President Rodrigo Duterte today led the launching of Overseas Filipino Bank (OFB) at the Postbank Center, Liwasang Bonifacio in Manila.
Presidential Spokesperson Harry Roque Jr. said on January 15 that the establishment of the Overseas Filipino Bank is a commitment made by the President Duterte to the members of the Filipino communities every time he would meet them in his trips abroad
“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.
“We therefore aim to provide financial and remittance services tailored to the needs of our kababayan,” he added.
Last year, President Rodrigo Duterte signed Executive Order No. 44 that allowed the acquisition of Philippine Postal Savings Bank by the Land Bank of the Philippines and its conversion into OFB.
OFB will become a subsidiary of LandBank, a government-owned and -controlled bank that will cater to the banking needs of foreign-based Filipinos and their families.