- DOLE Sec. Bello urged OFWs to invest in the bank created for them
- Bello said Filipino migrant workers should take advantage of the bank’s services and investment offers
- Branches of OFB will be put up in all Philippine Overseas Labor Offices
Department of Labor and Employment Secretary Silvestre Bello III urged overseas Filipino workers (OFW) to invest in the Overseas Filipino Bank (OFB) created for them through Executive Order 44 signed by President Rodrigo Duterte early this week.
As mentioned in the Manila Times story dated October 20, 2017, Bello said the migrant Filipino workers should take advantage of the bank’s services such as low or possibly free remittance service rates and low interest rate for loan packages, and investment offers.
Bello said he asked the consent of Land bank President Alex Buenaventura to make the interest rate for loans to be only 2.5 percent per annum.
“The bank will provide our overseas Filipinos the most effective and cheapest or free transfer of their remittances. We are also able to get the consent of Land Bank President Alex Buenaventura that the interest rate in the loan packages will only be at 2.5 percent per annum. Ang laking bagay niyan compared to other banks. This will give our OFWs the venue for their investment,” he said.
Branches of OFB will be put up in all Philippine Overseas Labor Offices.