The LandBank of the Philippines is continuing its help for OFWs since the incident. Because of this, they held another program which is dubbed as Bagong Bayani Program. LandBank made a compilation of everything they can do for assistance to OFWs for being modern-day heroes of our nation. This program includes a lot of benefits including a menu of savings and investment options for OFW. This is so for them to put their hard-earned money for long-term investments that they can have more chances of being successful.
Having this said, LandBank is currently in partnership with Filipino Migrant Associations and Organizations and OFW Groups for various activities. These groups hold seminars locally and abroad in which help promote financial literacy to OFWs as well as their families here in the Philippines. In this article, we will be discussing what the Bagong Bayani program is, how OFWs can apply for it, and what benefits it can give.
What is the Bagong Bayani ATM Account?
This type of account only requires an initial deposit of P100.00 and has no maintaining balance requirement. OFWs and their beneficiaries can also open a Bagong Bayani Passbook account for an initial deposit of P100.00 and maintain a required average daily balance of only P5,000.00 to earn interest.
LandBank is also offering the new Bagong Bayani USD Passbook Account which accepts deposits in currencies Philippine Peso, US Dollars, or other currencies and are automatically converted to US dollar equivalents based on the transaction date’s prevailing foreign exchange rate.
To give you more information about it:
The Bagong Bayani ATM Account is issued in two forms: generic and personal. The generic card is issued by LBP Overseas Officers and other ORG designated personnel upon application while the personal cards are issued by LandBank branches with the account holder’s name embossed in the card.
Read Also: Opening A Bank Account With OFBank
What are the steps in opening a Bagong Bayani ATM Account?
To open a Bagong Bayani ATM account, proceed to the nearest LandBank branch in your area.
1. Go to the counter or spot where you open new accounts and inform the teller that you want to open a Bagong Bayani ATM account.
2. The teller will then give you an application form you need to fill up. Duly accomplish the form. Afterwards, double check the document before submitting it to the teller.
3. Once done, submit the form together with the requirements and the initial deposit of Php100.00 to the teller.
The teller will ask you to submit the following:
- Original and photocopy of 1 x 1 ID picture
- 2 valid IDs (original and photocopy)
- Tax Identification Number (TIN)
- Proof of Billing (original and photocopy)
4. After submission, the teller will double check the documents you submitted. The bank teller will then verify your information and requirements; they will also encode it in their system.
5. Once everything is done, they will inform you that your application is successful. Card releasing will depend on the branch if they can release it on the same day.
LandBank is currently in partnership with the Overseas Workers Welfare Administration (OWWA) to help returning OFWs. In addition to the Reintegration program, LandBank is offering an alternative to just a savings account. This Bagong Bayani account only has an initial deposit of Php100.00.
The good thing about this is that no maintaining balance is required however, if you are looking to get this Bagong Bayani account, an Average Daily Balance of Php5, 000.00 is required to earn interest.
How good is this news for OFWs? They can now actually manage their finances and have investments by just opening this savings account. Imagine having no maintaining balance; just a requirement of Php5, 000.00 Average Daily Balance (ADB) and you will earn more interest than how much you earn in a regular savings account. Our country is really coming up with ways on assisting Overseas Filipino Workers.
Read Also: Opening A BDO Kabayan Savings Account