By Erik de la Cruz/ Business Mirror | 12/26/2008 11:45 PM
The Development Bank of the Philippines (DBP) has created a savings facility for the nearly nine million Filipinos abroad, giving these cash-rich migrant workers an opportunity to double their money in nine years.
The country’s fifth-largest bank in terms of assets wants to increase its loanable funds to help finance infrastructure projects.
Called the Deposito ng Bayaning Pilipino, the facility requires a minimum deposit of P50,000 and offers an interest yield of 8.5 percent a year.
DBP president and chief executive Reynaldo David said the bank will invest the money from overseas Filipino workers (OFWs) to development initiatives involving infrastructure projects of the government. Read more
No comments:
Post a Comment