News clipping from Manila Bulletin, 20 Feb 2008:
The Development Bank of the Philippines is marketing its hedging program to Overseas Filipino Workers (OFWs) starting this weekend, kicking off its roadshow presentation in Hong Kong.
In a talk with reporters before leaving for Hong Kong, DBP President Reynaldo G. David explained the mechanism for OFW hedging facility is based “on wholistic approach” covering a gamut of financial services aside from the usual handling of remittances.
The mechanism calls for a virtual force savings for OFWs, wherein a portion of their remittance could be set aside on a monthly basis, which can be used as collateral should they or their beneficiaries would “want to start their own source of livelihood” moving forward.
I agree with the objectives of DBP. They are providing a facility that helps OFWs save — one of the first steps in financial freedom.
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