Recruiters push for OFW bank

The Filipino recruitment firms have welcomed the idea of creating a special bank to cater to the needs of the overseas Filipino workers (OFWs). The vice President of the Federated Association of Manpower Exporters (FAME) said that it was high time for the OFWs to have their own bank to serve their financial needs. This comes at a time when the OFws are reeling under the pressure of the depreciating dollar.

FAME has recommended that the OFW bank should set exchange rates friendly to OFWs to enable the beneficiaries to get maximum value for the foreign currencies they receive. It was also suggested that the service charges of the ATMs be dropped. The Land Bank in the meanwhile is learnt to be interested in managing the proposed bank for the OFWs. The Overseas Workers Welfare Administration (OWWA) could invest P1 billion in the project as preferred shares while the Land Bank and DBP could invest P350 million each.