President Duterte on Wednesday said the government intends to put up a bank exclusively for overseas Filipino workers (OFWs), as he urged OFWs laid off from their jobs in Saudi Arabia to start small businesses here using capital to be borrowed from the Department of Trade and Industry (DTI).
“Before I forget, I will put up a bank for overseas workers, exclusively for you,” Mr. Duterte told a group OFWs, who were repatriated from Saudi Arabia after losing their jobs there due to financial reverses of their employers.
“We will provide the capital so that it will go directly to you, so it’s easier,” he added.
Labor Secretary Silvestre H. Bello III, who heads the government’s task force to repatriate the OFWs from Saudi Arabia, said the goal is to bring back some 2,000 OFWs between August 20 and the first week of September. Bello said many of the OFWs were hesitant to be repatriated to the Philippines, because they still have yet to be paid their salaries and other money claims by their employers in Saudi after being laid off.
He added that the Department of Labor and Employment (DOLE) is trying to convince the OFWs to issue a special power of attorney, so that government representatives may be able to follow up on their money claims.
Mr. Duterte told some of the repatriated OFWs to start up a business in the Philippines, instead of trying to look for work abroad.
“Now it’s just a matter of time and motion. We are not so bad, actually, our economy is okay. Just wait a while and give me some time, I will just fix the economy and there would be opportunities for you to work here,” the President said.
“We are not really exceeding the expectations, but we are on target with our growth. We have hit a phenomenal 7-percent growth, but it’s not something to crow about. We have to do more,” he added.
Mr. Duterte said that, aside from the promised bank exclusively for OFWs, the DTI also has a program that will help Filipinos with the start-up capital and technical knowledge to be able to start a small business.