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.
“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.