OFW Cash Card: Faster, cheaper remittance tool

Overseas Filipino workers (OFWs) can now send remittances to their relatives back home faster, cheaper, and more secure with the use of a LandBank OFW Cash Card.

President Gloria Macapagal-Arroyo launched the OFW Cash Card during her meeting with the Filipino community at the Madinat Jumeirah Hotel in Dubai on Sunday.

The cash card is included in a package of measures the government has designed in recognition of the contributions and sacrifices of OFWs who bear the brunt of the strong peso.

Finance Secretary Margarito Teves, who also chairs Landbank, said the OFW Cash Card project is in response to the President's Administrative Order No. 215 directing the bank to provide cheaper remittance services for OFWs.

The LandBank OFW Cash Card is an electronic debit card linked to a Smart cellular phone that would enable telephone companies or banks abroad to offer mobile phone-based remittances.

An overseas worker can load cash to the OFW Cash Card linked to a Smart cellphone and send it electronically to pay bills or transfer funds directly to the OFW Cash Cards of their relatives in the Philippines.

When done, the OFW sender then instantaneously receives on his/her cellphone a confirmation that the money has been transferred. - GMANews.TV

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