Silvestre Bello III, Secretary of the Department of Labor and Employment (DOLE), has recently confirmed that the Philippine government is indeed planning to establish a special bank for overseas Filipino workers (OFWs). This was reported on GMA Network’s Unang Balita program as Bello made the announcement while speaking in front of a crowd of OFWs in Hong Kong.
According to Bello, the Overseas Workers Welfare Administration (OWWA) has so far pooled about P20 billion from the contributions of OFWs. He said that the government is planning to use the said money to buy a bank and then call it OFW Bank.
This, of course, is a direct response to one of the promises made by President Rodrigo R. Duterte. During the presidential campaign period, Duterte mentioned about his intentions to have a dedicated bank for OFWs – which generated a lot of positive reaction from the OFWs themselves.
You can watch the video here:
During his visit, the Labor Secretary also spent time with Filipinos in temporary shelters who are currently seeking refuge from their abusive employers. He likewise assured OFWs who are planning to return to their homeland that the government stands ready to provide assistance for them in terms of helping them start their own business.