Pres. Duterte Fulfills Promise as Overseas Filipino Bank Set to Open in January 2018

The very first President from Mindanao fullfilled one of his campaign promise as Department of Labor and Employment (DOLE) announced on Thursday that overseas Filipinos would be able to make use of the Overseas Filipino Bank (OFB) effective January 2018.

DOLE Secretary Silvestre Bello was quoted as saying “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,” DOLE Secretary Silvestre Bello III said in a press briefing in MalacaƱan.

The DOLE Secretary underscored that putting up a bank or the Overseas Filipino 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.

Pres. Rody Duterte signed Executive Order (EO) No. 44 on September 28, 2017, approving the Land Bank of the Philippines' (LBP) acquisition of Philippine Postal Savings Bank (PPSB).

The Executive Order 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.

Sec. Bello also noted that the bank will be converted as a subsidiary bank of the Land Bank of the Philippines. Pres. Duterte once promise during the 2016 national elections that he will provide a banking institutions which will cater to all overseas Filipinos and overseas Filipino workers.

The DOLE Secretary was quoted as saying “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,” Bello said.

“And now, the OF Bank will become a reality because of the sincere desire of our President to service the OFWs,” he said.
“This is in addition to so many promises 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,” Bello said.

Source: PNA

Pres. Duterte Fulfills Promise as Overseas Filipino Bank Set to Open in January 2018 Pres. Duterte Fulfills Promise as Overseas Filipino Bank Set to Open in January 2018 Reviewed by Phil Newsome on 10/14/2017 Rating: 5

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