Duterte Gov’t To Open Overseas Filipino Bank Worldwide In January 2018
The Department of Labor and Employment (DOLE) on Thursday, October
12, announced that overseas Filipinos would be able to make use of the Overseas
Filipino Bank (OFB) effective January next year.
“The intention here is to cover not only the overseas Filipino
workers but also the overseas Filipinos. Because just like our OFWs, our
overseas Filipinos are also contributing a lot to Philippine economy,” said DOLE
Secretary Silvestre Bello III in a press briefing in Malacañan.
Secretary Bello underscored that putting up a bank that specially
caters to overseas Filipinos is “proper and fair,” given that they have helped
in bringing $28 billion dollars in remittances in 2016 alone.
Executive Order (EO) No. 44, signed by President Rodrigo Roa
Duterte on September 28, 2017, approves the Land Bank of the Philippines’ (LBP)
acquisition of Philippine Postal Savings Bank (PPSB).
The said EO likewise authorized PPSB’s conversion into Overseas
Filipino Bank (OFB), which aims to efficiently deliver microfinance and
micro-insurance products and services for overseas Filipinos.
“This will be converted as a subsidiary bank of the Land Bank,” said
Secretary Bello.
Secretary Bello said the establishment of the OFB was one of the
promises of President Rodrigo Duterte.
“Ito ay isang pangako na natupad after so many years and so many
presidents making the promise. As early as martial law days, itong OFW bank eh
na-conceptualize na ‘yan. Naipangako na ‘yan,” said Secretary Bello.
The Labor chief said the OF Bank will become a reality because of
the sincere desire of our President to service the OFWs.
“This is in addition to so many promise that he committed to our
OFWs na tinupad niya ha. Hindi empty promises ang binitawan ng ating Pangulo sa
mga OFWs,” he added.
According to the DOLE chief, satellite offices of the OF Bank will
be established in all of the Philippine Overseas Labor Office (POLO) globally.
“The plan is to capture the market of the remittances from abroad
exclusively through the OF Bank,” said Secretary Bello.
Watch the video report below via GMA News:
Source: Philippine News Agency
Duterte Gov’t To Open Overseas Filipino Bank Worldwide In January 2018
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October 20, 2017
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