Bello Announces Opening of Overseas Filipino Bank on Jan. 18, the Creation of 2 Million New Jobs in 2018

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Department of Labor & Employment (DOLE) Secretary Silvestre Bello III announced that President Rodrigo “ Rody” R. Duterte will launch the first ever Overseas Filipino Bank tomorrow January 18 Thursday at 3 p.m. at the Philippine Post Office Building at Liwasang Bonifacio in Manila City, he announced this on January 17 at the Pandesal Forum of 79-year-old Kamuning Bakery Cafe in Quezon City.

Secretary Bello said: “This has been the promise of politicians for the past 40 years, but this will be fulfilled tomorrow. The Overseas Filipino Bank will service the financial and other needs of overseas Filipinos, overseas Filipino workers (OFWs) and of all the country’s workers. This is good news for all overseas Filipinos and for the Philippine economy.” Bello added that overseas Filipino workers could avail of loans from P50, 000 to P350, 000, collateral-free, and with lower interest rates than other regular banks.

Secretary Bello also expressed high hopes that the government’s now stalled peace talks with Communist rebels shall resume soon, he told media that President Duterte is sincere in his wish for achieving “inclusive and lasting peace for the Philippines” and hopes that the Communist rebels will cooperate. Communist Party founder Jose Ma. Sison is former colleague of Secretary Bello and President Duterte, because Bello said he was chairman of the leftist Bayan group in Mindanao during the martial law years which he pointed out was more militant than other Bayan chapters in Metro Manila and other regions.

Bello also announced that government estimates creation of new jobs this year 2018 at 2 million new jobs due to President Duterte’s “Build, Build, Build” infrastructure program and the TRAIN tax reform law, plus 2 million new jobs yearly for a total of 10 million jobs in 5 years.

For the year 2017, DOLE had inspected 60,732 establishments covering 6.994 million workers and 85,725 workers have been regularized as of January 10, 2018.

Secretary Bello said: “For year 2018, DOLE shall inspect 54,530 establishments to ensure compliance with labor laws and standards, particularly the right to security of tenure. Rest assured that the government-especially President Duterte-is committed to improve the welfare of all workers in the Philippines.”

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