OFWs’ bank

The Department of Labor and Employment (DOLE) announced has reduced the number of its representative in the soon-to-be-opened Overseas Filipinos Bank (OFB). Labor and Employment Secretary Silvestre Bello III said thatthey implemented the measure so they could increase the number of representatives from the overseas Filipino workers’ (OFWs) groups in the OFB Board of Directors. “I recommended one OFW (representative) from land-based sector and another OFW representing the seabased sector,” Bello said in a press briefing last week. Bello, however, did not disclose the names of the two nominees. President Duterte issued Executive Order (EO) No. 44 last September authorizing the conversion of the Philippine Postal Savings Bank (PPSB) to the OFB. EO 44 states the nineman Board shall be composed of the following members: Landbank of the Philippines (LBP) President as Chairperson; LBP-designated OFB President as Vice Chairperson; 4 LBPdesignated directors or officers as members; a member representing the DOLE; a member representing the Overseas Workers Welfare Administration (OWWA); and a private sector member representing overseas Filipinos. Bello said OWWA administrator Hans Cacdac will serve as DOLE’s official representative in the OFB Board of Directors. Bello said OFB is expected to start its operation by Jan. 20, 2018. (Sameul P. Medenilla)