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Philippine banks to develop special remittance system for OFWs, says DOLE

Philippine banks to develop special remittance system for OFWs, says DOLE

The Philippines' banking institutions have joined hands to develop a "special" and "more affordable" remittance system for overseas Filipino workers, the Department of Labor and Employment announced on Friday.
This system is part of those institutions' efforts to support the National Reintegration Center for OFWs in ensuring the effective reintegration of OFWs from the time they decide to leave for abroad until their eventual return to the Philippines, DOLE said in a statement.
Labor and Employment Secretary Arturo D. Brion said in a statement that nine major cooperating banks have jointly expressed their support and commitment to collaborate with the NRCO to actively engage in delivering programs, services, and projects or activities aimed at reintegrating returning OFWs to the social and economic mainstream.
Cooperating banks issued a joined statement of support to the NRCO during the recent stakeholders' workshop held at the Blas P. Ople Development Center Bldg. which houses the NRCO in Intramuros, Manila, said Brion.
The banks, which were represented at the stakeholders' workshops, are the Development Bank of the Philippines, Land Bank of the Philippines, Philippine National Bank, Metro Bank, Bank of the Philippine Islands, Rizal Commercial Banking Corporation, United Coconut Planters Bank, Asia United Bank, and Banco de Oro.
Brion said the banks are specifically committed to develop and offer easier, faster, and affordable special remittance and financing schemes for OFWs to motivate them to transfer funds to the country using formal channels, particularly in the area of savings, loans, and investments.
The banks, he added, also committed to assist the NRCO in promoting savings consciousness and sound investments among OFWs in line with the NRCO's efforts to help OFWs and their families mobilize their earnings in productive and income-generating projects.


Updated : 2021-05-17 12:35 GMT+08:00