Palace formally announces creation of “Workers’ Bank”

Recognizing modern-day heroes

Given the importance of OFW remittances to the country’s economic growth, Abella said President Duterte saw the need for “a more specialized financial institution for OFWs to cater to their needs and aspirations.”

“This particular move is an undertaking to show appreciation for the OFWs as our modern-day heroes,” Abella added.

The Palace spokesman noted that “(OFW) remittances account for 9.8 percent of gross domestic product and 8.3 percent of gross national income.”

Image via Manny Pinol Facebook account
Image via Manny Pinol Facebook account



Campaign promise

To recall, President Duterte vowed during the campaign period to make OFW concerns the top labor priority under his term.

An OFW bank was one of his promises to migrant Filipino workers back then; the others being a one-stop shop that caters to all their documentary needs — which has since been fulfilled — and a separate government agency for OFWs.

Official tally of the 2016 national elections shows that President Duterte secured a massive share of OFW votes, garnering 313,346 of the total 432,706, or a whopping 72.4 percent.

Here’s Manny Pinol’s post on Facebook: