB OVERSEAS

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

OFW BANK IS GAINING SUPPORT

Philippine Postal Corp. (PHLPost) assistant postmaster general for marketing Luis Carlos is supporting the idea of President Duterte to convert Philippine Postal Savings Bank (Postal Bank) into OFW bank.

Through Postal Bank, Carlos believe that it will deliver better services to OFWs and their families.

(Dipolog Branch of Postal Bank)

“It is a good idea if the President would like to do that… To me it makes sense because some of the postal corporations in other countries already have banking functions inside their post offices,” said Carlos.

There are only 25 branches of Postal Bank in the whole country but it could tap more than 1,000 branches and couriers of PHLPost all over the Philippines to help deliver OFW remittances.

“Many of our OFWs left their families here in the Philippines for (greener) pastures abroad… Hopefully, we would be able to allocate a space in every post office in the country and install a teller of the Postal Bank to process the transactions,” Carlos added. (Source: The Standard, The Philippine Star)

SEE ALSO:

GOOD NEWS! NAIA NOW HAS EXCLUSIVE ENTRANCE FOR OFWS


PASSPORT PROCESSING GUIDE AND LIST OF DFA BRANCHES NATIONWIDE

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WATCH: "THE NEXT GENERATION OF FILIPINOS WILL NOT BE OVERSEAS WORKERS" - PRES DUTERTE

President Rodrigo Duterte made a new vow when he faced Filipinos is Japan on his state visit.

According to the President, "The next generation of Filipinos will not be overseas workers."

When the president arrived in Japan, he reiterated his earlier promise to work hard to improved the economy of the Philippines.

(WATCH:Live: NapakaLUPET na Speech ni Duterte sa Tokyo JAPAN Filipino Community)

"Ang pagtrabaho n'yo sa ibang bansa, hanggang diyan na lang. Next generation, [sa] Pilipinas na [magtrabaho]," 

"We have to improve the economy na hindi ka na babalik dito, na kung bumalik ka rito, baka-bakasyon na lang."

In his arrival speech from his state visit to Indonesia last September, the president urges the Filipinos to work with his administration.

Duterte also said that his administration is working very hard to ensure that there will be economic opportunities available in the Philippines.

"Working abroad should be an option and not a need." This is the objective of the administration of President Rodrigo Duterte for all Overseas Filipino Workers (OFWs) in the different part of the world.

SEE ALSO:

WORKING ABROAD WILL BE AN OPTION AND NOT A NEED - PRES DUTERTE

In his heart-touching speech in front of OFWs in Laos before the ASEAN Summit last September, this was the president's promise to OFWs;

• OFWs will come home to a better Philippines 
• Government system in the Philippines will be better.
• Fix the country. 
• Get rid of the corrupt government officials.

(WATCH:HEART TOUCHING SPEECH OF PRESIDENT DUTERTE TO THE OFW OF LAOS BEFORE THE ASEAN SUMMIT 2016)

SEE ALSO:

VIDEO WATCH: DUTERTE TO OFWs: YOU WILL COME HOME TO A BETTER PHILIPPINES

LIST OF DUTERTE'S $24-BILLION INVESTMENTS AND PROJECTS FROM CHINA THAT LP SENATORS ARE ASKING FOR A REVIEW

CHINA WILL IMPORT MORE FROM THE PHILIPPINES LIKE BANANAS AND MANGOES

©2016 THOUGHTSKOTO

WORKING ABROAD WILL BE AN OPTION AND NOT A NEED - PRES DUTERTE

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"Working abroad should be an option and not a need." This is the objective of the administration of President Rodrigo Duterte for all Overseas Filipino Workers (OFWs) in the different part of the world.

According to the President, his administration will work very hard to ensure that there will be economic opportunities available in the Philippines.

He also asked Filipinos to work with his administration in his arrival speech from his visit in Indonesia.

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On his first official visit to Laos, Duterte promised to Filipino Community there that he will do anything so that OFWs can come home to a "new" Philippines, a country with a system and a country that is better than before.

VIDEO WATCH: HEARTWARMING MESSAGE OF DUTERTE TO PINOY COMMUNITY IN LAOS

Last August, Duterte orders repatriation of 11,000 stranded workers that left jobless in Saudi Arabia due to the oil crisis.

VIDEO WATCH: PAGSALUBONG NI DUTERTE SA MGA OFW GALING SAUDI

SEE ALSO:
ANOTHER REMINDER TO ALL OFWS: BEWARE OF "UTANG" IN ABROAD

NEWS POST: SOME REMINDERS TO ALL OFWS AND EXPATS IN SAUDI ARABIA

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©2016 THOUGHTSKOTO