Philippine bishops welcome creation of bank for migrant workers

Bank allows migrant workers to avoid loan sharks, higher interests on remittance, says bishop
Philippine bishops welcome creation of bank for migrant workers

President Rodrigo Duterte welcomes Filipino migrant workers who were repatriated from the Middle East in April. (Photo courtesy of the Presidential Communications Office)

October 12, 2017
The Episcopal Commission on Migrants and Itinerant People of the Philippine Catholic bishops welcomed a government order to create a bank for Filipino migrant workers.

Bishop Ruperto Santos of Balanga, head of the commission, said the move is "good news" to migrant workers and will be valuable in providing financial assistance.

"They can save money, even time and effort, going to different banks, and sending money to different remittance centers," said the prelate.

"They can avoid loan sharks, higher interests on remittance and cunning people who take advantage of our workers," he added.

Bishop Santos expressed his gratitude to President Rodrigo Duterte for his "caring gesture."

Duterte this week approved the acquisition of the Philippine Postal Savings Bank Inc. by the Land Bank of the Philippines and its conversion into an Overseas Filipino Bank.

The president's Executive Order No. 44 said the Postal Savings Bank is strategically equipped to provide financial and remittance services to Filipinos working abroad.

"There is a need to establish a policy bank dedicated to provide financial products and services tailored to the requirements of overseas Filipinos, and focused on delivering quality and efficient foreign remittance services," read the president's order.

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