Philippine Independence Day Supplement: PNB Drops ‘Maintaining Balance Policy’ for OFWs

RIYADH, 12 June 2008 — The Philippine National Bank (PNB) has been rendering various services to Overseas Filipino Workers (OFWs) in recognition to their contribution to the national economy.

Since November 2007, the bank has adopted the “No maintaining balance policy”.

“That means that in the past, a PNB passbook or ATM card holder had to maintain a balance of $200 on his dollar account or Php100 on his peso account,” said Usman B. Navarro, PNB Country Manager in Saudi Arabia.

If his maintaining balance was below $200 or P100, before November 2007, he was charged $10 for Dollar Savings Account or Php110 for Peso Savings Account as penalty so there will be no risk of having the account closed if the account balance falls below the minimum maintaining balance.

Now, an OFW and his beneficiary don’t have to maintain the balance anymore. The beneficiary can now withdraw the whole amount remitted to them by the OFW without worrying that the account will be penalized with charges or closed.

“PNB has adopted the minimum maintaining balance policy in recognition of the OFWs contributions to the national economy as well as to their relatives back home in the Philippines,” Navarro said.

However, this applies only to OFWs and their beneficiaries.

Another additional service of PNB Saudi Arabia to the Overseas Filipino community in the Kingdom is the free enrolment to the PNB internet banking.

OFWs with PNB accounts can now easily monitor their account balances or request Statement of Accounts (SOA) through internet.

PNB Representatives in Batha, Aqaria, Jeddah-Corniche, Alkhobar & Jubail who can connect directly to the PNB website (pnb.com.ph) will assist enrolment of PNB account holders to PNB internet banking website for free using their internet connections.

This service was launched at the Philippine Embassy in Riyadh in celebration of Migrant Workers Day last June 6, 2008.