The National Asian American Coalition (NAAC) has teamed up with OneWest Bank to offer financial education services to Filipinos.
On Tuesday, Dec. 23, representatives from OneWest Bank visited Island Pacific locations in Panorama City and Canoga Park to gain an understanding of how the market serves the needs of the Filipino community.
“Through our partnership with NAAC we are exploring ways to bring financial services to the Filipino community and at the center of the culture is the marketplace,” said OneWest President and CEO Joseph Otting. “By visiting [Island Pacific] we were able to meet a number of people serving the community and understand how the store works as the center of the needs of Filipino people.”
NAAC President and CEO Faith Bautista said the ultimate goal of the partnership is to assist underbanks (those who have limited access to mainstream financial services, who may have a checking account but lack a savings account and end up not saving money) and unbanks (those who have no bank accounts and lack knowledge in banking) in becoming financially educated.
In 2013, 7.7 percent of American households were unbanked while 20 percent of households were underbanked, according to the Federal Deposit Insurance Corporation (FDIC).
Of this figure, Bautista said a number are Filipinos.
OneWest is working with NAAC to establish kiosks that will provide various loans, loan modification, first-time home buying workshops, pre- and post-purchase counseling, consumer fraud complaint services, information on energy efficiency and business consultations to help Filipinos achieve the American Dream.
“The Filipino community is a growing and prosperous part of Southern California and we want to assist in their access to financial services,” Otting said.
The bank is also looking to install ATMs at various Island Pacific locations to be determined and hopefully finalized in early 2015, Otting said.
Once the services are made available, Filipinos are encouraged to use them.
“Mga kababayan, take advantage of the services,” Bautista said. “Libre ito sa inyo (It’s free to you).”
(www.asianjournal.com)
(LA Weekend January 3-6, 2015 Sec. D pg.1)
