OF Bank to be launched this week

January 15, 2018

President Rodrigo Duterte is set to lead the launching of the Overseas Filipino Bank this week, an official said on Monday.

In a press briefing, Presidential Spokesperson Harry Roque said the OF Bank will be opened on January 18 at Postbank Center, Liwasang Bonifacio, Manila.

"If you would recall, the establishment of the Overseas Filipino Bank is a commitment made by the president to the members of the Filipino communities every time he would meet them in his trips abroad," he said.

He noted that last September, Duterte signed Executive Order No. 44, approving the acquisition of the Philippine Postal Savings Bank by Landbank of the Philippines and its conversion into OF Bank.

"We recognize the contribution of our overseas Filipinos to our economic growth that we are now enjoying. And related to this, we acknowledge their financial needs. We therefore aim to provide financial and remittance services tailored to the needs of our kababayan," he said.

Labor Secretary Silvestre Bello III earlier said satellite offices of the OF Bank will be established in all of the Philippine Overseas Labor Office globally to capture the market of the remittances from abroad exclusively through the OF Bank.

Under the EO, the Philippine Postal Savings Bank's conversion into OF Bank aims to efficiently deliver micro-finance and micro-insurance products and services for overseas Filipinos.

Remittances from abroad contribute about 10 percent to the country's gross domestic product. Celerina Monte/DMS