OFW bank to offer remit-to-school, tuition loans for migrant workers
This new bank wants to respond to the specific needs of the so-called “bagong bayani”.
The Overseas Filipino Bank eyed to emerge from the reformat of the Philippine Postal Savings Bank will develop loan products that will make it a breeze for overseas Filipino workers (OFWs) to provide for their families back home.
In a statement, the Department of Finance said the new bank will offer a service that would allow direct remittances to schools and even tuition loans for OFW parents supporting their child’s schooling back in the Philippines.
On top of this, options to secure credit for home repair and for starting a business upon returning home will also be offered to OFWs under this new state-run bank.
What an enticing deal!