Duterte to lead launch of OFW bank

President Rodrigo Duterte. INQUIRER FILE

President Rodrigo Duterte will lead on Thursday the launching of the Overseas Filipino Bank, three months after he signed an executive order creating the financial institution, Malacañang said Monday.

“We are pleased to inform our kababayans abroad that the Overseas Filipino Bank is set to open this week, on January 18. 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,” Presidential Spokesperson Harry Roque said in a Palace briefing.

In September 2017, President Duterte signed Executive Order No. 44 creating the Overseas Filipino Bank.

Under the EO, Philippine Postal Corp., which currently owns Postbank, and the Bureau of the Treasury were ordered to transfer their shares in the thrift bank Landbank at zero value. Landbank was also ordered to infuse capital into Overseas Filipino 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,” Roque said.

“We therefore aim to provide financial and remittance services tailored to the needs of our kababayan. Tara na po at hikayatin natin ang ating pamilya, kamag-anak, kilala na magbukas ng bagong account sa (Let us encourage our families, relatives, people we know to open an account in the) Overseas Filipino Bank,” he added. /je