Updated December 31, 2008 12:00 AM
State-owned Development Bank of the Philippines (DBP) has launched a savings facility which aims to provide overseas Filipino workers with an effective means of saving their earnings and preparing for their retirement by doubling their money in nine years.
DBP president and chief executive officer Reynaldo G. David said OFWs can invest in the facility called Deposito ng Bayaning Pilipino with a minimum deposit of P50,000. The facility, which offers an attractive interest rate of 8.5 percent per year, was launched during President Arroyo’s working visit to Qatar recently.
He said the fund will be invested in DBP’s various development initiatives such as the sustainable logistics development program, including the roll-on, roll-off terminal system, community development projects and other infrastructure programs.
“With the Deposito ng Bayaning Pilipino, we hope to imbibe the importance of saving and investing among our OFWs,” said David, adding that the facility is also in response to President Arroyo’s call for increased and more meaningful assistance to Filipino migrant workers.
Interested OFWs may apply for the program by filling up necessary forms at the DBP website, www.devbankphil.com.ph.