Home > Pinoy Abroad > Top Stories Landbank offers high-yield deposit account for OFWs
Land Bank of the Philippines announced on Monday a deposit instrument designed for overseas Filipinos and their relatives to ease the impact of the shrinking peso equivalent of their offshore earnings. Finance Secretary Margarito Teves, also Landbank chairman; Landbank president and chief executive officer Gilda Pico; and, administrator Marianito Roque of the Overseas Workers Welfare Administration introduced the new deposit product, known as the long-term negotiable certificates of deposit or LTNCD, to more than 150 Filipino business leaders in Dubai. “This deposit product is designed to help overseas Filipinos and their families participate in the government’s savings mobilization program, as well as to help soften the adverse impact of the sharp peso appreciation on our OFWs as the LTNCD carries a higher yield compared to existing peso savings and time deposits," Teves said in a statement. The peso-denominated LTNCD will be issued in P20,000-denomination in five- and-½ and 10-y...