A bank specially designed for the financial needs of the overseas Filipino workers (OFWs) will be established by the Duterte government.
This was bared by Labor Secretary Silvestre H. Bello III in a speech he delivered before officers, members and guests of the Young Men’s Christian Association (YMCA)-Davao City headed by Labor Assistant Secretary Mariano R. Alquiza. Bello was the chief inducting officer of the 46th installation of the YMCA-Davao City officers and new members and was at the same time the guest speaker.
He paid tribute to the OFWs for their constantly growing remittance without which the country’s economy would have collapsed a long time ago.
He said total OFWs remittances for 2016 was US$ 28 billion.
Bello said that the establishment of the OFW bank is now being finalized and is expected to open for business in August or September.
Earlier the Duterte government established a one-stop shop for OFWs wherein 15 government agencies they have to transact with converged in one center to process their documents.
“The agencies were also given 72 hours or three days to approve the documents needed by the overseas workers,” Bello said.
He said the Department of Labor and Employment (DOLE) continues to balance the needs of both the labor sector and management to maintain industrial peace conducive to economic development.
Bello also praised the YMCA movement in Davao for the important role that it plays in empowering the youths and harnessing their potentials in the task of nation-building.
The DOLE chief inducted ASec Alquiza as YMCA Davao City president and 14 other officers. Alquiza replaced Fernando S. Ongkingco, president for two terms, who is now executive vice president.
