Overseas Filipino Bank launched

MANILA— President Rodrigo Duterte led Thursday’s launching of the Overseas Filipino Bank, which aims to cater to the needs of the millions of overseas Filipino workers.

“I’m happy now that I have made my promise to you my kababayan overseas Filipino workers,” President Duterte said his speech at the launching at the Liwasang Bonifacio in Manila.

Duterte signed Executive Order No. 44 in September last year directing stateowned Land Bank of the Philippines to acquire the Philippine Postal Bank and convert it to the OFBank.

Accompanied by OFBank chairman and Land Bank president & CEO Alex Buenaventura and Cabinet members, Duterte led the unveiling of the OFBank logo.

Duterte underscored the government’s commitment to protect and uphold the welfare of the OFWs.

“Through the Overseas Filipino Bank, we gave back what is due our kababayan abroad through a bank specially dedicated to servicing their banking and financing requirements,” he said.

He thanked Secretaries Silvestre Bello III of Labor and Employment, Carlos Dominguez of Finance, and Bangko Sentral ng Pilipinas Governor Nestor Espenilla as well as LBP officials for working hard to come up with a bank that would address the needs of the OFWs, who remain one of the economic growth drivers of the Philippines with total remittances reaching $26.9 billion in 2016 or 5.5 percent higher compared to previous year.

“It would not be enough to pay tribute to a large segment of our society that is almost responsible and a constant factor in our GDP (gross domestic product),” Duterte said.

(PNA)