Dominguez runs to IFC to set up digital OFW bank
These global experts may be the key to success. Finance Secretary Carlos Dominguez III has reached out to the International Finance Corp. (IFC) for help in seeing through his project, the Overseas Filipino Bank.
The Cabinet official saw through President Rodrigo Duterte’s promise of setting up a remittance platform for overseas Filipino workers (OFWs), but took it a step further by envisioning fully-digital operations.
Dominguez met with IFC officials for assistance in the project.
“It’s tabula rasa. No legacy mistakes here. But we don’t have the people and the system. So we’re looking at your expertise to assist here,” Dominguez told the World Bank delegation.
The IFC said they are open to working with the Philippine government, as they are already working on similar projects with other countries.