OFW bank to open on January 18
MANILA, Philippines – Malacañang announced that the bank for overseas Filipino workers (OFWs), a campaign promise of President Rodrigo Duterte, will be launched on Thursday, January 18.
Presidential Spokesman Harry Roque said in a press briefing on Monday, January 15, that the President will lead the launch of the Overseas Filipino Bank (OFB).
"We recognize the contribution of our overseas Filipinos to our economic growth we are now enjoying; and related to this, we acknowledge their financial needs," Roque said.
In September 2017, Duterte signed Executive Order (EO) No. 44 approving the LandBank of the Philippines' acquisition of the Philippine Postal Savings Bank and its conversion into the OFB.
The OFB is meant to provide financial and remittance services tailored to the needs of OFWs.
The bank will be chaired by the Landbank president.
The other members of the board of directors are the following:
- Landbank-designated OFW president as vice chairperson
- 4 Landbank-designated directors or officers as members
- A member representing the Department of Labor and Employment
- A member representing the Overseas Workers Welfare Administration
- A private sector member representing overseas Filipinos
Finance Secretary Carlos Dominguez III first announced the OFW in December 2016, and said that it would be partly owned by OFWs. – Rappler.com