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Showing posts with label OFW Bank. Show all posts
Showing posts with label OFW Bank. Show all posts

Wednesday, May 08, 2019

OFW Bank To Start Operations Very Soon

As a fulfillment of President Rodrigo Duterte's promise to the overseas Filipino workers (OFW), he signed EO 44 directing the Philippine Postal Corp. (PhilPost) and the Bureau of the Treasury (BTr) to transfer their Postal bank shares to the Land Bank of the Philippines (Landbank) at zero value.
The Overseas Filipino Bank has been launched last year but it was not in full operation since then. According to labor Secretary Silvestre Bello III, the bank will operate as soon as the remaining 3 board members are appointed. That is also the statement of Presidential Spokesperson Salvador Panelo during a press briefing at the Malacañang Palace.
As a fulfillment of President Rodrigo Duterte's promise to the overseas Filipino workers (OFW), he signed EO 44 directing the Philippine Postal Corp. (PhilPost) and the Bureau of the Treasury (BTr) to transfer their Postal bank shares to the Land Bank of the Philippines (Landbank) at zero value. The Overseas Filipino Bank has been launched last year but it was not in full operation since then. According to labor Secretary Silvestre Bello III, the bank will operate as soon as the remaining 3 board members are appointed. That is also the statement of Presidential Spokesperson Salvador Panelo during a press briefing at the Malacañang Palace. Ads Presidential Spokesperson Salvador Panelo made the assurance after Labor Secretary Silvestre Bello III raised concerns during Monday night’s Cabinet meeting that no appointment has been made in the bank’s board of directors. Panelo said in a Palace briefing that the bank will operate as the 3 members are appointed. However, he did not mention which positions are needed to be filled. The Landbank president will be the chairman of the board. Other members are Landbank-designated OFW president as vice chairperson; four Landbank-designated directors or officers as members; one representing the Department of Labor and Employment; a representative from the Overseas Workers Welfare Administration; and a private sector member to represent the OFWs. Ads Sponsored Links The OFW Bank has not yet started its operation for more than a year since it was launched because board members have yet to be appointed. Panelo said Duterte has already directed the Department of Finance (DOF) to hasten the review of the appointments. Panelo assured the public that the bank will soon serve the OFWs as the president wants the vetting to speed up so that he can already appoint and fill the three remaining positions for the board. He also assured that the Duterte administration continues to prioritize all problems concerning OFWs. The DOF is also trying to make the bank digital to make it easier for OFWs to use their smartphones in all of their transactions, according to Panelo. Under the EO, Landbank was ordered to ensure the capitalization of the Overseas Filipino Bank.

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Presidential Spokesperson Salvador Panelo made the assurance after Labor Secretary Silvestre Bello III raised concerns during Monday night’s Cabinet meeting that no appointment has been made in the bank’s board of directors.
As a fulfillment of President Rodrigo Duterte's promise to the overseas Filipino workers (OFW), he signed EO 44 directing the Philippine Postal Corp. (PhilPost) and the Bureau of the Treasury (BTr) to transfer their Postal bank shares to the Land Bank of the Philippines (Landbank) at zero value. The Overseas Filipino Bank has been launched last year but it was not in full operation since then. According to labor Secretary Silvestre Bello III, the bank will operate as soon as the remaining 3 board members are appointed. That is also the statement of Presidential Spokesperson Salvador Panelo during a press briefing at the Malacañang Palace. Ads Presidential Spokesperson Salvador Panelo made the assurance after Labor Secretary Silvestre Bello III raised concerns during Monday night’s Cabinet meeting that no appointment has been made in the bank’s board of directors. Panelo said in a Palace briefing that the bank will operate as the 3 members are appointed. However, he did not mention which positions are needed to be filled. The Landbank president will be the chairman of the board. Other members are Landbank-designated OFW president as vice chairperson; four Landbank-designated directors or officers as members; one representing the Department of Labor and Employment; a representative from the Overseas Workers Welfare Administration; and a private sector member to represent the OFWs. Ads Sponsored Links The OFW Bank has not yet started its operation for more than a year since it was launched because board members have yet to be appointed. Panelo said Duterte has already directed the Department of Finance (DOF) to hasten the review of the appointments. Panelo assured the public that the bank will soon serve the OFWs as the president wants the vetting to speed up so that he can already appoint and fill the three remaining positions for the board. He also assured that the Duterte administration continues to prioritize all problems concerning OFWs. The DOF is also trying to make the bank digital to make it easier for OFWs to use their smartphones in all of their transactions, according to Panelo. Under the EO, Landbank was ordered to ensure the capitalization of the Overseas Filipino Bank.
Panelo said in a Palace briefing that the bank will operate as soon as the three remaining positions for the board members are appointed. However, he did not mention which positions are needed to be filled.

The Landbank president will be the chairman of the board. Other members are Landbank-designated OFW president as vice chairperson; four Landbank-designated directors or officers as members; one representing the Department of Labor and Employment; a representative from the Overseas Workers Welfare Administration; and a private sector member to represent the OFWs.

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The OFW Bank has not yet started its operation for more than a year since it was launched because board members have yet to be appointed.

Panelo said Duterte has already directed the Department of Finance (DOF) to hasten the review of the appointments.



Panelo assured the public that the bank will soon serve the OFWs as the president wants the vetting to speed up so that he can already appoint and fill the three remaining positions for the board.

He also assured that the Duterte administration continues to prioritize all problems concerning OFWs.
As a fulfillment of President Rodrigo Duterte's promise to the overseas Filipino workers (OFW), he signed EO 44 directing the Philippine Postal Corp. (PhilPost) and the Bureau of the Treasury (BTr) to transfer their Postal bank shares to the Land Bank of the Philippines (Landbank) at zero value. The Overseas Filipino Bank has been launched last year but it was not in full operation since then. According to labor Secretary Silvestre Bello III, the bank will operate as soon as the remaining 3 board members are appointed. That is also the statement of Presidential Spokesperson Salvador Panelo during a press briefing at the Malacañang Palace. Ads Presidential Spokesperson Salvador Panelo made the assurance after Labor Secretary Silvestre Bello III raised concerns during Monday night’s Cabinet meeting that no appointment has been made in the bank’s board of directors. Panelo said in a Palace briefing that the bank will operate as the 3 members are appointed. However, he did not mention which positions are needed to be filled. The Landbank president will be the chairman of the board. Other members are Landbank-designated OFW president as vice chairperson; four Landbank-designated directors or officers as members; one representing the Department of Labor and Employment; a representative from the Overseas Workers Welfare Administration; and a private sector member to represent the OFWs. Ads Sponsored Links The OFW Bank has not yet started its operation for more than a year since it was launched because board members have yet to be appointed. Panelo said Duterte has already directed the Department of Finance (DOF) to hasten the review of the appointments. Panelo assured the public that the bank will soon serve the OFWs as the president wants the vetting to speed up so that he can already appoint and fill the three remaining positions for the board. He also assured that the Duterte administration continues to prioritize all problems concerning OFWs. The DOF is also trying to make the bank digital to make it easier for OFWs to use their smartphones in all of their transactions, according to Panelo. Under the EO, Landbank was ordered to ensure the capitalization of the Overseas Filipino Bank.
The DOF is also trying to make the bank digital to make it easier for OFWs to use their smartphones in all of their transactions, according to Panelo.

Under the EO, Landbank was ordered to ensure the capitalization of the Overseas Filipino Bank.

©2019 THOUGHTSKOTO
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Monday, January 22, 2018

How To Open An Account With The OFW Bank




Since the opening of the Overseas Filipino Workers Bank in its offices at the Liwasang Bonifacio in Manila, questions from OFWs on how to open an account has been flooding threads and forums. The Filipino Times, an online publication based in the UAE had a phone interview with Labor Secretary Silvestre Bello III and he explained how interested OFW can open their accounts and do transactions with OFW Bank. Secretary Bello said that the process and requirements if any OFWs would want to open an account are the same as the usual requirements with other banks. All you need to do for the meantime is to visit the OFW Bank office, bring the needed requirements and choose whther you want to open savings or checking account. He also said that OFW will eventually be able to apply through their website once its finally up ang operational, making transactions easier and more convenient. The OFW Bank will also open their overseas branches very soon and once it become readily available, OFWs from abroad can also do transactions directly in the convenience of their host country. In February, as Bello said, there will be available OFW bank branches in Bahrain, Abu Dhabi and Dubai. Bello said that they are planning to extend the bank’s services to the dependents and beneficiaries of the OFWs, but as of now, it is exclusive and limited to be availed by OFWs only. Sponsored Links Dollar remittances will also be accepted and to do it, OFWs do not necessarily need to open an account. They can send their remittances and enjoy lower cost but Bello reiterated that heir plan is to make OFW remittances free of charge when done with the OFW bank. However, since overseas branches are not yet opened, the banks international services such as sending remittances are not yet available. Read More: Comparison Of Savings Account In The Philippines: Initial Deposit, Maintaining Balance And Interest Rates Per Annum Mortgage Loan: What You Need To Know Passport on Wheels (POW) of DFA Starts With 4 Buses To Process 2000 Applicants Daily Did You Apply for OFW ID and Did You Receive This Email? Jobs Abroad Bound For Korea For As Much As P60k Salary Command Center For OFWs To Be Established Soon ©2018 THOUGHTSKOTO www.jbsolis.com SEARCH JBSOLIS, TYPE KEYWORDS and TITLE OF ARTICLE at the box below
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Since the opening of the Overseas Filipino Workers Bank in its office at the Liwasang Bonifacio in Manila, questions from OFWs on how to open an account has been flooding threads and forums.
The Filipino Times, an online publication based in the UAE had a phone interview with Labor Secretary Silvestre Bello  III and he explained how interested OFW can open their accounts and do transactions with OFW Bank. 

Secretary Bello said that the process and requirements if any OFWs would want to open an account are the same as the usual requirements with other banks.

  —All you need to do for the meantime is to visit the OFW Bank office, 
—Bring the needed requirements such as valid identification documents, latest photos, etc..
—Choose whether you want to open savings or checking account.

 He also said that OFW will eventually be able to apply through their website once its finally up and operational, making transactions easier and more convenient.

The OFW Bank will also open their overseas branches very soon and once it becomes readily available, OFWs from abroad can also do transactions directly in the convenience of their host country.
In February, as Bello said, there will be available OFW bank branches in Bahrain, Abu Dhabi, and Dubai.

Since the opening of the Overseas Filipino Workers Bank in its offices at the Liwasang Bonifacio in Manila, questions from OFWs on how to open an account has been flooding threads and forums. The Filipino Times, an online publication based in the UAE had a phone interview with Labor Secretary Silvestre Bello III and he explained how interested OFW can open their accounts and do transactions with OFW Bank. Secretary Bello said that the process and requirements if any OFWs would want to open an account are the same as the usual requirements with other banks. All you need to do for the meantime is to visit the OFW Bank office, bring the needed requirements and choose whther you want to open savings or checking account. He also said that OFW will eventually be able to apply through their website once its finally up ang operational, making transactions easier and more convenient. The OFW Bank will also open their overseas branches very soon and once it become readily available, OFWs from abroad can also do transactions directly in the convenience of their host country. In February, as Bello said, there will be available OFW bank branches in Bahrain, Abu Dhabi and Dubai. Bello said that they are planning to extend the bank’s services to the dependents and beneficiaries of the OFWs, but as of now, it is exclusive and limited to be availed by OFWs only. Sponsored Links Dollar remittances will also be accepted and to do it, OFWs do not necessarily need to open an account. They can send their remittances and enjoy lower cost but Bello reiterated that heir plan is to make OFW remittances free of charge when done with the OFW bank. However, since overseas branches are not yet opened, the banks international services such as sending remittances are not yet available. Read More: Comparison Of Savings Account In The Philippines: Initial Deposit, Maintaining Balance And Interest Rates Per Annum Mortgage Loan: What You Need To Know Passport on Wheels (POW) of DFA Starts With 4 Buses To Process 2000 Applicants Daily Did You Apply for OFW ID and Did You Receive This Email? Jobs Abroad Bound For Korea For As Much As P60k Salary Command Center For OFWs To Be Established Soon ©2018 THOUGHTSKOTO www.jbsolis.com SEARCH JBSOLIS, TYPE KEYWORDS and TITLE OF ARTICLE at the box below

Bello said that they are planning to extend the bank’s services to the dependents and beneficiaries of the OFWs, but as of now, it is exclusive and limited to be availed by OFWs only.




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Since the opening of the Overseas Filipino Workers Bank in its offices at the Liwasang Bonifacio in Manila, questions from OFWs on how to open an account has been flooding threads and forums. The Filipino Times, an online publication based in the UAE had a phone interview with Labor Secretary Silvestre Bello III and he explained how interested OFW can open their accounts and do transactions with OFW Bank. Secretary Bello said that the process and requirements if any OFWs would want to open an account are the same as the usual requirements with other banks. All you need to do for the meantime is to visit the OFW Bank office, bring the needed requirements and choose whther you want to open savings or checking account. He also said that OFW will eventually be able to apply through their website once its finally up ang operational, making transactions easier and more convenient. The OFW Bank will also open their overseas branches very soon and once it become readily available, OFWs from abroad can also do transactions directly in the convenience of their host country. In February, as Bello said, there will be available OFW bank branches in Bahrain, Abu Dhabi and Dubai. Bello said that they are planning to extend the bank’s services to the dependents and beneficiaries of the OFWs, but as of now, it is exclusive and limited to be availed by OFWs only. Sponsored Links Dollar remittances will also be accepted and to do it, OFWs do not necessarily need to open an account. They can send their remittances and enjoy lower cost but Bello reiterated that heir plan is to make OFW remittances free of charge when done with the OFW bank. However, since overseas branches are not yet opened, the banks international services such as sending remittances are not yet available. Read More: Comparison Of Savings Account In The Philippines: Initial Deposit, Maintaining Balance And Interest Rates Per Annum Mortgage Loan: What You Need To Know Passport on Wheels (POW) of DFA Starts With 4 Buses To Process 2000 Applicants Daily Did You Apply for OFW ID and Did You Receive This Email? Jobs Abroad Bound For Korea For As Much As P60k Salary Command Center For OFWs To Be Established Soon ©2018 THOUGHTSKOTO www.jbsolis.com SEARCH JBSOLIS, TYPE KEYWORDS and TITLE OF ARTICLE at the box below


Dollar remittances will also be accepted and to do it, OFWs do not necessarily need to open an account. They can send their remittances and enjoy lower cost but Bello reiterated that their plan is to make OFW remittances free of charge when done with the OFW bank.
However, since overseas branches are not yet opened, the banks' international services such as sending remittances are not yet available.
Since the opening of the Overseas Filipino Workers Bank in its offices at the Liwasang Bonifacio in Manila, questions from OFWs on how to open an account has been flooding threads and forums. The Filipino Times, an online publication based in the UAE had a phone interview with Labor Secretary Silvestre Bello III and he explained how interested OFW can open their accounts and do transactions with OFW Bank. Secretary Bello said that the process and requirements if any OFWs would want to open an account are the same as the usual requirements with other banks. All you need to do for the meantime is to visit the OFW Bank office, bring the needed requirements and choose whther you want to open savings or checking account. He also said that OFW will eventually be able to apply through their website once its finally up ang operational, making transactions easier and more convenient. The OFW Bank will also open their overseas branches very soon and once it become readily available, OFWs from abroad can also do transactions directly in the convenience of their host country. In February, as Bello said, there will be available OFW bank branches in Bahrain, Abu Dhabi and Dubai. Bello said that they are planning to extend the bank’s services to the dependents and beneficiaries of the OFWs, but as of now, it is exclusive and limited to be availed by OFWs only. Sponsored Links Dollar remittances will also be accepted and to do it, OFWs do not necessarily need to open an account. They can send their remittances and enjoy lower cost but Bello reiterated that heir plan is to make OFW remittances free of charge when done with the OFW bank. However, since overseas branches are not yet opened, the banks international services such as sending remittances are not yet available. Read More: Comparison Of Savings Account In The Philippines: Initial Deposit, Maintaining Balance And Interest Rates Per Annum Mortgage Loan: What You Need To Know Passport on Wheels (POW) of DFA Starts With 4 Buses To Process 2000 Applicants Daily Did You Apply for OFW ID and Did You Receive This Email? Jobs Abroad Bound For Korea For As Much As P60k Salary Command Center For OFWs To Be Established Soon ©2018 THOUGHTSKOTO www.jbsolis.com SEARCH JBSOLIS, TYPE KEYWORDS and TITLE OF ARTICLE at the box below

 This article is filed under: OFW Bank
Read More:
Comparison Of Savings  Account In The Philippines:  Initial Deposit, Maintaining  Balance And Interest Rates  Per Annum

Mortgage Loan: What You Need To Know

Passport on Wheels (POW) of DFA Starts With 4 Buses To Process 2000 Applicants Daily

Jobs Abroad Bound For Korea For As Much As P60k Salary

Command Center For OFWs To Be Established Soon

©2018 THOUGHTSKOTO
SEARCH JBSOLIS, TYPE KEYWORDS and TITLE OF ARTICLE at the box below

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Tuesday, October 31, 2017

HB 6519 Urges OFWs To Invest Their Savings In Government Projects


Every Overseas Filipino Workers OFWs who plan to go home and stay with their beloved family for good look for an investment or business to sustain their needs. With the creation of the OFW Bank (OFB) which allows them to buy shares and be a stockholder, they now have an option. OWWA also has livelihood programs and financial literacy programs for OFWs. Now another option will be soon available to the OFWs should this new bill be approved and implemented. House Bill 6519 pushes for the establishment of a special fund where (OFWs) can invest their earnings into the government’s infrastructure projects. The bill was filed by Rep. Jesulito Manalo of the seafarers’ party-list, ANGKLA, called the “OFW Sovereign Fund Act”, a special fund where all OFWs, their immediate family members, and other Filipino citizens overseas can invest their money government infrastructure projects through the Bureau of treasury. The fund will allow the OFWs to directly benefit from the billions of pesos they contribute into the Philippine economy through their remittances. Manalo, chairman of the committee on overseas workers affairs, said that the establishment of the “OFW Sovereign Fund” will help government lessen its reliance on taxes and fees as main source of funds for infrastructure projects. The best thing is that the earnings of the OFWs, former OFWs and other investors from the bonds or debt or investment instruments for the government shall be exempted from any and all kinds of taxes in exchange for their cash investments. The Bureau of Treasury will also be responsible for disseminating the information and educate all OFWs about the programme, the creation and purpose of the OFW Sovereign Fund and how the investment in the fund will be mutually beneficial to the OFWs and the government. Sponsored Links Sources: congress.gov.ph Advertisement Read More: ©2017 THOUGHTSKOTO
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Every Overseas Filipino Workers OFWs who plan to go home and stay with their beloved family for good look for an investment or business to sustain their needs. With the creation of the OFW Bank (OFB) which allows them to buy shares and be a stockholder, they now have an option. OWWA also has livelihood programs and financial literacy programs for OFWs. Now another option will be soon available to the OFWs should this new bill be approved and implemented.

House Bill 6519 pushes for the establishment of a special fund where (OFWs) can invest their earnings into the government’s infrastructure projects.

The bill was filed by Rep. Jesulito Manalo of the seafarers’ party-list, ANGKLA, called the “OFW Sovereign Fund Act”, a special fund where all OFWs, their immediate family members, and other Filipino citizens overseas can invest their money government infrastructure projects through the Bureau of treasury.

The fund will allow the OFWs to directly benefit from the billions of pesos they contribute into the Philippine economy through their remittances.Every Overseas Filipino Workers OFWs who plan to go home and stay with their beloved family for good look for an investment or business to sustain their needs. With the creation of the OFW Bank (OFB) which allows them to buy shares and be a stockholder, they now have an option. OWWA also has livelihood programs and financial literacy programs for OFWs. Now another option will be soon available to the OFWs should this new bill be approved and implemented. House Bill 6519 pushes for the establishment of a special fund where (OFWs) can invest their earnings into the government’s infrastructure projects. The bill was filed by Rep. Jesulito Manalo of the seafarers’ party-list, ANGKLA, called the “OFW Sovereign Fund Act”, a special fund where all OFWs, their immediate family members, and other Filipino citizens overseas can invest their money government infrastructure projects through the Bureau of treasury. The fund will allow the OFWs to directly benefit from the billions of pesos they contribute into the Philippine economy through their remittances. Manalo, chairman of the committee on overseas workers affairs, said that the establishment of the “OFW Sovereign Fund” will help government lessen its reliance on taxes and fees as main source of funds for infrastructure projects. The best thing is that the earnings of the OFWs, former OFWs and other investors from the bonds or debt or investment instruments for the government shall be exempted from any and all kinds of taxes in exchange for their cash investments. The Bureau of Treasury will also be responsible for disseminating the information and educate all OFWs about the programme, the creation and purpose of the OFW Sovereign Fund and how the investment in the fund will be mutually beneficial to the OFWs and the government. Sponsored Links Sources: congress.gov.ph Advertisement Read More: ©2017 THOUGHTSKOTO
Manalo, chairman of the committee on overseas workers affairs, said that the establishment of the “OFW Sovereign Fund” will help government lessen its reliance on taxes and fees as main source of funds for infrastructure projects.

The best thing is that the earnings of the OFWs, former OFWs and other investors from the bonds or debt or investment instruments for the government shall be exempted from any and all kinds of taxes in exchange for their cash investments.
Every Overseas Filipino Workers OFWs who plan to go home and stay with their beloved family for good look for an investment or business to sustain their needs. With the creation of the OFW Bank (OFB) which allows them to buy shares and be a stockholder, they now have an option. OWWA also has livelihood programs and financial literacy programs for OFWs. Now another option will be soon available to the OFWs should this new bill be approved and implemented. House Bill 6519 pushes for the establishment of a special fund where (OFWs) can invest their earnings into the government’s infrastructure projects. The bill was filed by Rep. Jesulito Manalo of the seafarers’ party-list, ANGKLA, called the “OFW Sovereign Fund Act”, a special fund where all OFWs, their immediate family members, and other Filipino citizens overseas can invest their money government infrastructure projects through the Bureau of treasury. The fund will allow the OFWs to directly benefit from the billions of pesos they contribute into the Philippine economy through their remittances. Manalo, chairman of the committee on overseas workers affairs, said that the establishment of the “OFW Sovereign Fund” will help government lessen its reliance on taxes and fees as main source of funds for infrastructure projects. The best thing is that the earnings of the OFWs, former OFWs and other investors from the bonds or debt or investment instruments for the government shall be exempted from any and all kinds of taxes in exchange for their cash investments. The Bureau of Treasury will also be responsible for disseminating the information and educate all OFWs about the programme, the creation and purpose of the OFW Sovereign Fund and how the investment in the fund will be mutually beneficial to the OFWs and the government. Sponsored Links Sources: congress.gov.ph Advertisement Read More: ©2017 THOUGHTSKOTO
The Bureau of Treasury will also be responsible for disseminating the information and educate all OFWs about the programme, the creation and purpose of the OFW Sovereign Fund and how the investment in the fund will be mutually beneficial to the OFWs and the government.
Every Overseas Filipino Workers OFWs who plan to go home and stay with their beloved family for good look for an investment or business to sustain their needs. With the creation of the OFW Bank (OFB) which allows them to buy shares and be a stockholder, they now have an option. OWWA also has livelihood programs and financial literacy programs for OFWs. Now another option will be soon available to the OFWs should this new bill be approved and implemented. House Bill 6519 pushes for the establishment of a special fund where (OFWs) can invest their earnings into the government’s infrastructure projects. The bill was filed by Rep. Jesulito Manalo of the seafarers’ party-list, ANGKLA, called the “OFW Sovereign Fund Act”, a special fund where all OFWs, their immediate family members, and other Filipino citizens overseas can invest their money government infrastructure projects through the Bureau of treasury. The fund will allow the OFWs to directly benefit from the billions of pesos they contribute into the Philippine economy through their remittances. Every Overseas Filipino Workers OFWs who plan to go home and stay with their beloved family for good look for an investment or business to sustain their needs. With the creation of the OFW Bank (OFB) which allows them to buy shares and be a stockholder, they now have an option. OWWA also has livelihood programs and financial literacy programs for OFWs. Now another option will be soon available to the OFWs should this new bill be approved and implemented. House Bill 6519 pushes for the establishment of a special fund where (OFWs) can invest their earnings into the government’s infrastructure projects. The bill was filed by Rep. Jesulito Manalo of the seafarers’ party-list, ANGKLA, called the “OFW Sovereign Fund Act”, a special fund where all OFWs, their immediate family members, and other Filipino citizens overseas can invest their money government infrastructure projects through the Bureau of treasury. The fund will allow the OFWs to directly benefit from the billions of pesos they contribute into the Philippine economy through their remittances. Manalo, chairman of the committee on overseas workers affairs, said that the establishment of the “OFW Sovereign Fund” will help government lessen its reliance on taxes and fees as main source of funds for infrastructure projects. The best thing is that the earnings of the OFWs, former OFWs and other investors from the bonds or debt or investment instruments for the government shall be exempted from any and all kinds of taxes in exchange for their cash investments. The Bureau of Treasury will also be responsible for disseminating the information and educate all OFWs about the programme, the creation and purpose of the OFW Sovereign Fund and how the investment in the fund will be mutually beneficial to the OFWs and the government. Sponsored Links Sources: congress.gov.ph Advertisement Read More: ©2017 THOUGHTSKOTO Manalo, chairman of the committee on overseas workers affairs, said that the establishment of the “OFW Sovereign Fund” will help government lessen its reliance on taxes and fees as main source of funds for infrastructure projects. The best thing is that the earnings of the OFWs, former OFWs and other investors from the bonds or debt or investment instruments for the government shall be exempted from any and all kinds of taxes in exchange for their cash investments. Every Overseas Filipino Workers OFWs who plan to go home and stay with their beloved family for good look for an investment or business to sustain their needs. With the creation of the OFW Bank (OFB) which allows them to buy shares and be a stockholder, they now have an option. OWWA also has livelihood programs and financial literacy programs for OFWs. Now another option will be soon available to the OFWs should this new bill be approved and implemented. House Bill 6519 pushes for the establishment of a special fund where (OFWs) can invest their earnings into the government’s infrastructure projects. The bill was filed by Rep. Jesulito Manalo of the seafarers’ party-list, ANGKLA, called the “OFW Sovereign Fund Act”, a special fund where all OFWs, their immediate family members, and other Filipino citizens overseas can invest their money government infrastructure projects through the Bureau of treasury. The fund will allow the OFWs to directly benefit from the billions of pesos they contribute into the Philippine economy through their remittances. Manalo, chairman of the committee on overseas workers affairs, said that the establishment of the “OFW Sovereign Fund” will help government lessen its reliance on taxes and fees as main source of funds for infrastructure projects. The best thing is that the earnings of the OFWs, former OFWs and other investors from the bonds or debt or investment instruments for the government shall be exempted from any and all kinds of taxes in exchange for their cash investments. The Bureau of Treasury will also be responsible for disseminating the information and educate all OFWs about the programme, the creation and purpose of the OFW Sovereign Fund and how the investment in the fund will be mutually beneficial to the OFWs and the government. Sponsored Links Sources: congress.gov.ph Advertisement Read More: ©2017 THOUGHTSKOTO The Bureau of Treasury will also be responsible for disseminating the information and educate all OFWs about the programme, the creation and purpose of the OFW Sovereign Fund and how the investment in the fund will be mutually beneficial to the OFWs and the government.

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Source: congress.gov.ph 
Every Overseas Filipino Workers OFWs who plan to go home and stay with their beloved family for good look for an investment or business to sustain their needs. With the creation of the OFW Bank (OFB) which allows them to buy shares and be a stockholder, they now have an option. OWWA also has livelihood programs and financial literacy programs for OFWs. Now another option will be soon available to the OFWs should this new bill be approved and implemented. House Bill 6519 pushes for the establishment of a special fund where (OFWs) can invest their earnings into the government’s infrastructure projects. The bill was filed by Rep. Jesulito Manalo of the seafarers’ party-list, ANGKLA, called the “OFW Sovereign Fund Act”, a special fund where all OFWs, their immediate family members, and other Filipino citizens overseas can invest their money government infrastructure projects through the Bureau of treasury. The fund will allow the OFWs to directly benefit from the billions of pesos they contribute into the Philippine economy through their remittances. Manalo, chairman of the committee on overseas workers affairs, said that the establishment of the “OFW Sovereign Fund” will help government lessen its reliance on taxes and fees as main source of funds for infrastructure projects. The best thing is that the earnings of the OFWs, former OFWs and other investors from the bonds or debt or investment instruments for the government shall be exempted from any and all kinds of taxes in exchange for their cash investments. The Bureau of Treasury will also be responsible for disseminating the information and educate all OFWs about the programme, the creation and purpose of the OFW Sovereign Fund and how the investment in the fund will be mutually beneficial to the OFWs and the government. Sponsored Links Sources: congress.gov.ph Advertisement Read More: ©2017 THOUGHTSKOTO
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Monday, October 09, 2017

Pres. Duterte Approved EO That Mandates Creation of Overseas Filipino Bank

Starting next year, more than 10 million Filipinos worldwide may start to benefit or transact with the new Overseas Filipino Bank (OFB). Department of Labor and Employment (DOLE) Secretary Silvestre Bello confirmed the news, after President Rodrigo Duterte signed Executive Order 44 on Sept. 28, approving the Land Bank of the Philippines' acquisition of Philippine Postal Savings Bank, and convert it into the OFB. Bello said the OFB aims to bring down remittance cost of overseas Filipinos since the new bak is created for them. "The intention, at least, it will be a cheaper remittance fee," Bello said.

Starting next year, more than 10 million Filipinos worldwide may start to benefit or transact with the new Overseas Filipino Bank (OFB).

 Department of Labor and Employment (DOLE) Secretary Silvestre Bello confirmed the news, after President Rodrigo Duterte signed Executive Order 44 on Sept. 28, approving the Land Bank of the Philippines' acquisition of Philippine Postal Savings Bank, and convert it into the OFB.

 Bello said the OFB aims to bring down remittance cost of overseas Filipinos since the new bak is created for them.
"The intention, at least, it will be a cheaper remittance fee," Bello said.

Read: Landbank Will Buy Postal Bank at "No Cost" - Rename it as OFW Bank
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On the other hand, the Bangko Sentral ng Pilipinas (BSP) will work to fasten the establishment of the government-owned Overseas Filipino Bank or OFW Bank, according to BSP Governor Nestor A. Espenilla Jr.

This bank will be used as a lender for OFWs.

Under the EO, the Philippine Postal Corporation, which owns Postbank, and the Bureau of Treasury were directed to transfer their Postbank shares to Land Bank at zero value.

On the other hand, the Land Bank was ordered to infuse capital to Overseas Filipino Bank.

Read: OFW Bank to Offer Zero-Interest Loans to OFWs?

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Land Bank's chairperson will serve as head of the 9-member board of directors of the new lender.

The EO also called for an early retirement incentive plan for all Postbank officers who will be affected by the acquisition.

The Department of Labor and Employment (DOLE) said earlier that OFW Bank will ease the lives of OFWs that will cater their remittance and other banking needs.

This will benefit all Filipino Migrant Worker all over the world.

Read: Duterte Admin to OFWs: Single ID, Bank, Hospital, Hotel and Easier Loan for Overseas Workers


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Wednesday, July 12, 2017

Departing OFWs Will Be The First To Get The OFW ID

The day Rodrigo Roa Duterte took his oath of office as the 16th President of the Philippines, he made it clear that his government will do everything possible to provide comfort and ease to the hundreds of thousands of Overseas Filipino Workers (OFWs) in processing their documents, as well as during they stay at the airport on departure or arrival from their host countries. Many of his promises were already being enjoyed by the OFWs. He has removed the Terminal Fee Integration on OFW tickets. The airports have become welcoming again. "Tanim-Bala" is a thing of the past. And a lot of other projects are on their way as well - including the OFW Bank and the OFW Hospital. But perhaps the best among these promises is the the OFW ID. Introduced as iDole, the OFW ID is the answer to the age old problems of the OEC (Overseas Employment Certificate), a document as important, yet perhaps as hated by the OFWs for the many suffering they have experienced every time the have to get that piece of paper. The OEC served as a proof of the OFW being, what else, an OFW. “Initially we will be issuing iDOLE to those who are just going out of the country, then as we go on, we will be also issuing to those who are already abroad,” Undersecretary Dominador Say said. The government will set up an online application and payment system for the card. “The ID will be issued free to OFWs, but their employers will be required to shoulder the cost,” according to the Undersecretary. The Department of Labor and Employment (DOLE) will present the ID today, 12th of July, to President Duterte. As soon as the President approves of the design, as well as the guidelines and implementing rules, the production will start before this month ends. What are the benefits of OFW ID or iDOLE? There's no need to apply for your iDole or OFW ID. All certified OFWs who are listed at the POEA database will receive their very own IDs. The OFW ID is free. There will be no fees to be collected from OFWs. The ID card can be used as a beep card when taking MRT or LRT rides. The card will also serve as a debit or credit card for the OFW Bank that will be opening soon. The OFW ID is a valid and official ID that will be accepted for any government or private transactions. (SSS, Philhealth and Pag-Ibig). The ID will be exclusive to OFWs - both current and former. All benefits accompanying are for the OFW alone. The OFW ID will replace the OEC. It does not have to be renewed each time an OFW goes on vacation. In the future, it will serve as an e-passport for OFWs. The iDOLE or OFW ID will be delivered to the address as per advised by the POEA. A list will be published by the POEA, and the embassies and consulates abroad, to which an OFW may revise his or her address. Since departing OFWs will be prioritized in the issuance of the iDOLE, they should make sure that their address abroad as registered with the POEA is correct or updated at the POEA website. The POEA will print the OFW ID and it will be delivered to their addresses. If they have the means, OFWs may also claim their ID at the nearest Overseas Labor Office. An estimated six million OFWs are expected to receive the OFW ID. While the most number of Filipinos are in the US, many of them have taken US Citizenship, which may disqualify them from receiving the IDs. The largest number of OFWs are actually in the Middle East.
The day Rodrigo Roa Duterte took his oath of office as the 16th President of the Philippines, he made it clear that his government will do everything possible to provide comfort and ease to the hundreds of thousands of Overseas Filipino Workers (OFWs) in processing their documents, as well as during they stay at the airport on departure or arrival from their host countries.

 Many of his promises were already being enjoyed by the OFWs. He has removed the Terminal Fee Integration on OFW tickets. The airports have become welcoming again. "Tanim-Bala" is a thing of the past. And a lot of other projects are on their way as well - including the OFW Bank and the OFW Hospital. But perhaps the best among these promises is the the OFW ID.

 Introduced as iDole, the OFW ID is the answer to the age old problems of the OEC (Overseas Employment Certificate), a document as important, yet perhaps as hated by the OFWs for the many suffering they have experienced every time the have to get that piece of paper. The OEC served as a proof of the OFW being, what else, an OFW.


“Initially we will be issuing iDOLE to those who are just going out of the country, then as we go on, we will be also issuing to those who are already abroad,” DOLE Undersecretary Dominador Say said.

The government will set up an online application and payment system for the card. “The ID will be issued free to OFWs, but their employers will be required to shoulder the cost,” according to the Undersecretary.   

The Department of Labor and Employment (DOLE) will present the ID today, 12th of July, to President Duterte. As soon as the President approves of the design, as well as the guidelines and implementing rules, the production will start before this month ends.

 What are the benefits of OFW ID or iDOLE?
  1. There's no need to apply for your iDole or OFW ID.
  2. All certified OFWs who are listed at the POEA database will receive their very own IDs.
  3. The OFW ID is free. There will be no fees to be collected from OFWs.
  4. The ID card can be used as a beep card when taking MRT or LRT rides.
  5. The card will also serve as a debit or credit card for the OFW Bank that will be opening soon.
  6. The OFW ID is a valid and official ID that will be accepted for any government or private transactions. (SSS, Philhealth and Pag-Ibig).
  7. The ID will be exclusive to OFWs - both current and former. All benefits accompanying are for the OFW alone.
  8. The OFW ID will replace the OEC. It does not have to be renewed each time an OFW goes on vacation.
  9. In the future, it will serve as an e-passport for OFWs.
  10. The iDOLE or OFW ID will be delivered to the address as per advised by the POEA. A list will be published by the POEA, and the embassies and consulates abroad, to which an OFW may revise his or her address.












 Since departing OFWs will be prioritized in the issuance of the iDOLE, they should make sure that their address abroad as registered with the POEA is correct or updated at the POEA website. The POEA will print the OFW ID and it will be delivered to their addresses. If they have the means, OFWs may also claim their ID at the nearest Overseas Labor Office.

 An estimated six million OFWs are expected to receive the OFW ID. While the most number of Filipinos are in the US, many of them have taken US Citizenship, which may disqualify them from receiving the IDs. The largest number of OFWs are actually in the Middle East. 
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Your OFW ID, First Look and Links to Be Filled Up



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Tuesday, July 11, 2017

Your OFW ID, First Look and Links to Be Filled Up

Ever wonder how an OFW ID, or the I-DOLE ID looks like? Here it is. Front and back copies provided by DOLE, that will be distributed starting this July 2017. Tomorrow after the presentation to President Duterte at Malacanang, the DOLE and POEA will start producing this FREE OFW Identification card and will be distributed to POLO Offices or will be sent to OFWs. 
Ever wonder how an OFW ID, or the I-DOLE ID looks like? Here it is. Front and back copies provided by DOLE, that will be distributed starting this July 2017. Tomorrow after presentation to President Duterte at Malacanang, the DOLE and POEA will start producing this FREE OFW Identification card and will be distributed to POLO Offices or will be sent to OFWs. Here's what we know so far: 1. No need to apply for the iDole or OFW ID. 2. All the bonafide OFWs who are listed in the POEA will acquire the ID. 3. OFW ID is free. There will be no fees to be collected to receive the OFW ID. 4. OFW ID can be used as a beep card in taking MRT or LRT rides. 5. It will serve as a debit or credit card in the OFW Bank that will be opening soon. 6. The OFW ID can be used in any government or private transactions. (e.g. SSS, Philhealth and Pag-Ibig). 7. The OFW will only be the prime recipient and receiver. 8. The OFW ID will be the replacement for OEC. 9. In the future, it will serve as an e-passport. 10. The waiting is over, It will start on July 12, 2017 to be introduced to President Duterte at Malacanang and will be for distribution starting end of July.


Here are some of the process for OFWs to ensure that they will have their OFW ID. For LandBased OFWs, please sign in or sign up and update your record here, at 

 Balik-Manggagawa
Online Processing SystemFor Seaman/Seafarers: CLICK HERE

Seafarers' Online Registration






Image result for OFW ID back Ever wonder how an OFW ID, or the I-DOLE ID looks like? Here it is. Front and back copies provided by DOLE, that will be distributed starting this July 2017. Tomorrow after presentation to President Duterte at Malacanang, the DOLE and POEA will start producing this FREE OFW Identification card and will be distributed to POLO Offices or will be sent to OFWs. Here's what we know so far: 1. No need to apply for the iDole or OFW ID. 2. All the bonafide OFWs who are listed in the POEA will acquire the ID. 3. OFW ID is free. There will be no fees to be collected to receive the OFW ID. 4. OFW ID can be used as a beep card in taking MRT or LRT rides. 5. It will serve as a debit or credit card in the OFW Bank that will be opening soon. 6. The OFW ID can be used in any government or private transactions. (e.g. SSS, Philhealth and Pag-Ibig). 7. The OFW will only be the prime recipient and receiver. 8. The OFW ID will be the replacement for OEC. 9. In the future, it will serve as an e-passport. 10. The waiting is over, It will start on July 12, 2017 to be introduced to President Duterte at Malacanang and will be for distribution starting end of July.
Ever wonder how an OFW ID, or the I-DOLE ID looks like? Here it is. Front and back copies provided by DOLE, that will be distributed starting this July 2017. Tomorrow after presentation to President Duterte at Malacanang, the DOLE and POEA will start producing this FREE OFW Identification card and will be distributed to POLO Offices or will be sent to OFWs. Here's what we know so far: 1. No need to apply for the iDole or OFW ID. 2. All the bonafide OFWs who are listed in the POEA will acquire the ID. 3. OFW ID is free. There will be no fees to be collected to receive the OFW ID. 4. OFW ID can be used as a beep card in taking MRT or LRT rides. 5. It will serve as a debit or credit card in the OFW Bank that will be opening soon. 6. The OFW ID can be used in any government or private transactions. (e.g. SSS, Philhealth and Pag-Ibig). 7. The OFW will only be the prime recipient and receiver. 8. The OFW ID will be the replacement for OEC. 9. In the future, it will serve as an e-passport. 10. The waiting is over, It will start on July 12, 2017 to be introduced to President Duterte at Malacanang and will be for distribution starting end of July.

 Here's what we know so far:
1. No need to apply for the iDole or OFW ID.

2. All the bonafide OFWs who are listed in the POEA will acquire the ID.

3. OFW ID is free. There will be no fees to be collected to receive the OFW ID.

4. OFW ID can be used as a beep card in taking MRT or LRT rides.

5. It will serve as a debit or credit card in the OFW Bank that will be opening soon.

6. The OFW ID can be used in any government or private transactions. (e.g. SSS, Philhealth and Pag-Ibig).

7. The OFW will only be the prime recipient and receiver.

8. The OFW ID will  replace  OEC.

9. In the future, it will serve as an e-passport. 

10. The waiting is over, It will start on July 12, 2017 to be introduced to President Duterte at Malacanang and will be for distribution starting end of July.





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