DBP eyes tie-up with Saudi Arabia bank for OFW loans, remittances

The Development Bank of the Philippines is eyeing a partnership with a Saudi Arabian bank to provide loans and remittance programs for overseas Filipino workers in the Kingdom. A delegation from the DBP led by president and CEO Francisco del Rosario Jr. brought up the topic during a visit to Saudi Arabia last April 20 to 21. “The DBP is exploring more joint business opportunities with Bank Al-Bilad, such as a pilot remittance loyalty program and a salary loan program for OFWs in Saudi Arabia,” the Department of Foreign Affairs (DFA) said. It added Bank Al-Bilad chief executive officer Khalid Al Jasser, and general manager and head of Bank Al-Bilad-ENJAZ Remittance Sami Hamed Al Rajhi said they hope to “maintain a close business partnership with DBP.” During its visit, the DBP delegation also discussed joint marketing initiatives with representatives of Bank Enjaz Al-Bilad headed by Sami Al-Rajhi. Such initiatives would be targeted at Filipinos in Saudi Arabia and the rest of the Middle East, the DFA said. At the event, Philippine Ambassador to Saudi Arabia Ezzedin Tago urged Filipinos to save and invest more and asked them to echo what they learned about the services of the DBP and the governments and other government services to other members of the Filipino community. For his part, Del Rosario gave a presentation on DBP’s services including the DBP Electronic Cash Remit and financial assistance for OFWs in the form of retail lending for micro and small enterprises. The DBP also awarded winners of its recently concluded grand draw of the DBP Pangkabuhayan Para sa Pinoy Remit and Win raffle program. Winners of the top two prizes – a P1 million cash prize and a Mitsubishi FBL300 van – were both from Jeddah. Del Rosario turned over certificates to the beneficiaries of Danilo Sison who won the P1-million cash prize and Francisco Organista Sr., who won a Mitsubishi FB L300 van. Meanwhile, Tago invited the community to spread the word about the ongoing overseas absentee voting (OAV) registration and reminded them of the up and coming mobile registration services. Half-day OAV registration services are available on Thursdays at the Embassy. Friday registrations can also be arranged for the benefit of community organizations and large companies. — LBG, GMA News