The government kept its promise to provide an institution for better and improved financial services to overseas Filipino workers (OFWs).
Led by President Rodrigo Duterte, the Overseas Filipino Bank (OFB) was officially launched on January 18 at Liwasang Bonifacio in Manila.
The OFB is tailored to the needs of the Filipinos working abroad, providing them and their families with services such as deposits, loans and investments, remittances and payment services.
“Mga kababayan ko, I made simple promises during the election. I am not into politics but I would just like to remind you that I kept my campaign very simple, with about four basic fundamental promises and I am very happy that mukhang naibigay ko sa inyo (I fulfilled my campaign promises),” the President said during the launch.
The President issued the Executive Order 44 (EO 44) in September last year, paving the way for the acquisition of the Philippine Postal Savings Bank (PPSB) by the Land Bank of the Philippines (LBP).
This helped the government to fast-track its vision to address OFWs’ financial needs.
Following the mandate from the President, the LBP was able to convert the PPSB to an Overseas Filipino Bank.
The President said he acknowledged the hardships of Filipinos abroad. This is the reason why he is pushing for a policy that could improve financial services for OFWs..
“Overseas-based Filipinos, who contribute to the country’s foreign exchange income, currency stability, employment and overall economic growth through their remittances should be given provision of priority support for their growing financial needs,” EO 44 states.
“There is a need to establish a policy bank dedicated to provide financial products and services tailored to the requirements of overseas Filipinos, and focused on delivering quality and efficient foreign remittance services,” the President said.