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MANILA, Philippines--The local recruitment industry is pushing for the creation of a special bank that will cater solely to the financial requirements of overseas Filipino workers (OFWs).
Jackson Gan, vice president of the Federated Association of Manpower Exporters (FAME), said it was high time for the OFWs to have their own bank that would serve their financial and investment needs.
FAME is an umbrella association composed of 12 country organizations with a membership of 700 licensed recruitment agencies.
"OFWs have suffered so much in the drop of their dollar value to the peso," Gan said in a statement.
He added, "Migrant Filipino workers need a financial organization that would enhance their investment potential, give proper advice for income-generating business enterprises, and be ready to help OFWs at all times."
Gan said the bank should also set exchange rates friendly to OFWs so their beneficiaries could get the maximum value for the foreign currencies sent to them.
The FAME spokesman also recommended the dropping of ATM service charges for OFWs as a means of helping them.
"The government-controlled Land Bank of the Philippines has expressed interest in managing the proposed OFW bank that will be known as the Philippine Overseas Postal Bank," Gan said.
Gan said the Overseas Workers Welfare Administration (OWWA) could invest P1 billion in the project as preferred shares while the Land Bank and DBP could invest P350 million each.
