DBP facilitates OWWA rebate program for OFWs

MANILA, Philippines — The Development Bank of the Philippines (DBP) has committed to assist the Overseas Workers Welfare Administration (OWWA) in facilitating its rebate program, which benefits 167,000 overseas Filipino workers (OFWs).

In a statement, DBP president and chief executive officer Emmanuel Herbosa said the bank has signed a memorandum of agreement with OWWA to assist the latter with the disbursement of rebates to qualified members.

“We are pleased to be of service to the overseas Filipino workers as DBP continues to safeguard the benefits of overseas Filipinos whose contributions have helped a lot in the development of our country,” Herbosa said. 

The OWWA Rebate Program, which is pursuant to Republic Act 10801, provides rebates to OFWs who have been OWWA members for at least 10 years, have five or more contributions as of end-2017, and have not availed of any OWWA program or benefit.

Under the MOA, DBP will serve as the disbursing bank where rebates – using the PESONet facility – would be credited directly to OWWA members’ bank accounts with no additional fees.

DBP is the eighth largest bank in the country, with total assets amounting to P700.9 billion as of end-September 2019.

It offers various products and services to overseas workers, such as the DBP Electronic Cash Remittance, which provides a secure, affordable and efficient way of sending money to beneficiaries in the Philippines.

The bank also provides loans to OFW entrepreneurs who want to open up small businesses.

Soon, the DBP said it will launch its Internet Payment Gateway, which will enable OFWs to conveniently pay their OWWA contribution fees online.

In the first nine months of the year, the bank’s net income dipped by 1.56 percent to P4.42 billion from P4.49 billion in the same period last year.