Gov't bank offers high-yield deposit product to OFWs in HK

MANILA, Philippines - Land Bank of the Philippines will launch in Hong Kong on March 30 a new deposit instrument specifically catering to overseas Filipino workers and their relatives.

The new product called Long Term Negotiable Certificates of Deposit, or LTNCD, will form part of a package of benefits for OFWs that President Gloria Macapagal Arroyo when she speaks before the Filipino community at the Grand Hyatt Hotel in Hong Kong.

“We are pleased to be of help to our OFWs, especially since we know that they are among those most affected by the continuing currency appreciation. We are also encouraging them to participate in the government’s savings mobilization program," said LBP president and chief executive officer Gilda E. Pico.

The LTNCD is a peso-denominated certificate that will be issued in P20,000 denominations in 5 ½- and 10-year tenors. It is covered by PDIC insurance up to P250,000 per depositor, and is exempt from withholding tax if investors will opt to hold on to the instrument up to its maturity.

The instrument carries a higher yield compared to other existing saving and time deposit products. The final interest rates of the LBP LTNCD, however, will depend on the prevailing market rates at the time of issuance.

The product will be available to OFWs and their relatives for a three-week period starting next week. The LTNCDs can be purchased at all branches of Land Bank, Hong Kong Shanghai Bangking Co. and accredited selling agents.

Investors will be required to present proof of overseas employment such as the Overseas Workers Welfare Administration membership card, employment contract and pre-departure orientation seminar (PDOS) certificates to avail of the LTNCD.

OFW relatives interested in investing will be required to present proof of relationship with the OFW such as marriage contract and birth certificate.

Land Bank first introduced the LTNCD to Filipino business leaders in Dubai last January, coinciding with the launch of its OFW cash card, during President Arroyo’s visit there. - GMANews.TV

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