The Overseas Filipino Bank (OFB) is set to be launched this week. “We are pleased to inform our kababayans abroad that the Overseas Filipino Bank is set to open this week, on January 18,”Presidential Spokesperson Harry Roque Jr. said during January 15 press briefing.
He said 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.
In September 2017, 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.