BAGUIO CITY—Labor and Employment Secretary Silvestre Bello III said the government is poised to put up an Overseas Filipino Workers Bank to recognize the significant contributions of the country’s modern-day heroes.
Bello, who graced the inauguration of an OFW one-stop shop service center at the Baguio Convention Center, said capitalization of the bank, which will initially amount to P3 billion, will come from the funds of the Overseas Workers Welfare Administration, the Employees Compensation Commission and the OFWs themselves which initially amount to P80 billion.
“We need at least P3 billion to buy the Philippine Postal Bank and convert it from a thrift bank to a commercial bank that will be solely owned by the OFWs so that they will be able to operate the largest commercial bank in the country,” he said.
The labor chief said the initial capitalization for the OFW Bank will come from the P19.8-billion money of the OFWs lodged with the OWWA.
Bello said the bank will be operational by the end of the year or by the first quarter of 2017.
He said his memo to the President regarding the establishment of the OFW Bank was already initially approved.
Bello disclosed ownership of the bank will be open to all 4.8-million OFWs at P1,000 per share, potentially making it the largest commercial bank in the country that will bankroll key government and private projects geared toward sustainable economic growth.