The first ever Overseas Filipino Bank will finally complete its transition from Philippine Postal Savings Bank (PPSB) and will be launched this coming January 20, 2018, completing more than a decade of waiting.
“More than one month from now, we will be launching the Overseas Filipino Bank,” says Labor Secretary Silvestre Bello III in the year-end press briefing of the department.
According to Bello, this is based on the Executive Order No. 44 of President Rodrigo Duterte, signed last October 9, 2017. The PPSB will be taken over by the Land Bank of the Philippines and will be used by OFWs.
This conversion was previously approved by the Bangko Sentral ng Pilipinas as early as 2006 but it is said to have been a floating resolution since the 70’s.
“Nung 1972, late 70’s, early 80’s hanggang late 80’s, palaging ‘yan ang pinapangako ng bawat pinuno ng Pilipinas. OF Bank, OF Bank. Ngayon lang naging realidad itong OF Bank,” says Bello.
Hans Leo Cacdac, head of the Philippine Overseas Employment Administration, is said to represent the board of OFB bank, comprising of one land-based and one sea-based.