That’s the vision founders of OFW Net Foundation and OFW International Holdings shared to invited guests and community leaders in Jeddah who attended its first meeting in Harry Ramsden Restaurant on Thursday night.

The OFW Bank, when in operation in 2006, will be “fully owned and patronized by OFWs themselves… it is envisioned to be the ‘sweetest fruit and nectar’ of the sweat, and sacrifices of Filipinos who ventured to work outside of their mother country because of economic hardships.”

A leader of an umbrella organization of licensed recruitment agencies on Monday asked lawmakers to carefully study the proposals to put up a bank for overseas Filipino workers.

Lita Hizon, chairman of the Federated Association of Manpower Exporters, expressed her reservations to the pending bill at the Senate and House of Representatives for an OFW bank.

Hizon said she fears that the propose OFW bank would suffer the consequence that befell other commercial banks that collapsed due to bad loans.

“The government-controlled Land Bank of the Philippines has expressed interest in managing the proposed OFW bank that will be known as the

A big group of recruitment agencies has expressed its support to the proposed a bank exclusively for overseas Filipino workers.

Jackson Gan, vice president of the Federate Association of Manpower Exporters (FAME), said it is right time to create an “OFW Bank” to protect the remittances of OFWs as the US dollar getting weaker against the Philippine peso.

Roque, who rose from the ranks at the OWWA, was responsible for a number of service improvements involving the special needs of more than eight million overseas Filipino workers (OFWs) whose yearly remittances have been helping shore up the national economy.

Notable among these service improvements are repatriation of thousands of OFWs, including undocumented ones, from strife-torn host countries, and the transformation of the Philippine Postal Bank into an OFW Bank.

Jinggoy seeks establishment of OFW bank

TO help overseas Filipino workers save on costs of remittance transactions and to enable them to manage their money more effectively, opposition stalwart Senator Jinggoy Estrada is seeking the establishment of the Philippine Overseas Workers Bank.

Has long sought for the creation of the Philippine Overseas Workers Bank through Senate Bill 639

Senator Manny Villar, Chairman of the Senate Committee on Finance, says that its about time the government finally establish a bank that will cater solely to the financial requirements of overseas Filipino workers (OFWs).

LBP, DBP eye OFW Bank
By Eileen A. Mencias
Land Bank of the Philippines and the Development Bank of the Philippines are interested in taking over the management of Philippine Postal Savings Bank, which Malacañang wants to repackage as the OFW Bank.

The Bangko Sentral ng Pilipinas (BSP) supports the idea of putting up a bank that would cater to the needs of overseas Filipino workers (OFWs).

Monetary Board member Vicente Valdepenas urged the OFW groups that intend to enter into a banking business to prepare all the necessary requirements.

Lamberte proposed setting up an OFW Bank which, he said, is not a bank only for OFWs, but a regular bank that provides financial services to both OFWs and non-OFWs.