MANILA: The Department of Migrant Workers (DMW) has partnered with the Rizal Commercial Banking Corporation (RCBC) in a bid to empower overseas Filipino workers (OFW) and their families through digital finance.
DMW Secretary Hans Leo Cacdac signed a memorandum of understanding with RCBC executive vice president Lito Villanueva in Makati City on Tuesday to foster and promote a sustainable and inclusive digital economy through collaborative programs on financial education and digital literacy.
‘The long-term goal is to equip OFWs and their families with the necessary skills and knowledge to navigate the digital financial landscape, enhancing their financial resilience and independence,’ Cacdac said in a news release.
‘The signing of this agreement is among the many partnerships we are forging to empower OFWs and their families further to manage their hard-earned money and help them maximize their earning potential from the livelihood support from our reintegration services,’ he added.
Through the partnershi
p, the DMW said OFWs can easily open an RCBC Telemoney account online using their international mobile number.
It will also allow them to access RCBC’s wide range of digital banking services, including the RCBC mobile apps and ATM Go.
The RCBC Telemoney Savings account can be used to send remittances, which may be received by their beneficiaries in real time, allowing them to avail of preferential home loan rates and qualify for free life insurance.
OFWs will also be assisted to transition to becoming entrepreneurs as an RCBC ATM Go merchant partner, should they decide to settle back home, in support of the government’s reintegration program.
ATM Go is a neighborhood-type automatic teller machine to bring services even to the most remote communities, underserved and unbanked areas and geographically isolated and disadvantaged regions.
A merchant partner can earn from the convenience fees collected from customers facilitating financial transactions.
‘We are giving them the tools to realize their financia
l goals, the support to achieve their aspirations, and the foundation to build long-term plans for their future,’ Villanueva said.
Source: Philippines News Agency