Feb 27, 2006
Better use of remittances eyed REGULATORS support latest efforts to try and make more forceful use of the remittances of overseas Filipino workers. The Dutch financial group ING had suggested mobilizing part of the earnings of OFWs by selling them as mutual funds as part of continuing efforts to harness the economic firepower of their combined remittances. Senior monetary officials have evaluated the ideas presented by the local unit of ING Bank and found them worth looking into. "The Dutch bank had suggested mobilizing the savings of our OFWs through mutual funds. "They plan to make use of Philippine banks with branches abroad that also handle OFW remittances," the senior official said. Citing the ING proposal, the senior official said the likely candidates include the Philippine National Bank, Equitable PCI Bank as well as the Metropolitan Bank and Trust Co. or Metrobank. | |
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