Saturday, October 21, 2017
Close  
globalnation / Philippines

Conversion of PH Postal Savings Bank into Overseas Filipino Bank OKd

globalnation / Philippines
  • share this

Conversion of PH Postal Savings Bank into Overseas Filipino Bank OKd

/ 04:40 PM October 09, 2017

MALACAÑANG PHOTO

President Rodrigo Duterte has approved the Land Bank of the Philippines’ acquisition of Philippine Postal Savings Bank, which will be converted into an overseas Filipino workers’ (OFW) bank.

Duterte signed Executive Order No. 44, creating the Overseas Filipino Bank (OFB).

Under the EO, the Philippine Postal Corporation – which owns the Postbank – and the Bureau of Treasury were ordered to transfer their Postbank shares to Land Bank at zero value.

ADVERTISEMENT

“The PPSB shall cause the expeditious transfer of all assets, liabilities, records, systems and other appurtenant items to LBP,” the EO read.

The Land Bank was also ordered to infuse its capital to the OFB.

The EO stated that the chairperson of Land Bank would serve as head of the 9-member board of directors of the OFB.

Postbank officers, who would be affected by the acquisition, shall be granted retirement incentives.

Duterte earlier promised to create a bank dedicated to the needs of OFWs.

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: Global Nation, Overseas Filipino Bank, Philippine news updates, President Duterte
For feedback, complaints, or inquiries, contact us.




© Copyright 1997-2016 INQUIRER.net | All Rights Reserved