PNB drops ‘maintaining balance policy’ for overseas workers
Arab News
First Posted 18:17:00 06/12/2008
RIYADH -- The Philippine National Bank (PNB) has been implementing a “no maintaining balance” policy for overseas Filipino workers and their dependents, a bank official said.
PNB began implementing the policy in 2007 as a way of recognizing the migrant workers’ contribution to the national economy, said Usman B. Navarro, PNB country manager in Saudi Arabia.
“That means that in the past, a PNB passbook or ATM card holder had to maintain a balance of $200 on his dollar account or P100 on his peso account,” said Navarro.
If the maintaining balance was below $200 or P100, before November 2007, the account holder would be charged $10 for dollar savings account or P110 for peso savings account as penalty.
Now, the beneficiary can withdraw the whole amount remitted to them by the overseas worker without worrying that the account will be penalized with charges or even closed.
“PNB has adopted the minimum maintaining balance policy in recognition of the OFWs contributions to the national economy as well as to their relatives back home in the Philippines,” Navarro said.
However, this applies only to OFWs and their beneficiaries.
Another additional service of PNB Saudi Arabia to the Overseas Filipino community in the kingdom is the free enrolment to the PNB internet banking.
OFWs with PNB accounts can now easily monitor their account balances or request statement of accounts through internet.
PNB representatives in Batha, Aqaria, Jeddah-Corniche, Alkhobar and Jubail who can connect directly to the PNB website will assist enrolment of PNB account holders to the bank’s internet banking service.
This service was launched at the Philippine Embassy in Riyadh in celebration of Migrant Workers Day last Friday.
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