DBP promotes OFW initiatives in Hong Kong

HONG KONG – The Development Bank of the Philippines awarded certificates of participation to overseas Filipino workers who have availed themselves of its hedging facility and I-Net Negosyo program as the bank continued to promote its various OFWs programs and initiatives during a road show held here last March 30, 2008.

DBP president and chief executive officer Reynaldo G. David gave certificates of participation to Hong Kong-based OFWs Fenita Cariaga, Tita Antipuesto, Yolanda Ducusin, Eden Lucena, Jose Sapio, Cherly Vicente and Araceli Daguro, architect Eduardo Lim and a housewife, Rosario Torres, for availing themselves of the OFW hedging facility. He also reported that the hedging program has picked up steam, as a total of HK$96,500 of OFW remittances has been guaranteed under its outright forward hedging facility.

David also announced that the bank is offering a 50-percent discount to the first 100 applicants of its OFW hedging facility to encourage more migrant workers to protect themselves against the appreciating peso. The discount will apply to insurance fees of hedging applications totaling a maximum of $30,000 monthly.

Photo shows (from left): DBP president and chief executive officer Reynaldo G. David joins acting Labor Secretary Marianito Roque, Smart Communications chairman Manuel Pangilinan and Smart Communications chief wireless adviser Orlando Vea during the road show in Hong Kong.