Recruitment industry calls for OFW bank

The recruitment industry wants Congress to legislate the creation of bank that will cater solely to the financial requirements of overseas Filipino workers (OFWs). The Federate Association of Manpower Exporters (FAME), in a statement, said it was high time that workers be able to tap a bank that will enhances their investment potentials as well as set exchange rates that will provide maximum value for their hard-earned cash. FAME is the umbrella association of 12 country-focused recruitment organizations. It has a membership of 700 licensed agencies in the country. "OFWs have suffered so much in the drop of their dollar value to the peso. An OFW earning $1,000 is now only getting P40,000 unlike in 2007 where the same amount earned P50,000," FAME Vice-President Jackson Gan said. Senate Bill 639 is one proposal calling for the OFW bank. The Land Bank of the Philippines has expressed interest in managing the proposed bank. The entity, which will be called the Philippine Overseas Postal Bank, is seen to merge with the Philippine Postal Savings Bank. The Overseas Workers Welfare Administration is expected to invest P1 billion in the form of preferred shares while Landbank and the Development Bank of the Philippines will invest P350 million each. — I. P. Pedrasa, BusinessWorld