Ilocanos welcome creation of OFW bank

LAOAG CITY — Ilocanos welcomed the creation of a dedicated bank to cater to the needs of overseas Filipino Workers (OFWs).

Bambie Abadilla, a domestic helper of five years in Hong Kong from Apayao province, said she is excited to know what the new bank has to offer to OFWs like her.

Though she is a college graduate, Abadilla opted to work abroad hoping to give her growing children a better future.

Another house helper, Eva Agoo, said she has not heard of any news about the OFW bank but she hopes it would open up more opportunities for them to save and invest.

Now that Agoo’s only son is about to finish college, she said she is considering going back to the Philippines to start a business.

“I look forward to check on the services of the new OFW bank. What makes it unique to other banks? If it’s meant for lending, I hope it is pro-OFW and competitive,” said Alelie Lojero, another household helper in Singapore.

On September 28, President Rodrigo Duterte signed Executive Order (EO) No. 44 which approved the Land Bank of the Philippines’ acquisition of Philippine Postal Savings Bank, which shall be named Overseas Filipino Bank.

The EO also directed Land Bank to infuse capital to the new Overseas Filipino Bank.

The new entity aims to offer various services to OFWS particularly on lending. For most OFWs, a huge chunk of their monthly salary goes to foreign remittance to their families back home or for the construction of a house.