OFW Bank to start operations after appointment of board members

OFW Bank to start operations after appointment of board members

  MANILA - The proposed bank for overseas Filipino workers (OFWs) will start operations as soon as all appointments of the board of directors are made, a Philippine official said. Presidential Spokesperson Salvador Panelo made the assurance after Labor Secretary Silvestre Bello III raised concerns during a recent Cabinet meeting that no appointment has been made in the bank’s board of directors. “As soon as there is an appointment with the three members of the board, operations na kaagad ‘yan (it can start operating),” Panelo said in a Palace briefing. He, however, did not elaborate which positions needed to be filled. The board will be chaired by the Landbank president. Other members are Landbank-designated OFW president as vice chairperson; four Landbank-designated directors or officers as members; a member representing the Department of Labor and Employment; a member representing the Overseas Workers Welfare Administration; and a private sector member representing overseas Filipinos. Panelo said the OFW Bank has remained non-operational for more than a year since President Rodrigo Duterte ordered its establishment because board members have yet to be appointed. Panelo said Duterte has already instructed the Department of Finance (DOF) to speed up the review of the appointments. He assured that the Duterte administration continues to prioritize all problems concerning Filipino workers abroad. Meanwhile, Panelo said 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. The OFW Bank will allow OFWs to apply for loans of up to 350,000 pesos (Dh25,328), remit money in the “cheapest, fastest” way, and take advantage of competitive savings services.

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