The Rizal Commercial Banking Corporation (RCBC) has embarked on a financial and digital literacy program for overseas Filipino workers in collaboration with the Department of Migrant Workers (DMW).
The partnership under memorandum of agreement (MOA) signed by Migrant Workers Secretary Hans Leo J. Cacdac and RCBC executive vice president and chief innovation and inclusion officer Lito M. Villanueva, aims to foster and promote sustainable and inclusive digital economy through collaborative programs on financial education and digital literacy. The long term goal is to equip OFWs and their families with necessary skills and knowledge to navigate the digital financial landscape, thereby enhancing their financial resilience and independence.
“The signing of this agreement is among the many partnerships we forged to further empower OFWs and their families on managing their hard-earned money and help them maximize their earning potential from the livelihood support from our reintegration services,” Secretary Cacdac said.
At the core of the partnership is the bank’s financial education campaign for OFWs. The initiative will enable OFWs to easily open an RCBC Telemoney account online using an international mobile number to gain access to various RCBC digital banking services through RCBC Pulz app.
“We recognize the importance of hard-earned money, most especially for migrant workers who rely on remittances as a lifeline for their loved ones. That is why we have put together financial solutions, such as Telemoney, to help empower OFWs to build a better future for themselves and their families as well,” RCBC first senior vice president and Global Transaction Banking Group head Martin Tirol said. With an RCBC Telemoney Savings account, migrant workers can continue supporting their families by sending remittances to their families, and at the same time, enjoy preferential home loan rates and qualify for free life insurance. Their beneficiaries, on the other hand, can receive their funds real-time through RCBC Diskartech, the bank’s financial inclusion app.
The partnership also allows the OFWs to transition to entrepreneurship should they decide to settle back home as an RCBC ATM Go merchant where they can earn from the convenience fees that will be collected from the customers.
“At RCBC, we break barriers and build bridges that connect Filipino expatriates and workers with their families back home. Through this unified and multi-pronged partnership, we are giving them the tools to realize their financial goals, the support to achieve their aspirations, and the foundation to build long term plans for their future,” Villanueva said.
