Binay pushes for creation of OFW Bank

Vice President Jejomar C. Binay, concurrent Presidential Adviser on OFWs Concerns, in a
recent letter to President Benigno S. Aquino III, has recommended the creation of a bank
especially for overseas Filipino workers (OFWs).

The Vice President said in his letter that having such a specialty bank “will provide an
alternative yet viable economic financial and remittance institution for our kababayans at the
local and international levels.”

Binay said OFWs themselves have long clamored for the creation of an OFW Bank, as
they claimed having been “victims of exorbitant remittance rates charged by financial
intermediaries and money brokers.”

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. (PIA)

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