The bill creates a government‑owned digital bank called OFBank, capitalized at ₱10 billion, with half of the shares reserved for overseas Filipinos. All profits must be spent on welfare programs for overseas workers and their families, and the bank may offer e‑money, micro‑insurance, loans and other services under BSP rules.
Automated summary by BatasWatch. It may miss nuance — read the bill text before citing it.
Printed from CivicSync PH: https://civicsync-ph-gamma.vercel.app/bills/HB00244. Status changes over time; check the link for the latest.
HB00244 · Sources: BatasWatch
Similar in what they’d do, filed by any lawmaker.