OWWA’s Rebate Program is for the benefit of some 167,000 OFW members. #OWWArebate #pesonet #dbp

State-run Development Bank of the Philippines (DBP) will soon provide a rebate program for overseas Filipino workers (OFW) in a partnership with the Overseas Workers Welfare Administration (OWWA).

According to the memorandum of agreement signed by the two institutions, DBP would facilitate the implementation of OWWA’s Rebate Program for the benefit of some 167,000 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,” said DBP President and CEO Emmanuel Herbosa.

According to Herbosa, DBP will serve as the disbursing bank wherein rebates using the PESONet facility would be credited directly to the respective OWWA members’ bank accounts in any of the 53 participating financial institutions with no additional deductions.

PESONet facility, established by the Bangko Sentral ng Pilipinas, streamlines the transfer of money among businesses, individuals, government and banks.

The OWWA Rebate program is an integral part of the Republic Act 10801 or the OWWA Act which seeks to benefit the agency’s members who have been with them for at least 10 years, have five or more contributions as of end-2017 and have not availed of any OWWA program or benefit.

As of 7 November 2019, OWWA has released over P43 million for the program, of which qualified OFW could claim at least P941.25 and up to P13,177.50 depending on the number of their contributions.

As of end September 2019, DBP stood as the country’s eight largest bank with assets worth P700.9 billion.