Binay pushes OFW Bank

Published by rudy Date posted on December 22, 2010

MANILA, Philippines – Vice president Jejomar Binay recommended yesterday the creation of an overseas Filipino workers (OFWs) Bank that will provide OFWs competitive and cheaper remittance rates.

Binay, presidential adviser on OFW concerns, told President Aquino in a letter that the establishment of an OFW Bank would spare the OFWs from falling prey to exorbitant remittance rates being charged by intermediaries and money brokers.

“An OFW Bank will provide an alternative yet viable economic financial and remittance institution for our Kababayan at the local and international levels,” Binay said.

He said OFWs are clamoring for the creation of a financial institution exclusive for OFWs.

“The bank will provide fair competition towards the reduction/lowering of remittance/transaction costs and provide a productive outlet for our overseas Filipinos’s savings as bank investors and shareholders,” Binay said.

He proposed that the OFW Bank be initially funded and underwritten by government financial institution before it is sold to and controlled by OFW investors and stockholders after a period of time.

He cited that OFW remittances from January to October this year grew to $15.5 billion a year-on-year growth of 7.9 percent, according to the Bangko Sentral ng Pilipinas (BSP). Most of remittances came from the United States of America, Canada, Saudi Arabia, Japan, the United Kingdom, United Arab Emirates, Singapore, Italy, Germany and Norway.

The OFW Bank project was first conceptualized in 2006 to consolidate the financial assets and operational capabilities of government financial institutions like the Land Bank of the Philippines (LBP), Development Bank of the Philippines (DBP), Overseas Workers Welfare Administration (OWWA), and the Philippine Postal Corp. (PPC), and the Philippine Postal Corp. (PPC), together with its subsidiary Philippine Postal Savings Bank (PPSB), as lead entities towards the creation of a financial institution for overseas Filipinos that is less expensive and more focused in its direction and services.

Binay said the OFW Bank project was deferred due to intervening events and the global recession.

Landbank and DBP decided to launch their respective remittance business projects/programs.

“Also, OWWA did not infuse the P1- billion seed money that was approved by the Cabinet. The proposed partners, likewise, concluded that PPSB had neither the capital nor the information-communications technology to make the project possible,” Binay said. –Jose Rodel Clapano (The Philippine Star)

July 2025

Nutrition Month
“Give us much more than P50 increase
for proper nutrition!”

Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the 2021 ILO Commission of Inquiry recommendations
against serious violations of
Forced Labour and Freedom of Association protocols.

Accept National Unity Government (NUG)
of Myanmar.  Reject Military!

#WearMask #WashHands #Distancing #TakePicturesVideosturesVideos

Time to support & empower survivors. Time to spark a global conversation. Time for #GenerationEquality to #orangetheworld!

July


3 July – International Day of Cooperatives
3 Ju
ly – International Plastic Bag Free Day
 
5 July –
World Youth Skills Day 
7 July – Global Forgiveness Day
11 July – World Population Day 
17 July – World Day for
International Justice
28 July – World Nature Conservation Day
30 July – World Day against Trafficking in Persons 


Monthly Observances:

Schools Safety Month

Nutrition Month
National Disaster Consciousness Month

Weekly Observances:

Week 2: Cultural Communities Week
Micro, Small, and Medium Enterprise
Development Week
Week 3: National Science and
Technology Week
National Disability Prevention and
Rehabilitation Week
July 1-7:
National Culture Consciousness Week
July 13-19:
Philippines Business Week
Week ending last Saturday of July:
Arbor Week

 

Daily Observances:

First Saturday of July:
International Cooperative Day
in the Philippines

Categories

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.