Banks to develop special remittance system for OFWs

The country's largest banking institutions have joined hands to develop a special and more affordable remittance system for overseas Filipino workers (OFWs) as part of their efforts to support the National Reintegration Center for OFWs (NRCO) in ensuring the effective reintegration of OFWs from the time they decide to leave for abroad until their eventual return to the Philippines.

Labor and Employment Secretary Arturo D. Brion said 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.

Brion said the 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.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.The labor chief said the banks specifically committed, among others, to develop and offer an 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 said, 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.Brion said that savings mobilization is an essential part of the NRCOs' reintegration program for OFWs, adding that all center activities for OFWs shall include cooperating banks conducting seminars on financial literacy, financial planning, wealth management, and investments.

The cooperating banks will also assist the NRCO and other stakeholders and service providers in formulating and implementing other beneficial projects for the OFW community. (PNA)

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