DBP flies home stranded OFWs from Middle East
Manila (15 June) -- Over 100 overseas Filipino workers (OFWs) stranded in the Middle East are coming home today as part of the corporate social responsibility efforts of state-owned Development Bank of the Philippines (DBP) and San Miguel Corporation. The OFWs will be welcomed by members of the DBP Board of Directors at the Ninoy Aquino International Airport.
DBP president & chief executive officer Reynaldo G. David said the OFWs were mostly domestic helpers who ran away after being abused by their employers in the United Arab Emirates, Lebanon, Jordan, and Oman. The OFWs, who couldn't afford to pay for their plane fare, were forced to stay at the Overseas Workers Welfare Administration (OWWA) office in Dubai prior to their repatriation.
David said the assistance shows the other side of DBP -- that of banking with a conscience. "Our image as a strong and stable financial institution belies our deep concern for important sectors like our migrant workers. DBP believes that as a development financial institution, it should be at the forefront of assisting the OFW sector, which is arguably the major pillar of our country's economy."
David said the assistance also mirrors DBP's commitment to provide more support to the OFW sector. He added that DBP has been offering competitive remittance products and services, while encouraging OFWs and their families and dependents to start small or medium-sized entrepreneurial ventures back home.
"These initiatives are in sync with the national government's re-integration program for OFWs that aim to prepare them for their eventual return to the country," he added.
David also said that DBP has an assistance center at the Philippine Embassy in Muscat, Oman so that it can further provide livelihood and remittance assistance to migrant workers in the area.
He added that the repatriation of the OFWs was also coordinated with the Department of Labor and Employment, Overseas Workers Welfare Administration, and Bank of the Philippine Islands.
DBP performance remains strong
Meanwhile, David reported that DBP continues to post impressive financial numbers this year, with its net income hitting P1.54 billion for the first four months of 2008, or an increase of 24% from last year's P1.24 billion.
"DBP has maintained a strong financial position this year despite the global economic slowdown. We are in a better position to finance the various strategic programs of the national government," David emphasized.
David said DBP's gross income jumped by 20% from P5.35 billion during the same period last year to P6.43 billion this year, which is due to the bank's improved retail lending operations and investment transactions.
Past due loans dipped from P3.38 billion during the same period in 2008 to P2.56 billion this year. Non-performing loans also decreased from P3.11 billion in the first four months of 2008 to P2.54 billion as of end of April this year.
Deposits from the private sector also grew substantially from P17.33 billion during the first four months of 2008 to P32.34 billion in the first four months of 2009 as DBP embarked on an aggressive deposit generation campaign earlier this year. Overall, total deposits stood at P110.29 billion, up by 9.93% from last year's P100.36 billion. (PIA-MMIO) [top]