OF Bank to end investment scams targeting migrant workers, Dominguez says
Now, overseas Filipino workers (OFW) have a special and legitimate avenue for their savings.
The opening of the Overseas Filipino Bank is expected to open new investment channels for OFWs, which will allow them to participate even more in the story of domestic economic growth, Finance Secretary Carlos Dominguez III said.
Officials led the opening of the OF Bank on Thursday, Jan. 18, which is a fulfillment of the campaign promise of President Rodrigo Duterte to the country’s 10 million migrant workers.
Dominguez is counting on the new bank to invite OFWs to invest their money here, rather than in shady arrangements which usually ends up as a scam.
The Cabinet official said the new bank will provide various financial services specifically for overseas Filipinos “so that they would no longer be vulnerable to expensive remittance services and investment scams.”
The OF Bank’s first branch is in Liwasang Bonifacio, Manila and will be administered by the Land Bank of the Philippines.