Over­seas Filipino Bank to be op­er­a­tional by Jan­uary 2018

Business World - - THE NATION - A. Zamora Rose­marie

THE NEWLY cre­ated Over­seas Filipino Bank (OFB) will be op­er­a­tional by Jan­uary 2018, La­bor Sec­re­tary Sil­vestre H. Bello III as­sured yes­ter­day. The former Philip­pine Postal Sav­ings Bank (PPSB). “We will have an OF bank ef­fec­tive Jan­uary 2018,” Mr. Bello III said dur­ing a press brief­ing in Mala­cañang, “If you no­ticed, it’s called OF bank, not an OFW (over­seas Filipino worker) bank. And the in­ten­tion here is to cover not only the over­seas Filipino work­ers but also the over­seas Filipinos. Be­cause just like our OFWs, our OFs… are also con­tribut­ing a lot to Philip­pine econ­omy.” Ex­ec­u­tive Or­der (EO) No. 44, signed by Pres­i­dent Ro­drigo R. Duterte on Sept. 28, au­tho­rizes the con­ver­sion of the PPSB into the OFB, which will be un­der the govern­ment-owned Land Bank of the Philip­pines. The EO un­der­scores “the need to es­tab­lish a pol­icy bank ded­i­cated to pro­vide fi­nan­cial prod­ucts and ser­vices tai­lored to the re­quire­ments of over­seas Filipinos, and fo­cused on de­liv­er­ing qual­ity and ef­fi­cient for­eign re­mit­tances ser­vices.” Mr. Bello said putting up a bank that spe­cially caters to over­seas Filipinos is “proper and fair,” not­ing that they brought in $28 bil­lion in re­mit­tances in 2016. —

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