There are tons of banks and private lenders that cater to the needs of OFWs. In fact, most of the biggest banks offer facilities exclusively for OFWs. Although they mean well, the issue with some of the biggest banks is that they require too much documents to validate your status as OFW.
Here’s a good news for you: there is now OFW Bank and it is within reach.
Last October 9, President Rodrigo Duterte signed Executive Order (EO) No. 44 approving the acquisition of the Philippine Postal Savings Bank (PPSB), whose total assets is at P9.29 billion as of June 2017, by the Land Bank of the Philippines. Said acquisition is in line with the government’s plan to convert PPSB as a bank exclusively for OFWs.
Salient Points in EO No. 44
- PPSB will be converted into an “Overseas Filipino Bank,” a policy bank dedicated specifically for OFWs. It aims to provide financial products and services that are designed for Filipinos working abroad.
- Another purpose of the Overseas Filipino Bank is to provide and deliver quality and efficient foreign remittance services to make transfer of money easier and more convenient.
- PPSB and Bureau of Treasury are ordered to transfer PPSB shares to the Land Bank of the Philippines at zero value.
- Land Bank is directed to infuse additional capital to the OFW Bank.
Aside from this, the OFW Bank will have its own Board of Directors, consisting of the following members:
- Land Bank President as the Chairperson
- Land Bank-designated OFW President as the Vice Chairperson
- 4 Land Bank-designated directors or officers as members of the Board
- A member representing the Department of Labor and Employment (DOLE)
- A member representing the Overseas Workers Welfare Administration (OWWA)
- A private sector member that will represent the overseas Filipino workers
This is just the beginning. According to Finance Secretary Carlos Dominguez III, the OFW Bank will also be 30 percent partly-owned by OFWs.
OFW Bank is not yet operational, but don’t worry. It is within reach.