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Among history’s greats Leonardo da Vinci is often considered “sui generis” —a man of such stupendous genius that the world may never see his like again.- Merriam Webster
The below post serves as reply to the last two objections raised by Bangko Sentral and the Department of Finance on the OFW bank as pushed by Vice-Pres. Binay.
This post authored by Romie Cahucom serves as sequel to his earlier post, “Remittance Is Not the Enemy, Economic Reintegration of Returning OFWs Is“ which was also featured in this blog.
This is an issue that is of paramount concern and importance to all OFWs.
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In Reply to the Two Other Objections on the OFW Bank
This post serves to answer the two other objections raised by the government regulators on the formation of an OFW bank which has been pushed by Vice-President Jejomar Binay since late 2010.
To refresh our minds, the government regulators objected to formation of an OFW bank, citing issues of “cost, redundancy, administrative and regulatory unwieldiness, and sending signals that discourage private sector competition which, they claimed, already benefits OFWs by way of driving down transaction costs.”
We took up the first two objections in a previous article entitled, “Remittance Is Not the Enemy, Economic Reintegration of Returning OFWs Is.”
Now we take up the last two objections.
The Issue of Administrative and Regulatory Unwieldiness
Frankly, I find it difficult to figure out how the issue of administrative and regulatory unwieldiness comes in. Continue reading






