A bank dedicated specifically to accommodate overseas Filipino workers will be established by the government before the end of 2017, Labor Secretary Silvestre Bello III said.
Bello said the bank will be operational either by October or November this year.
Addressing the needs of Filipino migrant workers, and under the directive of President Rodrigo Duterte, the bank will allow OFWs to send remittances to the Philippines without a fee and to borrow money with no interest rates.
“Sabi niya i-announce mo, meron ng OFW bank, bangko na sariling pag-aari ng mga OFW,” Bello said
The labor chief hinted that after a year or two, the OFW bank will be converted to a broader “Worker’s Bank” although no further details have been disclosed.
“But the OFW bank will maybe after 1 or 2 years will become Workers’ Bank para lahat ng manggagawa maging owners of this bank,” he said.
The Land Bank of the Philippines last year announced that it will set up a lender party-owned by OFWs by September next year when it finishes its acquisition of Postal Bank.